Capital Properties is a small, passive ground lease company that owns roughly 18 acres of land in Capital Center, a mixed-use urban development in downtown Providence, Rhode Island. Capital Properties leases this land to tenants under long-term ground leases — typically 99 to 149 years — who build and operate their own improvements (office buildings, residential buildings, parking garages) on the land. Because tenants bear all property-level costs, including taxes, maintenance, insurance, and construction, Capital Properties simply collects rent with minimal operating overhead. The company has only two full-time and one part-time employee. Ground lease rents adjust periodically via CPI, fixed percentage increases, or third-party appraisal, and some leases include participation rent tied to tenant gross revenue. Capital Properties also owns, through its subsidiary Tri-State Displays, easements and leases on 23 outdoor advertising locations along highways in Rhode Island and Massachusetts, all leased to Lamar Outdoor Advertising under a single lease expiring in 2057. Lamar pays base rent plus participation rent tied to billboard revenue, with base rent escalating 2.75% per year. The company's five largest tenants — Lamar, Metropark, and three ground lease tenants — account for the large majority of revenue. Capital Properties does not develop land itself and has a policy of not selling land.