Capital Properties (CPTP) 10-Q 7 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2019shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	CPTP
Entity Registrant Name	CAPITAL PROPERTIES INC /RI/
Entity Central Index Key	0000202947
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	6,599,912

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Properties and equipment (net of accumulated depreciation)	$ 6,923,000	$ 6,951,000
Cash and cash equivalents	2,407,000	1,147,000
Prepaid and other	207,000	297,000
Deferred income taxes associated with discontinued operations	127,000	132,000
Total assets	9,664,000	8,527,000
Liabilities:
Property taxes	190,000	224,000
Other	512,000	402,000
Income tax payable	126,000
Deferred income taxes, net	306,000	338,000
Liabilities associated with discontinued operations (Note 7)	668,000	490,000
Total liabilities	1,802,000	1,454,000
Shareholders’ equity:
Class A common stock, $.01 par; authorized 10,000,000 shares; issued and outstanding 6,599,912 shares	66,000	66,000
Capital in excess of par	782,000	782,000
Retained earnings	7,014,000	6,225,000
Total shareholders' equity	7,862,000	7,073,000
Total liabilities and shareholders' equity	$ 9,664,000	$ 8,527,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	6,599,912	6,599,912
Common stock, shares outstanding	6,599,912	6,599,912

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Shareholders’ Equity	USD ($)$ / shares
Revenue and other income:
Revenue, leasing	$ 1,272,000
Other income, interest	13,000
Revenue and other income	1,285,000
Expenses:
Operating	282,000
General and administrative	370,000
Total expenses	652,000
Income from continuing operations before income taxes	633,000
Income tax expense (benefit):
Current	162,000
Deferred	7,000
Total Income tax expense	169,000
Income from continuing operations	464,000
Income (loss) from discontinued operations:
Loss from discontinued operations, net of taxes	(35,000)
Gain on sale of discontinued operations, net of taxes	664,000
Income from discontinued operations:	629,000
Net income	1,093,000
Retained earnings, beginning at Dec. 31, 2017	11,762,000
Income (loss) from discontinued operations:
Dividends on common stock ($.07 per share) based upon 6,599,912 shares outstanding	(462,000)
Retained earnings, ending at Mar. 31, 2018	12,393,000
Shareholders' equity, ending at Mar. 31, 2018	$ 13,241,000
Basic income (loss) per common share based upon 6,599,912 shares outstanding:
Continuing operations | $ / shares	$ 0.07
Discontinued operations | $ / shares	(0.01)
Gain on sale of discontinued operations | $ / shares	0.10
Total basic income per common share | $ / shares	$ 0.16
Class A common stock	$ 66,000
Capital in excess of par	782,000
Class A common stock	66,000
Capital in excess of par	782,000
Revenue, leasing	1,246,000
Other income, interest	34,000
Revenue and other income	1,280,000
Operating	133,000
General and administrative	330,000
Total expenses	463,000
Income from continuing operations before income taxes	817,000
Current	261,000
Deferred	(31,000)
Total Income tax expense	230,000
Income from continuing operations	587,000
Gain on sale of discontinued operations, net of taxes	664,000
Income from discontinued operations:	664,000
Net income	1,251,000
Retained earnings, beginning at Dec. 31, 2018	6,225,000
Income (loss) from discontinued operations:
Dividends on common stock ($.07 per share) based upon 6,599,912 shares outstanding	(462,000)
Retained earnings, ending at Mar. 31, 2019	7,014,000
Shareholders' equity, ending at Mar. 31, 2019	$ 7,862,000
Basic income (loss) per common share based upon 6,599,912 shares outstanding:
Continuing operations | $ / shares	$ 0.09
Gain on sale of discontinued operations | $ / shares	0.10
Total basic income per common share | $ / shares	$ 0.19
Class A common stock	$ 66,000
Capital in excess of par	$ 782,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income and Shareholders’ Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Dividends on common stock, per share	$ 0.07	$ 0.07
Common stock, shares outstanding	6,599,912	6,599,912
Basic income (loss) per common share, shares outstanding	6,599,912	6,599,912

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Income from continuing operations	$ 587,000	$ 464,000
Adjustments to reconcile income from continuing operations to net cash provided by operating activities, continuing operations:
Depreciation	28,000	46,000
Deferred income taxes	(31,000)	7,000
Income taxes payable	126,000	118,000
Other, net changes in prepaids, property tax payable and other	141,000	(277,000)
Net cash provided by operating activities, continuing operations	851,000	358,000
Net cash (used in) operating activities, discontinued operations	(15,000)	(110,000)
Net cash provided by operating activities	836,000	248,000
Cash flows from investing activities:
Continuing operations, purchase of investments		(2,000,000)
Deposit liability, Parcel 20	24,000
Discontinued operations, sale of assets	862,000	862,000
Net cash provided by (used in) investing activities	886,000	(1,138,000)
Cash flows from financing activities, payment of dividends	(462,000)	(462,000)
Increase (decrease) in cash and cash equivalents	1,260,000	(1,352,000)
Cash and cash equivalents, beginning	1,147,000	5,202,000
Cash and cash equivalents, ending	2,407,000	$ 3,850,000
Supplemental disclosures:
Continuing operations	7,000
Income Taxes Paid, Net, Total	$ 7,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical)	3 Months Ended
	Mar. 31, 2019USD ($)
Non-cash transaction:
Office equipment, written off	$ 28,000
Accumulated depreciation	$ 25,000

Description of business

Description of business	3 Months Ended
	Mar. 31, 2019
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”) for many years operated in two segments, leasing and petroleum storage. On February 10, 2017, the Company sold its petroleum storage facility and related assets (the “Terminal”) owned or controlled by the Company’s subsidiaries, Capital Terminal Company and Dunellen, LLC to Sprague Operating Resources, LLC (“Sprague”). The sale of the Terminal results in the segment being classified as discontinued operations for all periods presented. See Note 7 to the consolidated financial statements. With the sale of the Terminal, the Board determined that there was no longer a need to maintain Capital Terminal Company and Dunellen, LLC, and at its April 24, 2018 regularly scheduled Board meeting, it voted to liquidate and dissolve these two companies. As a result of the sale of the Terminal, the Company’s 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 through December 1, 2018 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	3 Months Ended
	Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Principles of consolidation and basis of presentation	2. The accompanying condensed consolidated financial statements include the accounts and transactions of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying condensed consolidated balance sheet as of December 31, 2018 has been derived from audited financial statements. The unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s latest Form 10-K for the year ended December 31, 2018. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the financial position as of March 31, 2019 and the results of operations for the three months ended March 31, 2019 and 2018, and cash flows for the three months ended March 31, 2019 and 2018. 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. Recent accounting pronouncements: In February 2016, the FASB established Topic 842, Leases, by issuing Accounting Standards Update No. 2016-02, which requires lessors to classify leases as sales-type, direct financing, or operating leases. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No, 2018-111, Targeted Improvements. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of the five criteria are met, but two additional criteria are both met, indicating that the lessor has transferred substantially all of the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type or direct financing leases are operating leases. The new standard was effective for the Company on January 1, 2019. A modified retrospective transition approach was required by applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented as its date of initial application. The Company adopted the new standard on January 1, 2019 and used the effective date as our date of initial application. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The new standard provides a number of practical expedients in transition. The Company elected the “package of practical expedients”, which permits the Company not to reassess under the new standard prior conclusions about lease identification, lease classification and initial direct costs. While most of our leases will continue to be classified as operating leases in accordance with the package of practical expedients, leases that commence on or after the effective date of the new standard, and that would be classified as operating leases under prior GAAP, may be classified as a sales-type lease under the new standard. We do not expect the adoption of the new standard will have a significant impact on our leasing activities. For additional information on the Company’s leases, see Note 5 to the condensed consolidated financial statements.

Use of estimates

Use of estimates	3 Months Ended
	Mar. 31, 2019
Text Block [Abstract]
Use of estimates	3. Use of estimates: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Estimates also affect the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Properties and equipment

Properties and equipment	3 Months Ended
	Mar. 31, 2019
Property Plant And Equipment [Abstract]
Properties and equipment	4. Properties and equipment: Properties and equipment consist of the following: March 31, 2019 December 31, 2018 Properties on lease or held for lease, land and land improvements $ 4,010,000 $ 4,010,000 Office equipment 67,000 95,000 Steeple Street property under contract, net (see Note 5) 2,990,000 3,011,000 7,067,000 7,116,000 Less accumulated depreciation: Properties on lease or held for lease 81,000 79,000 Office equipment 63,000 86,000 144,000 165,000 $ 6,923,000 $ 6,951,000

Description of leasing arrangem

Description of leasing arrangements	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Description of leasing arrangements	5 . Description of leasing arrangements: Long-term land leases: As of March 31, 2019, the Company had entered into ten long-term land leases. Seven of the ten parcels have completed construction of improvements thereon. On Parcel 6B, construction of a 169-unit residential complex commenced in November 2016 and is substantially complete. Parcel 6C is being used as a construction staging area for the construction on Parcel 6B. On September 28, 2017, the Company entered into a long-term ground lease of Parcel 20. Under the terms of the lease until the tenant took possession, the Company received all rents from the existing tenants and paid all expenses with respect to Parcel 20. On May 4, 2018, the Company and the lessee entered into an Amended and Restated Ground Lease (“Restated Lease”). The lessee took possession of Parcel 20 on December 1, 2018 and the Company conveyed title to the existing building. In addition to the ground lease rent, for 360 months following December 1, 2018, the lessee will pay acquisition period rent consisting of monthly payments of $7,471 for the first thirty-six months and monthly payments thereafter of $8,488 plus an amount equal to 1/12 th The Restated Lease for Parcel 20, as it relates specifically to the Steeple Street Building, was accounted for as a sales-type lease due to the transfer of the Steeple Street Building to the lessee. The land directly under the Steeple Street Building was allocated in the determination of the value of the property transferred in accordance with ASC 360-20, Property, Plant and Equipment - Real Estate Sales Under the ten land leases, the tenants may negotiate tax stabilization treaties or other arrangements, appeal any changes in real property assessments, and must pay real property taxes assessed on land and improvements under these arrangements. Accordingly, with the exception of Parcel 20 through December 1, 2018, real property taxes payable by the tenants are excluded from leasing revenues and leasing expenses on the accompanying condensed consolidated statements of income and retained earnings. Real property taxes attributable to the Company’s land under these leases totaled $341,000 and $308,000 for the three months ended March 31, 2019 and 2018. Under two of the long-term land leases, the Company receives contingent rentals (based on a fixed percentage of gross revenue received by the tenants) which totaled $27,000 and $29,000 for the three months ended March 31, 2019 and 2018. With respect to the Parcel 6C, the lessee has the right to terminate its lease at any time during the remaining term of the lease upon thirty days’ notice. To date, no notice of termination has been received by the Company. The current annual rent on Parcels 6C is $200,000 and annual real estate taxes paid by the lessee equals $311,000. 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 (each 12-month period a “Lease Year”), Lamar must pay to the Company within thirty days after the close of the Lease Year 30% of the gross revenues from each standard billboard and 20% of the gross revenues from each electronic billboard for such 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 Lease Year. Parking lease: The Company leases the undeveloped parcels of land in the Capital Center area and, through December 1, 2018 the undeveloped Parcel 20 land, for public parking purposes to Metropark under a ten year lease. The lease is cancellable as to all or any portion of the leased premises at any time on thirty day’s written notice in order for the Company or any new tenant of the Company to develop all or any portion of the leased premises. The parking lease provides for contingent rentals (based on a fixed percentage of gross revenue in excess of the base rent) which totaled $47,000 and $21,000 for the three months ended March 31, 2019 and 2018, respectively, inclusive of an additional $23,000 in 2019 for contingent rent in excess of the 2018 estimate. Parcel 20, Steeple Street: With the execution of the Parcel 20 lease, effective December 1, 2018, the lessee receives all rental income associated with the Steeple Street building and the Parcel 20 undeveloped land leased to Metropark pending its development. At March 31, 2018 the Company had four tenants occupying 49 percent of the Steeple Street Building under short-term leases of five years or less at an annual rental of $95,000 and the Company reported as revenue tenant reimbursements for common area costs and real property taxes in the amount of $9,000 through March 31, 2018.

Income taxes, continuing operat

Income taxes, continuing operations	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income taxes, continuing operations	6 . Income taxes, continuing operations: Deferred income taxes are recorded based upon differences between financial statement and tax basis amounts of assets and liabilities. The tax effects of temporary differences for continuing operations which give rise to deferred tax assets and liabilities are as follows: March 31, 2019 December 31, 2018 Gross deferred tax liabilities: Property having a financial statement basis in excess of tax basis $ 365,000 $ 364,000 Insurance premiums and accrued leasing revenues 31,000 25,000 396,000 389,000 Less deferred tax assets (90,000 ) (51,000 ) $ 306,000 $ 338,000

Discontinued operations

Discontinued operations	3 Months Ended
	Mar. 31, 2019
Discontinued Operations And Disposal Groups [Abstract]
Discontinued operations	7. Discontinued operations: On February 10, 2017 the Company sold the Terminal to Sprague for $23 Million subject to certain adjustments. Presentation of Financial Statements – Discontinued Operations Pursuant to the Sale Agreement, the Sale Price was reduced by $1,040,000, the estimated cost of a breasting dolphin to be constructed by Sprague adjacent to the Pier in order that the Pier can berth Panamax sized vessels; $1,725,000 of the Sale Price was placed in escrow to secure the Company’s indemnity obligations under the Sale Agreement and $441,000 in normal closing adjustments, transfer taxes, investment banking and other fees, other than federal and state income taxes. The net proceeds delivered to the Company amounted to $19.8 Million. In accordance with the Sale Agreement, the Company has agreed to retain and pay for the environmental remediation costs associated with a 1994 storage tank fuel oil leak which allowed the escape of a small amount of fuel oil. Since 1994, the Company and its consultants have continued to worked with the Rhode Island Department of Environmental Management (“RIDEM”) through the various phases of remediation and are now working to complete the final remediation plan. At December 31, 2017 the total accrual for the cost of remediation was $434,000. In 2018, the Company incurred costs of $111,000 and increased the amount accrued by $56,000 resulting in a remediation liability of $490,000 at December 31, 2018. Through March 31, 2019, the company incurred costs of $20,000 which reduce the total accrual to $470,000. Any subsequent increases or decreases to the expected cost of remediation will be recorded as income or expense from discontinued operations. The Sale Agreement also contains a cost sharing provision for the breasting dolphin whereby any variance from the initial estimate of $1,040,000 will be borne equally by Sprague and the Company subject to certain limitations. In May 2018 the Company received notice from Sprague that Sprague had received bids for the breasting dolphin and that the cost of the Project was estimated at $1,923,284. Sprague requested that the Company acknowledge that it was obligated to pay 50% of the cost in excess of $1,040,000, or $441,642. The Company replied that pursuant to the letter agreement between the Company and Sprague (the “Letter Agreement”) the Company’s obligation cannot exceed $104,000 assuming, among other things, that Sprague had been timely in securing bids for the breasting dolphin and the scope of the work as bid was consistent with the Letter Agreement. In April 2019, Sprague notified the Company that the breasting dolphin should be completed by mid-June and that construction change orders to date were within the amount of the contract contingency originally included in the estimate of $1,923,284. The Company continues to assert that its obligation cannot exceed $104,000. In February 2019 and 2018, the Company received 50 percent of the aforementioned escrow in each year or $862,000, which amounts are reported net of income taxes as “Gain on sale of discontinued operations, net of taxes.” Interest income includes $23,000 related to these funds in 2019. A reconciliation of the major classes of liabilities associated with the discontinued operations as of March 31, 2019 and December 31, 2018 is as follows: March 31, 2019 December 31, 2018 Environmental remediation $ 470,000 $ 490,000 Income tax payable 198,000 - $ 668,000 $ 490,000 Revenue and loss before income taxes attributable to discontinued operations for the three months ended March 31, 2019 and 2018 are as follows: Three Months Ended March 31, 2019 2018 Revenues $ - $ - Operating expenses 1,000 47,000 Loss from discontinued operations before income taxes (1,000 ) (47,000 ) Income tax (benefit) (1,000 ) (12,000 ) Loss from discontinued operations, net of taxes $ - $ (35,000 ) The net gain from sale of discontinued operations as of March 31, 2019 and 2018, was calculated as follows: Three Months Ended March 31, 2019 2018 Gain from sale of discontinued operations before income taxes $ 862,000 $ 862,000 Less current income tax expense 198,000 198,000 Net gain from sale of discontinued operations $ 664,000 $ 664,000

Fair value of financial instrum

Fair value of financial instruments	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair value of financial instruments	8 . Fair value of financial instruments: The Company believes that the fair values of its financial instruments, including cash and cash equivalents, receivables and payables, approximate their respective book values because of their short-term nature. The fair values described herein were determined using significant other observable inputs (Level 2) as defined by GAAP.

Subsequent event

Subsequent event	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent event	9 . Subsequent event: At its April 30, 2019 regularly scheduled quarterly Board meeting, the Board of Directors voted to declare a quarterly dividend of $.07 per share for shareholders of record on May 17, 2019, payable May 31, 2019.

Principles of consolidation a_2

Principles of consolidation and basis of presentation (Policies)	3 Months Ended
	Mar. 31, 2019
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.
Recent accounting pronouncements	Recent accounting pronouncements: In February 2016, the FASB established Topic 842, Leases, by issuing Accounting Standards Update No. 2016-02, which requires lessors to classify leases as sales-type, direct financing, or operating leases. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No, 2018-111, Targeted Improvements. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of the five criteria are met, but two additional criteria are both met, indicating that the lessor has transferred substantially all of the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type or direct financing leases are operating leases. The new standard was effective for the Company on January 1, 2019. A modified retrospective transition approach was required by applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented as its date of initial application. The Company adopted the new standard on January 1, 2019 and used the effective date as our date of initial application. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The new standard provides a number of practical expedients in transition. The Company elected the “package of practical expedients”, which permits the Company not to reassess under the new standard prior conclusions about lease identification, lease classification and initial direct costs. While most of our leases will continue to be classified as operating leases in accordance with the package of practical expedients, leases that commence on or after the effective date of the new standard, and that would be classified as operating leases under prior GAAP, may be classified as a sales-type lease under the new standard. We do not expect the adoption of the new standard will have a significant impact on our leasing activities. For additional information on the Company’s leases, see Note 5 to the condensed 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 and cash equivalents, receivables and payables, approximate their respective book values because of their short-term nature. The fair values described herein were determined using significant other observable inputs (Level 2) as defined by GAAP.

Properties and equipment (Table

Properties and equipment (Tables)	3 Months Ended
	Mar. 31, 2019
Property Plant And Equipment [Abstract]
Properties and Equipment	Properties and equipment consist of the following: March 31, 2019 December 31, 2018 Properties on lease or held for lease, land and land improvements $ 4,010,000 $ 4,010,000 Office equipment 67,000 95,000 Steeple Street property under contract, net (see Note 5) 2,990,000 3,011,000 7,067,000 7,116,000 Less accumulated depreciation: Properties on lease or held for lease 81,000 79,000 Office equipment 63,000 86,000 144,000 165,000 $ 6,923,000 $ 6,951,000

Income taxes, continuing oper_2

Income taxes, continuing operations (Tables)	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Deferred Tax Assets and Liabilities	The tax effects of temporary differences for continuing operations which give rise to deferred tax assets and liabilities are as follows: March 31, 2019 December 31, 2018 Gross deferred tax liabilities: Property having a financial statement basis in excess of tax basis $ 365,000 $ 364,000 Insurance premiums and accrued leasing revenues 31,000 25,000 396,000 389,000 Less deferred tax assets (90,000 ) (51,000 ) $ 306,000 $ 338,000

Discontinued operations (Tables

Discontinued operations (Tables)	3 Months Ended
	Mar. 31, 2019
Discontinued Operations And Disposal Groups [Abstract]
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 March 31, 2019 and December 31, 2018 is as follows: March 31, 2019 December 31, 2018 Environmental remediation $ 470,000 $ 490,000 Income tax payable 198,000 - $ 668,000 $ 490,000 Revenue and loss before income taxes attributable to discontinued operations for the three months ended March 31, 2019 and 2018 are as follows: Three Months Ended March 31, 2019 2018 Revenues $ - $ - Operating expenses 1,000 47,000 Loss from discontinued operations before income taxes (1,000 ) (47,000 ) Income tax (benefit) (1,000 ) (12,000 ) Loss from discontinued operations, net of taxes $ - $ (35,000 )
Summary of Net Gain from Sale of Discontinued Operations	The net gain from sale of discontinued operations as of March 31, 2019 and 2018, was calculated as follows: Three Months Ended March 31, 2019 2018 Gain from sale of discontinued operations before income taxes $ 862,000 $ 862,000 Less current income tax expense 198,000 198,000 Net gain from sale of discontinued operations $ 664,000 $ 664,000

Description of Business - Addit

Description of Business - Additional Information (Detail)	Apr. 24, 2018Company	Feb. 09, 2017Segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of segments | Segment		2
Number of companies liquidated | Company	2

Properties and Equipment - Prop

Properties and Equipment - Properties and Equipment (Detail) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Properties and equipment gross	$ 7,067,000	$ 7,116,000
Less accumulated depreciation	144,000	165,000
Properties and equipment net	6,923,000	6,951,000
Steeple Street Property Under Contract, Net [Member]
Property, Plant and Equipment [Line Items]
Properties and equipment gross	2,990,000	3,011,000
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Properties and equipment gross	67,000	95,000
Less accumulated depreciation	63,000	86,000
Properties on Lease or Held for Lease [Member]
Property, Plant and Equipment [Line Items]
Less accumulated depreciation	81,000	79,000
Properties on Lease or Held for Lease [Member] | Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Properties and equipment gross	$ 4,010,000	$ 4,010,000

Description of Leasing Arrang_2

Description of Leasing Arrangements - Additional Information (Detail)	Dec. 31, 2018USD ($)	Dec. 01, 2018USD ($)	Mar. 31, 2019USD ($)Billboard_FaceLandLeaseParcelBuildingLocation	Mar. 31, 2018USD ($)Tenant
Operating Leased Assets [Line Items]
Number of long-term land leases | LandLease			10
Number of parcels upon which improvements have been completed | Parcel			7
Estimated real property taxes attributable to the company land			$ 341,000	$ 308,000
Number of long-term land leases with contingent rent receivable | LandLease			2
Contingent revenue from leasing of parcel of land			$ 27,000	29,000
Parcel (6B) [Member]
Operating Leased Assets [Line Items]
Number of parcels upon which construction has commenced | Parcel			1
Number of residential units commenced construction | Building			169
Parcel 20 [Member]
Operating Leased Assets [Line Items]
Lessee option to extend			360 months
Impairment loss	$ 1,832,000
Parcel 20 [Member] | First 36 Months [Member]
Operating Leased Assets [Line Items]
Monthly rent receivable		$ 7,471
Parcel 20 [Member] | After 36 Months [Member]
Operating Leased Assets [Line Items]
Monthly rent receivable		$ 8,488
Lessee, payment terms and conditions			monthly payments thereafter of $8,488 plus an amount equal to 1/12th of the product of (a) 5.5% and the difference between (x) $2,750,000 and (y) the aggregate of the prior monthly payments of $8,488. The Restated Lease is a triple net lease.
Building and related improvements sold to tenant			$ 2,750,000
Lease principal payments interest percentage			5.50%
Parcel (6C) [Member]
Operating Leased Assets [Line Items]
Notice period of lease			30 days
Annual rent			$ 200,000
Real estate taxes paid by the lessee			$ 311,000
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_Face			44
Lease expiration year			2045
Annual increment in base rent of lease, percentage			2.75%
Period for advance receipt of percentage of gross revenue on leases			12 months
Period to recognize specified lease revenue			30 days
Percentage of revenue due in proportion of gross revenues from each standard billboard			30.00%
Percentage of revenue due in proportion of gross revenues from each electronic billboard			20.00%
Metropark Ltd [Member]
Operating Leased Assets [Line Items]
Contingent revenue from leasing of parcel of land			$ 47,000	21,000
Term of leases			10 years
Notice period of lease			30 days
Additional to contingent rent in excess of estimate			$ 23,000
Steeple Street Building [Member]
Operating Leased Assets [Line Items]
Annual rent				$ 95,000
Number of tenants occupying building | Tenant				4
Percentage of building occupied by tenants				49.00%
Term of short term leases			Five years or less
Tenant reimbursement revenue				$ 9,000

Income Taxes, Continuing Oper_3

Income Taxes, Continuing Operations - Deferred Tax Assets and Liabilities (Detail) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Gross deferred tax liabilities:
Property having a financial statement basis in excess of tax basis	$ 365,000	$ 364,000
Insurance premiums and accrued leasing revenues	31,000	25,000
Gross deferred tax liabilities	396,000	389,000
Less deferred tax assets	(90,000)	(51,000)
Deferred tax liabilities, net of deferred tax assets	$ 306,000	$ 338,000

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Detail) - USD ($)	Feb. 10, 2017	Apr. 30, 2019	Feb. 28, 2019	May 31, 2018	Feb. 28, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of assets						$ 862,000	$ 862,000
Environmental Incident 1994 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Additional remediation costs accrued								$ 56,000
Environmental remediation						470,000		490,000	$ 434,000
Costs incurred related to environmental remediation						$ 20,000		$ 111,000
Sale of Petroleum Segment [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reduced sales price	$ 1,040,000			$ 1,040,000
Estimated cost of the project				$ 1,923,284
Percentage of obligation on cost in excess of estimated cost				50.00%
Entities obligation on cost in excess of initial estimated cost				$ 441,642
Maximum additional obligation				$ 104,000
Escrow deposit release			$ 862,000		$ 862,000
Percentage Of Escrow Deposit Receivable, After twelve months			50.00%		50.00%
Interest income			$ 23,000
Sale of Petroleum Segment [Member] | Subsequent Event [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated cost of the project		$ 1,923,284
Maximum additional obligation		$ 104,000
Terminal [Member] | Sale of Petroleum Segment [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
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
Proceeds from sale of assets	$ 19,800,000

Discontinued Operations - Recon

Discontinued Operations - Reconciliation of Major Classes of Liabilities Associated with Discontinued Operations (Detail) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total liabilities of the Terminal classified as associated with discontinued operations on the consolidated balance sheets	$ 668,000	$ 490,000
Petroleum Segment [Member] | Discontinued Operations, Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Environmental remediation	470,000	$ 490,000
Income tax payable	$ 198,000

Discontinued Operations - Summa

Discontinued Operations - Summary of Revenue and Loss before Income Taxes Attributable to Discontinued Operations (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations, net of taxes		$ (35,000)
Petroleum Segment [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating expenses	$ 1,000	47,000
Loss from discontinued operations before income taxes	(1,000)	(47,000)
Income tax (benefit)	$ (1,000)	(12,000)
Loss from discontinued operations, net of taxes		$ (35,000)

Discontinued Operations - Sum_2

Discontinued Operations - Summary of Net Gain from Sale of Discontinued Operations (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Discontinued Operations And Disposal Groups [Abstract]
Gain from sale of discontinued operations before income taxes	$ 862,000	$ 862,000
Less current income tax expense	198,000	198,000
Net gain from sale of discontinued operations	$ 664,000	$ 664,000

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - $ / shares	Apr. 30, 2019	Mar. 31, 2019	Mar. 31, 2018
Subsequent Event [Line Items]
Dividends on common stock, per share		$ 0.07	$ 0.07
Dividend declared date		Apr. 30, 2019
Dividend record date		May 17, 2019
Dividend payable date		May 31, 2019
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends on common stock, per share	$ 0.07