CPI IQ Real Return ETF

Capital Properties, Inc. Announces First Quarter 2005 Results EAST PROVIDENCE, R.I., May 2 /PRNewswire-FirstCall/ -- Today, Capital Properties, Inc. (AMEX:CPI) reported net income of $810,000 for the three months ended March 31, 2005, resulting in a basic income per common share of $.25. For the three months ended March 31, 2004, the Company had reported net income of $1,245,000, or $.38 per share. Capital Properties, Inc.'s business consists of the leasing of certain of its real estate interests in downtown Providence, Rhode Island, and locations along interstate and primary highways in Rhode Island and Massachusetts for outdoor advertising purposes, and the operation of its petroleum storage facilities in East Providence, Rhode Island. In March 2005, the Company sold the parking garage which it had owned since the 1980's for $2,500,000 in cash, resulting in a gain of $1,057,000. The Company retained ownership of the underlying land which it has leased to the former tenant of the garage for 99 years. In March 2004, the Company received $258,000 from the City of Providence for reimbursement of attorney's fees incurred by the Company in its litigation against the City with respect to the City's attempt to assess back taxes against the Company. Exclusive of the $1,057,000 gain on the sale of the parking garage and the $258,000 received for the attorneys fees, for the three months ended March 31, 2005, revenue from leasing decreased $91,000 from 2004. Option payments decreased due to the termination of an option agreement, which was offset in part by lease payments which commenced April 1, 2004. Expenses applicable to leasing decreased $187,000 from 2004 due principally to a decrease in property taxes resulting from the commencement of long-term land leases under which the tenant directly pays the real property taxes. For the three months ended March 31, 2005, revenue from petroleum storage facilities increased $93,000 from 2004 due principally to fees for the new 152,000 barrel tank (which the Company had constructed in 2004) effective in October 2004 and higher monthly fees resulting from an annual cost-of-living adjustment, offset by lower contingent revenues. Expenses applicable to petroleum storage facilities increased $27,000 from 2004 principally due costs associated with maintaining and monitoring the security at the petroleum storage facilities as required by the Department of Homeland Security and higher depreciation offset in part by lower legal fees associated with the Wilkesbarre Pier litigation. In February 2004, the Company received $1,622,000 from National Railroad Passenger Corporation (Amtrak) for the condemnation of certain of its properties in Providence, Rhode Island in 1999 and 2001. For the three months ended March 31, 2005, general and administrative expenses increased $23,000 from 2004 due principally to the costs associated with the conversion of the Class B common stock to Class A common stock. Financial Summary Three Months Ended March 31, 2005 and 2004 2005 2004 Income: Leasing revenue $695,000 $786,000 Gain on sale of parking garage 1,057,000 -- Attorneys fees judgment -- 258,000 Petroleum storage facilities 658,000 565,000 Condemnation process -- 1,622,000 Interest 9,000 3,000 Total revenue $2,419,000 $3,234,000 Total expenses $1,043,000 $1,180,000 Income before income taxes $1,376,000 $2,054,000 Net income $810,000 $1,245,000 Basic income per share $.25 $.38 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-KSB and 10-QSB. 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, +1-401-435-7171

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