Capital Automotive REIT, McLean, Va., has announced that it plans to convert from a Maryland real estate investment trust to a Delaware limited liability company on or about Dec. 30.The REIT completed a merger with Flag Fund V LLC and other entities advised by DRA Advisors LLC on Dec. 16, with Capital Automotive continuing as the surviving REIT but with all its common shares owned by Flag Fund V, the company reported. In the restructuring (which will be deemed a liquidation for federal income tax purposes), all the company's outstanding series A and series B preferred shares will be converted into series A and series B preferred units of its successor. The company cautioned that the restructuring could have adverse tax consequences for some of its preferred shareholders. It can be found online at http://www.capitalautomotivereit.com.
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