Catellus Reports 25% Increase in Earnings Before Depreciation and Deferred Taxes Per Share in Q2 1998 Over Q2 1997.SAN FRANCISCO--(BUSINESS WIRE)--July 23, 1998--Catellus 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 $21.7 million for the second quarter of 1998 compared to $16.3 million for the same quarter in 1997. 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 $0.20 per share, a 25% increase over $0.16 per share in the second quarter of 1997. Net income applicable to common shareholders for the second quarter of 1998 was $11.7 million, or $0.11 per share, versus $5.7 million, or $0.06 per share, during the second quarter of 1997. For the six months ended June June: see month. 30, 1998, EBDDT was $41.6 million versus $26.9 million in the same period in 1997. On a basic per share basis, EBDDT was 30% higher for the six months ended June 30, 1998 at $0.39 compared to $0.30 for the first half of 1997. On a diluted per share basis, EBDDT was 31% higher for the first half of 1998 at $0.38 per share versus $0.29 in the first half of 1997. "We are exceptionally pleased with our performance year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , as we continue to generate consistent earnings growth," said Nelson C. Rising, president and chief executive officer. "Our income-producing properties, development activities and fee services activities exceeded their contribution to earnings again during the second quarter of 1998 over the same quarter in 1997." The contribution from the company's income-producing property portfolio increased 26% in the second quarter of 1998 compared to the same period in 1997, primarily from the net addition of over 1.2 million square feet of space to the portfolio and an average increase of 7% in same space 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. revenues per square foot. Commercial development activities continue to increase with 2.1 million square feet of construction started year-to-date in 1998 versus 346,000 square feet started in the first half of 1997. At the end of the second quarter, over 5.4 million square feet of industrial, office and retail/entertainment space was under construction, a record high for the company. "During the second quarter, the company continued its efforts to find attractive land acquisition opportunities that allow us to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. our development portfolio and leverage the skills of our management team to add significant value," continued Rising. During the quarter, 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. acquired 280 acres of commercial land in Portland Portland, town, England Portland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested. , Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. , a new market for the company. The company also closed on the purchase of another $13.6 million of land leases, as well as residential land that can support up to 213 housing units. "The housing markets 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). continue to show extraordinary strength," added Rising. "Because of our successful investment into residential activities over the past year, our residential business is poised to significantly increase its contribution to earnings with $86.6 million of homes and lots currently under contract to be delivered," added Rising. Highlights for the second quarter of 1998 and year-to-date include: - Development activity: -- Commercial development - The company started a total of 2.0 million square feet of commercial development in the second quarter of 1998. Of this 1.2 million square feet was build-to-suit space in California and Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. , 300,000 are being developed for sale or on a fee basis, and approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 500,000 are speculative Speculative Securities that involve a high level of risk. speculative Of or relating to an asset or a group of assets with uncertain returns. The greater the degree of uncertainty the more speculative the asset. buildings. At June 30, 1998, the company had a total of 5.4 million square feet of new commercial buildings under construction, of which 3.3 million are expected to be added to the company's portfolio, 1.3 million will be sold upon completion and 836,000 are being developed on a fee basis for land purchasers. During the second quarter, the company acquired a total of 306 acres of suburban commercial land which can support over four million square feet of new development. The majority of this land was located in Portland, Oregon, four miles east of the Portland International Airport
. At June 30, 1998, Catellus had a total of 2,348 acres of industrial land available for development or sale in its portfolio, which has the potential for up to an estimated 31.7 million square feet of new industrial space, when fully 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: and approved. -- Commercial development property sales -- The company had a total of $7.2 million in sales of commercial properties in the second quarter which resulted in $3.4 million in gains. Gains from commercial property sales year-to-date were $8.2 million compared to $2.5 million in the first half of 1997. The 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. of commercial development property sales at June 30, 1998 totaled $77.1 million versus $2.7 million at the end of the second quarter of 1997. -- Residential development - Since mid- mid- pref. Middle: midbrain. 1997, the company has significantly increased its investment in its residential subsidiary, Catellus Residential Group (CRG CRG Centre for Research on Globalisation CRG Council for Responsible Genetics CRG Contingency Response Group CRG Citizens for Responsible Government CRG Corporate Renaissance Group CRG Columbia River Gorge CRG Consulting Resource Group CRG Columbia Resource Group ). At June 30, 1998, CRG had a total sales backlog of $86.6 million representing approximately 173 residential home sales contracts Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. at seven of its projects and 66 lot sales. The majority of these contracts will close in the third and fourth quarter of 1998. Sales are expected to commence at two additional projects by the third and fourth quarter of this year. During the second quarter of 1998, CRG and its joint ventures acquired three new projects that can support up to 213 residential lots/units. At June 30, 1998, CRG and its joint ventures owned a total of 19 projects and controlled an additional five projects. When fully entitled, these projects have a development potential of 17,039 housing units (including residential development proposed at the company's Mission Bay project). -- 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. : Mission Bay, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden - The Subsequent Environmental Impact Report (EIR EIR n. popular acronym for environmental impact report, required by many states as part of the application to a county or city for approval of a land development or project. (See: environmental impact report) ) was released by the City and County of San Francisco on April 11, 1998 for the company's Mission Bay project. The public comment period for this EIR closed on June 9, 1998. The City is now addressing the comments and is preparing a Final EIR, which will be presented for certification in the fall of 1998. A certified See certification. Final EIR would provide the environmental clearance CLEARANCE, com. law. The name of a certificate given by the collector of a port, in which is stated the master or commander (naming him) of a ship or vessel named and described, bound for a port, named, and having on board goods described, has entered and cleared his ship or vessel necessary for the discretionary approvals needed to commence development at Mission Bay, which include a redevelopment plan and owner participation agreements with the San Francisco Redevelopment Agency, all of which are currently in preparation. Development planned for Mission Bay includes: up to 6,000 residential units, of which 4,555 will be on Catellus property; 5.0 million square feet of office, research and development and biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. space surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. the 2.65-million-square-foot University of California The University of California has a combined student body of more than 191,000 students, over 1,340,000 living alumni, and a combined systemwide and campus endowment of just over $7.3 billion (8th largest in the United States). at San Francisco expansion campus; 750,000 square feet of retail space; and a 500-room hotel. Alameda Alameda (ăləmē`də, –mā`də), city (1990 pop. 76,459), Alameda co., W central Calif., on an island just off the eastern shore of San Francisco Bay; settled 1850, inc. as a city 1884. Naval Air Station A Naval Air Station is an airbase of the United States Navy. Such bases are used to house Naval Aviation squadrons and support commands. List of Functioning US Naval Air Stations
tr.v. an·nexed, an·nex·ing, an·nex·es 1. To append or attach, especially to a larger or more significant thing. 2. (FISC fisc n. The treasury of a kingdom or state. [French, from Latin fiscus, money basket, treasury.] Noun 1. ) in Alameda, California. This project is the first phase of redevelopment of the Alameda Naval Air Station, which was closed in April, 1997. On July July: see month. 21, 1998, the Redevelopment Agency Board 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: its Executive Director to revise the Exclusive Negotiating Agreement with Catellus to add an additional 70-acre portion of Alameda Naval Air Station, known as East Housing, to the original 143-acre proposal. In addition, the City extended the previous agreement for an additional 90 days. The original proposal submitted by Catellus for the 143-acre FISC property included residential and business park uses for the site. Residential development proposed ranged from 179 to 425 single-family sin·gle-fam·i·ly adj. Relating to or being a dwelling designed for one family only: a single-family home; single-family occupancy. and multi-family housing units. The addition of the 70-acre East Housing site to the project area could add up to 400 additional residential units to the original proposal. Business park development may include up to 1.3 million square feet of office and research and development space. "We are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that the Redevelopment Agency Board of the City of Alameda has given us the opportunity to participate in an additional 70-acre portion of the Alameda Naval Air Station," added Rising. "We look forward to working with them and the local community to create an extraordinary development for the City of Alameda." -- Income-producing portfolio -- At June 30, 1998, the company's income-producing portfolio included 18.3 million square feet of buildings and was 97% leased. 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 income-producing properties, including equity in earnings from joint ventures, was $30.7 million in the second quarter of 1998 versus $24.3 million in the second quarter of 1997, a 26% increase. This increase was primarily from the net addition of 1.2 million square feet of industrial properties to the portfolio and an average 7% increase in same space rental revenues per square foot in the portfolio. Operating income from income-producing properties was $58.9 million for the six months ended June 30, 1998, a 23% increase over $48.0 million for the first six months of 1997. -- Land lease portfolio activity - The company closed on an additional $13.6 million of land leases and raw land during the second quarter. This brings the total amount acquired year-to-date to $46 million. The $46 million purchased represents an addition of approximately 13,148 acres and 1,970 leases to the company's land lease portfolio. The acquired land portfolio is spread throughout 24 states and one Canadian province Noun 1. Canadian province - Canada is divided into 12 provinces for administrative purposes province, state - the territory occupied by one of the constituent administrative districts of a nation; "his state is in the deep south" , with the majority located in the western states of California, Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. and Texas. 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. is one of the nation's premier diversified diversified (di·verˑ·s real estate operating companies operating company A business that engages in transactions with outsiders. with one of the largest portfolios of developable land in 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 . The company develops, manages and owns a broad range of product types including industrial, residential, office, retail and major mixed-use mixed-use adj. Containing or zoned for commercial and residential facilities or development: a 40-story mixed-use tower; a mixed-use parcel of land. projects. Catellus' strategic land portfolio has a development potential of over 54 million square feet of new commercial development and an estimated 17,000 residential units. At June 30, 1998, the company's portfolio included 18.3 million square feet of income-producing buildings, 12,250 acres of income-producing land leases, interests in a variety of joint ventures, and approximately 782,000 acres of desert and agricultural land. The company expects the variability of its quarterly and annual net income to continue. The timing of development sales and non-strategic asset sales have resulted in significant variability in the company's 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 non-strategic assets are generally 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 prior to closing. These factors tend to "bunch (Burroughs, Univac, NCR, Control Data and Honeywell) IBM's competitors after RCA and GE got out of the computer business. " 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) a number of properties have been owned for many decades; b) some properties were acquired within the last ten to fifteen years; and c) 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. The statements contained herein which are not historical facts 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. based on economic forecasts, strategic plans and other factors, which by their nature, involve risk and uncertainties. In particular, among the factors that could cause actual results to differ materially are the following: business conditions and general economy; competitive facts; political decisions affecting land use permits; discretionary government decisions affecting use of and access to land; interest rates 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 filings with the Securities and Exchange Commission.
CATELLUS DEVELOPMENT CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
Three months ended Six months ended
June 30, June 30,
------------------ -----------------
1998 1997 1998 1997
--------- -------- -------- --------
(Unaudited) (Unaudited)
Income producing properties
Rental revenue $ 37,786 $ 31,421 $ 73,280 $ 62,226
Property operating costs (10,085) (10,045) (20,073) (19,101)
Equity in earnings of
joint ventures, net 2,986 2,884 5,680 4,867
30,687 24,260 58,887 47,992
Development activities and fee
services
Gain on development property
sales 3,957 3,154 10,096 3,638
Development and management
fee income, net 2,388 1,435 3,143 2,154
Equity in earnings of joint
ventures, net 158 1,167 116 1,225
Land holding costs, net (698) (169) (1,105) (342)
5,805 5,587 12,250 6,675
Interest expense (10,447) (10,205) (20,009) (19,999)
Depreciation and amortization (8,586) (7,723) (16,771) (15,199)
General and administrative
expense (3,089) (2,701) (6,363) (5,316)
Gain on non-strategic land
and other asset sales 4,423 481 4,370 4,058
Litigation and environmental
costs, net -- -- -- 42
Other, net 802 (45) 429 (45)
Income before income taxes 19,595 9,591 32,793 18,208
Income tax expense (7,852) (3,906) (13,137) (7,414)
Net income 11,743 5,685 19,656 10,794
Preferred stock dividends -- -- -- (1,353)
Net income applicable
to common stockholders $ 11,743 $ 5,685 $ 19,656 $ 9,441
Net income per share of
common stock - basic $ 0.11 $ 0.06 $ 0.18 $ 0.11
Net income per share of
common stock - diluted $ 0.11 $ 0.06 $ 0.18 $ 0.10
Average number of common
shares outstanding -
basic 106,675 97,302 106,615 88,595
Average number of common
shares outstanding -
diluted 109,713 100,327 109,745 91,493
CATELLUS DEVELOPMENT CORPORATION
SUMMARY OF EARNINGS BEFORE DEPRECIATION AND DEFERRED TAXES
(In thousands, except per share data)
Three months ended Six months ended
June 30, June 30,
1998 1997 1998 1997
(Unaudited) (Unaudited)
Net income applicable
to common stockholders $11,743 $ 5,685 $19,656 $ 9,441
Depreciation and
amortization 8,586 7,723 16,771 15,199
Deferred income taxes 5,800 3,307 9,547 6,278
Gain on non-strategic
land and other asset
sales (4,423) (418) (4,370) (4,058)
Earnings before
depreciation and deferred
taxes $21,706 $16,297 $41,604 $26,860
Earnings before
depreciation and deferred
taxes per share of common
stock - basic $ 0.20 $ 0.17 $ 0.39 $ 0.30
Earnings before
depreciation and deferred
taxes per share of common
stock - diluted $ 0.20 $ 0.16 $ 0.38 $ 0.30
Average number of common
shares outstanding -
basic 106,675 97,302 106,615 88,595
Average number of common
shares outstanding -
diluted 109,713 100,327 109,745 91,493
NOTE: The company uses a supplemental performance measure called
Earnings Before Depreciation and Deferred Taxes (EBDDT) along with net
income to report its operating results. EBDDT is not a measure of
operating results or cash flows from operating activities as defined
by generally accepted accounting principles. Additionally, 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. However, the Company believes that EBDDT provides
relevant information about its operations and is necessary, along with
net income, for an understanding of its operating results.
EBDDT is calculated by taking net income and making various
adjustments. Depreciation, amortization and deferred income taxes are
excluded from EBDDT as they represent non-cash charges. In addition,
gains on the sale of non-strategic land and other assets represent
unusual and/or non-recurring items and are excluded from the EBDDT
calculation.
CATELLUS DEVELOPMENT CORPORATION
CONSOLIDATED BALANCE SHEET
(In thousands)
June 30, December 31,
1998 1997
(Unaudited)
Assets
Properties $ 1,511,643 $ 1,358,807
Less accumulated depreciation (250,811) (235,832)
1,260,832 1,122,975
Other assets and deferred charges 55,288 50,138
Notes receivable, less allowance 19,370 30,971
Accounts receivable, less allowances 29,233 19,641
Restriced cash 6,925 --
Cash and cash equivalents 17,900 17,294
Total $ 1,389,548 $ 1,241,019
Liabilities and stockholders' equity
Mortgage and other debt $ 677,226 $ 568,699
Accounts payable and accrued
expenses 56,338 62,681
Deferred credits and other
liabilities 55,290 40,035
Deferred income taxes 126,200 117,705
Total liabilites 915,054 789,120
Stockholders' equity
Preferred stock -- --
Common stock -- 106,741 and
106,503 shares issued at
June 30, 1998 and
December 31, 1997,
respectively 1,067 1,065
Paid-in capital 478,984 476,047
Accumulated deficit (5,557) (25,213)
Total stockholders'
equity 474,494 451,899
Total $ 1,389,548 $ 1,241,019
CATELLUS DEVELOPMENT CORPORATION
ADDITIONAL INFORMATION
(In thousands, except percentages)
Three months ended Six months ended
June 30, June 30,
1998 1997 1998 1997
(Unaudited) (Unaudited)
Income producing
properties:
Property operating
income by
property type:(a)
Industrial buildings $15,893 $12,498 $30,740 $24,822
Office buildings 4,887 3,807 9,737 8,003
Retail buildings 2,476 2,231 4,894 4,731
Land development 1,143 1,025 2,117 2,072
Ground leases 3,302 1,815 5,719 3,497
27,701 21,376 53,207 43,125
Equity in earnings of
joint ventures, net 2,986 2,884 5,680 4,867
$30,687 $24,260 $58,887 $47,992
(a) Represents rental revenue less property operating costs.
Buildings owned June 30,
and leasing statistics 1998 1997
(Unaudited)
Industrial buildings
Square feet owned 14,570 13,361
Square feet leased 14,286 12,958
Percent leased 98.1% 97.0%
Office buildings
Square feet owned 1,620 1,619
Square feet leased 1,542 1,439
Percent leased 95.2% 88.9%
Retail buildings
Square feet owned 928 928
Square feet leased 862 829
Percent leased 92.9% 89.3%
Land development
Square feet owned 1,220 1,230
Square feet leased 1,020 1,177
Percent leased 83.6% 95.7%
Total
Square feet owned 18,338 17,138
Square feet leased 17,710 16,403
Percent leased 96.6% 95.7%
CATELLUS DEVELOPMENT CORPORATION
ADDITIONAL INFORMATION
Additional Information (continued)
Three months ended Six months ended
June 30, June 30,
% 1998 1997 % 1998 1997
Change (Unaudited) Change (Unaudited)
Same space total
revenue per sq. ft.
by property type:(a)
Industrial buildings 5% $1.36 $1.29 4% $2.68 $2.57
Office buildings 8% 5.22 4.85 7% 10.34 9.70
Retail buildings 2% 3.95 3.86 -2% 7.86 7.99
Land development 21% 2.94 2.43 13% 5.59 4.93
Weighted Average 7% 2.00 1.86 6% 3.95 3.74
(a) Same store properties have been owned and operated for all of
1997 and YTD 1998.
Three months ended Six months ended
June 30, June 30,
1998 1997 1998 1997
(Unaudited) (Unaudited)
Development property
sales (in thousands):
Sales Proceeds:
Commercial $ 7,152 $14,311 $18,708 $15,516
Residential 12,963 15,970 18,885 18,417
$20,115 $30,281 $37,593 $33,933
Gain:
Commercial $ 3,385 $ 1,866 $ 8,220 $ 2,506
Residential 572 1,288 1,876 1,132
$ 3,957 $ 3,154 $10,096 $ 3,638
June 30,
1998 1997
(Unaudited)
Development Property Backlog - sales
under contract (in thousands):
Commercial $77,107 $ 2,741
Residential (lot and
unit sales)
Owned projects
Units $37,227 $ --
Lots 14,500 --
$51,727 $ --
Joint venture
projects -
Units(a) $34,879 $46,047
(a) The amounts shown are 100% of the gross sales price. The
Company is entitled to receive 25%-50% of the net profits
from these joint ventures.
CATELLUS DEVELOPMENT CORPORATION
ADDITIONAL INFORMATION
Additional Information (continued)
June 30,
1998 1997
(Unaudited)
Residential Development Property Backlog -- sales
under contract (in thousands):
Residential
Owned projects
Units 111 -
Lots 66 -
177 -
Joint venture projects -- Units(a) 62 73
(a) The amounts shown are 100% of the gross sales price. The
Company is entitled to receive 25%-50% of the net profits
from these joint ventures.
As of or for the As of or for the
three months ended six months ended
June 30, June 30,
1998 1997 1998 1997
(Unaudited) (Unaudited)
Development Activity
(in square feet):
Construction and completion
Under construction,
beginning of period 3,639,000 2,021,200 3,774,000 2,286,961
Construction starts 2,045,000 303,000 2,145,000 346,000
Completed-Retained
in Portfolio (240,000) (538,000) (240,000) (846,761)
Completed-Design/Build - - (235,000) -
Under construction,
end of period 5,444,000(a) 1,786,200 5,444,000(a) 1,786,200
Contracts signed,
construction not
started 172,000 -
(a) Includes 1,344,000 square feet of development that will be
sold on completion and 836,000 square feet of 'design-build'
development for third party owners.
CATELLUS DEVELOPMENT CORPORATION
ADDITIONAL INFORMATION
Additional Information (continued)
Three months Six months
ended ended
June 30, June 30,
1998 1997 1998 1997
(Unaudited) (Unaudited)
Residential Net Orders and Deliveries:
Net Orders:
Units 111 45 190 84
Deliveries:
Lots -- 2 800 2
Units 54 44 73 65
Three months ended Six months ended
June 30, June 30,
1998 1997 1998 1997
(Unaudited) (Unaudited)
Interest costs
and preferred
stock dividends
(in thousands):
Interest Costs:
Total interest costs $ 13,512 $ 11,331 $ 26,057 $ 22,605
Interest capitalized (3,065) (1,126) (6,048) (2,606)
Interest expensed 10,447 10,205 20,009 19,999
Interest income 424 (216) 636 (406)
$ 10,871 $ 9,989 $ 20,645 $ 19,593
Preferred stock
dividends: $ -- $ -- $ -- $ 1,353
Sale of non-strategic
land and other assets
(in thousands):
Sales Proceeds:
Non-strategic land $ 1,478 $ 1,784 $ 1,771 $ 6,490
Buildings -- -- -- 2,775
Land leases 3,850 -- 3,850 --
$ 5,328 $ 1,784 $ 5,621 $ 9,265
Gain:
Non-strategic land $ 773 $ 418 $ 720 $ 2,458
Buildings -- -- -- 1,600
Land leases 3,650 -- 3,650 --
$ 4,423 $ 418 $ 4,370 $ 4,058
June 30,
1998 1997
Backlog - sales under
contract (in thousands):
Non-strategic land $63,424 $36,184
Buildings -- --
Total $63,424 $36,184
CONTACT: Catellus Development Corp., San Francisco Jennifer Jennifer became a common first name for females in English-speaking countries during the 20th century. The name Jennifer is a Cornish variant of Guinevere, deriving ultimately from Proto-Celtic *windo-seibaro- "white ghost", via Brythonic *wino-hibirā (cf. K. Ruddock rud·dock n. Chiefly British An Old World robin (Erithacus rubecula) having olive-brown upper plumage and a conspicuous orange breast. , 415/974-4649 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion