Catellus Reports 52% Increase in Earnings Before Depreciation and Deferred Taxes Per Share in 1998 Over 1997.SAN FRANCISCO--(BUSINESS WIRE)--Feb. 3, 1999--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 1998 earnings before depreciation and deferred taxes (EBDDT) of $103.4 million compared to $62.8 million for 1997, a 65% increase. On a per share basis, EBDDT for the year was $0.94 per share, a 52% increase over $0.62 per share in 1997. Net income applicable to common shareholders after extraordinary expense for 1998 was $34.7 million, or $0.32 per share, versus $23.9 million in 1997, or $0.24 per share. For the fourth quarter of 1998, 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. reported EBDDT of $34.8 million compared to $18.7 million in the fourth quarter of 1997, an 86% increase. On a per share basis, EBDDT for the fourth quarter was $0.32 per share, an 88% improvement over $0.17 per share in the same period in 1997. Net income applicable to common shareholders after extraordinary expense was $3.7 million, or $0.03 per share versus $8.2 million, or $0.07 per share in the fourth quarter of 1997. The company recorded an extraordinary charge related to early retirement of debt in the fourth quarter of 1998 which was $21.9 million, or $0.20 per share, net of income tax benefit. All per share amounts reported are 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. . "1998 has been a tremendous year for Catellus," said Nelson C. Rising, president and chief executive officer. "We substantially increased our earnings and development activities, finalized See finalization. the entitlements at Mission Bay, continued the disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of non-strategic assets and successfully closed $526 million of new long term financing." "During 1998, we started over 4.9 million square feet of new commercial development versus 3.9 million square feet started last year," continued Rising. "We added approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 2.0 million square feet of newly constructed, institutional-quality, industrial buildings to our income-producing portfolio, the majority of which were completed in the fourth quarter of 1998." "At the beginning of 1998, we stated a goal of increasing the earnings contribution from Catellus Residential Group by 100% over 1997. Our residential management team 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. on the strengthening residential market 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). and contributed over $21.7 million to pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta earnings, a 224% increase over 1997. In addition, we ended the year with an additional $41.5 million in residential lot and home sales under contract are expected to close in 1999," added Rising. "The company invested over $465 million in its commercial and residential development activities and acquisitions in 1998, which has positioned the company for growth this year," concluded Rising. "Our C-Corporation structure gives us the ability to retain our earnings, and combined with our conservative balance sheet, we should have the internal capacity to exceed 1998's investment levels in 1999. This is during a time when funding from the capital markets has diminished di·min·ish v. di·min·ished, di·min·ish·ing, di·min·ish·es v.tr. 1. a. To make smaller or less or to cause to appear so. b. significantly. We anticipate that this lack of availability of funds will create many opportunities in the marketplace on which the company, with its unique skill set, will be in the position to capitalize To regard the cost of an improvement or other purchase as a capital asset for purposes of determining Income Tax liability. To calculate the net worth upon which an investment is based. To issue company stocks or bonds to finance an investment. in 1999." -0-
Highlights for the fourth quarter of 1998 and year include:
- Development Activity:
-- Commercial Development - The company started over 2.3 million
square feet of new commercial development in the fourth quarter
of 1998. Of this, 1.4 million square feet is expected to be added
to the company's portfolio, and 0.9 million square feet is
design-build or build-to-suit development for third party owners
or investors. In the fourth quarter, the company completed 1.7
million square feet of institutional-quality, industrial
buildings that were retained in its portfolio and 449,000 square
feet of buildings that were sold upon completion.
A total of 3.7 million square feet of buildings was
completed in 1998, of which 2.0 million square feet in 9
buildings was retained in the company's portfolio. At year-end,
the company had a total of 5.0 million square feet of new
commercial buildings under construction.
At Dec. 31, 1998, Catellus had a total of 2,013 acres of
industrial land available for development or sale in its
portfolio, which has the potential for up to an estimated 26.3
million square feet of new industrial space, when fully entitled
and approved.
-- Commercial Development Property Sales - The company had a total
of $19.7 million in sales of commercial properties in the fourth
quarter, which resulted in $2.7 million in gains. Gains from
commercial property sales for the year were $18.0 million versus
gains of $7.9 million for 1997. The backlog of commercial
property sales contracted at Dec. 31, 1998 totaled $83.5
million versus $7.1 million at the end of 1997.
-- Residential Development - Catellus Residential Group (CRG)
generated $77.7 million in revenues in the fourth quarter and its
unconsolidated joint ventures generated another $95.5 million in
revenues, which together resulted in pre-tax earnings to CRG of
$16.6 million. During the entire year, CRG generated $106.7
million in revenues and its unconsolidated joint ventures
generated $110.3 million in revenues resulting in pre-tax
earnings to CRG of $21.7 million.
At December 31, 1998, CRG had a total sales backlog of $41.5
million representing approximately 99 residential lot/unit sales
contracts at 6 of its owned projects and 22 residential unit
sales contracts at its joint venture projects. These sales
contracts are expected to close throughout 1999.
The Company invested approximately $54.9 million in
residential development acquisitions in 1998. These acquisitions
included the purchase of land by CRG or its joint ventures
capable of supporting up to 4,518 residential lots/units. At Dec.
31, 1998, CRG, its subsidiaries and/or joint ventures in which it
owns an interest, owned a total of 22 projects and controlled an
additional 8 projects. When fully entitled, these projects have a
development potential of approximately 13,500 lots or
single-family homes (excluding residential development proposed
at the company's Mission Bay project).
-- Mixed-Use Development:
Mission Bay, San Francisco - The company reached a major
milestone at Mission Bay in 1998 with certification of its
Final Subsequent Environmental Impact Report and unanimous
approval by the Board of Supervisors of the necessary series
of ordinances and procedural votes for final San Francisco
approval of the entire Mission Bay project.
Proposed development by Catellus at Mission Bay
includes: 4,300 market-rate and 255 affordable housing
residential units; 5.0 million square feet of office,
research and development and biotech space surrounding the
2.65-million-square-foot University of California at San
Francisco expansion campus; approximately 250,000 square
feet of entertainment retail adjacent to the new Giants'
Pacific Bell Park; 500,000 square feet of neighborhood and
community-supporting retail; and a 500-room hotel with
50,000 square feet of additional retail. Planned development
also includes 1,445 affordable housing units to be developed
by others.
-- Refinancings - Between September and November of 1998, the
company closed two refinancings for a total of $526.5 million in
long-term non-recourse fixed rate financing. The average coupon
rate associated with these financings was 6.2%. In addition,
closing of these loans resulted in recognition of a $3.3 million
extraordinary charge in the third quarter of 1998 and a $21.9
million charge in the fourth quarter of 1998, net of tax, which
was related to yield maintenance payments and a write-off of
unamortized loan issuance costs. This did not affect earnings
before depreciation and deferred taxes for 1998.
-- Income-Producing Portfolio - At Dec. 31, 1998, the company's
income-producing portfolio included 20.9 million square feet of
buildings and was 94.6% leased. Operating income from
income-producing properties, including equity in earnings from
joint ventures, was $29.7 million in the fourth quarter of 1998
versus $25.5 million in the fourth quarter of 1997, a 17%
increase. This increase was primarily from the addition of 2.8
million square feet of commercial properties to the portfolio in
1998, of which 1.7 million was added during the fourth quarter.
In addition, there was a weighted average 6% increase in
roll-over rental rates across the portfolio and additional income
generated from the acquisition of $39 million of ground leases.
Operating income from income-producing properties, including
equity in earnings from joint ventures, was $116.5 million for
1998, a 19.3% increase over $97.7 million for 1997.
-- Non-Strategic Land Disposition and Exchange - The company closed
$68.7 million in non-strategic asset sales in the fourth quarter
of 1998 which primarily consisted of two major property sales;
Golden Gate Fields for $33.7 million and East Shore Properties
for $27.5 million. The total gain from non-strategic land sales
in the fourth quarter was $11.7 million and in the case of East
Shore Properties, completed a multi-year process that will allow
for the establishment of a regional park by the East Bay Regional
Park District and the California Department of Parks and
Recreation.
On Jan. 11, 1999, the company announced that it signed a
non-binding letter of intent to sell and donate to the federal
government up to 437,000 acres of its non-strategic desert
holdings to the federal government for a total cash consideration
of up to $54.6 million, of which The Wildlands Conservancy, an
Oak Glen, Calif.-based conservation group, will donate $18.6
million in private funds and a $36.0 million allocation of
federal funds will be sought from the federal government. A final
agreement is expected to be signed sometime in 1999.
The company also entered into a nonbinding letter of intent
to exchange up to an additional 65,000 acres of its non-strategic
desert land with land managed by the Bureau of Land Management.
-0- Catellus Development Corp. 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' land portfolio has a development potential of over 48.8 million square feet of new commercial development and an estimated 18,000 residential units. At Dec. 31, 1998, the company's portfolio included 20.9 million square feet of income-producing buildings, approximately 11,400 acres of income-producing land leases, interests in a variety of joint ventures, and approximately 782,000 acres of desert and agricultural land. For more information on Catellus, please visit the company's website at http://www.catellus.com. 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 before 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 10 to 15 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. This release includes 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. concerning market conditions, development activities, construction, sales activities, governmental action (including discretionary government actions concerning entitlements, building permits, fill permits and the like), economic forecasts, strategic plans, commitments of third parties, availability of debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay on terms favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to the company, agreements in principle, market values, appraisals and investment opportunities. These statements are forward-looking statements based on economic forecasts, strategic plans, commitments of third parties, 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: interest rates; business and general economic conditions; the possible failure of third parties to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. their commitments; competitive facts; weather conditions affecting construction; the Year 2000 problem Year 2000 problem, Y2K problem, or millennium bug, in computer science, a design flaw in the hardware or software of a computer that caused erroneous results when working with dates beyond Dec. 31, 1999. ; supply and demand for office, industrial, and residential space; political decisions affecting land use permits; discretionary government decisions affecting use of and access to land; inability or unwillingness of parties to reach agreement on open terms 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. definitive documents; actions of government agencies; 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 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 Dec. 31, 1997, and the company's report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended Sept. 30, 1998, filed with the Securities and Exchange Commission. -0-
CATELLUS DEVELOPMENT CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three months ended Year ended
December 31, December 31,
1998 1997 1998 1997
Income producing
properties
Rental revenue $ 38,942 $ 33,826 $ 149,367 $ 128,953
Property operating
costs (11,215) (9,822) (42,198) (38,670)
Equity in earnings of
operating joint
ventures, net 2,014 1,473 9,368 7,436
29,741 25,477 116,537 97,719
Other property
activities and fee
services
Gain on property sales 17,014 6,191 37,254 13,197
Development and
management fee
income, net 1,621 2,072 7,366 6,449
Equity in earnings of
development joint
ventures, net 5,022 616 6,627 2,123
Land holding costs, net (614) (407) (2,151) (1,241)
23,043 8,472 49,096 20,528
Interest expense (8,332) (9,954) (37,384) (39,988)
Depreciation and
amortization (9,053) (8,207) (34,054) (31,245)
General and
administrative expense (4,638) (2,655) (14,215) (10,897)
Gain on non-strategic
asset sales 11,701 401 18,929 5,029
Litigation and
environmental
costs, net -- 1,409 -- 2,551
Other, net 415 (1,158) 1,394 (1,113)
Income before income
taxes and
extraordinary expense 42,877 13,785 100,303 42,584
Income tax expense (17,332) (5,616) (40,400) (17,343)
Income before
extraordinary expense 25,545 8,169 59,903 25,241
Extraordinary expense
related to early
retirement of debt,
net of income
tax benefit (21,858) -- (25,165) --
Net income 3,687 8,169 34,738 25,241
Preferred stock
dividends -- -- -- (1,353)
Net income
applicable to
common
stockholders $ 3,687 $ 8,169 $ 34,738 $ 23,888
Net income per share
before extraordinary
expense
Basic $ 0.24 $ 0.08 $ 0.56 $ 0.24
Assuming dilution $ 0.23 $ 0.07 $ 0.55 $ 0.24
Net loss per
share -
extraordinary
expense
Basic $ (0.20) $ -- $ (0.24) $ --
Assuming dilution $ (0.20) $ -- $ (0.23) $ --
Net income per share
after extraordinary
expense
Basic $ 0.03 $ 0.08 $ 0.33 $ 0.24
Assuming dilution $ 0.03 $ 0.07 $ 0.32 $ 0.24
Average number of common
shares outstanding
- basic 106,777 106,497 106,689 97,601
Average number of common
shares outstanding
- diluted 108,925 109,871 109,420 100,768
CATELLUS DEVELOPMENT CORPORATION
SUMMARY OF EARNINGS BEFORE DEPRECIATION AND DEFERRED TAXES
(In thousands, except per share data)
(Unaudited)
Three months ended Year ended
December 31, December 31,
1998 1997 1998 1997
Net income applicable to
common stockholders $ 3,687 $ 8,169 $ 34,738 $ 23,888
Extraordinary expense,
net 21,858 -- 25,165 --
Depreciation and
amortization 9,053 8,207 34,054 31,245
Deferred income taxes 11,890 2,737 28,366 12,667
Gain on non-strategic
asset sales (11,701) (401) (18,929) (5,029)
Earnings before
depreciation and
deferred taxes $ 34,787 $ 18,712 $ 103,394 $ 62,771
Earnings before
depreciation and
deferred taxes
per share of common
stock - basic $ 0.33 $ 0.18 $ 0.97 $ 0.64
Earnings before
depreciation and
deferred taxes
per share of common
stock - assuming
dilution $ 0.32 $ 0.17 $ 0.94 $ 0.62
Average number of common
shares outstanding
- basic 106,777 106,497 106,689 97,601
Average number of common
shares outstanding
- diluted 108,925 109,871 109,420 100,768
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 assets and extraordinary items,
including their current tax effect, represent unusual and/or
non-recurring items and are excluded from the EBDDT calculation.
CATELLUS DEVELOPMENT CORPORATION
CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)
December 31, December 31,
1998 1997
Assets
Properties $ 1,660,554 $ 1,358,807
Less accumulated depreciation (265,077) (235,832)
1,395,477 1,122,975
Other assets and deferred
charges, net 80,240 50,138
Notes receivable, less allowance 15,275 30,971
Accounts receivable, less allowance 32,289 19,641
Restricted cash 49,284 --
Cash and cash equivalents 52,975 17,294
Total $ 1,625,540 $ 1,241,019
Liabilities and stockholders' equity
Mortgage and other debt $ 873,207 $ 568,699
Accounts payable and accrued expenses 81,951 62,681
Deferred credits and other liabilities 41,620 40,035
Deferred income taxes 138,533 117,705
Total liabilities 1,135,311 789,120
Stockholders' equity
Preferred stock -- --
Common stock - 106,808 and
106,503 shares issued at
December 31, 1998
and 1997, respectively 1,068 1,065
Paid-in capital 479,636 476,047
Accumulated earnings (deficit) 9,525 (25,213)
Total stockholders' equity 490,229 451,899
Total $ 1,625,540 $ 1,241,019
CATELLUS DEVELOPMENT CORPORATION
ADDITIONAL INFORMATION
(In thousands, except percentages)
(Unaudited)
Three months ended Year ended
December 31, December 31,
1998 1997 1998 1997
Income producing
properties:
Property operating
income by property
type: (1)
Industrial buildings $ 16,709 $ 14,234 $ 62,432 $ 52,657
Office buildings 4,260 4,548 18,365 16,960
Retail buildings 2,075 2,254 9,126 9,341
Land development 1,091 1,081 4,278 4,296
Land leases 3,592 1,887 12,968 7,029
27,727 24,004 107,169 90,283
Equity in earnings of
operating joint
ventures, net 2,014 1,473 9,368 7,436
$ 29,741 $ 25,477 $116,537 $ 97,719
(1) Represents rental revenue less property operating costs.
Buildings owned
and leasing December 31,
statistics 1998 1997
Industrial buildings
Square feet owned 17,010 14,326
Square feet leased 16,200 14,061
Percent leased 95.2% 98.2%
Office buildings
Square feet owned 1,719 1,620
Square feet leased 1,624 1,547
Percent leased 94.5% 95.5%
Retail buildings
Square feet owned 928 928
Square feet leased 836 870
Percent leased 90.1% 93.8%
Land development
Square feet owned 1,220 1,220
Square feet leased 1,081 981
Percent leased 88.6% 80.4%
Total
Square feet owned 20,877 18,094
Square feet leased 19,741 17,459
Percent leased 94.6% 96.5%
CATELLUS DEVELOPMENT CORPORATION
ADDITIONAL INFORMATION
(Unaudited)
Additional Information (continued)
Three months ended
December 31,
% 1998 1997
Change
Same space total revenue
per sq. ft. by property
type: (1)
Industrial buildings 7% $ 1.39 $ 1.30
Office buildings -2% $ 5.03 $ 5.11
Retail buildings 3% $ 3.83 $ 3.73
Land development 13% $ 2.71 $ 2.40
Weighted Average 6% $ 2.00 $ 1.89
(1) Same store properties have been owned and operated for all of 1997
and 1998.
CATELLUS DEVELOPMENT CORPORATION
ADDITIONAL INFORMATION
(Unaudited)
Additional Information (continued)
Year ended
December 31,
% 1998 1997
Change
Same space total revenue
per sq. ft. by property
type: (1)
Industrial buildings 4% $ 5.39 $ 5.17
Office buildings 3% $ 20.58 $ 20.01
Retail buildings 0% $ 15.60 $ 15.61
Land development 15% $ 11.19 $ 9.75
Weighted Average 5% $ 7.92 $ 7.55
(1) Same store properties have been owned and operated for all of
1997 and 1998.
Three months ended Year ended
December 31, December 31,
1998 1997 1998 1997
Property sales
(in thousands):
Sales Proceeds:
Commercial development $ 19,722 $ 14,980 $ 86,975 $ 39,587
Residential development 77,719 58,987 106,656 82,632
Other 8,130 -- 11,636 --
$105,571 $ 73,967 $205,267 $122,219
Gain:
Commercial development $ 3,588 $ 1,966 $ 18,873 $ 7,870
Residential development 11,427 4,225 14,983 5,327
Other 1,999 -- 3,398 --
$ 17,014 $ 6,191 $ 37,254 $ 13,197
December 31,
1998 1997
Property sales backlog -
sales under contract
(in thousands):
Commercial development $ 83,456 $ 7,091
Residential development
(lot and unit sales)
Owned projects
Units $ 21,077 $ 20,355
Lots 8,348 -
$ 29,425 $ 20,355
Joint venture
projects (1) $ 12,064 $ 3,636
(1) The amounts shown are 100% of the gross sales price. The Company
is entitled to receive 25% of the net profits from these joint
ventures.
CATELLUS DEVELOPMENT CORPORATION
ADDITIONAL INFORMATION
(Unaudited)
Additional Information (continued)
December 31,
1998 1997
Residential development
property backlog
- sales under contract
(lots and units):
Residential
Owned projects
Units 61 48
Lots 38 -
99 48
Joint venture projects
- Units (1) 22 8
(1) The Company is entitled to receive 25% of the net profits
from these joint ventures.
As of or for the As of or for the
three months ended year ended
December 31, December 31,
1998 1997 1998 1997
Commercial Development
Activity (in square
feet):
Construction and
completion
Under construction,
beginning of period 4,920,000 1,892,000 3,774,000 2,286,961
Construction starts 2,314,500 2,552,000 4,927,500 3,885,000
Completed - retained
in portfolio (1,749,000) (361,239) (1,989,000) (2,089,200)
Completed -
design/build or
sold (449,000) (308,761) (1,676,000) (308,761)
Under construction,
end of period 5,036,500(1) 3,774,000 5,036,500(1) 3,774,000
Contracts signed,
construction not
started 400,000 352,000
(1) Includes 1,177,000 square feet of development that will be sold on
completion and 258,000 square feet of of 'design-build'
development for third party owners.
CATELLUS DEVELOPMENT CORPORATION
ADDITIONAL INFORMATION
(Unaudited)
Additional Information
(continued)
Three months ended Year ended
December 31, December 31,
1998 1997 1998 1997
Residential net orders
and deliveries:
(Owned and joint
venture projects)
Net Orders:
Lots 810 176 893 176
Units 94 65 358 223
Deliveries:
Lots 819 176 855 176
Units 235 113 331 221
Three months ended Year ended
December 31, December 31,
1998 1997 1998 1997
Interest costs and
preferred stock dividends
(in thousands):
Interest Costs:
Total interest costs $ 17,469 $ 12,330 $ 58,630 $ 46,684
Interest capitalized (9,137) (2,376) (21,246) (6,696)
Interest expensed $ 8,332 $ 9,954 $ 37,384 $ 39,988
Preferred stock
dividends: $ -- $ -- $ -- $ 1,353
Sale of non-strategic
assets (in thousands):
Sales Proceeds $ 68,742 $ 12,000 $ 80,041 $ 31,122
Gain $ 11,701 $ 401 $ 18,929 $ 5,029
December 31,
1998 1997
Backlog - sales under
contract (in thousands):
Non-strategic land $ 195 $ 58,800
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