Catellus Announces Repurchase of Shares From CalPERS
SAN FRANCISCO, Dec 12, 2001 (BUSINESS WIRE) -- Catellus Development Corporation (NYSE:CDX) announced today that it has agreed to purchase 10.6 million shares of its common stock from the California Public Employees Retirement System ("CalPERS") for a total of $183,120,300.00 or $17.2755 per share. The closing price of the stock today was $17.45 per share. This transaction, which is expected to close on December 14, 2001, will reduce CalPERS' ownership in Catellus to approximately 9.45% of the company's outstanding stock. CalPERS will be able to trade its remaining shares freely.
Michael B. McCook, Senior Investment Officer for CalPERS real estate program, commented, "We are very pleased with the progress Catellus' management has made since 1994, and we remain extremely confident about the company's plans for the future. This transaction allows us increased flexibility in our portfolio, and we hope that reducing our ownership percentage in Catellus will allow us to pursue other opportunities together."
Nelson C. Rising, chairman and chief executive officer of Catellus, added, "This transaction presents an excellent opportunity to accelerate our pre-existing share repurchase program. We look forward to our continuing relationship with CalPERS."
The stock purchase will be completed utilizing a portion of Catellus' cash liquidity. Including this transaction, Catellus has repurchased 21,649,797 shares of stock to date in 2001, at an average price of $17.20 per share. Catellus is confirming its previous 2001 earnings guidance and its 2002 earnings guidance for EBDDT per share at 10-12% growth over 2001.
Catellus Development Corporation is one of the nation's premier diversified real estate operating 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 a portfolio of rental properties totaling 30.3 million square feet and one of the largest supplies of developable land in the Western United States capable of supporting over 41 million square feet of new commercial development and an estimated 10,500 residential lots and units. More information on the Company is available at www.catellus.com. |
