Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2015 | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | FALSE |
Document Period End Date | 31-Mar-15 |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | CPTP |
Entity Registrant Name | CAPITAL PROPERTIES INC /RI/ |
Entity Central Index Key | 202947 |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 6,599,912 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Properties and equipment (net of accumulated depreciation) | $19,639,000 | $19,789,000 |
Cash | 3,695,000 | 2,927,000 |
Prepaid and other | 534,000 | 653,000 |
Total assets | 23,868,000 | 23,369,000 |
Notes payable: | ||
Bank ($288,000 due within one year) | 2,781,000 | 2,852,000 |
Dividend notes | 11,787,000 | 11,787,000 |
Accounts payable and accrued expenses: | ||
Property taxes | 287,000 | 282,000 |
Environmental remediation | 80,000 | 80,000 |
Other | 355,000 | 261,000 |
Income taxes payable | 184,000 | 13,000 |
Deferred income taxes, net | 4,911,000 | 5,011,000 |
Total liabilities | 20,385,000 | 20,286,000 |
Shareholders' equity: | ||
Capital in excess of par | 782,000 | 782,000 |
Retained earnings | 2,635,000 | 2,235,000 |
Total shareholders' equity | 3,483,000 | 3,083,000 |
Total liabilities and shareholders' equity | 23,868,000 | 23,369,000 |
Common Class A [Member] | ||
Shareholders' equity: | ||
Common stock | $66,000 | $66,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Notes payable due within one year | $288,000 | |
Common Class A [Member] | ||
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 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Revenues: | ||
Leasing | $1,180,000 | $1,109,000 |
Petroleum storage facility | 875,000 | 572,000 |
Total revenues | 2,055,000 | 1,681,000 |
Expenses: | ||
Leasing | 225,000 | 226,000 |
Petroleum storage facility | 683,000 | 837,000 |
General and administrative | 320,000 | 296,000 |
Interest on notes: | ||
Bank | 25,000 | 47,000 |
Dividend notes | 148,000 | 148,000 |
Total expenses | 1,401,000 | 1,554,000 |
Income before income taxes | 654,000 | 127,000 |
Income tax expense (benefit): | ||
Current | 354,000 | 77,000 |
Deferred | -100,000 | -27,000 |
Total Income tax expense | 254,000 | 50,000 |
Net income | $400,000 | $77,000 |
Basic income per share based upon 6,599,912 shares outstanding | $0.06 | $0.01 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Unaudited) (Parenthetical) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement [Abstract] | ||
Basic income per share, shares outstanding | 6,599,912 | 6,599,912 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | ||
Net income | $400,000 | $77,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 218,000 | 215,000 |
Amortization of deferred costs | 11,000 | 1,000 |
Deferred income taxes | -100,000 | -27,000 |
Other, principally net changes in prepaids, accounts payable, accrued expenses and current income taxes | 378,000 | 169,000 |
Net cash provided by operating activities | 907,000 | 435,000 |
Cash flows from investing activities: | ||
Purchases of properties and equipment | -68,000 | |
Cash flows from financing activities: | ||
Principal payments on note payable, bank | -71,000 | -72,000 |
Increase in cash | 768,000 | 363,000 |
Cash, beginning | 2,927,000 | 3,305,000 |
Cash, ending | 3,695,000 | 3,668,000 |
Cash paid for: | ||
Income taxes | 183,000 | 2,000 |
Interest | $24,000 | $45,000 |
Description_of_business
Description of business | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Description of business | 1 | Description of business: |
Capital Properties, Inc. and its wholly-owned subsidiaries, Tri-State Displays, Inc., Capital Terminal Company and Dunellen, LLC (collectively referred to as “the Company”), operate in two segments, leasing and petroleum storage. | ||
The leasing segment consists of (i) the long-term leasing of certain of its real estate interests in downtown Providence, Rhode Island (upon the commencement of which the tenants are required to construct buildings thereon, with the exception of a parking garage and Parcels 6B and 6C), (ii) the leasing of a portion of its building (“Steeple Street Building”) under short-term leasing arrangements and (iii) 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 and adjacent to the Capital Center area will consist primarily of long-term ground leases. Pending this development, the Company leases these parcels for public parking under short-term leasing arrangements to Metropark, Ltd. (“Metropark”). | ||
The petroleum storage segment consists of operating the petroleum storage terminal (the “Terminal”) containing 1,004,000 shell barrels and the Wilkesbarre Pier (the “Pier”), both of which are owned by the Company and are collectively referred to as the “Facility,” located in East Providence, Rhode Island for Sprague Operating Resources LLC (“Sprague”), a wholly-owned subsidiary of Sprague Resources LP, which stores and distributes petroleum products. | ||
The principal difference between the two segments relates to the nature of the operations. In the leasing segment, the tenants under long-term land leases incur substantially all of the development and operating costs of the assets constructed on the Company’s land, including the payment of real property taxes on both the land and any improvements constructed thereon. In the petroleum storage segment, the Company is responsible for the operating and maintenance expenditures as well as capital improvements at the Facility. |
Principles_of_consolidation_an
Principles of consolidation and basis of presentation | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Principles of consolidation and basis of presentation | 2 | Principles of consolidation and basis of presentation: |
The accompanying condensed consolidated financial statements include the accounts and transactions of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||
The accompanying condensed consolidated balance sheet as of December 31, 2014, has been derived from audited financial statements and 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 United States generally accepted accounting principles (“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 financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s latest Form 10-K. 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 March 31, 2015 and the results of operations and cash flows for the three months ended March 31, 2015 and 2014. | ||
The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. | ||
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. | ||
The Company charges to expense those costs that do not extend the life, increase the capacity or improve the safety or efficiency of the property owned or used by the Company. | ||
New accounting standards: | ||
The Company reviews new accounting standards as issued. Although some of these accounting standards may be applicable to the Company, the Company expects that none of the new standards will have a significant impact on its consolidated financial statements. |
Use_of_estimates
Use of estimates | 3 Months Ended | |
Mar. 31, 2015 | ||
Text Block [Abstract] | ||
Use of estimates | 3 | 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 consolidated financial statements. Estimates also affect the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. |
Properties_and_equipment
Properties and equipment | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Properties and equipment | 4 | Properties and equipment: | |||||||
Properties and equipment consists of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Properties on lease or held for lease: | |||||||||
Land and land improvements | $ | 4,701,000 | $ | 4,701,000 | |||||
Building and improvements, Steeple Street | 5,552,000 | 5,545,000 | |||||||
10,253,000 | 10,246,000 | ||||||||
Petroleum storage facility, on lease: | |||||||||
Land and land improvements | 5,569,000 | 5,569,000 | |||||||
Buildings and structures | 1,867,000 | 1,867,000 | |||||||
Tanks and equipment | 14,768,000 | 14,707,000 | |||||||
22,204,000 | 22,143,000 | ||||||||
Office equipment | 112,000 | 112,000 | |||||||
32,569,000 | 32,501,000 | ||||||||
Less accumulated depreciation: | |||||||||
Properties on lease or held for lease | 1,054,000 | 1,000,000 | |||||||
Petroleum storage facility, on lease | 11,793,000 | 11,631,000 | |||||||
Office equipment | 83,000 | 81,000 | |||||||
12,930,000 | 12,712,000 | ||||||||
$ | 19,639,000 | $ | 19,789,000 | ||||||
Notes_payable
Notes payable | 3 Months Ended | |
Mar. 31, 2015 | ||
Debt Disclosure [Abstract] | ||
Notes payable | 5 | Notes payable: |
Bank loan: | ||
In December 2012, the Company and the Bank entered into an Amended and Restated Loan Agreement (“Loan Agreement”) pursuant to which the Company refinanced the $2,700,000 remaining balance of the 2010 debt to the Bank and borrowed an additional $3,025,000. Pursuant to the Loan Agreement, the Company amended and restated the then existing note to the Bank, the first mortgage on Parcels 3S and 5 and certain other loan agreements. For the first five years, the loan bears interest at the annual rate of 3.34% and thereafter will bear interest on either a floating rate basis at LIBOR plus 215 basis points with a floor of 3.25% or a fixed rate of 225 basis points over the five-year Federal Home Loan Bank of Boston Classic Advance Rate (3.34% at March 31, 2015). The loan has a term of ten years with repayments on a 20-year amortization schedule (monthly principal payments of $24,000 plus interest) and a balloon payment for the outstanding balance in December 2022. The Loan Agreement requires the Company to maintain at the Bank unencumbered liquid assets (cash or marketable securities) of $1,000,000. The Loan Agreement contains other customary terms and conditions. | ||
In June and December 2014, the Company prepaid $1,000,000 and $1,300,000, respectively, on its bank loan payable. At March 31, 2015, the balloon payment is $563,000. | ||
Financing fees totaling $71,000 are being amortized by the straight-line method over the 10-year term of the note (which approximates the effective interest rate method). Amortization of deferred financing fees is included in interest expense on the accompanying consolidated statements of income. At March 31, 2015 and December 31, 2014, unamortized deferred financing fees are $55,000 and $57,000, respectively, which are included in prepaid and other on the accompanying consolidated balance sheets. | ||
Dividend notes: | ||
In 2012, the Company issued $11,787,000 in principal face amount of 5% dividend notes due December 26, 2022 (the “Dividend Notes”). The Dividend Notes are unsecured general obligations of the Company bearing interest at the annual rate of 5% payable semi-annually on June 15 and December 15 to note holders of record on June 1 and December 1 of each year. The Dividend Notes may be redeemed in whole or in part at any time and from time to time at the option of the Company. The Dividend Notes are subject to mandatory redemption in an amount equal to the Net Proceeds from the sale of any real property owned by the Company or any of its subsidiaries. Net Proceeds is defined as the gross cash received by the Company from any such sale reduced by the sum of (a) costs relating to the sale, (b) federal and state income taxes as a result of the sale, and (c) the amount used by the Company to pay in whole or in part financial institution debts secured by a mortgage of the Company’s or any subsidiary’s real property regardless of whether such mortgage encumbers the property sold. The Company has obligated itself not to grant any mortgages on any of its property located in the Capitol Center District in Providence, Rhode Island, other than Parcels 3S and 5, and to cause its subsidiaries not to grant any such mortgages, in each case without the consent of the holders of two-thirds of the outstanding principal face amount of the Dividend Notes. The Dividend Notes contain other customary terms and conditions. |
Description_of_leasing_arrange
Description of leasing arrangements | 3 Months Ended | |
Mar. 31, 2015 | ||
Leases [Abstract] | ||
Description of leasing arrangements | 6 | Description of leasing arrangements: |
Long-term land leases: | ||
As of March 31, 2015, the Company had entered into nine long-term land leases. Of the nine parcels, seven have had improvements constructed thereon. | ||
Under the nine land leases, the tenants are required to negotiate any tax stabilization treaties or other arrangements, appeal any changes in real property assessments, and pay real property taxes assessed on land and improvements under these arrangements. Accordingly, real property taxes payable by the tenants are excluded from leasing revenues and leasing expenses on the accompanying consolidated statements of income. For the three months ended March 31, 2015 and 2014, the real property taxes attributable to the Company’s land under these leases totaled $308,000 and $325,000, respectively, | ||
In 2012, the Company entered into three amended and restated leases, each for a portion of the original Parcel 6 (Parcels 6A, 6B and 6C). All three leases have an initial term of approximately 95 years with two renewal terms of fifty years each. With respect to the Parcel 6B and 6C leases, an affiliate of the leasehold mortgagee has guaranteed the payment by the tenants of rent and real property taxes as well as certain other tenant monetary obligations for a two-year period which terminated May 18, 2014. Commencing May 18, 2014, each of the lessees of Parcels 6B and 6C has the right to terminate its lease at any time during the remaining term of that lease upon thirty days’ notice. To date, no notice of termination has been received by the Company. The current annual rent on Parcel B is $194,000. On July 1, 2015, rent commences on Parcel 6C at the annual rent of $200,000. | ||
Lamar lease: | ||
The Company, through a wholly-owned subsidiary, 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 2045. 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, 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 12-month period, reduced by the sum of (a) commissions paid to third parties and (b) base monthly rent for each leased billboard display for each 12-month period. | ||
Short-term leases: | ||
The Company leases the undeveloped parcels of land in or adjacent to the Capital Center area for public parking purposes to Metropark under a short-term cancellable lease. | ||
At March 31, 2015, the Company has three tenants occupying 65 percent of the Steeple Street Building under short-term leases of five years or less at a current annual rental of $140,000. The Company is recognizing the revenue from these leases on a straight-line basis over the terms of the leases. At March 31, 2015 and December 31, 2014, the excess of straight-line over contractual rentals is $5,000 and $6,000, respectively, which is included in prepaid and other on the accompanying consolidated balance sheets. The Company also reports as revenue from tenants reimbursements for common area costs and real property taxes. The Company is currently marketing the remaining portions of the building for lease. |
Petroleum_storage_facility_and
Petroleum storage facility and environmental incidents | 3 Months Ended | |
Mar. 31, 2015 | ||
Text Block [Abstract] | ||
Petroleum storage facility and environmental incidents | 7 | Petroleum storage facility and environmental incidents: |
Leasing of the Facility: | ||
For the first four months of 2014, the Company leased a portion of the Facility (425,000 shell barrels) to Atlantic Trading & Marketing, Inc. (“ATMI”) who vacated the Facility on April 30, 2014. | ||
Effective May 1, 2014, the Company entered into a Petroleum Storage Services Agreement (“the Agreement”) with Sprague Operating Resources, LLC (“Sprague”) for the lease of its entire storage capacity of 1,004,000 barrels for a term of five years. The base rent is $3,500,000, subject to annual cost-of-living adjustments on May 1 of each year. In addition, the Company will receive an additional $.15 for each barrel of throughput at the facility in excess of 3,500,000 barrels in any contract year (May 1 to April 30). Sprague has the right to extend the Agreement for two additional terms of five years each, provided that Sprague gives at least twelve months’ notice prior to the expiration of the initial or the extension term, as applicable. Commencing April 1, 2016 and on each April 1 thereafter during the initial term and any extension term, either party during the following thirty days has the right to terminate the Agreement as of April 30 of the year next following the year in which notice of termination is given. | ||
Commencing May 1, 2015, Sprague will reimburse the Company for any real property taxes in excess of $290,000. | ||
The Company incurred $108,000 in fees in connection with the execution of the Agreement, which amounts are being amortized on the straight-line method over the three-year non-cancellable portion of the term of the Agreement and are included in petroleum storage facility expenses on the accompanying consolidated statements of income for the three months ended March 31, 2015. At March 31, 2015 and December 31, 2014, unamortized deferred agreement costs were $75,000 and $84,000, respectively, which are included in prepaid and other on the accompanying consolidated balance sheets. | ||
Wilkesbarre Pier: | ||
The Pier is a deep-water pier in East Providence, Rhode Island owned by the Company which is integral to the operation of the Terminal. The Pier and the Terminal are connected by two petroleum pipelines which the Company has a permanent right to use. | ||
Environmental incident (2002): | ||
In 2002, during testing of monitoring wells at the Terminal, the Company’s consulting engineer discovered free floating phase product in a groundwater monitoring well located on that portion of the Terminal purchased in 2000. Laboratory analysis indicated that the product was gasoline, which is not a product the Company ever stored at the Terminal. The Company commenced an environmental investigation and analysis, the results of which indicate that the gasoline did not come from the Terminal. The Company notified the Rhode Island Department of Environmental Management (“RIDEM”). RIDEM subsequently identified Power Test Realty Partnership (“Power Test”), the owner of an adjacent parcel, as a potentially responsible party for the contamination. Getty Properties Corp. is the general partner of Power Test. Power Test challenged that determination and, after an administrative hearing, in October 2008 a RIDEM Hearing Officer determined that Power Test is responsible for the discharge of the petroleum product under the Rhode Island Oil Pollution Control Act, R.I.G.L. Section 46-12.5.1-3 and Rule 6(a) and 12(b) of the Oil Pollution Control Regulations. The RIDEM Decision and Order requires Power Test to remediate the contamination as directed by RIDEM and remanded the proposed penalty to RIDEM for recalculation. In November 2008, Power Test appealed the decision to the Rhode Island Superior Court. In addition, in November 2008, Power Test sought, and received, a stay of the Decision and Order of the Hearing Officer pending a clarification by RIDEM of the amount of the proposed penalty. In October 2009, RIDEM issued a recalculated administrative penalty, and, subsequently, the RIDEM Hearing Officer issued a recommended amended decision, which was affirmed as a final decision by the RIDEM Director in December 2009. In January 2010, Power Test appealed that decision to the Superior Court. In September 2011, the Superior Court affirmed the decision of the RIDEM director. Power Test has appealed that decision to the Rhode Island Supreme Court. The Supreme Court has not decided the appeal. | ||
In April 2009, the Company sued Power Test and Getty Properties Corp. in the Rhode Island Superior Court seeking remediation of the site or, in the alternative, the cost of the remediation. On May 1, 2009, Power Test and Getty Properties Corp. removed the action to the United States District Court for the District of Rhode Island (“the Court”). On May 22, 2009, Power Test and Getty Properties Corp. answered the Complaint and filed a Counterclaim against Dunellen, LLC and Capital Terminal Company alleging that Dunellen, LLC and Capital Terminal Company are responsible for the contamination. Getty Properties Corp. and Power Test joined Getty Petroleum Marketing, Inc., the tenant under a long-term lease with Getty Properties Corp. of the adjacent property, as a defendant. The Company amended its Complaint to add Getty Petroleum Marketing, Inc. as a defendant. Getty Petroleum Marketing, Inc. moved for summary judgment against the Company, Getty Properties Corp. and Power Test. On December 5, 2011, Getty Petroleum Marketing, Inc. filed for bankruptcy under Chapter 11 of the United States Bankruptcy Act. Thereafter, with Bankruptcy Court approval, Getty Petroleum Marketing, Inc. rejected its lease with Getty Properties Corp. On August 24, 2012, the Bankruptcy Court approved a plan to liquidate Getty Petroleum Marketing, Inc. On January 15, 2013, the Court granted Getty Petroleum Marketing, Inc.’s motion for summary judgment against the Company, Getty Properties Corp. and Power Test, dismissing the Company’s third-party complaint. | ||
The parties have agreed to stay the litigation pending a determination by the Rhode Island Supreme Court on the Power Test appeal. | ||
There can be no assurance that the Company will prevail in this litigation. | ||
Since 2003, the Company has not incurred significant costs in connection with this matter, other than ongoing litigation costs, and is unable to determine the costs it might incur to remedy the situation, as well as any costs to investigate, defend and seek reimbursement from the responsible party with respect to this contamination. | ||
Environmental remediation (1994): | ||
In 1994, a leak was discovered in a 25,000 barrel storage tank at the Terminal which allowed the escape of a small amount of fuel oil. All required notices were made to RIDEM. In 2000, the tank was demolished and testing of the groundwater indicated that there was no large pooling of contaminants. In 2001, RIDEM approved a plan pursuant to which the Company installed a passive system consisting of three wells and commenced monitoring the wells. | ||
In 2003, RIDEM decided that the passive monitoring system previously approved was not sufficient and required the Company to design an active remediation system for the removal of product from the contaminated site. The Company and its consulting engineers began the pre-design testing of the site in the fourth quarter of 2004. The consulting engineers estimated a total cost of $200,000 to design, install and operate the system, which amount was accrued in 2004. Through 2006, the Company had expended $119,000 and has not incurred any significant costs since then. In 2011, RIDEM notified the company to proceed with the next phase of the approval process, notifying the abutters of the proposed remediation system even though RIDEM has not yet taken any action on the Company’s proposed plan. As designed, the system will pump out the contaminants which will be disposed of in compliance with applicable regulations. After a period of time, the groundwater will be tested to determine if sufficient contaminants have been removed. In 2014, the Company engaged new consultants to work with RIDEM to develop the next phase of the approval process. While the Company and its consulting engineers believe that the proposed active remediation system will correct the situation, it is possible that RIDEM could require the Company to expand remediation efforts, which could result in the Company incurring costs in excess of the remaining accrual of $80,000. |
Income_taxes
Income taxes | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income taxes | 8 | Income taxes: | |||||||
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 which give rise to deferred tax assets and liabilities were as follows: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Gross deferred tax liabilities: | |||||||||
Property having a financial statement basis in excess of tax basis | $ | 4,951,000 | $ | 5,016,000 | |||||
Insurance premiums and accrued leasing revenues | 90,000 | 143,000 | |||||||
5,041,000 | 5,159,000 | ||||||||
Deferred tax assets | (130,000 | ) | (148,000 | ) | |||||
$ | 4,911,000 | $ | 5,011,000 | ||||||
Operating_segment_disclosures
Operating segment disclosures | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Operating segment disclosures | 9 | Operating segment disclosures: | |||||||
The Company operates in two segments, leasing and petroleum storage. | |||||||||
The Company makes decisions relative to the allocation of resources and evaluates performance based on each segment’s respective income before income taxes, excluding interest expense and certain corporate expenses. | |||||||||
Inter-segment revenues are immaterial in amount. | |||||||||
The following financial information is used for making operating decisions and assessing performance of each of the Company’s segments for the three months ended March 31, 2015 and 2014: | |||||||||
2015 | 2014 | ||||||||
Leasing: | |||||||||
Revenues: | |||||||||
Long-term leases: | |||||||||
Contractual | $ | 935,000 | $ | 875,000 | |||||
Contingent | 25,000 | 25,000 | |||||||
Short-term leases | 220,000 | 209,000 | |||||||
Total revenues | $ | 1,180,000 | $ | 1,109,000 | |||||
Property tax expense | $ | 108,000 | $ | 110,000 | |||||
Depreciation | $ | 54,000 | $ | 53,000 | |||||
Income before income taxes | $ | 955,000 | $ | 883,000 | |||||
Assets | $ | 9,408,000 | $ | 9,764,000 | |||||
Petroleum storage: | |||||||||
Revenues, contractual | $ | 875,000 | $ | 572,000 | |||||
Property tax expense | $ | 75,000 | $ | 75,000 | |||||
Depreciation | $ | 162,000 | $ | 161,000 | |||||
Income (loss) before income taxes | $ | 192,000 | $ | (265,000 | ) | ||||
Assets | $ | 11,158,000 | $ | 11,543,000 | |||||
The following is a reconciliation of the segment information to the amounts reported in the accompanying consolidated financial statements for the three months ended March 31, 2015 and 2014: | |||||||||
2015 | 2014 | ||||||||
Revenues for operating segments: | |||||||||
Leasing | $ | 1,180,000 | $ | 1,109,000 | |||||
Petroleum storage | 875,000 | 572,000 | |||||||
Total consolidated revenues | $ | 2,055,000 | $ | 1,681,000 | |||||
Property tax expense for operating segments: | |||||||||
Leasing | $ | 108,000 | $ | 110,000 | |||||
Petroleum storage | 75,000 | 75,000 | |||||||
183,000 | 185,000 | ||||||||
Unallocated corporate property tax expense | 1,000 | 1,000 | |||||||
Total consolidated property tax expense | $ | 184,000 | $ | 186,000 | |||||
Depreciation: | |||||||||
Depreciation for operating segments: | |||||||||
Leasing | $ | 54,000 | $ | 53,000 | |||||
Petroleum storage segment: | 162,000 | 161,000 | |||||||
216,000 | 214,000 | ||||||||
Unallocated corporate depreciation | 2,000 | 1,000 | |||||||
Total consolidated depreciation | $ | 218,000 | $ | 215,000 | |||||
Income before income taxes: | |||||||||
Income (loss) before income taxes for operating segments: | |||||||||
Leasing | $ | 955,000 | $ | 883,000 | |||||
Petroleum storage | 192,000 | (265,000 | ) | ||||||
1,147,000 | 618,000 | ||||||||
Unallocated corporate expenses | (320,000 | ) | (296,000 | ) | |||||
Interest expense | (173,000 | ) | (195,000 | ) | |||||
Total consolidated income before income taxes | $ | 654,000 | $ | 127,000 | |||||
2015 | 2014 | ||||||||
Assets: | |||||||||
Assets for operating segments: | |||||||||
Leasing | $ | 9,408,000 | $ | 9,764,000 | |||||
Petroleum storage | 11,158,000 | 11,543,000 | |||||||
20,566,000 | 21,307,000 | ||||||||
Corporate cash | 3,273,000 | 3,186,000 | |||||||
Other unallocated amounts | 29,000 | 319,000 | |||||||
Total consolidated assets | $ | 23,868,000 | $ | 24,812,000 | |||||
Fair_value_of_financial_instru
Fair value of financial instruments | 3 Months Ended | |
Mar. 31, 2015 | ||
Fair Value Disclosures [Abstract] | ||
Fair value of financial instruments | 10 | Fair value of financial instruments: |
The Company believes that the fair values of its financial instruments, including cash, receivables and payables, approximate their respective book values because of their short-term nature. The fair value of the bank note payable approximates its book value and was determined using borrowing rates currently available to the Company for loans with similar terms and maturities. The fair value of the dividend notes payable approximates their book value. The fair values described herein were determined using significant other observable inputs (Level 2) as defined by GAAP, which included statistics for the issuance, rating and trading of corporate debt securities issued by other companies. |
Principles_of_consolidation_an1
Principles of consolidation and basis of presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
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. | |
The Company charges to expense those costs that do not extend the life, increase the capacity or improve the safety or efficiency of the property owned or used by the Company. | |
New accounting standards | New accounting standards: |
The Company reviews new accounting standards as issued. Although some of these accounting standards may be applicable to the Company, the Company expects that none of the new standards will have a significant impact on its consolidated financial statements. | |
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 consolidated financial statements. Estimates also affect the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. |
Fair value of financial instruments | The Company believes that the fair values of its financial instruments, including cash, receivables and payables, approximate their respective book values because of their short-term nature. The fair value of the bank note payable approximates its book value and was determined using borrowing rates currently available to the Company for loans with similar terms and maturities. The fair value of the dividend notes payable approximates their book value. The fair values described herein were determined using significant other observable inputs (Level 2) as defined by GAAP, which included statistics for the issuance, rating and trading of corporate debt securities issued by other companies. |
Properties_and_equipment_Table
Properties and equipment (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Properties and Equipment | Properties and equipment consists of the following: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Properties on lease or held for lease: | |||||||||
Land and land improvements | $ | 4,701,000 | $ | 4,701,000 | |||||
Building and improvements, Steeple Street | 5,552,000 | 5,545,000 | |||||||
10,253,000 | 10,246,000 | ||||||||
Petroleum storage facility, on lease: | |||||||||
Land and land improvements | 5,569,000 | 5,569,000 | |||||||
Buildings and structures | 1,867,000 | 1,867,000 | |||||||
Tanks and equipment | 14,768,000 | 14,707,000 | |||||||
22,204,000 | 22,143,000 | ||||||||
Office equipment | 112,000 | 112,000 | |||||||
32,569,000 | 32,501,000 | ||||||||
Less accumulated depreciation: | |||||||||
Properties on lease or held for lease | 1,054,000 | 1,000,000 | |||||||
Petroleum storage facility, on lease | 11,793,000 | 11,631,000 | |||||||
Office equipment | 83,000 | 81,000 | |||||||
12,930,000 | 12,712,000 | ||||||||
Income_taxes_Tables
Income taxes (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Deferred Tax Assets and Liabilities | The tax effects of temporary differences which give rise to deferred tax assets and liabilities were as follows: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Gross deferred tax liabilities: | |||||||||
Property having a financial statement basis in excess of tax basis | $ | 4,951,000 | $ | 5,016,000 | |||||
Insurance premiums and accrued leasing revenues | 90,000 | 143,000 | |||||||
5,041,000 | 5,159,000 | ||||||||
Deferred tax assets | (130,000 | ) | (148,000 | ) | |||||
$ | 4,911,000 | $ | 5,011,000 | ||||||
Operating_segment_disclosures_
Operating segment disclosures (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Financial Information Used for Making Operating Decisions and Assessing Performance | The following financial information is used for making operating decisions and assessing performance of each of the Company’s segments for the three months ended March 31, 2015 and 2014: | ||||||||
2015 | 2014 | ||||||||
Leasing: | |||||||||
Revenues: | |||||||||
Long-term leases: | |||||||||
Contractual | $ | 935,000 | $ | 875,000 | |||||
Contingent | 25,000 | 25,000 | |||||||
Short-term leases | 220,000 | 209,000 | |||||||
Total revenues | $ | 1,180,000 | $ | 1,109,000 | |||||
Property tax expense | $ | 108,000 | $ | 110,000 | |||||
Depreciation | $ | 54,000 | $ | 53,000 | |||||
Income before income taxes | $ | 955,000 | $ | 883,000 | |||||
Assets | $ | 9,408,000 | $ | 9,764,000 | |||||
Petroleum storage: | |||||||||
Revenues, contractual | $ | 875,000 | $ | 572,000 | |||||
Property tax expense | $ | 75,000 | $ | 75,000 | |||||
Depreciation | $ | 162,000 | $ | 161,000 | |||||
Income (loss) before income taxes | $ | 192,000 | $ | (265,000 | ) | ||||
Assets | $ | 11,158,000 | $ | 11,543,000 | |||||
Reconciliation of Segment Information | The following is a reconciliation of the segment information to the amounts reported in the accompanying consolidated financial statements for the three months ended March 31, 2015 and 2014: | ||||||||
2015 | 2014 | ||||||||
Revenues for operating segments: | |||||||||
Leasing | $ | 1,180,000 | $ | 1,109,000 | |||||
Petroleum storage | 875,000 | 572,000 | |||||||
Total consolidated revenues | $ | 2,055,000 | $ | 1,681,000 | |||||
Property tax expense for operating segments: | |||||||||
Leasing | $ | 108,000 | $ | 110,000 | |||||
Petroleum storage | 75,000 | 75,000 | |||||||
183,000 | 185,000 | ||||||||
Unallocated corporate property tax expense | 1,000 | 1,000 | |||||||
Total consolidated property tax expense | $ | 184,000 | $ | 186,000 | |||||
Depreciation: | |||||||||
Depreciation for operating segments: | |||||||||
Leasing | $ | 54,000 | $ | 53,000 | |||||
Petroleum storage segment: | 162,000 | 161,000 | |||||||
216,000 | 214,000 | ||||||||
Unallocated corporate depreciation | 2,000 | 1,000 | |||||||
Total consolidated depreciation | $ | 218,000 | $ | 215,000 | |||||
Income before income taxes: | |||||||||
Income (loss) before income taxes for operating segments: | |||||||||
Leasing | $ | 955,000 | $ | 883,000 | |||||
Petroleum storage | 192,000 | (265,000 | ) | ||||||
1,147,000 | 618,000 | ||||||||
Unallocated corporate expenses | (320,000 | ) | (296,000 | ) | |||||
Interest expense | (173,000 | ) | (195,000 | ) | |||||
Total consolidated income before income taxes | $ | 654,000 | $ | 127,000 | |||||
2015 | 2014 | ||||||||
Assets: | |||||||||
Assets for operating segments: | |||||||||
Leasing | $ | 9,408,000 | $ | 9,764,000 | |||||
Petroleum storage | 11,158,000 | 11,543,000 | |||||||
20,566,000 | 21,307,000 | ||||||||
Corporate cash | 3,273,000 | 3,186,000 | |||||||
Other unallocated amounts | 29,000 | 319,000 | |||||||
Total consolidated assets | $ | 23,868,000 | $ | 24,812,000 | |||||
Description_of_Business_Additi
Description of Business - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Description Of Business [Line Items] | |
Number of segments | 2 |
Facility [Member] | |
Description Of Business [Line Items] | |
Number of shell barrels at terminal | 1,004,000 |
Properties_and_Equipment_Prope
Properties and Equipment - Properties and Equipment (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Properties and equipment gross | $32,569,000 | $32,501,000 |
Accumulated depreciation total | 12,930,000 | 12,712,000 |
Properties and equipment net | 19,639,000 | 19,789,000 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment gross | 112,000 | 112,000 |
Accumulated depreciation total | 83,000 | 81,000 |
Properties on Lease or Held for Lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties on lease or held for lease | 10,253,000 | 10,246,000 |
Less accumulated depreciation: | 1,054,000 | 1,000,000 |
Properties on Lease or Held for Lease [Member] | Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties on lease or held for lease | 4,701,000 | 4,701,000 |
Properties on Lease or Held for Lease [Member] | Building and Improvements, Steeple Street [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties on lease or held for lease | 5,552,000 | 5,545,000 |
Petroleum Storage Facility, on Lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties on lease or held for lease | 22,204,000 | 22,143,000 |
Less accumulated depreciation: | 11,793,000 | 11,631,000 |
Petroleum Storage Facility, on Lease [Member] | Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties on lease or held for lease | 5,569,000 | 5,569,000 |
Petroleum Storage Facility, on Lease [Member] | Buildings and Structures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties on lease or held for lease | 1,867,000 | 1,867,000 |
Petroleum Storage Facility, on Lease [Member] | Tanks and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties on lease or held for lease | $14,768,000 | $14,707,000 |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2012 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | |
Notes Payable to Banks [Member] | |||||
Debt Instrument [Line Items] | |||||
Refinance amount under loan agreement | $2,700,000 | ||||
Amount borrowed under loan agreement | 3,025,000 | ||||
Period for fixed rate of interest | 5 years | ||||
Annual rate of interest | 3.34% | ||||
Interest rate thereafter on floating rate basis | 3.25% | ||||
Basis points on floating rate | 2.15% | ||||
Basis points on fixed rate | 2.25% | ||||
Federal home loan maturity period | 5 years | ||||
Repayment term of long term loan | 10 years | ||||
Amortization schedule of long term loan | 20 years | ||||
Monthly principal payments of long term loan | 24,000 | ||||
Balloon payment due period | 2022-12 | ||||
Principal prepayment | 1,000,000 | 1,300,000 | |||
Balloon payment | 563,000 | ||||
Deferred finance costs | 71,000 | ||||
Amortization period for financing fees | 10 years | ||||
Unamortized deferred financing fees | 55,000 | 57,000 | |||
Notes Payable to Banks [Member] | Federal Home Loan Bank of Boston [Member] | |||||
Debt Instrument [Line Items] | |||||
Annual rate of interest | 3.34% | ||||
Notes Payable to Banks [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan agreement, minimum required balance of cash and marketable securities | 1,000,000 | ||||
Dividend Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Dividend notes | $11,787,000 | $11,787,000 | |||
Dividend notes annual interest rate | 5.00% | 5.00% | |||
Maturity date of long term loan | 26-Dec-22 | ||||
Dividend notes description | The Dividend Notes are unsecured general obligations of the Company bearing interest at the annual rate of 5% payable semi-annually on June 15 and December 15 to note holders of record on June 1 and December 1 of each year. | ||||
Consent of the dividend notes holders required for to grant any mortgages | 67.00% |
Recovered_Sheet1
Description of Leasing Arrangements - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Jul. 01, 2015 | Dec. 31, 2012 | Dec. 31, 2014 | |
Terms | LandLeases | ||||
LandLeases | |||||
Parcels | |||||
Operating Leased Assets [Line Items] | |||||
Number of long-term land leases | 9 | ||||
Number of parcels upon which improvements have been completed | 7 | ||||
Estimated real property taxes attributable to the company land | $308,000 | $325,000 | |||
Number of amended and restated leases | 3 | ||||
Initial term for each amended and restated leases | 95 years | ||||
Number of renewal terms | 2 | ||||
Renewal terms of lease | 50 years | ||||
Lamar Lease [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Number of advertising locations | 23 | ||||
Number of billboard faces along interstate and primary highways leased | 44 | ||||
Lease expiration year | 2045 | ||||
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 receive in advance of gross revenues from each standard billboard | 30.00% | ||||
Percentage of revenue receive in advance of gross revenues from each electronic billboard | 20.00% | ||||
Parcel (6B) [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Annual rent | 194,000 | ||||
Parcel (6C) [Member] | Scenario, Forecast [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Annual rent | 200,000 | ||||
Parcel (6B) and (6C) [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Period of tenant obligation | 2 years | ||||
Notice period of lease | 30 days | ||||
Steeple Street Building [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Annual rent | 140,000 | ||||
Number of tenants occupying 65% of building | 3 | ||||
Percentage of building occupied by three tenants | 65.00% | ||||
Term of short term leases | Five years or less | ||||
Short term leases rent receivable over contractual rent | $5,000 | $6,000 |
Recovered_Sheet2
Petroleum Storage Facility and Environmental Incidents - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 4 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2006 | Dec. 31, 2004 | Apr. 30, 2014 | 1-May-14 | |
bbl | bbl | bbl | ||||
Terms | ||||||
Environmental Incident 1994 [Member] | ||||||
Oil and Gas In Process Activities [Line Items] | ||||||
Volume of storage tank with leakage at the Terminal | 25,000 | |||||
Estimated cost related to design install and operate the system | $200,000 | |||||
Expense incurred related to design install and operate the system | 119,000 | |||||
Remaining accrual for environmental remediation | 80,000 | |||||
Wilkesbarre Pier [Member] | ||||||
Oil and Gas In Process Activities [Line Items] | ||||||
Number of petroleum pipelines connections between Pier and the Terminal | 2 | |||||
Atlantic Trading and Marketing Inc [Member] | ||||||
Oil and Gas In Process Activities [Line Items] | ||||||
Number of shell barrels leased | 425,000 | |||||
Sprague Operating Resources LLC [Member] | Petroleum Storage Services Agreement [Member] | ||||||
Oil and Gas In Process Activities [Line Items] | ||||||
Number of shell barrels at terminal | 1,004,000 | |||||
Annual base rent | 3,500,000 | |||||
Additional amount per barrel of Throughput Agreement | 0.15 | |||||
Minimum barrel threshold in throughput agreement | 3,500,000 | |||||
Agreement additional extended term | 2 | |||||
Agreement period | 5 years | |||||
Notice period of lease | 30 days | |||||
Notice prior to expiration of initial or extension term | 12 months | |||||
Real property taxes eligible for reimbursement in excess of minimum established amount | 290,000 | |||||
Real Property Taxes Reimbursement Eligibility commencement date | 1-May-15 | |||||
Execution of petroleum storage services agreement fee | 108,000 | |||||
Non-cancellable agreement term | 3 years | |||||
Unamortized deferred agreement cost | 75,000 | $84,000 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Gross deferred tax liabilities: | ||
Property having a financial statement basis in excess of tax basis | $4,951,000 | $5,016,000 |
Insurance premiums and accrued leasing revenues | 90,000 | 143,000 |
Gross deferred tax liabilities | 5,041,000 | 5,159,000 |
Deferred tax assets | -130,000 | -148,000 |
Deferred tax liabilities, net of deferred tax assets | $4,911,000 | $5,011,000 |
Recovered_Sheet3
Operating Segment Disclosures - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Segment Reporting [Abstract] | |
Number of segments | 2 |
Operating_Segment_Disclosures_1
Operating Segment Disclosures - Financial Information Used for Making Operating Decisions and Assessing Performance (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Revenues: | |||
Total revenues | $1,180,000 | $1,109,000 | |
Property tax expense | 184,000 | 186,000 | |
Depreciation | 218,000 | 215,000 | |
Income (loss) before income taxes | 654,000 | 127,000 | |
Assets | 23,868,000 | 24,812,000 | 23,369,000 |
Revenues, contractual | 2,055,000 | 1,681,000 | |
Leasing [Member] | |||
Revenues: | |||
Total revenues | 1,180,000 | 1,109,000 | |
Property tax expense | 108,000 | 110,000 | |
Depreciation | 54,000 | 53,000 | |
Income (loss) before income taxes | 955,000 | 883,000 | |
Assets | 9,408,000 | 9,764,000 | |
Leasing [Member] | Long Term Leases [Member] | |||
Revenues: | |||
Contractual Leases | 935,000 | 875,000 | |
Contingent Leases | 25,000 | 25,000 | |
Leasing [Member] | Short Term Leases [Member] | |||
Revenues: | |||
Contractual Leases | 220,000 | 209,000 | |
Petroleum Storage [Member] | |||
Revenues: | |||
Property tax expense | 75,000 | 75,000 | |
Depreciation | 162,000 | 161,000 | |
Income (loss) before income taxes | 192,000 | -265,000 | |
Assets | 11,158,000 | 11,543,000 | |
Petroleum Storage [Member] | Contractual [Member] | |||
Revenues: | |||
Revenues, contractual | $875,000 | $572,000 |
Operating_Segment_Disclosures_2
Operating Segment Disclosures - Reconciliation of Segment Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Revenues for operating segments: | |||
Total consolidated revenues | $2,055,000 | $1,681,000 | |
Property tax expense for operating segments: | |||
Total consolidated property tax expense | 184,000 | 186,000 | |
Depreciation for operating segments: | |||
Total consolidated depreciation | 218,000 | 215,000 | |
Income (loss) before income taxes for operating segments: | |||
Interest expense | -173,000 | -195,000 | |
Income (loss) before income taxes | 654,000 | 127,000 | |
Assets for operating segments: | |||
Total assets for operating segments | 23,868,000 | 24,812,000 | 23,369,000 |
Operating Segments [Member] | |||
Property tax expense for operating segments: | |||
Total consolidated property tax expense | 183,000 | 185,000 | |
Depreciation for operating segments: | |||
Total consolidated depreciation | 216,000 | 214,000 | |
Income (loss) before income taxes for operating segments: | |||
Income (loss) before income taxes | 1,147,000 | 618,000 | |
Assets for operating segments: | |||
Total assets for operating segments | 20,566,000 | 21,307,000 | |
Unallocated [Member] | |||
Property tax expense for operating segments: | |||
Total consolidated property tax expense | 1,000 | 1,000 | |
Depreciation for operating segments: | |||
Total consolidated depreciation | 2,000 | 1,000 | |
Income (loss) before income taxes for operating segments: | |||
Income (loss) before income taxes | -320,000 | -296,000 | |
Assets for operating segments: | |||
Corporate cash | 3,273,000 | 3,186,000 | |
Other assets | 29,000 | 319,000 | |
Leasing [Member] | |||
Property tax expense for operating segments: | |||
Total consolidated property tax expense | 108,000 | 110,000 | |
Depreciation for operating segments: | |||
Total consolidated depreciation | 54,000 | 53,000 | |
Income (loss) before income taxes for operating segments: | |||
Income (loss) before income taxes | 955,000 | 883,000 | |
Assets for operating segments: | |||
Total assets for operating segments | 9,408,000 | 9,764,000 | |
Leasing [Member] | Operating Segments [Member] | |||
Revenues for operating segments: | |||
Total consolidated revenues | 1,180,000 | 1,109,000 | |
Property tax expense for operating segments: | |||
Total consolidated property tax expense | 108,000 | 110,000 | |
Depreciation for operating segments: | |||
Total consolidated depreciation | 54,000 | 53,000 | |
Income (loss) before income taxes for operating segments: | |||
Income (loss) before income taxes | 955,000 | 883,000 | |
Assets for operating segments: | |||
Total assets for operating segments | 9,408,000 | 9,764,000 | |
Petroleum Storage [Member] | |||
Property tax expense for operating segments: | |||
Total consolidated property tax expense | 75,000 | 75,000 | |
Depreciation for operating segments: | |||
Total consolidated depreciation | 162,000 | 161,000 | |
Income (loss) before income taxes for operating segments: | |||
Income (loss) before income taxes | 192,000 | -265,000 | |
Assets for operating segments: | |||
Total assets for operating segments | 11,158,000 | 11,543,000 | |
Petroleum Storage [Member] | Operating Segments [Member] | |||
Revenues for operating segments: | |||
Total consolidated revenues | 875,000 | 572,000 | |
Property tax expense for operating segments: | |||
Total consolidated property tax expense | 75,000 | 75,000 | |
Depreciation for operating segments: | |||
Total consolidated depreciation | 162,000 | 161,000 | |
Income (loss) before income taxes for operating segments: | |||
Income (loss) before income taxes | 192,000 | -265,000 | |
Assets for operating segments: | |||
Total assets for operating segments | $11,158,000 | $11,543,000 |