Capital Automotive Prices Public Offering of 2,500,000 Preferred Shares

MCLEAN, Va., April 23 -- Capital Automotive REIT , the nation's leading specialty finance company for automotive retail real estate, today announced that it has priced a public offering of 2,500,000 8% Series B Cumulative Redeemable Preferred Shares at $25.00 per share. The offering is expected to close on April 27, 2004. The Company also has granted the underwriters an over-allotment option to purchase up to 375,000 additional shares. All of the Series B preferred shares are being sold by the Company.

Credit Suisse First Boston and A.G. Edwards & Sons, Inc. are joint bookrunning and joint lead managers. Co-managers are Ferris, Baker Watts, Incorporated, Friedman Billings Ramsey, JPMorgan, RBC Capital Markets, BB&T Capital Markets, KeyBanc Capital Markets and Raymond James.

Copies of the prospectus supplement may be obtained from the offices of Credit Suisse First Boston, Prospectus Department, One Madison Avenue, New York, New York 10010, telephone: 212-325-2580, or by faxing your request to 212-325-8057, or from the offices of A.G. Edwards & Sons, Inc., One North Jefferson Avenue, St. Louis, Missouri 63103, telephone: 314-955-3000.

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 on Capital Automotive is available on the Company's Web site at http://www.capitalautomotive.com/.