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Cogdell Spencer Inc. Announces Increased Earnings in 2008, Cautious Outlook for 2009
Date:2/25/2009

------ ------ Total liabilities 617,096 343,981 Minority interests 94,045 47,221 Stockholders' equity 188,949 115,035 ------- ------- Total liabilities and stockholders' equity $900,090 $506,237 -------- -------- 

                               Cogdell Spencer Inc.
                 Condensed Consolidated Statements of Operations
                     (In thousands, except per share amounts)
                                   (unaudited)

                                        For the Three
                                         Months Ended     For the Year Ended
                                        -------------     ------------------
                                     Dec. 31,   Dec. 31,  Dec. 31,  Dec. 31,
                                        2008       2007      2008      2007
                                     --------  ---------  --------  --------
    Revenues:
      Rental revenue                  $20,177    $17,594   $77,799   $62,908
      Design-Build contract revenue
       and other sales                 78,726          -   253,596         -
      Property management and other
       fees                               935        858     3,460     3,502
      Development management and
       other income                       134         14       885       290
                                     --------  ---------  --------  --------
        Total revenues                 99,972     18,466   335,740    66,700

    Expenses:
      Property operating and
       management                       7,972      6,937    31,376    25,704
      Costs related to design-build
       revenue
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SOURCE  Cogdell Spencer Inc.
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