Capital Automotive LLC Announces Extension of Its Approximately $2 Billion Term Loan and Revolving Credit Facility

Capital Automotive LLC Announces Extension of Its Approximately $2 Billion
Term Loan and Revolving Credit Facility

MCLEAN, Va., Oct. 8 /PRNewswire/ -- Capital Automotive LLC (the "Company"),
the nation's leading specialty finance company for automotive retail real
estate, which is owned by funds managed by DRA Advisors LLC, a real estate
investment advisor based in New York, today announced that it has completed an
amendment to extend the Company's senior secured credit facility (the
"Amendment"), which consists of an approximately $1.8 billion term loan and a
$250 million revolving credit facility. The Company received consenting votes
from holders in excess of 90% of the combined outstanding principal balance,
including 100% of the lenders on the revolving credit facility ("Consenting
Lenders"). The term loan and revolving credit facility, which originally had
maturity dates of December 16, 2010 and December 16, 2009, respectively, were
extended to December 14, 2012 and December 16, 2011, respectively, for
Consenting Lenders. The Amendment approved a revolving credit facility
commitment amount during the extended period of $115 million. The maturity
date associated with the non-Consenting Lenders' outstanding debt did not
change as a result of the Amendment. Barclays Capital was the sole agent on
the transaction.

Although the automotive retail market has declined significantly throughout
2008 and 2009, reflecting the impact of weak economic conditions in the U.S.,
the majority of the Company's tenants have experienced stronger performance
than the industry as a whole. The outperformance was due to the Company's
portfolio remaining heavily concentrated in import branded facilities,
currently approximately 76%. While U.S. vehicle sales for all major vehicle
manufacturers have declined during the recent difficult economic environment,
a disproportionate amount of the decline in the U.S. has been attributable to
domestic manufacturers. Approximately 99% of the Company's portfolio is
currently leased, with no significant near-term lease expirations until 2013.
Since the Company's inception in 1998, it has experienced only approximately
$1.7 million in cumulative missed rental payments representing less than 0.1%
of its cumulative rents since that date.

David S. Kay, Senior Vice President and Chief Financial Officer added, "We are
extremely pleased that we have completed this amendment to our structured
debt, significantly extending our near-term maturities. We believe our
successful execution reflects the positive relationships that we have with our
lending group, as well as their recognition that our portfolio has performed
above their expectations and current industry-wide trends. We believe that
our diverse real estate portfolio will continue to outperform other segments
during these challenging economic times."

About Capital Automotive

Capital Automotive, headquartered in McLean, Virginia, is a Delaware limited
liability company. The Company's primary strategy is to acquire 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 Website at
http://www.capitalautomotive.com.

About DRA Advisors LLC

DRA Advisors LLC is a New York-based registered investment advisor
specializing in real estate investment management services for institutional
and private investors, including pension funds, university endowments,
foundations and insurance companies. Founded in 1986, the firm currently
manages approximately $10 billion in assets. Additional information about DRA
can be found on its website at http://www.draadvisors.com.

Contact Information
David S. Kay
Senior Vice President and Chief Financial Officer
Capital Automotive Real Estate Services, Inc.
703.394.1302

SOURCE Capital Automotive LLC

David S. Kay, Senior Vice President and Chief Financial Officer of Capital
Automotive Real Estate Services, Inc., +1-703-394-1302