Capital Automotive Announces Planned Common Share Offering

MCLEAN, Va., April 21 -- Capital Automotive REIT , today announced that it is commencing an underwritten public offering of 2,250,000 common shares. The Company will also grant the underwriters an over-allotment option to purchase up to 337,500 additional shares. All of the common shares are being sold by the Company.

Credit Suisse First Boston is expected to be the sole bookrunner and joint lead manager. Citigroup and Friedman Billings Ramsey are also expected to be joint lead managers. Other co-managers are expected to be A.G. Edwards & Sons, Inc., JPMorgan, BB&T Capital Markets, and Ferris, Baker Watts Incorporated.

About Capital Automotive

Capital Automotive, headquartered in McLean, Virginia, is a self- administered, self-managed real estate investment trust that acquires real property and improvements used by operators of multi-site, multi-franchised automotive dealerships and related businesses.

A copy of the final prospectus relating to this offering may be obtained from Credit Suisse First Boston, 11 Madison Avenue, New York, New York, 10010.

This press release shall not constitute an offer to sell or the solicitation of any offer to buy any of the securities of the Company. No assurance can be given that the proposed offering can be completed on acceptable terms.

  Contact Information:

  David S. Kay
  Senior Vice President and Chief Financial Officer
  Capital Automotive REIT
  703-394-1302