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Business Description
Catellus Development Corporation is a real estate development company that began operating as a real estate investment trust (REIT) effective January 31, 2004. The Company manages, acquires and develops predominantly industrial rental property in major distribution centers and transportation corridors. These properties are located in such distribution markets as southern California; Dallas, Texas, and Chicago, Illinois. The Company has also begun to expand into northern New Jersey and Atlanta, Georgia. The majority of Catellus' rental portfolio is relatively new and has been developed by the Company. Catellus owns a significant portfolio of developable land intended for future growth.

Financial Information
For the nine months ended 9/30/04, revenues rose 3% to $316.7 million. Net income from continuing operations rose 40% to $82.5 million. Results reflect increased demand for the company's products and services. Earnings benefited from lower REIT transition costs and decreasd tax expenses.