Capital Automotive REIT (CARS). Message Board

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Strategies & Market Trends : Capital Automotive REIT (CARS).

CARS 10.70

-0.5%

12:48 PM EST

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To: Paul Lee who wrote ()	9/8/1998 2:00:00 PM
From: Paul Lee	Read Replies (1) of 46

Capital Automotive REIT Announces Three Million Share Repurchase Program MCLEAN, Va., Sept. 8 /PRNewsire/ -- Capital Automotive REIT (Nasdaq: CARS) announced today that its Board of Trustees has authorized the repurchase of up to three million shares, or approximately 10% of its Common Stock outstanding. Purchases will be made from time to time in open market transactions at prevailing prices or in negotiated private transactions at management's discretion. The share repurchase will commence immediately. Thomas D. Eckert, president and chief executive officer, stated, "The repurchase program reflects our confidence in the intrinsic value of our company. We believe our stock is significantly undervalued relative to our net asset value and the future growth potential of Capital Automotive. While we maintain a robust pipeline of attractive acquisition opportunities in the marketplace, Capital Automotive stock represents an exceptional investment at current price levels. Our strong, unlevered balance sheet and financial flexibility permits us to commence this program immediately as well as continue with our strategy of pursuing high quality acquisitions."

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