Cogdell Spencer Inc. Announces Increased Earnings in 2008, Cautious Outloo... ($(3500) -- $(200) Plus real est...)

Cogdell Spencer Inc. Announces Increased Earnings in 2008, Cautious Outlook for 2009

Date:2/25/2009

$(3,500) -- $(200) Plus real estate related depreciation and amortization 27,500 -- 27,500 ------ ------ Funds from Operations (FFO) 24,000 -- 27,300 Plus amortization of intangibles related to purchase accounting, net of income tax benefit 6,150 -- 6,150 ------- ------- Funds from Operations Modified (FFOM) $30,150 -- $33,450 ======= ======= FFO per share and unit - diluted $0.87 -- $0.99 FFOM per share and unit - diluted $1.10 -- $1.22 Weighted average shares and units outstanding - diluted 27,500 -- 27,500

Supplemental operating and financial data are available in the Investor Relations section of the Company's Web site at www.cogdellspencer.com.

The reported results are unaudited and there can be no assurance that the results will not vary from the final information for the three months and year ended December 31, 2008. In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been made.

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 belie
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Cogdell Spencer Inc. Announces Increased Earnings in 2008, Cautious Outloo...($(3500) -- $(200) Plus real est...),Health