Catellus Board of Directors Authorizes Additional $50 Million for Stock Repurchase Program
SAN FRANCISCO--(BUSINESS WIRE)--March 14, 2001--Catellus Development Corporation (NYSE:CDX - news) announced today that its board of directors has authorized an additional $50 million for its stock repurchase program.
Beginning in February 2001, under its most recent authorization, the company has spent $49.9 million repurchasing stock, totaling 2,888,900 shares at a weighted average price of $17.27 per share. Including the shares purchased under a prior authorization, since March of 2000, the company has spent $78.6 million of capital repurchasing 4,886,200 shares of stock at a weighted average price of $16.08 per share. This amount represents approximately 4.6% of the total outstanding shares as of December 31, 1999.
Catellus Development Corporation is one of the nation's premier diversified real estate development companies. The Company specializes in developing, managing and investing in a broad range of product types including industrial, residential, office, retail and major urban development projects. It owns one of the largest portfolios of developable land in the Western United States capable of supporting over 47.7 million square feet of new commercial development and an estimated 10,800 residential lots and units. More information on the Company is available at www.catellus.com. |
