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Catellus to Sell $200 Million of Residential Land at Mission Bay SAN FRANCISCO, Sept. 29 /PRNewswire-FirstCall/ -- Catellus Development Corporation (NYSE:CDX) announced today it has entered into a contract to sell land entitled for residential for-sale units and supporting retail space at Mission Bay in San Francisco, California, to Bosa Development California, Inc. (http://www.bosadev.com/) for approximately $119 million. The transaction consists of the sale of the portions of Mission Bay Blocks 2, 11, 12, and 13 that are entitled for market rate residential units, and is structured with four closings scheduled to occur from April 2006 to April 2008. Catellus also announced today that during the past several months it placed five other Mission Bay land parcels under contract with and taken deposits from multiple developers for a total sale price of approximately $81 million. Entitlements for the five parcels include residential for-sale, for-rent, and affordable housing units. These transactions are projected to close over the next 15 months. In total, the transactions represent entitlements for 2,300 residential units, leaving entitlements for approximately 800 residential units at Mission Bay. "We are pleased with the progress overall at Mission Bay. These current transactions highlight the strong residential market in San Francisco," commented Nelson C. Rising, Catellus chairman and CEO. "It is especially pleasing that we have expanded on an existing relationship with Bosa, a well regarded residential developer who previously acquired from us several parcels at Santa Fe Depot in San Diego, and we welcome them to Mission Bay." 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 41.4 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 earnings, 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 business. More information on the company is available at http://www.catellus.com/. Except for historical matters, the matters discussed in this 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: changes in the real estate market or in general economic conditions, including a worsening economic slowdown or recession; product and geographical concentration; industry competition; availability of financing and changes in interest rates and capital markets; changes in insurance markets; discretionary government decisions affecting the use of land, and delays resulting therefrom; 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; liability for environmental remediation and changes in environmental laws and regulations; failure or inability of 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 and co-owners; changes in policies and practices of organized labor groups; shortages or increased costs of electrical power; 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, 2003, and its report on Form 10-Q for the quarter ended June 30, 2004, filed with the Securities and Exchange Commission. Contacts: Margan Mitchell Vice President, Corporate Communications Catellus Development Corporation 415-974-4616 DATASOURCE: Catellus Development Corporation CONTACT: Margan Mitchell, Vice President, Corporate Communications, of Catellus Development Corporation, +1-415-974-4616 Web site: http://www.bosadev.com/ Web site: http://www.catellus.com/

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