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SAN FRANCISCO-In its first earnings report since converting to REIT status, Catellus Development Corp. on Friday said its net income for the first quarter of 2004 jumped more than 37% from the same period in 2003. The locally headquartered company reported a first quarter profit of $32.1 million, or $0.31 per fully diluted share, which compares to $23.4 million, or $0.23 per share, for the same 2003 period.As of the end of March, the Catellus’ rental portfolio totaled 40 million sf, 90% of which is industrial property. The portfolio has grown by 1.8 million sf since the end of 2003. The rental portfolio’s occupancy rate at the end of March 2004 was 95.7%, compared to 95.2% at the end of 2003 and 93.3% at the end of March 2003.The new additions to the portfolio include a 252,000-sf facility in Winchester, VA; a 450,000-sf warehouse in Fontana, CA; two 342,000-sf buildings and a 296,000-sf building in Atlanta, GA, and; an 84,000-sf building in Portland, OR. The buildings represent a total investment of $53.6 million. They are 100% leased and have a projected return on cost of 9.9%.Major leases during the quarter include PepsiCo Beverages and Food, which renewed its 451,000-sf lease in Grand Prairie, TX, and took on an additional 292,000 sf of existing adjacent space. Catellus also announced that “one of the country’s leading retailers” preleased a 758,000-sf distribution facility that is under construction in Fontana. Catellus is currently developing 1.9 million sf for itself that is 82% preleased. The five buildings have a projected total cost of $73 million and a projected return on cost of 10.8%.

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