Capital Properties, Inc. Announces Second Quarter 2009 Results

EAST PROVIDENCE, R.I., July 30 /PRNewswire-FirstCall/ -- Today, Capital
Properties, Inc. (Pink Sheets: CPTP) reported net income of $372,000 and
$738,000 for the three and six months ended June 30, 2009. Based upon
6,599,912 shares, the basic income per common share for the same periods was
$.06 and $.11, respectively. For the three and six months ended June 30,
2008, the Company had reported net income of $461,000 and $865,000,
respectively. Based upon 6,599,912 shares, the basic income per common share
for the same periods was $.07 and $.13, respectively.

For the three and six months ended June 30, 2009, leasing revenue decreased
approximately $53,000 from the 2008 level due to temporary rent relief granted
to two tenants. For the three and six months ended June 30, 2009, leasing
expense increased $25,000 and $38,000, respectively, from 2008 due to legal
fees in connection with two leases and the hiring of a new part time employee.

For the three and six months ended June 30, 2009, petroleum storage facility
revenue decreased $2,000 and $17,000, respectively, due to a decrease in
contingent revenue due to lower throughput offset in part by higher monthly
rent resulting from the annual cost-of-living increase adjustment May 1, 2008,
and payment by the tenant of certain repairs. For the three and six months
ended June 30, 2009, petroleum storage facility expense increased $102,000 and
$164,000 from 2008, due to scheduled maintenance on a tank, the hiring of a
new employee and legal fees associated with a Wilkesbarre Pier litigation and
a litigation against Power Test Realty Partnership in connection with the
environmental incident in 2002 in which the Company is seeking remediation of
the site or, in the alternative, the cost of remediation.

For the three and six months ended June 30, 2009, general and administrative
expense decreased $23,000 and $55,000 from 2008 due to a decrease in
professional fees.

For the three and six months ended June 30, 2009, interest income decreased
$4,000 and $11,000, respectively, because in February 2009, the Company
elected to maintain all of its cash in a non-interest bearing checking account
which is fully insured by the Federal Deposit Insurance Corporation.
Financial Summary

Three Months Ended Six Months Ended
June 30 June 30
------------------ ----------------
2009 2008 2009 2008
---- ---- ---- ----
Revenues and other income:
Revenues:
Leasing $760,000 $813,000 $1,474,000 $1,528,000
Petroleum storage
facility 949,000 951,000 1,885,000 1,902,000
--------- --------- --------- ---------
1,709,000 1,764,000 3,359,000 3,430,000
Other income, interest -- 4,000 -- 11,000
--------- --------- --------- ---------
Total revenues and
other income 1,709,000 1,768,000 3,359,000 3,441,000
--------- --------- --------- ---------

Expenses:
Leasing 204,000 179,000 407,000 369,000
Petroleum storage
facility 647,000 545,000 1,224,000 1,060,000
General and
administrative 231,000 254,000 490,000 545,000
--------- --------- --------- ---------
1,082,000 978,000 2,121,000 1,974,000
--------- --------- --------- ---------
Income before income taxes $627,000 $790,000 $1,238,000 $1,467,000
========= ======== ========== ==========

Net income $372,000 $461,000 $738,000 $865,000
========= ======== ======== ========

Basic income per common
share, based upon
6,599,912
shares outstanding $.06 $.07 $.11 $.13
==== ==== ==== ====

Capital Properties, Inc. and its subsidiaries operate in two segments: (1)
Leasing and (2) Petroleum Storage. The leasing segment consists of the
long-term leasing of certain of its real estate interests in downtown
Providence, Rhode Island for commercial development, the leasing of a portion
a building and the leasing of locations along interstate and primary highways
in Rhode Island and Massachusetts for outdoor advertising purposes. The
petroleum storage segment consists of the operating of its petroleum storage
facility in East Providence, Rhode Island.

Certain written statements made in this press release may contain
"forward-looking statements" which represent the Company's expectations or
beliefs concerning future events. Certain risks, uncertainties and other
important factors are detailed in reports filed by the Company with the
Securities and Exchange Commission, including Forms 8-K, 10-K and 10-Q. The
Company cautions that these statements are further qualified by important
factors that could cause actual results to differ materially from those in the
forward-looking statements. CONTACT:

Barbara J. Dreyer, Treasurer
(401) 435-7171

SOURCE Capital Properties, Inc.

Barbara J. Dreyer, Treasurer of Capital Properties, Inc., +1-401-435-7171