Capital Properties (CPTP) 10-Q 30 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2015shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	CPTP
Entity Registrant Name	CAPITAL PROPERTIES INC /RI/
Entity Central Index Key	202,947
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	6,599,912

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Properties and equipment (net of accumulated depreciation)	$ 19,532,000	$ 19,789,000
Cash	2,278,000	2,927,000
Prepaid and other	843,000	653,000
Total assets	22,653,000	23,369,000
Notes payable:
Bank ($288,000 due within one year)	638,000	2,852,000
Dividend notes	11,787,000	11,787,000
Accounts payable and accrued expenses:
Property taxes	282,000	282,000
Environmental remediation	79,000	80,000
Other	367,000	261,000
Income taxes payable		13,000
Deferred income taxes, net	4,867,000	5,011,000
Total liabilities	18,020,000	20,286,000
Shareholders' equity:
Capital in excess of par	782,000	782,000
Retained earnings	3,785,000	2,235,000
Total shareholders' equity	4,633,000	3,083,000
Total liabilities and shareholders' equity	22,653,000	23,369,000
Common Class A [Member]
Shareholders' equity:
Common stock	$ 66,000	$ 66,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 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 Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Leasing	$ 1,249,000	$ 1,130,000	$ 3,763,000	$ 3,527,000
Petroleum storage facility	883,000	884,000	2,638,000	2,188,000
Total revenues	2,132,000	2,014,000	6,401,000	5,715,000
Expenses:
Leasing	207,000	216,000	653,000	643,000
Petroleum storage facility	561,000	605,000	1,865,000	2,085,000
General and administrative	255,000	269,000	828,000	808,000
Interest on notes:
Bank loan	14,000	37,000	62,000	129,000
Dividend notes	147,000	147,000	442,000	442,000
Total expenses	1,184,000	1,274,000	3,850,000	4,107,000
Income before income taxes	948,000	740,000	2,551,000	1,608,000
Income tax expense (benefit):
Current	345,000	351,000	1,145,000	806,000
Deferred	27,000	(59,000)	(144,000)	(173,000)
Total Income tax expense	372,000	292,000	1,001,000	633,000
Net income	$ 576,000	$ 448,000	$ 1,550,000	$ 975,000
Basic income per common share based upon 6,599,912 shares outstanding	$ 0.08	$ 0.07	$ 0.23	$ 0.15

Consolidated Statements of Inc5

Consolidated Statements of Income (Unaudited) (Parenthetical) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Basic income per share, shares outstanding	6,599,912	6,599,912	6,599,912	6,599,912

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 1,550,000	$ 975,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	606,000	644,000
Amortization of deferred costs	33,000	20,000
Deferred income taxes	(144,000)	(173,000)
Other, principally net changes in prepaids, accounts payable, accrued expenses and current income taxes	(131,000)	383,000
Net cash provided by operating activities	1,914,000	1,849,000
Cash flows from investing activities:
Purchases of properties and equipment	(349,000)	(79,000)
Cash flows from financing activities:
Principal payments on note payable, bank	(2,214,000)	(1,215,000)
Increase (decrease) in cash	(649,000)	555,000
Cash, beginning	2,927,000	3,305,000
Cash, ending	2,278,000	3,860,000
Cash paid for:
Income taxes	1,158,000	407,000
Interest	$ 350,000	420,000
Non-cash investing and financing activities, capital expenditures financed through accounts payable		$ 28,000

Description of business

Description of business	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [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 and real estate taxes up to $290,000 as well as capital improvements at the Facility.

Principles of consolidation and

Principles of consolidation and basis of presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [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 September 30, 2015, the results of operations for the three and nine months ended September 30, 2015 and 2014, and the cash flows for the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Properties and equipment	4. Properties and equipment: Properties and equipment consists of the following: September 30, December 31, Properties on lease or held for lease: Land and land improvements $ 4,701,000 $ 4,701,000 Building and improvements, Steeple Street 5,808,000 5,545,000 10,509,000 10,246,000 Petroleum storage facility, on lease: Land and land improvements 5,592,000 5,569,000 Buildings and structures 1,867,000 1,867,000 Tanks and equipment 14,770,000 14,707,000 22,229,000 22,143,000 Office equipment 112,000 112,000 32,850,000 32,501,000 Less accumulated depreciation: Properties on lease or held for lease 1,151,000 1,000,000 Petroleum storage facility, on lease 12,081,000 11,631,000 Office equipment 86,000 81,000 13,318,000 12,712,000 $ 19,532,000 $ 19,789,000

Notes payable

Notes payable	9 Months Ended
	Sep. 30, 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% The Company prepaid $1,000,000 in both May and August 2015 on the bank loan. In June and December 2014, the Company prepaid $1,000,000 and $1,300,000, respectively. Assuming no further prepayments by the Company, based on current required principal payments of $24,000 per month, the loan will be completely paid in December 2017. The Loan Agreement requires the Company to maintain at the Bank unencumbered liquid assets (cash or marketable securities) of $1,000,000 and contains other customary terms and conditions. Financing fees are being amortized over the remaining term of the note, which amount is included in interest expense on the accompanying consolidated statements of income. At September 30, 2015 and December 31, 2014, unamortized deferred financing fees are $51,000 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 Capital 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 arrangem

Description of leasing arrangements	9 Months Ended
	Sep. 30, 2015
Leases [Abstract]
Description of leasing arrangements	6. Description of leasing arrangements: Long-term land leases: As of September 30, 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. The real property taxes attributable to the Company’s land under these leases totaled $308,000 and $923,000, respectively, for the three and nine months ended September 30, 2015, and $322,000 and $966,000, respectively, for the three and nine months ended September 30, 2014. 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 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 commenced on Parcel 6C at the annual rate 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. For the lease years ended May 31, 2015 and 2014, the percentage rent totaled $155,000 and $173,000, respectively, which amounts are included in leasing revenues of the accompanying consolidated statements of income for the nine months ended September 30, 2015 and 2014. 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 September 30, 2015, the Company has four tenants occupying 75 percent of the Steeple Street Building under short-term leases of five years or less at a current annual rent of $161,000. The Company recognizes the revenue from these leases on a straight-line basis over the terms of the leases. At September 30, 2015 and December 31, 2014, the excess of straight-line over contractual rentals is $2,000 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 for lease the remaining unoccupied portions of the building.

Petroleum storage facility and

Petroleum storage facility and environmental incidents	9 Months Ended
	Sep. 30, 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”) which 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. There was no change in the base rent on May 1, 2015 because the cost-of-living decreased from May 1, 2014. 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). The total throughput for the year ending April 30, 2015 did not exceed 3,500,000 barrels. 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 is obligated to reimburse the Company for any real property taxes in excess of $290,000. There was no increase in the assessment or tax rate for the year 2015 and therefore no additional payment was due from Sprague. 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 and nine months ended September 30, 2015. At September 30, 2015 and December 31, 2014, unamortized deferred agreement costs were $57,000 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 $79,000.

Income taxes

Income taxes	9 Months Ended
	Sep. 30, 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: September 30, December 31, Gross deferred tax liabilities: Property having a financial statement basis in excess of tax basis $ 4,846,000 $ 5,016,000 Insurance premiums and accrued leasing revenues 170,000 143,000 5,016,000 5,159,000 Deferred tax assets (149,000 ) (148,000 ) $ 4,867,000 $ 5,011,000

Operating segment disclosures

Operating segment disclosures	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2015 and 2014: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Leasing: Revenues: Long-term land leases: Contractual $ 993,000 $ 894,000 $ 2,868,000 $ 2,647,000 Contingent 32,000 26,000 232,000 251,000 Short-term leases 224,000 210,000 663,000 629,000 Total revenues $ 1,249,000 $ 1,130,000 $ 3,763,000 $ 3,527,000 Property tax expense $ 106,000 $ 104,000 $ 316,000 $ 314,000 Depreciation $ 44,000 $ 53,000 $ 151,000 $ 160,000 Income before income taxes $ 1,042,000 $ 914,000 $ 3,110,000 $ 2,884,000 Assets $ 9,670,000 $ 9,559,000 $ 9,670,000 $ 9,559,000 Properties and equipment, additions $ 6,000 $ — $ 263,000 $ — Petroleum storage: Revenues, contractual $ 883,000 $ 884,000 $ 2,638,000 $ 2,188,000 Property tax expense $ 73,000 $ 72,000 $ 217,000 $ 217,000 Depreciation $ 124,000 $ 160,000 $ 450,000 $ 482,000 Income before income taxes $ 322,000 $ 279,000 $ 773,000 $ 103,000 Assets $ 11,071,000 $ 11,660,000 $ 11,071,000 $ 11,660,000 Properties and equipment, additions $ 15,000 $ 74,000 $ 86,000 $ 107,000 The following is a reconciliation of the segment information to the amounts reported in the accompanying consolidated financial statements for the three and nine months ended September 30, 2015 and 2014: Three Months Ended September 30 Nine Months Ended September 30 2015 2014 2015 2014 Revenues for operating segments: Leasing $ 1,249,000 $ 1,130,000 $ 3,763,000 $ 3,527,000 Petroleum storage 883,000 884,000 2,638,000 2,188,000 Total consolidated revenues $ 2,132,000 $ 2,014,000 $ 6,401,000 $ 5,715,000 Property tax expense: Property tax expense for operating segments: Leasing $ 106,000 $ 104,000 $ 316,000 $ 314,000 Petroleum storage 73,000 72,000 217,000 217,000 179,000 176,000 533,000 531,000 Unallocated corporate property tax expense — — 2,000 2,000 Total consolidated property tax expense $ 179,000 $ 176,000 $ 535,000 $ 533,000 Depreciation: Depreciation for operating segments: Leasing $ 44,000 $ 53,000 $ 151,000 $ 160,000 Petroleum storage segment: 124,000 160,000 450,000 482,000 168,000 213,000 601,000 642,000 Unallocated corporate depreciation 2,000 1,000 5,000 2,000 Total consolidated depreciation $ 170,000 $ 214,000 $ 606,000 $ 644,000 Income before income taxes: Income before income taxes for operating segments: Leasing $ 1,042,000 $ 914,000 $ 3,110,000 $ 2,884,000 Petroleum storage 322,000 279,000 773,000 103,000 1,364,000 1,193,000 3,883,000 2,987,000 Unallocated corporate expenses (255,000 ) (269,000 ) (828,000 ) (808,000 ) Interest expense (161,000 ) (184,000 ) (504,000 ) (571,000 ) Total consolidated income before income taxes $ 948,000 $ 740,000 $ 2,551,000 $ 1,608,000 Assets: Assets for operating segments: Leasing $ 9,670,000 $ 9,559,000 $ 9,670,000 $ 9,559,000 Petroleum storage 11,071,000 11,660,000 11,071,000 11,660,000 20,741,000 21,219,000 20,741,000 21,219,000 Corporate cash 1,885,000 3,194,000 1,885,000 3,194,000 Other unallocated amounts 27,000 3,000 27,000 3,000 Total consolidated assets $ 22,653,000 $ 24,416,000 $ 22,653,000 $ 24,416,000 Properties and equipment: Additions to properties and equipment for operating segments: Leasing $ 6,000 $ — $ 263,000 $ — Petroleum storage 15,000 74,000 86,000 107,000 Total consolidated additions $ 21,000 $ 74,000 $ 349,000 $ 107,000

Fair value of financial instrum

Fair value of financial instruments	9 Months Ended
	Sep. 30, 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 a17

Principles of consolidation and basis of presentation (Policies)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [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)	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Properties and Equipment	Properties and equipment consists of the following: September 30, December 31, Properties on lease or held for lease: Land and land improvements $ 4,701,000 $ 4,701,000 Building and improvements, Steeple Street 5,808,000 5,545,000 10,509,000 10,246,000 Petroleum storage facility, on lease: Land and land improvements 5,592,000 5,569,000 Buildings and structures 1,867,000 1,867,000 Tanks and equipment 14,770,000 14,707,000 22,229,000 22,143,000 Office equipment 112,000 112,000 32,850,000 32,501,000 Less accumulated depreciation: Properties on lease or held for lease 1,151,000 1,000,000 Petroleum storage facility, on lease 12,081,000 11,631,000 Office equipment 86,000 81,000 13,318,000 12,712,000 $ 19,532,000 $ 19,789,000

Income taxes (Tables)

Income taxes (Tables)	9 Months Ended
	Sep. 30, 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: September 30, December 31, Gross deferred tax liabilities: Property having a financial statement basis in excess of tax basis $ 4,846,000 $ 5,016,000 Insurance premiums and accrued leasing revenues 170,000 143,000 5,016,000 5,159,000 Deferred tax assets (149,000 ) (148,000 ) $ 4,867,000 $ 5,011,000

Operating segment disclosures (

Operating segment disclosures (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2015 and 2014: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Leasing: Revenues: Long-term land leases: Contractual $ 993,000 $ 894,000 $ 2,868,000 $ 2,647,000 Contingent 32,000 26,000 232,000 251,000 Short-term leases 224,000 210,000 663,000 629,000 Total revenues $ 1,249,000 $ 1,130,000 $ 3,763,000 $ 3,527,000 Property tax expense $ 106,000 $ 104,000 $ 316,000 $ 314,000 Depreciation $ 44,000 $ 53,000 $ 151,000 $ 160,000 Income before income taxes $ 1,042,000 $ 914,000 $ 3,110,000 $ 2,884,000 Assets $ 9,670,000 $ 9,559,000 $ 9,670,000 $ 9,559,000 Properties and equipment, additions $ 6,000 $ — $ 263,000 $ — Petroleum storage: Revenues, contractual $ 883,000 $ 884,000 $ 2,638,000 $ 2,188,000 Property tax expense $ 73,000 $ 72,000 $ 217,000 $ 217,000 Depreciation $ 124,000 $ 160,000 $ 450,000 $ 482,000 Income before income taxes $ 322,000 $ 279,000 $ 773,000 $ 103,000 Assets $ 11,071,000 $ 11,660,000 $ 11,071,000 $ 11,660,000 Properties and equipment, additions $ 15,000 $ 74,000 $ 86,000 $ 107,000
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 and nine months ended September 30, 2015 and 2014: Three Months Ended September 30 Nine Months Ended September 30 2015 2014 2015 2014 Revenues for operating segments: Leasing $ 1,249,000 $ 1,130,000 $ 3,763,000 $ 3,527,000 Petroleum storage 883,000 884,000 2,638,000 2,188,000 Total consolidated revenues $ 2,132,000 $ 2,014,000 $ 6,401,000 $ 5,715,000 Property tax expense: Property tax expense for operating segments: Leasing $ 106,000 $ 104,000 $ 316,000 $ 314,000 Petroleum storage 73,000 72,000 217,000 217,000 179,000 176,000 533,000 531,000 Unallocated corporate property tax expense — — 2,000 2,000 Total consolidated property tax expense $ 179,000 $ 176,000 $ 535,000 $ 533,000 Depreciation: Depreciation for operating segments: Leasing $ 44,000 $ 53,000 $ 151,000 $ 160,000 Petroleum storage segment: 124,000 160,000 450,000 482,000 168,000 213,000 601,000 642,000 Unallocated corporate depreciation 2,000 1,000 5,000 2,000 Total consolidated depreciation $ 170,000 $ 214,000 $ 606,000 $ 644,000 Income before income taxes: Income before income taxes for operating segments: Leasing $ 1,042,000 $ 914,000 $ 3,110,000 $ 2,884,000 Petroleum storage 322,000 279,000 773,000 103,000 1,364,000 1,193,000 3,883,000 2,987,000 Unallocated corporate expenses (255,000 ) (269,000 ) (828,000 ) (808,000 ) Interest expense (161,000 ) (184,000 ) (504,000 ) (571,000 ) Total consolidated income before income taxes $ 948,000 $ 740,000 $ 2,551,000 $ 1,608,000 Assets: Assets for operating segments: Leasing $ 9,670,000 $ 9,559,000 $ 9,670,000 $ 9,559,000 Petroleum storage 11,071,000 11,660,000 11,071,000 11,660,000 20,741,000 21,219,000 20,741,000 21,219,000 Corporate cash 1,885,000 3,194,000 1,885,000 3,194,000 Other unallocated amounts 27,000 3,000 27,000 3,000 Total consolidated assets $ 22,653,000 $ 24,416,000 $ 22,653,000 $ 24,416,000 Properties and equipment: Additions to properties and equipment for operating segments: Leasing $ 6,000 $ — $ 263,000 $ — Petroleum storage 15,000 74,000 86,000 107,000 Total consolidated additions $ 21,000 $ 74,000 $ 349,000 $ 107,000

Description of Business - Addit

Description of Business - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Segmentbbl	Sep. 30, 2014USD ($)
Description Of Business [Line Items]
Number of segments | Segment			2
Real estate taxes	$ 179,000	$ 176,000	$ 535,000	$ 533,000
Petroleum Storage [Member]
Description Of Business [Line Items]
Real estate taxes	$ 73,000	$ 72,000	217,000	$ 217,000
Petroleum Storage [Member] | Maximum [Member]
Description Of Business [Line Items]
Real estate taxes			$ 290,000
Facility [Member]
Description Of Business [Line Items]
Number of shell barrels at terminal | bbl			1,004,000

Properties and Equipment - Prop

Properties and Equipment - Properties and Equipment (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Properties and equipment gross	$ 32,850,000	$ 32,501,000
Accumulated depreciation total	13,318,000	12,712,000
Properties and equipment net	19,532,000	19,789,000
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Properties and equipment gross	112,000	112,000
Accumulated depreciation total	86,000	81,000
Properties on Lease or Held for Lease [Member]
Property, Plant and Equipment [Line Items]
Properties on lease or held for lease	10,509,000	10,246,000
Less accumulated depreciation:	1,151,000	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	5,808,000	5,545,000
Petroleum Storage Facility, on Lease [Member]
Property, Plant and Equipment [Line Items]
Properties on lease or held for lease	22,229,000	22,143,000
Less accumulated depreciation:	12,081,000	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	5,592,000	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	$ 14,770,000	$ 14,707,000

Notes Payable - Additional Info

Notes Payable - Additional Information (Detail) - USD ($)	1 Months Ended					9 Months Ended	12 Months Ended
	Aug. 31, 2015	May. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2012	Sep. 30, 2015	Dec. 31, 2012
Debt Instrument [Line Items]
Consent of the dividend notes holders required for to grant any mortgages						67.00%
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%
Principal prepayment	$ 1,000,000	$ 1,000,000	$ 1,300,000	$ 1,000,000
Maturity date of long term loan						Dec. 31, 2017
Monthly principal payments of long term loan						$ 24,000
Unamortized deferred financing fees			$ 57,000			51,000
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]
Maturity date of long term loan							Dec. 26, 2022
Dividend notes					$ 11,787,000		$ 11,787,000
Dividend notes annual interest rate					5.00%		5.00%
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.

Description of Leasing Arrang24

Description of Leasing Arrangements - Additional Information (Detail)	Jul. 01, 2015USD ($)	May. 18, 2014	Sep. 30, 2015USD ($)Billboard_FacesLandLeasesParcelsTenants	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Billboard_FacesLandLeasesParcelsTenantsTermsLocation	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2012LandLeases
Operating Leased Assets [Line Items]
Number of long-term land leases | LandLeases			9		9
Number of parcels upon which improvements have been completed | Parcels			7		7
Estimated real property taxes attributable to the company land			$ 308,000	$ 322,000	$ 923,000	$ 966,000
Number of amended and restated leases | LandLeases								3
Initial term for each amended and restated leases					95 years
Number of renewal terms | Terms					2
Renewal terms of lease					50 years
Lamar Lease [Member]
Operating Leased Assets [Line Items]
Number of advertising locations | Location					23
Number of billboard faces along interstate and primary highways leased | Billboard_Faces			44		44
Lease expiration year					2,045
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%
Percentage rents					$ 155,000	$ 173,000
Parcel (6B) [Member]
Operating Leased Assets [Line Items]
Annual rent					$ 194,000
Parcel (6C) [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					$ 161,000
Number of tenants occupying 75% of building | Tenants			4		4
Percentage of building occupied by four tenants			75.00%		75.00%
Term of short term leases					Five years or less
Short term leases rent receivable over contractual rent			$ 2,000		$ 2,000		$ 6,000

Petroleum Storage Facility an25

Petroleum Storage Facility and Environmental Incidents - Additional Information (Detail)	Apr. 30, 2015bbl	May. 01, 2014USD ($)$ / bblTermsbbl	Apr. 30, 2014bbl	Sep. 30, 2015USD ($)Pipelinebbl	Dec. 31, 2014USD ($)	Dec. 31, 2006USD ($)	Dec. 31, 2004USD ($)
Environmental Incident 1994 [Member]
Oil and Gas In Process Activities [Line Items]
Volume of storage tank with leakage at the Terminal | bbl				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					$ 79,000
Wilkesbarre Pier [Member]
Oil and Gas In Process Activities [Line Items]
Number of petroleum pipelines connections between Pier and the Terminal | Pipeline				2
Atlantic Trading and Marketing Inc [Member]
Oil and Gas In Process Activities [Line Items]
Number of shell barrels leased | bbl			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 | bbl		1,004,000
Annual base rent		$ 3,500,000
Additional amount per barrel of Throughput Agreement | $ / bbl		0.15
Minimum barrel threshold in throughput agreement | bbl		3,500,000
Agreement additional extended term | Terms		2
Agreement period		5 years
Notice period of lease		30 days
Notice prior to expiration of initial or extension term		12 months
Maximum barrel threshold in throughput agreement | bbl	3,500,000
Real property taxes eligible for reimbursement in excess of minimum established amount				$ 290,000
Real Property Taxes Reimbursement Eligibility commencement date				May 1, 2015
Execution of petroleum storage services agreement fee				$ 108,000
Non-cancellable agreement term				3 years
Unamortized deferred agreement cost				$ 57,000	$ 84,000

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Gross deferred tax liabilities:
Property having a financial statement basis in excess of tax basis	$ 4,846,000	$ 5,016,000
Insurance premiums and accrued leasing revenues	170,000	143,000
Gross deferred tax liabilities	5,016,000	5,159,000
Deferred tax assets	(149,000)	(148,000)
Deferred tax liabilities, net of deferred tax assets	$ 4,867,000	$ 5,011,000

Operating Segment Disclosures -

Operating Segment Disclosures - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015Segment
Segment Reporting [Abstract]
Number of segments	2

Operating Segment Disclosures28

Operating Segment Disclosures - Financial Information Used for Making Operating Decisions and Assessing Performance (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Revenues:
Total revenues	$ 1,249,000	$ 1,130,000	$ 3,763,000	$ 3,527,000
Property tax expense	179,000	176,000	535,000	533,000
Depreciation	170,000	214,000	606,000	644,000
Income before income taxes	948,000	740,000	2,551,000	1,608,000
Assets	22,653,000	24,416,000	22,653,000	24,416,000	$ 23,369,000
Revenues, contractual	2,132,000	2,014,000	6,401,000	5,715,000
Leasing [Member]
Revenues:
Total revenues	1,249,000	1,130,000	3,763,000	3,527,000
Property tax expense	106,000	104,000	316,000	314,000
Depreciation	44,000	53,000	151,000	160,000
Income before income taxes	1,042,000	914,000	3,110,000	2,884,000
Assets	9,670,000	9,559,000	9,670,000	9,559,000
Properties and equipment, additions	6,000		263,000
Leasing [Member] | Long Term Leases [Member]
Revenues:
Contractual Leases	993,000	894,000	2,868,000	2,647,000
Contingent Leases	32,000	26,000	232,000	251,000
Leasing [Member] | Short Term Leases [Member]
Revenues:
Contractual Leases	224,000	210,000	663,000	629,000
Petroleum Storage [Member]
Revenues:
Property tax expense	73,000	72,000	217,000	217,000
Depreciation	124,000	160,000	450,000	482,000
Income before income taxes	322,000	279,000	773,000	103,000
Assets	11,071,000	11,660,000	11,071,000	11,660,000
Properties and equipment, additions	15,000	74,000	86,000	107,000
Petroleum Storage [Member] | Contractual [Member]
Revenues:
Revenues, contractual	$ 883,000	$ 884,000	$ 2,638,000	$ 2,188,000

Operating Segment Disclosures29

Operating Segment Disclosures - Reconciliation of Segment Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Revenues for operating segments:
Total consolidated revenues	$ 2,132,000	$ 2,014,000	$ 6,401,000	$ 5,715,000
Property tax expense for operating segments:
Total consolidated property tax expense	179,000	176,000	535,000	533,000
Depreciation for operating segments:
Total consolidated depreciation	170,000	214,000	606,000	644,000
Income before income taxes for operating segments:
Interest expense	(161,000)	(184,000)	(504,000)	(571,000)
Income before income taxes	948,000	740,000	2,551,000	1,608,000
Assets for operating segments:
Total assets for operating segments	22,653,000	24,416,000	22,653,000	24,416,000	$ 23,369,000
Operating Segments [Member]
Property tax expense for operating segments:
Total consolidated property tax expense	179,000	176,000	533,000	531,000
Depreciation for operating segments:
Total consolidated depreciation	168,000	213,000	601,000	642,000
Income before income taxes for operating segments:
Income before income taxes	1,364,000	1,193,000	3,883,000	2,987,000
Assets for operating segments:
Total assets for operating segments	20,741,000	21,219,000	20,741,000	21,219,000
Additions to properties and equipment for operating segments:
Total consolidated additions	21,000	74,000	349,000	107,000
Unallocated [Member]
Property tax expense for operating segments:
Total consolidated property tax expense			2,000	2,000
Depreciation for operating segments:
Total consolidated depreciation	2,000	1,000	5,000	2,000
Income before income taxes for operating segments:
Income before income taxes	(255,000)	(269,000)	(828,000)	(808,000)
Assets for operating segments:
Corporate cash	1,885,000	3,194,000	1,885,000	3,194,000
Other assets	27,000	3,000	27,000	3,000
Leasing [Member]
Property tax expense for operating segments:
Total consolidated property tax expense	106,000	104,000	316,000	314,000
Depreciation for operating segments:
Total consolidated depreciation	44,000	53,000	151,000	160,000
Income before income taxes for operating segments:
Income before income taxes	1,042,000	914,000	3,110,000	2,884,000
Assets for operating segments:
Total assets for operating segments	9,670,000	9,559,000	9,670,000	9,559,000
Additions to properties and equipment for operating segments:
Total consolidated additions	6,000		263,000
Leasing [Member] | Operating Segments [Member]
Revenues for operating segments:
Total consolidated revenues	1,249,000	1,130,000	3,763,000	3,527,000
Property tax expense for operating segments:
Total consolidated property tax expense	106,000	104,000	316,000	314,000
Depreciation for operating segments:
Total consolidated depreciation	44,000	53,000	151,000	160,000
Income before income taxes for operating segments:
Income before income taxes	1,042,000	914,000	3,110,000	2,884,000
Assets for operating segments:
Total assets for operating segments	9,670,000	9,559,000	9,670,000	9,559,000
Additions to properties and equipment for operating segments:
Total consolidated additions	6,000		263,000
Petroleum Storage [Member]
Property tax expense for operating segments:
Total consolidated property tax expense	73,000	72,000	217,000	217,000
Depreciation for operating segments:
Total consolidated depreciation	124,000	160,000	450,000	482,000
Income before income taxes for operating segments:
Income before income taxes	322,000	279,000	773,000	103,000
Assets for operating segments:
Total assets for operating segments	11,071,000	11,660,000	11,071,000	11,660,000
Additions to properties and equipment for operating segments:
Total consolidated additions	15,000	74,000	86,000	107,000
Petroleum Storage [Member] | Operating Segments [Member]
Revenues for operating segments:
Total consolidated revenues	883,000	884,000	2,638,000	2,188,000
Property tax expense for operating segments:
Total consolidated property tax expense	73,000	72,000	217,000	217,000
Depreciation for operating segments:
Total consolidated depreciation	124,000	160,000	450,000	482,000
Income before income taxes for operating segments:
Income before income taxes	322,000	279,000	773,000	103,000
Assets for operating segments:
Total assets for operating segments	11,071,000	11,660,000	11,071,000	11,660,000
Additions to properties and equipment for operating segments:
Total consolidated additions	$ 15,000	$ 74,000	$ 86,000	$ 107,000