Cogdell Spencer Inc. Announces Increased Earnings in 2008, Cautious Outloo...(nds from Operations Modified (FFOM) ...),Health

Date:2/25/2009

nds from Operations Modified (FFOM) (1) $8,081 $5,138 $29,363 $18,362 --------- --------- --------- --------- FFO per share and unit - basic and diluted $0.21 $0.31 $0.89 $1.17 FFOM per share and unit - basic and diluted $0.30 $0.31 $1.22 $1.17 Weighted average shares and units outstanding - basic 26,766 16,506 23,996 15,620 Weighted average shares and units outstanding - diluted 26,890 16,519 24,098 15,637 (1) FFO is a supplemental non-GAAP financial measure used by the real estate industry to measure the operating performance of real estate companies. FFOM adds back to traditionally defined FFO non-cash amortization of non-real estate related intangible assets associated with purchase accounting. The Company presents FFO and FFOM because it considers them important supplemental measures of operational performance. The Company believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, p
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