The Mclean, VA-based REIT says its Atlanta-area properties are the 12th largest of its investment markets nationwide. Capital maintains five properties here with a gross investment of about $33.6 million or 3.24% of its portfolio.
The firm's number one investment market is in Chicago where it maintains four properties for a total gross investment of $20.3 million.
Annual funds from operations for 2000 were $51.1 million or $1.73 per diluted share, compared with $43.2 million or $1.50 per share in 1999. Net income was $25.8 million or $1.22 per diluted share, compared to $21.7 million or $1.01 per diluted share the year before.
The firm reported fourth quarter funds from operations last year of 44 cents per diluted share, up 7% or $12.2 million from the same period in 1999. Total revenues were $26.9 million were up 10% for the quarter.
Capital Automotive vice president and CFO David S. Kay tells GlobeSt.com Atlanta is an important market to the company as it strives to be geographically diverse. One of the firm's key dealership groups, Kelly Automotive Group, was featured in the annual report as being among the top five dealerships. Kelly runs Global Imports BMW, nine miles north of the city. The company didn't disclose dealership sales figures.
Capital plans to continue to expand into areas where they do not have any automotive real estate, Kay says. The firm is in every state in the Sunbelt except Mississippi.
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