EAST PROVIDENCE, R.I., Aug. 13 /PRNewswire-FirstCall/ -- Today, Capital Properties, Inc. (Amex: CPI) reported net income of $461,000 and $865,000 for the three and six months ended June 30, 2008, resulting in a basic income per common share of $.14 and $.26, respectively. For the three and six months ended June 30, 2007, the Company had reported net income of $489,000 and $869,000, respectively, which resulted in a basic income per common share of $.15 and $.26, respectively.

In June 2007, the Company received a one-time payment of $100,000 in settlement of a former tenant's termination of its lease with the Company, which amount was included in 2007 leasing revenues. Exclusive of this $100,000 settlement, for the three and six months ended June 30, 2008, leasing revenues increased $81,000 and $137,000, respectively, from 2007, due principally to increases in rentals under short-term leases, including rentals from a building purchased in November 2007. For the three and six months ended June 30, 2008, leasing expense increased $56,000 and $108,000, respectively, from 2007, principally due to costs associated with the building purchased in November 2007 and higher real property taxes.

For the three and six months ended June 30, 2008, petroleum storage facility revenue increased $41,000 and $17,000, respectively, from 2007, due principally to higher monthly rent resulting from the annual cost-of-living adjustment and an increase in property taxes payable by the tenant of $25,000 and $51,000, respectively for the three and six months ended June 30, 2008. This increase was offset in part by lower contingent revenue as a result of lower throughput. For the three months ended June 30, 2008, petroleum storage facility expense remained at the 2007 level.