Catellus Reports 20% Growth in Earnings Before Depreciation and Deferred Taxes Per Share in Q3 1999 Over Q3 1998.SAN FRANCISCO--(BUSINESS WIRE)--November 2, 1999-- 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. Development Corp. (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 earnings before depreciation and deferred taxes (EBDDT) of $33.3 million for the third quarter of 1999 compared to $27.0 million for the same period in 1998. 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. per share basis, EBDDT for the quarter was $0.30 per share, a 20% increase over $0.25 per share in the third quarter of 1998. Net income for the third quarter of 1999 was $19.1 million, or $0.18 per share on a diluted basis, versus $11.4 million, or $0.10 per share on a diluted basis, after extraordinary expense, during the same period in 1998. For the nine months ended September September: see month. 30, 1999, EBDDT was $96.0 million versus $68.6 million for the same period in 1998. On a diluted per share basis, EBDDT was 40% higher for the nine months ended September 30, 1999 at $0.88 per share compared to $0.63 per share for the first nine months of 1998. Net income through the end of the third quarter of 1999 was $53.3 million, or $0.49 per share on a diluted basis, versus $31.1 million, or $0.28 per share on a diluted basis, after extraordinary expense, during the same period in 1998. "We are pleased to announce another successful quarter of financial and operating results," said Nelson C. Rising, president and chief executive officer. "We are on track to meet our 1999 objective for growing EBDDT by more than 20% over 1998. In addition, we are positioned for sustained growth in 2000 and beyond." Highlights of the third quarter and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. are as follows:
Catellus Mixed Use Group -
Mission Bay, San Francisco: On November 1, 1999, a $12.0 million
land transaction was executed between Catellus and AvalonBay
Communities, Inc. (NYSE:AVB) that designates AvalonBay to be the
developer of the first residential parcel at Mission Bay. Catellus
will either sell or ground lease the site to AvalonBay to develop a
luxury apartment project that will include up to 250 rental units (of
which 91.5% will be market-rate), open space, recreational facilities,
fitness and business center facilities, as well as on-site leasing,
management and maintenance personnel.
On October 25, 1999, the University of California at San
Francisco (UCSF) broke ground on the first building for its
2.65-million-square-foot research campus planned at Mission Bay.
Major phase approvals are currently in process for five separate
locations within Mission Bay. We expect to initiate development or
land transactions for over 1,000 residential units and over 500,000
square feet of commercial space over the next eighteen months.
Catellus Commercial Group -
Development Activity: In the third quarter of 1999, we started a
total of 1.5 million square feet of new commercial space, the majority
of which was design-build or build-to-suit. At September 30, 1999,
Catellus Commercial Group had 3.6 million square feet of new buildings
under construction, all of which is currently expected to be added to
our portfolio. Approximately 80% of this space has been pre-leased to
tenants. When completed and fully leased, these 3.6 million square
feet are expected to cost approximately $138.0 million and are
expected to add approximately $14.9 million of operating income 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 portfolio at an approximate cost of $62.9
million. When stabilized, this retained space is expected to make an
annual contribution of $6.8 million versus the $1.4 million it
contributed to our operating income in the third quarter of 1999.
Sales Activity: We sold $46.9 million in commercial and other
properties in the third quarter contributing $5.6 million to pre-tax
EBDDT.
Contributions to pre-tax EBDDT from property sales in the
Catellus Commercial Group for the nine months ended September 30, 1999
were $27.3 million compared to $16.7 million in the same period of
1998, a 63% increase.
At September 30, 1999, Catellus Commercial Group had an
additional $69.6 million of property sales under contract but not yet
closed.
Acquisition Activity: Catellus Commercial Group was chosen by the
City of Westminster, Colorado to be the developer of the Northwest
Business Center, a new business park, which has the development
potential for up to approximately 1.0 million square feet of suburban
office space. The agreement with the City of Westminster established a
$16.5 million purchase price for the campus site that was
seller-financed by the City. Payments on the note can be made in four
separate installments within certain designated time intervals over
the next six years. An initial payment of $2.5 million was made in the
third quarter to start the first phase of development at the park.
In addition, we were chosen by the City of Glenview, Illinois to
be the developer of the Prairie Glen Corporate Campus, a new business
park located at the former Glenview Naval Air Station. The park will
be located on 92 acres and has the potential to support up to 1.1
million square feet of suburban office development. Catellus 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 September 30, 1999, Catellus Commercial Group had
industrial/suburban commercial land with development potential for up
to an estimated 23.3 million square feet (excluding any new space
available for development at Pacific Commons).
Pacific Commons Business Park: The U.S. Army Corps of Engineers
issued a Section 404 permit in September 1999 which completed all
state and federal environmental permitting for the project. The City
of Fremont was a co-applicant with Catellus for this permit. Catellus
and the City are currently working on a proposed amendment to the
existing Development Agreement and necessary approvals to reflect the
revised development footprint after adjustments for on-site mitigation
areas and a density transfer for the 8.3 million square foot
entitlement.
Catellus has been actively developing the 1.2-million-square-foot
section of Pacific Commons which was previously cleared for
development and contains 614,000 square feet of leased space and an
additional 60,000 square feet of pre-leased space that was completed
in September 1999.
Rental Portfolio Activity: At September 30, 1999, our core
building portfolio of industrial, office and retail space included
23.4 million square feet of buildings which was 91% occupied, with
leases signed, but space not yet occupied, on another 4% of this
space.
Operating income from our wholly 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 30, 1999, a 16% increase over $75.3 million for the first
nine months of 1998.
Catellus Residential Group -
Sales Activity: During the quarter, we closed sales of 133 homes
and 234 lots at both our wholly owned and joint venture projects,
generating a contribution to pre-tax operating income of $8.7 million.
At September 30, 1999, Catellus Residential Group had additional
sales of 97 lots and 178 homes under contract for a total of $84.7
million at both our wholly owned and joint venture projects. Catellus
Residential Group and our joint ventures own or control land capable
of supporting development of up to 12,875 lots or single-family homes
(exclusive of 4,555 units of approved residential development at
Mission Bay in San Francisco).
Corporate -
Stock Buyback Program: On October 29, 1999, the Catellus board of
directors authorized a share repurchase program for up to $50 million
of our outstanding common stock. The purpose of this program is to
give management further flexibility in allocating its capital. The
timing of purchases, if any, under the program will be at the
discretion of management and will depend on our overall financial
condition, market conditions, as well as ongoing acquisitions and
development opportunities in our core business.
Share purchases under the program may be made on the open market
or in privately negotiated transactions. Catellus has approximately
107.1 million shares of common stock outstanding at September 30,
1999. The program has been authorized for a period of one year.
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We expect the variability of our quarterly and annual net income
to continue. The timing of development sales and sales of
non-strategic assets have resulted in significant variability in our
historic operating results, particularly on a quarterly basis. Many of
the company's projects require a lengthy process to complete the
development cycle before they are sold. Sales of real estate assets
are generally subject to lengthy negotiations and contingencies that
need to be resolved before closing. These factors tend to "bunch"
income in particular periods rather than producing a more even pattern
throughout a year. In addition, gross margins vary significantly as
the mix of properties varies. The cost basis of the properties sold
varies because a number of properties have been owned for many decades
while some properties were acquired within the last ten to fifteen
years; because properties are owned in various geographical locations;
and because development projects have varying infrastructure and
build-out periods.
Catellus Development Corporation is one of the nation's premier
diversified real estate development companies that develops, manages
and invests in a broad range of product types including industrial,
residential, office, retail and major mixed use projects. We have one
of the largest portfolios of developable land in the Western United
States which is capable of supporting over 45.4 million square feet of
new commercial development and an estimated 17,430 residential units.
At September 30, 1999, our portfolio also included: 23.4 million
square 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 777,000 acres of non-strategic land.
For more information on us, please visit the company's website at
http://www.catellus.com. We will hold a conference call to discuss
this quarter's results and this earnings report on Tuesday, November
2, 1999 at 9:00 AM Pacific Standard Time (12 noon EST). The dial-in
phone number 6 for the call is 800-260-0719 (US domestic) or the call
can be listened to live or via audio replay on our website.
This release includes forward-looking 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 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 third parties to fulfill their commitments;
competitive facts; weather conditions and other natural occurrences
affecting construction; costs and availability of construction
materials and labor; the Year 2000 problem; supply and demand for
office, industrial, retail and residential space; political decisions
affecting land use permits; discretionary governmental decisions
affecting use of and access to land and delays resulting therefrom;
inability or unwillingness of parties to reach agreement on open terms
and/or definitive documents; contingencies and conditions to closing
on executed contracts; risks related to the financial strength of
joint venture projects and co-owners; and other risks inherent in the
real estate business. For further information on factors which could
affect the company and the statements, the reader should refer to the
company's report on Form 10-K for the fiscal year ended December 31,
1998, filed with the Securities and Exchange Commission.
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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. 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: STATEMENT OF OPERATIONS See Income statement. (In thousands, except per share data) (Unaudited) Three months ended Nine months ended September 30, September 30, --------------------- ------------------- 1999 1998 1999 1998 --------- ----------- ------------------- 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. properties Rental revenue $ 43,081 $ 37,145 $ 125,851 $ 110,425 Property operating costs operating costs npl → gastos mpl operacionales (11,905) (10,910) (34,717) (30,983) Equity in earnings of operating joint ventures, net 1,517 1,674 8,106 7,354 --------- --------- --------- --------- 32,693 27,909 99,240 86,796 --------- --------- --------- --------- Other property activities and fee services Gain on property sales 15,378 10,144 40,022 20,240 Development and management fee income, net 1,632 2,602 3,602 5,745 Equity in earnings of development joint ventures, net 3,239 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 109,266 109,190 109,261 109,570 ========= ========= ========= ========= CATELLUS DEVELOPMENT CORPORATION 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 depreciation expense is excluded from EBDDT, the portion of property sales gain attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk 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 and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. non-recurring items and are excluded from the EBDDT calculation. CATELLUS DEVELOPMENT CORPORATION CONSOLIDATED BALANCE SHEET consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. (In thousands) (Unaudited) September 30, December December: see month. 31, 1999 1998 ---------------------------- Assets Properties $ 1,884,610 $ 1,667,573 Less 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) ----------- ----------- 1,599,279 1,402,496 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 90,636 80,240 Notes receivable, less allowance 21,456 15,275 Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , less allowance 19,157 25,270 Restricted cash and investments 42,626 49,284 Cash and cash equivalents 46,350 52,975 ----------- ----------- Total $ 1,819,504 $ 1,625,540 =========== =========== Liabilities and stockholders' equity Mortgage and other debt $ 924,749 $ 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 81,951 Deferred credits and other liabilities 47,852 40,608 Deferred income taxes 161,949 138,533 ----------- ----------- Total liabilities 1,224,910 1,134,299 ----------- ----------- Minority interests 47,858 1,012 ----------- ----------- 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. Common stock - 107,110 and 106,808 shares issued at September 30, 1999 and December 31, 1998, respectively 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. 482,827 479,636 Accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. earnings 62,838 9,525 ----------- ----------- Total stockholders' equity 546,736 490,229 ----------- ----------- Total $ 1,819,504 $ 1,625,540 =========== =========== CATELLUS DEVELOPMENT CORPORATION ADDITIONAL INFORMATION (In thousands, except percentages) (Unaudited) Additional Information Three months ended Nine months ended September 30, September 30, ----------------------------------------- 1999 1998 1999 1998 ------------ ----------------- ---------- Rental properties: Property 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. by property type: (1) Industrial buildings $20,172 $14,983 $55,716 $45,723 Office buildings 4,270 4,368 13,806 14,105 Retail buildings 2,171 2,157 7,035 7,051 Land leases and other 3,115 3,329 10,546 8,394 ------- ------- ------- ------- Subtotal subtotal /sub·to·tal/ (sub-to´t'l) less than, but often almost, complete. 29,728 24,837 87,103 75,273 Land Development (2) 1,448 1,398 4,031 4,169 ------- ------- ------- ------- $31,176 $26,235 $91,134 $79,442 ======= ======= ======= ======= (1) Represents rental revenue less property operating costs. (2) 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. . Buildings owned and leasing statistics September 30, ------------------- 1999 1998 ------- -------- Industrial buildings Square feet owned 20,929 15,105 Square feet leased 19,117 14,370 Percent leased 91.3% 95.1% Office buildings Square feet owned 1,622 1,620 Square feet leased 1,485 1,528 Percent leased 91.6% 94.3% Retail buildings Square feet owned 881 928 Square feet leased 790 827 Percent leased 89.7% 89.1% Subtotal industrial, office and retail buildings Square feet owned 23,432 17,653 Square feet leased 21,392 16,725 Percent leased 91.3% 94.7% Land Development (1) Square feet owned 1,176 1,220 Square feet leased 1,063 1,054 Percent leased 90.4% 86.4% Total - Consolidated 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. CATELLUS DEVELOPMENT CORPORATION ADDITIONAL INFORMATION (In thousands, except percentages) (Unaudited) Additional Information (continued) Three months ended Nine months ended September 30, September 30, 1999 vs. 1998 1999 vs. 1998 % Change % Change ------------------ ----------------- Change in same space 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 : (1) (2) 4.3% 1.2% ================== ================= (1) Same space properties have been owned and operated for all of 1998 and 1999. (2) Change in same space NOI is adjusted for one-time/non-recurring items. Three months ended Nine months ended September 30, September 30, 1999 1998 1999 1998 Property sales: Sales Proceeds: Commercial $ 46,918 $ 52,051 $163,992 $ 70,759 Residential 51,409 10,052 79,118 28,937 $ 98,327 $ 62,103 $243,110 $ 99,696 ======== ======== ======== ======== Gain: Commercial(1) $ 5,582 $ 8,464 $ 27,320 $ 16,684 Residential 5,506 1,680 8,412 3,556 $ 11,088 $ 10,144 $ 35,732 $ 20,240 ======== ======== ======== ======== (1) Excludes portion of gain attributable to depreciation recapture of $4.3 million in the three and nine months ended September 30, 1999 figures. September 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 $ 45,263 $ 1,290 ======== ======== CATELLUS DEVELOPMENT CORPORATION ADDITIONAL INFORMATION (In thousands) (Unaudited) Additional Information (continued) As of or for the As of or for the three months ended nine months ended September 30, September 30, ------------------- ------------------ 1999 1998 1999 1998 ---- ---- ---- ---- Development Activity: Construction and completion Under construction, beginning of period 4,643 5,444 5,036 3,774 Construction starts 1,501 468 3,067 2,613 Completed - retained in portfolio (1,809) -- (2,760)(1) (240) Completed - design-build Design-build (or design/build, and abbreviated D-B or D/B accordingly) is a construction project delivery system where, in contrast to traditional "design-bid-build" (or "design-tender"), the design and construction aspects are contracted for with a single or sold (693) (992) (1,701)(1) (1,227) ------ ------ ------ ------ Under construction, end of period 3,642 4,920 3,642 4,920 ====== ====== ====== ====== 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 sold in the nine months ended column. CATELLUS DEVELOPMENT CORPORATION ADDITIONAL INFORMATION (In thousands, except lots, units and percentages) (Unaudited) CATELLUS RESIDENTIAL GROUP Three Months Ended September 30, 1999 --------------------------------------- Property sales: Merchant Community Housing Development Total --------- ----------- -------- Owned and Consolidated Joint Ventures Units/Lots 124 -- 124 Revenues $ 50,556 $ 413 $ 50,969 Cost of Sales (40,167) (267) (40,434) -------- -------- -------- Margin $ 10,389 $ 146 $ 10,535 -------- -------- -------- Margin % 21% 35% 21% -------- G&A Expenses, Minority Interest, Fees and Other Income (5,029) -------- $ 5,506 -------- Unconsolidated Joint Ventures Units/Lots 9 234 243 Revenues $ 4,286 $ 27,786 $ 32,072 Cost of Sales (3,194) (21,897) (25,092) -------- -------- -------- Margin $ 1,092 $ 5,888 $ 6,980 -------- -------- -------- Margin % 25% 21% 22% -------- Minority Interest and Other Income (2,996) -------- Pre-Tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta EBDDT Contribution $ 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 $ 4,174 $ 9,818 Cost of Sales (4,755) (1,899) (6,654) ------- ------- ------- Margin $ 889 $ 2,275 $ 3,164 ------- ------- ------- Margin % 16% 55% 32% ------- G&A Expenses, Minority Interest, Fees and Other Income (1,484) ------- $ 1,680 ------- Unconsolidated Joint Ventures Units/Lots 17 -- 17 Revenues $ 6,783 $ -- $ 6,783 Cost of Sales (5,451) -- (5,451) ------- ------- ------- Margin $ 1,332 $ -- $ 1,332 ------- ------- ------- Margin % 20% -- 20% ------- Minority Interest and Other Income (917) ------- Pre-Tax EBDDT Contribution $ 2,095 ======= CATELLUS DEVELOPMENT CORPORATION ADDITIONAL INFORMATION (In thousands, except lots, units and percentages) (Unaudited) CATELLUS RESIDENTIAL GROUP Nine Months Ended September 30, 1999 Merchant Community Housing Development Total Owned and Consolidated Joint Ventures Units/Lots 185 9 194 Revenues $ 74,810 $ 3,180 $ 77,990 Cost of Sales (56,928) (1,394) (58,322) Margin $ 17,882 $ 1,786 $ 19,668 Margin % 24% 56% 25% G&A Expenses, Minority Interest, Fees and Other Income (11,256) $ 8,412 Unconsolidated Joint Ventures Units/Lots 29 765 794 Revenues $ 16,063 $ 75,497 $ 91,560 Cost of Sales (12,049) (55,775) (67,824) Margin $ 4,014 $ 19,722 $ 23,736 Margin % 25% 26% 26% Minority Interest and Other Income (14,580) Pre-Tax EBDDT Contribution $ 17,568 Nine Months Ended September 30, 1998 Merchant Community Housing Development Total Owned and Consolidated Joint Ventures Units/Lots 61 836 897 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, Minority Interest, Fees and Other Income (3,140) $ 3,556 Unconsolidated Joint Ventures Units/Lots 35 -- 35 Revenues $ 14,810 $ -- $ 14,810 Cost of Sales (12,033) -- (12,033) Margin $ 2,777 $ -- $ 2,777 Margin % 19% -- 19% Minority Interest and Other Income (1,329) Pre-Tax EBDDT Contribution $ 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 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 (285,331) (265,077) ----------- ----------- Net book value $ 1,599,279 $ 1,402,496 =========== =========== |
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