Capital Automotive's Thomas D. Eckert and David S. Kay Named 2003 Greater Washington Entrepreneur of the Year(R) by Ernst & Young LLP

MCLEAN, Va., June 27 -- Capital Automotive REIT , the nation's leading specialty finance company for automotive retail real estate today announced that its founders, Thomas D. Eckert, President & Chief Executive Officer and David S. Kay, Senior Vice President and Chief Financial Officer, were named the 2003 Greater Washington Entrepreneurs of the Year(R) by Ernst & Young LLP in the Real Estate, Construction & Hospitality category. The awards recognize outstanding entrepreneurs who have demonstrated excellence and extraordinary success in such areas as innovation, financial performance, and personal commitment to their businesses and communities. The awards were announced on June 26th at a black-tie gala at The Ritz-Carlton in McLean, Virginia, sponsored by Shaw Pittman LLP, Aaronson & Company, Washington Business Journal, Heidrick & Struggles, Capitol Financial Partners and Newstalk 630 WMAL.

Mr. Eckert and Mr. Kay are now eligible for the National Entrepreneur Of The Year(R) awards, which will be announced in Palm Springs, California, on November 22, 2003.

Commenting on today's news, Mr. Eckert and Mr. Kay stated, "Our success is the result of the creative team of dealers, most notably Northern Virginia car dealership titans John J. Pohanka and Robert M. Rosenthal, as well as the contributions of the Friedman, Billings, Ramsey Group, Inc., and the tireless efforts of our employees. We are extremely pleased with our performance thus far, and we look forward to continued success through the strong relationships we have built in the industry, our prudent acquisition program, and the support of our shareholders."

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. Additional information on Capital Automotive is available on the Company's Website at http://www.capitalautomotive.com/.