Crescent Real Estate Equities, Inc. announces quarterly dividend and property acquisition.NEW YORK--(BUSINESS WIRE)--Jan. 9, 1996--Crescent Real Estate Equities, Inc. (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) ) today announced that its Board of Directors has declared a cash dividend of $.55 per share for the quarter ending Dec. 31, 1995. The dividend is equivalent to an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. dividend of $2.20 per share. The dividend is payable Feb. 6, 1996 to shareholders of record on Jan. 19, 1996. Crescent also announced the acquisition of Epic Center The Epic Center is a skyscraper located in Wichita, Kansas. At 325 feet, it is the tallest building in the city of Wichita, and the entire state of Kansas. The tallest structure in the state is the KWCH Tower. , a 12-story, 234,000 square foot class A office building located in the Oak Lawn Oak Lawn, village (1990 pop. 56,182), Cook co., NE Ill., a suburb of Chicago; inc. 1909. It is chiefly residential with some light manufacturing. Products include metalwork, wood products, and school supplies. submarket of Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , approximately one mile from the company's Crescent Office Tower and Atrium property. The building, which was constructed in 1983, is currently 60 percent leased with a weighted-average rental rate of $13.87. As of Sept. 30, 1995, the 2.6 million square foot Oak Lawn submarket had an average class A market rental rate and occupancy of $16.20 and 89 percent, respectively. Epic Center currently has the largest block of available contiguous class A space in the Oak Lawn submarket. Also, an additional 85,000 square feet of space expires at the end of 1996. With this available space, Crescent believes this building will be well positioned to attract the several prospective tenants in the leasing market for large blocks of space. The property was acquired for $14.5 million or 46 percent of its estimated replacement cost. The company estimates that upon the leasing of the vacant and expiring square footage its estimated aggregate capitalized investment of approximately $19 million will generate a return in excess of 11 percent. Crescent is a real estate investment trust which, through its subsidiary entities, owns a portfolio of real estate assets, including 31 office properties and two retail centers totaling 9 million square feet, three hotels totaling 1,303 rooms and economic interests in six single family residential land developments. The rental properties are located in 16 metropolitan submarkets in Texas, Colorado, Arizona and New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). . Crescent is a fully integrated real estate company that provides management and leasing services with respect to its rental properties. CONTACT: Dallas E. Lucas, chief financial officer, Crescent Real Estate Equities, Inc., 212/836-4216. |
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