Cogdell Spencer Inc. Announces Increased Earnings in 2008, Cautious Outloo...(31 2008. Net income (loss) was ...),Health

Net income (loss) was ($1.0 million) for the three months ended December 31, 2008, or ($0.06) per share basic and diluted. The weighted average number of basic and diluted shares outstanding totaled 17,557,417 for the three months ended December 31, 2008.

As of December 31, 2008, the Company's portfolio consisted of 62 consolidated wholly-owned and joint venture properties, comprising a total of approximately 3.3 million net rentable square feet. The overall percentage of leased space at the Company's 61 in-service, consolidated properties as of December 31, 2008, was 92.4%. In addition, the Company has three unconsolidated joint venture properties and manages 51 properties for third party clients totaling approximately 2.5 million net rentable square feet.

Results for the Year Ended December 31, 2008

FFOM for the year ended December 31, 2008 was $29.4 million, or $1.22 per share and operating partnership unit, basic and diluted, an increase of 4.3% compared to the prior year ended December 31, 2007. FFO for the year ended December 31, 2008 was $21.4 million, or $0.89 per share and operating partnership unit, basic and diluted. The weighted average number of basic and diluted shares and operating partnership units outstanding totaled 23,996,466 and 24,098,321, respectively, for the year ended December 31, 2008. During 2008, the Company incurred after-tax restructuring and severance charges of $1.3 million, or $0.06 per share and operating partnership unit. Excluding these one-time charges, operating results per share increased 9.4% compared to the prior year ended December 31, 2007.

Net income (loss) was ($5.8 million) for the year ended December 31, 2008, or ($0.37) per share basic and diluted. The weighted average number of basic and diluted shares outstanding totaled 15,770,212 for the year ended December 31, 2008.

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