Capital Automotive Second Quarter 2004 Earnings and Conference Call Scheduled for July 29, 2004

MCLEAN, Va., July 15 -- Capital Automotive REIT , the nation's leading specialty finance company for automotive retail real estate, announced today that it will release second quarter 2004 earnings before the market opens on Thursday, July 29, 2004. Management will conduct a live audio webcast of its earnings conference call at 11:00 a.m. Eastern Time that same day to review the Company's quarterly results, market trends and future outlook.

The webcast of the conference call will be available to the public, on a listen-only basis, on the Company's Web site at http://www.capitalautomotive.com/. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the Internet broadcast. A replay of the webcast will be available for 15 days following the call.

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/.

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