Central Parking Corporation Completes Sale of Lease for $39 Million

Central Parking Corporation today announced that it has completed the sale of its leasehold interest in a parking garage at 839 6th Avenue in New York City for $39 million.
The sale will result in a property-related gain included in continuing operations in the Company's fourth fiscal quarter of approximately $38 million on a pre-tax basis. The sale will result in an after-tax gain of approximately $23 million.

The Company sold its rights under the lease, which had a term ending in 2016, to a developer. The lease produced pre-tax profits in fiscal 2004 of approximately $1.7 million. At the closing of the transaction, the Company entered into an agreement to operate the parking garage for the next 18 months on terms expected to produce pre-tax profits of approximately $1.1 million per year.

"We are very pleased with this transaction, which we believe demonstrates the substantial intrinsic value in many of the Company's longer-term leases," said Monroe J. Carell, Jr., Chairman and Chief Executive Officer. "The sale of this lease is entirely consistent with the Company's strategy of pursuing opportunistic property sales in situations where the Company can achieve a purchase price that represents a substantial multiple to earnings."

About Central Parking Corporation

Central_Parking_Corp.jpgCentral Parking Corporation, headquartered in Nashville, Tennessee, is a leading provider of parking and transportation-related services. As of March 31, 2005, the Company operated more than 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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Central Parking Corporation
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