NEW YORK, July 22 (Reuters) - Capital Automotive REIT , which owns property leased to car dealerships, on Tuesday said second-quarter earnings rose with assistance from acquisitions.
The company said net earnings rose to $12.7 million, or 40 cents per share, from $10.9 million, or 39 cents per share, a year earlier. Funds from operations, a performance benchmark used by real estate investment trusts that focuses largely on rental income, rose to 60 cents per share from 55 cents the year before.
Looking ahead, Capital Automotive said it is increasing its funds from operations forecast for the year, based on the strong results from the second quarter and its acquisitions pace.