Friedman Billings Ramsey Co., Inc. Raises $300 Million in IPO for Capital Automotive REIT; First Public REIT of Automotive Dealers

Business Wire, Feb 13, 1998

WASHINGTON--(BUSINESS WIRE)--Feb. 13, 1998--Friedman Billings Ramsey & Co., Inc. (FBR) announced today that it is acting as sole manager in an initial public offering of 20,000,000 shares of common stock at $15 per share for Capital Automotive REIT (Nasdaq: CARS). The offering raised $300 million for the Company.

"This is a first," said Eric F. Billings, Vice Chairman and COO of FBR. "Capital Automotive REIT is the first public real estate investment trust ("REIT") formed to acquire and lease back real property and improvements for use by automotive dealers."

FBR Asset Investment Corporation, an affiliate of Friedman Billings Ramsey Group, Inc., has agreed to acquire 1,792,115 common shares in a private placement.

Friedman Billings Ramsey Group, Inc. is a publicly traded, full-service investment banking firm (NYSE: FBG). As of December 31, 1997, FBR had 40 research professionals covering more than 400 publicly traded companies, most of which are in the real estate, technology, banking, thrift, specialty finance and consolidation sectors. FBR maintains a full service trading operation in common and preferred stocks and high yield debt and makes a market in more than 350 securities. To learn more about FBR, the company's website can be accessed at www.fbr.com.

CONTACT: Melanie Nelson, FBR, (703) 312-9600

Mnelson@fbr.com