The REIT ended the second quarter with an FFO of 63 cents pershare 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 commonshares at an average price of $18.87 per share for a cost of $234million. The buyback got under way in March, three months after aboard approval that set a $500-million cap. In a preferredpartnership with GMAC, Crescent has received about $241 million innet proceeds, of which $133 million was used to buy 6.6 millioncommon shares and $101 million applied to the purchase of 5.8million shares from UBS Warburg.

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