SEC Info - Crescent Real Estate Equities Co - ‘8-K’ for 5/8/07

EXHIBIT 99.2

Crescent Real Estate Equities
Company

First Quarter 2007

Supplemental Operating and Financial Data

This Supplemental Operating and Financial Data is not an offer to sell or
solicitation of an offer to buy any securities of the Company and should be read in
conjunction with the financial statements and related notes of the Company,
as filed in the Quarterly Reports on Form 10-Q and the Annual Report
on Form 10-K with the Securities and Exchange Commission.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

1

Table of Contents


Company Background
About the Company/Vision/Mission/Summary			4
Trust Managers/Key Management			5

Financial Highlights
Key Financial Data			7
Balance Sheets			10
Statements of Operations			11
Funds From Operations			13
Sector Contribution and Assets by Segment			14
Acquisitions, Dispositions, Development and Other Strategic Transactions			15
Consolidated Debt Schedule			16
Consolidated Debt Breakdown/Future Consolidated Debt Repayments			17
Unconsolidated Debt Schedule/Future Unconsolidated Debt Repayments			18
Investment in Unconsolidated Companies			19

Portfolio Data
Office:
Total Office Portfolio — Composition			22
Total Office Portfolio — Property Table			23
Total Office Portfolio — Leasing Statistics			26
Total Office Portfolio — Same Store Analysis			27
Total Office Portfolio — Capital Expenditures			28
Total Office Portfolio — Top 25 Office Customers			29
Total Office Portfolio — Customer Industry Diversification			30
Total Office Portfolio — Lease Expirations			31

Resort Residential Development:
Resort Residential Development Statistics			39
Resort Residential Development Property Table			40
Resort Residential Development Net Equity Book Value by Project			41

Resort/Hotel:
Resort/Hotel Quarter-to-Date Statistics			43

Temperature-Controlled Logistics:
Temperature-Controlled Logistics Property Table			45

Mezzanine Investments:
Mezzanine Investments			47

Contact Information
Equity Research Coverage/IR Contacts			49

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

2

COMPANY BACKGROUND

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

3

About the Company

Crescent Real Estate Equities Company (NYSE: CEI) is a real estate investment trust headquartered in Fort Worth, Texas. On March 1^st 2007 Crescent announced a strategic plan to simplify its business model and focus on its successful office platform as an owner, manager, and developer of class A properties. Key elements of the plan include the sale of resort and hotel assets, resort residential developments, and the sale of non-core office properties. Upon completion of these strategic initiatives, Crescent will own and/or manage approximately 22 million square feet of premier office buildings in key markets including Dallas, Houston, Denver, Miami, and Las Vegas. For more information, visit Crescent’s website at www.crescent.com.

Vision

Our vision is to be the premier real estate investment and operating company in our markets as recognized by our customers, our people and the investment community.

Mission

Our mission is to deliver exceptional workplace environments and innovative solutions to our customers every day. Our people bring pride, passion and commitment to real estate.

Summary
As of March 31, 2007


NYSE Trading Symbols		CEI, CEIprA, CEIprB
Corporate Headquarters		Fort Worth, Texas
Fiscal Year End		12/31
Total Office Properties Owned and Managed		71
Total Office Square Feet Owned and Managed		27.6 million
Geographic Diversity		8 states and 26 sub-markets
Number of Employees		694
Common Shares and Units Outstanding (share equivalent)		125.2 million
Common Dividend—Quarter/Annualized		$0.375/$1.50
Common Dividend Yield ($20.06 share price at 03/31/07)		7.5%
Total Market Capitalization Including Debt		$5.2 billion
Insider Ownership		18.1%

Forward Looking Statements

Certain statements made in this supplement may be considered forward-looking statements within the meaning of the federal securities laws. Although Crescent believes that the expectations set forth in such statements are based upon reasonable assumptions, Crescent’s future operations and its actual performance may differ materially from those indicated in any forward-looking statements. Additional information that could cause actual results to differ materially from these statements are detailed in the earnings release on May 8, 2007, and from time to time in Crescent’s SEC reports, including its Annual Report on Form 10-K, quarterly reports on Form 10-Q, and reports on Form 8-K, which can be obtained from Crescent’s website or by contacting Crescent directly.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

4

Trust Managers


Richard E. Rainwater		William F. Quinn
Chairman of the Board		Chairman and Chief Executive Officer,
		American Beacon Advisors, Inc.

John C. Goff		Paul E. Rowsey, III
Vice Chairman of the Board and		Managing Partner, E2M Partners, LLC
Chief Executive Officer

		Robert W. Stallings
Dennis H. Alberts		Chairman and President,
President and Chief Operating Officer		Stallings Capital Group, Inc.

Anthony M. Frank		Terry N. Worrell
Chairman, Belvedere Capital Partners		President, Worrell Investments

Senior Management

John C. Goff, Vice Chairman and Chief Executive Officer

Dennis H. Alberts, President and Chief Operating Officer

Jane E. Mody, Managing Director and Chief Financial Officer

David M. Dean, Managing Director, Legal

Thomas G. Miller, Managing Director, Investments

Jane B. Page, Managing Director, Asset Management / Leasing

Paul R. Smith, Managing Director, Investments

John L. Zogg, Jr., Managing Director, Asset Management / Leasing

John P. Albright, Managing Director, Investments

Suzanne K. Stevens, Senior Vice President and Chief Accounting Officer

Robert H. Boykin, Senior Vice President, Leasing

Joseph D. Dobbs, Senior Vice President, Property Management

Michael S. Lewis, Senior Vice President, Leasing

Christopher T. Porter, Senior Vice President and Treasurer

Daniel E. Smith, Senior Vice President, Corporate Counsel

James H.Wilson, Senior Vice President, Property Management

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

5

FINANCIAL HIGHLIGHTS

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

6

Key Financial Data
(Dollars in thousands, except share data)
(unaudited)


	As Of or For The Three Months Ended
	3/31/2007			12/31/2006			9/30/2006			6/30/2006			3/31/2006

Shares and Units
Common Shares Outstanding		102,812,311			102,754,654			102,737,104			101,734,083			101,724,583
Units Outstanding (a)		22,302,846			22,641,596			22,858,346			22,857,346			22,857,346

Combined Shares and Units		125,115,157			125,396,250			125,595,450			124,591,429			124,581,929

Weighted Average for Quarter — Basic (EPS) (b)		102,738,586			102,644,573			102,448,611			101,632,363			101,475,910
Weighted Average for Quarter — Diluted (EPS) (b)		102,738,586			104,305,242			104,063,424			101,632,363			101,475,910
Weighted Average for Quarter — Diluted (FFO)		123,328,194			123,945,710			123,750,661			122,186,713			122,007,365

Share Price & Dividends
At the End of the Period	$	20.06		$	19.75		$	21.81		$	18.56		$	21.07
High during Quarter	$	21.20		$	22.42		$	22.80		$	20.64		$	21.60
Low during Quarter	$	18.80		$	19.28		$	18.72		$	17.61		$	20.14
Dividends Declared during Quarter	$	0.375		$	0.375		$	0.375		$	0.375		$	0.375

Capitalization
Market Value of Common Equity (c)	$	2,405,087		$	2,367,176		$	2,613,698		$	2,205,586		$	2,503,662
Preferred Equity (d)		410,400			410,400			410,400			410,400			410,400
Total Consolidated Debt (e)		2,400,250			2,296,358			2,516,893			2,394,856			2,200,105

Total Capitalization	$	5,215,737		$	5,073,934		$	5,540,991		$	5,010,842		$	5,114,167

Total Consolidated Debt/Total Capitalization (e)		46	%		45	%		45	%		48	%		43	%

Selected Balance Sheet Data (f)
Net Investment in Real Estate	$	3,228,820		$	3,161,774		$	3,276,026		$	3,128,203		$	3,001,410
Investments in Unconsolidated Companies	$	257,500		$	260,599		$	371,429		$	382,282		$	389,270
Total Assets (e)	$	4,068,261		$	4,046,971		$	4,336,269		$	4,193,143		$	4,018,904
Total Liabilities	$	2,885,889		$	2,798,982		$	3,054,271		$	2,887,001		$	2,667,308
Total Unconsolidated Debt	$	710,581		$	705,598		$	693,679		$	645,679		$	647,337
Total Minority Interest	$	112,791		$	125,703		$	136,731		$	141,755		$	145,547
Total Shareholders’ Equity	$	1,069,581		$	1,122,286		$	1,145,267		$	1,164,387		$	1,206,049

Selected Operating Data
Total Office Portfolio (f) (g)
Revenues	$	149,011		$	143,431		$	150,021		$	157,149		$	145,268
Net Straight-Line revenue / (expense) adjustment (h)	$	82		$	2,113		$	1,542		$	1,336		$	1,729
Rental income from FAS 141 Fair Market Value Adjustments	$	(734	)	$	(704	)	$	(758	)	$	(906	)	$	(926	)
Operating Margin (i)		49	%		47	%		52	%		53	%		51	%
Bad Debt as Percentage of Office Property Revenue		0.05	%		0.68	%		0.21	%		0.32	%		0.61	%
Lease Termination Fees	$	2,548		$	5,394		$	9,052		$	16,445		$	7,971
Fee Revenue Generated from Office Management Business (j)	$	3,975		$	4,548		$	4,710		$	4,437		$	3,619

Office — Crescent’s Share (f) (k)
Revenues	$	96,765		$	94,398		$	98,800		$	106,143		$	95,379
Net Straight-Line revenue / (expense) adjustment (h)	$	729		$	595		$	971		$	904		$	1,090
Rental income from FAS 141 Fair Market Value Adjustments	$	(513	)	$	(462	)	$	(468	)	$	(573	)	$	(565	)
Operating Margin (i)		51	%		48	%		53	%		56	%		52	%
Bad Debt as Percentage of Office Property Revenue		0.03	%		0.74	%		0.15	%		0.16	%		0.90	%
Lease Termination Fees	$	4,016		$	5,347		$	8,642		$	16,351		$	7,764

Other
Total Property Revenues (f)	$	79,117		$	78,460		$	81,625		$	89,395		$	78,744
Crescent’s Share of Unconsolidated Revenues (l)	$	100,856		$	104,768		$	100,509		$	100,360		$	103,181
General & Administrative Expense	$	10,322		$	7,343		$	10,937		$	11,812		$	14,826
Interest Coverage Ratio (m)		1.56			1.61			1.95			1.93			1.95
Scheduled Principal Payments:
Consolidated Debt (n)	$	2,891		$	3,117		$	3,000		$	2,970		$	3,610
Unconsolidated Debt	$	2,398		$	1,583		$	1,976		$	2,209		$	2,441
Consolidated Capitalized Interest:
Office	$	1,252		$	1,668		$	1,476		$	1,357		$	911
Resort Residential Development (o)	$	2,490		$	8,975		$	7,069		$	5,075		$	3,950
Resort/Hotel	$	1,050		$	1,187		$	986		$	599		$	423

Net (Loss) Income Available to Common Shareholders
Net Income (Loss) Available to Common Shareholders — Basic	$	(14,983	)	$	14,045		$	2,605		$	(3,418	)	$	(11,838	)
Basic — Per Share	$	(0.15	)	$	0.14		$	0.03		$	(0.03	)	$	(0.12	)
Diluted — Per Share	$	(0.15	)	$	0.14		$	0.03		$	(0.03	)	$	(0.12	)

*Funds from Operations Available to Common Shareholders — Diluted, as Adjusted (“FFO”)(p)*
FFO	$	14,899		$	48,013		$	34,145		$	31,395		$	24,817
FFO per Weighted Average Share	$	0.12		$	0.39		$	0.28		$	0.26		$	0.20
FFO Payout Ratio (q)		310.4	%		96.8	%		135.9	%		145.9	%		184.4	%
FFO by Segment:
Office Properties	$	53,613		$	71,440		$	72,024		$	65,801		$	54,695
Resort Residential Development Properties	$	7,496		$	12,703		$	1,494		$	3,273		$	1,034
Resort/Hotel Properties	$	10,788		$	9,271		$	8,465		$	7,784		$	10,630
Temperature-Controlled Logistics Properties	$	1,851		$	(5,310	)	$	2,381		$	1,990		$	3,188

NOTE: See footnotes on following page.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

7

Key Financial Data
(dollars in thousands)
(continued)


(a)		Represents actual units outstanding x 2 because each unit is generally exchangeable for 2 common shares, or at the option of the Company, an equivalent amount of cash.

(b)		The share count for EPS does not include units, which are in Minority Interest.

(c)		Market Value of Common Equity does not include restricted units that are not convertible to common shares.

(d)		Represents liquidation value of $25 per share; net of issuance costs and discounts, preferred equity is $401,089.

(e)		Includes $106,687 of defeased debt related to the LaSalle Note I and Nomura Funding VI Note. The Company’s assets include $109,244 in U.S. Treasury and government sponsored agency securities that are used as collateral for these loans. The cash flow (principal maturities and interest) from the securities match the debt service payments on the notes. Excluding the defeased debt from Assets and Liabilities, the total consolidated debt to total capitalization ratio would be 45% as of March 31, 2007.

(f)		Prior quarter financial data has been restated to exclude properties held for sale except for the Lease Termination Fees line item.

(g)		Total Office Portfolio selected operating data is presented without adjustment to reflect Crescent’s actual ownership percentage in joint ventured properties.

(h)		Net straight-line revenue adjustment excludes the El Paso lease termination. If included, the net straight-line revenue adjustment would be as follows: Q1 2007 — $2,853, Q4 2006 — ($3,899), Q3 2006 — $4,588, Q2 2006 — ($2,414), Q1 2006 — $6,023.

(i)		Calculated as the sum of (Office Property Revenue — Office Property real estate taxes — Office Property operating expenses) divided by Office Property Revenue.

(j)		Third Party Generated Fee Revenue is defined as fees earned from office joint venture properties including property management fee revenue, lease commission revenue, and construction management fee revenue.

(k)		Amounts represent Wholly-Owned Office Properties and Crescent’s share of Joint-Venture Office Properties.

(l)		Crescent’s share of unconsolidated revenues includes Office, Resort Residential Development Properties (excluding held for sale properties), Temperature-Controlled Logistics and Canyon Ranch.

(m)		Calculated as Income (Loss) from Continuing Operations Before Minority Interests and Income Taxes plus / (minus)

		• Loss / (Gain) on joint ventures of properties, net

		• Gain on Property Sales, net

		• Income (Loss) from discontinued operations, net of minority interests

		• Impairments/Extinguishment of Debt

		• Interest expense

		• Amortization of deferred financing costs

		• Depreciation and amortization

		The sum of these for the trailing four quarters is divided by the sum of the trailing four quarters of interest expense and capitalized interest. This calculation differs from the methods for calculating the Company’s interest coverage ratios under the financial covenants in its debt instruments.

		Trailing four quarters’ interest expense includes $8,713 related to the defeasance of the LaSalle Note I and Nomura Funding VI Note. Trailing four quarters’ interest income includes $252 from the U.S. Treasury and government sponsored agency securities purchased as collateral for the LaSalle Note I and Nomura Funding VI Note. Excluding these two items, the interest coverage ratio for the trailing four quarters as of March 31, 2007 would have been 1.64.

(n)		Scheduled principal payments on consolidated debt include principal payments on defeased debt related to the LaSalle Note I or Nomura Funding VI Note. Excluding defeased debt, scheduled principal payments for the three months ended March 31, 2007, were $2,353.

(o)		Resort Residential Development capitalized interest is amortized through cost of sales as units / lots are sold, which is a reduction to FFO.

(p)		Funds from operations is a supplemental non-GAAP financial measurement used in the real estate industry to measure and compare the operating performance of real estate companies, although those companies may calculate funds from operations in different ways. The National Association of Real Estate Investment Trusts (“NAREIT”) defines funds from operations as Net Income (Loss) determined in accordance with generally accepted accounting principles (“GAAP”), excluding gains (or losses) from sales of depreciable operating property, excluding extraordinary items (determined by GAAP), excluding depreciation and amortization of real estate assets, and including the impact of adjustments for unconsolidated partnerships and joint ventures.

		Crescent’s FFO, as adjusted, follows the NAREIT definition, but is adjusted to (i) exclude the impact of impairment charges and debt extinguishment charges related to the sale of real estate assets and (ii) include the impact of gains on the sale of developed operating properties and promoted interests. Crescent provides this additional calculation of FFO, as adjusted, to exclude these charges because management utilizes it in making operating decisions and assessing performance, and to assist investors in assessing the operating performance of Crescent. A reconciliation of Crescent’s FFO before and after such adjustments to GAAP net income is included in the Company’s financial statements on page 13. FFO should not be considered an alternative to net income.

(q)		Calculated as dividends declared during quarter divided by FFO per weighted average share.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

8

Key Portfolio Statistics


	As Of or For The Three Months Ended
	3/31/2007			12/31/2006			9/30/2006			6/30/2006			3/31/2006

Office Properties
Office Portfolio — Continuing Operations
Number of Properties		51			51			51			51			51
Square Footage		22,365,875			22,365,875			22,365,875			22,365,377			22,365,377
Economic Office Occupancy at End of Quarter (a)		90.6	%		90.5	%		91.5	%		89.9	%		90.2	%
Leased Office Occupancy at End of Quarter (a)		93.4	%		93.7	%		93.6	%		93.0	%		92.9	%
Same-Store Net Operating Income (“NOI”) % Change (a)		4.4	%		1.9	%		(2.3	)%		(0.9	)%		(3.3	)%
Same-Store Average Occupancy (a)		91.4	%		91.8	%		90.7	%		90.2	%		90.3	%

Wholly-Owned Office Properties
Number of Properties		35			35			35			35			35
Square Footage		10,936,706			10,936,706			10,936,706			10,936,208			10,936,208
Economic Office Occupancy at End of Quarter (a)		90.5	%		90.5	%		91.2	%		89.7	%		90.0	%
Leased Office Occupancy at End of Quarter (a)		92.5	%		92.8	%		93.2	%		92.7	%		92.5	%

Joint-Venture Office Properties
Number of Properties		16			16			16			16			16
Square Footage		11,429,169			11,429,169			11,429,169			11,429,169			11,429,169
Economic Office Occupancy at End of Quarter (a)		90.6	%		90.5	%		91.8	%		90.1	%		90.4	%
Leased Office Occupancy at End of Quarter (a)		94.2	%		94.6	%		94.1	%		93.3	%		93.3	%

Office Portfolio — Discontinued Operations (b)
Number of Properties		20			20			23			23			24
Square Footage		5,262,786			5,262,786			7,440,865			7,769,602			8,159,105
Economic Office Occupancy at End of Quarter		85.9	%		86.5	%		84.4	%		83.6	%		82.8	%
Leased Office Occupancy at End of Quarter		86.5	%		87.6	%		86.2	%		85.8	%		84.4	%

Resort Residential Development Properties (b)
Total Number of Active and Planned Resort Residential Development Projects		32			30			28			26			26

Desert Mountain
Resort Residential Lot Sales		—			2			—			2			1
Average Price Per Lot (in thousands)	$	—		$	1,689		$	—		$	2,117		$	1,574
Resort Residential Unit Sales		2			9			1			1			1
Average Price Per Unit (in thousands)	$	1,600		$	1,455		$	1,537		$	1,397		$	1,786

Crescent Resort Development
Resort Residential Lot Sales		32			51			91			41			29
Average Price per Lot (in thousands)	$	245		$	189		$	57		$	160		$	175
Resort Residential Unit Sales		16			42			23			10			34
Average Price per Unit (in thousands)	$	3,027		$	2,344		$	1,632		$	1,780		$	1,901

Resort/Hotel Properties (b)
Total Luxury Resorts and Spas, and Upscale Business Class Hotels (c)
Number of Properties		6			5			5			5			6
Number of Resort/Hotel Rooms		1,854			1,664			1,664			1,664			1,939
Same-Store NOI % Change		(2.9	)%		17.3	%		12.2	%		16.2	%		26.9	%
Same-Store Weighted Average Occupancy		71.0	%		69.9	%		75.0	%		74.6	%		74.2	%

Office Portfolio — Continuing Operations refers to the number of office properties Crescent owned or has an interest in, regardless of the ownership %, excluding properties held for sale.

Wholly-Owned Office Properties refers to the number of office properties in which Crescent owns 100%, excluding properties held for sale.

Joint-Venture Office Properties refers to the number of office properties Crescent co-owns, excluding propeties held for sale.

Office Portfolio — Discontinued Operations refers to the number of office properties sold or held for sale that Crescent has an interest in, regardless of the ownership %.

Economic Office Occupancy is defined as occupancy based upon the customer’s contractual obligation pursuant to the lease regardless of whether the customer physically occupies the space.

Leased Office Occupancy is defined as economic occupancy plus occupancy of space in leases that are signed but not commenced.

Stabilization of an office property is deemed to occur upon the earlier of (1) achieving occupancy of 90%, (2) one year after the date placed in service or acquisition date, or (3) two years following the acquisition date for properties which are being repositioned.


Notes:

(a)		Occupancy and same-store statistics for prior quarters have been restated to exclude properties held for sale, properties sold, and unstabilized properties. See Total Office Portfolio Property Table on page 23.

(b)		These properties are currently classified as held for sale.

(c)		For the three months ended 6/30/2006, 9/30/2006, and 12/31/2006, amounts reported exclude the Park Hyatt Beaver Creek Resort and Spa which had 85 rooms taken out of service as of April 2006.

		The floor space occupied by 55 of these rooms is to be converted into time-share units for sale by Crescent Resort Development, Inc. The remaining space will be used to expand the Allegria Spa.

		The onsite construction and closure of the spa has impacted performance at the property during these quarters. For the three months ended 03/31/2007, NOI is impacted by the loss of the 85 rooms.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

9

Balance Sheets
(dollars in thousands, except share data)


	March 31,			December 31,
	2007			2006
	(unaudited)
ASSETS:
Investments in real estate:
Land	$	108,431		$	108,431
Buildings and improvements, net of accumulated depreciation of $318,423 and $307,806 at March 31, 2007 and December 31, 2006, respectively		1,072,795			1,054,613
Furniture, fixtures and equipment, net of accumulated depreciation of $7,548 and $7,270 at March 31, 2007 and December 31, 2006, respectively		14,155			14,703
Land held for investment or development		136,804			127,724
Properties held for disposition, net		1,896,635			1,856,303

Net investment in real estate	$	3,228,820		$	3,161,774

Cash and cash equivalents	$	33,372		$	51,636
Restricted cash and cash equivalents		87,002			88,470
Defeasance investments		109,244			111,014
Accounts receivable, net		20,025			25,668
Deferred rent receivable		47,870			44,756
Investments in unconsolidated companies		257,500			260,599
Notes receivable, net		157,696			167,535
Income tax asset — deferred		—			3,274
Other assets, net		126,732			132,245

Total assets	$	4,068,261		$	4,046,971


LIABILITIES:
Borrowings under Credit Facility	$	188,500		$	118,000
Notes payable		1,816,833			1,797,082
Junior subordinated notes		77,321			77,321
Accounts payable, accrued expenses and other liabilities		184,859			195,088
Liabilities related to properties held for disposition		610,994			600,329
Tax liability — current and deferred, net		7,382			11,162

Total liabilities	$	2,885,889		$	2,798,982


COMMITMENTS AND CONTINGENCIES:

MINORITY INTERESTS:
Operating partnership, 11,151,423 and 11,320,798 units, at March 31, 2007 and December 31, 2006, respectively	$	62,789		$	75,865
Consolidated real estate partnerships		50,002			49,838

Total minority interests	$	112,791		$	125,703


SHAREHOLDERS’ EQUITY:
Preferred shares, $0.01 par value, authorized 100,000,000 shares:
Series A Convertible Redeemable Cumulative Preferred Shares, liquidation preference of $25.00 per share, 14,200,000 shares issued and outstanding at March 31, 2007 and December 31, 2006	$	319,166		$	319,166
Series B Cumulative Redeemable Preferred Shares, liquidation preference of $25.00 per share, 3,400,000 shares issued and outstanding at March 31, 2007 and December 31, 2006		81,923			81,923
Common shares, $0.01 par value, authorized 250,000,000 shares, 127,933,228 and 127,875,571 shares issued and 102,812,311 and 102,754,654 shares outstanding at March 31, 2007 and December 31, 2006, respectively		1,279			1,279
Additional paid-in capital		2,295,992			2,294,827
Accumulated deficit		(1,168,529	)		(1,114,553	)
Accumulated other comprehensive loss		(118	)		(224	)

	$	1,529,713		$	1,582,418

Less — shares held in treasury, at cost, 25,120,917 common shares at March 31, 2007 and December 31, 2006		(460,132	)		(460,132	)

Total shareholders’ equity	$	1,069,581		$	1,122,286


Total liabilities and shareholders’ equity	$	4,068,261		$	4,046,971

Statements of Operations
(dollars in thousands, except share data)


	For the three months
	ended March 31,
	2007			2006
	(Unaudited)
REVENUE:
Office Property	$	77,428		$	77,256
Other Property		1,689			1,488

Total Property revenue	$	79,117		$	78,744


EXPENSE:
Office Property real estate taxes	$	7,226		$	6,467
Office Property operating expenses		30,993			30,743
Other Property expenses		2,223			1,635

Total Property expense	$	40,442		$	38,845


Income from Property Operations	$	38,675		$	39,899


OTHER INCOME (EXPENSE):
Interest and other income		7,289			15,619
Corporate general and administrative		(10,322	)		(14,826	)
Severance and other related costs		(2,980	)		—
Interest expense		(31,201	)		(29,373	)
Amortization of deferred financing costs		(1,787	)		(1,569	)
Extinguishment of debt		(453	)		—
Depreciation and amortization		(21,587	)		(19,719	)
Impairment charges		(1,935	)		—
Other expenses		(2,408	)		(1,957	)
Equity in net income (loss) of unconsolidated companies:
Office Properties		2,230			2,176
Resort Residential Development Properties		(7	)		346
Resort/Hotel Properties		(599	)		(870	)
Temperature-Controlled Logistics Properties		(2,671	)		(322	)
Other		316			115


Total other income (expense)	$	(66,115	)	$	(50,380	)


LOSS FROM CONTINUING OPERATIONS BEFORE MINORITY
INTERESTS AND INCOME TAXES	$	(27,440	)	$	(10,481	)
Minority interests		5,767			3,042
Income tax expense		(1,049	)		(822	)


LOSS BEFORE DISCONTINUED OPERATIONS	$	(22,722	)	$	(8,261	)
Income from discontinued operations, net of minority interests and taxes		15,748			4,336
Gain on sale of real estate from discontinued operations, net of minority interests		—			96


NET LOSS	$	(6,974	)	$	(3,829	)

Series A Preferred Share distributions		(5,990	)		(5,990	)
Series B Preferred Share distributions		(2,019	)		(2,019	)


NET LOSS AVAILABLE TO COMMON SHAREHOLDERS	$	(14,983	)	$	(11,838	)


BASIC EARNINGS PER SHARE DATA:
Loss available to common shareholders before discontinued operations	$	(0.30	)	$	(0.16	)
Income from discontinued operations, net of minority interests and taxes		0.15			0.04
Gain on sale of real estate from discontinued operations, net of minority interests		—			—


Net loss available to common shareholders — basic	$	(0.15	)	$	(0.12	)


DILUTED EARNINGS PER SHARE DATA:
Loss available to common shareholders before discontinued operations	$	(0.30	)	$	(0.16	)
Income from discontinued operations, net of minority interests and taxes		0.15			0.04
Gain on sale of real estate from discontinued operations, net of minority interests		—			—


Net loss available to common shareholders — diluted	$	(0.15	)	$	(0.12	)


WEIGHTED AVERAGE SHARES OUTSTANDING — BASIC		102,738,586			101,475,910


WEIGHTED AVERAGE SHARES OUTSTANDING — DILUTED		102,738,586			101,475,910

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

11

Supplemental Data of Discontinued Operations⁽¹⁾
(dollars in thousands)

The table below reflects the detail of discontinued operations included on the balance sheet on page 10:


	March 31, 2007															December 31, 2006
	Office⁽²⁾			Resort Residential Development⁽³⁾			Resort/Hotel⁽⁴⁾			Other⁽⁵⁾			Total			Office⁽²⁾			Resort Residential Development⁽³⁾			Resort/Hotel⁽⁴⁾			Other⁽⁵⁾			Total
ASSETS:
Investments in real estate:
Land	$	30,469		$	22,312		$	25,568		$	—		$	78,349		$	30,469		$	22,312		$	25,568		$	—		$	78,349
Land improvements		177			107,048			—			—			107,225			177			106,874			—			—			107,051
Buildings and improvements		576,818			146,205			310,345			2,425			1,035,793			571,824			143,346			307,492			2,425			1,025,087
Furniture, fixtures and equipment		317			26,602			33,407			—			60,326			317			26,540			33,558			—			60,415
Land held for investment or development		3,500			649,525			—			—			653,025			3,500			619,746			—			—			623,246
Accumulated Depreciation		(141,265	)		(69,139	)		(89,848	)		(25	)		(300,277	)		(137,327	)		(66,949	)		(89,498	)		(25	)		(293,799	)

Net investment in real estate	$	470,016		$	882,553		$	279,472		$	2,400		$	1,634,441		$	468,960		$	851,869		$	277,120		$	2,400		$	1,600,349

Cash	$	15		$	28,514		$	5,056		$	—		$	33,585		$	63		$	18,542		$	7,308		$	—			25,913
Restricted cash		211			3,504			984			—			4,699			—			3,660			1,341			—			5,001
Accounts receivable, net		—			28,178			10,714			—			38,892			—			29,673			8,656			—			38,329
Deferred rent receivable		16,509			—			—			4			16,513			16,339			—			—			—			16,339
Investments in unconsolidated companies		—			20,950			—			—			20,950			—			20,271			—			—			20,271
Notes receivable		—			4,530			—			—			4,530			—			7,332			—			—			7,332
Other assets, net		32,420			106,200			4,405			—			143,025			34,264			104,019			4,486			—			142,769

Properties held for disposition, net	$	519,171		$	1,074,429		$	300,631		$	2,404		$	1,896,635		$	519,626		$	1,035,366		$	298,911		$	2,400		$	1,856,303


LIABILITIES:
Notes payable	$	72,412		$	190,183		$	55,000		$	—		$	317,595		$	70,395		$	178,559		$	55,000		$	—		$	303,954
Accounts payable, accrued expenses and other liabilities		15,419			257,721			20,259			—			293,399			10,458			264,129			21,788			—			296,375

Total liabilities	$	87,831		$	447,904		$	75,259		$	—		$	610,994		$	80,853		$	442,688		$	76,788		$	—		$	600,329

The table below reflects the detail of discontinued operations included on the statement of operations on page 11:


	For the three months
	ended March 31,
	2007			2006
	(Unaudited)
REVENUE:
Office Property	$	24,917		$	22,882
Resort Residential Development Property		82,502			97,787
Resort/Hotel Property		38,564			39,790

Total Property revenue	$	145,983		$	160,459


EXPENSE:
Office Property real estate taxes	$	3,667		$	3,248
Office Property operating expenses		10,288			11,125
Resort Residential Development Property expense		68,046			90,093
Resort/Hotel Property expense		28,520			29,425

Total Property expense	$	110,521		$	133,891


Income from Property Operations	$	35,462		$	26,568


OTHER INCOME (EXPENSE):
Interest and other income		589			350
Severance and other related costs		(1,323	)		—
Interest expense		(6,386	)		(4,037	)
Amortization of deferred financing costs		(243	)		(197	)
Depreciation and amortization		(10,404	)		(16,793	)
Other Expenses		(423	)		25


Total other income (expense)	$	(18,190	)	$	(20,652	)


INCOME FROM DISCONTINUED OPERATIONS BEFORE MINORITY INTERESTS AND INCOME TAXES	$	17,272		$	5,916
Minority interests		(4,786	)⁽⁶⁾		(1,298	)⁽⁶⁾
Income tax benefit (expense)		3,262			(282	)


NET INCOME FROM DISCONTINUED OPERATIONS	$	15,748		$	4,336


Notes:

(1)		This presentation of discontinued operations is in accordance with generally accepted accounting principles. The notes payable on the balance sheets represent debt that has been or will be assumed by the buyer, or that can be assumed by the buyer, and has a below market interest rate. We anticipate additional debt pay down due to requirements from lenders as these properties are sold. The interest expense presented in discontinued operations represents interest expense on debt that has been or will be assumed by the buyer or interest expense on debt that is required by the lender to be repaid as a result of the properties being sold.

(2)		The following Office Properties are included in the table above: 125 E. John Carpenter Freeway, 3333 Lee Parkway, The Aberdeen, Greenway I&IA, Greenway II, MacArthur Center I & II, Palisades Ceneral I and II, Stanford Corporate Centre, Stemmons Place, The Addison, 816 Congress Avenue, Austin Centre, The Avallon I, II, III, IV and V, Financial Plaza and The Exchange Building. Additionally 301 Congress Avenue, a consolidated Office Property in which we own a 50% interest and Parkway at Oakhill, a consolidated office development property in which we own a 90% interest, are included.

(3)		The following Resort Residential Development Properties are included in the table above: Crescent Resort Development, Inc., Desert Mountain and the Sonoma Golf Club.

(4)		The following Resort/Hotel Properties are included in the table above: Omni Austin Hotel, Renaissance Houston Hotel, Denver Marriott City Center, Fairmont Sonoma Mission Inn & Spa, Ventana Inn & Spa and Park Hyatt Beaver Creek Resort & Spa.

(5)		Other includes unitholder minority interests and other assets.

(6)		Includes unitholder minority interest of $2,962 and $804 for the first quarter 2007 and 2006, respectively.

Funds From Operations
(dollars in thousands, except share data)


	For the three months
	ended March 31,
	(Unaudited)
	2007			2007			2006			2006
	$			Per share			$			Per share
NET LOSS		(6,974	)		(0.06	)		(3,829	)		(0.03	)

ADJUSTMENTS:
Depreciation and amortization of real estate assets		30,397			0.25			32,039			0.26
Gain on property sales		(4,114	)		(0.03	)		(113	)		—
Extinguishment of debt expense directly related to real estate asset sales		—			—			—			—
Impairment charges related to real estate assets and assets held for sale		—			—			—			—
Adjustment for investments in unconsolidated companies:
Office Properties		4,455			0.04			5,384			0.04
Resort Residential Development Properties		(3,779	)		(0.03	)		(3,092	)		(0.02	)
Resort/Hotel Properties		1,215			0.01			1,121			0.01
Temperature-Controlled Logistics Properties		4,522			0.03			3,510			0.03
Unitholder minority interest		(2,814	)		(0.02	)		(2,194	)		(0.02	)
Series A Preferred Share distributions		(5,990	)		(0.05	)		(5,990	)		(0.05	)
Series B Preferred Share distributions		(2,019	)		(0.02	)		(2,019	)		(0.02	)


FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS — DILUTED, AS ADJUSTED ^(a)		14,899			0.12			24,817			0.20


Extinguishment of debt expense directly related to real estate asset sales		—			—			—			—

Impairment charges related to real estate assets		—			—			—			—

Promoted interests related to the sale of investment in unconsolidated companies		—			—			—			—

Gain from sale of development of operating properties		—			—			—			—


FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS — DILUTED^(a) — NAREIT DEFINITION		14,899			0.12			24,817			0.20


INVESTMENT SEGMENTS:
Office Properties		53,613			0.44			54,695			0.45
Resort Residential Development Properties		7,496			0.06			1,034			0.01
Resort/Hotel Properties		10,788			0.09			10,630			0.09
Temperature-Controlled Logistics Properties		1,851			0.01			3,188			0.02
OTHER:
Corporate general and administrative		(10,322	)		(0.08	)		(14,826	)		(0.12	)
Interest expense		(37,587	)		(0.31	)		(33,410	)		(0.27	)
Series A Preferred Share distributions		(5,990	)		(0.05	)		(5,990	)		(0.05	)
Series B Preferred Share distributions		(2,019	)		(0.02	)		(2,019	)		(0.02	)
Income from mezzanine loans and other loans		2,059			0.02			10,968			0.09
Other (b)		(4,990	)		(0.04	)		547			—


FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS — DILUTED, AS ADJUSTED ^(a)		14,899			0.12			24,817			0.20


Extinguishment of debt expense directly related to real estate asset sales		—			—			—			—

Impairment charges related to real estate assets		—			—			—			—

Promoted interests related to the sale of investment in unconsolidated companies		—			—			—			—

Gain from sale of development of operating properties		—			—			—			—


FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS — DILUTED^(a)- NAREIT DEFINITION		14,899			0.12			24,817			0.20


WEIGHTED AVERAGE SHARES OUTSTANDING — BASIC		102,738,586						101,475,910

WEIGHTED AVERAGE SHARES/UNITS OUTSTANDING — DILUTED		123,328,194						122,007,365

DIVIDEND PAID PER SHARE DURING PERIOD		0.375						0.375


(a)		Funds from operations is a supplemental non-GAAP financial measurement used in the real estate industry to measure and compare the operating performance of real estate companies, although those companies may calculate funds from operations in different ways. The National Association of Real Estate Investment Trusts (“NAREIT”) defines funds from operations as Net Income (Loss) determined in accordance with generally accepted accounting principles (“GAAP”), excluding gains (or losses) from sales of depreciable operating property, excluding extraordinary items (determined by GAAP), excluding depreciation and amortization of real estate assets, and including the impact of adjustments for unconsolidated partnerships and joint ventures. Crescent’s FFO, as adjusted, follows the NAREIT definition, but is adjusted to (i) exclude the impact of impairment charges and debt extinguishment charges related to the sale of real estate assets and (ii) include gains on sale of developed operating properties and promoted interests. Crescent provides this additional calculation of FFO, as adjusted, because management utilizes it in making operating decisions and assessing performance, and to assist investors in assessing the operating performance of Crescent. FFO should not be considered an alternative to net income.

(b)		Includes interest and other income, extinguishment of debt, income/loss from other unconsolidated companies, other expenses, depreciation and amortization of non-real estate assets, amortization of deferred financing costs and severance and other related costs.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

13

Sector Contribution and Assets by Segment
As of March 31, 2007
(dollars in thousands)

Gross Book Value of Real Estate Assets⁽¹⁾


				Resort Residential
	Office			Development			Resort/Hotel			TCL			Corporate &
	Segment			Segment			Segment			Segment			Other			Total
Gross Book Value of Real Estate Assets (Including Unleveraged Investments)		2,523,035			1,057,231			516,747			556,167			69,961			4,723,141
Depreciation (including Unconsolidated Assets)		(490,534	)		(71,371	)		(100,562	)		(164,755	)		(7,260	)		(834,482	)
Unconsolidated Debt and Other Liabilities		(334,519	)		(12,236	)		(113,432	)		(387,595	)		(16,553	)		(864,335	)
Other Assets (Cash, Defeasance Investments, Mezzanine Investments etc.)		318,266			215,787			85,658			81,792			342,434			1,043,937

Total Assets		2,016,248			1,189,411			388,411			85,609			388,582			4,068,261

Net Book Value by Segment⁽¹⁾


				Resort Residential
	Office			Development			Resort/Hotel			TCL			Corporate &
	Segment			Segment⁽²⁾			Segment			Segment			Other			Total
Total Assets by Segment: ⁽³⁾
Balance at March 31, 2007 ⁽⁴⁾		2,016,248			1,189,411			388,411			85,609			388,582	⁽⁵⁾		4,068,261
Balance at December 31, 2006		2,019,014			1,145,561			380,051			87,069			415,276			4,046,971
Consolidated Property Level Financing:
Balance at March 31, 2007		(978,271	)		(239,103	)		(148,239	)		—			(1,034,637	)⁽⁶⁾		(2,400,250	)
Balance at December 31, 2006		(968,629	)		(220,415	)		(141,841	)		—			(965,473	) ⁽⁶⁾		(2,296,358	)
Consolidated Other Liabilities:
Balance at March 31, 2007		(114,754	)		(298,971	)		(32,613	)		(1,333	)		(37,968	)		(485,639	)
Balance at December 31, 2006		(133,916	)		(308,223	)		(32,486	)		(212	)		(27,787	)		(502,624	)
Minority Interests:
Balance at March 31, 2007		(11,547	)		(31,930	)		(4,427	)		—			(64,887	)		(112,791	)
Balance at December 31, 2006		(11,543	)		(32,399	)		(5,368	)		—			(76,393	)		(125,703	)

Total Net Book Value at March 31, 2007		911,676			619,407			203,132			84,276			(748,910	)		1,069,581
Total Net Book Value at December 31, 2006		904,926			584,524			200,356			86,857			(654,377	)		1,122,286


⁽¹⁾		Includes properties held for sale.

⁽²⁾		Refer to page 41 for further details regarding Resort Residential Development Segment information.

⁽³⁾		Total assets by segment are inclusive of investments in unconsolidated companies.

⁽⁴⁾		Non-income producing land held for investment or development of $75,700 by segment is as follows: Office — $7,071, Resort Residential Development $9,614, Resort/Hotel — $7,272, and Corporate — $51,743.

⁽⁵⁾		Includes mezzanine investments of $128,492 and defeasance investments of $109,244. At December 31, 2006 defeasance investments were $111,014 and mezzanine investments were $131,492.

⁽⁶⁾		Inclusive of Corporate bonds, Credit Facility, Junior Subordinated Notes, Repurchase Facilities, Funding I defeased debt and Nomura Funding VI defeased debt.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

14

Acquisitions, Development, Dispositions and Other Strategic Transactions
2007 Activity as of March 31, 2007
(dollars in millions, except psf data)

Dispositions

Sales Price

Net Proceeds

CEI

Square Feet /

Sale

Net of

Net PSF

CEI

to CEI (after

Segment

Property

Ownership

Market

Rooms / Acres / Units

Date

Selling Costs

Price

Gain/(Loss)⁽¹⁾

Debt Payoff)

Office

The Exchange Building

100%

Seattle — CBD

295,515 sf

4/17/2007

$78.2

$264

$27.9

$78.2

Development



						Square Feet / Rooms /			Total 2007		Total		Total Projected					Expected CEI Share of		CEI Share of Current
Segment	Project	CEI Ownership			Market	Units / Townhomes	Start Date	Completion Date	Development Costs		Development Costs to Date		Development Costs		Leased / Committed⁽²⁾			Total Equity		Equity Funded
Office	3883 Howard Hughes Parkway		100	%	Las Vegas - Central East	239,000 sf	3Q 2005	2Q 2007	$	8.5	$	65.1	$	74.0		70%/91	%	$	20.3	$	17.4
Office	2211 Michelson		40	%	Orange County - Airport Office Area	267,000 sf	1Q 2006	2Q 2007	$	12.5	$	73.1	$	107.0		24%/34	%	$	5.6	$	5.6
RDV/Resort	The Ritz-Carlton Residences and Hotel — Phase I		100	%	Dallas - Uptown/Turtle Creek	70 units / 217 rooms	2Q 2005	3Q 2007	$	23.0	$	143.8	$	211.6		N/A / 96	%	$	40.0	$	35.1
RDV	The Ritz-Carlton Tower Residences — Phase II		100	%	Dallas - Uptown/Turtle Creek	96 units / 4 townhomes	2Q 2007	2Q 2009	$	1.0	$	15.2	$	137.0		N/A / 65	%	$	25.0	$	15.1

Other Strategic Transactions

Net Proceeds

Gain/Loss

CEI

Date of

Transaction

to CEI (after

Recognized

Segment

Transaction

Ownership

Transaction

Valuation

Debt Payoff)

By CEI ⁽³⁾

Office

Sale of partnership interest in Parkway at Oak Hill

90%

4/23/2007

$30.7M or $211 psf

$12.7

$3.5

Mezzanine Investments


Sale		Date of	Principal
Segment	Investment	Transaction	Investment Balance ⁽⁴⁾	Proceeds from Sale
Other	New York City Residential	5/4/2007	$22.2	$22.3


⁽¹⁾		Includes previously recognized impairments, if applicable. Amounts shown are not net of minority interest.

⁽²⁾		Committed numbers are as of May 4, 2007

⁽³⁾		Net of promoted interest due partner and income taxes.

⁽⁴⁾		Includes an impairment of $1.9 million and excludes unamortized origination fees.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

15

Consolidated Debt Schedule
As of March 31, 2007
(dollars in thousands)


				Balance		Interest
				Outstanding at		Rate at
		Maximum		March 31,		March 31,			Maturity
Description	Secured Asset	Borrowings		2007		2007			Date
Secured Fixed Rate Debt:
AEGON Partnership Note⁽¹⁾	Greenway Plaza	$	240,617	$	240,617		7.53	%	July 2009
Prudential Note⁽¹⁾	707 17th Street/Denver Marriott		70,000		70,000		5.22		June 2010
JP Morgan Chase III	Datran Center		65,000		65,000		4.88		October 2015
Bank of America Note I⁽¹⁾⁽²⁾	Fairmont Sonoma Mission Inn		55,000		55,000		5.40		February 2011
Morgan Stanley I	The Alhambra		50,000		50,000		5.06		October 2011
Allstate Life Note⁽¹⁾⁽²⁾	Financial Plaza		38,807		38,807		5.47		October 2010
Bank of America Note II	The BAC - Colonnade Building		37,306		37,306		5.53		May 2013
Metropolitan Life Note VII	Dupont Centre		35,500		35,500		4.31		May 2011
Column Financial	Peakview Tower		33,000		33,000		5.59		April 2015
Northwestern Life Note^{(1) (2)}	301 Congress		26,000		26,000		4.94		November 2008
JP Morgan Chase II	3773 Hughes		24,755		24,755		4.98		September 2011
Allstate Note ⁽³⁾	3993 Hughes		23,832		23,832		6.65		September 2010
Metropolitan Life Note VI ⁽³⁾	3960 Hughes		21,835		21,835		7.71		October 2009
Construction, Acquisition and other obligations⁽¹⁾⁽²⁾	Various Office and Resort Residential Assets		40,453		40,453		0.90 to 13.75		July 2007 to Dec 2016

Secured Fixed Rate Defeased Debt:⁽⁴⁾
LaSalle Note I	Funding I Defeasance		99,542		99,542		7.83		August 2007
Nomura Funding VI Note	Funding VI Defeasance		7,145		7,145		10.07		July 2010

Subtotal/Weighted Average		$	868,792	$	868,792		6.33	%


Unsecured Fixed Rate Debt:
The 2009 Notes		$	375,000	$	375,000		9.25	%	April 2009
The 2007 Notes			250,000		250,000		7.50		September 2007

Subtotal/Weighted Average		$	625,000	$	625,000		8.55	%


Secured Variable Rate Debt:
German American Capital Corporation⁽¹⁾⁽⁵⁾	Funding One Assets	$	165,000	$	165,000		6.79	%	June 2007
Morgan Stanley II⁽⁶⁾⁽⁷⁾	Mezzanine Investments		100,000		31,574		7.09		March 2009
KeyBank II	Distributions from Funding III, IV, & V		75,000		75,000		7.32		June 2007
Mass Mutual Note	3800 Hughes		32,203		32,203		6.07		July 2007
Acquisition and other obligations⁽¹⁾⁽²⁾	Various Office and Other Assets		16,281		15,815		6.57 to 9.25		June 2007 to December 2012

Secured Variable Rate Construction Debt:
KeyBank I⁽⁵⁾	Ritz-Carlton Dallas Construction		169,000		93,624		7.57		July 2008
JP Morgan Chase⁽¹⁾⁽²⁾	Northstar Big Horn Construction		85,411		60,290		7.75		October 2007
Societe Generale I⁽⁸⁾	3883 Hughes Construction		52,250		40,616		7.12		September 2008
US Bank II⁽¹⁾⁽²⁾	Northstar Trailside Construction		36,000		4,790		8.10		March 2009
US Bank I^(1)(2)(9)	Beaver Creek Landing Construction		33,400		22,634		7.07		February 2008
National Bank of Arizona⁽¹⁾⁽²⁾	Haciendas/Parcel 16 Construction		30,000		11,325		8.75		October 2007
First Bank of Vail⁽¹⁾⁽²⁾	Village Walk Construction		28,520		9,119		7.75		February 2008
California Bank & Trust^(1)(2)(10)	One Riverfront Construction		27,500		20,443		8.38		March 2008
JP Morgan Chase⁽¹⁾⁽²⁾	Old Greenwood Construction		21,000		19,977		8.25		March 2008
Construction, Acquisition and other obligations⁽¹⁾⁽²⁾	Various Office and Resort Residential Assets		66,759		38,227		7.45 to 9.25		July 2007 to December 2010

Subtotal/Weighted Average		$	938,324	$	640,637		7.22	%


Unsecured Variable Rate Debt:
Credit Facility⁽¹¹⁾		$	358,403	$	188,500		6.92	%	February 2008
Junior Subordinated Notes			51,547		51,547		7.36		June 2035
Junior Subordinated Notes			25,774		25,774		7.36		July 2035

Subtotal/Weighted Average		$	435,724	$	265,821		7.05	%


Total/Weighted Average		$	2,867,840	$	2,400,250		7.24	%⁽¹²⁾

Average remaining term									2.8 years


⁽¹⁾		All or a portion of the interest expense related to this note is included in discontinued operations for the three months ended March 31, 2007 and 2006.

⁽²⁾		All or a portion of the balance outstanding is included in the “Liabilities related to properties held for dispostion” line item in the Consolidated Balance Sheets as of March 31, 2007 and December 31, 2006.

⁽³⁾		Includes a portion of total premiums of $1,975 reflecting market value of debt acquired with purchase of Hughes Center portfolio.

⁽⁴⁾		The earnings and principal maturity from these investments will pay the principal and interest associated with these loans.

⁽⁵⁾		This loan has three one-year extension options.

⁽⁶⁾		The investments can be financed through March 2008, after which four equal payments are due quarterly. The loan has a provision for a one-year extension which is subject to Morgan Stanley’s approval.

⁽⁷⁾		The loans supporting this facility are subject to daily valuations by Morgan Stanley. Crescent is subject to a margin call if the overall leverage of the facility exceeds certain thresholds.

⁽⁸⁾		This loan has two one-year extension options.

⁽⁹⁾		This loan has one six-month extension option.

⁽¹⁰⁾		This loan has one one-year extension option.

⁽¹¹⁾		The Credit Facility has a maximum potential capacity of $400,000. Capacity is subject to adjusted income from the assets in the borrowing base. As of March 31, borrowing capacity remaining under the facility was $160,407. The $188,500 outstanding at March 31, 2007 excludes letters of credit issued under the facility of $9,496.

⁽¹²⁾		The overall weighted average interest rate does not include the effect of the Company’s cash flow hedge agreements. Including the effect of these agreements, the overall weighted average interest rate would have been 7.23%.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

16

Consolidated Debt Breakdown ⁽¹⁾
As of March 31, 2007
(dollars in thousands)


									Weighted
						Weighted			Average
						Average			Maturity in
	Balance		% of Total			Interest Rate			Years ⁽²⁾
Fixed Rate Debt	$	1,493,792		62	%		7.26	%		2.6

Variable Rate Debt ⁽³⁾		906,458		38	%		7.14	%		3.1


Total/Weighted Average	$	2,400,250		100	%		7.24	%⁽⁴⁾		2.8


⁽¹⁾		Includes properties held for sale.

⁽²⁾		Based on contractual maturity and does not include extension options. See consolidated debt schedule.

⁽³⁾		Balance excludes hedges. The percentages for fixed and variable rate debt, including $308,164 of hedged variable-rate debt, are 75% and 25%, respectively.

⁽⁴⁾		Including the effect of the Company’s cash flow hedge agreements, the overall weighted average interest rate would have been 7.23%.

Future Consolidated Debt Repayments ⁽¹⁾⁽²⁾
As of March 31, 2007
(dollars in thousands)


	Secured		Defeased		Unsecured			Total ⁽³⁾
2007	$	376,788	$	99,741	$	250,000		$	726,529
2008		292,257		289		188,500	⁽⁴⁾		481,046
2009		279,335		320		375,000			654,655
2010		134,082		6,337		—			140,419
2011		181,129		—		—			181,129
Thereafter		139,151		—		77,321			216,472

	$	1,402,742	$	106,687	$	890,821		$	2,400,250


⁽¹⁾		Includes properties held for sale.

⁽²⁾		Represents scheduled principal installments and amounts due at maturity.

⁽³⁾		Based on contractual maturity and does not include extension options. See consolidated debt schedule.

⁽⁴⁾		Borrowings under the Credit Facility.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

17

Unconsolidated Debt Schedule
As of March 31, 2007
(dollars in thousands)


				Balance		Company’s Share
	CEI			Outstanding at		of Balance at		Interest Rate at			Maturity
Description	Ownership			March 31, 2007		March 31, 2007		March 31, 2007			Date		Fixed/Variable⁽¹⁾
Temperature-Controlled Logistics Segment:
AmeriCold Realty Trust		31.72	%
Deutsche Bank/JPMorgan Chase				$	350,000	$	111,020		5.40	%		2/1/2016	Fixed
Citigroup					325,000		103,090		5.46	%		1/1/2014	Fixed
UBS 1A					194,000		61,537		5.55	%		12/10/2016	Fixed
UBS 1B, 1C					181,000		57,413		5.43	%		12/10/2016	Fixed
Other					73,030		23,165	3.48% to 22.53%			6/15/2007 to 4/1/2017		Fixed

					1,123,030		356,225


Office Segment:
Crescent HC Investors, L.P.		23.85	%		269,705		64,325		5.03	%		11/7/2011	Fixed
Crescent TC Investors, L.P.		23.85	%		214,770		51,223		5.00	%		11/1/2011	Fixed
Crescent Fountain Place, L.P.		23.85	%		105,932		25,265		4.95	%		12/1/2011	Fixed
Crescent POC Investors, L.P.		23.85	%		97,504		23,255		4.98	%		12/1/2011	Fixed
Crescent 1301 McKinney, L.P.⁽²⁾		23.85	%		89,000		21,227		5.13	%		2/8/2012	Fixed
Crescent One Buckhead Plaza, L.P.		35.00	%		85,000		29,750		5.47	%		4/8/2015	Fixed
Crescent Miami Center, LLC		40.00	%		81,000		32,400		5.04	%		9/25/2007	Fixed
Crescent One BriarLake Plaza, L.P.		30.00	%		50,000		15,000		5.40	%		11/1/2010	Fixed
Crescent Irvine, LLC ⁽³⁾		40.00	%		47,064		18,826		8.07	%		3/7/2009	Variable
Crescent Five Post Oak Park, L.P.		30.00	%		43,471		13,041		4.82	%		1/1/2008	Fixed

					1,083,446		294,312


Resort/Hotel Segment:
CR Resort, LLC		48.00	%		95,000		45,600		5.94	%		2/1/2015	Fixed


Resort Residential Segment:
East West Resort Development XIV, L.P., L.L.L.P. ⁽⁴⁾		41.90	%		3,500		1,467		5.00	%		4/28/2008	Fixed


Other Segment:
Redtail Capital Partners One, LLC ⁽⁵⁾		25.00	%		41,330		10,333		7.12	%		8/9/2008	Variable
Fresh Choice, LLC		31.90	%
GE Capital Franchise Finance Corporation ⁽⁶⁾					4,064		1,296		10.06	%		1/1/2011	Variable
Various Loans and Capital Leases					4,225		1,348	0.00% to 9.53%			3/1/2007 to 12/31/2029		Fixed

					49,619		12,977


Total Unconsolidated Debt				$	2,354,595	$	710,581

Fixed Rate/Weighted Average									5.40	%	6.8years
Variable Rate/Weighted Average									7.83	%	1.8years

Total Weighted Average									5.50	%	6.5years


⁽¹⁾		All unconsolidated debt is secured.

⁽²⁾		On January 10, 2007, loan was paid off and replaced with a new $89,000 five-year, interest only financing.

⁽³⁾		This loan has one two-year extension option. The loan bears interest at LIBOR plus 275 basis points. In May 2006, Crescent Irvine, LLC, entered into an interest rate swap agreement struck at 5.34%.

⁽⁴⁾		The Company provided 41.9% of the initial capitalization and the venture is structured such that the Company owns 26.82% of profits after we receive a preferred return on our invested capital.

⁽⁵⁾		This loan has one one-year extension option. Redtail Capital Partners One, LLC is owned 100% by Redtail Capital Partners, L.P. The loans supporting this facility are subject to daily valuations by Morgan Stanley and Crescent is subject to a margin call if the overall leverage of the facility exceeds certain thresholds. The loan bears interest as follows: $28,830 at LIBOR + 185 basis points and $12,500 at LIBOR + 170 basis points.

⁽⁶⁾		The Company guarantees $1,000 of this loan. The loan bears interest at LIBOR + 470 basis points.

Future Unconsolidated Debt Repayments
March 31, 2007
(dollars in thousands)


	Secured		Unsecured		Total ⁽¹⁾
2006	$	37,911	$	—	$	37,911
2007		24,560		—		24,560
2008		21,342		—		21,342
2009		18,290		—		18,290
2010		167,052		—		167,052
Thereafter		441,426		—		441,426

	$	710,581	$	—	$	710,581


⁽¹⁾		Based on contractual maturity and does not take into account the extension option on the Redtail Capital Partners One, LLC Loan or Crescent Irvine, LLC Loan.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

18

Investment in Unconsolidated Companies
As of March 31, 2007
(dollars in thousands)

Balance Sheets:


			Temperature-				Resort
			Controlled				Residential
	Office		Logistics		Resort/Hotel		Development		Other		Total

Real estate, net	$	1,636,501	$	1,233,958	$	113,179	$	53,495	$	11,920	$	3,049,053
Cash		50,897		72,213		33,306		4,747		3,801		164,964
Restricted Cash		22,966		2,931		6		—		—		25,903
Other assets		233,571		170,597		14,831		20,627		262,626		702,252

Total assets	$	1,943,935	$	1,479,699	$	161,322	$	78,869	$	278,347		3,942,172


Notes payable	$	1,083,446	$	1,123,030	$	95,000	$	3,500	$	49,619	$	2,354,595
Notes payable to the Company		—		—		—		—		1,152		1,152
Other liabilities		156,687		98,896		31,053		25,949		6,326		318,911
Preferred Membership Units		—		—		110,263		—		—		110,263
Equity		703,802		257,773		(74,994)		49,420		221,250		1,157,251

Total liabilities and equity	$	1,943,935	$	1,479,699	$	161,322	$	78,869	$	278,347		3,942,172


Company’s share of unconsolidated debt	$	294,312	$	356,225	$	45,600	$	1,467	$	12,977	$	710,581


Company’s investments in unconsolidated companies	$	115,135	$	85,609	$	515	$	20,874	$	56,317	$	278,450	⁽¹⁾

Balance Sheet as of March 31, 2007 includes the following:

•		Office ⁽²⁾ — Includes Crescent Miami Center, LLC, Crescent Five Post Oak Park, L.P., Crescent One Briarlake Plaza, L.P., Crescent Big Tex I, L.P., Crescent Big Tex II, L.P., Crescent Big Tex III, L.P., Crescent Irvine, LLC, Crescent One Buckhead Plaza L.P.;

•		Temperature-Controlled Logistics — Includes AmeriCold Realty Trust;

•		Resort/Hotel — CR Operating, LLC, CR Spa, LLC (entities holding Canyon Ranch operations and assets);

•		Resort Residential Development — Blue River Land Company, LLC, EW Deer Valley, LLC, East West Resort Development XIV, L.P., L.L.L.P.; and

•		Other — Includes SunTx Fulcrum Fund, L.P., SunTx Capital Partners, L.P., G2 Opportunity Fund, L.P., Fresh Choice, LLC, and Redtail Capital Partners, L.P.


(1)		Investment in unconsolidated companies includes $20,950 which is reported in discontinued operations.


(2)	Partner	Building	Square Footage		CEI ownership			Partnership	Date of Partnership
	JPMorgan/GE Pension Affiliates
		The Crescent		1,299,522		23.85	%	Crescent Big Tex I, L.P.	11/10/2004
		Houston Center		2,960,544		23.85	%	Crescent Big Tex I, L.P.	11/10/2004
		Post Oak Central		1,279,759		23.85	%	Crescent Big Tex I, L.P.	11/10/2004
		Fulbright Tower		1,247,061		23.85	%	Crescent Big Tex III, L.P.	2/24/2005

	JPMorgan Affiliate
		Miami Center		782,211		40.00	%	Crescent Miami Center, LLC	9/25/2002
		BriarLake Plaza		502,410		30.00	%	Crescent One Briarlake Plaza, L.P.	10/8/2003
		Fountain Place		1,200,266		23.85	%	Crescent Big Tex II, L.P.	11/23/2004

		Trammell Crow Center		1,128,331		23.85	%	Crescent Big Tex II, L.P.	11/23/2004
	GE Pension Affiliate
		Five Post Oak Park		567,396		30.00	%	Crescent Five Post Oak Park, L.P.	12/20/2002

	Hines Crescent Irvine Associates, L.P. ^(a)
		2211 Michelson		N/A		40.00	%	Crescent Irvine, LLC	6/9/2005

	Metzler US Real Estate Fund, L.P.
		One Buckhead Plaza		461,669		35.00	%	Crescent One Buckhead Plaza, L.P.	6/29/2005


	Total Square Footage in Office Unconsolidated Joint Ventures			11,429,169		25.98	%


(a)		Under development as an office property. See page 15 for further detail.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

19

Investment in Unconsolidated Companies
As of March 31, 2007
(dollars in thousands)

Summary Statement of Operations:


	For the three months ended March 31, 2007
				Temperature-						Resort
				Controlled						Residential
	Office			Logistics			Resort/Hotel			Development			Other			Total
Total Revenues	$	73,438		$	200,560		$	39,355		$	1,361		$	13,664		$	328,378
Operating Expense		36,860			169,988			33,767			1,618			11,555			253,788

Net Operating Income		36,578			30,572			5,588			(257	)		2,109			74,590

Interest Expense		13,695			16,522			1,496			—			943			32,656
Depreciation and amortization		20,661			19,480			3,165			—			417			43,723
Taxes and Other (income) expense		109			(824	)		616			(424	)		(6	)		(529	)

Total Expenses		34,465			35,178			5,277			(424	)		1,354			75,850

Gain (loss) on sale of assets		(410	)		35			—			—			—			(375	)

Preferred dividends		—			—			3,189			—			—			3,189


Net income (loss)		1,703			(4,571	)		(2,878	)		167			755			(4,824	)
Items to reconcile to FFO		20,947			14,148			2,758			—			—			37,853

Funds From Operations - NAREIT Definition	$	22,650		$	9,577		$	(120	)	$	167		$	755		$	33,029


Company’s equity in net income (loss) of unconsolidated companies	$	2,230		$	(2,671	)	$	(599	)	$	70		$	316		$	(654	)⁽¹⁾


Company’s share of FFO - NAREIT Definition	$	6,685		$	1,851		$	616		$	70		$	316		$	9,538	⁽¹⁾

Summary Statement of Operations for the three months ended March 31, 2007, includes the following:

•		Office — Includes Crescent Miami Center, LLC, Crescent Five Post Oak Park, L.P., Crescent One Briarlake Plaza, L.P., Crescent Big Tex I, L.P., Crescent Big Tex II, L.P., Crescent Big Tex III, L.P., Crescent Irvine, LLC, Crescent One Buckhead Plaza L.P.;

•		Temperature-Controlled Logistics — Includes AmeriCold Realty Trust;

•		Resort/Hotel — CR Operating, LLC, CR Spa, LLC (entities holding Canyon Ranch operations and assets);

•		Resort Residential Development — Blue River Land Company, LLC, EW Deer Valley, LLC, East West Resort Development XIV, L.P., L.L.L.P.; and

•		Other — Includes SunTx Fulcrum Fund, L.P., SunTx Capital Partners, L.P., G2 Opportunity Fund, L.P., Fresh Choice, LLC, and Redtail Capital Partners, L.P.


(1)		Company’s equity in net income (loss) of unconsolidated companies and Company’s Share of FFO includes $77 which is reported in discontinued operations.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

20

PORTFOLIO DATA
Office

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

21

Office Portfolio Composition — Continuing Operations⁽¹⁾
As of March 31, 2007

Wholly Owned vs. Joint Ventured



(SF in millions)	Houston		Dallas		Denver		Miami		Las Vegas		Other ⁽²⁾		Total
Wholly Owned		4.3		0.6		2.2		1.0		1.1		1.8	11.0
Joint Ventured		6.6		3.6		—		0.8		—		0.4	11.4
Office Portfolio SF		10.9		4.2		2.2		1.8		1.1		2.2	22.4
Crescent’s Share		6.0		1.5		2.2		1.3		1.1		1.9	13.9

CBD vs. Suburban


⁽¹⁾		Excludes Properties Held for Sale.

⁽²⁾		Includes Ft. Worth, Colorado Springs, Orange County, and Atlanta.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

22

Total Office Property Table⁽¹⁾
As of March 31, 2007


										Weighted
										Average Full-
										Service Rental
							Economic			Rate Per			Crescent
	No. of			Year	Net Rentable		Occupancy			Occupied Sq.			Ownership
State, City, Property	Properties		Submarket	Completed	Area (Sq. Ft.)		Percentage			Ft.⁽²⁾			Percentage ⁽¹⁾
CONTINUING OPERATIONS
*Texas*
Houston
Greenway Plaza		10	Greenway Plaza	1969-1982		4,348,052		86.8	%	$	20.57			100	%
Houston Center		4	CBD	1974-1983		2,960,544		89.1			21.70			24	%
Post Oak Central		3	West Loop/Galleria	1974-1981		1,279,759		96.7			22.58			24	%
Fulbright Tower		1	CBD	1982		1,247,061		72.1	⁽³⁾		21.98			24	%
Five Post Oak Park		1	West Loop/Galleria	1986		567,396		89.8			20.45			30	%
BriarLake Plaza		1	Westchase	2000		502,410		91.5			26.76			30	%

Subtotal/Weighted Average		20				10,905,222		87.3	%	$	21.57			55	%


Dallas
The Crescent		2	Uptown/Turtle Creek	1985		1,299,522		99.0	%		35.15			24	%
Fountain Place		1	CBD	1986		1,200,266		91.9			22.09			24	%
Trammell Crow Center		1	CBD	1984		1,128,331		89.9			25.22			24	%
Spectrum Center		1	Quorum/Bent Tree	1983		598,250		92.4			21.06			100	%

Subtotal/Weighted Average		5				4,226,369		93.6	%	$	26.95			35	%


Fort Worth
Carter Burgess Plaza		1	CBD	1982		954,895		96.8	%	$	21.05			100	%


*Colorado*
Denver
Johns Manville Plaza		1	CBD	1978		675,400		93.3	%	$	20.48			100	%
707 17th Street		1	CBD	1982		550,805		91.3			21.43			100	%
Regency Plaza		1	Denver Technology Center	1985		309,862		80.6	⁽³⁾		19.04			100	%
Peakview Tower		1	Greenwood Village	2001		264,149		91.4			25.14			100	%
55 Madison		1	Cherry Creek	1982		137,176		93.8			19.84			100	%
The Citadel		1	Cherry Creek	1987		130,652		92.4			25.06			100	%
44 Cook		1	Cherry Creek	1984		124,174		85.7	⁽³⁾		20.27			100	%

Subtotal/Weighted Average		7				2,192,218		90.3	%	$	21.33			100	%


Colorado Springs
Briargate Office and Research Center		1	Northeast	1988		260,046		88.4	%	$	18.25			100	%


*Florida*
Miami
Miami Center		1	CBD	1983		782,211		98.4	%	$	33.38			40	%
Datran Center		2	Kendall/Dadeland	1986/1988		476,412		96.1			29.76			100	%
The Alhambra		2	Coral Gables	1961/1987		325,005		91.2			31.56			100	%
The BAC — Colonnade Building		1	Coral Gables	1989		218,170		82.7	⁽³⁾		34.44			100	%

Subtotal/Weighted Average		6				1,801,798		94.6	%	$	32.20			74	%


*Nevada*
Las Vegas
Hughes Center		8	Central East	1986 - 1999		1,111,388		98.0	%	$	34.58			100	%


*Georgia*
Atlanta
One Buckhead Plaza		1	Buckhead	1987		461,669		93.9	%	$	30.37			35	%
One Live Oak		1	Buckhead	1981		201,488		86.7			24.56			100	%

Subtotal/Weighted Average		2				663,157		91.7	%	$	28.71			55	%


*California*
Orange County
Dupont Centre		1	Airport Office Area	1986		250,782		97.3	%	$	28.36			100	%


Office Portfolio Continuing Operations		51				22,365,875		90.6	%⁽³⁾	$	24.46	⁽⁴⁾		62	%

Total Office Property⁽¹⁾
As of March 31, 2007
(continued)


										Weighted
										Average Full-
										Service Rental
							Economic			Rate Per		Crescent
	No. of			Year	Net Rentable		Occupancy			Occupied Sq.		Ownership
State, City, Property	Properties		Submarket	Completed	Area (Sq. Ft.)		Percentage			Ft.⁽²⁾		Percentage ⁽¹⁾
PROPERTIES HELD FOR SALE
*Texas*
Dallas
Stemmons Place		1	Stemmons Freeway	1983		634,381		67.6			17.83		100	%
125 E. John Carpenter Freeway		1	Las Colinas	1982		446,031		88.6			21.06		100	%
The Aberdeen		1	Quorum/Bent Tree	1986		319,758		95.5			18.43		100	%
MacArthur Center I & II		1	Las Colinas	1982/1986		298,161		76.3			18.61		100	%
Stanford Corporate Centre		1	Quorum/Bent Tree	1985		274,684		88.5			22.35		100	%
Palisades Central II		1	Richardson	1985		240,935		95.5			21.77		100	%
3333 Lee Parkway		1	Uptown/Turtle Creek	1983		233,543		99.0			19.68		100	%
The Addison		1	Quorum/Bent Tree	1981		215,016		100.0			24.55		100	%
Palisades Central I		1	Richardson	1980		180,503		76.3			18.36		100	%
Greenway II		1	Richardson	1985		154,329		99.9			18.59		100	%
Greenway I & IA		2	Richardson	1983		146,704		72.7			17.30		100	%
Subtotal/Weighted Average		12				3,144,045		85.1	%	$	19.76		100	%


Austin
816 Congress		1	CBD	1984		433,024		74.1	%	$	21.35		100	%
301 Congress Avenue⁽⁵⁾		1	CBD	1986		418,338		83.9			23.99		50	%
Austin Centre⁽⁶⁾		1	CBD	1986		343,664		96.6			19.67		100	%
The Avallon		3	Northwest	1993/1997		318,217		96.1			21.64		100	%
Subtotal/Weighted Average		6				1,513,243		86.5	%	$	21.76		86	%


*Arizona*
Phoenix
Financial Plaza		1	Mesa	1986		309,983		77.4	%	$	26.18		100	%


*Washington*
Seattle
Exchange Building ⁽⁷⁾		1	CBD	1930/2001		295,515		99.9	%	$	24.92		100	%


TOTAL
Office Portfolio		71				27,628,661							69	%

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

24

Total Office Property⁽¹⁾
As of March 31, 2007
(continued)


⁽¹⁾		Office Property Table data is presented without adjustments to reflect Crescent’s actual ownership percentage in joint ventured properties. Crescent’s actual ownership percentage in each property has been included for informational purposes.

⁽²⁾		Calculated in accordance with GAAP based on base rent payable as of March 31, 2007, giving effect to free rent and scheduled rent increases and including adjustments for expenses payable by or reimbursable from customers. The weighted average full-service rental rate for the El Paso lease (Greenway Plaza, Houston, Texas) reflects weighted average full-service rental rate over the shortened term (due to lease termination effective as of December 31, 2007) and excludes the impact of the net lease termination fee being amortized into revenue through December 31, 2007.

⁽³⁾		Leases have been executed at certain Office Properties but had not commenced as of March 31, 2007. If such leases had commenced as of March 31, 2007, the percent leased for Office Properties would have been 93.4%. Properties whose percent leased exceeds economic occupancy by 5 percentage points or more are as follows: Fulbright Tower — 91.0%, Regency Plaza — 87.9%, 44 Cook - 91.0%, and The BAC — Colonnade — 92.1%.

⁽⁴⁾		The weighted average full-service cash rental rate per square foot calculated based on base rent payable for Office Properties as of March 31, 2007, without giving effect to free rent and scheduled rent increases that are taken into consideration under GAAP but including adjustments for expenses paid by or reimbursed from customers is $24.41.

⁽⁵⁾		301 Congress Avenue is currently under contract for sale with closing expected during the second quarter of 2007.

⁽⁶⁾		Austin Centre is currently under contract for sale with closing expected during the second quarter of 2007.

⁽⁷⁾		The sale of Exchange Building was completed in April 2007.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

25

Office Portfolio Leasing Statistics — Continuing Operations⁽¹⁾
As of March 31, 2007

Signed Renewal/Released Activity


	For the three months ended March 31, 2007
					Percentage
			Expiring		Increase/(Decrease)
	Signed Leases ⁽²⁾		Leases		over Expiring Rate
Square Footage		239,673		239,673		N/A
Weighted Average Full Service Rental Rate PSF ⁽³⁾	$	27.47	$	24.81		11	%
NOI Net Effective Rental Rate PSF ⁽⁴⁾	$	15.72	$	12.88		22	%


⁽¹⁾		This table represents leasing statistics (both square footage and rental rates) for Crescent’s stabilized portfolio, excluding Properties Held for Sale and without adjustment to reflect Crescent’s actual ownership percentage in joint ventured properties.

⁽²⁾		All of which have commenced or will commence during the next twelve months.

⁽³⁾		Calculated in accordance with GAAP, including free rent, scheduled rent increases and adjustments for expenses payable by or reimbursable from customers based on current expense levels.

⁽⁴⁾		Calculated as weighted average full-service rental rate minus operating expenses.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

26

Office Portfolio Same Store Analysis — Continuing Operations⁽¹⁾
As of March 31, 2007
(dollars in millions)


	For the three months ended March 31,
	2007			2006			% Change
Same-Store Revenues ⁽²⁾	$	128.9		$	121.8			5.9	%
Same-Store Expenses	$	62.6		$	58.3			(7.5	%)

Total Operating Income	$	66.3		$	63.5			4.4	%

GAAP Rent Adjustments		($0.2	)	$	0.9			(122.2	%)

Total Operating Income — Cash Basis	$	66.1		$	64.4			2.6	%

QTD Average Economic Occupancy		91.4	%		90.3	%		1.1	pts
Same-Store Square Footage		21.1M
Number of Properties		50


⁽¹⁾		Includes consolidated and unconsolidated office joint venture properties without adjustments to reflect Crescent’s ownership percentage and excludes held for sale properties.

⁽²⁾		Includes impact of GAAP rent adjustments (primarily straight-line rent) and excludes lease termination fees.

Office Portfolio Capital Expenditures — Continuing Operations⁽¹⁾
As of March 31,2007

Capitalized Property Improvements


	Q1		Year Ended		Q4		Q3		Q2		Q1
Office Portfolio	2007		2006		2006		2006		2006		2006
Recurring Property Improvements

$ (in thousands)	$	3,698	$	13,926	$	6,170	$	2,658	$	2,966	$	2,132
$ Per Square Foot	$	0.17	$	0.62	$	0.27	$	0.12	$	0.13	$	0.10

Non-Recurring Property Improvements ⁽²⁾

$ (in thousands)	$	926	$	11,815	$	3,309	$	1,830	$	3,713	$	2,963
$ Per Square Foot	$	0.04	$	0.53	$	0.15	$	0.08	$	0.17	$	0.13

Total Property Improvements ⁽³⁾

$ (in thousands)	$	4,624	$	25,741	$	9,479	$	4,488	$	6,679	$	5,095
$ Per Square Foot	$	0.21	$	1.15	$	0.42	$	0.20	$	0.30	$	0.23

Crescent’s Pro Rata Share

Recurring Property Improvements

$ (in thousands)	$	2,694	$	10,794	$	5,402	$	2,125	$	1,944	$	1,323
$ Per Square Foot	$	0.19	$	0.78	$	0.39	$	0.15	$	0.14	$	0.10

Non-Recurring Property Improvements ⁽²⁾

$ (in thousands)	$	590	$	5,263	$	1,844	$	871	$	1,448	$	1,100
$ Per Square Foot	$	0.04	$	0.39	$	0.13	$	0.06	$	0.10	$	0.08

Total Property Improvements

$ (in thousands)	$	3,284	$	16,057	$	7,246	$	2,996	$	3,392	$	2,423
$ Per Square Foot	$	0.23	$	1.15	$	0.52	$	0.21	$	0.24	$	0.18

Tenant Improvements and Leasing Costs


	Q1		Year Ended		Q4		Q3		Q2		Q1
Office Portfolio	2007		2006		2006		2006		2006		2006
Non-Revenue Enhancing Tenant Improvements and Leasing Costs: ⁽⁴⁾
Total Re-leased/Renewal Tenant Square Footage		239,673		2,486,829		717,734		734,459		636,877		397,759

Tenant Improvement Costs Per Square Foot Leased	$	15.07	$	11.60	$	11.64	$	7.74	$	16.25	$	11.22
Leasing Costs Per Square Foot Leased	$	8.60	$	6.67	$	6.19	$	5.95	$	8.26	$	6.34

Total Per Square Foot	$	23.67	$	18.27	$	17.83	$	13.69	$	24.51	$	17.56


Average Lease Term (in years)		6.0		5.9		5.3		5.7		7.6		4.7

Tenant Improvement Costs Per Square Foot Leased Per Year	$	2.51	$	1.97	$	2.20	$	1.36	$	2.14	$	2.39
Leasing Costs Per Square Foot Leased Per Year	$	1.43	$	1.13	$	1.17	$	1.04	$	1.09	$	1.35

Total Per Square Foot Per Year	$	3.94	$	3.10	$	3.37	$	2.40	$	3.23	$	3.74


Revenue Enhancing Tenant Improvements and Leasing Costs: ⁽⁵⁾
Total New/Expansion Tenant Square Footage		141,798		968,208		320,517		207,492		270,133		170,066

Tenant Improvement Costs Per Square Foot Leased	$	27.85	$	18.37	$	20.20	$	20.10	$	17.45	$	14.27
Leasing Costs Per Square Foot Leased	$	12.36	$	7.72	$	7.72	$	8.22	$	7.57	$	7.36

Total Per Square Foot	$	40.21	$	26.09	$	27.92	$	28.32	$	25.02	$	21.63


Average Lease Term (in years)		7.8		5.8		5.8		5.6		6.3		5.5

Tenant Improvement Costs Per Square Foot Leased Per Year	$	3.57	$	3.17	$	3.48	$	3.59	$	2.77	$	2.59
Leasing Costs Per Square Foot Leased Per Year	$	1.58	$	1.33	$	1.33	$	1.47	$	1.20	$	1.34

Total Per Square Foot Per Year	$	5.15	$	4.50	$	4.81	$	5.06	$	3.97	$	3.93


Total Tenant Improvements and Leasing Costs: ⁽⁶⁾
Total Leased Square Footage		381,471		3,455,037		1,038,251		941,951		907,010		567,825

Tenant Improvements Cost Per Square Foot Leased	$	19.82	$	13.50	$	14.28	$	10.46	$	16.61	$	12.13
Leasing Costs Per Square Foot Leased	$	10.00	$	6.97	$	6.66	$	6.45	$	8.05	$	6.65

Total Per Square Foot	$	29.82	$	20.47	$	20.94	$	16.91	$	24.66	$	18.78


Average Lease Term (in years)		6.7		5.9		5.5		5.7		7.2		4.9

Tenant Improvement Costs Per Square Foot Leased Per Year	$	2.96	$	2.29	$	2.60	$	1.84	$	2.31	$	2.48
Leasing Costs Per Square Foot Leased Per Year	$	1.49	$	1.18	$	1.21	$	1.13	$	1.12	$	1.36

Total Per Square Foot Per Year	$	4.45	$	3.47	$	3.81	$	2.97	$	3.43	$	3.84


Crescent’s Pro Rata Share
Total Leased Square Footage		236,064		2,467,917		675,903		632,168		722,074		437,772

Tenant Improvement Costs Per Square Foot Leased Per Year	$	2.71	$	2.19	$	2.44	$	1.58	$	2.39	$	2.47
Leasing Costs Per Square Foot Leased Per Year	$	1.52	$	1.13	$	1.18	$	1.07	$	1.09	$	1.32

Total Per Square Foot Per Year	$	4.23	$	3.32	$	3.62	$	2.65	$	3.47	$	3.78


Average Lease Term (in years)		6.2		6.1		5.2		5.9		7.7		4.6


(1)		Excludes properties held for sale and disposed properties.

(2)		Enhancements/Additions to building infrastructure.

(3)		Office Segment Capitalized Property Improvements are presented without adjustment to reflect Crescent’s actual ownership percentage in joint ventured properties.

(4)		Non-Revenue Enhancing Tenant Improvements and Leasing Costs exclude temporary leases and leases whose commencement date is more than twelve months from the end of the current reporting period.

(5)		Revenue Enhancing Tenant Improvements and Leasing Costs result from leases signed on office square footage that has not contributed to office earnings in the preceding two quarters.

(6)		Office Segment Tenant Improvements and Leasing Costs reflect costs committed (but not necessarily expended) for leases executed during the reporting period. In addition, this schedule discloses Tenant Improvements and Leasing Costs committed without adjustment to reflect Crescent’s ownership percentage in joint ventured properties.

Office Portfolio Top 25 Customers — Continuing Operations
As of March 31,2007


						Crescent Share of
				Annualized	Crescent Share of	Annualized Revenue
			% Of Total	Revenue	Annualized Revenue	as % Of Total
Customer Name	Industry	SF ⁽¹⁾	Occupied SF	(in millions) ⁽²⁾	(in millions) ⁽³⁾	Office Revenue
AIM Management Group, Inc.	Financial Activities	455,000	2.2%	$9.2	$9.2	2.8%
Lyondell Chemical Company	Manufacturing	448,000	2.2%	$9.9	$2.4	0.7%
Carter & Burgess, Inc.	Professional & Business Services	416,000	2.1%	$8.6	$8.6	2.6%
El Paso Energy ⁽⁴⁾	Natural Resources, Mining,Construction	401,000	2.0%	$10.8	$10.8	3.3%
Occidental Oil and Gas Corporation	Natural Resources, Mining, Construction	398,000	2.0%	$7.1	$7.1	2.2%
GSA	Public Administration	375,000	1.9%	$6.4	$2.8	0.9%
Fulbright & Jaworski LLP	Professional & Business Services	374,000	1.8%	$8.6	$2.1	0.6%
Hunt Consolidated, Inc.	Natural Resources, Mining, Construction	328,000	1.6%	$8.3	$2.0	0.6%
Apache Corporation	Natural Resources, Mining, Construction	313,000	1.5%	$6.8	$1.6	0.5%
Stewart Information Services	Financial Activities	289,000	1.4%	$7.4	$1.8	0.6%
Shell Oil Company	Natural Resources, Mining, Construction	235,000	1.2%	$5.1	$1.2	0.4%
Citigroup	Financial Activities	233,000	1.1%	$7.3	$2.9	0.9%
Exxon Mobil Corporation	Natural Resources, Mining, Construction	215,000	1.1%	$4.6	$4.6	1.4%
Transocean Offshore Deepwater Drilling Inc.	Natural Resources, Mining, Construction	203,000	1.0%	$4.2	$4.2	1.3%
Parsons Energy & Chemicals Group Inc.	Natural Resources, Mining, Construction	202,000	1.0%	$4.1	$4.1	1.3%
Amegy Bank, N.A.	Financial Activities	187,000	0.9%	$3.6	$1.1	0.3%
Baker & Botts	Professional & Business Services	178,000	0.9%	$4.0	$0.9	0.3%
First Trust Corporation	Professional & Business Services	167,000	0.8%	$2.6	$2.6	0.8%
Wachovia Corp	Financial Activities	165,000	0.8%	$3.7	$2.9	0.9%
Johns Manville, Inc.	Manufacturing	165,000	0.8%	$3.7	$3.7	1.1%
Pogo Producing Co.	Natural Resources, Mining, Construction	165,000	0.8%	$4.0	$4.0	1.2%
UBS AG	Financial Activities	162,000	0.8%	$4.5	$2.0	0.6%
MCI, Inc.	Information	143,000	0.7%	$3.7	$3.0	0.9%
PriceWaterhouseCoopers	Professional & Business Services	134,000	0.7%	$3.5	$1.0	0.3%
Vinson & Elkins LLP	Professional & Business Services	130,000	0.6%	$3.1	$0.7	0.2%

		6,481,000	31.9%	$144.8	$87.3	26.7%


⁽¹⁾		Square footage related to each customer is presented without adjustment to reflect Crescent’s actual ownership percentage in joint ventured properties and excludes properties held for sale.

⁽²⁾		Annualized revenue reflects weighted average full service rental revenue, calculated based on base rent payable, giving effect to free rent and scheduled rent increases and including adjustments for expenses payable by or reimbursable from customers, which is in accordance with GAAP. Revenue related to each customer is presented without adjustment to reflect Crescent’s actual ownership percentage in joint ventured properties.

⁽³⁾		Crescent’s share of annualized revenue reflects weighted average full service rental revenue, calculated based on base rent payable, giving effect to free rent and scheduled rent increases and including adjustments for expenses payable by or reimbursable from customers, which is in accordance with GAAP. Revenue related to each customer reflects Crescent’s actual ownership percentage in joint ventured properties.

⁽⁴⁾		Crescent finalized an agreement in June 2005 to terminate El Paso Energy’s leases, totaling 888,000 square feet effective as of December 31, 2007. El Paso Energy will continue to pay its contractually obligated rents through December 31, 2007. Annualized revenue for El Paso reflects weighted average full service rental revenue over the shortened term and excludes the impact of the net lease termination fee being amortized into revenue through December 31, 2007. Crescent has released 510,000 square feet of this space.

Office Customer Industry Diversification — Continuing Operations
As of March 31, 2007


Note:		Based on total square footage leased by customers and applicable 2-Digit NAICS Code. Excludes properties held for sale.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

30

Office Portfolio Lease Expirations — Continuing Operations
As of March 31, 2007

Office Portfolio


	Square						Square						Crescent’s				% of			Annual
	Footage of			Signed			Footage of						Share of		Annual		Annual			Expiring		Number of
	Expiring			Renewals			Expiring			% of			Expiring		Full-Service		Full-			PSF		Customers
	Leases			and Relets			Leases			Square			Square Footage		Rent Under		Service			Full-		With
Year of Lease	(Before Renewals			of Expiring			(After Renewals			Footage			(After Renewals		Expiring		Rent			Service		Expiring
Expiration	and Relets)⁽¹⁾			Leases ⁽²⁾			and Relets)⁽¹⁾			Expiring			and Relets)		Leases ⁽³⁾		Expiring			Rent⁽³⁾		Leases
Q2 2007		841,433			(285,645	)		555,788			2.8			320,016		11,753,211		2.4			21.15		179
Q3 2007		301,013			(122,940	)		178,073			0.9			138,595		4,323,225		0.9			24.28		55
Q4 2007		750,342			(160,459	)		589,883			3.0			248,657		14,786,556		3.0			25.07		50

Total 2007		1,892,788	⁽⁴⁾		(569,044	)		1,323,744	⁽⁴⁾		6.7	%		707,268	$	30,862,992		6.3	%	$	23.31		284

Q1 2008		1,030,144			(59,915	)		970,229			4.9			822,618	$	24,088,952		4.9		$	24.83		59
Q2 2008		423,399			(31,495	)		391,904			2.0			321,895		9,812,110		2.0			25.04		62
Q3 2008		332,195			(35,195	)		297,000			1.5			159,550		7,568,080		1.6			25.48		53
Q4 2008		381,463			(38,665	)		342,798			1.7			258,712		8,827,312		1.8			25.75		64

Total 2008		2,167,201			(165,270	)		2,001,931			10.1	%		1,562,774	$	50,296,454		10.3	%	$	25.12		238

2009		2,279,578			(52,600	)		2,226,978			11.2			1,469,464	$	54,937,996		11.3		$	24.67		252
2010		1,814,876			87,306			1,902,182			9.6			1,077,944		50,146,684		10.3			26.36		224
2011		1,888,419			37,362			1,925,781			9.7			1,302,422		50,905,875		10.4			26.43		203
2012		1,266,709			292,288			1,558,997			7.8			1,120,918		38,851,979		8.0			24.92		128
2013		1,546,337			19,416			1,565,753			7.9			1,086,176		38,527,141		7.9			24.61		76
2014		2,665,014			128,740			2,793,754			14.0			1,519,874		62,796,929		12.9			22.48		43
2015		1,204,738			29,531			1,234,269			6.2			794,875		32,123,862		6.6			26.03		45
2016		1,102,390			13,884			1,116,274			5.6			418,577		28,868,821		5.9			25.86		52
2017 and thereafter		2,076,389			178,387			2,254,776			11.2			1,281,234		49,931,188		10.1			22.14		42

Total		19,904,439			—			19,904,439	⁽⁵⁾		100.0	%		12,341,525	$	488,249,921		100.0	%	$	24.53		1,587


⁽¹⁾		Square footage is presented without adjustment to reflect Crescent’s actual ownership percentage in joint ventured properties. Excludes properties held for sale.

⁽²⁾		Signed renewals and relets extend the expiration dates of in-place leases to the end of the renewed or relet term.

⁽³⁾		Calculated based on base rent payable under the lease for net rentable square feet expiring (after renewals and relets), giving effect to free rent and scheduled rent increases taken into account under GAAP and including adjustments for expenses payable by or reimbursable from customers based on current expense levels.

⁽⁴⁾		As of March 31, 2007 leases totaling 1,039,809 square feet (including relets and renewals of 569,044 square feet and new leases of 470,765 square feet) have been signed and will commence during 2007. These signed leases represent approximately 55% of gross square footage expiring during 2007. Expiring square footage includes 214,223 square feet of month-to-month leases.

⁽⁵⁾		Reconciliation of Occupied SF to Net Rentable Area:


Occupied SF Per Above:			19,904,439
Non-revenue Generating Space:			348,666

Total Occupied Office SF:			20,253,105
Total Vacant SF:			2,112,770

Total Stabilized Office NRA:			22,365,875

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

31

Office Portfolio Lease Expirations — Continuing Operations
As of March 31, 2007

Houston Office Properties


	Square						Square								% of			Annual
	Footage of			Signed			Footage of						Annual		Annual			Expiring		Number of
	Expiring			Renewals			Expiring			% of			Full-Service		Full-			PSF		Customers
	Leases			and Relets			Leases			Square			Rent Under		Service			Full-		With
Year of Lease	(Before Renwals			of Expiring			(After Renewals			Footage			Expiring		Rent			Service		Expiring
Expiration	and Relets)⁽¹⁾			Leases ⁽²⁾			and Relets)⁽¹⁾			Expiring			Leases ⁽³⁾		Expiring			Rent⁽³⁾		Leases
Q2 2007		507,472			(190,430	)		317,042			3.4			5,586,957		2.8			17.62		91
Q3 2007		133,030			(49,678	)		83,352			0.9			1,786,983		0.9			21.44		24
Q4 2007		176,164			(38,255	)		137,909			1.5			2,874,895		1.4			20.85		22

Total 2007		816,666	⁽⁴⁾		(278,363	)		538,303	⁽⁴⁾		5.8	%	$	10,248,835		5.1	%	$	19.04		137

Q1 2008		794,660			(31,116	)		763,544			8.1		$	17,860,175		8.8		$	23.39		25
Q2 2008		111,885			8,904			120,789			1.3			2,580,413		1.3			21.36		21
Q3 2008		209,339			(34,062	)		175,277			1.9			4,100,384		2.0			23.39		25
Q4 2008		181,414			(7,927	)		173,487			1.8			3,924,587		1.9			22.62		27

Total 2008		1,297,298			(64,201	)		1,233,097			13.1	%	$	28,465,559		14.0	%	$	23.08		98

2009		964,299			(1,222	)		963,077			10.3		$	20,064,975		9.9		$	20.83		99
2010		598,880			69,769			668,649			7.1			13,997,281		6.9			20.93		87
2011		769,523			20,605			790,128			8.4			17,088,168		8.4			21.63		82
2012		681,012			122,590			803,602			8.6			18,202,003		9.0			22.65		59
2013		474,905			10,984			485,889			5.2			10,681,680		5.3			21.98		18
2014		1,848,895			35,219			1,884,114			20.1			40,960,722		20.2			21.74		18
2015		372,354			—			372,354			4.0			7,562,167		3.7			20.31		14
2016		743,401			13,884			757,285			8.1			17,294,179		8.5			22.84		29
2017 and thereafter		813,829			70,735			884,564			9.3			17,833,086		9.0			20.16		12

Total		9,381,062			—			9,381,062			100.0	%	$	202,398,655		100.0	%	$	21.58		653


⁽¹⁾		Square footage is presented without adjustment to reflect Crescent’s actual ownership percentage in joint ventured properties.

⁽²⁾		Signed renewals and relets extend the expiration dates of in-place leases to the end of the renewed or relet term.

⁽³⁾		Calculated based on base rent payable under the lease for net rentable square feet expiring (after renewals and relets), giving effect to free rent and scheduled rent increases taken into account under GAAP and including adjustments for expenses payable by or reimbursable from customers based on current expense levels.

⁽⁴⁾		As of March 31, 2007 leases totaling 657,819 square feet (including relets and renewals of 278,363 square feet and new leases of 379,456 square feet) have been signed and will commence during 2007. These signed leases represent approximately 81% of gross square footage expiring during 2007. Expiring square footage includes 139,022 square feet of month-to-month leases.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

32

Office Portfolio Lease Expirations — Continuing Operations
As of March 31, 2007

Dallas Office Properties


	Square						Square								% of			Annual
	Footage of			Signed			Footage of						Annual		Annual			Expiring		Number of
	Expiring			Renewals			Expiring			% of			Full-Service		Full-			PSF		Customers
	Leases			and Relets			Leases			Square			Rent Under		Service			Full-		With
Year of Lease	(Before Renewals			of Expiring			(After Renewals			Footage			Expiring		Rent			Service		Expiring
Expiration	and Relets)⁽¹⁾			Leases ⁽²⁾			and Relets)⁽¹⁾			Expiring			Leases ⁽³⁾		Expiring			Rent ⁽³⁾		Leases
Q2 2007		34,729			(9,027	)		25,702			0.7			705,958		0.7			27.47		20
Q3 2007		28,704			(15,255	)		13,449			0.3			280,627		0.3			20.87		5
Q4 2007		364,939			(11,996	)		352,943			9.0			8,976,668		8.4			25.43		6

Total 2007		428,372	⁽⁴⁾		(36,278	)		392,094	⁽⁴⁾		10.0	%	$	9,963,253		9.4	%	$	25.41		31

Q1 2008		81,692			—			81,692			2.1		$	2,477,869		2.3		$	30.33		9
Q2 2008		58,001			(8,833	)		49,168			1.3			1,290,950		1.2			26.26		8
Q3 2008		17,121			4,506			21,627			0.6			560,957		0.5			25.94		8
Q4 2008		44,829			—			44,829			1.1			1,127,998		1.1			25.16		9

Total 2008		201,643			(4,327	)		197,316			5.1	%	$	5,457,774		5.1	%	$	27.66		34

2009		353,364			(31,127	)		322,237			8.2		$	9,148,478		8.7		$	28.39		29
2010		438,241			(7,592	)		430,649			11.0			12,492,854		11.8			29.01		36
2011		235,508			(17,919	)		217,589			5.6			6,751,810		6.4			31.03		21
2012		144,094			10,404			154,498			3.9			4,072,924		3.9			26.36		18
2013		213,813			23,678			237,491			6.1			7,982,198		7.6			33.61		16
2014		244,747			10,775			255,522			6.5			7,367,321		7.0			28.83		6
2015		566,047			17,599			583,646			14.9			16,126,471		15.3			27.63		18
2016		116,892			—			116,892			3.0			4,091,502		3.9			35.00		9
2017 and thereafter		969,561			34,787			1,004,348			25.7			22,187,045		20.9			22.09		12

Total		3,912,282			—			3,912,282			100.0	%	$	105,641,630		100.0	%	$	27.00		230


⁽¹⁾		Square footage is presented without adjustment to reflect Crescent’s actual ownership percentage in joint ventured properties. Excludes properties held for sale.

⁽²⁾		Signed renewals and relets extend the expiration dates of in-place leases to the end of the renewed or relet term.

⁽³⁾		Calculated based on base rent payable under the lease for net rentable square feet expiring (after renewals and relets), giving effect to free rent and scheduled rent increases taken into account under GAAP and including adjustments for expenses payable by or reimbursable from customers based on current expense levels.

⁽⁴⁾		As of March 31, 2007 leases totaling 59,637 square feet (including relets and renewals of 36,278 square feet and new leases of 23,359 square feet) have been signed and will commence during 2007. These signed leases represent approximately 14% of gross square footage expiring during 2007. Expiring square footage includes 11,163 square feet of month-to-month leases.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

33

Office Portfolio Lease Expirations — Continuing Operations
As of March 31, 2007

Denver Office Properties


	Square						Square								% of			Annual
	Footage of			Signed			Footage of						Annual		Annual			Expiring		Number of
	Expiring			Renewals			Expiring			% of			Full-Service		Full-			PSF		Customers
	Leases			and Relets			Leases			Square			Rent Under		Service			Full-		With
Year of Lease	(Before Renewals			of Expiring			(After Renewals			Footage			Expiring		Rent			Service		Expiring
Expiration	and Relets)⁽¹⁾			Leases⁽²⁾			and Relets)⁽¹⁾			Expiring			Leases ⁽³⁾		Expiring			Rent ⁽³⁾		Leases
Q2 2007		29,410			(9,289	)		20,121			1.0			402,136		1.0			19.99		14
Q3 2007		27,903			(7,760	)		20,143			1.0			422,982		1.0			21.00		5
Q4 2007		14,214			(7,955	)		6,259			0.3			138,231		0.3			22.09		2

Total 2007		71,527	⁽⁴⁾		(25,004	)		46,523	⁽⁴⁾		2.3	%	$	963,349		2.3	%	$	20.71		21

Q1 2008		46,161			(23,079	)		23,082			1.2		$	543,681		1.3		$	23.55		6
Q2 2008		132,980			(3,877	)		129,103			6.6			3,103,345		7.3			24.04		6
Q3 2008		18,610			—			18,610			0.9			404,811		1.0			21.75		3
Q4 2008		12,700			(2,978	)		9,722			0.5			224,694		0.5			23.11		4

Total 2008		210,451			(29,934	)		180,517			9.2	%	$	4,276,531		10.1	%	$	23.69		19

2009		234,658			(52,720	)		181,938			9.3		$	3,834,633		9.1		$	21.08		26
2010		204,837			13,727			218,564			11.1			4,957,169		11.7			22.68		21
2011		198,667			7,615			206,282			10.5			4,677,449		11.1			22.68		22
2012		208,202			68,236			276,438			14.1			6,459,880		15.3			23.37		16
2013		152,126			(57,190	)		94,936			4.8			1,993,370		4.7			21.00		9
2014		453,752			73,210			526,962			26.8			10,955,465		25.9			20.79		6
2015		18,637			—			18,637			0.9			381,671		0.9			20.48		3
2016		64,075			—			64,075			3.3			1,101,474		2.6			17.19		3
2017 and thereafter		149,612			2,060			151,672			7.7			2,721,279		6.3			17.94		7

Total		1,966,544			—			1,966,544			100.0	%	$	42,322,270		100.0	%	$	21.52		153


⁽¹⁾		Square footage is presented without adjustment to reflect Crescent’s actual ownership percentage in joint ventured properties.

⁽²⁾		Signed renewals and relets extend the expiration dates of in-place leases to the end of the renewed or relet term.

⁽³⁾		Calculated based on base rent payable under the lease for net rentable square feet expiring (after renewals and relets), giving effect to free rent and scheduled rent increases taken into account under GAAP and including adjustments for expenses payable by or reimbursable from customers based on current expense levels.

⁽⁴⁾		As of March 31, 2007 leases totaling 35,639 square feet (including relets and renewals of 25,004 square feet and new leases of 10,635 square feet) have been signed and will commence during 2007. These signed leases represent approximately 50% of gross square footage expiring during 2007. Expiring square footage includes 8,554 square feet of month-to-month leases.

Office Portfolio Lease Expirations — Continuing Operations
As of March 31, 2007

Miami Office Properties


	Square						Square								% of			Annual
	Footage of			Signed			Footage of						Annual		Annual			Expiring		Number of
	Expiring			Renewals			Expiring			% of			Full-Service		Full-			PSF		Customers
	Leases			and Relets			Leases			Square			Rent Under		Service			Full-		With
Year of Lease	(Before Renewals			of Expiring			(After Renewals			Footage			Expiring		Rent			Service		Expiring
Expiration	and Relets)⁽¹⁾			Leases ⁽²⁾			and Relets)⁽¹⁾			Expiring			Leases⁽³⁾		Expiring			Rent⁽³⁾		Leases
Q2 2007		125,035			(9,610	)		115,425			6.8			3,108,749		5.7			26.93		31
Q3 2007		24,419			(7,119	)		17,300			1.0			501,296		0.9			28.98		7
Q4 2007		47,727			(22,277	)		25,450			1.5			712,968		1.3			28.01		3

Total 2007		197,181	⁽⁴⁾		(39,006	)		158,175	⁽⁴⁾		9.3	%	$	4,323,013		7.9	%	$	27.33		41

Q1 2008		18,764			(1,249	)		17,515			1.0		$	570,373		1.0		$	32.56		5
Q2 2008		29,853			(3,615	)		26,238			1.6			787,423		1.4			30.01		9
Q3 2008		21,544			—			21,544			1.3			686,844		1.3			31.88		6
Q4 2008		61,354			(11,114	)		50,240			2.9			1,531,815		2.7			30.49		13

Total 2008		131,515			(15,978	)		115,537			6.8	%	$	3,576,455		6.4	%	$	30.96		33

2009		339,496			(7,320	)		332,176			19.6		$	10,218,205		18.6		$	30.76		40
2010		290,434			(4,683	)		285,751			16.9			9,467,806		17.2			33.13		29
2011		147,857			16,049			163,906			9.7			5,526,780		10.1			33.72		23
2012		114,265			—			114,265			6.8			4,130,011		7.5			36.14		13
2013		64,583			—			64,583			3.8			2,154,930		3.9			33.37		10
2014		39,586			6,491			46,077			2.7			1,421,086		2.6			30.84		4
2015		112,090			11,932			124,022			7.3			4,191,387		7.6			33.80		5
2016		131,765			—			131,765			7.8			4,797,501		8.7			36.41		7
2017 and thereafter		123,108			32,515			155,623			9.3			5,149,881		9.5			33.09		8

Total		1,691,880			—			1,691,880			100.0	%	$	54,957,055		100.0	%	$	32.48		213


⁽¹⁾		Square footage is presented without adjustment to reflect Crescent’s actual ownership percentage in joint ventured properties.

⁽²⁾		Signed renewals and relets extend the expiration dates of in-place leases to the end of the renewed or relet term.

⁽³⁾		Calculated based on base rent payable under the lease for net rentable square feet expiring (after renewals and relets), giving effect to free rent and scheduled rent increases taken into account under GAAP and including adjustments for expenses payable by or reimbursable from customers based on current expense levels.

⁽⁴⁾		As of March 31, 2007 leases totaling 90,741 square feet (including relets and renewals of 39,006 square feet and new leases of 51,735 square feet) have been signed and will commence during 2007. These signed leases represent approximately 46% of gross square footage expiring during 2007. Expiring square footage includes 20,707 square feet of month-to-month leases.

Office Portfolio Lease Expirations — Continuing Operations
As of March 31, 2007

Las Vegas Office Properties


	Square						Square								% of			Annual
	Footage of			Signed			Footage of						Annual		Annual			Expiring		Number of
	Expiring			Renewals			Expiring			% of			Full-Service		Full-			PSF		Customers
	Leases			and Relets			Leases			Square			Rent Under		Service			Full-		With
Year of Lease	(Before Renewals			of Expiring			(After Renewals			Footage			Expiring		Rent			Service		Expiring
Expiration	and Relets)⁽¹⁾			Leases⁽²⁾			and Relets)⁽¹⁾			Expiring			Leases⁽³⁾		Expiring			Rent⁽³⁾		Leases
Q2 2007		59,190			(32,457	)		26,733			2.5			751,912		2.0			28.13		4
Q3 2007		55,483			(32,206	)		23,277			2.2			768,759		2.0			33.03		6
Q4 2007		58,908			(15,357	)		43,551			4.0			1,451,959		3.8			33.34		9

Total 2007		173,581	⁽⁴⁾		(80,020	)		93,561	⁽⁴⁾		8.7	%	$	2,972,630		7.8	%	$	31.77		19

Q1 2008		58,133			—			58,133			5.4		$	1,860,863		4.9		$	32.01		4
Q2 2008		35,795			—			35,795			3.3			1,219,300		3.2			34.06		7
Q3 2008		15,505			—			15,505			1.4			497,579		1.3			32.09		4
Q4 2008		56,048			—			56,048			5.2			1,798,250		4.8			32.08		6

Total 2008		165,481			—			165,481			15.3	%	$	5,375,992		14.2	%	$	32.49		21

2009		165,447			5,921			171,368			15.8		$	5,787,418		15.3		$	33.77		22
2010		114,819			4,845			119,664			11.1			4,104,249		10.9			34.30		19
2011		259,486			—			259,486			24.0			9,797,803		26.0			37.76		27
2012		44,795			43,897			88,692			8.2			3,120,311		8.3			35.18		8
2013		62,581			—			62,581			5.8			2,231,938		5.9			35.66		6
2014		19,295			—			19,295			1.8			619,077		1.6			32.08		2
2015		43,116			—			43,116			4.0			1,402,918		3.7			32.54		1
2016		33,533			—			33,533			3.1			1,289,588		3.4			38.46		2
2017 and thereafter		—			25,357			25,357			2.2			1,029,356		2.9			40.59		1

Total		1,082,134			—			1,082,134			100.0	%	$	37,731,280		100.0	%	$	34.87		128


⁽¹⁾		Square footage is presented without adjustment to reflect Crescent’s actual ownership percentage in joint ventured properties.

⁽²⁾		Signed renewals and relets extend the expiration dates of in-place leases to the end of the renewed or relet term.

⁽³⁾		Calculated based on base rent payable under the lease for net rentable square feet expiring (after renewals and relets), giving effect to free rent and scheduled rent increases taken into account under GAAP and including adjustments for expenses payable by or reimbursable from customers based on current expense levels.

⁽⁴⁾		As of March 31, 2007 leases totaling 82,101 square feet (including relets and renewals of 80,020 square feet and new leases of 2,081 square feet) have been signed and will commence during 2007. These signed leases represent approximately 47% of gross square footage expiring during 2007. Expiring square footage includes 25,127 square feet of month-to-month leases.

Office Portfolio Lease Expirations — Continuing Operations
As of March 31, 2007

Other Office Properties


	Square						Square								% of			Annual
	Footage of			Signed			Footage of						Annual		Annual			Expiring		Number of
	Expiring			Renewals			Expiring			% of			Full-Service		Full-			PSF		Customers
	Leases			and Relets			Leases			Square			Rent Under		Service			Full-		With
Year of Lease	(Before Renewals			of Expiring			(After Renewals			Footage			Expiring		Rent			Service		Expiring
Expiration	and Relets)⁽¹⁾			Leases ⁽²⁾			and Relets)⁽¹⁾			Expiring			Leases ⁽³⁾		Expiring			Rent ⁽³⁾		Leases
Q2 2007		85,597			(34,832	)		50,765			2.7			1,197,499		2.6			23.59		19
Q3 2007		31,474			(10,922	)		20,552			1.1			562,578		1.2			27.37		8
Q4 2007		88,390			(64,619	)		23,771			1.3			631,835		1.5			26.58		8

Total 2007		205,461	⁽⁴⁾		(110,373	)		95,088	⁽⁴⁾		5.1	%	$	2,391,912		5.3	%	$	25.15		35

Q1 2008		30,734			(4,471	)		26,263			1.4		$	775,991		1.7		$	29.55		10
Q2 2008		54,885			(24,074	)		30,811			1.6			830,679		1.8			26.96		11
Q3 2008		50,076			(5,639	)		44,437			2.4			1,317,505		2.9			29.65		7
Q4 2008		25,118			(16,646	)		8,472			0.4			219,968		0.6			25.96		5

Total 2008		160,813			(50,830	)		109,983			5.8	%	$	3,144,143		7.0	%	$	28.59		33

2009		222,314			33,868			256,182			13.7		$	5,884,287		13.0		$	22.97		36
2010		167,665			11,240			178,905			9.6			5,127,325		11.3			28.66		32
2011		277,378			11,012			288,390			15.4			7,063,865		15.6			24.49		28
2012		74,341			47,161			121,502			6.5			2,866,850		6.3			23.60		14
2013		578,329			41,944			620,273			33.2			13,483,025		29.8			21.74		17
2014		58,739			3,045			61,784			3.3			1,473,258		3.3			23.85		7
2015		92,494			—			92,494			4.9			2,459,248		5.4			26.59		4
2016		12,724			—			12,724			0.7			294,577		0.7			23.15		2
2017 and thereafter		20,279			12,933			33,212			1.8			1,010,541		2.3			30.43		2

Total		1,870,537			—			1,870,537			100.0	%	$	45,199,031		100.0	%	$	24.16		210


⁽¹⁾		Square footage is presented without adjustment to reflect Crescent’s actual ownership percentage in joint ventured properties. Excludes properties held for sale.

⁽²⁾		Signed renewals and relets extend the expiration dates of in-place leases to the end of the renewed or relet term.

⁽³⁾		Calculated based on base rent payable under the lease for net rentable square feet expiring (after renewals and relets), giving effect to free rent and scheduled rent increases taken into account under GAAP and including adjustments for expenses payable by or reimbursable from customers based on current expense levels.

⁽⁴⁾		As of March 31, 2007 leases totaling 113,872 square feet (including relets and renewals of 110,373 square feet and new leases of 3,499 square feet) have been signed and will commence during 2007. These signed leases represent approximately 55% of gross square footage expiring during 2007. Expiring square footage includes 9,650 square feet of month-to-month leases.

PORTFOLIO DATA

Resort Residential Development

Statistics
As of March 31, 2007
(dollars in thousands)

Crescent Resort Development


	For the three months ended March 31,
	2007		2006
Resort Residential Lot Sales		32		29
Resort Residential Unit Sales:
Townhome Sales		6		2
Condominium Sales		3		30
Resort Residential Equivalent Timeshare Unit Sales		7.31		1.66
Average Sales Price per Resort Residential Lot	$	245	$	175
Average Sales Price per Resort Residential Unit	$	3,027	$	1,901

Desert Mountain


	For the three months ended March 31,
	2007		2006
Resort Residential Lot Sales		0		1
Average Sales Price per Lot ⁽¹⁾		N/A	$	1,574
Resort Residential Unit Sales		2		1
Average Sales Price per Unit ⁽¹⁾	$	1,600	$	1,786


⁽¹⁾		Includes equity golf membership

Resort Residential Development Property Table
As of March 31, 2007
(dollars in thousands)


	Entire Project																										2007 Closing and Total Pre-Sales
																								Proposed
																						Average		Average
		Crescent’s				Anticipated		Planned							Under		Under			Physical		Sales Price		Sales Price							Closed		Pre-Sold
		Preferred				Year of		Sales		Closed		Remaining			Development		Development			Inventory		on Closed		on Remaining			Closed		Pre-Sold		Average		Average
		Return/Economic			Product	Final		Lots/Units/		Lots/Units/		Lots/Units/			Lots/Units/		Percent			Lots/Units/		Lots/Units/		Lots/Units/			Lots/Units/		Lots/Units/		Sales		Sales
Corporation / Project	Location	Ownership ⁽¹⁾			Type ⁽²⁾	Sellout		Acres		Acres		Acres			Acres		Complete			Acres		Acres ⁽³⁾		Acres			Acres		Acres ⁽⁴⁾		Price		Price
*Desert Mountain Development Corporation*⁽⁵⁾
Desert Mountain ⁽⁶⁾	Scottsdale, AZ		93	%	SF, SH, TH ^B		2010		2,491		2,417		74	⁽⁷⁾		—		—			40		749		2,622					—
Custom Lots																												—		—		—		—
Homes																												2		4		1,600		1,507

*Crescent Resort Development Inc.*⁽⁵⁾
Tahoe Mountain Resorts
*Northstar Village*
Big Horn and Catamount	Lake Tahoe, CA		13%/57	%	CO ^S		2008		113		23		90			90		95	%		—		1,847		1,324			2		45		1,686		1,268
Identified Future Projects	Lake Tahoe, CA		13%/28-57	%	TH ^S, TS ^S		2015		135		—		135			—		—			—		—		3,272			—		—		—		—
*Northstar Highlands*
Northstar Trailside Townhomes	Lake Tahoe, CA		13%/57	%	TH ^S		2008		16		—		16			6		55	%		—		—		3,718			—		6		—		3,246
Northstar Ritz Condos	Lake Tahoe, CA		13%/71	%	CO ^S		2010		84		—		84			23		15	%		—		—		4,362			—		12		—		3,590
Highlands Acreage	Lake Tahoe, CA		13%/71	%	ACR		2007		4.8		—		4.8			—		—			4.8		—		4,688			—		4.8		—		4,688
Identified Future Projects	Lake Tahoe, CA		13%/57	%	CO, TH, TS^S		2020		1,272		—		1,272			—		—			—		—		2,680			—		—		—		—
*Old Greenwood*
Units	Lake Tahoe, CA		13%/71	%	TH^B		2009		19		15		4			—		—			4		1,428		938			—		—		—		—
Fractional Units ⁽⁸⁾	Lake Tahoe, CA		13%/71	%	TS ^S		2014		146.00		44.35		101.65			—		—			39.00		1,941		2,182			2.24		1.29		2,311		2,255
*Gray’s Crossing*
Lots	Lake Tahoe, CA		13%/71	%	SF^B		2008		377		265		112			—		—			112		314		439			8		5		325		386
Units	Lake Tahoe, CA		13%/71	%	CO^B		2009		170		—		170			—		—			—		—		412			—		—		—		—

Denver Development
Creekside Townhomes at Riverfront Park	Denver, CO		12%/64	%	TH^P		2007		23		21		2			—		—			2		757		1,107			—		—		—		—
Brownstones (Phase I)	Denver, CO		12%/64	%	TH^P		2007		16		16		—			—		—			—		1,627		—			2		—		1,505		—
Delgany	Denver, CO		12%/64	%	CO^P		2007		42		39		3			—		—			3		679		816			1		1		915		700
One Riverfront	Denver, CO		12%/59	%	CO^P		2008		50		—		50			50		95	%		—		—		843			—		27		—		764
The Park at One Riverfront	Denver, CO		12%/59	%	CO, TH^P		2009		18		—		18			—		—			—		—		1,070			—		9		—		—
Identified Future Projects	Denver, CO		12%/59-64	%	TH, CO^B		2011		310		—		310			—		—			—		—		736			—		—		—		—
Downtown Acreage	Denver, CO		12%/64	%	ACR		2009		6.76		—		6.76			—		—			6.76		—		4,350			—		—		—		—

Mountain and Other Development
Eagle Ranch	Eagle, CO		12%/76	%	SF^P		2008		1,398		1,211		187			65		10	%		122		91		158			13		65		280		86
Main Street Station Vacation Club ⁽⁹⁾	Breckenridge, CO		12%/30	%	TS ^S		2009		42.00		31.37		10.60			—		—			10.60		1,223		1,043			0.37		0.28		1,445		1,306
Riverbend	Charlotte, NC		12%/68	%	SF^P		2010		659		497		162			132		15	%		30		31		39			6		46		36		37
Three Peaks	Silverthorne, CO		12%/49	%	SF^S		2007		325		317		8			—		—			8		219		293			5		7		274		303
Village Walk	Beaver Creek, CO		12%/58	%	TH^S		2007		26		9		17			17		90	%		—		5,433		5,291			4		17		4,842		5,291
The Residences at Park Hyatt Beaver Creek ⁽⁹⁾	Beaver Creek, CO		N/A/91	%	TS ^S		2008		15.00		7.90		7.10			—		—			7.10		3,990		3,537			4.70		1.00		3,618		3,828
Beaver Creek Landing	Beaver Creek, CO		12%/59	%	CO^B		2007		52		—		52			52		80	%		—		—		1,250			—		52		—		1,250
Westin Riverfront Village	Beaver Creek, CO		12%/27	%	CO, TH ^B		2010		311		—		311			210		25	%		—		—		1,112			—		88		—		848
Manor Vail	Vail, CO		12%/64	%	CO^S		2008		17		—		17			17		5	%		—		—		7,394			—		6		—		6,706
Identified Future Projects	Colorado		12%/30	%	CO ^S		2009		64		—		64			—		—			—		—		844			—		—		—		—

*Houston Area Development Corp.*
Spring Lakes	Houston, TX		98	%	SF ^P		2007		497		482		15			—		—			15		35		44			5		—		44		—

*Crescent Plaza Residential*
The Residences at the Ritz-Carlton (Phase I)	Dallas, TX		100	%	CO		2007		70		—		70			70		80	%		—		—		1,898			—		67		—		1,850
The Tower Residences and Regency Row (Phase II)	Dallas, TX		100	%	CO, TH ^P		2009		100		—		100			—		—			—		—		1,579	⁽¹⁰⁾		—		65		—		1,392


⁽¹⁾		Crescent receives its invested capital plus a preferred return on it’s invested capital before profits are allocated to the partners based on ownership percentage. Some projects listed assume an equity partner will participate.

⁽²⁾		SF (Single-Family Lot); CO (Condominium); TH (Townhome); TS (Timeshare Equivalent Unit); ACR (Acreage); and SH (Single-Family Home). Superscript items represent P (Primary residence); S (Secondary residence); and B (Both Primary and Secondary residence)

⁽³⁾		Based on lots, units, and acres closed during the Company’s ownership period.

⁽⁴⁾		Represents lots, units & acres closed subsequent to March 31, 2007 or under contract as of April 23, 2007. The Tower Residences and Regency Row include 41 reservations for which contracts have not been executed. Pre-sales for Northstar Ritz Condos are reservations with 10% deposits.

⁽⁵⁾		Properties are held for sale.

⁽⁶⁾		Average Sales Price includes golf membership, which as of March 31, 2007 is $0.3 million.

⁽⁷⁾		As of March 31, 2007 there were 57 units and 17 lots either in inventory or planned for development.

⁽⁸⁾		Selling 17 shares per unit.

⁽⁹⁾		Selling 20 shares per unit.

⁽¹⁰⁾		Proposed Average Sales Price for The Tower Residences and Regency Row excludes the four Regency Row townhomes which are expected to have an Average Sales Price of $6 to $8 million.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

40

Resort Residential Development Net Equity Book Value by Project
As of March 31, 2007
(dollars in thousands)

Crescent Resort Development, Inc.


													Desert
	Tahoe						Colorado						Mountain						Total
	Mountain			Denver			Mountain						Development						Residential
	Resorts			Development			Development			Total			Corporation			Other ⁽¹⁾			Developments
Assets	$	479,600		$	103,700		$	186,500		$	769,800		$	252,300		$	167,300		$	1,189,400

Property Level Financing		(101,900	)		(36,900	)		(35,100	)		(173,900	)		(16,000	)		(49,200	)		(239,100	)

Other Liabilities		(62,600	)		(9,500	)		(66,100	)		(138,200	)		(89,500	)		(71,300	)		(299,000	)

Minority Interest		(500	)		(2,100	)		(10,500	)		(13,100	)		(18,000	)		(800	)		(31,900	)


Net Equity Book Value	$	314,600		$	55,200		$	74,800		$	444,600		$	128,800		$	46,000		$	619,400


Club and Operating Assets, net ⁽²⁾	$	74,900		$	4,800		$	—		$	79,700		$	89,100		$	16,200		$	185,000
Net Equity in Development Real Estate	$	239,700		$	50,400		$	74,800		$	364,900		$	39,700		$	29,800		$	434,400


⁽¹⁾		Includes Houston Area Development Corporation, Mira Vista Development Corporation, Crescent Plaza Residential, L.P., and the Sonoma Club.

⁽²⁾		Includes club houses, golf courses, restaurants, retail development, goodwill, intangible assets, net of accumulated depreciation and amortization, and associated property level financing, other liabilities and minority interest.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

41

PROTFOLIO DATA
Resort/Hotel

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

42

Resort/Hotel Segment
As of March 31, 2007

PROPERTY TABLE ⁽¹⁾


							For the three months ended March 31,
																	Revenue
							Average						Average				Per				Crescent’s
		Year					Occupancy						Daily				Available				Ownership
		Completed/					Rate						Rate				Room/Guest Night				Share
PROPERTY	Location	Renovated		Rooms			2007			2006			2007		2006		2007		2006
*Canyon Ranch^®*
Canyon Ranch — Tucson & Lenox	Tucson, AZ / Lenox, MA		1980/1989		471	⁽²⁾		83	%		87	%	$	812	$	777	$	667	$	644		48	% ⁽³⁾


*Luxury Resorts and Spas:*
Park Hyatt Beaver Creek Resort and Spa	Avon, CO		1989/2001/2006		190			80	%		73	%	$	650	$	530	$	518	$	387		100	%
Fairmont Sonoma Mission Inn & Spa	Sonoma, CA		1927/1987/1997/2004		228			65			65			249		239		162		155		80	%
Ventana Inn & Spa	Big Sur, CA		1975/1982/1988		60			58			64			458		422		266		270		100	%

Total/Weighted Average					478			70	%		69	%	$	453	$	408	$	317	$	281


*Upscale Business Class Hotels:*
Denver Marriott City Center	Denver, CO		1982/1994		613			65	%		71	%	$	145	$	125	$	94	$	89		100	%
Renaissance Houston Hotel	Houston, TX		1975/2000		388			69			77			131		129		90		100		100	%
Omni Austin Hotel ⁽⁴⁾	Austin, TX		1986		375			84			83			170		153		143		127		100	%

Total/Weighted Average					1,376			71	%		76	%	$	150	$	135	$	107	$	103


Total/Weighted Average Luxury Resorts and Spas, and Upscale Business Class Hotels					1,854			71	%		74	%	$	230	$	211	$	163	$	156


(1)		Property Table is presented at 100% without any adjustment to give effect to Crescent’s actual ownership percentage in the Properties. Properties are held for sale and are under contract for sale.

(2)		Represents available guest nights, which is the maximum number of guests the resort can accommodate per night.

(3)		Crescent owns 48% of the Canyon Ranch companies which own or manage: Canyon Ranch Tucson and Canyon Ranch Lenox Destination Resorts, Canyon Ranch SpaClub at the Venetian Resort in Las Vegas, the Canyon Ranch SpaClub on the Queen Mary 2 ocean liner, the Canyon Ranch Living Community in Miami, Fl., the Canyon Ranch SpaClub at The Gaylord Palms Resort in Kissimmee, Fl., Canyon Ranch Living Community in Chicago, IL., and all Canyon Ranch trade names and trademarks.

(4)		The Omni Austin Hotel is leased pursuant to a lease to HCD Austin Corporation.

SAME STORE ANALYSIS


	For the three months ended March 31,
							Percentage/
							Point
	2007			2006			Change
*Luxury Resorts and Spas:*
Same-Store NOI (in thousands)⁽⁵⁾	$	5,462		$	5,938			(8)	%
Weighted Average Occupancy		70	%		69	%		1	pt
Average Daily Rate	$	453		$	408			11	%
Revenue per Available Room/Guest Night	$	317		$	281			13	%
Number of Properties		3			3

*Upscale Business Class Hotels:*
Same-Store NOI (in thousands)	$	5,221		$	5,061			3	%
Weighted Average Occupancy		71	%		76	%		(5)	pt
Average Daily Rate	$	150		$	135			11	%
Revenue per Available Room/Guest Night	$	107		$	103			4	%
Number of Properties		3			3

*Total Luxury Resorts and Spas, and Upscale Business Class Hotels:*
Same-Store NOI (in thousands)⁽⁵⁾	$	10,683		$	10,999			(3)	%
Weighted Average Occupancy		71	%		74	%		(3)	pt
Average Daily Rate	$	230		$	211			9	%
Revenue per Available Room/Guest Night	$	163		$	156			4	%
Number of Properties		6			6


(5)		The decrease in same-store NOI at the Luxury Resorts and Spas is primarily related to the Park Hyatt Beaver Creek Resort and Spa’s conversion of 85 rooms into additional space in the Allegria Spa and 15 fractional units for sale in our Resort Residential Development segment.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

43

PROTFOLIO DATA
Temperature-Controlled Logistics Properties

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

44

Temperature-Controlled Logistics Properties
As of March 31,2007


			Total Cubic		Total
	Number of		Footage		Square feet
State	Properties⁽¹⁾		(in millions)		(in millions)
Alabama		5		13.8		0.5
Arizona		1		2.9		0.1
Arkansas		6		33.1		1.0
California		7		29.5		1.0
Colorado		1		2.8		0.1
Florida		5		6.5		0.3
Georgia		9		61.8		2.1
Idaho		2		18.7		0.8
Illinois		3		21.7		0.6
Indiana		1		9.1		0.3
Iowa		2		12.5		0.5
Kansas		2		5.0		0.2
Kentucky		1		2.7		0.1
Maine		1		1.8		0.2
Massachusetts		4		10.2		0.5
Minnesota		1		3.0		0.1
Mississippi		1		4.7		0.2
Missouri		2		46.8		2.7
Nebraska		2		4.4		0.2
New York		1		11.8		0.4
North Carolina		4		15.1		0.5
Ohio		2		8.9		0.4
Oklahoma		1		1.4		0.1
Oregon		5		35.6		1.5
Pennsylvania		3		39.0		1.1
South Carolina		1		1.6		0.1
South Dakota		1		2.9		0.1
Tennessee		3		10.6		0.4
Texas		3		16.5		0.5
Utah		1		8.6		0.4
Virginia		2		8.7		0.3
Washington		6		28.7		1.1
Wisconsin		3		17.4		0.6


TOTAL		92		497.8		19.0


⁽¹⁾		As of March 31, 2007, the Company held a 31.72% interest in AmeriCold Realty Trust which operates 105 facilities, of which 91 are wholly owned, one is partially owned and 13 are managed for outside owners.


	Average Occupancy for all Owned Facilities
	2007			2006
Quarter Ended March 31, 2007		73	%		78	%

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

45

PROTFOLIO DATA
Mezzanine Investments

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

46

Mezzanic Investments
As of March 31, 2007
(dollars in thousands)


										Weighted Average
										Yield During
Type of Investment	Date of Transaction		Remaining Term (mos)		Loan Extensions⁽¹⁾		Quarter End Balance			Quarter			Current Yield ⁽²⁾			Fixed/Variable
New Investments Wholly Owned
Dallas Office Investment		6/9/2005		3	Three 1-year			12,000			13.82	%		13.82	%	Variable

Dallas Office Investment		8/31/2005		41		N/A		7,660			11.04	%		11.04	%	Fixed

California Luxury Hotel Investment		11/16/2005		7	Five 1-year			15,000			16.32	%		16.32	%	Variable

Southeastern U.S. Office Investment		12/30/2005		6	Three 1-year			20,700			12.23	%		12.23	%	Variable

Florida Hotel Portfolio Investment		1/20/2006		21	Two 1-year			15,000			13.32	%		13.32	%	Variable

California Ski Resort		4/12/2006		23	Two 1-year			19,623	(3)		9.82	%		9.82	%	Variable

New York City Residential		5/8/2006		7	Two 1-year			22,249	(4)		18.15	%		18.15	%	Variable

California Residential		12/28/2006		9	One 6-month			9,775			17.00	%		17.00	%	Fixed

								122,007			14.08	%		14.02	%


Joint Ventured ⁽⁵⁾
Caribbean Resort Investment		12/19/2005		18	Two 1-year			18,824			10.13	%		10.13	%	Variable

California Luxury Hotel Investment		2/14/2006		7	Five 1-year			25,000			12.57	%		12.57	%	Variable

Caribbean Resort Investment		9/11/2006		18	Two 1-year			19,617			9.36	%		9.35	%	Variable

								63,441			10.85	%		10.85	%


⁽¹⁾		Loan extensions available subject to the right of the borrower to extend the loan pursuant to the loan agreement

⁽²⁾		Yields are as of May 7, 2007.

⁽³⁾		In the quarter ending March 31, 2007, we received $0.4 million in proceeds from the sale of certain land parcels at the property securing our loan.

⁽⁴⁾		In the quarter ending March 31, 2007, we recorded an impairment of $1.9 million associated with this mezzanine note. This mezzanine loan was sold to a third party for proceeds of $22.3 million including accrued interest

⁽⁵⁾		In May 2005, we entered into an agreement with Capstead Mortgage Corporation pursuant to which we formed a joint venture to invest up to $100 million in equity. The joint venture will invest in select B note and mezzanine loans on commercial real estate over a two-year period. Capstead is committed to 75% of the equity capital, and we are committed to 25%. Total equity contributions from Crescent as of March 31, 2007 were $9.7 million.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

47

CONTACT INFORMATION

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

48

Equity Research coverage


BB&T Capital Markets		Morgan Stanley
Stephanie Krewson		David Cohen
804.782.8784		212.761.8564

Bear Stearns		RBC Capital Markets
Ross Smotrich		Sri Nagarajan
Jeff Langbaum		Mitch Germain
212.272.8046		212.428.2360
212.272.4201		212.428.2364

Merrill Lynch		Citigroup
Steve Sakwa		Jonathan Litt
Chris Pike		Michael Bilerman
212.449.0335		Steven Benyik
212.449.1153		212.816.0231
		212.816.1383
Greenstreet Advisors		212.816.6445
Cedrik Lachance
949.640.8780


	Investor Relations
	Crescent Real Estate Equities Company
	Investor Relations Department
	777 Main Street, Suite 2100
	Fort Worth, TX 76102
	Phone: 817.321.2180
	Fax: 817.321.2060
Jane E. Mody		Jeremy Sweek
Managing Director		Investor and Media
Chief Financial Officer		Relations Senior Manager
Phone: 817.321.1086		Phone: 817.321.1464
Fax: 817.321.2060		Fax: 817.321.2060
Jmody@crescent.com		Jsweek@crescent.com

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

49

Crescent Real Estate Equities Co – ‘8-K’ for 5/8/07 – EX-99.2

On: Tuesday, 5/8/07, at 6:02am ET · For: 5/8/07 · Accession #: 950134-7-10513 · File #: 1-13038

Previous ‘8-K’: ‘8-K/A’ on 4/19/07 for 3/1/07 · Next: ‘8-K’ on 5/25/07 for 5/22/07 · Latest: ‘8-K’ on / for 8/3/07

Current Report — Form 8-K
Filing Table of Contents

EX-99.2 — First Quarter 2007 Supplemental Operating and Financial Data

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	5/7/07
	5/4/07	4
	4/23/07
	3/31/07	10-Q
	1/10/07
	12/31/06	10-K, 10-K/A, 11-K, 5, NT 10-K
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Crescent Real Estate Equities Co – ‘8-K’ for 5/8/07 – EX-99.2

On: Tuesday, 5/8/07, at 6:02am ET · For: 5/8/07 · Accession #: 950134-7-10513 · File #: 1-13038

Previous ‘8-K’: ‘8-K/A’ on 4/19/07 for 3/1/07 · Next: ‘8-K’ on 5/25/07 for 5/22/07 · Latest: ‘8-K’ on / for 8/3/07

Current Report — Form 8-KFiling Table of Contents

EX-99.2 — First Quarter 2007 Supplemental Operating and Financial Data

This exhibit is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Current Report — Form 8-K
Filing Table of Contents