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Capital Properties, Inc. - Class A (CPTP0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, which primarily involve leasing Company-owned land in the Capital Center area of Providence, Rhode Island, under long-term ground leases. The company also leases billboard locations through its subsidiary, Tri-State Displays, Inc.
The company reported leasing revenue of $5,626,000 for the year, an increase from $5,525,000 in 2023. This increase was primarily due to higher rent from tenants and additional revenue from billboard leases.
Operating expenses rose to $949,000 from $882,000 the previous year, mainly due to increased professional fees related to billboard operations.
General and administrative expenses increased to $1,446,000, up from $1,394,000 in 2023, primarily due to higher payroll and related costs.
The company reported a net income of $2,003,000, down from $2,327,000 in 2023. The decrease in net income was attributed to a loss on the sale of discontinued operations.
Cash and cash equivalents at the end of 2024 were $850,000, compared to $652,000 at the end of 2023. The company also reported investments of $1,294,000, maturing in March 2025.
The company declared and paid dividends totaling $1,848,000 or $0.28 per share in 2024.
The filing includes details on the company's legal proceedings, noting a judgment related to a dispute with Sprague Operating Resources, LLC, which was resolved with a payment of $173,000.
The report highlights the company's cybersecurity measures, noting that management works with third parties to assess and manage cybersecurity risks.
The company does not anticipate any changes in its internal control over financial reporting and has concluded that its controls are effective as of December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Capital Properties, Inc. - Class A annual 10-K report dated February 7, 2025. To report an error, please email earnings@qz.com.