Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2022 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | CPTP |
Entity Registrant Name | CAPITAL PROPERTIES, INC. |
Entity Central Index Key | 0000202947 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Current Reporting Status | Yes |
Entity File Number | 001-08499 |
Entity Tax Identification Number | 05-0386287 |
Entity Address, Address Line One | 5 Steeple Street, Unit 303 |
Entity Address, City or Town | Providence |
Entity Address, State or Province | RI |
Entity Address, Postal Zip Code | 02903 |
City Area Code | 401 |
Local Phone Number | 435-7171 |
Entity Interactive Data Current | Yes |
Title of 12(g) Security | Class A Common Stock, $.01 par value |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Common Stock, Shares Outstanding | 6,599,912 |
Entity Incorporation, State or Country Code | RI |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Properties and equipment (net of accumulated depreciation) | $ 6,606,000 | $ 6,670,000 |
Cash and cash equivalents | 1,736,000 | 1,443,000 |
Prepaid and other | 101,000 | 122,000 |
Prepaid income taxes | 85,000 | |
Deferred income taxes associated with discontinued operations (Note 8) | 76,000 | 100,000 |
Total assets | 8,519,000 | 8,420,000 |
Liabilities: | ||
Property taxes | 424,000 | 277,000 |
Other | 488,000 | 350,000 |
Income taxes payable | 17,000 | |
Deferred income taxes, net | 168,000 | 262,000 |
Liability associated with discontinued operations (Note 8) | 272,000 | 358,000 |
Total liabilities | 1,369,000 | 1,247,000 |
Shareholders’ equity: | ||
Class A common stock, $.01 par; authorized 10,000,000 shares; issued and outstanding 6,599,912 shares | 66,000 | 66,000 |
Capital in excess of par | 782,000 | 782,000 |
Retained earnings | 6,302,000 | 6,325,000 |
Total shareholders' equity | 7,150,000 | 7,173,000 |
Total liabilities and shareholders' equity | $ 8,519,000 | $ 8,420,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 6,599,912 | 6,599,912 |
Common stock, shares outstanding | 6,599,912 | 6,599,912 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Shareholders' Equity | USD ($) $ / shares |
Income Statement [Abstract] | |
Leasing revenue | $ 3,661,000 |
Expenses: | |
Operating | 601,000 |
General and administrative | 1,048,000 |
Total expenses | 1,649,000 |
Income from operations before income taxes | 2,012,000 |
Income tax expense (benefit): | |
Current | 595,000 |
Deferred | (38,000) |
Total Income tax expense | 557,000 |
Net income | 1,455,000 |
Retained earnings, beginning at Dec. 31, 2020 | 6,334,000 |
Income tax expense (benefit): | |
Dividends on common stock ($.07 per share) based upon 6,599,912 shares outstanding | (1,386,000) |
Retained earnings, ending at Sep. 30, 2021 | $ 6,403,000 |
Income tax expense (benefit): | |
Basic income per common share based upon 6,599,912 shares outstanding | $ / shares | $ 0.22 |
Leasing revenue | $ 1,397,000 |
Operating | 274,000 |
General and administrative | 324,000 |
Total expenses | 598,000 |
Income from operations before income taxes | 799,000 |
Current | 194,000 |
Deferred | 28,000 |
Total Income tax expense | 222,000 |
Net income | 577,000 |
Retained earnings, beginning at Jun. 30, 2021 | 6,288,000 |
Income tax expense (benefit): | |
Dividends on common stock ($.07 per share) based upon 6,599,912 shares outstanding | (462,000) |
Retained earnings, ending at Sep. 30, 2021 | $ 6,403,000 |
Income tax expense (benefit): | |
Basic income per common share based upon 6,599,912 shares outstanding | $ / shares | $ 0.09 |
Class A common stock | $ 66,000 |
Capital in excess of par | 782,000 |
Shareholders' equity, ending | 7,251,000 |
Class A common stock | 66,000 |
Capital in excess of par | 782,000 |
Shareholders' equity, ending | 7,173,000 |
Leasing revenue | 3,821,000 |
Operating | 821,000 |
General and administrative | 1,121,000 |
Total expenses | 1,942,000 |
Income from operations before income taxes | 1,879,000 |
Current | 610,000 |
Deferred | (94,000) |
Total Income tax expense | 516,000 |
Net income | 1,363,000 |
Retained earnings, beginning at Dec. 31, 2021 | 6,325,000 |
Income tax expense (benefit): | |
Dividends on common stock ($.07 per share) based upon 6,599,912 shares outstanding | (1,386,000) |
Retained earnings, ending at Sep. 30, 2022 | $ 6,302,000 |
Income tax expense (benefit): | |
Basic income per common share based upon 6,599,912 shares outstanding | $ / shares | $ 0.21 |
Leasing revenue | $ 1,206,000 |
Operating | 282,000 |
General and administrative | 386,000 |
Total expenses | 668,000 |
Income from operations before income taxes | 538,000 |
Current | 167,000 |
Deferred | (19,000) |
Total Income tax expense | 148,000 |
Net income | 390,000 |
Retained earnings, beginning at Jun. 30, 2022 | 6,374,000 |
Income tax expense (benefit): | |
Dividends on common stock ($.07 per share) based upon 6,599,912 shares outstanding | (462,000) |
Retained earnings, ending at Sep. 30, 2022 | $ 6,302,000 |
Income tax expense (benefit): | |
Basic income per common share based upon 6,599,912 shares outstanding | $ / shares | $ 0.06 |
Class A common stock | $ 66,000 |
Capital in excess of par | 782,000 |
Shareholders' equity, ending | $ 7,150,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income and Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Dividends on common stock, per share | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 |
Common stock, shares outstanding | 6,599,912 | 6,599,912 | 6,599,912 | 6,599,912 |
Basic income (loss) per common share, shares outstanding | 6,599,912 | 6,599,912 | 6,599,912 | 6,599,912 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Income from continuing operations | $ 1,363,000 | $ 1,455,000 |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities, continuing operations: | ||
Depreciation | 64,000 | 64,000 |
Deferred income taxes | (94,000) | (38,000) |
Income taxes | 102,000 | 65,000 |
Other, net changes in prepaids, property tax payable and other | 306,000 | 294,000 |
Net cash provided by operating activities, continuing operations | 1,741,000 | 1,840,000 |
Continuing operations: | ||
Deferred revenue | (199,000) | |
Discontinued operations: | ||
Cash used to settle obligations | (86,000) | (108,000) |
Noncash adjustment to gain on sale of discontinued operations | 24,000 | 29,000 |
Net cash used in discontinued operations | (62,000) | (79,000) |
Net cash used in investing activities | (62,000) | (278,000) |
Cash flows used in financing activities, payment of dividends | (1,386,000) | (1,386,000) |
Increase in cash and cash equivalents | 293,000 | 176,000 |
Cash and cash equivalents, beginning | 1,443,000 | 1,642,000 |
Cash and cash equivalents, ending | 1,736,000 | 1,818,000 |
Supplemental disclosure: | ||
Cash paid for income taxes | $ 485,000 | $ 502,000 |
Description of business
Description of business | 9 Months Ended |
Sep. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of business | 1. Description of business: The operations of Capital Properties, Inc. and its wholly-owned subsidiary, Tri-State Displays, Inc. (collectively “the Company”) consist of the long-term leasing of certain of its real estate interests in the Capital Center area in downtown Providence, Rhode Island (upon the commencement of which the tenants have been required to construct buildings thereon, with the exception of the parking garage), and the leasing of locations along interstate and primary highways in Rhode Island and Massachusetts to Lamar Outdoor Advertising, LLC (“Lamar”) which has constructed outdoor advertising boards thereon. The Company anticipates that the future development of its remaining properties in the Capital Center area will consist primarily of long-term ground leases. Pending this development, the Company leases these undeveloped parcels (other than Parcel 6C) for public parking to Metropark, Ltd. |
Basis of presentation and summa
Basis of presentation and summary of significant accounting policies | 9 Months Ended |
Sep. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of presentation and summary of significant accounting policies | 2. Principles of consolidation: The accompanying condensed consolidated financial statements include the accounts and transactions of the Company. All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying condensed consolidated balance sheet as of December 31, 2021 has been derived from audited financial statements. The unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s latest Form 10-K for the year ended December 31, 2021. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the financial position as of September 30, 2022 and the results of operations for the three and nine months ended September 30, 2022 and 2021, and cash flows for the nine months ended September 30, 2022 and 2021. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Use of estimates: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Estimates also affect the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Environmental incidents: The Company accrues a liability when an environmental incident has occurred and the costs are estimable. The Company does not record a receivable for recoveries from third parties for environmental matters until it has determined that the amount of the collection is reasonably assured. The accrued liability is relieved when the Company pays the liability or a third party assumes the liability. Upon determination that collection is reasonably assured or a third party assumes the liability, the Company records the amount as a reduction of expense. |
Properties and equipment
Properties and equipment | 9 Months Ended |
Sep. 30, 2022 | |
Property Plant And Equipment [Abstract] | |
Properties and equipment | 3 . Properties and equipment: Properties and equipment consist of the following: September 30, 2022 December 31, 2021 Properties on lease or held for lease: Land and land improvements $ 4,439,000 $ 4,439,000 Building and improvements, Steeple Street 2,582,000 2,582,000 7,021,000 7,021,000 Less accumulated depreciation: Land improvements on lease or held for lease 93,000 93,000 Steeple Street property (see Note 6) 322,000 258,000 415,000 351,000 $ 6,606,000 $ 6,670,000 |
Liabilities, other
Liabilities, other | 9 Months Ended |
Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Liabilities, other | 4 . Liabilities, other: Liabilities, other consist of the following: September 30, 2022 December 31, 2021 Accrued professional fees $ 138,000 $ 152,000 Deposits and prepaid rent 179,000 87,000 Accrued payroll and related costs 103,000 75,000 Other 68,000 36,000 $ 488,000 $ 350,000 |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Note Payable - Revolving Credit Line | 5 . Note Payable - Revolving Credit Line: In March 2021, the Company entered into a financing agreement (“Agreement”) with BankRI that provides for a revolving line-of-credit (“Line”) with a maximum borrowing capacity of $2,000,000 through March 2024 |
Description of Leasing Arrangem
Description of Leasing Arrangements | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Description of Leasing Arrangements | 6 . Description of leasing arrangements: Long-term land leases: Through September 30, 2022 the Company had entered into eight long-term land leases, all of which have completed construction of improvements thereon. The Company’s leases generally have a term of 99 years or more, are triple net and provide for periodic rent adjustments of various types depending on the particular lease, and otherwise contain terms and conditions normal for such instruments. In September 2021, the Company sent a Notice of Default (“Default Notice”) to the tenant of Parcel 20 for the nonpayment of September’s rent and the 2021 first quarter property taxes. Subsequently, the tenant cured the rent default. On October 6, 2021 the tenant was sent a Notice of Lease Termination (“Termination Notice”) informing the tenant that the lease would terminate on October 18, 2021 unless the failure to pay the first quarter real estate taxes along with any related penalties and interest was cured. Subsequently, it was agreed that, provided the first and second quarter real estate taxes and any related penalties and interest were paid in full by October 31, 2021, the lease would not be terminated. Since payment was not made, the lease was terminated. The Parcel 20 Steeple Street Building (“Building”) lease was originally accounted for as a sales-type lease due to the transfer of the Building to the tenant. The land directly under the Building was allocated in the determination of the value of the property transferred in accordance with ASC 360-20, Property, Plant and Equipment - Real Estate Sales equity. With the termination of the Parcel 20 lease, the Company became obligated for the real property taxes which currently total $ annually and the operating expense associated with its operation . Under the eight land leases, the tenants may negotiate tax stabilization treaties or other arrangements, appeal any changes in real property assessments, and must pay real property taxes assessed on land and improvements under these arrangements. Accordingly, real property taxes payable by the tenants are excluded from both leasing revenues and leasing expenses on the accompanying condensed consolidated statements of income and shareholders’ equity. For the three and nine months ended September 30, 2022, real property taxes attributable to the Company’s land leases totaled $241,000 and $723,000, respectively and were $227,000 and $682,000 for the same period in 2021. Under two of the long-term land leases, the Company receives contingent rentals (based on a fixed percentage of gross revenue received by the tenants) which totaled $21,000 and $63,000 for each of the three and nine months ended September 30, 2022 and 2021. Tri-State Displays Inc. leases 23 outdoor advertising locations containing 44 billboard faces along interstate and primary highways in Rhode Island and Massachusetts to Lamar under a lease which expires in 2049. The Lamar lease provides, among other things, for the following: (1) the base rent will increase annually at the rate of 2.75% for each leased billboard location on June 1 of each year, and (2) in addition to base rent, for each 12-month period commencing each June 1 (each 12-month period a “Lease Year”), Lamar must pay to the Company within thirty days after the close of the Lease Year, 30% of the gross revenues from each standard billboard and 20% of the gross revenues from each electronic billboard for such Lease Year, reduced by the sum of (a) commissions paid to unrelated third parties and (b) base rent paid to the Company for each leased billboard location. Leasing revenue includes $235,000 and $136,000 for the nine months ended September 30, 2022 and 2021, respectively, related to this agreement. Parking lease: The Company leases the undeveloped parcels of land in the Capital Center area (other than Parcel 6C) and, effective November 1, 2021 as a result of the lease termination, Parcel 20 for public parking purposes to Metropark under a ten-year The COVID-19 pandemic and the post-pandemic return to the office continues to adversely impact Metropark’s parking operations. On July 31, 2020, Metropark and the Company entered into an agreement for revenue sharing at various percentages until parking revenues received by Metropark equal or exceed $70,000 per month whereupon Metropark would be obligated to resume regularly scheduled rental payments under its lease. Upon resumption of regularly scheduled rent payments, Metropark and the Company will share fifty (50) percent of the revenue in excess of $70,000 until the arrearage has been paid in full. If prior to payment in full of the arrearage one or more of the lots is removed from the Metropark lease for development, the amount of the then unpaid arrearage in the ratio of the number of parking spaces on the removed lot to the total parking spaces on all lots prior to such lot’s removal shall be deemed paid in full. At September 30, 2022 the receivable from Metropark equaled $987,000 and was fully reserved. The Company continues to recognize Metropark’s rent on a cash basis and will continue to do so until the resumption of regularly scheduled rental payments under its lease. For the three and nine months ended September 30, 2022, cash collections totaled $71,000 and $187,000, respectively and were $42,000 and $64,000 for the same periods in 2021 and is included in leasing revenue on the accompanying condensed consolidated statements of income and retained earnings. Historically, the Company has made financial statement footnote disclosure of the excess of straight-line rentals over contractual payments and its determination of collectability of such excess. Included in the amount of the excess were payments which under ASC 842 are deemed variable payments. As part of its ongoing review of the requirements of ASC 842, the Company has concluded that under ASC 842 variable rental payments should not be included in the straight-line rental amount. To the extent the Company determines that, with respect to any of its leases, the excess of straight-line rentals over contractual payments is not collectible, such excess is not recognized as revenue. Consistent with prior conclusions, the Company has determined that, at this time, the excess of straight-line rentals over contractual payments is not probable of collection. Accordingly, the Company has not included any part of that amount in revenue. As a matter of information only, as of September 30, 2022 the excess of straight-line rentals (calculated by excluding variable payments) over contractual payments was $88,581,000. |
Income taxes, continuing operat
Income taxes, continuing operations | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income taxes, continuing operations | 7 . Income taxes, continuing operations: Deferred income taxes are recorded based upon differences between financial statement and tax basis amounts of assets and liabilities. The tax effects of temporary differences for continuing operations which give rise to deferred tax assets and liabilities are as follows: September 30, 2022 December 31, 2021 Gross deferred tax liabilities: Property having a financial statement basis in excess of tax basis $ 362,000 $ 361,000 Accounts receivable 280,000 213,000 Deferred income - conversion to cash basis of accounting for tax purposes 23,000 38,000 Insurance premiums and accrued leasing revenues 10,000 23,000 675,000 635,000 Gross deferred tax assets: Allowance for doubtful accounts (265,000 ) (206,000 ) Prepaid rent (48,000 ) (23,000 ) Accounts payable and accrued expenses (80,000 ) (69,000 ) Accrued property taxes (114,000 ) (75,000 ) (507,000 ) (373,000 ) $ 168,000 $ 262,000 |
Discontinued operations
Discontinued operations | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued operations | 8 . Discontinued operations: Prior to February 2017, the Company operated a petroleum storage facility (“Terminal”) through two wholly owned subsidiaries. On February 10, 2017, the Terminal was sold to Sprague Operating Resources, LLC (“Sprague”). In accordance with ASC 205-20, Presentation of Financial Statements – Discontinued Operations As part of the Terminal Sale Agreement, the Company agreed to retain and pay for the environmental remediation costs associated with a 1994 storage tank leak which allowed the escape of a small amount of fuel oil. The Company continues the remediation activities set forth in the Remediation Action Work Plan (“RAWP”) filed with the Rhode Island Department of Environmental Management (“RIDEM”). For the three and nine months ended September 30, 2022 the Company incurred costs of $26,000 and $86,000, respectively, which reduced the remediation liability to $272,000. Any subsequent increases or decreases to the expected cost of remediation will be recorded in the Company’s condensed consolidated statements of income as income or expense from discontinued operations. The Terminal Sale Agreement also contained a cost sharing provision for a breasting dolphin whereby any cost incurred in connection with the construction of the breasting dolphin in excess of the initial estimate of $1,040,000 will be borne equally by Sprague and the Company subject to certain limitations, including, in the Company’s opinion, a 20% cap on the increase from the initial estimate, subject to a sharing arrangement. In November 2019, the Company received a demand letter from Sprague asserting that it is owed $427,000, which amount represents 50% of the actual costs incurred ($1,894,008) in excess of $1,040,000. The Company asserts that its obligation cannot exceed $104,000. The mediation efforts that occurred in June 2021 were unsuccessful and on July 15, 2021, Sprague commenced an action against the Company in the Rhode Island Superior Court seeking monetary damages of $427,000, interest and attorney’s fees. Interrogatories have been completed and discovery is on-going. The Company and Sprague have submitted motions for Summary Judgment and the Company expects a ruling thereon within six months. The Company intends to vigorously defend against the claims being asserted by Sprague. |
Fair value of financial instrum
Fair value of financial instruments | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair value of financial instruments | 9 . Fair value of financial instruments: The Company believes that the fair values of its financial instruments, including cash and cash equivalents, receivables and payables, approximate their respective book values because of their short-term nature. The fair values described herein were determined using significant other observable inputs (Level 2) as defined by GAAP. |
Subsequent events
Subsequent events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent events | 10 . Subsequent events: At its October 26, 2022 regularly scheduled quarterly Board meeting, the Board of Directors voted to declare a quarterly dividend of $.07 per share for shareholders of record on November 11, 2022, payable November 23, 2022. |
Basis of presentation and sum_2
Basis of presentation and summary of significant accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Principles of consolidation | Principles of consolidation: The accompanying condensed consolidated financial statements include the accounts and transactions of the Company. All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying condensed consolidated balance sheet as of December 31, 2021 has been derived from audited financial statements. The unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s latest Form 10-K for the year ended December 31, 2021. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the financial position as of September 30, 2022 and the results of operations for the three and nine months ended September 30, 2022 and 2021, and cash flows for the nine months ended September 30, 2022 and 2021. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. |
Use of estimates | Use of estimates: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Estimates also affect the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. |
Environmental incidents | Environmental incidents: The Company accrues a liability when an environmental incident has occurred and the costs are estimable. The Company does not record a receivable for recoveries from third parties for environmental matters until it has determined that the amount of the collection is reasonably assured. The accrued liability is relieved when the Company pays the liability or a third party assumes the liability. Upon determination that collection is reasonably assured or a third party assumes the liability, the Company records the amount as a reduction of expense. |
Fair value of financial instruments | The Company believes that the fair values of its financial instruments, including cash and cash equivalents, receivables and payables, approximate their respective book values because of their short-term nature. The fair values described herein were determined using significant other observable inputs (Level 2) as defined by GAAP. |
Properties and equipment (Table
Properties and equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property Plant And Equipment [Abstract] | |
Properties and Equipment | Properties and equipment consist of the following: September 30, 2022 December 31, 2021 Properties on lease or held for lease: Land and land improvements $ 4,439,000 $ 4,439,000 Building and improvements, Steeple Street 2,582,000 2,582,000 7,021,000 7,021,000 Less accumulated depreciation: Land improvements on lease or held for lease 93,000 93,000 Steeple Street property (see Note 6) 322,000 258,000 415,000 351,000 $ 6,606,000 $ 6,670,000 |
Liabilities, other (Tables)
Liabilities, other (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Liabilities, Other | Liabilities, other consist of the following: September 30, 2022 December 31, 2021 Accrued professional fees $ 138,000 $ 152,000 Deposits and prepaid rent 179,000 87,000 Accrued payroll and related costs 103,000 75,000 Other 68,000 36,000 $ 488,000 $ 350,000 |
Income taxes, continuing oper_2
Income taxes, continuing operations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Deferred Tax Assets and Liabilities | The tax effects of temporary differences for continuing operations which give rise to deferred tax assets and liabilities are as follows: September 30, 2022 December 31, 2021 Gross deferred tax liabilities: Property having a financial statement basis in excess of tax basis $ 362,000 $ 361,000 Accounts receivable 280,000 213,000 Deferred income - conversion to cash basis of accounting for tax purposes 23,000 38,000 Insurance premiums and accrued leasing revenues 10,000 23,000 675,000 635,000 Gross deferred tax assets: Allowance for doubtful accounts (265,000 ) (206,000 ) Prepaid rent (48,000 ) (23,000 ) Accounts payable and accrued expenses (80,000 ) (69,000 ) Accrued property taxes (114,000 ) (75,000 ) (507,000 ) (373,000 ) $ 168,000 $ 262,000 |
Properties and Equipment - Prop
Properties and Equipment - Properties and Equipment (Detail) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Properties on lease or held for lease, gross | $ 7,021,000 | $ 7,021,000 |
Less accumulated depreciation | 415,000 | 351,000 |
Properties and equipment net | 6,606,000 | 6,670,000 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties on lease or held for lease, gross | 4,439,000 | 4,439,000 |
Building and Improvements, Steeple Street [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties on lease or held for lease, gross | 2,582,000 | 2,582,000 |
Land Improvements on Lease or Held for Lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Less accumulated depreciation | 93,000 | 93,000 |
Steeple Street Property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Less accumulated depreciation | $ 322,000 | $ 258,000 |
Liabilities, Other - Summary of
Liabilities, Other - Summary of Liabilities, Other (Detail) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Accrued professional fees | $ 138,000 | $ 152,000 |
Deposits and prepaid rent | 179,000 | 87,000 |
Accrued payroll and related costs | 103,000 | 75,000 |
Other | 68,000 | 36,000 |
Liabilities, other | $ 488,000 | $ 350,000 |
Note Payable - Revolving Credit
Note Payable - Revolving Credit Line - Additional Information (Details) - BankRI [Member] - Line [Member] - USD ($) | 1 Months Ended | 9 Months Ended |
Mar. 31, 2021 | Sep. 30, 2022 | |
Line Of Credit Facility [Line Items] | ||
Revolving credit line, maximum borrowing capacity | $ 2,000,000 | |
Maturity date | Mar. 31, 2024 | |
Interest rate, description | Amounts outstanding under the Agreement bear interest at the rate of the one-month LIBOR plus 200 basis points but not less than 3.25% or, at the option of the Company, the Wall Street Journal Prime Rate. | |
Revolving credit line, collateral, description | Borrowings under the Line are secured by a First Mortgage on Parcel 5 in the Capital Center District in Providence, Rhode Island (the “Property”). | |
Revolving credit line, covenant terms | The Agreement contains other restrictive covenants, including, among others, a $250,000 limitation on the purchase of its outstanding capital stock in any twelve-month period. | |
Limitation on the purchase of outstanding capital stock | $ 250,000 | |
Advances made under line | $ 0 | |
LIBOR [Member] | ||
Line Of Credit Facility [Line Items] | ||
Variable rate basis | one-month LIBOR plus 200 basis points | |
Maximum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt service coverage ratio | 1.20 | |
Maximum [Member] | LIBOR [Member] | ||
Line Of Credit Facility [Line Items] | ||
Interest rate | 3.25% | |
Minimum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt service coverage ratio | 1 | |
Property [Member] | Maximum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt service coverage ratio | 1.25 | |
Property [Member] | Minimum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt service coverage ratio | 1 |
Description of Leasing Arrang_2
Description of Leasing Arrangements - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2020 USD ($) | Sep. 30, 2022 USD ($) Billboard_Face LandLease | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) Billboard_Face LandLease Location | Sep. 30, 2021 USD ($) | |
Operating Leased Assets [Line Items] | |||||
Number of long-term land leases | LandLease | 8 | 8 | |||
Leasing revenue | $ 1,206,000 | $ 1,397,000 | $ 3,821,000 | $ 3,661,000 | |
Estimated real property taxes attributable to the company land | $ 241,000 | 227,000 | $ 723,000 | 682,000 | |
Number of long-term land leases with contingent rent receivable | LandLease | 2 | 2 | |||
Contingent revenue from leasing of parcel of land | $ 21,000 | 21,000 | $ 63,000 | 63,000 | |
Excess of straight-line rentals over contractual payments | $ 88,581,000 | ||||
Triple Net Lease [Member] | Minimum [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Term of leases | 99 years | 99 years | |||
Termination of Parcel 20 Lease [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Leasing revenue | 283,000 | ||||
Real property taxes and operating expense associated with its operation | 162,000 | ||||
Lamar Lease [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Leasing revenue | $ 235,000 | 136,000 | |||
Number of advertising locations | Location | 23 | ||||
Number of billboard faces along interstate and primary highways leased | Billboard_Face | 44 | 44 | |||
Lease expiration year | 2049 | ||||
Annual increment in base rent of lease, percentage | 2.75% | ||||
Period for advance receipt of percentage of gross revenue on leases | 12 months | ||||
Period to recognize specified lease revenue | 30 days | ||||
Percentage of revenue due in proportion of gross revenues from each standard billboard | 30% | ||||
Percentage of revenue due in proportion of gross revenues from each electronic billboard | 20% | ||||
Metropark Ltd [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Term of leases | 10 years | 10 years | |||
Contingent revenue from leasing of parcel of land | $ 0 | 0 | $ 0 | 0 | |
Notice period of lease | 30 days | ||||
Threshold parking revenue per month for scheduled rental payments by lessee | $ 70,000 | ||||
Percentage of revenue in excess of threshold parking revenue | 50% | ||||
Payments receivable | 987,000 | $ 987,000 | |||
Cash collections under rent | $ 71,000 | $ 42,000 | $ 187,000 | $ 64,000 |
Income Taxes, Continuing Oper_3
Income Taxes, Continuing Operations - Deferred Tax Assets and Liabilities (Detail) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Gross deferred tax liabilities: | ||
Property having a financial statement basis in excess of tax basis | $ 362,000 | $ 361,000 |
Accounts receivable | 280,000 | 213,000 |
Deferred income - conversion to cash basis of accounting for tax purposes | 23,000 | 38,000 |
Insurance premiums and accrued leasing revenues | 10,000 | 23,000 |
Gross deferred tax liabilities | 675,000 | 635,000 |
Gross deferred tax assets: | ||
Allowance for doubtful accounts | (265,000) | (206,000) |
Prepaid rent | (48,000) | (23,000) |
Accounts payable and accrued expenses | (80,000) | (69,000) |
Accrued property taxes | (114,000) | (75,000) |
Gross deferred tax assets | (507,000) | (373,000) |
Deferred tax liabilities, net of deferred tax assets | $ 168,000 | $ 262,000 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Feb. 10, 2017 USD ($) | Jan. 31, 2017 Subsidiary | Nov. 30, 2019 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jul. 15, 2021 USD ($) | |
Environmental Incident 1994 [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Costs incurred related to environmental remediation | $ 26,000 | $ 86,000 | ||||
Environmental remediation | $ 272,000 | $ 272,000 | ||||
Sale of Petroleum Segment [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Reduced sales price | $ 1,040,000 | $ 1,040,000 | ||||
Sharing arrangement percentage | 20% | |||||
Actual cost of the project | $ 427,000 | |||||
Percentage of obligation on cost in excess of actual cost | 50% | |||||
Entities obligation on cost in excess of actual cost | $ 1,894,008 | |||||
Maximum additional obligation | $ 104,000 | |||||
Terminal [Member] | Sale of Petroleum Segment [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of wholly owned subsidiaries | Subsidiary | 2 | |||||
Terminal [Member] | Sale of Petroleum Segment [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Estimate of possible loss | $ 427,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Oct. 26, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Subsequent Events [Abstract] | |||||
Dividends on common stock, per share | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 |
Dividend declared date | Oct. 26, 2022 | ||||
Dividend record date | Nov. 11, 2022 | ||||
Dividend payable date | Nov. 23, 2022 |