Capital Properties, Inc. is engaged in long-term leasing of its real estate interests. The Company’s principal business is the leasing of its land in Capital Center and property adjacent to the Capital Center (Parcel 20) in downtown Providence, Rhode Island under long-term ground leases with terms of approximately 99 years or more. The Capital Center includes approximately 77 acres of land, which is the result of a development project undertaken by the state of Rhode Island, the City of Providence, and the National Railroad Passenger Corporation (Amtrak). It owns approximately 18 acres in Capital Center consisting of 13 individual parcels. Through its wholly owned subsidiary, Tri-State Displays, Inc., it leases approximately 23 outdoor advertising locations containing 44 billboard faces along interstate and primary highways in Rhode Island and Massachusetts. It also leases Parcels 3E, 3W, 4E, 4W and a portion of Parcel 20 in the Capital Center Area for public parking purposes.
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