Cogdell Spencer Inc. Reports First Quarter 2008 Financi... ( CHARLOTTE N.C. May 5 /- Cogdell S...)

Cogdell Spencer Inc. Reports First Quarter 2008 Financial Results

Date:5/5/2008

CHARLOTTE, N.C., May 5 /PRNewswire-FirstCall/ -- Cogdell Spencer Inc. (NYSE: CSA), a real estate investment trust (REIT) that invests in specialty office buildings, including medical offices and ambulatory surgery and diagnostic centers, and provides advance planning and design-build services for the medical profession, today announced financial results for the quarter ended March 31, 2008.

First Quarter 2008 Results

Cogdell Spencer Inc. reports Funds from Operations (FFO) per share and operating partnership unit of $0.26, Funds from Operations Modified (FFOM) per share and operating partnership unit of $0.29, and net income (loss) per share of ($0.13) for the three months ended March 31, 2008. These results include one month of activity from the Marshall Erdman & Associates subsidiary.

FFO for the three months ended March 31, 2008 was $5.1 million, or $0.26 per share and operating partnership unit, basic and diluted. During this quarter, the Company expensed $0.5 million, or $0.02 per share and operating partnership unit, related to vested equity compensation granted to management in connection with the Marshall Erdman & Associates transaction. The weighted average number of basic and diluted shares and operating partnership units outstanding totaled 19,971,955 and 19,984,625, respectively, for the quarter ended March 31, 2008.

FFOM for the three months ended March 31, 2008 was $5.8 million, or $0.29 per share and operating partnership unit, basic and diluted. FFOM adds back to traditionally defined FFO non-cash amortization of non-real estate related intangible assets associated with purchase accounting.

Net income (loss) was ($1.8 million) for the three months ended March 31, 2008, or ($0.13) per share
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