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

= ======== ======== Net loss per share - basic and diluted $(0.06) $(0.11) $(0.37) $(0.57) ======== ========= ======== ======== Weighted average common shares - basic and diluted (1) 17,557 11,935 15,770 11,056 ======== ========= ======== ======== (1) 7 and 13 shares of unvested restricted common stock are anti-dilutive due to the net loss for the three months ended December 31, 2008 and 2007, respectively. 9 and 17 shares of unvested restricted common stock are anti-dilutive due to the net loss for the year ended December 31, 2008 and 2007, respectively.

                               Cogdell Spencer Inc.
                            Business Segment Reporting
                                  (In thousands)
                                   (unaudited)

                                        Design-Build
    Three months ended       Property        and       Unallocated
     December 31, 2008:     Operations   Development     and Other    Total
                            ----------  -------------  ------------  -------

    Revenues:
      Rental revenue           $20,177             $-            $-  $20,177
      Design-Build
       contract revenue and
       other sales                   -         78,726             -   78,726
      Property management
       and other fees              935              -             -      935
      Development
       management and other
       income                        -            134             -      134
                            ----------  -------------  ------------  -------
        Total revenues          21,112         78,860             -   99,972

    Operating expenses:
      Property operating
       and management            7,972              
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SOURCE Cogdell Spencer Inc.
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3. Cogdell Spencer Announces a $100 Million Development at St. Lukes Riverside Outpatient Campus In Bethlehem, Pennsylvania
4. Cogdell Spencer Inc. Announces Merger with Marshall Erdman and Associates
5. Cogdell Spencer Inc. Announces the Closing of the Marshall Erdman and Associates Merger
6. Cogdell Spencer Inc. Announces First Quarter Earnings Release and Conference Call Notice
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11. Cogdell Memorial Hospital Partners with Healthcare Management Systems
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