CPI IQ Real Return ETF

EAST PROVIDENCE, R.I., May 2 /PRNewswire-FirstCall/ -- Today, Capital Properties, Inc. (AMEX:CPI) reported net income of $404,000 for the three months ended March 31, 2008, resulting in a basic income per common share of $.12. For the three months ended March 31, 2007, the Company had reported net income of $380,000, which resulted in a basic income per common share of $.12. For the three months ended March 31, 2008, leasing revenue increased $56,000 from 2007 principally due to rent increases under short-term leases, including rentals from the Steeple Street Building purchased in November 2007. For the three months ended March 31, 2008, leasing expense increased $52,000 from 2007, principally due to higher real property taxes and expenses associated with the Steeple Street Building. For the three months ended March 31, 2008, petroleum storage facility revenue decreased $24,000 from 2006, due principally to lower contingent revenue as a result of lower throughput, offset in part by higher monthly rent resulting from the annual cost-of-living adjustment May 1, 2007 and a $25,000 payment by the tenant for the increase in property taxes as required by the lease. For the three months ended March 31, 2008, petroleum storage facility expense decreased $40,000 from 2007, due principally to lower legal and professional engineering fees offset in part by higher payroll and related costs resulting from the hiring of a new employee and an increase in real estate taxes, which increase was reimbursed by the tenant. For the three months ended March 31, 2008, general and administrative expense decreased $44,000 from 2007 due principally to a decrease in payroll and related costs due to the non-replacement of a retired employee offset in part by higher professional fees incurred in complying with Section 404(a) of the Sarbanes-Oxley Act of 2002. For the three months ended March 31, 2008, interest income decreased $24,000 due to lower levels of cash available for investment resulting in part from the purchase of the Steeple Street Building and lower interest rates. Financial Summary Three Months Ended March 31, 2008 and 2007 2008 2007 Revenues and other income: Revenues: Leasing $715,000 $659,000 Petroleum storage facility 951,000 975,000 1,666,000 1,634,000 Other income, interest 7,000 31,000 Total revenues and other income 1,673,000 1,665,000 Expenses: Leasing 190,000 138,000 Petroleum storage facility 515,000 555,000 General and administrative 291,000 335,000 Total expenses 996,000 1,028,000 Income before income taxes $677,000 $637,000 Net income $404,000 $380,000 Basic income per share $.12 $.12 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 the Steeple Street Building acquired in November 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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