The REIT ended the second quarter with an FFO of 63 cents per share or $82 million in comparison to the 74-cents per share or $104.4 million for the same reporting period last year.

To date, Crescent has repurchased about 12.4 million common shares at an average price of $18.87 per share for a cost of $234 million. The buyback got under way in March, three months after a board approval that set a $500-million cap. In a preferred partnership with GMAC, Crescent has received about $241 million in net proceeds, of which $133 million was used to buy 6.6 million common shares and $101 million applied to the purchase of 5.8 million shares from UBS Warburg.

John C. Goff, CEO, and Dennis Alberts, president and COO, attribute the 5-cent per share windfall to favorable office markets, accelerated residential development sales and rent from the behavioral health-care segment of Crescent's portfolio. Yet, fiscal watchers are monitoring the AmeriCold Logistics operation that deferred $6.7 million in rent but paid about $30 million for the reporting period ending June 30.

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