Capital Automotive Declares Second Quarter 2001 Dividend of $0.3870 -- 14th Consecutive Quarterly Increase
Capital Automotive Declares Second Quarter 2001 Dividend of $0.3870 -- 14th Consecutive Quarterly Increase
MCLEAN, Va., July 17 Capital Automotive REIT , the nation's leading specialty finance company for automotive retail real estate, today announced that its Board of Trustees has declared a quarterly cash dividend of $0.3870 per share for the second quarter ending June 30, 2001. The dividend is payable on August 21, 2001 to shareholders of record as of August 10, 2001. Thomas D. Eckert, President and Chief Executive Officer, stated, "The second quarter dividend reflects the 14th consecutive increase in our quarterly dividend and represents an annualized rate of $1.548 per share and a 8.8% yield based on Monday's closing stock price. Our strong tenant base, conservative capital structure, and high quality real estate portfolio continue to produce very stable and predictable cash flows. We are committed to providing solid returns as well as stable and consistent dividend growth to our shareholders." Capital Automotive offers a Dividend Reinvestment and Share Purchase Plan to all shareholders. The Plan provides an economical and convenient way for current shareholders and other interested new investors to invest in Capital Automotive. Inquiries regarding the Plan should be directed to American Stock Transfer and Trust Company, the Plan administrator, at (800) 278-4353. Capital Automotive, headquartered in McLean, Virginia, is a self- administered, self-managed real estate investment trust formed to acquire the real property and improvements used by operators of multi-site, multi- franchised automotive dealerships and related businesses. Additional information on Capital Automotive is available on the Company's website at http://www.capitalautomotive.com . To receive Capital Automotive's latest news and corporate developments via fax at no cost, please call 1-800-PRO-INFO; use Company code CARS or visit The Financial Relations Board's website at http://www.frbinc.com . Certain matters discussed within this press release are forward-looking statements within the meaning of the federal securities laws. Although the Company believes that the expectations reflected in the forward-looking statements are based upon reasonable assumptions, the Company's future operations will depend on a number of factors that may differ, some materially, from the Company's assumptions. These factors, which could cause the Company's actual results to differ materially from those set forth in the forward-looking statements, include risks that our growth will be limited if we cannot obtain additional capital; risks of financing, such as the ability to meet existing financial covenants and our ability to consummate additional financings on terms which are acceptable to us; risks that the Company's tenants will not pay rent or that the Company's operating costs will be higher than expected; risks that additional acquisitions may not be consummated; risks related to the automotive industry, such as the ability of our tenants to compete effectively in the automotive retail industry and the ability of our tenants to perform their lease obligations as a result of changes in manufacturer's production, inventory, marketing or other practices; environmental and other risks associated with the acquisition and leasing of automotive properties; risks related to the Company's status as a REIT for federal income tax purposes, such as the existence of complex regulations relating to the Company's status as a REIT, the effect of future changes in REIT requirements as a result of new legislation and the adverse consequences of the failure to qualify as a REIT; and those risks detailed from time to time in the Company's SEC reports, including its annual report on Form 10-K and its quarterly reports on Form 10-Q. The Company makes no promise to update any of the forward-looking statements, or to publicly release the results if the Company revises any of them.