Hughes Center owner reports higher earnings

Thursday, Feb. 24, 2005 | 10:51 a.m.

Texas-based Crescent Real Estate Equities Co., which owns the Hughes Center office park at Flamingo and Paradise roads, reported earnings of $203.9 million, or $1.86 a share, for the fourth quarter. That compares with net income of $35 million, or 29 cents a share, in the year-ago period.

Fourth-quarter property revenue was $297.4 million, compared with $237.7 million in the year-ago quarter. In a news release today, the real estate investment trust attributed the jump in net income to joint-venture office transactions in Texas that were finalized in the fourth quarter.

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