Cogdell Spencer Inc. Reports Third Quarter 2008 Financi...( CHARLOTTE N.C. Nov. 6 /- Cogdell ...),Health
CHARLOTTE, N.C., Nov. 6 /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 advanced planning and design-build services for the medical profession, today announced financial results for the quarter ended September 30, 2008.
Third Quarter 2008 Results
Cogdell Spencer Inc. reports Funds from Operations Modified (FFOM) of $8.2 million for the quarter ended September 30, 2008, compared to $5.0 million in the prior year third quarter, an increase of 64%. FFOM per share and operating partnership unit, basic and diluted, for the current quarter was $0.33, compared to $0.30 in the prior year third quarter, a 10% increase. FFOM adds back to traditionally defined FFO non-cash amortization of non-real estate related intangible assets associated with purchase accounting.
FFO for the three months ended September 30, 2008 was $5.8 million, or $0.23 per share and operating partnership unit, basic and diluted. The weighted average number of basic and diluted shares and operating partnership units outstanding totaled 24,861,076 and 24,993,478, respectively, for the three months ended September 30, 2008.
Net income (loss) was ($1.1 million) for the three months ended September 30, 2008, or ($0.07) per share basic and diluted. The weighted average number of basic and diluted shares outstanding totaled 15,746,627 for the three months ended September 30, 2008.
As of September 30, 2008, the Company's portfolio consisted of 62
consolidated wholly-owned and joint venture properties, comprising a total
of approximately 3.3 million square feet. The overall p
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