Robertson Stephens’ REIT analyst Jay Leupp continues to be bullish on San Francisco-based Catellus Development Corp., for which it is not a market maker.

“With one of the largest developable land portfolios in California, we believe Catellus will continue to benefit from one of the strongest real estate markets in the State’s 151 year history,” writes Leupp this morning. “With employment, population and occupancy rates at record levels in many Northern and Southern California markets, we believe the company is likely to enjoy at least 3-5 years of favorable market conditions. We reiterate our Buy rating.”

Robertson Stephens is the leading full-service investment bank focused exclusively on growth companies. Catellus is a diversified real estate development company with a large portfolio of developable land and rental properties.

In afternoon trading, shares of Catellus were trading at $17.75, off 6.25 cents from Friday’s close, and $1.31 short of its 52-week high, achieved August 17, 2000. It’s 52-week low of $10.75 came in October of last year.

For the six months ended June 30, Catellus revenues rose 22% to $100.7 million on building additions and rent increases, and profits rose 78% to $60.8 million due to increased gains on sales of non-strategic assets.

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