Capital Properties, Inc. reported a modest increase in leasing revenue for the fiscal year ending December 31, 2024, totaling $5.626 million, up from $5.525 million in 2023. The increase of $101,000 was primarily driven by a net rise in rent from tenants, which contributed $122,000, alongside an additional $21,000 from other revenue sources. However, this growth was partially offset by a decrease of $42,000 in revenue from Metropark, which had included a one-time settlement in the previous year. The company's net income for 2024 was $2.003 million, a decline from $2.327 million in 2023, reflecting a loss on discontinued operations that amounted to $336,000.
In terms of operational changes, the company entered into a long-term ground lease for Parcel 20 on January 25, 2024. This lease will not commence until the tenant secures necessary construction approvals for a minimum of 100,000 square feet of mixed-use improvements. Until then, the company continues to receive revenue from existing tenants and parking leases while remaining responsible for all related expenses. Additionally, the company has maintained a consistent employee count, with two full-time and one part-time employee as of December 31, 2024.
The company’s financial position showed a slight improvement, with total assets increasing to $9.051 million from $8.947 million in the previous year. Cash and cash equivalents rose to $850,000, compared to $652,000 in 2023. The company also reported a decrease in its environmental remediation accrual, which fell to $343,000 from $402,000, indicating progress in addressing past liabilities associated with its former petroleum storage facility. The company’s effective income tax rate remained stable at 27% for both years.
Looking ahead, Capital Properties, Inc. anticipates continued challenges due to the lingering effects of the COVID-19 pandemic, particularly on parking operations linked to its tenant Metropark. The company has transitioned back to a fixed rental payment structure with Metropark, which is expected to stabilize revenue moving forward. The management remains cautious about future earnings, emphasizing the need for ongoing assessment of market conditions and tenant performance. The company declared dividends totaling $1.848 million for 2024, maintaining a consistent payout of $0.28 per share, with future dividends contingent on financial performance.
About CAPITAL PROPERTIES INC /RI/
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