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Catellus Declares Fourth Quarter Dividend and Special Dividend Chief Executive Officer Agrees to Stay on Through 2007 SAN FRANCISCO, Dec. 1 /PRNewswire-FirstCall/ -- The Board of Directors of Catellus Development Corporation (NYSE:CDX) today declared a regular cash dividend for the quarter ending December 31, 2004, of $0.27 per share of common stock payable on January 17, 2005, to stockholders of record at the close of business on December 28, 2004. In connection with the recently announced sale of non-core assets and other taxable REIT subsidiary activities, the Board also declared a special dividend of $0.45 per share of common stock payable on January 17, 2005, to stockholders of record at the close of business on December 28, 2004. Additionally, Nelson C. Rising, chairman and chief executive officer of Catellus, has agreed to extend the term of his employment agreement through the end of 2007. "The Board is extremely pleased that Nelson has agreed to continue as chief executive officer through 2007. His continued leadership will enable Catellus to successfully complete the current transition and allow him to guide post transition activities," said Richard D. Farman, lead independent director of the Catellus Board of Directors. Mr. Rising commented, "I am proud of what we have accomplished in the ten years I have served as chief executive officer. I look forward to the next three years, working with our outstanding management team as we complete this current transition and continue to enhance shareholder value." 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 40.7 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 core 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; non-renewal of leases by tenants or renewal at lower than expected rates; difficulties in identifying properties to acquire and in effecting acquisitions on advantageous terms and the failure of acquisitions to perform as we expect; our failure to divest of properties on advantageous terms or to timely reinvest proceeds from any such divestitures; our failure to qualify and maintain our status as a real estate investment trust under the Internal Revenue Code; product and geographical concentration; industry competition; availability of financing and changes in interest rates and capital markets; changes in insurance markets; losses in excess of our insurance coverage; discretionary government decisions affecting the use of land, including the issuance of permits and acceptance of the design and construction of infrastructure improvements, and delays resulting therefrom; disputes related to and delays in the payment of bond reimbursements for infrastructure costs; 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; environmental uncertainties, including liability for environmental remediation and changes in environmental laws and regulations; failure or inability of parties or 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, co-owners, and owners for whom we provide development services; changes in policies and practices of organized labor groups; shortages or increased costs of electrical power; risks and uncertainties affecting property development and renovation (including construction delays and cost overruns); 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 September 30, 2004, filed with the Securities and Exchange Commission. Contact: Derek Fritz Investor Relations 415-974-3781 DATASOURCE: Catellus Development Corporation CONTACT: Derek Fritz, Investor Relations of Catellus Development Corporation, +1-415-974-3781 Web site: http://www.catellus.com/

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