Capital Automotive Announces 27th Consecutive Increase in Quarterly Common Share Dividend
12 Ottobre 2004 - 3:30PM
PR Newswire (US)
Capital Automotive Announces 27th Consecutive Increase in Quarterly
Common Share Dividend MCLEAN, Va., Oct. 12 /PRNewswire-FirstCall/
-- Capital Automotive REIT (NASDAQ:CARS), the nation's leading
specialty finance company for automotive retail real estate, today
announced that its Board of Trustees has declared a quarterly
dividend of $0.4265 per common share of beneficial interest for the
third quarter ending September 30, 2004. The dividend is payable on
November 19, 2004 to shareholders of record as of November 8, 2004.
This is the 27th consecutive increase in the Company's quarterly
common share dividend and represents an annualized rate of $1.706
per share and a 5.2% yield based on Friday's closing stock price.
The Company reaffirms its 2004 annual common share dividend
guidance of $1.70 per share, of which approximately 10 to 15% is
estimated to be return of capital that is not taxed as ordinary
income to its shareholders. Capital Automotive is committed to
providing shareholders with stable and predictable quarterly
dividend payments and consistent dividend growth. The dividend
payments are supported by the Company's strong tenant base,
conservative capital structure, and high quality real estate
portfolio. Capital Automotive offers a Dividend Reinvestment and
Share Purchase Plan to all shareholders. The Plan provides an
economical and convenient way for current shareholders and other
interested new investors to invest in Capital Automotive. Inquiries
regarding the Plan should be directed to American Stock Transfer
and Trust Company, the Plan administrator, by calling (877)
208-9533, or through the Internet at http://www.amstock.com/. 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/. Certain matters discussed within
this press release are forward-looking statements within the
meaning of the federal securities laws. Although the Company
believes that the expectations reflected in the forward-looking
statements are based upon reasonable assumptions, the Company's
future operations will depend on a number of factors that may
differ, some materially, from the Company's assumptions. These
factors, which could cause the Company's actual results to differ
materially from those set forth in the forward-looking statements,
include risks that our tenants will not pay rent; risks related to
our reliance on a small number of tenants for a significant portion
of our revenue; risks of financing, such as increases in interest
rates, our ability to meet existing financial covenants and to
consummate planned and additional financings on terms that are
acceptable to us; risks that our growth will be limited if we
cannot obtain additional capital; risks that planned and additional
acquisitions may not be consummated; risks related to the
automotive industry, such as the ability of our tenants to compete
effectively in the automotive retail industry and the ability of
our tenants to perform their lease obligations as a result of
changes in any manufacturer's production, supply, vehicle
financing, incentives, warranty programs, marketing or other
practices or changes in the economy generally; risks generally
incident to the ownership of real property, including adverse
changes in economic conditions, changes in the investment climate
for real estate, changes in real estate taxes and other operating
expenses, adverse changes in governmental rules and fiscal policies
and the relative illiquidity of real estate; environmental and
other risks associated with the acquisition and leasing of
automotive properties; risks related to our status as a REIT for
federal income tax purposes, such as the existence of complex
regulations relating to our status as a REIT, the effect of future
changes in REIT requirements as a result of new legislation and the
adverse consequences of the failure to qualify as a REIT; and those
risks detailed from time to time in the Company's SEC reports,
including its Form 8-K/A filed on March 12, 2004, its annual report
on Form 10-K and its quarterly reports on Form 10-Q. The Company
makes no promise to update any of the forward-looking statements.
Contact Information David S. Kay Senior Vice President, Chief
Financial Officer and Treasurer Capital Automotive REIT
703.394.1302 DATASOURCE: Capital Automotive REIT CONTACT: David S.
Kay, Senior Vice President, Chief Financial Officer and Treasurer
of Capital Automotive REIT, +1-703-394-1302 Web site:
http://www.capitalautomotive.com/
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