In a prepared statement, officials of locally based Capital Automotive said the transaction would be financed with the long-term debt from a new agreement with Toyota Financial Services and with equity. The deal, announced along with the company's second-quarter financial results, is expected to be completed in the third quarter. Company officials were not immediately available for comment.
The REIT also said $32.5 million in acquisitions were completed during the second quarter. Almost all of those deals were financed with debt. Among the transactions were two properties valued at $14.7 million, in Medford, OR, and Fresno, CA, which have been leased to Lithia Motors Inc.
At the end of June, the company's portfolio included 251 properties with an asset value of about $1.1 billion, consisting of 376 automotive franchises in 27 states.
The company reported Q2 adjusted FFO of $14.2 million, or 46 cents a diluted share, compared with $12.7 million, or 43 cents a diluted share, for the period a year earlier.
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