Capital Automotive Reports Record First Quarter Results and
Significant Improvements to Its Balance Sheet Flexibility and Cash
Flow MCLEAN, Va., April 28 /PRNewswire-FirstCall/ -- Capital
Automotive REIT , the nation's leading specialty finance company
for automotive retail real estate, today announced financial
results for the first quarter ended March 31, 2004. The Company
reported record first quarter revenues, net income available to
common shareholders and funds from operations (FFO) available to
common shareholders. Total revenues were $48.6 million for the
quarter, a 23% increase from revenues of $39.6 million in the first
quarter of 2003. Net income available to common shareholders for
the quarter increased 40% to $16.7 million as compared to $11.9
million in the same quarter last year. Net income on a diluted per
share basis increased 17% to $0.48 per share from $0.41 per share
in the same quarter last year. Included in net income available to
common shareholders for the quarter ended March 31, 2004 is income
related to property dispositions during the quarter classified as
discontinued operations, totaling $2.1 million, or $0.06 per
diluted share. Income from continuing operations, which excludes
discontinued operations, was $16.5 million, or $0.42 per diluted
share, compared to $11.6 million, or $0.40 per diluted share for
the same quarter in the prior year, an increase of 6%. FFO
available to common shareholders for the quarter increased 23% to
$28.1 million as compared to $22.9 million for the same quarter
last year. FFO on a diluted per share basis increased 9% to $0.66
per share from $0.61 per share for the same quarter last year.
Included in FFO available to common shareholders for the quarter
ended March 31, 2004 are lease termination fees related to property
dispositions totaling $1.2 million before minority interest, or
$0.03 per diluted share. FFO available to common shareholders,
excluding straight-lined rents, for the quarters ended March 31,
2004 and 2003 was $27.0 million and $21.7 million, respectively. As
previously announced, the Company's Board of Trustees declared a
cash dividend of $0.4200 per common share for the first quarter,
payable on May 20, 2004 to shareholders of record as of May 10,
2004. This is the 25th consecutive increase in the quarterly
dividend and represents an annualized rate of $1.68 per share and a
5.7% yield based on Monday's closing common stock price. The
Company's dividend payout ratio for the first quarter of 2004 was
approximately 66% of FFO. The Company reaffirms its 2004 annual
dividend guidance of $1.70 per share, of which approximately 10-15%
is estimated to be a return of capital, which is not taxed as
ordinary income to its shareholders. The Company's Board of
Trustees also declared a dividend for the period commencing
February 1, 2004 and ending April 30, 2004 of $0.46875 per Series A
Cumulative Redeemable Preferred Share. The preferred dividend is
payable on May 17, 2004 to shareholders of record as of May 3,
2004. The May 17, 2004 dividend represents an annualized rate of
$1.875 per share and a 7.6% yield based on Monday's closing
preferred stock price. Real Estate Investments During the first
quarter, the Company increased its real estate investments by
approximately $24 million. The investment activity for the quarter
consisted of $82.4 million in property investments, $33.2 million
in property dispositions, and the repayment of a $25.5 million note
previously issued by the Company that was secured by a property
acquired during the first quarter. Property Investments The Company
completed approximately $82.4 million in investments, which
included five auto retail properties and several construction and
improvement fundings. These investments contain 11 automotive
franchises located in 11 states and have a weighted average initial
lease term of 18.1 years, with multiple renewal options exercisable
at the option of the tenants. Unless otherwise noted below, the
investments were funded with cash on hand. A summary of these
investments is as follows: * One property totaling $25.5 million
leased to Herb Gordon Auto Group, Inc., an affiliate of Atlantic
Automotive (Mile One Automotive), a new tenant located in the
Montgomery Auto Sales Park in Silver Spring, Maryland. Five
franchises are operated on the property, including Dodge,
Mercedes-Benz, Nissan, Subaru, and Volvo, as well as a used car
dealership and a body shop. With this purchase, a note previously
issued by the Company and secured by this property was paid off.
The Company has committed to fund approximately $15 million for
improvements to these facilities. Atlantic Automotive, which has
sales volumes that would rank them within the "Top 50" dealer
groups in the country, represents 26 automobile brands in 36 retail
locations located in Maryland and Pennsylvania through the
Heritage, Herb Gordon and Tischer Automotive Groups, the Baltimore
Area Saturn Retailers, and Motorworld. * One property leased to
Park Place Motorcars, Ltd. in Dallas, Texas. The Company has
committed to fund a state-of-the-art Mercedes-Benz and Porsche
sales and service facility which will be constructed on the
property. Simultaneously with the acquisition, the Company sold to
Park Place Motorcars the current Mercedes-Benz sales and service
facility, which approximates the property acquisition value. The
dealer is relocating its operations to expand its service capacity
and inventory selection to support higher sales volumes and
maintain high customer satisfaction. Park Place Motorcars currently
has five dealership locations, consisting of 10 luxury franchises,
including Bentley, Jaguar, Land Rover, Lexus, Maserati,
Mercedes-Benz, Porsche and Rolls-Royce. Park Place has been
recognized as a Time Magazine Quality Dealer and an American Import
Automobile Dealer Association All-Star Dealer. As of March 31,
2004, the Company leased five properties to affiliates of Park
Place Motorcars, representing approximately 2.5% of the Company's
total annualized rental revenue. * One property totaling $11.0
million leased to an affiliate of Wolfe Automotive Group, a new
tenant, located in Ballwin, Missouri, a suburb of St. Louis. A
Toyota franchise is operated on the property. Wolfe Automotive
Group also operates Acura, Audi, Chevrolet, Chrysler, Dodge, Honda,
Jeep, Kia, Nissan, Oldsmobile, Saturn, Suzuki, Toyota, and
Volkswagen franchises in the Kansas City metropolitan area; Saturn
franchises in Chicago; and Acura and Saturn franchises in
Springfield, Missouri. During 2003, the Wolfe Group was ranked as
the 62nd largest automotive company in the United States according
to Automotive News. * One property totaling $2.5 million leased to
an affiliate of Midwestern Auto Group located in Dublin, Ohio, a
suburb of Columbus. Two franchises, Ferrari and Maserati, are
located on the property. Midwestern Automotive Group, which
operates 13 import franchises from three locations, all of which
are leased from Capital Automotive, is the nation's largest
dealership group of European brands in one location. As of March
31, 2004, the Company leased three properties to affiliates of
Midwestern Auto Group, representing approximately 1.0% of the
Company's total annualized rental revenue. * One property totaling
approximately $2.4 million leased to a subsidiary of Asbury
Automotive Group, Inc. (NYSE:ABG), located in Bryant, Arkansas,
which is 18 miles southwest of Little Rock. A Hyundai franchise is
operated on the property. Asbury is one of the largest auto
retailers in the United States operating 103 retail auto stores,
encompassing 143 franchises for the sale and servicing of 35
different brands of American, European and Asian automobiles. As of
March 31, 2004, the Company leased 13 properties to subsidiaries of
Asbury, representing approximately 3.7% of the Company's total
annualized rental revenue. * Construction and improvement fundings,
totaling approximately $26.0 million, all of which were transacted
with existing tenants on previously acquired properties. Property
Dispositions During the first quarter, the Company sold six auto
retail locations, totaling $33.2 million, to four dealer groups,
resulting in a combined gain of approximately $1.2 million before
minority interest. In exchange for early termination of the leases
related to certain of these properties, the Company received
approximately $1.2 million in lease termination fees, which was
recorded during the first quarter. The earnings generated from this
real estate, including the combined gain and the lease termination
fees, has been reported as discontinued operations. Commenting on
today's news, Thomas D. Eckert, President and Chief Executive
Officer, stated, "As we have articulated in the past, the ability
to accommodate property sales and substitutions with our clients
affords us the opportunity to cleanse our portfolio while meeting
the needs of our dealers to alter their locations. We continue to
add new industry leading clients to our portfolio and remain very
positive about our business opportunities. Given our robust
acquisition pipeline, we believe we are well positioned to deliver
solid growth in the future. We continue to believe that higher
interest rates will generally be positive for our acquisition
activity and will not impact the Company's earnings guidance
negatively." Portfolio Highlights As of March 31, 2004, Capital
Automotive's portfolio was 100% occupied. On a quarterly basis, the
Company performs a credit review of virtually all tenants in its
portfolio utilizing their financial statements. The Company's rent
coverage ratio, which is one of the primary metrics that the
Company uses to define the stability of its tenants' cash flow
remains high. As of December 31, 2003, the weighted average
operating cash flow of the Company's tenants exceeded 3.5 times the
amount of their rental payments. At the end of the first quarter,
the Company held lease security deposits and letters of credit
totaling approximately $12.9 million. Additionally, as of March 31,
2004, the Company had accumulated depreciation of approximately
$121.6 million representing approximately 6.3% of its real estate
asset portfolio. Financing Highlights As of March 31, 2004, total
assets and real estate investments before accumulated depreciation
were approximately $2.0 billion and $1.9 billion, respectively.
Total long-term mortgage and unsecured debt was $1.08 billion and
total draws outstanding under our short-term credit facilities were
$18 million. The Company's debt to assets (total assets plus
accumulated depreciation) ratio was approximately 55% and debt to
total market capitalization was approximately 40% as of March 31,
2004. For the three months ended March 31, 2004, the Company's
interest coverage and debt service coverage ratios were 2.5 and
1.7, respectively. For the trailing 12 months, the Company's
interest coverage and debt service coverage ratios were 2.5 and
1.6, respectively. During the first quarter, the Company completed
an underwritten public offering of 1,825,000 of its common shares
priced at $35.40 per share. The net proceeds of the offering
totaling $61.5 million were used to fund acquisitions, to repay
borrowings under the Company's short-term credit facilities and for
general corporate purposes. The Company also closed on a mortgage
note totaling $11.9 million with one of the world's largest
financial services companies. The loan has a ten-year term, 5.84%
fixed interest rate, 25 year amortization period and requires
monthly interest and principal payments. The net proceeds from the
debt were used to repay borrowings under our short-term credit
facilities. The Company has undertaken a significant restructuring
of its balance sheet. During April 2004, the Company repaid the
majority of its mortgage debt outstanding with Ford Motor Credit
Corporation (Ford) totaling approximately $214 million, of which
approximately $161 million was variable rate debt, with a weighted
average spread over LIBOR of 226 basis points. The remaining $53
million was variable rate debt swapped to fixed rate bearing
interest at approximately 7.6%. The net proceeds used to repay the
debt were derived from the following sources: * On April 2, 2004,
the Company issued 1.0 million common shares in an underwritten
public offering at an initial price to the public of $35.15 per
share. Of the total $35 million in net proceeds, approximately $18
million was used to pay down amounts outstanding on the Company's
short-term credit facilities and the remainder was used to pay off
a portion of the debt outstanding with Ford; * On April 15, 2004,
the Company closed on a public offering of $125 million senior
unsecured monthly income notes at par and received net proceeds of
approximately $121 million. Interest on the 6.75% notes is payable
monthly. The notes have a 15-year term and are redeemable at the
Company's option after five years at par. The notes are trading on
the American Stock Exchange (AMEX) under the symbol "CJM"
(AMEX:CJM). On March 18, 2004, which was the date the Company
priced the notes, the Company entered into an interest rate swap
arrangement with a third party to cause the interest rate on $100
million of the notes effectively to be at a floating rate of the
three-month LIBOR plus 162.4 basis points. The Company has
structured the swap arrangement so that it is documented as a fair
value hedge designated as highly effective at inception, therefore,
the changes in the valuation of the swap will have no impact on
Company earnings; * On April 27, 2004, the Company issued 2,500,000
8% Series B Cumulative Redeemable Preferred Shares at $25.00 per
share, and received net proceeds of approximately $61 million, of
which approximately $53 million was used to pay off a portion of
the debt outstanding with Ford. The preferred shares pay quarterly
dividends in arrears and are trading on the NASDAQ National Market
under the symbol "CARSO" (NASDAQ:CARSO) The shares are redeemable
at the Company's option after April 27, 2009. The remaining net
proceeds will be used to fund future acquisitions and for general
corporate purposes; and * Approximately $23 million from borrowings
on the Company's short-term credit facilities and cash on hand was
used to pay off a portion of the debt outstanding with Ford. As a
result of this balance sheet restructuring, on April 1, 2004, the
Company terminated its $60 million unsecured credit facility, which
prohibited the issuance of senior unsecured debt. As of March 31,
2004, the facility had no amounts outstanding and was expected to
remain principally unused until its expiration in March 2005. The
Company plans to structure a new credit facility in the future that
will better suit its needs. In the interim, the Company believes it
has adequate availability under its remaining credit facilities to
fund its short-term liquidity needs. As a result of these
transactions, the Company expects to incur a debt restructuring
charge totaling approximately $5.1 million, or $0.11 per share to
both FFO available to common shareholders and net income available
to common shareholders. The debt restructuring charge will be
recorded in the second quarter and will consist of the write-off of
deferred loan fees totaling approximately $950,000 and swap
breakage fees totaling approximately $4.1 million related to the
pay-off of variable rate debt with Ford that had been swapped to a
fixed rate. Excluding this charge, the restructuring of the
Company's balance sheet will not have an impact on future earnings
guidance. This restructuring further increases the Company's
balance sheet flexibility while continuing its strategy of
match-funding its leases with its debt. Specifically, the Company
accomplishes the following: * Replacing $214 million of secured
financing with unsecured financing and equity capital; * Increasing
the Company's unencumbered assets to more than $500 million. The
Company's balance sheet will have the capacity to accommodate
growth of over $1 billion in real estate investments without having
to return to the equity capital markets, under its board of
trustees leverage guidance of 65% debt to undepreciated total
assets; * Retaining approximately $62 million in cash that would
have gone to principal amortization over the remaining terms of the
repaid debt. Approximately $9.5 million represents the additional
cash retained over the next twelve months. This also improves the
Company's overall leverage and debt service and fixed charge
coverage ratios. On a pro forma basis, the Company's March 31, 2004
debt to asset ratio would have been reduced by 5% and for the
trailing twelve months ended March 31, 2004, its debt service and
fixed charge coverage ratios would have been improved by
approximately 20 basis points and 5 basis points, respectively.; *
Reducing the Company's long-term variable rate debt by
approximately $60 million which continues the Company's strategy of
match-funding in order to minimize its interest rate risk; and *
Extending the remaining term of the Company's debt from a weighted
average debt maturity of 7.7 years for the Ford loans that were
paid off with 15 year unsecured public notes and equity. As a
result of this restructuring, the Company's weighted average
remaining term of its long-term debt increased from 10.3 years as
of March 31, 2004 to 11.4 years, and its earliest meaningful
long-term debt maturity remains in 2011. In comparison, the
Company's weighted average remaining lease term on its portfolio is
11.7 years as of March 31, 2004 and the earliest meaningful lease
expirations do not occur until 2008. With this restructuring, the
Company has furthered its strategy of match- funding its long-term
leases with long-term debt, allowing the Company to lock in its
investment spreads during the initial lease term. On a portfolio
basis, the Company's total outstanding debt, including this
restructuring, represents approximately 52% of its total real
estate investments. Of this amount, more than 96% of the Company's
lease portfolio is match-funded with debt. The Company's total
outstanding fixed rate debt represents approximately 52% of its
total real estate subject to fixed rate leases, and of this amount,
nearly 100% is match- funded. The Company's total outstanding
variable rate debt represents approximately 54% of its total real
estate subject to variable rate leases, and of this amount, nearly
85% is match-funded. Earnings Guidance As a result of the Company's
first quarter activity and the recent restructuring of its balance
sheet, the Company is revising its 2004 FFO guidance range from
$2.52 to $2.56 per diluted share to $2.44 to $2.48 per diluted
share and its net income guidance range from $1.68 to $1.72 per
diluted share to $1.63 to $1.67 per diluted share. Excluding the
debt restructuring charge of approximately $5.1 million, or $0.11
per diluted share for both FFO and net income, the Company is
increasing its 2004 FFO guidance range to $2.55 to $2.59 per
diluted share and its net income guidance range to $1.74 to $1.78
per diluted share. The increase in the Company's guidance,
excluding the debt restructuring charge, is a result of the income
related to property dispositions that occurred during the first
quarter, which impacted both FFO and net income. In addition, the
Company's 2004 guidance assumes an increase in real estate
investments of $150 million for the year. The high end of the
Company's earnings guidance assumes LIBOR remains at its current
level, which is approximately 1.2%. The low end of the range
assumes LIBOR rises from current levels to 3% during 2004. Because
of the nature of the Company's variable rate lease program, if
LIBOR rises above 3% during the year, the Company's results should
still fall within the guidance range. David S. Kay, Senior Vice
President, Chief Financial Officer and Treasurer added, "We
carefully evaluated the all-in cost of the replacement capital used
to extinguish certain secured debt and, based on that analysis, as
well as the increased flexibility, cash flow and unencumbered
assets achieved, we believe the restructuring is a real positive
for the Company. We continue to seek opportunities to improve our
financial position and lower our weighted average cost of capital
in order to increase our investment spreads while reducing interest
rate risk. We have a highly match-funded balance sheet with a large
portfolio of unencumbered assets which will be the foundation for
our future." 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/. As of
March 31, 2004, the Company had invested more than $1.9 billion in
324 properties, consisting of 448 automotive franchises in 31
states. Approximately 76% of the Company's total real estate
investments are located in the top 50 metropolitan areas in the
U.S. in terms of population. Approximately 74% of the Company's
portfolio is invested in properties leased to the "Top 100" dealer
groups as published by Automotive News. The properties are leased
under long-term, triple-net leases with a weighted average initial
lease term of 14.9 years. 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 that competition for acquisitions could result
in increased acquisition prices and costs as well as a reduction in
capitalization rates; 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 CAPITAL AUTOMOTIVE REIT
UNAUDITED SUPPLEMENTAL FINANCIAL DATA (IN THOUSANDS, EXCEPT PER
SHARE DATA) Three Months Ended March 31, 2004 2003 Statements of
Operations: Revenue: Rental $ 47,610 $ 39,386 Interest and other
970 223 Total revenue 48,580 39,609 Expenses: Depreciation and
amortization 8,804 7,254 General and administrative 2,741 2,233
Interest 17,230 15,043 Total expenses 28,775 24,530 Income from
continuing operations before minority interest 19,805 15,079
Minority interest (3,335) (3,479) Income from continuing operations
16,470 11,600 Income from discontinued operations 1,123 301 Gain on
sale of real estate 953 35 Total discontinued operations 2,076 336
Net income 18,546 11,936 Preferred share dividends (1,852) - Net
income available to common shareholders $ 16,694 $ 11,936 Basic
earnings per share: Income from continuing operations $ 0.43 $ 0.41
Net income $ 0.49 $ 0.42 Diluted earnings per share: Income from
continuing operations $ 0.42 $ 0.40 Net income $ 0.48 $ 0.41
Weighted average number of common shares - basic 34,049 28,279
Weighted average number of common shares - diluted 34,673 29,205
Reconciliation of Net Income to Funds From Operations (FFO) and FFO
Available to Common Shareholders: Net income $ 18,546 $ 11,936
Adjustments: Add: Real estate depreciation and amortization 8,805
7,407 Add: Minority interest related to income from continuing
operations and income from discontinued operations 3,592 3,569
Less: Gain on sale of real estate (953) (35) FFO (A) 29,990 22,877
Less: Preferred share dividends (1,852) - FFO available to common
shareholders 28,138 22,877 Basic FFO per share $ 0.67 $ 0.62
Diluted FFO per share $ 0.66 $ 0.61 Weighted average number of
common shares and units - basic 41,823 36,765 Weighted average
number of common shares and units - diluted 42,447 37,691 Other
financial information: Straight-lined rental revenue $ 1,118 $
1,195 2004 Earnings Guidance and Reconciliation of Net Income to
Funds From Operations (FFO) and FFO Available to Common
Shareholders: Projected Year Ended December 31, 2004 Low-End
High-End Net income $ 69,600 $ 71,100 Adjustments: Add: Real estate
depreciation and amortization 36,700 36,700 Add: Minority interest
related to income from continuing operations and income from
discontinued operations 12,700 13,000 Less: Gain on sale of real
estate (1,000) (1,000) FFO (A) 118,000 119,800 Less: Preferred
share dividends (10,800) (10,800) FFO available to common
shareholders $ 107,200 $ 109,000 Weighted average number of common
shares used to compute fully diluted earnings per share 36,100
36,100 Weighted average number of common shares and units used to
compute fully diluted FFO per share 43,900 43,900 Net income per
diluted share (B) $ 1.63 $ 1.67 FFO per diluted share (B) $ 2.44 $
2.48 (A) The National Association of Real Estate Investment Trusts
(NAREIT) developed FFO as a relative non-GAAP financial measure of
performance and liquidity of an equity REIT in order to recognize
that income- producing real estate historically has not depreciated
on the basis determined under generally accepted accounting
principles (GAAP). FFO, as defined under the revised definition
adopted in April 2002 by NAREIT and as presented by the Company, is
net income (computed in accordance with GAAP) plus depreciation and
amortization of assets unique to the real estate industry, plus
minority interest related to income from continuing operations and
income from discontinued operations, and excluding gains from sales
of property, and after adjustments for unconsolidated partnerships
and joint ventures. FFO does not represent cash flows from
operating activities in accordance with GAAP (which, unlike FFO,
generally reflects all cash effects of transactions and other
events in the determination of net income) and should not be
considered an alternative to net income as an indication of our
performance or to cash flow as a measure of liquidity or ability to
make distributions. We consider FFO a meaningful, additional
measure of operating performance because it primarily excludes the
assumption that the value of the real estate assets diminishes
predictably over time, and because industry analysts have accepted
it as a performance measure. (B) Both low-end and high-end
projections include a debt restructuring charge of approximately
$5.1 million, or $0.11 per diluted share, recorded during the
second quarter of 2004. Calculation of Interest Coverage and Debt
Service Coverage Ratios: We consider the interest coverage and debt
service coverage ratios meaningful financial performance measures
of liquidity as they provide our investors with information
pertaining to our ability to satisfy our debt service requirements.
These measures are typically used by our lenders in assessing our
compliance with certain debt covenants. These ratios are considered
non-GAAP financial measures because they are calculated using
Earnings Before Interest, Taxes, Depreciation and Amortization,
commonly referred to as EBITDA. These ratios should not be
considered an alternative measure of operating results or cash flow
from operations as determined in accordance with GAAP. The
following is a calculation of these ratios for the three months and
twelve months ended March 31, 2004 (dollars in thousands). The
calculation includes a reconciliation of EBITDA to its most
directly comparable GAAP measure, net income. Three months Twelve
months ended ended March 31, 2004 March 31, 2004 Interest Coverage
Ratio: Net income before minority interest $ 22,359 $ 72,192
Interest Expense 17,306 66,745 Depreciation and amortization 8,823
32,519 EBITDA $ 48,488 $ 171,456 Interest Coverage Ratio (EBITDA
divided by Interest Expense and Preferred Dividends) 2.5 2.5 Debt
Service Coverage Ratio (DSCR): Interest Expense $ 17,306 $ 66,745
Preferred Dividends 1,852 2,263 Principal amortization for the
period 9,824 37,282 $ 28,982 $ 106,290 DSCR (EBITDA divided by
Interest Expense + Principal Amortization + Preferred Dividends)
1.7 1.6 March 31, December 31, 2004 2003 Selected Balance Sheet
Data (in thousands) Real estate before accumulated depreciation $
1,918,098 $ 1,874,810 Real estate investments, at cost 1,929,006
1,905,327 Cash and cash equivalents 12,583 13,352 Other assets*
73,071 89,670 Total assets 1,882,110 1,861,585 Mortgage debt
1,071,182 1,066,084 Unsecured debt 4,375 4,425 Borrowings under
credit facilities 18,009 75,009 Total other liabilities** 43,361
34,341 Minority Interest 117,544 112,452 Total shareholders' equity
627,639 569,274 * Other assets includes: Straight-lined rents
receivable 17,338 16,706 Deferred loan fees, net 17,723 18,113
Restricted cash 20,500 20,183 Secured notes 10,908 30,517 ** Other
liabilities includes: Security deposits 7,623 7,568 Derivative
instruments liability 19,158 13,541 Total shares outstanding 35,187
33,033 Total shares and units outstanding 42,948 40,883 March 31,
December 31, Selected Portfolio Data (unaudited) 2004 2003
Properties 324 331 States 31 30 Land acres 2,356 2,323 Square
footage of buildings (in millions) 13.7 13.6 Weighted average
initial lease term (in years) 14.9 14.7 Franchises 448 445
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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