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Capital Automotive REIT Reports Second Quarter and Six Month Results; Company Declares $0.21 Per Share Dividend
MCLEAN, Va., July 30 /PRNewswire/ -- Capital Automotive REIT (Nasdaq: CARS) today announced financial results for the second quarter and six months ended June 30, 1998.
For the second quarter, the Company reported funds from operations (FFO) of $6.9 million, or $0.23 per basic and diluted share, on total revenues of $8.5 million. Net income was $4.7 million, or $0.19 per basic and diluted share. FFO results are based on diluted weighted average number of common shares and units of 30.6 million.
For the six month period ended June 30, 1998, funds from operations were $9.3 million, or $0.42 per basic share or $0.41 per diluted share, on total revenues of $11.9 million. Net income for the period was $6.4 million, or $0.34 per basic and diluted share. FFO results for the six month period are based on basic weighted average number of shares and units of 22.4 million and diluted weighted average number of shares and units of 22.7 million.
The Company also announced today that its Board of Trustees has declared a cash dividend of $0.21 per share for the second quarter. The dividend is payable on August 20, 1998 to shareholders of record as of August 10, 1998.
During the second quarter, Capital Automotive REIT closed on $110 million in property acquisitions. Consideration for the properties consisted of 81% cash and 19% operating partnership units. Subsequent to June 30, 1998, the Company has closed on approximately $30 million in property acquisitions. As of June 30, 1998, Capital Automotive owned 64 properties, including 96 franchises representing 27 automotive brands in 14 states. As of June 30, 1998, the Company owned the property used by 14 dealer groups, seven of which are in the top 100 dealer groups in the country according to Automotive News.
Thomas D. Eckert, president and chief executive officer, stated, "We are very pleased with our results for the second quarter which reflect the commitment to our strategy of acquiring high-quality properties at attractive lease rates. The $98 million in property acquisitions we announced early in the second quarter as well as the conversion of our letters of intent to firm contracts are indicative of our pipeline and significant growth potential. We continue to lengthen the initial lease terms as well as expanding our geographic and franchise diversification. These are important components of our portfolio risk management." |
