Fri, Aug 2, 1:01 PM (88 days ago)
Capital Properties, Inc. reported stable financial performance for Q2 2024. Revenue slightly increased to $1,494,000 from $1,492,000 in Q2 2023. Operating expenses rose to $227,000 due to higher repair and maintenance costs and insurance. General and administrative expenses were nearly flat at $325,000. Income from continuing operations before taxes was $942,000, down from $962,000, with net income at $428,000 compared to $687,000 in Q2 2023, impacted by a $235,000 loss on discontinued operations. For the first six months of 2024, revenue grew to $2,836,000 from $2,743,000, driven by increased leasing revenue from Metropark and scheduled rent increases. Operating expenses increased to $486,000, and general and administrative expenses to $693,000. Net income fell to $916,000 from $1,172,000 due to higher legal fees related to the Sprague litigation. Cash flow from operations was strong at $1,447,000, with cash and equivalents rising to $847,000. The company declared a quarterly dividend of $0.07 per share. Future financial performance will depend on litigation outcomes, tenant payments, and development of remaining properties.