Capital Automotive REIT (CARS). Message Board

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

CARS 10.74

+1.2%

Oct 31 9:30 AM EST

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To: Paul Lee who wrote ()	10/21/1998 10:36:00 AM
From: Paul Lee	of 46

Capital Automotive REIT Announces Share Repurchase of Additional Three Million Shares MCLEAN, Va., Oct. 21 /PRNewswire/ -- Capital Automotive REIT (Nasdaq: CARS) announced today that its Board of Trustees has authorized an additional repurchase of up to three million shares or nearly 14% of the approximately 22 million shares of outstanding Common Stock. 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 new three million share repurchase program will commence immediately. The new repurchase program follows the buyback announced on September 8, 1998 under which substantially all of the three million shares were purchased at prices ranging from $9-1/8 to $11-7/8 per share. Thomas D. Eckert, president and chief executive officer, stated, "We believe our stock remains significantly undervalued relative to net asset value which presents an attractive investment opportunity for Capital Automotive to maximize its return on capital and enhance shareholder value. This repurchase reaffirms our commitment to return value to shareholders and our confidence in the growth and future prospects of Capital Automotive."

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