Catellus Announces Fourth Quarter 2001 Results
SAN FRANCISCO, Feb 12, 2002 (BUSINESS WIRE) -- Catellus Development Corporation (NYSE:CDX)
Per Share Earnings Before Depreciation and Deferred Taxes Increased 32% in the Fourth Quarter and 22% for the Year Ended December 31, 2001
Catellus Development Corporation (NYSE:CDX) today reported earnings before depreciation and deferred taxes (EBDDT) of $43.4 million for the fourth quarter of 2001 compared to $37.6 million for the fourth quarter of 2000. On a diluted per share basis, EBDDT for the fourth quarter of 2001 was $0.45 per share, a 32% increase over the $0.34 per share recorded in the fourth quarter of 2000. For the year ended December 31, 2001, EBDDT per share was $1.78, a 22% increase over full year 2000 EBDDT per share of $1.46.
Net income on a diluted per share basis for the quarter was $0.20, a 54% increase over the fourth quarter of 2000. For the year ended December 31, 2001, net income on a diluted per share basis was $0.94, an 8% decrease from full year 2000. These results were impacted by gains on non-strategic desert land sales of $3.9 million in 2001 compared to $46.3 million in 2000.
"Catellus had an outstanding year in 2001, despite the challenging economic climate," commented Nelson C. Rising, Chairman and Chief Executive Officer of Catellus. "We generated significant value from our project at Pacific Commons in the Silicon Valley and from our urban infill projects at Mission Bay and Santa Fe Place. We also significantly increased our development under construction over 2000, while continuing to improve the overall quality of our portfolio with high quality tenants such as Ford Motor Company and Kellogg Company."
Fourth Quarter Highlights:
1) Purchased 10.6 million shares of our outstanding common stock from the California Public Employees Retirement System
(CalPERS) for a total of $183.1 million, or $17.28 per share.
2) During the fourth quarter, including the CalPERS transaction, we repurchased 12.8 million shares at an average price of $17.23.
3) Signed multiple leases, including a lease signed in January 2002, totaling 1.3 million square feet with Ford Motor Company at four locations in three different states.
4) Started construction of a 607,000 square foot distribution warehouse at Kaiser Commerce Center in San Bernardino County, California, for Specialty Merchandise Corporation.
5) Signed a lease with Keebler Company for 81,000 square feet at the Stapleton Business Center in Denver, Colorado.
6) Signed a lease with Safeway Inc. for a 33,000 square foot
grocery store at Mission Bay in San Francisco. The grocery
store will open in 2003 as part of the mixed-use facility now under construction.
7) Acquired a 470,000 square foot industrial building leased to Saks Inc. in Aberdeen, Maryland for $27.9 million.
8) Received final environmental clearance and initiated bayside land sales at Victoria by the Bay in Hercules, California, closing on 169 lots in the fourth quarter for $19.7 million.
2001 Highlights:
1)Increased income producing portfolio to 30.9 million square feet at year end 2001 from 28.8 million square feet at year end 2000. During the year, we sold 507,000 square feet of buildings, acquired 1.2 million square feet and completed 1.5 million square feet.
2) Rental property operating income for the year was $181.1
million, a 12% increase over 2000.
3) At year-end, the Commercial Group had 6.1 million square feet under construction, which we anticipate adding to our income producing portfolio at completion, for a total cost of $255.0 million. These buildings are 67% leased and when fully leased, are expected to contribute $28.6 million to net operating income on an annualized basis.
4) At year-end, the Urban Group had 316,000 square feet of
commercial space under construction, which we anticipate
adding to our income producing portfolio at completion, for a total cost of $92.9 million. This space is 90% leased and when fully leased is expected to contribute $12.7 million to net operating income on an annualized basis. Additional
construction includes 34 for sale condominium units and a
joint venture of 130,000 square feet of commercial space and
595 residential rental units.
5) During 2001, we completed transactions establishing over $180 million of land value at Mission Bay and Pacific Commons through sales, ground leases, and pre-leased development activities.
6) At year end, our backlog of sales under contract but not yet closed totaled $108.2 million; comprised of $7.6 million from the income producing portfolio; $41.5 million from the Commercial Group; and $59.1 million from the Residential Group.
7) Portfolio occupancy was 94.4% at year-end 2001.
8) Cash and restricted cash at year-end was $230 million.
Rising concluded, "During 2001, we repurchased 21.6 million shares of our common stock for $372.4 million, at an average price of $17.20, which represents approximately 20% of the shares outstanding at December 31, 2000. With this extraordinary return of capital to our shareholders combined with our well leased development under construction, we expect our 2002 EBDDT per share to grow 10 to 12% over 2001."
Catellus Development Corporation will hold a conference call to discuss this quarter's results on Wednesday, February 13th, 2002, at 9:00 AM Pacific Standard Time (Noon EST). The dial-in phone number for the call is 888-423-3274. International callers should dial 612-332-0228. The conference call will also be broadcast live over the Internet from the Catellus website at www.catellus.com and from StreetEvents at www.streetevents.com. A replay of the conference call will be available over the Internet from both websites, or by telephone at 800-475-6701. The access code for the telephone replay is 622184. All replays will be available through February 27th, 2002.
A copy of the Fourth Quarter 2001 Supplemental Disclosure Package will be available before the call from the Investor Relations section of our website at www.catellus.com. These materials are also available by contacting Investor Relations at 415-974-4500 or by sending an email to InvestorRelations@catellus.com.
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 a portfolio of rental properties totaling 30.9 million square feet and one of the largest supplies of developable land in the Western United States capable of supporting over 42 million square feet of new commercial development and an estimated 10,200 residential lots and units. More information on the Company is available at www.catellus.com. |
