CPI IQ Real Return ETF

EAST PROVIDENCE, R.I., April 30 /PRNewswire-FirstCall/ -- Today, Capital Properties, Inc. (AMEX:CPI) reported net income of $380,000 for the three months ended March 31, 2007, resulting in a basic income per common share of $.12. For the three months ended March 31, 2006, the Company had reported net income of $321,000, or $.10 per share. For the three months ended March 31, 2007, leasing revenues increased $27,000 from 2006. Effective June 1, 2006, the Company entered into an Amended and Restated Agreement of Lease with Lamar, which changed the contractual rental payments thereby extending the turnaround date until 2022. As a result, the Company concluded that it should not presently record a receivable resulting from reporting leasing revenue on a straight-line basis. However, prior to June 1, 2006, the Company had been recognizing revenue on this lease on a straight-line basis and, accordingly, had recorded a reduction in leasing revenue of $17,000 for the three months ended March 31, 2006. Therefore, leasing revenues increased principally because the Company is no longer recognizing revenue on this lease on the straight-line basis. For the three months ended March 31, 2007, leasing expense decreased principally due to lower real property taxes due to an existing tenant's assumption of all real property taxes on its parcel as of January 1, 2007. For the three months ended March 31, 2007, Petroleum storage facility revenue increased $168,000 from 2006 due principally to higher monthly rent resulting from the annual cost-of-living adjustment May 1, 2006 and rent for the new 175,000 barrel tank effective August 2006. For the three months ended March 31, 2007, petroleum storage facility expense increased due principally to higher depreciation related principally to the new tank and legal fees in connection with the Company's lawsuit to recover previously paid expenses to maintain the Wilkesbarre Pier. For the three months ended March 31, 2007, general and administrative expense increased $18,000 from 2006 due principally to higher professional fees incurred in connection with the Company's filing status changing from a small business issuer to a non-accelerated filer for the year ended December 31, 2006. Capital Properties, Inc. Announces First Quarter 2007 Results Financial Summary Three Months Ended March 31, 2007 and 2006 2007 2006 Revenues and other income: Revenues: Leasing $ 659,000 $ 632,000 Petroleum storage facility 975,000 807,000 1,634,000 1,439,000 Other income, interest 31,000 31,000 Total revenues and other income 1,665,000 1,470,000 Expenses: Leasing 138,000 172,000 Petroleum storage facility 555,000 445,000 General and administrative 335,000 317,000 Total expenses 1,028,000 934,000 Income before income taxes $ 637,000 $ 536,000 Net income $ 380,000 $ 321,000 Basic income per share $ .12 $ .10 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 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 DATASOURCE: Capital Properties, Inc. CONTACT: Barbara J. Dreyer, Treasurer of Capital Properties, Inc., +1-401- 435-7171

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