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FORT WORTH-Crescent Real Estate Equities Co. enjoyed a Texas-sized turnaround in net income during the third quarter, compared with the same period in 2004. The company's net income available to common shareholders in the third quarter was $71.6 million, or 71 cents per diluted share, according to a 8-K report filed with the Securities and Exchange Commission. This compares to a net loss of $18.7 million, or a negative 19 cents per diluted share for the three months ended Sept. 30, 2004.

Net income available to common shareholders for the first nine months of the year was $48.8 million, or 49 cents per diluted share. This is compared to net loss available to common shareholders of negative $54.8 million, or a negative 55 cents per share for first nine months of 2004.

FFO adjusted to exclude impairment charges and debt extinguishment charges related to the sale of real estate assets, was $22.8 million, compared to $31.3 million last year, representing a 27% drop. That equates to 19 cents per share for the third quarter, almost a 30% drop from the 27 cents per share, for the third quarter 2004.