Central Parking Corporation Completes Houston Real Estate Transaction for $21 Million

Central Parking Corporation (NYSE: CPC) today announced that it has completed a real estate transaction, including the sale of three parcels in downtown Houston, for approximately $21 million.
The sale will result in a property-related gain included in continuing operations in the Company's first quarter of fiscal 2006 of approximately $12.1 million on a pre-tax basis.

The property was sold to Entertainment Development Group, which plans to build a $200 million retail, office and residential development to be known as Houston Pavilions on the site. In connection with the transaction, the Company agreed to lease its 1,600 space garage at 1313 Main Street, which is adjacent to the proposed project, to the development group for use as the primary parking facility for the project. The initial term of the lease, which begins January 1, 2007, is ten years with five renewal options of ten years each. In addition, Central Parking retained a twenty-year right of first refusal to operate any parking developed on the project site.

"Our involvement in this major, multi-use project represents a win-win situation for Central Parking," said Emanuel J. Eads, President and Chief Executive Officer. "First, the sale of this property is entirely consistent with our previously announced strategy of pursuing opportunistic property sales where the purchase price represents a substantial multiple to earnings. Second, we secured a long-term commitment, on terms that are very favorable to us, from the development group to lease an adjacent garage owned by Central Parking. This long-term lease commitment not only will improve our returns from this garage but will ensure steady cash flow from this facility for many years to come."

About Central Parking Corporation

Central Parking Corporation, headquartered in Nashville, Tennessee, is a leading provider of parking and transportation-related services. As of September 30, 2005, the Company operated approximately 3,400 parking facilities containing over 1.5 million spaces at locations in 37 states, the District of Columbia, Canada, Puerto Rico, the United Kingdom, the Republic of Ireland, Chile, Colombia, Germany, Mexico, Peru, Poland, Spain, Switzerland, Venezuela and Greece.
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