CPI IQ Real Return ETF

EAST PROVIDENCE, R.I., Nov. 4 /PRNewswire-FirstCall/ -- Today, Capital Properties, Inc. (AMEX:CPI) reported net income of $478,000 and $1,343,000 for the three and nine months ended September 30, 2008, resulting in a basic income per common share of $.14 and $.41, respectively. For the three and nine months ended September 30, 2007, the Company had reported net income of $333,000 and $1,202,000, respectively, which resulted in a basic income per common share of $.10 and $.36, respectively. For the three months and nine months ended September 30, 2008, leasing revenues increased $50,000 and $87,000, respectively from 2007 due to increases in rentals under short-term leases, including rentals from a building purchased in November 2007. Leasing revenues for the comparable 2007 periods included $100,000 in settlement of a former tenant's premature termination of its lease with the Company. For the three and nine months ended September 30, 2008, leasing expenses increased $50,000 and $80,000, respectively, from 2007, principally due to costs associated with the building purchased in November 2007. For the three and nine months ended September 30, 2008, petroleum storage facility revenue increased $88,000 and $105,000, respectively, from 2007, due principally to higher monthly rent resulting from the annual cost-of-living adjustment and an increase in contractual revenues resulting from the reimbursement by the tenant for certain expenses incurred by the Company totaling $54,000 and $105,000, respectively, for the three and nine month periods. These increases were offset in part by lower contingent revenue due to a reduction in throughput of petroleum products. Exclusive of the tenant reimbursable expenses in 2008, for the three and nine months ended September 30, 2008, petroleum storage facility expenses decreased $4,000 and $98,000, respectively, from 2007 level. The decrease for the nine months ended September 30, 2008 was due to lower professional and engineering fees. The Company did not incur any tenant reimbursable expenses in 2007. For the three months and nine months ended September 30, 2008, general and administrative expense decreased $115,000 and $193,000, respectively, from 2007 due principally to a decrease in payroll and related costs due to the non-replacement of a retired employee. Capital Properties, Inc. Announces Third Quarter 2008 Results Financial Summary Three Months Ended Nine Months Ended September 30 September 30 2008 2007 2008 2007 Revenues and other income: Revenues: Leasing $726,000 $676,000 $2,254,000 $2,167,000 Petroleum storage facility 948,000 860,000 2,850,000 2,745,000 1,674,000 1,536,000 5,104,000 4,912,000 Other income, interest 7,000 29,000 18,000 94,000 Total revenues and other income 1,681,000 1,565,000 5,122,000 5,006,000 Expenses: Leasing 141,000 169,000 510,000 430,000 Petroleum storage facility 566,000 516,000 1,626,000 1,619,000 General and administrative 193,000 308,000 738,000 931,000 900,000 993,000 2,874,000 2,980,000 Income before income taxes $781,000 $572,000 $2,248,000 $2,026,000 Net income $478,000 $333,000 $1,343,000 $1,202,000 Basic income per common share $.14 $.10 $.41 $.36 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 of a building acquired in 2007, 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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