Crescent Real Estate Enters Into Exchange Transaction With Chairman.Business Editors FORT WORTH, Texas--(BUSINESS WIRE)--Oct. 16, 2002 Crescent Real Estate Equities Company Crescent Real Estate Equities Co. (NYSE: CEI) is a Fort Worth, Texas-based real estate investor with holdings mainly in office and hotel properties, including several landmark buildings in the southern United States. (NYSE NYSE See: New York Stock Exchange :CEI CEI Competitive Enterprise Institute CEI Conferenza Episcopale Italiana (Italian bishop conference) CEI Central European Initiative CEI Comitato Elettrotecnico Italiano (Italian Electrotechnical Committee) ) announced that it has entered into an exchange transaction with its largest shareholder and chairman, Richard E. Rainwater, in which Mr. Rainwater exchanged 3,050,000 of his Crescent common shares for 1,525,000 Partnership Units of the Company's operating partnership, Crescent Real Estate Equities Limited Partnership. Each Partnership Unit can be exchanged for two common shares. The transaction in no way changes Mr. Rainwater's current beneficial ownership interest in the Company (giving effect to his ownership of Units). By reducing Mr. Rainwater's ownership of the company's common shares, however, the transaction will permit both Mr. Rainwater and the Company to purchase additional shares without causing Mr. Rainwater to exceed the 9.5% limit on ownership of common shares that is provided in the Company's charter. FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are generally characterized by terms such as "believe", "expect" and "may." Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, actual events could differ materially from the Company's expectations. In particular, while it is the intention of both the Company and Mr. Rainwater to purchase additional shares, the Company is not obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to spend any or all of the remaining amount authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: by the Company's common share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program, and Mr. Rainwater has no obligation to purchase any additional common shares, or to retain his current shares. Given these uncertainties, readers are cautioned not to place undue reliance on such statements. The Company is not obligated to update these forward-looking statements to reflect any future events or circumstances. ABOUT THE COMPANY Crescent Real Estate Equities Company (NYSE:CEI) is one of the largest publicly held real estate investment trusts in the nation. Through its subsidiaries and partners, Crescent owns and manages a portfolio of 74 premier office buildings totaling over 29 million square feet and centered in the Southwestern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , with major concentrations in Dallas, Houston, Austin and Denver. In addition, the company has investments in world-class resorts and spas and upscale residential developments. |
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