Capital Automotive Prices Public Offering of 3,500,000 Preferred Shares

MCLEAN, Va., Nov. 25, 2003 -- Capital Automotive REIT , today announced that it has priced a public offering of 3,500,000 7.5% Series A Cumulative Redeemable Preferred Shares at $25.00 per share. The offering is expected to close on December 11, 2003. The Company also has granted the underwriters an over-allotment option to purchase up to 525,000 additional shares. All of the Series A Preferred Shares are being sold by the Company.

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

Copies of the prospectus supplement, when available, may be obtained from the offices of Credit Suisse First Boston, Eleven Madison Avenue, New York, New York 10010 or from the offices of any of the co-managing underwriters identified above.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission and is effective. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any offer of these securities in any State in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such State.

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 about Capital Automotive is available on its website at www.capitalautomotive.com.

   Contact Information
   David S. Kay
   Senior Vice President, Chief Financial Officer & Treasurer
   Capital Automotive REIT
   703.394.1302