Catellus Earnings Before Depreciation and Deferred Taxes Up 24% for the Year 2000; the Company Expects Continued Growth in EBDDT During 2001.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--Feb. 14, 2001 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. (NYSE NYSE See: New York Stock Exchange :CDX CDX Companion Dog Excellent (AKC Obedience Title) CDX Cyber-Defense Exercise CDX Central Data Exchange CDX Community Development Exchange (UK community development organization) CDX Commercial Data Exchange ) today reported results for the fourth quarter and year ended December December: see month. 31, 2000. Earnings before depreciation and deferred taxes (EBDDT) for the quarter ended December 31, 2000, were $37.6 million, compared to $32.6 million for the same period in 1999. On a 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. share basis, EBDDT for the quarter was $0.34 per share, compared to $0.30 per share in the fourth quarter of 1999. EBDDT for the year ended December 31, 2000 was $159.3 million or $1.46 per diluted share. This represents a 24% increase over the Company's results of $128.6 million or $1.18 per diluted share in 1999. Since 1995, 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 achieved a 42% compounded annual growth rate in EBDDT per share. "Catellus had a terrific year in 2000," commented Nelson C. Rising, chairman and chief executive officer. "Our accomplishments demonstrate the success of our business model, which was designed to provide stability and sustainable growth even during periods of economic uncertainty. We have built our business on a platform of high quality income producing properties, a strong balance sheet with ample liquidity, talented real estate professionals, and a one-of-a-kind inventory of developable land. In doing so, we have achieved an appropriate balance of growth and stability by deriving de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 65% of our 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. from 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 and the remaining 35% from commercial and residential development activities. "Looking ahead, while mindful mind·ful adj. Attentive; heedful: always mindful of family responsibilities. See Synonyms at careful. mind of the uncertain economic climate and California's energy crisis, we approach 2001 with a sense of optimism Optimism See also Hope. Bontemps, Roger personification of cheery contentment. [Fr. Lit.: “Roger Bontemps” in Walsh Modern, 66] Candide beset by inconceivable misfortunes, hero indifferently shrugs them off. [Fr. ." Rising went on to make the following points: Catellus is positioned for continued growth in net operating income from our stable rental portfolio because we: - Increased our rental portfolio in 2000 to 28.8 million square feet, diversified by tenant industry and competitive markets, with overall occupancy at 95.7% at year end. - Grew 2000 NOI by 18% over 1999 to $161.3 million, predominantly from new development completed over the last two years. - Completed 5.2 million square feet of high quality newly constructed properties which was added to our rental portfolio at a cost of $173.0 million, and which is expected to contribute $20.0 million to NOI on a fully stabilized annual basis. Only $9.0 million of NOI was realized from these new properties in 2000. - Began 2001 with 3.5 million square feet under construction. Of that total, 3.3 million square feet is expected to be added to our rental portfolio, which when completed and stabilized is expected to cost $191.0 million and to contribute approximately $25.5 million in annual NOI. Catellus began 2001 with increased financial strength because we: - Achieved ratio of EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become to debt service of 3.9 at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2000 and maintained our ratio of debt to total market capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. of 38%. - Increased total cash to $382 million at year end 2000. - Upon completion of a pending $200 million financing, will have $885 million of fixed rate debt at an average rate of just under 7.0%, with 90% of the debt maturing on or after 2006. - Continue to have access to construction financing at attractive rates. In general our construction financings require little or no cash equity, since our land portfolio is largely unencumbered Unencumbered Property that is not subject to any creditor claims or liens. Notes: For example, if a house is owned free and clear (meaning the owner owes no mortgage to anyone), it is unencumbered. by third party debt. Our financial strength should enable us to: - Implement our capital budget of approximately $900 million in 2001 which is designed to position the Company for continued growth in 2002 and beyond. - Take advantage of new opportunities produced by challenging economic times. - Implement 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 to increase shareholder value. Catellus has an excellent outlook for generating earnings and increased cash flow from development activities: - Catellus owns an unequaled portfolio of 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: development land encompassing many product types in some of the most supply constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. long term growth markets in the Western United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Our portfolio can support, in over 20 different sub-markets, 26.5 million square feet of suburban commercial development; 15.3 million square feet of CBD (Component Based Development) Building applications with components (objects). See component software. CBD - component based development commercial development; 4,755 units of urban residential; and 6,000 lots of suburban residential. - In aggregate, we expect to start development of over 4 million square feet of commercial development and 600 units of residential development in 2001. - Of the 3.5 million square feet currently under construction, we expect to generate an average 13% return on cost. - We continue to generate returns on our invested equity in excess of our 15% after tax hurdle rate Hurdle Rate The minimum amount of return that a person requires before they will make an investment in something. Notes: This is the rate of return that will get someone "over the hurdle" and invest their money. . Commercial Group: - Construction starts for the year ended December 31, 2000 were 4.9 million square feet, with 1.0 million square feet started in the fourth quarter. We plan to start 3.5 million square feet of commercial development in 2001, which represents more capital investment than in 2000. - We generated $19.3 million in profits from the sale of land and $24.0 million from the sale of buildings in 2000. The capitalization rate Capitalization Rate According to the Appraisal Institute, it is a method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, by dividing the income estimate by an appropriate rate. on the buildings sold was under 9%. - Total sales under contract but not yet closed of $35.9 million as of year-end 2000, comprised of 12 transactions in various markets throughout the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . - We acquired undeveloped land during 2000 for a total cost of $33.0 million that we expect will support an additional 10.2 million square feet of development, once again demonstrating the ability to replenish re·plen·ish v. re·plen·ished, re·plen·ish·ing, re·plen·ish·es v.tr. 1. To fill or make complete again; add a new stock or supply to: replenish the larder. 2. our inventory of developable land at attractive prices and terms during a robust market. - We have satisfied conditions for the first phase under our land lease with a subsidiary of Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation). Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. at Pacific Commons in Fremont, California For the unincorporated community in Yolo County, California, see . Fremont (IPA: /ˈfriːmɒnt/) is a city in California that was incorporated on January 23, 1956, from the merger of five smaller communities: . Under the terms of this lease, we expect to receive prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. rent in the amount of $68.0
million within the next week. This represents approximately two thirds of the total land that Cisco is expected to lease with the remaining land subject to the satisfaction of certain additional conditions. Urban Group: - We signed a lease with Gap Inc. for a 283,000 square foot building at Mission Bay, with construction scheduled to commence in the first quarter of 2001. - We closed two residential land leases at Mission Bay with AvalonBay Communities AvalonBay Communities, Inc. (NYSE: AVB) is an Alexandria, Virginia-based public real estate investment trust. The company specializes in acquiring, developing, redeveloping and managing high-quality apartment communities in high barrier-to-entry markets, such as the Northeast, that are expected to generate $2.2 million in annual contribution to our NOI NOI Net Operating Income NOI Notice of Intent NOI Nation of Islam NOI Notice of Inquiry NOI Neuro Orthopaedic Institute NOI New Organizing Institute NOI Notice of Interest NOI No Offense Intended NOI National Olympiad in Informatics and when financed are expected to generate $23.1 million in cash from debt proceeds. - We have two sales pending at Mission Bay for a total of approximately $23.4 million, including a condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. site and a site for a biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. building. - We have two sales under contract but not yet closed in San Diego Diego is a Spanish male name, derived from the Hebrew Yaʿqob (Jacob), the name of Saint James the Great, via Sant Yago, re-analysed as Santiago and SanDiego. of approximately $26.0 million for two condominium sites. Residential Group: - We completed the planned restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of our Residential Group with the sale of the merchant housing assets and the contribution of assets to a newly formed limited liability company, that is expected to contribute approximately $10.0 to $12.0 million of income during 2001, of which $6.2 million has already been realized in January January: see month. . - We sold 117 lots in December 2000, at our project Victoria by the Bay in Hercules, California Hercules is a city in Contra Costa County, California, United States. The population was 19,488 at the 2000 census. It is one of many small “bedroom communities” along the I-80 corridor in Western Contra Costa County. . We expect to complete the sale of the remaining 117 lots in April 2001. - We have a total sales under contract but not yet sold of $76.2 million, representing sales of 335 lots and 136 homes in five different projects in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . Rising concluded, "As a result of our increasing NOI, our strong balance sheet, the combined skills of our management team, and our development 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. , we are very positive about our prospects for 2001 and believe we will meet or exceed our 2001 growth goal of 15%, resulting in 2001 EBDDT of $1.68 or greater per diluted share." Catellus Development Corporation will hold a conference call to discuss this quarter's results on February February: see month. 14 at 9 AM Pacific Standard Time (Noon Eastern). The dial-in number for the call is 800-450-0819. Catellus Development Corporation will also broadcast the conference call live on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . Web visitors can listen at http://www.catellus.com/html/investor_relations.htm. Approximately six hours following the conference call, you may access a telephonic replay of the call by dialing 800-475-6701 and entering access code 563747. The telephonic replay will be available through March 14, 2001. The supplemental information package of financial and operating data will also be available on the investor relations Investor relations The process by which the corporation communicates with its investors. section of the company's website on February 16, 2001. About Catellus Development Corporation Catellus Development Corporation is one of the nation's premier diversified diversified (di·verˑ·s real estate development companies. The Company specializes in developing, managing and investing in a broad range of product types including industrial, residential, office, retail and major urban development projects. It owns one of the largest portfolios of developable land in the Western United States capable of supporting over 41.8 million square feet of new commercial development and an estimated 10,800 residential lots and units. More information on the Company is available at www.catellus.com. Except for historical matters, the matters discussed in this release and in the supplemental information package of financial and operating data 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. that involve risks and uncertainties. We have tried, wherever practical, to identify these forward-looking statements by using words like "anticipate," "believe," "estimate," "project," "expect," "plan," "prospects" and similar expressions. Forward-looking statements include, but are not limited to, statements about plans; opportunities; negotiations; markets and economic conditions; development, construction, rental and sales activities; availability of financing; and property values. We caution you not to place undue reliance on these forward-looking statements, which reflect our current beliefs and are based on information currently available to us. We do not undertake any obligation to revise these forward-looking statements to reflect future events, changes in circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , or changes in beliefs. These forward-looking statements are subject to risks and uncertainties that could cause our actual results, performance, or achievements to differ materially from those expressed in or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by these statements. In particular, among the factors that could cause actual results to differ materially are: -- Changes in the real estate market or in general economic conditions in the areas in which we own property, including the possibility of a general economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. or recession, which some observers predict in the near-term near-term adj. Of, for, or involving a short period of time in the near future. . Such changes could also include changes in the growth, job formation, and demographics The attributes of people in a particular geographic area. Used for marketing purposes, population, ethnic origins, religion, spoken language, income and age range are examples of demographic data. of markets in which we own property or changes in the local land use policies that might affect existing constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. on supply. -- Issues arising from shortages in electrical power to us or to our customers, which could affect our ability to rent or sell properties, the ability of tenants or buyers to pay for our properties or for the use of our properties, or our ability to conduct our business. -- Product and 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 concentration. -- Competition in the real estate industry. -- Availability of financing to meet our capital needs, the variability of interest rates, and our ability to use our collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although to secure loans. -- Delay in receipt of or denial denial, in psychology, an ego defense mechanism that operates unconsciously to resolve emotional conflict, and to allay anxiety by refusing to perceive the more unpleasant aspects of external reality. of government approvals and entitlements for development projects, other political and discretionary government decisions affecting the use of or access to land, or legal challenges to the issuance of approvals or entitlements. -- Changes in the management team or competition for employees. -- Changes in tax laws and other circumstances that affect our ability to control the timing and recognition of deferred tax liability. -- Exposure of our assets to damage from natural occurrences such as earthquakes Earthquakes See also geology. bathyseism an earthquake occurring at very deep levels of the earth. bradyseism the slow upward and downward motion of the earth’s crust. — bradyseismic, adj. , and weather conditions that affect the progress of construction. -- Liability for environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a at properties owned, managed, or formerly owned or managed by us or our predecessors, and changes in environmental laws and regulations. -- Failure to reach agreement with third parties on definitive terms or failure to close transactions, and failure or inability of third parties to perform their obligations under agreements. -- Increases in the cost of land and building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . . -- Tight labor markets labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience . -- Limitations on or challenges to title to our properties. -- Risks related to the performance and financial strength of the co-owners of our joint venture projects. -- Changes in policies and practices of organized labor Organized Labor An association of workers united as a single, representative entity for the purpose of improving the workers' economic status and working conditions through collective bargaining with employers. Also known as "unions". groups who may work on our projects. For further information, you should refer to our report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 1999, and our report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended September September: see month. 30, 2000, filed with the Securities and Exchange Commission.
CATELLUS DEVELOPMENT CORPORATION
CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)
December 31, December 31,
2000 1999
----------- -----------
Assets
Properties $ 2,025,813 $ 1,944,017
Less accumulated
depreciation (320,275) (294,846)
----------- -----------
1,705,538 1,649,171
Other assets and
deferred charges, net 121,033 93,021
Notes receivable,
less allowance 36,119 32,890
Accounts receivable,
less allowance 30,816 24,820
Restricted cash and
investments 45,478 19,565
Cash and cash
equivalents 336,558 35,410
----------- -----------
$ 2,275,542 $ 1,854,877
=========== ===========
Liabilities and
stockholders' equity
Mortgage and other debt $ 1,134,563 $ 875,564
Accounts payable
and accrued expenses 96,274 92,791
Deferred credits and
other liabilities 58,722 58,751
Deferred income taxes 247,975 185,592
----------- -----------
Total liabilities 1,537,534 1,212,698
----------- -----------
Minority interests 54,763 51,207
----------- -----------
Stockholders' equity
Common stock - 108,088
and 107,185 shares
issued at
December 31, 2000
and December 31,
1999, respectively 1,081 1,072
Paid-in capital 493,420 483,503
Treasury stock, at
cost (1,997 shares
at December 31, 2000) (28,660) --
Accumulated earnings 217,404 106,397
----------- -----------
Total stockholders'
equity 683,245 590,972
----------- -----------
Total $ 2,275,542 $ 1,854,877
=========== ===========
CATELLUS DEVELOPMENT CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2000 1999 2000 1999
--------- --------- --------- ---------
Rental properties
Rental revenue $ 53,583 $ 46,444 $ 206,762 $ 172,295
Property operating
costs (14,632) (12,099) (55,272) (46,754)
Equity in earnings
of operating
joint ventures, net 1,896 2,562 9,809 10,668
--------- --------- --------- ---------
40,847 36,907 161,299 136,209
--------- --------- --------- ---------
Property sales and
fee services
Sales revenue 54,907 104,788 451,096 347,005
Cost of sales (44,861) (74,332) (337,755) (263,562)
--------- --------- --------- ---------
Gain on
property sales 10,046 30,456 113,341 83,443
Management and
development fees 6,118 4,357 15,460 14,968
Equity in earnings
of development
joint ventures, net 15,696 2,494 27,780 10,152
Selling, general
and administrative
expenses (13,017) (10,304) (46,598) (27,342)
Other, net (591) (5,482) (8,554) (5,475)
--------- --------- --------- ---------
18,252 21,521 101,429 75,746
--------- --------- --------- ---------
Interest expense (17,435) (9,924) (50,964) (39,374)
Depreciation and
amortization (12,595) (10,591) (46,505) (39,214)
Corporate
administrative costs (4,299) (3,439) (15,675) (14,760)
Gain on non-strategic
asset sales 148 384 46,279 6,803
Other, net 2,435 (3,025) 940 (4,253)
--------- --------- --------- ---------
Income before
minority interests,
income taxes and
extraordinary item 27,353 31,833 196,803 121,157
Minority interests (1,933) (3,300) (10,701) (3,247)
--------- --------- --------- ---------
Income before
income taxes and
extraordinary item 25,420 28,533 186,102 117,910
--------- --------- --------- ---------
Income tax expense
Current (284) (6,075) (12,539) (17,339)
Deferred (10,538) (5,551) (62,556) (30,351)
--------- --------- --------- ---------
(10,822) (11,626) (75,095) (47,690)
--------- --------- --------- ---------
Income before
extraordinary item 14,598 16,907 111,007 70,220
Extraordinary income
related to a joint
venture's asset
transfer to a
third party, net
of tax expense -- 26,652 -- 26,652
--------- --------- --------- ---------
Net income
applicable to
common
stockholders $ 14,598 $ 43,559 $ 111,007 $ 96,872
========= ========= ========= =========
Net income per share
Net income per share
before extraordinary
item
Basic $ 0.14 $ 0.16 $ 1.04 $ 0.66
========= ========= ========= =========
Assuming dilution $ 0.13 $ 0.16 $ 1.02 $ 0.64
========= ========= ========= =========
Net income per share -
extraordinary item
Basic $ -- $ 0.25 $ -- $ 0.25
========= ========= ========= =========
Assuming dilution $ -- $ 0.24 $ -- $ 0.25
========= ========= ========= =========
Net income per share
after extraordinary
item
Basic $ 0.14 $ 0.41 $ 1.04 $ 0.91
========= ========= ========= =========
Assuming dilution $ 0.13 $ 0.40 $ 1.02 $ 0.89
========= ========= ========= =========
Average number
of common shares
outstanding
- basic 106,079 107,151 106,561 107,011
========= ========= ========= =========
Average number
of common shares
outstanding
- diluted 109,460 108,745 109,017 109,146
========= ========= ========= =========
CATELLUS DEVELOPMENT CORPORATION
SUMMARY OF EARNINGS BEFORE DEPRECIATION AND DEFERRED TAXES
(In thousands, except per share data)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2000 1999 2000 1999
--------- --------- --------- ---------
Net income $ 14,598 $ 43,559 $ 111,007 $ 96,872
Depreciation and
amortization 12,595 10,591 46,505 39,214
Deferred income taxes 10,538 5,551 62,556 30,351
Gain on non-strategic
asset sales (148) (384) (46,279) (6,803)
Depreciation recapture (33) (64) (14,519) (4,354)
Extraordinary item -- (26,652) -- (26,652)
--------- --------- --------- ---------
Earnings before
depreciation and
deferred taxes $ 37,550 $ 32,601 $ 159,270 $ 128,628
========= ========= ========= =========
Earnings before
depreciation and
deferred taxes per
share of common
stock - basic $ 0.35 $ 0.30 $ 1.49 $ 1.20
========= ========= ========= =========
Earnings before
depreciation and
deferred taxes per
share of common
stock - assuming
dilution $ 0.34 $ 0.30 $ 1.46 $ 1.18
========= ========= ========= =========
Average number of
common shares
outstanding - basic 106,079 107,151 106,561 107,011
========= ========= ========= =========
Average number of
common shares
outstanding -
diluted 109,460 108,745 109,017 109,146
========= ========= ========= =========
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. Further, EBDDT is not
necessarily indicative of cash available to fund cash needs and should
not be considered as an alternative to cash flows as a measure of
liquidity. 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 added
back to net income as they represent non-cash charges. Since
depreciation expense is added back to net income in arriving at EBDDT,
the portion of gain on property sales attributable to depreciation
recapture is excluded from EBDDT. In addition, gains on the sale of
non-strategic assets and extraordinary items, including their current
tax effect, represent unusual and/or non-recurring items and are
excluded from the EBDDT calculation. A reconciliation from net income
to EBDDT is provided.
CATELLUS DEVELOPMENT CORPORATION
ADDITIONAL INFORMATION
(In thousands)
(Unaudited)
PRE-TAX EBDDT by SEGMENT
Three Months Ended Twelve Months Ended
December 31, December 31,
2000 1999 2000 1999
-------------- ------------- -------------- ------------
Commercial $ 23,630 $ 30,294 $ 138,872 $ 124,049
Residential 14,982 10,370 41,151 27,823
Urban
Development 1,400 2,461 4,980 6,494
Corporate (2,178) (4,449) (13,194) (12,399)
------- ------- -------- --------
Pre-tax EBDDT 37,834 38,676 171,809 145,967
Current taxes (284) (6,075) (12,539) (17,339)
----- ------- -------- --------
Total $ 37,550 $ 32,601 $ 159,270 $ 128,628
========= ========= ========== =========
PROPERTIES
December 31, 2000
Commercial Residential Urban Corporate Total
Dev.
----------- --------- --------- --------- -----------
----------- --------- --------- --------- -----------
Rental
properties $ 1,266,235 $ -- $ -- $ -- $ 1,266,235
Development
properties 168,837 64,479 366,136 -- 599,452
Work-in-process 87,513 4,883 -- -- 92,396
Investments in
joint ventures (16,081) 46,245 -- -- 30,164
Other 12,659 1,711 828 22,368 37,566
------- ------ ---- ------- ------
Subtotal 1,519,163 117,318 366,964 22,368 2,025,813
Accumulated
depreciation (291,476) (995) (13,214) (14,590) (320,275)
--------- ----- -------- -------- ---------
Total $ 1,227,687 $ 116,323 $ 353,750 $ 7,778 $ 1,705,538
=========== ========= ========= ========= ===========
Mortgage debt $ 1,083,017 $ 30,132 $ 21,164 $ 250 $ 1,134,563
=========== ========= ========= ========= ===========
December 31, 1999
Commercial Residential Urban Corporate Total
Dev.
----------- --------- --------- --------- -----------
Rental
properties $ 1,096,935 $ -- $ -- $ -- $ 1,096,935
Development
properties 193,520 116,118 323,859 -- 633,497
Work-in-process 65,245 65,154 -- -- 130,399
Investments in
joint ventures (2,916) 47,925 -- -- 45,009
Other 13,875 2,014 1,361 20,927 38,177
------- ------ ------ ------- ------
Subtotal 1,366,659 231,211 325,220 20,927 1,944,017
Accumulated
depreciation (269,445) (1,048) (11,637) (12,716) (294,846)
--------- ------- -------- -------- ---------
Total(1) $ 1,097,214 $ 230,163 $ 313,583 $ 8,211 $ 1,649,171
=========== ========= ========= ========= ===========
Mortgage debt $ 759,078 $ 94,271 $ 21,781 $ 434 $ 875,564
=========== ========= ========= ========= ===========
(1) Certain properties have been reclassified between business
segments to conform with current years presentation.
CATELLUS DEVELOPMENT CORPORATION
ADDITIONAL INFORMATION
(In thousands, except percentages)
(Unaudited)
Three Months Ended
December 31,
2000 1999
------------ -------------
------------ -------------
COMMERCIAL
Rental Properties
Rental revenue $ 49,924 $ 43,274
Property operating costs (12,750) (10,727)
Equity in earnings of
operating joint ventures 1,896 2,562
------ ------
39,070 35,109
------- -------
Property Sales and Fee Services
Sales revenue 37,304 21,101
Cost of sales(1) (31,393) (11,575)
-------- --------
Gain on property sales 5,911 9,526
Management and development fees 4,659 3,107
Equity in earnings of development
joint ventures (1) --
Selling, general and administrative
expense (7,105) (2,695)
Other (297) 243
----- ----
3,167 10,181
------ -------
Interest expense (16,915) (11,734)
Minority interest (1,692) (3,262)
------- -------
Pre-tax EBDDT $ 23,630 $ 30,294
========= =========
Twelve Months Ended
December 31,
2000 1999
----------- ------------
----------- ------------
COMMERCIAL
Rental Properties
Rental revenue $ 192,039 $ 159,843
Property operating costs (47,910) (40,383)
Equity in earnings of
operating joint ventures 9,809 10,668
------ ------
153,938 130,128
-------- -------
Property Sales and Fee Services
Sales revenue 158,274 185,092
Cost of sales(1) (113,344) (146,809)
--------- ---------
Gain on property sales 44,930 38,283
Management and development fees 12,813 11,464
Equity in earnings of development
joint ventures 13 (23)
Selling, general and administrative
expense (18,546) (9,280)
Other 2,877 1,822
------ -----
42,087 42,266
------- ------
Interest expense (50,806) (45,083)
Minority interest (6,347) (3,262)
------- -------
Pre-tax EBDDT $ 138,872 $ 124,049
========= =========
(1) Cost of sales includes depreciation recapture which is included in
net income but not in EBDDT.
Buildings owned and leasing statistics:
December 31,
2000 1999
----------- ------------
----------- ------------
Industrial buildings
Square feet owned 26,251 22,240
Square feet leased 25,143 20,824
Percent leased 95.8% 93.6%
Office buildings
Square feet owned 1,625 1,622
Square feet leased 1,513 1,508
Percent leased 93.1% 93.0%
Retail buildings
Square feet owned 880 881
Square feet leased 856 827
Percent leased 97.3% 93.9%
Total
Square feet owned 28,756 24,743
Square feet leased 27,512 23,159
Percent leased 95.7% 93.6%
CATELLUS DEVELOPMENT CORPORATION
ADDITIONAL INFORMATION
(In thousands, except percentages)
(Unaudited)
COMMERCIAL (continued)
Three Months Twelve Months
Ended Ended
December 31, December 31,
2000 vs. 1999 2000 vs. 1999
% Change % Change
-------------- -----------
-------------- -----------
Same space NOI(1)(2) 4.7% 5.9%
============== ===========
============== ===========
(1)Same space properties have been owned and operated for all of 1999
and 2000.
(2)Change in same space NOI is adjusted for one-time/non-recurring
items.
As of or for the
Three Months Ended
December 31,
2000 1999
-------------- ----------
(in square feet)
Development Activity:
Construction and completion
Under construction, beginning of period 5,658 3,643
Construction starts 1,001 2,304
Completed - retained in portfolio (2,393) (1,306)
Completed - design-build or sold (792) --
------ ------
Under construction, end of period 3,474 4,641
====== ======
As of or for the
Twelve Months Ended
December 31,
2000 1999
------------ -----------
--------------------------
(in square feet)
Development Activity:
Construction and completion
Under construction, beginning of period 4,641 5,037
Construction starts 4,863 5,371
Completed - retained in portfolio (5,158) (4,167)
Completed - design-build or sold (872) (1,600)
------ -----
Under construction, end of period 3,474 4,641
====== =====
Contracts signed, construction not started 100 1,023
==== =====
December 31,
2000 1999
------------ --------
------------ --------
Commercial Property Sales Backlog:
Sales under contract but not closed $ 35,880 $ 75,647
======== =====
CATELLUS DEVELOPMENT CORPORATION
ADDITIONAL INFORMATION
(In thousands, except percentages)
(Unaudited)
RESIDENTIAL
Pre-tax EBDDT
Three Months Ended
December 31,
2000 1999
------------ ------------
------------ ------------
Sales proceeds-Owned and
consolidated JV's $ 17,603 $ 83,687
Cost of Sales (13,501) (62,821)
------ -------
Gain 4,102 20,866
------ -------
Sales proceeds-Unconsolidated JV's 195,053 9,307
Cost of Sales (168,705) (8,365)
-------- -------
Gain 26,348 942
Minority interest and other (10,651) 1,552
-------- ------
Unconsolidated JV income 15,697 2,494
Selling, general and administrative (5,249) (7,134)
Other 432 (5,856)
------- -------
$ 14,982 $ 10,370
======== ========
Twelve Months Ended
December 31,
2000 1999
----------- ------------
----------- ------------
Sales proceeds-Owned and
consolidated JV's $ 292,822 $ 161,913
Cost of Sales (238,930) (121,107)
--------- ---------
Gain 53,892 40,806
------- ------
Sales proceeds-Unconsolidated JV's 316,523 115,225
Cost of Sales (260,974) (86,918)
--------- --------
Gain 55,549 28,307
Minority interest and other (27,782) (18,132)
-------- --------
Unconsolidated JV income 27,767 10,175
Selling, general and administrative (25,804) (17,237)
Other (14,704) (5,921)
-------- -------
$ 41,151 $ 27,823
======== ========
December 31,
December 31,
2000 1999
-------- --------
Property sales backlog - sales under contract:
Residential Development
Owned projects and consolidated joint ventures
Units $ 7,439 $ 54,782
======== ========
Lots $ 19,317 $ 16,195
======== ========
Unconsolidated joint venture projects(1)
Units $ 37,267 $ --
======== ====
Lots $ 12,146 $ 7,638
======== =======
(1) The Company is entitled to receive 30% - 67% of the net profits
from these joint ventures.
CATELLUS DEVELOPMENT CORPORATION
ADDITIONAL INFORMATION
(In thousands, except percentages)
(Unaudited)
URBAN DEVELOPMENT
Pre-tax EBDDT
Three Months Ended
December 31,
2000 1999
------------- ---------
------------- ---------
Net operating income $ 1,849 $ 1,709
Management and development fees 518 1,486
Selling, general and admin. expenses (663) (475)
Interest expenses (263) (248)
Other (41) (11)
---- ----
$ 1,400 $ 2,461
======== ========
Twelve Months Ended
December 31,
2000 1999
----------- --------
----------- --------
Net operating income $ 7,251 $ 5,742
Management and development fees 1,149 2,612
Selling, general and admin. expenses (2,248) (825)
Interest expenses (1,153) (871)
Other (19) (164)
---- -----
$ 4,980 $ 6,494
======== =======
December 31,
2000 1999
-------- --------
Urban Development Property Sales Backlog:
Sales under contract but not closed $ 49,400 $ --
======== ====
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion