Narrowly focused on auto dealership properties. Exposed to auto industry cyclicality. Fair degree of diversity in terms of manufacturers, brands, auto dealer tenants, and geography. Long average remaining lease term. As of June 30, 2015, the average remaining lease term was about 10 years. Auto dealer tenants are currently well-performing, and we expect market conditions to remain favorable over the next few years. Aggressive debt leverage. Significant de-leveraging over the next few years is unlikely, given the company's growth appetite and dividend policy. Liquidity is adequate, given credit availability, minimal working capital and capital expenditure requirements, and absence of significant near-term debt maturities. Our rating outlook on Capital Automotive LLC and its subsidiary Capital Automotive L.P. (together, CARS) is stable.
