The company has stable revenue and cash flow, derived largely from rental income on auto dealership properties; Auto dealer tenants have generally outperformed industry norms, with the dealership base being skewed towards well-positioned import brands and large dealership groups; and With completion of pending refinancing actions, the company will have reduced debt maturities to minimal levels through 2017 and lowered funding costs. Assets are single-purpose in nature; Highly leveraged capital structure; Asset base is almost completely encumbered; Bulk of all secured term debt matures in 2017; and Control by private equity firm poses uncertainties about future ownership. Privately held McLean, Va.-based Capital Automotive LLC and its operating company, Capital Automotive L.P. (collectively, CARS), invest in real estate leased primarily to
