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Crescent reports $17.5 million loss

Tuesday, Aug. 3, 2004 | 11:13 a.m.

SUN STAFF REPORT

Texas-based Cresent Real Estate Equities Co. this morning reported a second-quarter loss of $17.5 million, or 18 cents a share, wider than the $6.1 million, or 6 cents per share, net loss reported for the same 2003 quarter.

Crescent last year purchased from the Hughes Center office park east of the Las Vegas Strip at Flamingo and Paradise roads from The Rouse Co. for $214 million.

In its earnings statement, Crescent said it acquired the remaining office building in the Hughes Center complex for $18.3 million.

The 86,000-square-foot building was not a part of the original acquisition because it was a joint venture between Rouse and a partner. The partner initially exercised its option to decline the sale. However, the option was later dropped, and Crescent agreed to purchase the property, the statement said.

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