Stable revenue and cash flow, derived largely from rental income on auto dealership properties. Auto dealer tenants have generally outperformed industry norms, with dealership base being skewed toward import brands and large dealership groups. With completion of pending refinancing, will have unutilized $200 million revolving credit facility and no debt maturities in 2011. Assets are single-purpose in nature. Asset base is almost completely encumbered. High leveraged capital structure. Substantial debt maturities 2016-2017. Privately held McLean, Va.-based Capital Automotive LLC and its operating company, Capital Automotive L.P. (collectively, CARS), is organized as a C Corporation and invests in real estate leased primarily to franchised auto dealerships and other auto-related businesses. Standard&Poor's Ratings Services ratings on CARS reflect the company's
