Centex Sells Portfolio of Properties
2008年4月1日 - 7:48AM
PRニュース・ワイアー (英語)
27 properties sold to joint venture funded by RSF Partners,
Farallon & Greenfield Partners DALLAS, March 31, 2008
/PRNewswire-FirstCall/ -- Centex Homes, the homebuilding subsidiary
of Centex Corporation (NYSE:CTX), has sold a portfolio of
developed, partially-developed and undeveloped properties to a
joint venture that is led by Dallas-based RSF Partners, Inc., and
includes funds under management by San Francisco-based Farallon
Capital Management, L.L.C., and Greenfield Partners, L.L.C., of
South Norwalk, Conn. Centex will receive aggregate cash of
approximately $455 million, including the purchase price of
approximately $161 million and an anticipated related tax refund of
approximately $294 million. The book value of the properties sold
was approximately $528 million. "This transaction is consistent
with our near-term goals of reducing our land supply and generating
cash," says Timothy R. Eller, chairman and chief executive officer
of Centex Corp. "This land sale accelerates our move to a more
asset-light operating model, sharpens our focus on strategic
markets and consumer segments, reduces future land development cash
obligations and monetizes a meaningful portion of our deferred tax
asset." Centex has a 5% interest in the joint venture and has the
right to receive a greater share of distributions if certain
financial targets are met. The joint venture was capitalized
without debt. An entity controlled by RSF, Farallon and Greenfield
will manage, develop and sell the properties. The transaction is
anticipated to qualify predominantly as a land sale for GAAP and
tax purposes. Centex has an option to purchase a limited number of
lots from certain neighborhoods in the joint venture's portfolio.
The portfolio of assets sold includes properties that represent
approximately 8,500 lots in 27 neighborhoods across 11 states, with
the majority located in California and Nevada. As a result of the
transaction, Centex reduced its total supply of owned lots by
approximately 10% to less than 80,000. The transaction conserves
cash by eliminating about $265 million in future development costs
related to the properties. Goldman Sachs & Co. and J.P. Morgan
Securities Inc. advised Centex concerning the transaction. Centex
will host a conference call to discuss the agreement with senior
management at 11 a.m. EDT (10 a.m. CDT) on April 1, 2008. The call
may be accessed by dialing (800) 399-7906 (U.S./Canada) or +1 (706)
679-4166 (International). Participants should dial in 15 minutes
before the call begins and provide conference ID number 41003574.
The live webcast may be accessed on the Investor Relations section
of the Centex website at http://ir.centex.com/. A replay of the
webcast will be archived for approximately 30 days on the Investor
Relations page under the "Presentations" link. About Centex
Dallas-based Centex, founded in 1950, is one of the nation's
leading home building companies. Its leading brands include Centex
Homes, Fox & Jacobs Homes and CityHomes. In addition to its
home building operations, Centex also offers mortgage, title and
insurance services. Centex has ranked among the top three builders
on FORTUNE magazine's list of "America's Most Admired Companies"
for nine straight years and is a leader in quality and customer
satisfaction. About RSF Partners RSF Partners, Inc. ("RSF") is a
Dallas-based investment management company that focuses on real
estate related investments. RSF was founded in 1997 and manages
discretionary equity capital of more than $300 million on behalf of
a select group of high net worth investors through a series of
investment funds. RSF invests in real estate throughout the United
States in a variety of forms of debt and equity. More information
about RSF may be found at http://www.rsfpartners.com/. About
Farallon Capital Management, L.L.C. Farallon Capital Management,
L.L.C. ("Farallon") is a global, San Francisco-based investment
management company that manages discretionary equity capital of
more than $30 billion, largely from institutional investors such as
university endowments, foundations, and pension plans. Farallon was
founded in March 1986 by Thomas F. Steyer. Farallon invests in
public and private debt and equity securities, direct investments
in private companies and real estate. Farallon invests in real
estate across all asset classes around the world, including the
United States, Europe, Latin America and India. More information
about Farallon may be found at http://www.faralloncapital.com/.
About Greenfield Partners, L.L.C. Greenfield Partners, L.L.C.
("Greenfield") is a private partnership that specializes in real
estate and related investments on behalf of itself and a select
group of private and institutional partners. Since inception in
1997, Greenfield has secured in excess of $3.5 billion in
discretionary equity commitments to eight different investment
funds and operates in both North America and abroad. The firm's
most recent funds are Greenfield Acquisition Partners V and
Greenfield Land Partners II, which have equity commitments of $1.0
billion and $400 million, respectively. Greenfield has offices in
South Norwalk, Connecticut and Chicago, IL. More information about
Greenfield may be found at http://www.greenfieldpartners.com/.
Forward-looking statements. This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act
of 1934 and the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the context of the
statement, and generally arise when Centex is discussing its
beliefs, estimates or expectations. Such statements include
projections, forecasts, and plans and objectives of management for
future operations and other events, as well as any related
assumptions, including those related to the amount of proceeds to
be realized as a result of the sale transaction, the availability
or amount of any tax refund to be received in respect of losses
related to the properties and the expected treatment of the
transaction for GAAP and tax purposes. These statements are not
historical facts or guarantees of future performance, but instead
represent only Centex's belief at the time the statements were made
regarding future events, which are subject to significant risks,
uncertainties and other factors, many of which are outside of
Centex's control. Actual results and outcomes may differ materially
from what is expressed or forecast in such forward-looking
statements. These risks and uncertainties are described in greater
detail in Centex's most recent Annual Report on Form 10-K for the
fiscal year ended March 31, 2007 (including under the captions
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations"), as well as recent
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K,
which are on file with the SEC and may be obtained free of charge
through the web site maintained by the SEC at http://www.sec.gov/.
The factors discussed in these reports include, but are not limited
to, the effects of the current downturn in the homebuilding
industry, including reductions in the value of our land portfolio
and revisions to our business plans to address changing market
conditions; changes in national or regional economic or business
conditions, including employment levels and interest rates;
competition; customer cancellations; shortages or price changes in
raw materials or labor; the effects of recent disruptions in the
mortgage finance industry, including tightening of credit and
reduction in liquidity; the availability of adequate sources of
financing to continue to implement our business strategy,
particularly in view of recent downgrades in our credit rating,
write downs in asset values and tightening of credit available to
the homebuilding industry; our ability to generate cash from sales
of assets and other sources that supplement our existing capital
resources; and other factors that could affect demand for our homes
or mortgage loans, the profitability of our operations or our
access to financing. All forward-looking statements made in this
press release are made as of the date hereof, and the risk that
actual results will differ materially from expectations expressed
in this press release will increase with the passage of time.
Centex makes no commitment, and disclaims any duty, to update or
revise any forward-looking statement to reflect future events or
changes in Centex's expectations. DATASOURCE: Centex Corporation
CONTACT: Matthew G. Moyer, Centex Investor Relations,
+1-214-981-6901, Eric S. Bruner, Centex Public Relations,
+1-214-981-6623; or Chris Mahowald, RSF Partners, +1-214-849-9815
Web site: http://www.centex.com/ http://www.rsfpartners.com/
http://www.faralloncapital.com/ http://www.greenfieldpartners.com/
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