--completed and added approximately 1.4 million square feet of commercial space to the rental portfolio at an approximate cost of $46.7 million. When stabilized, the new space is expected to make an annual contribution to operating income of $5.3 million versus the $800,000 it contributed during the second quarter.

--had five million square feet under construction, 3.9 msf of which the company expects to add to its portfolio. Approximately 90% of this space is pre-leased to tenants, the company reports. When complete and fully leased, the 3.9 msf is expected to cost $143 million and contribute approximately $16.4 million to operating income on an annual basis.

--sold $59.3 million in commercial and other properties (excluding sales of non-strategic assets) during the second quarter. At June 30, an additional $55.8 million of property sales were under contract but not yet closed. Additionally, it owned or controlled industrial/suburban commercial land capable of supporting an estimated 29.4 million square feet of development, including the recently approved space at Pacific Commons in Fremont, Calif.

The company began construction on 260,000 square feet at Pacific Commons in July, including the 74,000 square feet of industrial space leased to Intel Corporation. Negotiations are underway with other Silicon Valley companies for the remaining available space. At June 30, 2000, Catellus' core portfolio included 26.1 million square feet of industrial, office and retail space that was 95.6% occupied.