CDXs Editors.Catellusre-leased to tenants. When completed and fully leased, these 3.6 million square feet are expected to cost approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $138.0 million and are expected to add approximately $14.9 million of operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. on an annual basis. We completed development of approximately 2.5 million square feet of commercial space in the third quarter. A total of 72% of this space was retained in our rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. portfolio at an approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. cost of $62.9 million. When stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. , this retained space is expected to make an annual contribties in the third quarter contributing $5.6 millmercial Group was chosen by the City of Westmince space. The agreement with the City of Westminated time intervals over the next six years. Ane development. Catellus
Catellus was a legendary king of the Britons as accounted by Geoffrey of Monmouth. He was the son of King Gerennus and was succeeded by his son Millus. has a series of four options over a period of six years to acquire portions of the site as development proceeds for a total purchase price of $14.0 million. An initial payment of $2.75 million will be made to start the first phase of development. At Septe City of Fremont Fremont (frē`mŏnt). 1 City (1990 pop. 173,339), Alameda co., W Calif., on San Francisco Bay; inc. 1956. Long an agricultural center, with champagne vineyards founded (1870) by Leland Stanford, it still ships fruits and vegetables. was a co-applicant with Catellrint after adjustments for on-site on-site adj. Done or located at the site, as of a particular activity: on-site monitoring of a production run; an on-site film shoot. mitigation MITIGATION. To make less rigorous or penal. 2. Crimes are frequently committed under circumstances which are not justifiable nor excusable, yet they show that the offender has been greatly tempted; as, for example, when a starving man steals bread to satisfy areas and a density transfer for the 8.3 million square foot ey cleared for development and contains 614,000 building portfolio of industrial, office and retail space included 23.4 million square feet of buildings whicwholly owned portfolio of rental buildings and land leases was $29.7 million in the third quarter of 1999 versus $24.8 million in the third quarter of 1998. This increase was primarily from the net addition of 5.8 million square feet to Catellus' portfolio since the third quarter of 1998. Operating income from our rental portfolio was $87.1 million for the nine months ended September September: see month. 30, 1999, a 16% incr At September 30, 1999, Catellus Residential Group had additional sales of 97 lots and 178 homes under coBuyback Program: On October October: see month. 29, 1999, the Catellus board of directors authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: a share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program ftunities in our core business. Share purchases under the program may be made on the open market or in privately negotiated transactions. Catellus has approximately enerally subject to lengthy negotiations and contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. that need to be resolved before closing. These facyears; because properties are owned in various geographical ge·o·graph·ic also ge·o·graph·i·cal adj. 1. Of or relating to geography. 2. Concerning the topography of a specific region. ge locations; and because development projects have feet of industrial, retail and office buildings; approximately 10,700 acres of land leases; 1.2 million square feet of interim-use buildings at mixed use sites; interests in a variety of operating joint ventures, and approximately 777,000king statements concerning market conditions, company performance, development activities, construction, sales activities, leasing activities, governmental action (including discretionary governmental actions concerning entitlements, building permits, fill permits, etc.), economic forecasts, strategic plans, and commitments of third parties. These statements are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which by their nature involve risk and uncertainties. In particular, among the factors that could cause actual results to differ materially are the following: changes in interest rates; changes in the capital markets; changes in tax laws; business and general economic conditions; the possible failure or inability of th office, industrial, retail and residential spa the real estate business. For further information on factors which could affect the company and the stateme 1999 1998 1999 ----- --------- 1,489 7,658 1,605 Land holding costs, net (777) (432) (1,546) (1,537) --------- --------- --------- --------- 19,472 13,803 49,736 26,053 --------- --------- --------- --------- Interest expense (10,404) (9,043) (29,450) (29,052) Depreciation and amortization (10,039) (8,230) (28,623) (25,001) General and administrative expense (3,934) (3,214) (11,527) (9,577) Gain on non-strategic asset sales 2,529 2,858 6,419 7,228 Other, net 1,785 550 3,582 979 --------- --------- --------- --------- Income before income taxes 32,102 24,633 89,377 57,426 --------- --------- --------- --------- Income tax expense Current (2,054) (3,002) (11,264) (6,592) Deferred (10,922) (6,929) (24,800) (16,476) --------- --------- --------- --------- (12,976) (9,931) (36,064) (23,068) ----- ---- --------- --------- --------- Income before extraordinary expense 19,126 14,702 53,313 34,358 Extraordinary expense related to early retirement of debt, net of income tax benefit -- (3,307) -- (3,307) --------- --------- --------- --------- Net income $ 19,126 $ 11,395 $ 53,313 $ 31,051 ========= ========= ========= ========= Net income per share Basic $ 0.18 $ 0.14 $ 0.50 $ 0.32 ========= ========= ========= ========= Assuming dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. $ 0.18 $ 0.13 $ 0.49 $ 0.31 ========= ========= ========= ========= Net income per share - extraordinary expense Basic $ -- $ (0.03) $ -- $ (0.03) ========= ========= ========= ========= Assuming dilution $ -- $ (0.03) $ -- $ (0.03) ========= ========= ========= ========= Net income per share after extraordinary expense Basic $ 0.18 $ 0.11 $ 0.50 $ 0.29 ========= ========= ========= ========= Assuming dilution $ 0.18 $ 0.10 $ 0.49 $ 0.28 ========= ========= ========= ========= Average number of common shares outstanding - basic 107,085 106,747 106,964 106,660 ========= ========= ========= ========= Average number of common shares outstanding - diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. 109,266 109,190 109,261 109,570 ========= ========= ========= ========= CATELLUS DEVELOPMENT CORPORATION Catellus Development Corporation is a real estate landowner that was spun off of the real estate holdings of Santa Fe and Southern Pacific Railroad. They are one of the largest landowners in California. SUMMARY OF EARNINGS BEFORE DEPRECIATION AND DEFERRED TAXES (In thousands, except per share data) (Unaudited) Three months ended Nine months ended September 30, September 30, --------------------------------------- 1999 1998 1999 1998 ---------- --------------------- ------ Net income $ 19,126 $ 11,395 $ 53,313 $ 31,051 Depreciation and amortization 10,039 8,230 28,623 25,001 Deferred income taxes 10,922 6,929 24,800 16,476 Gain on non-strategic asset sales (2,529) (2,858) (6,419) (7,228) Depreciation recapture depreciation recapture See recapture of depreciation. (4,290) -- (4,290) -- Extraordinary item -- 3,307 -- 3,307 --------- --------- --------- --------- Earnings before depreciation and deferred taxes $ 33,268 $ 27,003 $ 96,027 $ 68,607 ========= ========= ========= ========= Earnings before depreciation and deferred taxes per share of common stock - basic $ 0.31 $ 0.25 $ 0.90 $ 0.64 ========= ========= ========= ========= Earnings before depreciation and deferred taxes per share of common stock - assuming dilution $ 0.30 $ 0.25 $ 0.88 $ 0.63 ========= ========= ========= ========= Average number of common shares outstanding - basic 107,085 106,747 106,964 106,660 ========= ========= ========= ========= Average number of common shares outstanding - diluted 109,266 109,190 109,261 109,570 ========= ========= ========= ========= NOTE: We use a supplemental performance measure, earnings before depreciation and deferred taxes (EBDDT), along with net income to report our operating results. EBDDT is not a measure of operating results or cash flows from operating activities as defined by generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . Additionally, EBDDT is not necessarily indicative indicative: see mood. of cash available to fund cash needs and should not be considered as an alternative to cash flows as a measure of liquidity. However, we believe that EBDDT provides relevant information about our operations and is useful, along with net income, for an understanding of our operating results. EBDDT is calculated by making various adjustments to net income. Depreciation expense, amortization and deferred income taxes are excluded from EBDDT as they represent non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. . Since depreciationattributable to depreciation recapture is excluded from EBDDT. In addition, gains on the sale of non-strategi September 30, D,402,496 Other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. and deferred charges, net 21,456 15,275 Accounts rec REC - CONVERT 26 49,284 Cash and cash equivalents =========== ======= 873,207 Accounts payable and accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. expenses 90,360 ed income taxes 161,949 ----------- ----------- 1,071 1,068 Paid-in capital Paid-in capital Capital received from investors in exchange for stock, but not stock from capital generated from earnings or donated. This account includes capital stock and contributions of stockholders credited to accounts other than capital stock. 482,827 ---- ----------- Total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. =========== =====tages This article is about the Etruscan god of wisdom. For the CD/DVD copy protection system, see TAGES. In Etruscan mythology, Tarchies (spelled in Latin as Tages) was the god of wisdom. He appeared at ploughing-time and taught Etruscans divination. ) (Unaudited) Additional Information Three months ended Nine months ended September 30, September 30, by property type: (1) Industrial buildings 1,398 4,031 4,169 ------- ------- ------- ------- $31,176 $26,235 $91,134 $79,442 Represents rental revenue less property operatie feet owned 20, Square feet owned 1,622 1,620 Square feet leased 1,485 1,528 Percent lea% 89.1% Subtotal subtotal /sub·to·tal/ (sub-to´t'l) less than, but often almost, complete. industrial, office 1,063 1,054 Percent leased 90.4% 86.4% Total - Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Square feet owned 24,608 18,873 Square feet leased 22,455 17,779 Percent leased 91.3% 94.2% (1) Represents interim income-producing uses of properties intended for mixed-use development Mixed-use development refers to the practice of allowing more than one type of use in a building or set of buildings. In planning zone terms, this can mean some combination of residential, commercial, industrial, office, institutional, or other land uses. . CATELLUS DEVELOPMENT CORPORATION ADDITIONAL INFORMATION (In thousands, except percentages) (Unaudited) Additional Information (continued) ============ (1) Same space propert September 30, 1999 1998 1999 1998 Property sales: Sa ======== ======== ber 30, 1999 1998 Property sales backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. - sales under contract: Commercial: Buildings $ 24,290 $ 44,284 Land (In thousands) ---- ---- ---- ---- Development Activity: Construction and completion Under construction, beginning of period 4== Contracts signed, construction not started 581 258 ====== ====== (1) A 101,000 square foot building that was completed in the first quarter of 1999 was sold in the second quarter of 1999 and is included as a building so434) -------- -------- -------- Margin $ 10,389 $ 146 $ 10,535 -------- Margin $ 1,092 $ 5,888 $ 6,980 -------- -------- -------- Margin % 25% 21% 22% $ 9,490 ======== Three Months Ended September 30, 1998 ---------------------------------------- Merchant Community Housing Development Total Owned and Consolidated Joint Ventures Units/Lots 6 19 25 Revenues $ 5,644 $ 889 $ 2,275 $ 3,164 ------- ------- ------- MargiG&A Expenses, Minority Interest, 17 Revenu-- Margin $ 1,332 $ -- $ 1,332 ------- ------- ------- Margin % 20% -- 20% ------- Minority Interest and Other Income CATELLUS DEVELOPMENT CORPORATION Housing Development Totalf Sales (56,928) (1,394) (58,322) Margin $ 17,882 $ 1,786 $ 19,668 Margin % 794 Revenues $ $ 20,813 $ 7,015 $ 27,828 Cost of Sales (18,115) (3,017) (21,132) Margin $ 2,698 $ 3,998 $ 6,696 Margin % 13% 57% 24% G&A Expenses, Min $ 2,777 $ -- $ 2,777 bution $ 5,004 CATELLUS DEVELOPMENT CORPORATION ADDITIONAL INFORMATION (In thousands) (Unaudited) Additional Information (continued) September 30, 1999 1998 Property sales backlog - sales under contract: Residential Development Owned projects and consolidated joint ventures Units $60,827 $59,256 Lots $ 6,370 $10,326 ======= ======= Unconsolidated joint venture projects (1) Units $ 7,592 $30,629 ======= ======= Lots $ 9,866 $ -- ======= ======= (1) The Company is entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to receive 25% - 67% of the net profits from these joint ventures. CATELLUS DEVELOPMENT CORPORATION ADDITIONAL INFORMATION (In thousands) (Unaudited) Additional Information (continued) Three months ended Nine months ended September 30, September 30, -------------------------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Interest costs: Total interest costs $ 16,777 $ 15,104 $ 48,176 $ 41,161 Interest capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. (6,373) (6,061) (18,726) (12,109) -------- -------- -------- -------- Interest expensed $ 10,404 $ 9,043 $ 29,450 $ 29,052 ======== ======== ======== ======== Sale of non-strategic assets: Sales Proceeds $ 4,908 $ 5,678 $ 9,794 $ 11,299 ======== ======== ======== ======== Gain (loss) $ 2,529 $ 2,858 $ 6,419 $ 7,228 ======== ======== ======== ======== September 30, ------------------ 1999 1998 -------- -------- Backlog - sales under contract: Non-strategic land $ 59,276 $ 62,626 ======== ======== CATELLUS DEVELOPMENT CORPORATION ADDITIONAL INFORMATION (In thousands) (Unaudited) Additional Information (continued) September 30, December December: see month. 31, 1999 1998 ---- ---- Properties Rental properties: Industrial buildings $ 694,516 $ 547,903 Office buildings 197,800 205,024 Retail buildings 92,450 95,729 Land leases 64,995 65,245 Investment in joint ventures (45,631) (48,330) ----------- ----------- 1,004,130 865,571 Development properties: Industrial 181,383 167,188 Residential 130,152 72,413 Mixed use 304,735 294,084 Retail, office and other 25,030 20,532 Resources 4,906 6,445 Properties held for sale 8,058 10,144 Investment in joint ventures 53,981 62,203 ----------- ----------- 708,245 633,009 Work-in-process: Industrial 31,259 103,456 Industrial - capital lease 41,147 8,284 Residential 74,892 34,350 ----------- ----------- 147,298 146,090 Other 24,937 22,903 ----------- ----------- Gross book value 1,884,610 1,667,573 Accumulated depreciation accumulated depreciation The total amount of depreciation that has been recorded for an asset since its date of acquisition. For example, a computer with a 5-year estimated life that was purchased for $2,000 would have accumulated depreciation of $800 [( (285,331) (265,077) ----------- ----------- Net book value $ 1,599,279 $ 1,402,496 =========== =========== |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion