CHARLOTTE, N.C., Feb. 25 /PRNewswire-FirstCall/ -- Cogdell Spencer Inc. (NYSE: CSA), a real estate investment trust (REIT) that invests in specialty office buildings, including medical offices and ambulatory surgery and diagnostic centers, and provides strategic planning and design and construction services for the medical profession, announces financial results for the quarter and year ended December 31, 2008.
"We are very pleased with our results for 2008, improving our revenue, earnings, and cash flow compared to 2007," said Cogdell Spencer President and CEO Frank Spencer. "We are expecting greater challenges in 2009 and have taken a number of cost saving steps to prepare our company for a difficult market."
Fourth Quarter 2008 Results
Cogdell Spencer Inc. reports Funds from Operations Modified (FFOM) of $8.1 million for the quarter ended December 31, 2008, compared to $5.1 million in the prior year fourth quarter, representing an increase of 59%. FFOM per share and operating partnership unit, basic and diluted, for the current year fourth quarter was $0.30 compared to $0.31 in the prior year fourth quarter. FFOM adds back to traditionally defined FFO non-cash amortization of non-real estate related intangible assets associated with purchase accounting. During the current fourth quarter, the Company announced a reduction in force that resulted in after-tax restructuring and severance charges of $0.9 million, or $0.03 per share and operating partnership unit.
FFO for the three months ended December 31, 2008, was $5.7 million, or $0.21 per share and operating partnership unit, basic and diluted. The weighted average number of basic and diluted shares and operating partnership units outstanding totaled 26,765,620 and 26,890,347; respectively, for the three months ended December
|SOURCE Cogdell Spencer Inc.|
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