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Catellus Declares Fourth Quarter Dividend and Special Dividend
Chief Executive Officer Agrees to Stay on Through 2007
SAN FRANCISCO, Dec. 1 /PRNewswire-FirstCall/ -- The Board of Directors of
Catellus Development Corporation (NYSE:CDX) today declared a regular cash
dividend for the quarter ending December 31, 2004, of $0.27 per share of common
stock payable on January 17, 2005, to stockholders of record at the close of
business on December 28, 2004.
In connection with the recently announced sale of non-core assets and other
taxable REIT subsidiary activities, the Board also declared a special dividend
of $0.45 per share of common stock payable on January 17, 2005, to stockholders
of record at the close of business on December 28, 2004.
Additionally, Nelson C. Rising, chairman and chief executive officer of
Catellus, has agreed to extend the term of his employment agreement through the
end of 2007.
"The Board is extremely pleased that Nelson has agreed to continue as chief
executive officer through 2007. His continued leadership will enable Catellus
to successfully complete the current transition and allow him to guide post
transition activities," said Richard D. Farman, lead independent director of
the Catellus Board of Directors.
Mr. Rising commented, "I am proud of what we have accomplished in the ten years
I have served as chief executive officer. I look forward to the next three
years, working with our outstanding management team as we complete this current
transition and continue to enhance shareholder value."
Catellus Development Corporation is a publicly traded real estate development
company that began operating as a real estate investment trust effective
January 1, 2004. The company owns and operates approximately 40.7 million
square feet of predominantly industrial property in many of the country's major
distribution centers and transportation corridors. Catellus' principal
objective is sustainable, long-term growth in earnings, which it seeks to
achieve by applying its strategic resources: a lower-risk/higher- return
rental portfolio, a focus on expanding that portfolio through development, and
the deployment of its proven land development skills to select opportunities
where it can generate profits to recycle back into its core business. More
information on the company is available at http://www.catellus.com/.
Except for historical matters, the matters discussed in this release are
forward-looking statements that involve risks and uncertainties. Forward-
looking statements include, but are not limited to, statements about plans,
opportunities, and development. We caution you not to place undue reliance on
these forward-looking statements, which reflect our current beliefs and are
based on information currently available to us. We do not undertake any
obligation to publicly revise these forward-looking statements to reflect
future events or changes in circumstances, except as may be required by law.
These forward-looking statements are subject to risks and uncertainties that
could cause our actual results, performance, or achievements to differ
materially from those expressed in or implied by these statements. In
particular, among the factors that could cause actual results to differ
materially are: changes in the real estate market or in general economic
conditions, including a worsening economic slowdown or recession; non-renewal
of leases by tenants or renewal at lower than expected rates; difficulties in
identifying properties to acquire and in effecting acquisitions on advantageous
terms and the failure of acquisitions to perform as we expect; our failure to
divest of properties on advantageous terms or to timely reinvest proceeds from
any such divestitures; our failure to qualify and maintain our status as a real
estate investment trust under the Internal Revenue Code; product and
geographical concentration; industry competition; availability of financing and
changes in interest rates and capital markets; changes in insurance markets;
losses in excess of our insurance coverage; discretionary government decisions
affecting the use of land, including the issuance of permits and acceptance of
the design and construction of infrastructure improvements, and delays
resulting therefrom; disputes related to and delays in the payment of bond
reimbursements for infrastructure costs; changes in the management team;
weather conditions and other natural occurrences that may affect construction
or cause damage to assets; changes in income taxes or tax laws; environmental
uncertainties, including liability for environmental remediation and changes in
environmental laws and regulations; failure or inability of parties or third
parties to fulfill their commitments or to perform their obligations under
agreements; failure of parties to reach agreement on definitive terms or to
close transactions; increases in the cost of land and construction materials
and availability of properties for future development; limitations on, or
challenges to, title to our properties; risks related to the financial strength
of joint venture projects, co-owners, and owners for whom we provide
development services; changes in policies and practices of organized labor
groups; shortages or increased costs of electrical power; risks and
uncertainties affecting property development and renovation (including
construction delays and cost overruns); other risks inherent in the real estate
business; and acts of war, other geopolitical events and terrorists activities
that could adversely affect any of the above factors. For further information,
including more detailed risk factors, you should refer to Catellus Development
Corporation's annual report on Form 10-K for the fiscal year ended December 31,
2003, and its report on Form 10-Q for the quarter ended September 30, 2004,
filed with the Securities and Exchange Commission.
Contact:
Derek Fritz
Investor Relations
415-974-3781
DATASOURCE: Catellus Development Corporation
CONTACT: Derek Fritz, Investor Relations of Catellus Development
Corporation, +1-415-974-3781
Web site: http://www.catellus.com/