UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Decker, Richard C.
2728 N. Harwood
Dallas, TX 75201
USA
2. Issuer Name and Ticker or Trading Symbol
Centex Development Company, L.P.
trades in tandem with Centex Corporation - CTX
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
02/28/99
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
President and Chief Executive Officer
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
| | | | | | |0 | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Option Right to Buy |$13.375 |2/2/9|M (2| |0.0454 (3) |D |7/26/|7/26/|Warrants to |0.0454 | | | | |
|(1) |9 |) | | | |98 |06 |Purchase Uni|(3) | | | | |
| | | | | | | | |ts (4) | | | | | |
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Warrants |____(3) |2/2/9|M (2| |0.0454 (3) |A |____(|____(|Units |0.105(3|$13.375| | | |
| |9 |) | | | |3) |3) | |) | (1) | | | |
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Warrants |____(3) |2/2/9|M (2| |0.0454 (3) |D |____(|____(|Units |0.105(3|$44.437|0.9077 (3) | | |
| |9 |) | | | |3) |3) | |) |5 (1) | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) Per share of Common Stock of Centex
Corporation.
(2) This exercise and/or sale was made pursuant to and in reliance upon the
exemption contained in Rule 16b-3.
(3) Pursuant to a Nominee Agreement dated November 30, 1987, each person who is
the beneficial owner of shares of Centex Corporation
("Centex") Common Stock is also the beneficial owner of an undivided interest
in 900 warrants (the "Warrants") to purchase Class B units of limited
partnership interest in Centex Development Company, L.P. ("CDC") at an exercise
price of $500 per Class B unit, which Warrants are held of record
by Chase Manhattan Bank as successor nominee. Each beneficial owner's
proportionate interest in the Warrants is equal to the number of shares of
Centex Common Stock he owns divided by the total number of shares of Centex
Common Stock outstanding from time to time. The exercise price for
the Warrants will be determined at the time they become exercisable based on
the number of Warrants that are then exercisable, the manner in which
the Warrants are subdivided at the discretion of the general partner of CDC and
the number of shares of Centex Common Stock outstanding at that
time. The Warrants will be exercisable for a 90-day period commencing on a
date to be specified after their detachment. Unless sooner detached,
the Warrants will be detached on November 30, 2007, unless such date is
extended by a vote of the Centex stockholders. Until the Nominee
Agreement is terminated with respect to the Warrants and certificates
evidencing the Warrants are issued in the name of the beneficial owners
thereof, the Reporting Person has no right to obtain a certificate evidencing
his beneficial interest in the Warrants or to dispose of the Warrants
separate from Centex Common Stock.
Computations set forth in this Form have been made using 59,488,014 shares of
Centex Common Stock outstanding as reported as of the close of
business on January 29, 1999 as reported in Centex Corporation's Form 10-Q for
fiscal quarter ended December 31, 1998.
(4) "Units" is defined as Class B Limited Partnership
Units.
SIGNATURE OF REPORTING PERSON
/s/ Richard C. Decker
DATE
March 5, 1999
