Capital Properties (CPTP) 10-Q 27 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2017shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
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, 2017	Dec. 31, 2016
ASSETS
Properties and equipment (net of accumulated depreciation)	$ 9,000,000	$ 9,127,000
Cash and cash equivalents	5,498,000	3,124,000
Prepaid and other	268,000	184,000
Assets held for sale (Note 10)		11,195,000
Total assets	14,766,000	23,630,000
Liabilities:
Dividend notes payable (Note 5)		10,608,000
Property taxes	224,000	224,000
Other	304,000	164,000
Income taxes payable	75,000	63,000
Deferred taxes, net	853,000	1,078,000
Liabilities associated with discontinued operations (Notes 8 and 10)	491,000	4,422,000
Total liabilities	1,947,000	16,559,000
Shareholders' equity:
Common stock	66,000	66,000
Capital in excess of par	782,000	782,000
Retained earnings	11,971,000	6,223,000
Total shareholders' equity	12,819,000	7,071,000
Total liabilities and shareholders' equity	$ 14,766,000	$ 23,630,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	6,599,912	6,599,912
Common stock, shares outstanding	6,599,912	6,599,912

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Revenues	$ 1,260,000	$ 1,242,000	$ 3,890,000	$ 3,860,000
Expenses:
Operating	376,000	193,000	888,000	622,000
General and administrative	407,000	369,000	1,558,000	1,161,000
Interest on dividend notes		132,000	112,000	445,000
Total expenses	783,000	694,000	2,558,000	2,228,000
Income from continuing operations before income taxes	477,000	548,000	1,332,000	1,632,000
Income tax expense (benefit):
Current	215,000	244,000	689,000	676,000
Deferred	(37,000)	12,000	(225,000)	(22,000)
Total Income tax expense	178,000	256,000	464,000	654,000
Income from continuing operations	299,000	292,000	868,000	978,000
Income (loss) from discontinued operations, net	(38,000)	237,000	(331,000)	669,000
Gain on sale of discontinued operations, net of $3,430,000 of taxes			5,210,000
Net income	$ 261,000	$ 529,000	$ 5,747,000	$ 1,647,000
Basic income per common share based upon 6,599,912 shares outstanding
Continuing operations	$ 0.04	$ 0.04	$ 0.13	$ 0.15
Discontinued operations		0.04	(0.05)	0.10
Gain on sale of discontinued operations			0.79
Total basic income per common share	$ 0.04	$ 0.08	$ 0.87	$ 0.25

Consolidated Statements of Inc5

Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Gain on sale of discontinued operations, taxes			$ 3,430,000
Basic income per common 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, 2017	Sep. 30, 2016
Cash flows from operating activities:
Income from continuing operations	$ 868,000	$ 978,000
Adjustments to reconcile income from continuing operations to net cash provided by operating activities, continuing operations:
Depreciation	138,000	156,000
Deferred income taxes	(225,000)	(22,000)
Income taxes payable	12,000	(66,000)
Other, principally net changes in prepaids, property tax payable and other	57,000	148,000
Net cash provided by operating activities, continuing operations	850,000	1,194,000
Net cash provided by (used in) operating activities, discontinued operations	(7,651,000)	748,000
Net cash provided by (used in) operating activities	(6,801,000)	1,942,000
Cash flows from investing activities:
Continuing operations, purchases of properties and equipment	(11,000)	(11,000)
Discontinued operations:
Purchases of properties and equipment		(6,000)
Sale of assets	19,794,000
Discontinued operations	19,794,000	(6,000)
Net cash provided by (used in) investing activities	19,783,000	(17,000)
Cash flows from financing activities:
Redemption of dividend notes payable	(10,608,000)	(1,179,000)
Increase in cash and cash equivalents	2,374,000	746,000
Cash and cash equivalents, beginning	3,124,000	2,225,000
Cash and cash equivalents, ending	5,498,000	2,971,000
Income taxes:
Continuing operations	654,000	1,336,000
Discontinuing operations, sale of assets	6,418,000
Income taxes	7,072,000	1,336,000
Interest	$ 156,000	$ 295,000

Description of business

Description of business	9 Months Ended
	Sep. 30, 2017
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 The Board’s decision to authorize the sale to Sprague, which had been exclusively leasing the petroleum storage facility and related assets since May 1, 2014, was based on an evaluation of the facility’s economic future as solely a distillate terminal and the significant capital investment and substantial risk related to converting the facility to gasoline in order to increase revenue. The Board concluded that a sale to Sprague was in the best interest of the Company’s shareholders. As a result of the sale of its petroleum storage and related assets, the Company’s operations are limited to leasing its real estate interests. The Company’s continuing operations consist of the long-term leasing of certain of its real estate interests in downtown Providence, Rhode Island (upon the commencement of which the tenants have been required to construct buildings thereon, with the exception of the parking garage and Parcel 6C), the leasing of a portion of its building (“Steeple Street Building”) under short-term leasing arrangements and the leasing of locations along interstate and primary highways in Rhode Island and Massachusetts to Lamar Outdoor Advertising, LLC (“Lamar”) which has constructed outdoor advertising boards thereon. The Company anticipates that the future development of its remaining properties in 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 to Metropark, Ltd.

Principles of consolidation and

Principles of consolidation and basis of presentation	9 Months Ended
	Sep. 30, 2017
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, 2016, 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 GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s latest Form 10-K. 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. Cash and cash equivalents: For purposes of the statements of cash flows, the Company considers all highly liquid deposits purchased with a maturity of three months or less to be cash equivalents. Retrospective adjustment: Certain amounts in the consolidated financial statements for 2016 have been retrospectively adjusted as described in Note 10 hereof. Recent accounting pronouncements: In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes 2015-17 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), right-of-use

Use of estimates

Use of estimates	9 Months Ended
	Sep. 30, 2017
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, 2017
Property, Plant and Equipment [Abstract]
Properties and equipment	4. Properties and equipment Properties and equipment (exclusive of assets held for sale) consist 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 5,831,000 5,820,000 10,532,000 10,521,000 Office equipment 95,000 95,000 10,627,000 10,616,000 Less accumulated depreciation: Properties on lease or held for lease 1,548,000 1,413,000 Office equipment 79,000 76,000 1,627,000 1,489,000 $ 9,000,000 $ 9,127,000

Dividend notes payable

Dividend notes payable	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Dividend notes payable	5. Dividend notes payable: 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 were unsecured general obligations of the Company. In June 2016, the Company redeemed 10 percent of the face value of the outstanding Dividend Notes ($1,179,000) to noteholders of record on June 2, 2016. On February 24, 2017, following the sale of the Company’s petroleum storage facility and related assets to Sprague on February 10, 2017, the Company issued a notice of mandatory redemption of 100% of the remaining Dividend Notes for a redemption price equal to the outstanding principal face amount of $10,608,000 plus accrued interest of $156,000. The Notes were redeemed on March 31, 2017.

Description of leasing arrangem

Description of leasing arrangements	9 Months Ended
	Sep. 30, 2017
Leases [Abstract]
Description of leasing arrangements	6. Description of leasing arrangements: Long-term land leases: As of September 30, 2017, the Company had entered into ten long-term land leases. The various tenants have completed construction of improvements on seven of the parcels. On Parcel 6B, construction of a 169-unit 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 these tenants are excluded from leasing revenues and leasing expenses on the accompanying consolidated statements of income. Real property taxes attributable to the Company’s land under these leases totaled $310,000 and $927,000 for the three and nine months ended September 30, 2017, and $305,000 and $910,000, respectively, for the three and nine months ended September 30, 2016. With respect to the Parcel 6B and 6C leases, each lessee has the right to terminate its lease at any time during the remaining term of that lease upon thirty days’ notice. The current annual rent on Parcel 6B and 6C is $195,000 and $200,000, respectively. The Tenant of Parcel 20 has the right to terminate the lease if it does not receive approvals for construction of its proposed improvements. The Company has not received any notice of termination with respect to any of the foregoing leases. 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 12-month 12-month Other 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 ten-year At September 30, 2017, the Company has five tenants occupying 68 percent of the Steeple Street Building under short-term leases of five years or less at a current annual rental of $169,000. The Company recognizes the revenue from these leases on a straight-line basis over the terms of the leases. At September 30, 2017 and 2016, there was no excess of straight-line over contractual rentals. The Company also reports as revenue tenant reimbursements for common area costs and real property taxes. The Company’s main office occupies 12 percent of the Steeple Street Building and the remainder of the Building is currently being marketed.

Petroleum storage facility and

Petroleum storage facility and environmental incidents	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Petroleum storage facility and environmental incidents	7 . Petroleum storage facility and environmental incidents: Terminal and pier facility: On February 10, 2017, the Company sold its petroleum storage facility and related assets (the Facility) to Sprague. See Note 10. The Facility had been leased to Sprague under a Petroleum Storage Services Agreement (“the Services Agreement”) since May 1, 2014. The annual base rent under the Services Agreement was $3,500,000, subject to annual cost-of-living Commencing May 1, 2015, Sprague was obligated to reimburse the Company for any real property taxes in excess of $290,000. For the year 2016, there was an increase in the assessment but a decrease in the tax rate, resulting in no additional payment being due from Sprague. The Company incurred $108,000 in fees in connection with the execution of the Services Agreement, which amounts were being amortized using the straight-line method over the three-year non-cancellable 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 In April 2009, the Company sued Power Test and certain other firms with respect to the gasoline discharge. All other parties other than Power Test and the Company were dismissed from the proceedings. On September 12, 2016, the Company and Power Test entered into a Tolling Agreement under which the statute of limitations is tolled to not later than sixty days following the implementation by Power Test of a RIDEM approved remediation plan. On September 19, 2016, the parties dismissed the litigation. Since January 2003, the Company has not incurred significant costs in connection with this matter, other than ongoing litigation costs.

Environmental remediation

Environmental remediation	9 Months Ended
	Sep. 30, 2017
Environmental Remediation Obligations [Abstract]
Environmental remediation	8. Environmental remediation: In 1994, a leak was discovered in a 25,000-barrel 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

Income taxes, continuing operat

Income taxes, continuing operations	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income taxes, continuing operations	9. Income taxes, continuing operations: Deferred income taxes are recorded based upon differences between financial statement and tax basis amounts of assets and liabilities. The tax effects of temporary differences 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 $ 1,128,000 $ 1,140,000 Insurance premiums and accrued leasing revenues 1,000 28,000 1,129,000 1,168,000 Less deferred tax assets 276,000 90,000 $ 853,000 $ 1,078,000

Discontinued operations

Discontinued operations	9 Months Ended
	Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Discontinued operations	10. Discontinued operations: On December 20, 2016, the Company’s Board of Directors voted to authorize the sale of its East Providence petroleum storage facility and related assets, including the Pier and petroleum transmission pipelines owned or controlled by its wholly-owned subsidiaries, Capital Terminal Company (“CTC”) and Dunellen, LLC (“Dunellen”) (“Petroleum Segment”) to Sprague Operating Resources, LLC for $23 Million (the “Sale Price”), subject to certain adjustments. On January 24, 2017, the Company and Sprague entered into the Sale Agreement. The sale closed on February 10, 2017. Pursuant to the Sale Agreement, the Sale Price was reduced by $1,040,000, the estimated cost of a turning dolphin to be constructed by Sprague in order to provide access to Wilkesbarre Pier for larger vessels; $1,725,000 of the Sale Price was placed in escrow to secure the Company’s indemnity obligations under the Sale Agreement. The Company has elected to report as a gain from sale amounts held in escrow only when, and if, such amounts are released therefrom. In addition, the Company incurred normal closing adjustments, transfer taxes, investment banking and other fees, other than federal and state income taxes, of $441,000. In accordance with ASC 205-20, Presentation of Financial Statements – Discontinued Operations A reconciliation of the major classes of assets reported held for sale as of September 30, 2017 and December 31, 2016 is as follows: September 30, December 31, Carrying amounts of major classes of assets included as part of discontinued operations: Properties and equipment, net $ — $ 10,116,000 Prepaid and other — 1,079,000 Total assets of the disposal group classified as held for sale on the consolidated balance sheets $ — $ 11,195,000 A reconciliation of the major classes of liabilities associated with the discontinued operations as of September 30, 2017 and December 31, 2016 is as follows: September 30, December 31, Carrying amounts of major classes of liabilities included as part of discontinued operations: Property taxes $ — $ 71,000 Accounts payable and other 55,000 715,000 Environmental remediation 436,000 459,000 Deferred income taxes, net — 3,177,000 Total liabilities of the disposal group classified as associated with discontinued operations on the consolidated balance sheets $ 491,000 $ 4,422,000 The operating results of the Petroleum Segment, including those related to prior years, have been retrospectively adjusted from continuing operations in the accompanying consolidated statements of income. Revenue and income before income taxes attributable to discontinued operations for the three and nine months ended September 30, 2017 and 2016 are as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Revenue: $ — $ 892,000 $ 364,000 $ 2,664,000 Operating expenses (61,000 ) (574,000 ) (907,000 ) (1,595,000 ) Income (loss) from discontinued operations before income taxes (61,000 ) 318,000 (543,000 ) 1,069,000 Less income tax benefit (expense) 23,000 (81,000 ) 212,000 (400,000 ) Income (loss) from discontinued operations, net of taxes $ (38,000 ) $ 237,000 $ (331,000 ) $ 669,000 The net gain from sale of discontinued operations as of September 30, 2017, was calculated as follows: Gain from sale of discontinued operations before income taxes $ 8,640,000 Less income tax expense: Current 6,607,000 Deferred (3,177,000 ) 3,430,000 Net gain from sale of discontinued operations $ 5,210,000

Fair value of financial instrum

Fair value of financial instruments	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair value of financial instruments	11. Fair value of financial instruments: The Company believes that the fair values of its financial instruments, including cash and cash equivalents, receivables and payables, approximate their respective book values because of their short-term nature. Upon review of current market conditions and other factors, at December 31, 2016, the Company believed that the fair value of the dividend notes payable approximated their book value. The fair values described herein were determined using significant other observable inputs (Level 2) as defined by GAAP.

Subsequent events

Subsequent events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent events	12. Subsequent events: On October 25, 2017, the Company’s Treasurer and Chief Financial Officer, announced her retirement effective December 31, 2017. On the same date, the Board of Directors granted her a supplemental retirement benefit of $200,000. On October 25, 2017, the Board of Directors reinstated a regular quarterly dividend of $.07 per share for shareholders of record on December 15, 2017, payable January 3, 2018.

Principles of consolidation a19

Principles of consolidation and basis of presentation (Policies)	9 Months Ended
	Sep. 30, 2017
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.
Cash and cash equivalents	Cash and cash equivalents: For purposes of the statements of cash flows, the Company considers all highly liquid deposits purchased with a maturity of three months or less to be cash equivalents.
Retrospective adjustment	Retrospective adjustment: Certain amounts in the consolidated financial statements for 2016 have been retrospectively adjusted as described in Note 10 hereof.
Recent accounting pronouncements	Recent accounting pronouncements: In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes 2015-17 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), right-of-use
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 and cash equivalents, receivables and payables, approximate their respective book values because of their short-term nature. Upon review of current market conditions and other factors, at December 31, 2016, the Company believed that the fair value of the dividend notes payable approximated their book value. The fair values described herein were determined using significant other observable inputs (Level 2) as defined by GAAP.

Properties and equipment (Table

Properties and equipment (Tables)	9 Months Ended
	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
Properties and Equipment (Exclusive of Assets Held for Sale)	Properties and equipment (exclusive of assets held for sale) consist 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 5,831,000 5,820,000 10,532,000 10,521,000 Office equipment 95,000 95,000 10,627,000 10,616,000 Less accumulated depreciation: Properties on lease or held for lease 1,548,000 1,413,000 Office equipment 79,000 76,000 1,627,000 1,489,000 $ 9,000,000 $ 9,127,000

Income taxes, continuing oper21

Income taxes, continuing operations (Tables)	9 Months Ended
	Sep. 30, 2017
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 $ 1,128,000 $ 1,140,000 Insurance premiums and accrued leasing revenues 1,000 28,000 1,129,000 1,168,000 Less deferred tax assets 276,000 90,000 $ 853,000 $ 1,078,000

Discontinued operations (Tables

Discontinued operations (Tables)	9 Months Ended
	Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Summary of Reconciliation of Major Classes of Assets Reported Held for Sale	A reconciliation of the major classes of assets reported held for sale as of September 30, 2017 and December 31, 2016 is as follows: September 30, December 31, Carrying amounts of major classes of assets included as part of discontinued operations: Properties and equipment, net $ — $ 10,116,000 Prepaid and other — 1,079,000 Total assets of the disposal group classified as held for sale on the consolidated balance sheets $ — $ 11,195,000
Reconciliation of Major Classes of Liabilities and Summary of Revenue and Income before Income Taxes Attributable to Discontinued Operations	A reconciliation of the major classes of liabilities associated with the discontinued operations as of September 30, 2017 and December 31, 2016 is as follows: September 30, December 31, Carrying amounts of major classes of liabilities included as part of discontinued operations: Property taxes $ — $ 71,000 Accounts payable and other 55,000 715,000 Environmental remediation 436,000 459,000 Deferred income taxes, net — 3,177,000 Total liabilities of the disposal group classified as associated with discontinued operations on the consolidated balance sheets $ 491,000 $ 4,422,000 The operating results of the Petroleum Segment, including those related to prior years, have been retrospectively adjusted from continuing operations in the accompanying consolidated statements of income. Revenue and income before income taxes attributable to discontinued operations for the three and nine months ended September 30, 2017 and 2016 are as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Revenue: $ — $ 892,000 $ 364,000 $ 2,664,000 Operating expenses (61,000 ) (574,000 ) (907,000 ) (1,595,000 ) Income (loss) from discontinued operations before income taxes (61,000 ) 318,000 (543,000 ) 1,069,000 Less income tax benefit (expense) 23,000 (81,000 ) 212,000 (400,000 ) Income (loss) from discontinued operations, net of taxes $ (38,000 ) $ 237,000 $ (331,000 ) $ 669,000
Summary of Net Gain from Sale of Discontinued Operations	The net gain from sale of discontinued operations as of September 30, 2017, was calculated as follows: Gain from sale of discontinued operations before income taxes $ 8,640,000 Less income tax expense: Current 6,607,000 Deferred (3,177,000 ) 3,430,000 Net gain from sale of discontinued operations $ 5,210,000

Description of Business - Addit

Description of Business - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2017Segment	Dec. 20, 2016USD ($)
Business Description [Line Items]
Number of segments | Segment	2
Sale of Petroleum Segment [Member]
Business Description [Line Items]
Sales price | $		$ 23

Properties and Equipment - Prop

Properties and Equipment - Properties and Equipment (Exclusive of Assets Held for Sale) (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Properties and equipment gross	$ 10,627,000	$ 10,616,000
Accumulated depreciation total	1,627,000	1,489,000
Properties and equipment net	9,000,000	9,127,000
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Properties and equipment gross	95,000	95,000
Accumulated depreciation total	79,000	76,000
Properties on Lease or Held for Lease [Member]
Property, Plant and Equipment [Line Items]
Properties on lease or held for lease	10,532,000	10,521,000
Less accumulated depreciation:	1,548,000	1,413,000
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	$ 5,831,000	$ 5,820,000

Dividend Notes Payable - Additi

Dividend Notes Payable - Additional Information (Detail) - Dividend Notes [Member] - USD ($)	Feb. 24, 2017	Jun. 30, 2016	Sep. 30, 2017	Dec. 31, 2012
Debt Instrument [Line Items]
Dividend notes				$ 11,787,000
Dividend notes annual interest rate				5.00%
Maturity date of long term loan				Dec. 26, 2022
Dividend notes description			The Dividend Notes were unsecured general obligations of the Company.
Dividend notes redemption price percentage	100.00%	10.00%
Dividend notes payable outstanding			$ (1,179,000)
Outstanding principal face amount	$ 10,608,000
Accrued interest	$ 156,000
Date of notification received related to dividend notes redeemable due to sale of petroleum storage business			Feb. 24, 2017
Dividend Notes redeemable date			Mar. 31, 2017

Description of Leasing Arrang26

Description of Leasing Arrangements - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)ft²Billboard_FacesLandLeasesParcelsParcel	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)ft²Billboard_FacesLandLeasesParcelsParcelLocationBuildingTenants	Sep. 30, 2016USD ($)
Operating Leased Assets [Line Items]
Number of long-term land leases | LandLeases	10		10
Number of parcels upon which improvements have been completed | Parcels	7		7
Estimated real property taxes attributable to the company land	$ 310,000	$ 305,000	$ 927,000	$ 910,000
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 due in proportion of gross revenues from each standard billboard			30.00%
Percentage of revenue due in proportion of gross revenues from each standard billboard			20.00%
Percentage rents			$ 108,000	118,000
Parcel 20 [Member]
Operating Leased Assets [Line Items]
Rent paid by tenant, prior to transfer of possession			$ 0
Payment term in addition to lease amount			20 years
Parcel 20 [Member] | Minimum [Member]
Operating Leased Assets [Line Items]
Long-term land leases, area of land being approved for construction | ft²	100,000		100,000
Parcel (6B) [Member]
Operating Leased Assets [Line Items]
Number of parcels upon which construction has commenced | Parcel	1		1
Number of residential units commenced construction | Building			169
Annual rent	$ 195,000		$ 195,000
Parcel (6C) [Member]
Operating Leased Assets [Line Items]
Annual rent	200,000		$ 200,000
Parcel (6B) and (6C) [Member]
Operating Leased Assets [Line Items]
Notice period of lease			30 days
Steeple Street Building [Member]
Operating Leased Assets [Line Items]
Annual rent	169,000		$ 169,000
Term of short term leases			Five years or less
Number of tenants occupying 68% of building | Tenants			5
Percentage of building occupied by five tenants			68.00%
Short term leases rent receivable over contractual rent	$ 0	$ 0	$ 0	$ 0
Steeple Street Building [Member] | Office Building [Member]
Operating Leased Assets [Line Items]
Percentage of building occupied			12.00%
Metropark Ltd [Member]
Operating Leased Assets [Line Items]
Term of short term leases			Ten-year
Notice period of short term lease			30 days

Petroleum Storage Facility an27

Petroleum Storage Facility and Environmental Incidents - Additional Information (Detail) - Sprague Operating Resources LLC [Member] - Petroleum Storage Services Agreement [Member] - USD ($)	May 01, 2016	Apr. 28, 2016	May 01, 2014	Sep. 30, 2017
Oil and Gas In Process Activities [Line Items]
Annual base rent			$ 3,500,000
Increase in annual base rent	$ 39,000
Notice period of lease			30 days
Lease agreement termination date		Apr. 30, 2017
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

Environmental Remediation - Add

Environmental Remediation - Additional Information (Detail) - Environmental Incident 1994 [Member]	9 Months Ended	12 Months Ended
	Sep. 30, 2017USD ($)bbl	Dec. 31, 2006USD ($)	Dec. 31, 2004USD ($)
Environmental Exit Cost [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
Remediation costs accrued	$ 436,000

Income Taxes, Continuing Oper29

Income Taxes, Continuing Operations - Deferred Tax Assets and Liabilities (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Gross deferred tax liabilities:
Property having a financial statement basis in excess of tax basis	$ 1,128,000	$ 1,140,000
Insurance premiums and accrued leasing revenues	1,000	28,000
Gross deferred tax liabilities	1,129,000	1,168,000
Less deferred tax assets	276,000	90,000
Deferred tax liabilities, net of deferred tax assets	$ 853,000	$ 1,078,000

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Detail) - Sale of Petroleum Segment [Member] - USD ($)	Jan. 24, 2017	Dec. 20, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price		$ 23,000,000
Reduced sales price	$ 1,040,000
Amount of purchase price held in escrow	1,725,000
Other expenses related to sales agreement	$ 441,000

Discontinued Operations - Summa

Discontinued Operations - Summary of Reconciliation of Major Classes of Assets Reported Held for Sale (Detail)	Dec. 31, 2016USD ($)
Carrying amounts of major classes of assets included as part of discontinued operations:
Total assets of the disposal group classified as held for sale on the consolidated balance sheets	$ 11,195,000
Petroleum Segment [Member] | Discontinued Operations, Held-for-sale [Member]
Carrying amounts of major classes of assets included as part of discontinued operations:
Properties and equipment, net	10,116,000
Prepaid and other	1,079,000
Total assets of the disposal group classified as held for sale on the consolidated balance sheets	$ 11,195,000

Discontinued Operations - Recon

Discontinued Operations - Reconciliation of Major Classes of Liabilities Associated with Discontinued Operations (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total liabilities of the disposal group classified as associated with discontinued operations on the consolidated balance sheets	$ 491,000	$ 4,422,000
Petroleum Segment [Member] | Discontinued Operations, Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property taxes		71,000
Accounts payable and other	55,000	715,000
Environmental remediation	436,000	459,000
Deferred income taxes, net		3,177,000
Total liabilities of the disposal group classified as associated with discontinued operations on the consolidated balance sheets	$ 491,000	$ 4,422,000

Discontinued Operations - Sum33

Discontinued Operations - Summary of Revenue and Income before Income Taxes Attributable to Discontinued Operations (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of taxes	$ (38,000)	$ 237,000	$ (331,000)	$ 669,000
Petroleum Segment [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue		892,000	364,000	2,664,000
Operating expenses	(61,000)	(574,000)	(907,000)	(1,595,000)
Income (loss) from discontinued operations before income taxes	(61,000)	318,000	(543,000)	1,069,000
Less income tax benefit (expense)	23,000	(81,000)	212,000	(400,000)
Income (loss) from discontinued operations, net of taxes	$ (38,000)	$ 237,000	$ (331,000)	$ 669,000

Discontinued Operations - Sum34

Discontinued Operations - Summary of Net Gain from Sale of Discontinued Operations (Detail)	9 Months Ended
	Sep. 30, 2017USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Gain from sale of discontinued operations before income taxes	$ 8,640,000
Less income tax expense:
Current	6,607,000
Deferred	(3,177,000)
Total	3,430,000
Net gain from sale of discontinued operations	$ 5,210,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Oct. 25, 2017	Sep. 30, 2017
Subsequent Event [Line Items]
Dividend declared date		Oct. 25, 2017
Dividend record date		Dec. 15, 2017
Dividend payable date		Jan. 3, 2018
Subsequent Event [Member]
Subsequent Event [Line Items]
Regular quarterly dividend reinstated	$ 0.07
Subsequent Event [Member] | Treasurer and Chief Financial Officer [Member] | Supplemental Employee Retirement Plan [Member]
Subsequent Event [Line Items]
Supplemental retirement benefit	$ 200