EXHIBIT 99.2

Crescent Real Estate Equities
Company

First Quarter 2006

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, 2006

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			12
Earnings Guidance			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 — March 31, 2006:
Resort Residential Development Statistics			40
Resort Residential Development Property Table			41
Resort Residential Development Net Equity Book Value by Project			42
Resort Residential Development — December 31, 2005:
Resort Residential Development Statistics			44
Resort Residential Development Property Table			45
Resort Residential Development Performance			46
Resort Residential Development Net Present Valuation			47
Resort Residential Development Net Equity Book Value by Project			48

Resort/Hotel:
Resort/Hotel Quarter-to-Date Statistics			50

Temperature-Controlled Logistics:
Temperature-Controlled Logistics Property Table			52

Mezzanine Investments:
Mezzanine Investments			54

Contact Information
Equity Research Coverage/IR Contacts			56

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

COMPANY BACKGROUND

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

About the Company

Crescent Real Estate Equities Company (NYSE: CEI) is a real estate investment trust headquartered in Fort Worth, Texas. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of 75 premier office buildings totaling 31 million square feet located in select markets across the United States, with major concentrations in Dallas, Houston, Austin, Denver, Miami and Las Vegas. Crescent also makes strategic investments in resort residential development, as well as destination resorts, including Canyon Ranch^®. For more information, visit the Company’s website at http://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, 2006


NYSE Trading Symbols		CEI, CEIprA, CEIprB
Corporate Headquarters		Fort Worth, Texas
Fiscal Year End		12/31
Total Office Properties Owned and Managed		75
Total Office Square Feet Owned and Managed		30.5 million
Geographic Diversity		8 states and 27 sub-markets
Number of Employees		772
Common Shares and Units Outstanding (share equivalent)		124.6 million
Common Dividend—Quarter/Annualized		$0.375/$1.50
Common Dividend Yield ($21.07 share price at 3/31/06)		7.1%
Total Market Capitalization Including Debt		$5.1 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 3, 2006, 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, 2006

Trust Managers


Richard E. Rainwater		William F. Quinn
Chairman of the Board		President, 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

Jerry R. Crenshaw, Jr., Managing Director and Chief Financial Officer

David M. Dean, Managing Director, Legal

Thomas G. Miller, Managing Director, Investments

Kenneth S. Moczulski, Managing Director, Investments

Jane E. Mody, Managing Director, Capital Markets

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

Paul R. Smith, Managing Director, Funds Management

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

John P. Albright, Senior Vice President, Finance

Robert H. Boykin, Senior Vice President, Leasing

Joe 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

Suzanne K. Stevens, Senior Vice President and Controller

James H.Wilson, Senior Vice President, Property Management

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

FINANCIAL HIGHLIGHTS

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

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


	As Of or For The Three Months Ended
	3/31/2006			12/31/2005			9/30/2005			6/30/2005			3/31/2005

Shares and Units
Common Shares Outstanding		101,724,583			101,442,063			101,058,455			100,127,859			99,833,652
Units Outstanding (a)		22,857,346			22,832,346			23,186,378			23,182,778			20,867,778

Combined Shares and Units		124,581,929			124,274,409			124,244,833			123,310,637			120,701,430

Weighted Average for Quarter — Basic (EPS) (b)		101,475,910			100,901,753			100,663,122			99,676,059			99,510,211
Weighted Average for Quarter — Diluted (EPS) (b)		101,475,910			102,422,428			100,663,122			99,676,059			99,510,211
Weighted Average for Quarter — Diluted (FFO)		122,007,365			121,520,969			119,841,083			117,484,930			117,226,331

Share Price & Dividends
At the End of the Period	$	21.07		$	19.82		$	20.51		$	18.75		$	16.34
High during Quarter	$	21.60		$	21.06		$	20.65		$	18.99		$	18.14
Low during Quarter	$	20.14		$	19.23		$	17.95		$	16.02		$	16.12
Dividends Declared during Quarter	$	0.375		$	0.375		$	0.375		$	0.375		$	0.375

Capitalization
Market Value of Common Equity (c)	$	2,503,662		$	2,349,530		$	2,430,483		$	2,204,543		$	1,916,379
Preferred Equity (d)		410,400			410,400			410,400			410,400			410,400
Total Consolidated Debt (e)		2,200,105			2,259,473			2,307,104			2,300,092			2,192,475

Total Capitalization	$	5,114,167		$	5,019,403		$	5,147,987		$	4,915,035		$	4,519,254

Total Consolidated Debt/Total Capitalization (e)		43	%		45	%		45	%		47	%		49	%

Selected Balance Sheet Data (f)
Net Investment in Real Estate	$	2,723,175		$	2,655,323		$	2,702,561		$	2,662,705		$	2,627,060
Investments in Unconsolidated Companies	$	395,398		$	393,535		$	390,092		$	391,249		$	366,652
Total Assets (e)	$	3,996,320		$	4,141,862		$	4,191,256		$	4,073,013		$	3,961,965
Total Liabilities	$	2,638,514		$	2,732,486		$	2,759,848		$	2,709,490		$	2,546,137
Total Unconsolidated Debt	$	647,337		$	646,913		$	661,809		$	661,732		$	634,285
Total Minority Interest	$	162,641		$	167,381		$	166,381		$	149,416		$	155,714
Total Shareholders’ Equity	$	1,195,165		$	1,241,995		$	1,265,027		$	1,214,107		$	1,260,114

Selected Operating Data
Total Office Portfolio (f)
Revenues	$	183,090		$	175,517		$	179,157		$	169,740		$	165,255
Net Straight-Line revenue / (expense) adjustment (g)	$	2,984		$	5,050		$	5,679		$	5,480		$	6,173
Rental income from FAS 141 Fair Market Value Adjustments	$	(1,114	)	$	(1,205	)	$	(1,305	)	$	(1,573	)	$	(1,308	)
Operating Margin (h)		48	%		46	%		49	%		49	%		50	%
Bad Debt as Percentage of Office Property Revenue		1.03	%		0.28	%		0.16	%		0.32	%		0.26	%
Lease Termination Fees	$	7,971		$	4,662		$	6,305		$	2,721		$	1,830
Fee Income Generated from JV Properties (i)	$	3,587		$	3,790		$	5,948		$	3,980		$	3,310

Office — Crescent’s Share (f) (j)
Revenues	$	122,643		$	117,040		$	118,726		$	113,211		$	109,063
Net Straight-Line revenue / (expense) adjustment (g)	$	2,145		$	3,692		$	4,550		$	4,398		$	4,793
Rental income from FAS 141 Fair Market Value Adjustments	$	(642	)	$	(737	)	$	(784	)	$	(1,089	)	$	(927	)
Operating Margin (h)		49	%		46	%		49	%		49	%		49	%
Bad Debt as Percentage of Office Property Revenue		1.24	%		0.29	%		0.12	%		0.35	%		0.35	%
Lease Termination Fees	$	7,764		$	4,341		$	5,288		$	2,247		$	370

Other
Total Property Revenues	$	238,604		$	417,419		$	210,817		$	208,809		$	183,567
Crescent’s Share of Unconsolidated Revenues (k)	$	102,510		$	128,539		$	110,069		$	97,160		$	97,078
General & Administrative Expense	$	14,826		$	17,220		$	11,751		$	11,064		$	10,328
Interest Coverage Ratio (l)		1.96			1.95			1.73			1.72			1.66
Scheduled Principal Payments:
Consolidated Debt (m)	$	3,610		$	3,174		$	3,243		$	3,180		$	3,233
Unconsolidated Debt	$	2,441		$	2,376		$	2,312		$	2,304		$	2,190
Consolidated Capitalized Interest:
Office	$	633		$	689		$	163		$	—		$	—
Resort Residential Development (n)	$	3,950		$	5,043		$	5,452		$	4,501		$	4,380
Resort/Hotel	$	423		$	375		$	254		$	150		$	119

Net (Loss) Income Available to Common Shareholders
Net Income (Loss) Available to Common Shareholders — Basic	$	(13,090	)	$	14,483		$	71,634		$	(13,552	)	$	(9,296	)
Basic — Per Share	$	(0.13	)	$	0.14		$	0.71		$	(0.13	)	$	(0.09	)
Diluted — Per Share	$	(0.13	)	$	0.14		$	0.71		$	(0.13	)	$	(0.09	)

Funds from Operations Available to Common Shareholders — Diluted, as Adjusted (“FFO”) (o)
FFO	$	24,817		$	61,544		$	22,803		$	33,114		$	28,882
FFO per Weighted Average Share	$	0.20		$	0.51		$	0.19		$	0.28		$	0.25
FFO Payout Ratio (p)		184.4	%		74.0	%		197.1	%		133.0	%		150.0	%
FFO by Segment:
Office Properties	$	54,695		$	76,198		$	54,582		$	54,505		$	52,426
Resort Residential Development Properties	$	1,034		$	22,431		$	5,474		$	11,056		$	4,907
Resort/Hotel Properties	$	10,630		$	6,006		$	9,352		$	7,637		$	11,445
Temperature-Controlled Logistics Properties	$	3,188		$	6,982		$	4,606		$	3,342		$	3,514

NOTE: See footnotes on following page.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

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)		Net of issuance costs, preferred equity is $401,089.

(e)		Includes $108,670 of defeased debt related to the LaSalle Note I and Nomura Funding VI Note. The Company’s assets include $116,999 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 42% as of March 31, 2006.

(f)		Prior quarter financial data has been restated for the effect of Discontinued Operations except for lease termination fees.

(g)		Net Straight-Line revenue adjustment excludes El Paso lease termination. If included, the impact would be as follows: Q2 2006 — $6,023, Q4 2005 — ($5,764), Q3 2005 — $4,231.

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

(i)		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.

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

(k)		Crescent’s share of unconsolidated revenues includes the Office, Temperature-Controlled Logistics and Canyon Ranch.

(l)		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 $21,173 related to the defeasance of the LaSalle Note I, LaSalle Note II and Nomura Funding VI Note. Trailing four quarters’ interest income includes $3,749 from the U.S. Treasury and government sponsored agency securities purchased as collateral for the LaSalle Note I, LaSalle Note II and Nomura Funding VI Note. Excluding these three items, the interest coverage ratio for trailing four quarters as of March 31, 2006 would have been 2.22.

(m)		Scheduled principal payments on consolidated debt include principal payments on defeased debt related to the LaSalle Note I, LaSalle Note II, or Nomura Funding VI Note. Excluding defeased debt, scheduled principal payments for the three months ended March, 31 2006, were $2,470.

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

(o)		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 exclude the impact of impairment charges and debt extinguishment charges related to the sale of real estate assets. 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 12. FFO should not be considered an alternative to net income.

(p)		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, 2006

Key Portfolio Statistics


	As Of or For The Three Months Ended
	3/31/2006			12/31/2005			9/30/2005			6/30/2005			3/31/2005

Office Properties (a)
Total Office Portfolio Number of Properties		75			75			76			79			78
Square Footage		30,524,482			30,670,201			31,251,076			32,013,522			31,551,853
Economic Office Occupancy at End of Quarter (a)		88.2	%		89.2	%		88.0	%		87.4	%		88.4	%
Leased Office Occupancy at End of Quarter (a)		90.6	%		91.5	%		90.1	%		89.5	%		89.9	%
Same-Store Net Operating Income (“NOI”) % Change (b)		(4.9	)%		(2.4	)%		(1.1	)%		(2.8	)%		(0.3	)%
Same-Store Average Occupancy (b)		88.3	%		87.8	%		86.8	%		87.0	%		87.6	%

Wholly-Owned Office Properties Number of Properties		54			54			53			56			56
Square Footage		15,780,658			15,926,377			15,863,116			16,625,562			16,625,562
Economic Office Occupancy at End of Quarter (a)		88.1	%		89.2	%		87.6	%		86.5	%		87.1	%
Leased Office Occupancy at End of Quarter (a)		90.3	%		91.4	%		89.9	%		88.7	%		88.3	%

Joint-Venture Office Properties (c) Number of Properties		21			21			23			23			22
Square Footage		14,743,824			14,743,824			15,387,960			15,387,960			14,926,291
Economic Office Occupancy at End of Quarter (a)		88.3	%		89.1	%		88.4	%		88.5	%		89.7	%
Leased Office Occupancy at End of Quarter (a)		90.9	%		91.6	%		90.4	%		90.4	%		91.6	%

Resort Residential Development Properties
Total Number of Active and Planned Resort Residential Development Projects		26			23			27			28			25

Desert Mountain Resort Residential Lot Sales		1			3			6			22			9
Average Price Per Lot (in thousands)	$	1,574		$	1,519		$	1,086		$	1,014		$	1,100
Resort Residential Unit Sales		1			—			—			—			—
Average Price Per Unit (in thousands)	$	1,786		$	—		$	—		$	—		$	—

Crescent Resort Development Resort Residential Lot Sales		29			261			67			94			123
Average Price per Lot (in thousands)	$	175		$	249		$	166		$	74		$	53
Resort Residential Unit Sales		34			123			43			55			7
Average Price per Unit (in thousands)	$	1,901		$	1,542		$	1,012		$	741		$	2,079

Resort/Hotel Properties
Total Luxury Resorts and Spas, and Upscale Business Class Hotels
Number of Properties		6			6			6			6			6
Number of Resort/Hotel Rooms		1,939			1,939			1,939			1,939			1,941
Same-Store NOI % Change		26.9	%		28.6	%		31.1	%		128.2	%		25.5	%
Same-Store Weighted Average Occupancy		74.2	%		68.7	%		75.1	%		70.6	%		69.0	%

Total Office Portfolio refers to the number of office properties Crescent owned or has an interest in, regardless of the ownership %.

Wholly-Owned Office Properties refers to the number of office properties in which Crescent owns 100%.

Joint-Venture Office Properties refers to the number of office properties Crescent co-owns.

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 statistics for prior quarters have been restated to exclude properties held for sale and unstabilized properties. See Total Office Portfolio Property Table on page 24.

(b) Same-store statistics exclude properties held for sale and unstabilized properties. Prior quarters have not been restated.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Balance Sheets
(dollars in thousands, except share data)


	March 31,			December 31,
	2006			2005
	(unaudited)			(unaudited)
ASSETS:
Investments in real estate:
Land	$	186,770		$	183,228
Land improvements, net of accumulated depreciation of $31,379 and $29,784 at March 31, 2006 and December 31, 2005, respectively		68,955			70,494
Buildings and improvements, net of accumulated depreciation of $476,016 and $456,628 at March 31, 2006 and December 31, 2005, respectively		1,828,315			1,760,920
Furniture, fixtures and equipment, net of accumulated depreciation of $35,848 and $34,129 at March 31, 2006 and December 31, 2005, respectively		39,617			37,236
Land held for investment or development		595,380			574,527
Properties held for disposition, net		4,138			28,918

Net investment in real estate	$	2,723,175		$	2,655,323

Cash and cash equivalents	$	90,540		$	86,228
Restricted cash and cash equivalents		60,498			84,699
Defeasance investments		116,999			274,134
Accounts receivable, net		53,478			56,356
Deferred rent receivable		72,843			70,074
Investments in unconsolidated companies		395,398			393,535
Notes receivable, net		188,235			219,016
Income tax asset — current		—			8,291
Other assets, net		295,154			294,206

Total assets	$	3,996,320		$	4,141,862


LIABILITIES:
Borrowings under Credit Facility	$	214,000		$	234,000
Notes payable		1,908,784			1,948,152
Junior subordinated notes		77,321			77,321
Accounts payable, accrued expenses and other liabilities		435,618			471,920
Current and deferred tax liability		2,791			1,093

Total liabilities	$	2,638,514		$	2,732,486


COMMITMENTS AND CONTINGENCIES:

MINORITY INTERESTS:
Operating partnership, 11,428,673 and 11,416,173 units, at March 31, 2006 and December 31, 2005, respectively	$	110,210		$	113,819
Consolidated real estate partnerships		52,431			53,562

Total minority interests	$	162,641		$	167,381


SHAREHOLDERS’ EQUITY:
Preferred shares, $0.01 par value, authorized 100,000,000 shares:
Series A Convertible Cumulative Preferred Shares, liquidation preference of $25.00 per share, 14,200,000 shares issued and outstanding at March 31, 2006 and December 31, 2005	$	319,166		$	319,166
Series B Cumulative Preferred Shares, liquidation preference of $25.00 per share, 3,400,000 shares issued and outstanding at March 31, 2006 and December 31, 2005		81,923			81,923
Common shares, $0.01 par value, authorized 250,000,000 shares, 126,845,500 and 126,562,980 shares issued and outstanding at March 31, 2006 and December 31, 2005, respectively		1,268			1,266
Additional paid-in capital		2,275,809			2,271,888
Deferred compensation on restricted shares		—			(1,182	)
Accumulated deficit		(1,023,523	)		(972,319	)
Accumulated other comprehensive income		654			1,385

	$	1,655,297		$	1,702,127

Less — shares held in treasury, at cost, 25,120,917 common shares at March 31, 2006 and December 31, 2005		(460,132	)		(460,132	)

Total shareholders’ equity	$	1,195,165		$	1,241,995


Total liabilities and shareholders’ equity	$	3,996,320		$	4,141,862

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

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


	For the three months
	ended March 31,
	2006			2005
	(unaudited)
REVENUE:
Office Property	$	99,666		$	88,917
Resort Residential Development Property		99,140			54,476
Resort/Hotel Property		39,798			39,834

Total Property Revenue	$	238,604		$	183,227


EXPENSE:
Office Property real estate taxes	$	9,566		$	10,069
Office Property operating expenses		41,554			36,325
Resort Residential Development Property expense		91,697			48,837
Resort/Hotel Property expense		29,457			31,735

Total Property Expense	$	172,274		$	126,966


Income from Property Operations	$	66,330		$	56,261


OTHER INCOME (EXPENSE):
Income from investment land sales	$	—		$	3,461
Gain on joint venture of properties, net		—			532
Interest and other income		15,888			5,304
Corporate general and administrative		(14,826	)		(10,328	)
Interest expense		(33,410	)		(33,279	)
Amortization of deferred financing costs		(1,770	)		(1,929	)
Extinguishment of debt		—			(1,427	)
Depreciation and amortization		(36,445	)		(34,055	)
Other expenses		(1,932	)		(668	)
Equity in net income (loss) of unconsolidated companies:
Office Properties		2,176			3,331
Resort Residential Development Properties		473			121
Resort/Hotel Properties		(870	)		1,406
Temperature-Controlled Logistics Properties		(322	)		(1,132	)
Other		115			6,190


Total Other Income (Expense)	$	(70,923	)	$	(62,473	)


LOSS FROM CONTINUING OPERATIONS BEFORE MINORITY INTERESTS AND INCOME TAXES	$	(4,593	)	$	(6,212	)
Minority interests		498			519
Income tax (expense) benefit		(1,104	)		1,216


LOSS BEFORE DISCONTINUED OPERATIONS	$	(5,199	)	$	(4,477	)
Income from discontinued operations, net of minority interests		22			1,687
Gain on sale of real estate from discontinued operations, net of minority interests		96			1,503


NET LOSS	$	(5,081	)	$	(1,287	)

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


NET LOSS AVAILABLE TO COMMON SHAREHOLDERS	$	(13,090	)	$	(9,296	)


BASIC EARNINGS PER SHARE DATA:
Loss available to common shareholders before discontinued operations	$	(0.13	)	$	(0.13	)
Income from discontinued operations, net of minority interests		—			0.02
Gain on sale of real estate from discontinued operations, net of minority interests		—			0.02


Net loss available to common shareholders — basic	$	(0.13	)	$	(0.09	)


DILUTED EARNINGS PER SHARE DATA:
Loss available to common shareholders before discontinued operations	$	(0.13	)	$	(0.13	)
Income from discontinued operations, net of minority interests		—			0.02
Gain on sale of real estate from discontinued operations, net of minority interests		—			0.02

Net loss available to common shareholders — diluted	$	(0.13	)	$	(0.09	)


WEIGHTED AVERAGE SHARES OUTSTANDING — BASIC		101,475,910			99,510,211


WEIGHTED AVERAGE SHARES OUTSTANDING — DILUTED		101,475,910			99,510,211

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

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


	For the three months
	ended March 31,
	(unaudited)
	2006			2006			2005			2005
	$			Per share			$			Per share
NET LOSS		(5,081	)		(0.04	)		(1,287	)		(0.01	)

ADJUSTMENTS:
Depreciation and amortization of real estate assets		32,039			0.26			30,755			0.26
Gain on property sales, net		(113	)		—			(2,589	)		(0.02	)
Extinguishment of debt expense directly related to real estate asset sales _(a)		—			—			1,055			0.01
Adjustment for investments in unconsolidated companies:
Office Properties		5,384			0.04			5,123			0.04
Resort Residential Development Properties		(3,092	)		(0.02	)		(1,396	)		(0.01	)
Resort/Hotel Properties		1,121			0.01			811			0.01
Temperature-Controlled Logistics Properties		3,510			0.03			4,645			0.04
Unitholder minority interest		(942	)		(0.01	)		(226	)		—
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 _(b)		24,817			0.20			28,882			0.25


Extinguishment of debt expense directly related to real estate asset sales _(a)		—			—			(1,055	)		(0.01	)

											.
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS — DILUTED _(b) — NAREIT DEFINITION		24,817			0.20			27,827			0.24


INVESTMENT SEGMENTS:
Office Properties		54,695			0.45			52,426			0.45
Resort Residential Development Properties		1,034			0.01			4,907			0.04
Resort/Hotel Properties		10,630			0.09			11,445			0.10
Temperature-Controlled Logistics Properties		3,188			0.02			3,514			0.03
OTHER:
Corporate general and administrative		(14,826	)		(0.12	)		(10,328	)		(0.09	)
Interest expense		(33,410	)		(0.27	)		(33,279	)		(0.28	)
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		10,968			0.09			939			0.01
Other _(c)		547			—			7,267			0.06


FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS — DILUTED, AS ADJUSTED _(b)		24,817			0.20			28,882			0.25


Extinguishment of debt expense directly related to real estate asset sales _(a)		—			—			(1,055	)		(0.01	)


FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS — DILUTED _(b) — NAREIT DEFINITION		24,817			0.20			27,827			0.24


WEIGHTED AVERAGE SHARES OUTSTANDING — BASIC		101,475,910						99,510,211

WEIGHTED AVERAGE SHARES/UNITS OUTSTANDING — DILUTED		122,007,365						117,226,331

DIVIDEND PAID PER SHARE DURING PERIOD		0.375						0.375


(a)		Extinguishment of debt directly related to the sale of real estate assets. An additional $0.4 million for the first quarter 2005 of extinguishment of debt that is not related to the sale of real estate assets is included in funds from operations available to common shareholders.

(b)		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 exclude the impact of impairment charges and debt extinguishment charges related to the sale of real estate assets. 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. FFO should not be considered an alternative to net income.

(c)		Includes income from investment land sales, net, interest and other income, extinguishment of debt, income/loss from other unconsolidated companies, other expenses, depreciation and amortization of non-real estate assets, and amortization of deferred financing costs.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Earnings Guidance
(dollars in thousands, except per share data)


	Full Year 2006
FFO⁽¹⁾	$	154,500	to	$	173,000
FFO per share⁽¹⁾	$	1.25	to	$	1.40


	Low				High
FFO from Operating Businesses and Investments ⁽¹⁾
Operating Business
Office	$	233,000		to	$	238,000
Investments
Resort Residential Developments		35,000		to		38,000
Resorts / Hotels⁽²⁾		36,000		to		39,000
Structured Finance/Securities		32,000		to		33,000
Temperature-Controlled Logistics		19,000		to		21,000
Other
Reinvestment Activity ⁽³⁾	$	9,000		to	$	12,000
Business Initiatives ⁽⁴⁾	$	14,000		to	$	17,000

Office Business Drivers⁽⁵⁾
Same Store NOI Growth (GAAP)		1.0	%	to		3.0	%
Same Store Average Occupancy		88	%	to		89	%
Portfolio Ending Occupied		90	%	to		91	%
Portfolio Ending Leased		91	%	to		92	%
Lease Termination Fees ⁽⁶⁾	$	20,000		to	$	22,000
Realization of Office Promotes	$	15,000		to	$	18,000

Resort Residential Development Business Drivers ⁽⁵⁾
Crescent Resort Development
Unit Sales		110		to		140
Average Unit Price	$	1,900		to	$	2,000
Lot Sales		375		to		425
Average Price	$	170		to	$	190
Desert Mountain
Lot Sales		10		to		15
Average Price	$	1,700		to	$	1,800
Unit Sales		33		to		38
Average Unit Price	$	1,500		to	$	1,600
Luxury Resorts and Spas and Upscale Business Class Hotels⁽⁵⁾⁽⁷⁾
Average Occupancy		72	%	to		74	%
Average Daily Rate Growth		6	%	to		8	%
Revenue per Available Room Growth		3	%	to		5	%


	2nd Quarter 2006
	Low			High
FFO ⁽¹⁾	$	25,000	to	$	27,000
FFO per share ⁽¹⁾	$	0.20	to	$	0.22

Reconciliation of FFO to Net Income ⁽¹⁾


	Full Year 2006							2nd Quarter 2006


	$	1.25		to	$	1.40		$	0.20		to	$	0.22

ADJUSTED FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS — DILUTED⁽¹⁾	$	154,500			$	173,000		$	25,000			$	27,000

ADJUSTMENTS:
Depreciation and amortization of real estate assets		(134,500	)			(134,500	)		(33,600	)			(33,600	)
(Impairments), gains, and (losses) related to real estate assets		—				—			—				—
Adjustment for investments in real estate mortgages and equity of unconsolidated companies:
Office properties		1,500				1,500			(5,000	)			(5,000	)
Hospitality/Residential Development properties		(4,800	)			(4,800	)		(1,200	)			(1,200	)
Temperature-Controlled Logistics		(19,900	)			(19,900	)		(4,600	)			(4,600	)
Unitholder minority interest		4,500				7,300			(3,600	)			(3,600	)
Series A Preferred Share distributions		24,000				24,000			6,000				6,000
Series B Preferred Share distributions		8,000				8,000			2,000				2,000

NET INCOME (LOSS)	$	33,300			$	54,600			($15,000	)			($13,000	)

WEIGHTED AVERAGE COMMON SHARES/UNITS OUTSTANDING — DILUTED		123,700,000				123,700,000			123,700,000				123,700,000
LESS: WEIGHTED AVERAGE LIMITED PARTNERSHIP UNITS OUTSTANDING⁽⁸⁾		20,300,000				20,300,000			20,300,000				20,300,000

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING — DILUTED		103,400,000				103,400,000			103,400,000				103,400,000


⁽¹⁾		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 after adjustments for unconsolidated partnerships and joint ventures. Crescent reports Funds From Operations Available to Common Shareholders — diluted, as adjusted to exclude impairment charges related to the sale of real estate assets (“FFO”). Refer to page 12 of this supplement for a reconciliation of GAAP net income to FFO as presented by Crescent, as well as NAREIT’s FFO.

⁽²⁾		Includes Canyon Ranch

⁽³⁾		FFO from Reinvestment Activity includes earnings from assumed future investment of $160M — $180M during the year at a 12% going in leveraged FFO yield.

⁽⁴⁾		Business Initiatives include investment land sales, gains generated from the sale of developed properties, and other income initiatives.

⁽⁵⁾		Business Drivers presented at 100% regardless of Crescent’s ownership interest in the underlying properties.

⁽⁶⁾		$20.8M will be recognized in 2006 as a result of the El Paso lease termination agreement.

⁽⁷⁾		Excludes Canyon Ranch

⁽⁸⁾		Assumes 2 for 1 conversion of units to common shares

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Sector Contribution and Assets by Segment
As of March 31, 2006
(dollars in thousands)

Gross Book Value of Real Estate Assets


				Resort Residential
	Office			Development			Resort/Hotel			TCL			Corporate &
	Segment			Segment			Segment			Segment			Other			Total
Gross Book Value of Real Estate Assets (Including Unleveraged Investments)		2,610,134			836,559			445,656			494,330			65,165			4,451,844

Depreciation (including Unconsolidated Assets)		(446,930	)		(59,663	)		(89,536	)		(142,731	)		(5,582	)		(744,442	)

Unconsolidated Debt and Other Liabilities		(374,959	)		—			(110,513	)		(269,442	)		—			(754,914	)

Other Assets (Cash, Defeasance Investments, Mezzanine Investments etc.)		274,133			202,131			97,934			81,218			388,416			1,043,832


Total Assets		2,062,378			979,027			343,541			163,375			447,999			3,996,320


	Net Book Value by Segment
				Resort Residential
	Office			Development			Resort/Hotel			TCL			Corporate &
	Segment			Segment⁽¹⁾			Segment			Segment			Other			Total
Total Assets by Segment ⁽²⁾:

Balance at March 31, 2006 ⁽³⁾		2,062,378			979,027			343,541			163,375			447,999	⁽⁴⁾		3,996,320

Balance at December 31, 2005		2,023,587			968,686			338,137			162,438			649,014			4,141,862

Consolidated Property Level Financing:

Balance at March 31, 2006		(894,769	)		(143,001	)		(110,551	)		—			(1,051,784	)⁽⁵⁾		(2,200,105	)

Balance at December 31, 2005		(851,215	)		(142,680	)		(59,051	)		—			(1,206,527	)		(2,259,473	)

Consolidated Other Liabilities:

Balance at March 31, 2006		(94,237	)		(280,631	)		(24,765	)		(1,146	)		(37,630	)		(438,409	)

Balance at December 31, 2005		(116,515	)		(286,986	)		(28,126	)		(25	)		(41,361	)		(473,013	)

Minority Interests:

Balance at March 31, 2006		(16,351	)		(30,454	)		(5,528	)		—			(110,308	)		(162,641	)

Balance at December 31, 2005		(15,354	)		(32,228	)		(5,853	)		—			(113,946	)		(167,381	)

Total Net Book Value at March 31, 2006		1,057,021			524,941			202,697			162,229			(751,723	)		1,195,165

Total Net Book Value at December 31, 2005		1,040,503			506,792			245,107			162,413			(712,820	)		1,241,995


⁽¹⁾		Refer to page 45 for further details regarding Resort Residential Development Segment information.

⁽²⁾		Total assets by segment are inclusive of investments in unconsolidated companies.

⁽³⁾		Non-income producing land held for investment or development of $87,996 by segment is as follows: Office — $27,852, Resort Residential Development $9,614, Resort/Hotel — $7,272, and Corporate — $43,258.

⁽⁴⁾		Includes mezzanine investments of $137,867 and defeasance investments of $116,999. At December 31, 2005 defeasance investments were $264,356 and mezzanine investments were $172,582.

⁽⁵⁾		Inclusive of Corporate bonds, Credit Facility, Junior Subordinated Notes, Repurchase Facility, 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, 2006

Acquisitions, Development, Dispositions and Other Strategic Transactions
2006 Activity as of March 31, 2006

Acquisitions

CEI

Square

Purchase

PSF Purchase

Economic

Segment

Property

Ownership

Market

Feet

Date

Price

Occupancy%

Office

Financial Plaza

100

Phoenix - Mesa/Superstition

309,983

1/23/2006

$55.0 Million

178

Dispositions

Sales Price

Net

Net Proceeds

CEI

Square Feet /

Sale

Net of

PSF/Room/Acre

CEI

to CEI (after

Segment

Property

Ownership

Market

Rooms / Acres

Date

Selling Costs

Price

Gain/(Loss)⁽¹⁾

Debt Payoff)

Office

Waterside Commons

100

Dallas - Las Colinas

458,906 sf

2/17/2006

$24.8 Million

($0.9) Million

$24.8 Million

Development

Square

Feet /

Total

CEI

CEI Share

Rooms /

2006

Development

Projected

Expected

Share

of Current

CEI

Units /

Start

Completion

Development

Costs

Development

Leased /

of Total

Equity

Segment

Project

Ownership

Market

Townhomes

Date

Costs

to Date

Costs

Committed

Equity

Funded

Office

3883 Howard Hughes Parkway

100

Las Vegas - Central East

239,000 sf

3Q 2005

4Q 2006

$7.4 Million

$18.1 Million

$73.9 Million

15%/40

$21.7 Million

$13.8 Million

Office

2211 Michelson

Irvine - John Wayne Airport

265,000 sf

1Q 2006

1Q 2007

$3.7 Million

$20.8 Million

$99.6 Million

0%/0

$5.6 Million

Office

Paseo Del Mar

San Diego - Del Mar Heights

233,000 sf

3Q 2005

3Q 2006

$7.4 Million

$54.5 Million

$81.7 Million

39%/20

$22.9 Million

Office

Parkway at Oak Hill

Austin - Southwest

144,380 sf

2Q 2006

2Q 2007

$4.5 Million

$27.4 Million

0%/0

$8.2 Million

$3.7 Million

RDV/Resort

The Ritz-Carlton Residences and Hotel - Phase I

100

Dallas - Uptown/Turtle Creek

70 units / 217 rooms

2Q 2005

3Q 2007

$17.1 Million

$67.5 Million

$202.7 Million

N/A/91

$39.9 Million

$30.0 Million

RDV/Resort

The Ritz-Carlton Tower Residences - Phase II

100

Dallas - Uptown/Turtle Creek

97 units / 4 townhomes

1Q 2007

4Q 2008

$3.1 Million

$8.0 Million

$129.4 Million

$52.7 Million

$8.0 Million

RDV

Jefferson Investment’s Multi-Family Luxury Apartments

50%⁽²⁾

Dedham, MA

300 units

4Q 2004

3Q 2006

$5.3 Million

$43.1 Million

$54.3 Million

$13.3 Million

Mezzanine Investments

New Investments

Weighted Average

Date of

Quarter

Yield

Segment

Investment

Transaction

End Balance

During Quarter

Current Yield⁽³⁾

Fixed/Variable

Other

Florida Hotel Portfolio Investment

1/20/2006

$15.0 Million

12.60

12.90

Variable

Other

California Ski Resort

4/12/2006

$20.0 Million

N/A

9.25

Variable

Repayments

Date of

Segment

Investment

Transaction

Principal Pay-Off

Prepayment Fees

Other

Florida Hotel Portfolio Investment

2/1/2006

$17.3 Million

$1.2 Million

Other

California Ski Resort

2/24/2006

$33.0 Million

$5.0 Million


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

⁽²⁾		Crescent receives a preferred return on its invested capital before profits are allocated to the partners based on a 50% / 50% split.

⁽³⁾		Yields are as of May 2, 2006.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Consolidated Debt Schedule
As of March 31, 2006
(dollars in thousands)


				Balance		Interest
				Outstanding at		Rate at
		Maximum		March 31,		March 31,			Maturity
Description	Secured Asset	Borrowings		2006		2006			Date
Secured Fixed Rate Debt:
AEGON Partnership Note	Greenway Plaza	$	247,126	$	247,126		7.53	%	July 2009
Prudential Note	707 17^th 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	Fairmont Sonoma Mission Inn		55,000		55,000		5.40		February 2011
Morgan Stanley I	Alhambra		50,000		50,000		5.06		October 2011
Allstate Life Note	Financial Plaza		39,365		39,365		5.47		October 2010
Bank of America Note II	Colonnade		37,797		37,797		5.53		May 2013
Metropolitan Life Note VII	Dupont Centre		35,500		35,500		4.31		May 2011
Mass Mutual Note ⁽¹⁾	3800 Hughes		33,542		33,542		7.75		August 2006
Column Financial	Peakview Tower		33,000		33,000		5.59		April 2015
Northwestern Life Note	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 ⁽¹⁾	3993 Hughes		24,594		24,594		6.65		September 2010
Metropolitan Life Note VI ⁽¹⁾	3960 Hughes		22,780		22,780		7.71		October 2009
Construction, Acquisition and other obligations	Various Office and Resort Residential Assets		37,956		37,956		2.90 to 13.75		July 2007 to Sept 2011

Secured Fixed Rate Defeased Debt:
LaSalle Note I ⁽²⁾	Funding I Defeasance		101,282		101,282		7.83		August 2007
Nomura Funding VI Note ⁽³⁾	Funding VI Defeasance		7,388		7,388		10.07		July 2010

Subtotal/Weighted Average		$	911,085	$	911,085		6.39	%


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:
KeyBank ⁽⁴⁾	Ritz Construction Project	$	175,000	$	28,769		7.06	%	July 2008
German American Capital Corporation ⁽⁴⁾	Funding One Assets		165,000		165,000		6.22		June 2007
JP Morgan Chase	Northstar Big Horn Construction Project		109,919		32,355		7.25		October 2007
Morgan Stanley II ^{(5) (6)}	Mezzanine Investments		100,000		21,000		6.83		March 2009
FirstBank of Vail	Village Walk Construction Project		63,000		2,961		7.25		February 2008
Guaranty Bank ^{(7) (8)}	Paseo Del Mar Construction Project		53,100		21,640		6.52		September 2008
Societe Generale⁽⁷⁾	3883 Hughes Construction Project		52,250		314		6.63		September 2008
Bank of America III ^{(7) (8)}	JPI Construction Project		41,009		29,781		6.82		November 2007
US Bank	Beaver Creek Landing Construction Project		33,400		—		6.60		February 2008
California Bank & Trust ⁽⁹⁾	One Riverfront Construction Project		27,500		225		7.88		March 2008
Construction, Acquisition and other obligations	Various Office and Resort Residential Assets		136,559		70,654		5.94 to 8.75		May 2006 to Dec 2012

Subtotal/Weighted Average		$	956,737	$	372,699		6.71	%


Unsecured Variable Rate Debt:
Credit Facility ⁽¹⁰⁾		$	382,765	$	214,000		6.30	%	February 2008
Junior Subordinated Notes (Trust Preferred)			51,547		51,547		6.66		June 2035
Junior Subordinated Notes (Trust Preferred)			25,774		25,774		6.66		July 2035

Subtotal/Weighted Average		$	460,086	$	291,321		6.40	%


Total/Weighted Average		$	2,952,908	$	2,200,105		7.06	%⁽¹¹⁾


Average remaining term									4.0 years


⁽¹⁾		Includes a portion of total premiums of $3,407 reflecting market value of debt acquired with purchase of Hughes Center portfolio.

⁽²⁾		In November 2004, the Company executed a legal defeasance, removing The Crescent Office Property as collateral for LaSalle Note I. This transaction reduced this Note by $128,687. In January 2005, the remainder of LaSalle Note I was defeased when the Company purchased $115,781 in U.S. Treasuries to substitute as collateral for this loan. The earnings and principal maturity from these investments will pay the principal and interest associated with LaSalle Note I.

⁽³⁾		On December 20, 2004, this loan was defeased with the purchase of $10,080 in U.S. Treasuries to substitute as collateral for this loan. The cash flow from the (principal and interest) match the total debt service payments of the loan. The earnings and principal maturity from these investments will pay the principal and interest associated with the Nomura Funding VI Note.

⁽⁴⁾		This loan has three one-year extension options.

⁽⁵⁾		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.

⁽⁶⁾		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.

⁽⁷⁾		This loan has two one-year extension options.

⁽⁸⁾		Our partner provides a full guarantee of this loan.

⁽⁹⁾		This loan has one one-year extension option.

⁽¹⁰⁾		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 under the facility was $155,014. The $214,000 outstanding at March 31, excludes letters of credit issued under the facility of $13,751.

⁽¹¹⁾		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 6.97%.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Consolidated Debt Breakdown
As of March 31, 2006
(dollars in thousands)


									Weighted
						Weighted			Average
						Average			Maturity in
	Balance		% of Total			Interest Rate			Years ⁽¹⁾
Fixed Rate Debt	$	1,536,085		70	%		7.27	%		3.5

Variable Rate Debt ⁽²⁾		664,020		30	%		6.57	%		5.0


Total/Weighted Average	$	2,200,105		100	%		7.06	%⁽³⁾		4.0


⁽¹⁾		Based on contractual maturity and does not include extension options on Wells Fargo Bank Loan, Bank of America Loan, Societe Generale Loan, Guaranty Bank Loan, KeyBank Construction Loan, German American Capital Corporation Loan, California Bank & Trust Loan, or Morgan Stanley II Mezzanine Investments Loan.

⁽²⁾		Balance excludes hedges. The percentages for fixed and variable rate debt, including $230,400 of hedged variable-rate debt, are 80% and 20%, respectively.

⁽³⁾		Including the effect of the Company’s cash flow hedge agreements, the overall weighted average interest rate would have been 6.97%.

Future Consolidated Debt Repayments ⁽¹⁾
As of March 31, 2006
(dollars in thousands)


	Secured		Defeased		Unsecured			Total ⁽²⁾
2006	$	51,013	$	1,445	$	—		$	52,458
2007		277,707		100,279		250,000			627,986
2008		126,867		289		214,000	⁽³⁾		341,156
2009		267,957		320		375,000			643,277
2010		133,810		6,337		—			140,147
Thereafter		317,760		—		77,321			395,081

	$	1,175,114	$	108,670	$	916,321		$	2,200,105


⁽¹⁾		Represents scheduled principal installments and amounts due at maturity.

⁽²⁾		Based on contractual maturity and does not include extension options on Wells Fargo Bank Loan, Bank of America Loan, Societe Generale Loan, Guaranty Bank Loan, KeyBank Construction Loan, German American Capital Corporation Loan, California Bank & Trust Loan, or Morgan Stanley II Mezzanine Investments Loan.

⁽³⁾		Borrowings under the Credit Facility.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Unconsolidated Debt Schedule
As of March 31, 2006
(dollars in thousands)


				Balance		Company’s Share
	CEI			Outstanding at		of Balance at		Interest Rate at			Maturity
Description	Ownership			March 31, 2006		March 31, 2006		March 31, 2006			Date			Fixed/Variable ⁽¹⁾
Temperature-Controlled Logistics Segment:
AmeriCold Realty Trust		31.72	%
Goldman Sachs⁽²⁾				$	464,374	$	147,299		6.89	%		5/11/2023		Fixed
Morgan Stanley⁽³⁾					243,957		77,383		7.70	%		4/9/2009		Variable
Other					40,728		12,919		3.48 to 13.63	%	6/1/2006 to 4/1/2017			Fixed

					749,059		237,601


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
Main Street Partners, L.P.⁽⁴⁾⁽⁵⁾		50.00	%		106,305		53,153		7.41	%		12/1/2006		Variable
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 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 1301 McKinney, L.P.⁽⁶⁾⁽⁷⁾		23.85	%		73,350		17,494		5.98	%		1/9/2008		Variable
Crescent One BriarLake Plaza, L.P.		30.00	%		50,000		15,000		5.40	%		11/1/2010		Fixed
Houston PT Four Westlake Park Office Limited Partnership		20.00	%		46,483		9,297		7.13	%		8/1/2006		Fixed
Crescent Five Post Oak Park, L.P.		30.00	%		44,197		13,259		4.82	%		1/1/2008		Fixed
Austin PT BK One Tower Office Limited Partnership		20.00	%		36,153		7,231		7.13	%		8/1/2006		Fixed
Houston PT Three Westlake Park Office Limited Partnership		20.00	%		33,000		6,600		5.61	%		9/1/2007		Fixed
Crescent Irvine, LLC		40.00	%		6,626		2,650		7.35	%		3/7/2009		Variable

					1,250,025		350,902

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


Other Segment:
Redtail Capital Partners One, LLC⁽⁸⁾		25.00	%		37,868		9,467		6.55	%		8/9/2008		Variable
Fresh Choice, LLC		40.00	%
GE Capital Franchise Finance Corporation ⁽⁹⁾					4,869		1,948		9.38	%		1/1/2011		Variable
Various Loans and Capital Leases					4,545		1,819	0.00% to 12.00%			10/1/2006 to 12/31/2029			Fixed

					47,282		13,234


Total Unconsolidated Debt				$	2,141,366	$	647,337


Fixed Rate/Weighted Average									5.95	%		9.1	years
Variable Rate/Weighted Average									7.35	%		2.1	years

Total Weighted Average									6.30	%		7.4	years


⁽¹⁾		All unconsolidated debt is secured.

⁽²⁾		AmeriCold Realty Trust expects to repay the notes on the Optional Prepayment Date of April 11, 2008.

⁽³⁾		The loan bears interest at LIBOR + 295 basis points (with a LIBOR floor of 1.5% with respect to $54,400 of the loan) and requires principal payments of $5,000 annually. In connection with this loan, a subsidiary of AmeriCold Realty Trust entered into an interest rate cap agreement with a maximum LIBOR of 6.50% on the entire amount of loan.

⁽⁴⁾		Senior Note — Note A: $78,573 at variable interest rate, LIBOR + 189 basis points, $4,622 at variable interest rate, LIBOR + 250 basis points with a LIBOR floor of 2.50%. Note B: $23,110 at variable interest rate, LIBOR + 650 basis points with a LIBOR floor of 2.50%. In connection with this loan, the Company entered into an interest rate cap agreement with a maximum LIBOR of 4.52% on all notes. All notes amortized based on a 25-year schedule.

⁽⁵⁾		The Company and its joint venture partner each obtained separate letters of credit to guarantee the repayment of up to $4,250 each of principal of the Main Street Partners, L.P. loan.

⁽⁶⁾		This loan has two one-year extension options.

⁽⁷⁾		In January 2006, Crescent 1301 McKinney, L.P. purchased a one-year 7.0% interest rate cap on one-month LIBOR with a notional amount of $73,350. Fulbright Tower office property was formerly known as 1301 McKinney. The Company will be required to purchase a new cap in January 2007 that limits interest rate to 1.0:1.0 debt service coverage. The loan bears interest at LIBOR + 123 basis points.

⁽⁸⁾		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: $25,368 at LIBOR + 185 basis points and $12,500 at LIBOR + 170 basis points.

⁽⁹⁾		The Company guarantees $1.0 Million of this loan. The loan bears interest at LIBOR + 470 basis points.

Future Unconsolidated Debt Repayments
As of March 31, 2006
(dollars in thousands)


	Secured		Unsecured		Total ⁽¹⁾
2006	$	76,196	$	—	$	76,196
2007		51,306		—		51,306
2008		47,854		—		47,854
2009		83,056		—		83,056
2010		23,229		—		23,229
Thereafter		365,696		—		365,696

	$	647,337	$	—	$	647,337


⁽¹⁾		Based on contractual maturity and does not take into account the extension option on the Crescent 1301 McKinney, L.P. Loan, Redtail Loan or Crescent Irvine Loan.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Investment in Unconsolidated Companies
As of March 31, 2006
(dollars in thousands)

Balance Sheets:




			Temperature-
			Controlled
	Office		Logistics		Resort/Hotel			Other		Total
Real estate, net	$	1,996,659	$	1,108,447	$	109,746
Cash		49,081		22,296		51,128
Restricted Cash		28,042		59,073		—
Other assets		144,364		160,739		12,632

Total assets	$	2,218,146	$	1,350,555	$	173,506


Notes payable	$	1,250,025	$	749,059	$	95,000
Other liabilities		77,843		100,379		29,871
Preferred Membership Units		—		—		105,364
Equity		890,278		501,117		(56,729	)

Total liabilities and equity	$	2,218,146	$	1,350,555	$	173,506


Company’s share of unconsolidated debt	$	350,902	$	237,601	$	45,600		$	13,234	$	647,337


Company’s investments in unconsolidated companies	$	176,866	$	163,375	$	5,409		$	49,748	$	395,398

Balance Sheet as of March 31, 2006 includes the following:

•		Office ⁽¹⁾ — Includes Main Street Partners, L.P., Houston PT Three Westlake Office Limited Partnership, Houston PT Four Westlake Office Limited Partnership, Austin PT BK One Tower Office Limited Partnership, 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 1301 McKinney, 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); and

•		Other — Includes SunTx Fulcrum Fund, L.P., SunTx Capital Partners, L.P., G2 Opportunity Fund, L.P., Blue River Land Company , L.L.C., EW Deer Valley, L.L.C., Fresh Choice, LLC, and Redtail Capital Partners, L.P.


			Square		CEI			Date of
(1)	Partner	Building	Footage		ownership			Partnership
	JPMorgan/GE Pension Affiliates
		The Crescent		1,299,522		23.85	%		11/10/2004
		Houston Center		2,960,544		23.85	%		11/10/2004
		Post Oak Central		1,279,759		23.85	%		11/10/2004
		Fulbright Tower		1,247,061		23.85	%		2/24/2005
	JPMorgan Affiliate
		Miami Center		782,211		40.00	%		9/25/2002
		BriarLake Plaza		502,410		30.00	%		10/8/2003
		Fountain Place		1,200,266		23.85	%		11/23/2004
		Trammell Crow Center		1,128,331		23.85	%		11/23/2004
	GE Pension Affiliate
		Chase Tower		389,503		20.00	%		7/30/2001
		Four Westlake Park		561,065		20.00	%		7/30/2001
		Three Westlake Park		414,792		20.00	%		8/21/2002
		Five Post Oak Park		567,396		30.00	%		12/20/2002
	Trizec Properties, Inc.
		Bank One Center		1,530,957		50.00	%		10/22/1997
	Hines Crescent Irvine Associates, L.P. ^(a)
		2211 Michelson		N/A		40.00	%		6/9/2005
	Metzler US Real Estate Fund, L.P.
		One Buckhead Plaza		461,669		35.00	%		6/29/2005

	Total Square Footage in Unconsolidated Joint Ventures			14,325,486		27.98	%


(a)		To be developed 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, 2006

Investment in Unconsolidated Companies
As of March 31, 2006
(dollars in thousands)

Summary Statement of Operations:


	For the three months ended March 31, 2006
				Temperature-
				Controlled
	Office			Logistics			Resort/Hotel			Other			Total
Total Revenues	$	82,788		$	195,850		$	38,188
Operating Expense		42,427			163,338			32,703

Net Operating Income		40,361			32,512			5,485

Interest Expense		17,088			14,311			1,434
Depreciation and amortization		20,442			17,069			2,896
Preferred dividends		—			—			3,065
Taxes and Other (income) expense		(678	)		175			582

Total Expenses		36,852			31,555			7,977


Gain (loss) on sale of assets		—			2,107			—
Net income (loss)		3,509			3,064			(2,492	)
Items to reconcile to FFO		19,574			10,957			2,448


Funds From Operations	$	23,083		$	14,021		$	(44	)


Company’s equity in net income (loss) of unconsolidated companies	$	2,176		$	(322	)	$	(870	)	$	588		$	1,572


Company’s share of FFO	$	7,560		$	3,188		$	251		$	(2,504	)	$	8,495

Summary Statement of Operations for the three months ended March 31, 2006, includes the following:

•		Office — Includes the operating results for Main Street Partners, L.P., Houston PT Three Westlake Office Limited Partnership, Houston PT Four Westlake Office Limited Partnership, Austin PT BK One Tower Office Limited Partnership, Crescent 5 Houston Center, L.P., 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 1301 McKinney, L.P. Crescent Irvine, LLC, Crescent One Buckhead Plaza L.P.;

•		Temperature-Controlled Logistics - Includes AmeriCold Realty Trust. In connection with the dissolution of the Vornado Crescent Portland Partnership, the Company agreed to pay Vornado Realty L.P. an annual management fee of $4,548;

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

•		Other — Includes SunTx Fulcrum Fund, L.P., SunTx Capital Partners, L.P., G2 Opportunity Fund, L.P., Blue River Land Company, EW Deer Valley L.L.C., Fresh Choice, LLC, and Redtail Capital Partners, L.P.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

PORTFOLIO DATA
Office

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Office Portfolio Composition
As of March 31, 2006

Wholly Owned vs. Joint Ventured


(SF in millions)	Houston		Dallas		Denver		Austin		Miami		Las Vegas		Other ⁽¹⁾		Total
Wholly Owned		4.4		3.7		2.2		1.1		1.0		1.1		2.3		15.8
Joint Ventured		7.5		5.2		—		0.8		0.8		—		0.4		14.7

Total Office Portfolio SF		11.9		8.9		2.2		1.9		1.8		1.1		2.7		30.5
Crescent’s Share		6.2		5.4		2.2		1.4		1.3		1.1		2.4		20.0

CBD vs. Suburban


⁽¹⁾		Includes Ft. Worth, Colorado Springs, Irvine, Atlanta, Seattle and Phoenix.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Total Office Property Table ⁽¹⁾
As of March 31, 2006


									Weighted
									Average Full-
									Service Rental
						Economic			Rate Per		Crescent
	No. of		Year	Net Rentable		Occupancy			Occupied		Ownership
State, City, Property	Properties	Submarket	Completed	Area (Sq. Ft.)		Percentage			Sq. Ft.⁽²⁾		Percentage⁽¹⁾
*Texas*
Dallas
Bank One Center	1	CBD	1987		1,530,957		78.8	%	$	22.59		50	%
The Crescent	2	Uptown/Turtle Creek	1985		1,299,522		97.9			34.14		24	%
Fountain Place	1	CBD	1986		1,200,266		87.3			21.56		24	%
Trammell Crow Center	1	CBD	1984		1,128,331		86.5			24.30		24	%
Stemmons Place	1	Stemmons Freeway	1983		634,381		64.5			17.31		100	%
Spectrum Center	1	Quorum/Bent Tree	1983		598,250		87.9			20.01		100	%
125 E. John Carpenter Freeway	1	Las Colinas	1982		446,031		85.3			20.67		100	%
The Aberdeen	1	Quorum/Bent Tree	1986		319,760		91.3			16.57		100	%
MacArthur Center I & II	1	Las Colinas	1982/1986		298,161		70.5			18.96		100	%
Stanford Corporate Centre	1	Quorum/Bent Tree	1985		274,684		92.1			20.69		100	%
Palisades Central II	1	Richardson	1985		240,935		90.9	⁽³⁾		20.42		100	%
3333 Lee Parkway	1	Uptown/Turtle Creek	1983		233,543		88.3			18.17		100	%
The Addison	1	Quorum/Bent Tree	1981		215,016		100.0			23.19		100	%
Palisades Central I	1	Richardson	1980		180,503		68.1			17.60		100	%
Greenway II	1	Richardson	1985		154,329		100.0			17.34		100	%
Greenway I & IA	2	Richardson	1983		146,704		73.1			15.44		100	%

Subtotal/Weighted Average	18				8,901,373		85.3	%	$	23.18		60	%


Fort Worth
Carter Burgess Plaza	1	CBD	1982		954,895		96.5	%	$	18.89		100	%


Houston
Greenway Plaza	10	Greenway Plaza	1969-1982		4,348,052		89.9	%	$	20.27		100	%
Houston Center	4	CBD	1974-1983		2,960,544		86.8			20.15		24	%
Post Oak Central	3	West Loop/Galleria	1974-1981		1,279,759		95.5			20.66		24	%
Five Post Oak Park	1	West Loop/Galleria	1986		567,396		85.5			18.74		30	%
Four Westlake Park	1	Katy Freeway West	1992		561,065		99.9			22.74		20	%
BriarLake Plaza	1	Westchase	2000		502,410		97.4			24.83		30	%
Three Westlake Park	1	Katy Freeway West	1983		414,792		100.0			23.00		20	%

Subtotal/Weighted Average	21				10,634,018		90.7	%	$	20.70		55	%


Austin
816 Congress	1	CBD	1984		433,024		72.9	%	$	19.77		100	%
301 Congress Avenue	1	CBD	1986		418,338		66.4			21.56		50	%
Chase Tower	1	CBD	1974		389,503		66.7			20.05		20	%
Austin Centre	1	CBD	1986		343,664		93.8			19.84		100	%
The Avallon	3	Northwest	1993/1997		318,217		88.7			19.33		100	%

Subtotal/Weighted Average	7				1,902,746		76.6	%	$	20.09		73	%


*Colorado*
Denver
Johns Manville Plaza	1	CBD	1978		675,400		93.8	%	$	20.21		100	%
707 17th Street	1	CBD	1982		550,805		91.1			20.85		100	%
Regency Plaza	1	Denver Technology Center	1985		309,862		85.1			19.49		100	%
Peakview Tower	1	Greenwood Village	2001		264,149		91.4			24.07		100	%
55 Madison	1	Cherry Creek	1982		137,176		93.1			19.19		100	%
The Citadel	1	Cherry Creek	1987		130,652		84.2			25.26		100	%
44 Cook	1	Cherry Creek	1984		124,174		62.0			19.32		100	%

Subtotal/Weighted Average	7				2,192,218		89.2	%	$	20.93		100	%


Colorado Springs
Briargate Office and Research Center	1	Colorado Springs	1988		260,046		57.3	%⁽³⁾	$	17.81		100	%

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Total Office Property Table ⁽¹⁾
As of March 31, 2006
(continued)


									Weighted
									Average Full-
									Service Rental
						Economic			Rate Per			Crescent
	No. of		Year	Net Rentable		Occupancy			Occupied			Ownership
State, City, Property	Properties	Submarket	Completed	Area (Sq. Ft.)		Percentage			Sq. Ft.⁽²⁾			Percentage⁽¹⁾
*Florida*
Miami
Miami Center	1	CBD	1983		782,211		92.2	%	$	31.69			40	%
Datran Center	2	South Dade/Kendall	1986/1988		476,412		93.4	⁽³⁾		27.96			100	%
The Alhambra	2	Coral Gables	1961/1987		325,005		89.3			31.25			100	%
The BAC — Colonnade Building	1	Coral Gables	1989		218,170		88.8			33.28			100	%

Subtotal/Weighted Average	6				1,801,798		91.6	%	$	30.80			74	%


Irvine
Dupont Centre	1	John Wayne Airport	1986		250,782		91.0	%	$	26.96			100	%


*Nevada*
Las Vegas
Hughes Center	8	Central East	1986 - 1999		1,110,890		96.2	%	$	33.03			100	%


*Georgia*
Atlanta
One Buckhead Plaza	1	Buckhead	1987		461,669		91.2	%	$	30.51			35	%
One Live Oak	1	Buckhead	1981		201,488		80.5	%	$	24.46			100	%

Subtotal/Weighted Average	2				663,157		87.9	%	$	28.83			55	%


*Washington*
Seattle
Exchange Building	1	CBD	1929/2001		295,515		97.6	%	$	24.32			100	%

Total Office Portfolio Excluding Properties Not Stabilized	73				28,967,438		88.2	%⁽³⁾	$	22.82	⁽⁴⁾		67	%


PROPERTIES NOT STABILIZED
*Texas*
Houston
Fulbright Tower ⁽⁵⁾	1	CBD	1982		1,247,061		62.2	%	$	20.05			24	%


*Arizona*
Mesa
Financial Plaza ⁽⁵⁾	1	Superstition Corridor	1986		309,983		88.9	%	$	25.97			100	%


Total Office Portfolio	75				30,524,482								66	%

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Total Office Property Table ⁽¹⁾
As of March 31, 2006
(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, 2006, 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, 2006. If such leases had commenced as of March 31, 2006, the percent leased for Office Properties would have been 90.6% Properties whose percent leased exceeds economic occupancy by 5 percentage points or more are as follows: Palisades Central II — 99.0%, Briargate Office — 70.6%, and Datran Center — 98.8%.

⁽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, 2006, 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 $22.83.

⁽⁵⁾		Property statistics exclude Fulbright Tower (acquired December 2004) and Financial Plaza (acquired January 2006). These office properties will be included in portfolio statistics once stabilized. Stabilization is deemed to occur upon the earlier of (a) achieving 90% occupancy, (b) one year following the acquisition date, or (c) two years following the acquisition date for properties which are being repositioned.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Office Leasing Statistics
As of March 31, 2006

Signed Renewal/Released Activity⁽¹⁾


	For the three months ended March 31, 2006
					Percentage
			Expiring		Increase/(Decrease)
	Signed Leases⁽²⁾		Leases		over Expiring Rate
Square Footage		420,160		420,160		N/A
Weighted Average Full Service Rental Rate PSF⁽³⁾	$	25.73	$	26.23		-2	%
NOI Net Effective Rental Rate PSF⁽⁴⁾	$	14.43	$	14.95		-3	%


⁽¹⁾		This table represents leasing statistics (both square footage and rental rates) for Crescent’s entire portfolio 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, 2006

Total Office Portfolio — Same Store Analysis ⁽¹⁾
As of March 31, 2006
(dollars in millions)


	For the three months ended March 31,
	2006				2005			% Change
Same-Store Revenues⁽²⁾	$	149.4			$	148.6			0.5	%
Same-Store Expenses	$	75.6			$	71.0			(6.4	%)

Total Operating Income	$	73.8			$	77.6			(4.9	%)

GAAP Rent Adjustments	$	0.3		(	$	3.0	)		110.0	%

Total Operating Income — Cash Basis	$	74.1			$	74.6			(0.6	%)

QTD Average Occupancy		88.3	%			88.3	%		0.0	pts
Same-Store Square Footage		27.7	M
Number of Properties		69


⁽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.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Total Office Portfolio Capital Expenditures
As of March 31, 2006

Capitalized Property Improvements



	Q1		Year Ended		Q4		Q3			Q2		Q1
Total Office Portfolio	2006		2005		2005		2005			2005		2005
Recurring Property Improvements
$(in thousands)	$	2,520	$	15,642	$	8,068	$	3,315		$	3,322	$	937
$ Per Square Foot	$	0.08	$	0.49	$	0.26	$	0.10		$	0.10	$	0.03

Non-Recurring Property Improvements⁽¹⁾
$(in thousands)	$	3,495	$	19,970	$	4,755	$	11,191	⁽⁶⁾	$	2,838	$	1,186
$ Per Square Foot	$	0.11	$	0.63	$	0.15	$	0.35		$	0.09	$	0.04

Total Property Improvements⁽²⁾
$(in thousands)	$	6,015	$	35,612	$	12,823	$	14,506		$	6,160	$	2,123
$ Per Square Foot	$	0.20	$	1.12	$	0.41	$	0.45		$	0.19	$	0.07


Crescent’s Pro Rata Share

Recurring Property Improvements
$(in thousands)	$	1,693	$	12,230	$	6,391	$	2,527		$	2,578	$	734
$ Per Square Foot	$	0.08	$	0.58	$	0.32	$	0.12		$	0.12	$	0.03

Non-Recurring Property Improvements⁽¹⁾
$(in thousands)	$	1,631	$	9,408	$	2,867	$	4,349		$	1,594	$	598
$ Per Square Foot	$	0.08	$	0.45	$	0.14	$	0.21		$	0.07	$	0.03

Total Property Improvements
$(in thousands)	$	3,324	$	21,638	$	9,258	$	6,876		$	4,172	$	1,332
$ Per Square Foot	$	0.16	$	1.03	$	0.46	$	0.33		$	0.19	$	0.06

Tenant Improvements and Leasing Costs



	Q1		Year Ended		Q4		Q3		Q2		Q1
Total Office Portfolio	2006		2005		2005		2005		2005		2005
Non-Revenue Enhancing Tenant Improvements and Leasing Costs:⁽³⁾
Total Re-leased/Renewal Tenant Square Footage		420,160		2,788,978		751,571		890,080		752,141		395,186

Tenant Improvement Costs Per Square Foot Leased	$	11.40	$	12.24	$	14.86	$	10.91	$	12.82	$	9.14
Leasing Costs Per Square Foot Leased	$	6.56	$	7.58	$	9.43	$	5.95	$	9.07	$	4.92

Total Per Square Foot	$	17.96	$	19.82	$	24.29	$	16.86	$	21.89	$	14.06


Average Lease Term (in years)		4.7		6.3		7.0		6.1		6.8		4.6

Tenant Improvement Costs Per Square Foot Leased Per Year	$	2.43	$	1.94	$	2.12	$	1.79	$	1.89	$	1.99
Leasing Costs Per Square Foot Leased Per Year	$	1.40	$	1.20	$	1.35	$	0.97	$	1.33	$	1.07

Total Per Square Foot Per Year	$	3.83	$	3.14	$	3.47	$	2.76	$	3.22	$	3.06


Revenue Enhancing Tenant Improvements and Leasing Costs:⁽⁴⁾
Total New/Expansion Tenant Square Footage		226,201		1,907,226		591,546		449,100		445,335		421,245

Tenant Improvement Costs Per Square Foot Leased	$	15.38	$	17.87	$	21.10	$	15.23	$	16.42	$	17.66
Leasing Costs Per Square Foot Leased	$	7.63	$	7.40	$	8.69	$	5.64	$	7.24	$	7.64

Total Per Square Foot	$	23.01	$	25.27	$	29.79	$	20.87	$	23.66	$	25.30


Average Lease Term (in years)		5.5		6.0		6.7		5.0		5.9		6.3

Tenant Improvement Costs Per Square Foot Leased Per Year	$	2.80	$	2.98	$	3.15	$	3.04	$	2.78	$	2.80
Leasing Costs Per Square Foot Leased Per Year	$	1.39	$	1.23	$	1.30	$	1.13	$	1.23	$	1.21

Total Per Square Foot Per Year	$	4.19	$	4.21	$	4.45	$	4.17	$	4.01	$	4.01


Total Tenant Improvements and Leasing Costs:⁽⁵⁾
Total Leased Square Footage		646,361		4,696,204		1,343,117		1,339,180		1,197,476		816,431

Tenant Improvements Cost Per Square Foot Leased	$	12.79	$	14.52	$	17.61	$	12.36	$	14.16	$	13.54
Leasing Costs Per Square Foot Leased	$	6.93	$	7.51	$	9.10	$	5.85	$	8.39	$	6.32

Total Per Square Foot	$	19.72	$	22.03	$	26.71	$	18.21	$	22.55	$	19.86


Average Lease Term (in years)		5.0		6.2		6.9		5.7		6.5		5.5

Tenant Improvement Costs Per Square Foot Leased Per Year	$	2.56	$	2.34	$	2.55	$	2.17	$	2.18	$	2.46
Leasing Costs Per Square Foot Leased Per Year	$	1.39	$	1.21	$	1.32	$	1.03	$	1.29	$	1.15

Total Per Square Foot Per Year	$	3.95	$	3.55	$	3.87	$	3.20	$	3.47	$	3.61



Crescent’s Pro Rata Share
Total Leased Square Footage		486,953		3,135,143		877,609		825,192		851,890		580,452

Tenant Improvement Costs Per Square Foot Leased Per Year	$	2.56	$	2.37	$	2.44	$	2.30	$	2.27	$	2.46
Leasing Costs Per Square Foot Leased Per Year	$	1.44	$	1.19	$	1.28	$	1.07	$	1.25	$	1.05

Total Per Square Foot Per Year	$	4.00	$	3.56	$	3.72	$	3.37	$	3.52	$	3.51


Average Lease Term (in years)		4.7		5.7		6.2		5.3		6.0		5.2


⁽¹⁾		Enhancements/Additions to building infrastructure.

⁽²⁾		Office Segment Capitalized Property Improvements are presented without adjustment to reflect Crescent’s actual ownership percentage in joint ventured properties.

⁽³⁾		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.

⁽⁴⁾		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.

⁽⁵⁾		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.

⁽⁶⁾		Includes $6.4 million related to Houston Center Shops redevelopment

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Total Office Portfolio — Top 25 Customers
As of March 31, 2006


											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
El Paso Energy⁽⁴⁾	Energy		842,000		3.3	%	$	20.3	$	20.3		4.8	%
GSA⁽⁵⁾	Government		597,000		2.3	%	$	11.7	$	8.5		2.0	%
BP America Production Company	Energy		572,000		2.2	%	$	13.3	$	2.7		0.6	%
AIM Management Group, Inc.	Financial Services		478,000		1.9	%	$	9.1	$	8.9		2.1	%
JP Morgan Chase	Financial Services		440,000		1.7	%	$	11.5	$	5.3		1.3	%
Carter & Burgess, Inc.	Professional Services		416,000		1.6	%	$	7.9	$	7.9		1.9	%
Lyondell Chemical Company	Manufacturing		403,000		1.6	%	$	8.2	$	2.0		0.5	%
Occidental Oil and Gas Corporation	Energy		362,000		1.4	%	$	7.5	$	7.5		1.8	%
Hunt Consolidated, Inc.	Energy		328,000		1.3	%	$	8.1	$	1.9		0.4	%
Apache Corporation	Energy		318,000		1.2	%	$	6.3	$	1.5		0.4	%
Yum! Restaurant Services Group, Inc.	Food Service		292,000		1.1	%	$	4.9	$	4.9		1.2	%
Exxon Mobil Corporation	Energy		283,000		1.1	%	$	5.6	$	4.6		1.1	%
Stewart Information Services	Financial Services		271,000		1.1	%	$	6.4	$	1.6		0.4	%
Citigroup	Financial Services		253,000		1.0	%	$	7.4	$	3.0		0.7	%
Conoco Phillips Company	Energy		245,000		1.0	%	$	5.8	$	1.2		0.3	%
Shell Oil Company	Energy		230,000		0.9	%	$	4.6	$	1.1		0.3	%
CompUSA	Retail		208,000		0.8	%	$	4.8	$	4.8		1.1	%
BMC Software, Inc.	Technology		203,000		0.8	%	$	4.1	$	4.1		1.0	%
Parsons Energy & Chemicals Group Inc.	Energy		202,000		0.8	%	$	3.7	$	3.7		0.9	%
Amegy Bank, N.A.	Financial Services		187,000		0.7	%	$	3.2	$	1.0		0.2	%
Jenkens and Gilchrist, P.C.	Financial Services		182,000		0.7	%	$	4.5	$	1.1		0.3	%
Baker & Botts	Professional Service		176,000		0.7	%	$	3.8	$	0.9		0.2	%
First Trust Corporation	Professional Services		167,000		0.7	%	$	2.7	$	2.7		0.6	%
Johns Manville, Inc.	Manufacturing		165,000		0.6	%	$	3.6	$	3.6		0.9	%
MCI Inc.	Telecommunications		158,000		0.6	%	$	4.1	$	3.4		0.8	%

			7,978,000		31.1	%	$	173.1	$	108.2		25.8	%


⁽¹⁾		Square footage related to each customer is presented without adjustment to reflect Crescent’s actual ownership percentage in joint ventured properties. In addition to customers identified in this table, Fulbright & Jaworski (Professional Services) occupies 369,000 square feet at Fulbright Tower, which is currently not stabilized.

⁽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 46,000 square feet of this space.

⁽⁵⁾		GSA Occupies an additional 27,000 square feet at properties which are currently not stabilized.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Total Office Portfolio — Customer Industry Diversification
As of March 31, 2006

Professional Services 0.31 Financial Services 0.20 Energy 0.20 Technology 0.05 Manufacturing 0.04 Telecommunications 0.03 Food Service 0.03 Government 0.03 Medical 0.03 Retail 0.02 Other 0.06

Note: Based on square footage; information supplied to Crescent from its customers.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Total Office Portfolio — Lease Expirations
As of March 31, 2006

Total Office Portfolio



													Crescent’s
	Square						Square						Share of
	Footage of						Footage of						Expiring				% of			Annual
	Expiring			Signed			Expiring						Square		Annual		Annual			Expiring		Number of
	Leases			Renewals			Leases			% of			Footage		Full-Service		Full-			PSF		Customers
	(Before			and Relets			(After			Square			(After		Rent Under		Service			Full-		With
Year of Lease	Renewals			of Expiring			Renewals			Footage			Renewals		Expiring		Rent			Service		Expiring
Expiration	and Relets)⁽¹⁾			Leases⁽²⁾			and Relets)⁽¹⁾			Expiring			and Relets)		Leases⁽³⁾		Expiring			Rent⁽³⁾		Leases
Q2 2006		974,556			(380,996	)		593,560			2.4			345,859	$	11,758,331		2.1		$	19.81		209
Q3 2006		495,712			(169,469	)		326,243			1.3			209,015		8,024,789		1.4			24.60		82
Q4 2006		693,825			(330,862	)		362,963			1.4			243,450		8,555,364		1.5			23.57		57

Total 2006		2,164,093	⁽⁴⁾		(881,327	)		1,282,766	⁽⁴⁾		5.1	%		798,324	$	28,338,484		5.0	%	$	22.09		348

Q1 2007		1,121,507			(364,464	)		757,043			3.0			368,487	$	18,189,021		3.2		$	24.03		82
Q2 2007		505,515			49,918			555,433			2.2			365,408		12,248,762		2.1			22.05		82
Q3 2007		424,870			(48,469	)		376,401			1.5			303,827		9,002,233		1.6			23.92		66
Q4 2007		514,180			(24,914	)		489,266			1.9			404,699		11,003,413		1.9			22.49		60

Total 2007		2,566,072			(387,929	)		2,178,143			8.6	%		1,442,421	$	50,443,429		8.8	%	$	23.16		290

2008		2,917,138			(89,270	)		2,827,868			11.2			2,288,725	$	66,715,719		11.6		$	23.59		298
2009		2,619,978			7,216			2,627,194			10.5			1,814,270		61,004,471		10.7			23.22		263
2010		3,077,330			71,509			3,148,839			12.5			1,722,893		75,415,836		13.2			23.95		256
2011		1,942,931			203,549			2,146,480			8.5			1,389,467		52,410,912		9.2			24.42		150
2012		1,275,682			26,767			1,302,449			5.2			985,336		31,871,483		5.6			24.47		75
2013		1,670,307			111,608			1,781,915			7.1			1,329,964		39,304,825		6.9			22.06		72
2014		2,797,954			124,474			2,922,428			11.6			1,953,283		60,040,027		10.5			20.54		44
2015		1,758,279			36,970			1,795,249			7.1			1,286,967		40,480,805		7.1			22.55		63
2016 and thereafter		2,349,808			776,433			3,126,241			12.6			1,683,158		66,787,591		11.4			21.36		60

Total		25,139,572			—			25,139,572	(5)		100.0	%		16,694,808	$	572,813,582		100.0	%	$	22.79		1,919


⁽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, 2006 leases totaling 1,251,079 square feet (including relets and renewals of 881,327 square feet and new leases of 369,752 square feet) have been signed and will commence during 2006. These signed leases represent approximately 58% of gross square footage expiring during 2006. Expiring square footage includes 253,422 square feet of month-to-month leases.

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


Occupied SF Per Above:			25,139,572
Non-revenue Generating Space:			409,681

Total Occupied Office SF:			25,549,253
Total Vacant SF:			3,418,185

Total Stabilized Office NRA:			28,967,438

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Total Office Portfolio — Lease Expirations
As of March 31, 2006

Dallas Office Properties



	Square						Square
	Footage of						Footage of								% of			Annual
	Expiring			Signed			Expiring						Annual		Annual			Expiring		Number of
	Leases			Renewals			Leases			% of			Full-Service		Full-			PSF		Customers
	(Before			and Relets			(After			Square			Rent Under		Service			Full-		With
Year of Lease	Renewals			of Expiring			Renewals			Footage			Expiring		Rent			Service		Expiring
Expiration	and Relets)⁽¹⁾			Leases⁽²⁾			and Relets)⁽¹⁾			Expiring			Leases⁽³⁾		Expiring			Rent⁽³⁾		Leases
Q2 2006		233,676			(93,749	)		139,927			1.9		$	2,965,924		1.7		$	21.20		45
Q3 2006		160,316			(57,785	)		102,531			1.4			2,442,695		1.4			23.82		21
Q4 2006		48,738			(13,947	)		34,791			0.5			737,789		0.4			21.21		10

Total 2006		442,730	⁽⁴⁾		(165,481	)		277,249	⁽⁴⁾		3.8	%	$	6,146,408		3.6	%	$	22.17		76

Q1 2007		401,324			—			401,324			5.4		$	9,812,512		5.8		$	24.45		17
Q2 2007		99,267			19,054			118,321			1.6			2,573,817		1.5			21.75		20
Q3 2007		120,993			(24,025	)		96,968			1.3			2,150,198		1.3			22.17		10
Q4 2007		92,023			(3,629	)		88,394			1.2			2,111,009		1.2			23.88		8

Total 2007		713,607			(8,600	)		705,007			9.4	%	$	16,647,536		9.8	%	$	23.61		55

2008		500,729			(14,031	)		486,698			6.5		$	11,138,692		6.6		$	22.89		75
2009		445,112			(13,571	)		431,541			5.8			11,204,316		6.6			25.96		46
2010		991,897			109,952			1,101,849			14.8			26,457,924		15.6			24.01		63
2011		509,900			(70,689	)		439,211			5.9			10,374,803		6.1			23.62		24
2012		386,172			7,964			394,136			5.3			8,203,484		4.8			20.81		26
2013		428,060			35,018			463,078			6.2			10,585,654		6.2			22.86		17
2014		737,856			11,149			749,005			10.0			16,322,270		9.6			21.79		13
2015		940,780			9,084			949,864			12.7			21,265,890		12.5			22.39		24
2016 and thereafter		1,435,505			30,284			1,465,789			19.4			31,690,470		18.7			21.62		15

Total		7,532,348			(68,921	)		7,463,427			100.0	%	$	170,037,447		100.0	%	$	22.78		434


⁽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, 2006 leases totaling 261,400 square feet (including relets and renewals of 165,481 square feet and new leases of 95,919 square feet) have been signed and will commence during 2006. These signed leases represent approximately 59% of gross square footage expiring during 2006. Expiring square footage includes 40,843 square feet of month-to-month leases.

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Total Office Portfolio — Lease Expirations
As of March 31, 2006

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 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 2006		360,502			(86,218	)		274,284			2.9		$	4,231,181		2.2		$	15.43		92
Q3 2006		169,821			(61,136	)		108,685			1.2			2,159,866		1.1			19.87		27
Q4 2006		471,125			(281,435	)		189,690			2.0			3,747,770		1.9			19.76		25

Total 2006		1,001,448	⁽⁴⁾		(428,789	)		572,659	⁽⁴⁾		6.1	%	$	10,138,817		5.3	%	$	17.70		144

Q1 2007		559,852			(358,879	)		200,973			2.1		$	4,236,290		2.2		$	21.08		32
Q2 2007		281,202			(11,458	)		269,744			2.9			5,216,128		2.7			19.34		19
Q3 2007		149,464			(461	)		149,003			1.6			3,285,210		1.7			22.05		19
Q4 2007		114,199			992			115,191			1.2			2,322,423		1.2			20.16		22

Total 2007		1,104,717			(369,806	)		734,911			7.8	%	$	15,060,051		7.9	%	$	20.49		92

2008		1,632,942			(3,909	)		1,629,033			17.3		$	35,771,636		18.6		$	21.96		87
2009		977,058			(3,103	)		973,955			10.3			18,359,918		9.5			18.85		76
2010		1,117,858			66,915			1,184,773			12.5			24,478,283		12.7			20.66		82
2011		770,383			92,871			863,254			9.1			19,011,620		9.9			22.02		35
2012		397,418			(30,731	)		366,687			3.9			8,219,384		4.3			22.42		18
2013		372,367			2,416			374,783			4.0			7,519,808		3.9			20.06		9
2014		1,359,739			25,979			1,385,718			14.7			27,827,379		14.4			20.08		14
2015		386,304			—			386,304			4.1			7,566,397		3.9			19.59		14
2016 and thereafter		396,440			574,633			971,073			10.3			18,867,153		9.7			19.43		13

Total		9,516,674			(73,524	)		9,443,150			100.0	%	$	192,820,446		100.0	%	$	20.42		584


⁽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, 2006 leases totaling 560,168 square feet (including relets and renewals of 428,789 square feet and new leases of 131,379 square feet) have been signed and will commence during 2006. These signed leases represent approximately 56% of gross square footage expiring during 2006. Expiring square footage includes 148,561 square feet of month-to-month leases.

Crescent Real Estate Equities Company

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Total Office Portfolio — Lease Expirations
As of March 31, 2006

Austin 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 2006		45,002			(6,305	)		38,697			2.9		$	869,499		3.3		$	22.47		10
Q3 2006		4,058			—			4,058			0.3			70,955		0.3			17.49		4
Q4 2006		9,730			—			9,730			0.7			188,282		0.7			19.35		2

Total 2006		58,790	⁽⁴⁾		(6,305	)		52,485	⁽⁴⁾		3.9	%	$	1,128,736		4.4	%	$	21.51		16

Q1 2007		36,308			—			36,308			2.7			1,016,661		3.9			28.00		4
Q2 2007		8,410			2,332			10,742			0.8			216,278		0.8			20.13		4
Q3 2007		24,000			(7,658	)		16,342			1.2			305,935		1.2			18.72		7
Q4 2007		24,605			—			24,605			1.8			497,339		1.9			20.21		7

Total 2007		93,323			(5,326	)		87,997			6.7	%	$	2,036,213		7.7	%	$	23.14		22

2008		92,620			—			92,620			6.9		$	1,685,080		6.4		$	18.19		21
2009		181,696			3,866			185,562			13.8			3,957,754		15.1			21.33		20
2010		204,947			—			204,947			15.3			3,577,893		13.6			17.46		29
2011		61,926			(9,657	)		52,269			3.9			982,217		3.7			18.79		9
2012		22,826			22,773			45,599			3.4			849,209		3.2			18.62		5
2013		113,095			(59,977	)		53,118			4.0			1,079,542		4.1			20.32		6
2014		241,570			—			241,570			18.0			4,998,281		19.0			20.69		3
2015		172,792			(1,104	)		171,688			12.8			3,306,608		12.6			19.26		13
2016 and thereafter		156,153			(2,327	)		153,826			11.4			2,689,424		10.1			17.48		6

Total		1,399,738			(58,057	)		1,341,681			100.0	%	$	26,290,957		100.0	%	$	19.60		150


⁽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, 2006 leases totaling 34,983 square feet (including relets and renewals of 6,305 square feet and new leases of 28,678 square feet) have been signed and will commence during 2006. These signed leases represent approximately 60% of gross square footage expiring during 2006. Expiring square footage includes 30,182 square feet of month-to-month leases.

Crescent Real Estate Equities Company

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Total Office Portfolio — Lease Expirations
As of March 31, 2006

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 2006		31,973			(3,209	)		28,764			1.5		$	650,561		1.7		$	22.62		16
Q3 2006		46,796			(22,055	)		24,741			1.3			628,805		1.6			25.42		2
Q4 2006		2,336			—			2,336			0.1			42,048		0.1			18.00		1

Total 2006		81,105	⁽⁴⁾		(25,264	)		55,841	⁽⁴⁾		3.0	%	$	1,321,414		3.4	%	$	23.66		19

Q1 2007		46,120			(5,715	)		40,405			2.1		$	899,219		2.3		$	22.26		5
Q2 2007		17,736			(3,084	)		14,652			0.8			334,965		0.9			22.86		6
Q3 2007		16,298			(11,056	)		5,242			0.3			109,160		0.3			20.82		3
Q4 2007		11,878			—			11,878			0.6			260,750		0.7			21.95		3

Total 2007		92,032			(19,855	)		72,177			3.9	%	$	1,604,094		4.1	%	$	22.22		17

2008		211,035			(5,678	)		205,357			10.9		$	4,480,130		11.4		$	21.82		21
2009		323,223			(12,602	)		310,621			16.4			6,734,500		17.1			21.68		26
2010		197,800			15,189			212,989			11.3			4,637,797		11.8			21.77		18
2011		137,092			(4,255	)		132,837			7.0			2,969,044		7.6			22.35		8
2012		159,052			12,538			171,590			9.1			3,897,083		9.9			22.71		8
2013		146,717			(85,177	)		61,540			3.3			1,216,914		3.1			19.77		6
2014		344,885			73,210			418,095			22.1			8,129,618		20.7			19.44		4
2015		18,637			—			18,637			1.0			364,338		0.9			19.55		3
2016 and thereafter		230,007			—			230,007			12.2			3,916,607		9.9			17.03		7

Total		1,941,585			(51,894	)		1,889,691			100.0	%	$	39,271,539		100.0	%	$	20.78		137


⁽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, 2006 leases totaling 25,491 square feet (including relets and renewals of 25,264 square feet and new leases of 227 square feet) have been signed and will commence during 2006. These signed leases represent approximately 31% of gross square footage expiring during 2006. Expiring square footage includes 7,596 square feet of month-to-month leases.

Crescent Real Estate Equities Company

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Total Office Portfolio — Lease Expirations
As of March 31, 2006

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 2006		105,059			(50,459	)		54,600			3.4		$	1,609,992		3.2		$	29.49		23
Q3 2006		30,755			(12,178	)		18,577			1.1			532,696		1.1			28.68		14
Q4 2006		96,935			(23,843	)		73,092			4.5			2,301,108		4.6			31.48		9

Total 2006		232,749	⁽⁴⁾		(86,480	)		146,269	⁽⁴⁾		9.0	%	$	4,443,796		8.9	%	$	30.38		46

Q1 2007		46,854			2,663			49,517			3.0		$	1,405,615		2.8		$	28.39		11
Q2 2007		41,866			791			42,657			2.6			1,273,660		2.5			29.86		16
Q3 2007		23,921			—			23,921			1.5			675,574		1.4			28.24		8
Q4 2007		46,392			(22,277	)		24,115			1.5			609,955		1.2			25.29		2

Total 2007		159,033			(18,823	)		140,210			8.6	%	$	3,964,804		7.9	%	$	28.28		37

2008		149,342			9,438			158,780			9.7		$	4,873,806		9.7		$	30.70		37
2009		327,971			(175	)		327,796			20.1			9,498,910		19.0			28.98		34
2010		291,639			(20,741	)		270,898			16.6			8,383,921		16.8			30.95		26
2011		84,778			27,859			112,637			6.9			3,555,001		7.1			31.56		9
2012		149,006			1,540			150,546			9.2			5,167,896		10.3			34.33		8
2013		47,684			4,590			52,274			3.2			1,703,723		3.4			32.59		5
2014		36,952			—			36,952			2.3			1,042,283		2.1			28.21		2
2015		94,563			11,914			106,477			6.5			3,298,286		6.6			30.98		3
2016 and thereafter		65,167			61,618			126,785			7.7			4,120,294		8.1			32.50		6

Total		1,638,884			(9,260	)		1,629,624			100.0	%	$	50,052,720		100.0	%	$	30.71		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, 2006 leases totaling 150,565 square feet (including relets and renewals of 86,480 square feet and new leases of 64,085 square feet) have been signed and will commence during 2006. These signed leases represent approximately 65% of gross square footage expiring during 2006. Expiring square footage includes 19,397 square feet of month-to-month leases.

Crescent Real Estate Equities Company

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Total Office Portfolio — Lease Expirations
As of March 31, 2006

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 2006		56,420			(27,010	)		29,410			3.1		$	896,885		2.9		$	30.50		4
Q3 2006		62,361			(15,244	)		47,117			5.0			1,640,838		5.3			34.82		7
Q4 2006		45,035			(11,014	)		34,021			3.6			1,088,032		3.5			31.98		5

Total 2006		163,816	⁽⁴⁾		(53,268	)		110,548	⁽⁴⁾		11.6	%	$	3,625,755		11.7	%	$	32.80		16

Q1 2007		11,154			—			11,154			1.2		$	357,789		1.2		$	32.08		5
Q2 2007		27,054			—			27,054			2.8			828,010		2.7			30.61		6
Q3 2007		58,485			—			58,485			6.2			1,736,580		5.6			29.69		10
Q4 2007		25,467			—			25,467			2.7			811,163		2.6			31.85		7

Total 2007		122,160			—			122,160			12.9	%	$	3,733,542		12.0	%	$	30.56		28

2008		179,573			1,127			180,700			19.0		$	5,661,840		18.3		$	31.33		25
2009		148,908			(4,895	)		144,013			15.2			4,653,505		15.0			32.31		16
2010		107,440			3,360			110,800			11.7			3,634,233		11.7			32.80		16
2011		165,127			(29,083	)		136,044			14.3			4,743,390		15.3			34.87		9
2012		35,380			(2,102	)		33,278			3.5			1,126,356		3.6			33.85		2
2013		44,295			(7,393	)		36,902			3.9			1,272,812		4.1			34.49		4
2014		19,295			—			19,295			2.0			597,339		1.9			30.96		2
2015		43,116			(2,885	)		40,231			4.2			1,270,540		4.1			31.58		1
2016 and thereafter		33,533			(18,035	)		15,498			1.5			660,315		2.2			42.61		1

Total		1,062,643			(113,174	)		949,469			100.0	%	$	30,979,627		100.0	%	$	32.63		120


⁽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, 2006 leases totaling 53,268 square feet (relets and renewals) have been signed and will commence during 2006. These signed leases represent approximately 33% of gross square footage expiring during 2006.

Crescent Real Estate Equities Company

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Total Office Portfolio — Lease Expirations
As of March 31, 2006

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 2006		141,924			(114,046	)		27,878			1.4		$	534,289		1.1		$	19.17		19
Q3 2006		21,605			(1,071	)		20,534			1.0			548,934		1.1			26.73		7
Q4 2006		19,926			(623	)		19,303			0.9			450,335		0.9			23.33		5

Total 2006		183,455	⁽⁴⁾		(115,740	)		67,715	⁽⁴⁾		3.3	%	$	1,533,558		3.1	%	$	22.65		31

Q1 2007		19,895			(2,533	)		17,362			0.8		$	460,935		1.0		$	26.55		8
Q2 2007		29,980			42,283			72,263			3.5			1,805,904		3.8			24.99		11
Q3 2007		31,709			(5,269	)		26,440			1.3			739,576		1.5			27.97		9
Q4 2007		199,616			—			199,616			9.7			4,390,774		9.1			22.00		11

Total 2007		281,200			34,481			315,681			15.3	%	$	7,397,189		15.4	%	$	23.43		39

2008		150,897			(27,780	)		123,117			6.0		$	3,328,257		6.9		$	27.03		32
2009		216,010			18,634			234,644			11.5			5,439,144		11.3			23.18		33
2010		165,749			5,916			171,665			8.4			4,837,165		10.1			28.18		25
2011		213,725			11,829			225,554			11.0			5,461,078		11.4			24.21		24
2012		125,828			5,269			131,097			6.4			3,541,103		7.4			27.01		7
2013		518,089			54,458			572,547			28.0			11,317,122		23.6			19.77		13
2014		57,657			—			57,657			2.8			1,283,136		2.7			22.25		6
2015		102,087			—			102,087			5.0			2,573,488		5.4			25.21		6
2016 and thereafter		33,003			12,933			45,936			2.3			1,292,648		2.7			28.14		4

Total		2,047,700			—			2,047,700			100.0	%	$	48,003,888		100.0	%	$	23.44		220


⁽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, 2006 leases totaling 165,204 square feet (including relets and renewals of 115,740 square feet and new leases of 49,464 square feet) have been signed and will commence during 2006. These signed leases represent approximately 90% of gross square footage expiring during 2006. Expiring square feet includes 6,843 square feet of month-to-month leases.

Crescent Real Estate Equities Company

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

PORTFOLIO DATA
Resort Residential Development

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Statistics
As of March 31, 2006
(dollars in thousands)

Crescent Resort Development


	For the three months ended March 31,
	2006		2005
Resort Residential Lot Sales		29		123
Resort Residential Unit Sales:
Townhome Sales		2		0
Condominium Sales		30		4
Resort Residential Equivalent Timeshare Unit Sales		1.66		2.77
Average Sales Price per Resort Residential Lot	$	175	$	53
Average Sales Price per Resort Residential Unit	$	1,901	$	2,079

Desert Mountain


	For the three months ended March 31,
	2006		2005
Resort Residential Lot Sales		1		9
Average Sales Price per Lot ⁽¹⁾	$	1,574	$	1,100
Resort Residential Unit Sales		1		0
Average Sales Price per Unit ⁽¹⁾	$	1,786	$	0


⁽¹⁾		Includes equity golf membership

Crescent Real Estate Equities Company
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2006

Resort Residential Development Property Table
As of March 31, 2006
(dollars in thousands)

Entire Project

2006 Guidance and Actual Results

Proposed

Average

Crescent's

Number

Planned

Under

Physical

Sales Price

Expected

Closed

Preferred

of Years

Sales

Closed

Remaining

Development

Inventory

on Closed

on Remaining

Sales

Closed

Remaining

Pre-Sold

Average

Return/

Product

Until

Lots/Units/

Percent

Lots/Units/

Sales

Corporation / Project

Location

Ownership ⁽¹⁾

Type ⁽²⁾

Sellout

Acres

Complete

Acres

Acres ⁽³⁾

Acres

Acres [A]

Acres

Acres ⁽⁴⁾

Price [A]

Price

Desert Mountain Development Corporation

Desert Mountain ⁽⁵⁾

Scottsdale, AZ

93%

SF,SH,TH^B

2,481

2,401

571

1,401

⁽⁷⁾

Custom Lots

1,744

1,574

Homes

1,500

1,786

Crescent Resort Development Inc.

Tahoe Mountain Resorts

Northstar Village

Iron Horse and Great Bear

Lake Tahoe, CA

13%/57%⁽⁶⁾

CO^S

100

—

N/A

1,395

1,903

1,998

1,971

Big Horn and Catamount

CRESCENT REAL ESTATE EQUITIES CO 8-K