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Catellus Declares Third Quarter Dividend
SAN FRANCISCO, July 27 /PRNewswire-FirstCall/ -- The Board of Directors of
Catellus Development Corporation (NYSE:CDX) today declared a regular cash
dividend for the quarter ending September 30, 2005, of $0.27 per share of
common stock payable on August 31, 2005, to stockholders of record at the close
of business on August 16, 2005.
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 41.1 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 shareholder value, 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.
Except for historical matters, the matters discussed in this news 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: failure to obtain the approvals of shareholders of Catellus
Development Corporation and ProLogis or to satisfy the other closing conditions
necessary for the consummation of the merger of Catellus with and into a
subsidiary of ProLogis; failure of the combined company in such merger to
achieve the successful integration of the operations of ProLogis and Catellus
or to realize the intended benefits of the merger; 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; actions by taxing authorities, or
necessary recalculations by the company, requiring retroactive changes to the
tax treatment of distributions to shareholders; 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, 2004, and its report on Form 10-Q for the quarter ended
March 31, 2005, filed with the Securities and Exchange Commission ("SEC"), as
well as the joint proxy statement/prospectus that is part of the registration
statement on Form S-4 of ProLogis filed with the SEC on July 13, 2005.
Information contained in this news release is not a substitute for the joint
proxy statement/prospectus. SHAREHOLDERS AND INVESTORS ARE URGED TO READ THE
JOINT PROXY STATEMENT/PROSPECTUS BECAUSE IT CONTAINS IMPORTANT INFORMATION,
INCLUDING DETAILED RISK FACTORS, ABOUT THE PROPOSED MERGER OF CATELLUS
DEVELOPMENT CORPORATION WITH AND INTO A PROLOGIS SUBSIDIARY AND ABOUT CATELLUS,
PROLOGIS AND THE COMBINED COMPANY. The joint proxy statement/prospectus, as
well as other documents filed by Catellus and/or ProLogis with the SEC, are
available free of charge at the SEC's website (http://www.sec.gov/ ) or by
directing a request to Catellus Development Corporation at 201 Mission Street,
Second Floor, San Francisco, California, 94105, Attn.: Investor Relations, or
by telephone at (415) 974-4500, or by email at ; or (if appropriate) to
ProLogis at 14100, E. 35th Place, Aurora, Colorado 80011, Attn.: Investor
Relations, or by telephone at 800-820-0181.
Contact:
Minnie Wright
Investor Relations
415-974-4649
DATASOURCE: Catellus Development Corporation
CONTACT: Minnie Wright, Investor Relations of Catellus Development
Corporation, +1-415-974-4649
Web site: http://www.catellus.com/