results--Looks good
Capital Automotive REIT Announces Financial Results for the First Quarter 1998; Company Declares Initial Cash Dividend
MCLEAN, Va., April 28 /PRNewswire/ -- Capital Automotive REIT (Nasdaq: CARS) today announced financial results for the first quarter ended March 31, 1998. Although the Company was formed prior to January 1, 1998, it did not complete its initial public offering until February 19, 1998, at which time it began generating rental income. Pro forma results are as if the Company had been public and generating rental income from January 1, 1998 through March 31, 1998.
For the first quarter, the Company reported actual funds from operations (FFO) of $2.4 million, or $0.16 per basic and diluted share, on total revenues of $3.3 million. This compares with pro forma FFO of $4.4 million, or $0.21 per basic and diluted share, on pro forma total revenues of $5.6 million. Actual net income was $1.7 million, or $0.14 per basic and diluted share and pro forma net income for the quarter was $3.1 million, or $0.20 per basic share or $0.19 per diluted share. The pro forma information assumes the acquisition of certain of the Company's initial properties and the commencement of the initial leases as of January 1, 1998, whereas the actual lease commencement dates were concurrent or subsequent to February 19, 1998.
Actual FFO results are based on diluted weighted average number of common shares and units of 14,833,000 and pro forma FFO results are based on diluted weighted average number of common shares and units of 21,150,000.
The Company also announced today that its Board of Trustees has declared its initial cash dividend of $0.076 per share for the first quarter. The dividend is payable on May 26, 1998 to shareholders of record as of May 12, 1998. The distribution represents a pro rata distribution for the period from February 19, 1998, the day the Company completed its initial public offering, through March 31, 1998.
Thomas D. Eckert, president and chief executive officer, stated, "We are pleased with our initial results as a public company. Our operating results, as well as the initial reaction to our IPO, affirms the confidence the dealership community and the investment community have in Capital Automotive. The initial properties we acquired in conjunction with our IPO are representative of our strategy of acquiring the highest quality properties in the finest markets. In addition, the $98 million in property acquisitions we announced early in the second quarter are indicative of our pipeline and significant growth potential. We look forward to sharing continued success with our shareholders."
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