Capital Automotive (Nasdaq: CARS – news) the U.S.A’s leading specialty finance company for automotive retail real estate, today announced that its Board of Trustees declared a quarterly cash dividend of $0.3775 per share for the third quarter ending September 30, 2000. The dividend is payable on November 21, 2000 to shareholders of record as of November 10, 2000.
Thomas D. Eckert, President and Chief Executive Officer, stated, “The third quarter dividend reflects the 11th consecutive increase in our quarterly dividend and represents an annualized rate of $1.51 per share and a 10.7% yield based upon Monday’s closing stock price. Our real estate portfolio continues to perform at a very high level and is producing stable, predictable cash flow. Since the inception of our Company, we have not had a single tenant miss a rental payment.”
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Capital Automotive, headquartered in McLean, Virginia, is a self- administered, self-managed real estate investment trust formed to acquire the 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 www.capitalautomotive.com .
