CAPITAL PROPERTIES INC

CAPITAL PROPERTIES INC

Previous company name
PROVIDENCE & WORCESTER CO
Name change date
8/1/1984
Company Overview
Capital Properties, Inc. is an American-based firm involved in the ownership, leasing and operation of real estate properties and petroleum facilities. It is a publicly quoted company founded in 1979, and was formerly known as Providence and Worcester Company. The company was renamed to Capital Properties, Inc. in 1984. It is listed on the American Stock Exchange under the ticker symbol CPI, and has its registered head office located in New York Providence, Rhode Island.
The company, through its subsidiaries, owns and leases properties in the Rhode Island. It operates in two segments, Leasing and Petroleum Storage. The Leasing segment owns approximately 18 acres in the Capital Center area in downtown Providence, Rhode Island. It also leases outdoor advertising locations for billboards along interstate and primary highways in Rhode Island and Massachusetts. The Petroleum Storage segment owns a petroleum storage terminal with a capacity of approximately 1,000,000 barrels in East Providence, Rhode Island.
In addition to Capital Properties’ holdings are parking facilities, a shopping mall, offices, and apartments.
Business Summary
Capital Properties Inc., through its wholly owned subsidiaries, Tri-State Displays, Inc., Capital Terminal Company and Dunellen, LLC, operates in two segments: leasing and petroleum storage. The leasing segment consists of the long-term leasing of certain of its real estate interests in downtown Providence, Rhode Island, the leasing of a portion of its building (Steeple Street Building) under short-term leasing arrangements and the leasing of locations along interstate and primary highways in Rhode Island and Massachusetts to Lamar Outdoor Advertising, LLC (Lamar), which has constructed outdoor advertising boards thereon. The petroleum storage segment consists of the operating of the petroleum storage terminal (the Terminal) and the Wilkesbarre Pier (the Pier), located in East Providence, Rhode Island, for Global Companies, LLC (Global) which stores and distributes petroleum distillates.
Description and history
Capital Properties Inc., through its wholly owned subsidiaries, Tri-State Displays, Inc., Capital Terminal Company and Dunellen, LLC, operates in two segments: leasing and petroleum storage. The leasing segment consists of the long-term leasing of certain of its real estate interests in downtown Providence, Rhode Island, the leasing of a portion of its building (Steeple Street Building) under short-term leasing arrangements and the leasing of locations along interstate and primary highways in Rhode Island and Massachusetts to Lamar Outdoor Advertising, LLC (Lamar), which has constructed outdoor advertising boards thereon. The petroleum storage segment consists of the operating of the petroleum storage terminal (the Terminal) and the Wilkesbarre Pier (the Pier), located in East Providence, Rhode Island, for Global Companies, LLC (Global) which stores and distributes petroleum distillates.

Leasing

The leasing segment is engaged in the leasing of Company-owned land in the Capital Center area (Capital Center) in downtown Providence, Rhode Island under long-term ground leases. The Company owns approximately 18 acres in the Capital Center consisting of 11 individual parcels. The Capital Center (approximately 77 acres of land) is the result of a development project undertaken by the State of Rhode Island, the City of Providence, the National Railroad Passenger Corporation (Amtrak) and the Company in which two rivers, the Moshassuck and the Woonasquatucket, were moved, Amtrak’s Northeast Corridor rail was relocated, a new railroad station (the Railroad Station) was constructed and public improvements were made to improve pedestrian and vehicular traffic in the area.

As of December 31, 2009, six developed parcels have been leased by the Company under the long term leases of 99 years or more. It includes 13-storey office building (235,000 gross square feet); eight-storey 225-unit apartment building (454,000 gross square feet); four-storey office building (114,000 gross square feet); 10-storey office building (210,000 gross square feet); 17-storey building and 19-storey building containing 193 condominiums (307,000 gross square feet) and a 10-story office building (307,000 gross square feet), and a 330-car public parking storage. The Company, through a wholly-owned subsidiary, leases certain outdoor advertising locations along interstate and primary highways in Rhode Island and Massachusetts to Lamar.

Petroleum Storage

The Company, through its wholly owned subsidiary, Dunellen, LLC, owns a petroleum storage terminal with a capacity of approximately 1,000,000 barrels (the Terminal) and the Wilkesbarre Pier (the Pier) located in the East Providence, Rhode Island. The Facility is leased to Global Companies, LLC (Global) for the storage and sale of petroleum distillates. The Terminal utilizes the Pier and pipelines connecting the Pier to the Terminal.

Formerly known as Providence and Worcester Company

Business Line
Involved in the ownership, leasing and operation of real estate properties and petroleum facilities
Subsidiary
CAPITAL TERMINAL COMPANY
Advisor
LEFKOWITZ, GARFINKEL, CHAMPI & DERIENZO PC
IPO date
6/16/1997
US SIC Code
6512
Company Address
717, Fifth Avenue

City province or state postal code
10022, NEW YORK, NY
Phone: +1 212 980 0090
Fax: +1 212 980 5669
Country address: UNITED STATES OF AMERICA
Website url: www.capitalproperties.com