Form 8-K Capital Properties
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 17, 2005 (January 25, 2005)
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CAPITAL PROPERTIES, INC.
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(Exact name of registrant as specified in its charter)
Rhode Island
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(State or other jurisdiction of incorporation)
0-9380 05-0386287
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(Commission File Number) (IRS Employer Identification Number)
100 Dexter Road, East Providence, Rhode Island 02914
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(Address of principal executive offices)
(401) 435-7171
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(Registrant's telephone number, including area code)
N/A
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(Former name or former address, if changed since last report)
ITEM 2.01. COMPLETION OF DISPOSITION OF ASSETS
On March 17, 2005, Capital Properties, Inc. (the "Registrant") sold a
parking garage located in downtown Providence for $2,500,000 in cash to Park Row
Properties LTD (the "Buyer"), an entity in which the former tenant and operator
of the garage is a participant. At the same time, the Registrant entered into a
99-year ground lease of the underlying land with the Buyer at an initial ground
rent of $100,000 per year subject to periodic adjustment. Under the lease, the
Buyer is responsible for all real estate taxes and assessments and for
maintaining and insuring the property. A copy of the Registrant's press release
regarding the above described transaction is attached hereto as Exhibit 99.1 and
is incorporated herein by reference.
ITEM 5.02(B). DEPARTURE OF DIRECTOR
On January 25, 2005, Henry S. Woodbridge decided not to stand for
re-election to the Board of Directors of the Registrant. Mr. Woodbridge served
on the Board of Directors of the Registrant since 1990 and was a member of the
Registrant's Audit Committee and Compensation Committee.
ITEM 9.01. FINANCIAL STATEMENTS, PROFORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
99.1 Press Release regarding sale of parking garage.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
CAPITAL PROPERTIES, INC.
By: /s/ Barbara J. Dreyer
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Barbara J. Dreyer, Treasurer
Date: March 17, 2005