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Cogdell Spencer Inc. Reports Third Quarter 2008 Financial Results
Date:11/6/2008

in Pensacola, Florida. The project is 100% pre-leased and scheduled for completion in December 2009. The Company expects to own approximately 40% of the building through a joint venture with the physician tenants of the building. In connection with this project, the Company obtained financing in an amount up to $16.8 million and for a total term of ten years, inclusive of an 18-month construction period. The loan provides for payments of interest-only during the construction period at a rate of one-month LIBOR plus 1.50%. After the construction period, the loan converts to an amortizing loan with monthly payments based on a 25-year amortization schedule. The Company has entered into a forward starting interest rate swap agreement that effectively fixes the interest rate at 6.21% after the construction period through maturity. The loan matures September 2018.

Common Stock Issuance

On September 10, 2008, the Company issued 2,160,000 common shares at a price of $18.50 per share resulting in net proceeds to the Company of $37.6 million. The net proceeds were used to reduce outstanding principal on the Company's secured revolving Credit Facility and for working capital purposes.

Dividend

On September 11, 2008, the Company announced that its Board of Directors had declared a quarterly dividend of $0.35 per share of common stock that was paid on October 20, 2008 to stockholders of record on September 26, 2008. The dividend covered the Company's third quarter of 2008.

Outlook

Cogdell Spencer Inc.'s management reiterates its expectations that FFOM per share and operating partnership unit for the year ending December 31, 2008 will be between $1.20 and $1.24 and expects that FFO per share and operating partnership unit will be between $0.86 and $0.90. A reconciliation of the range of projected net income (loss) to projected FFO and FFOM for the year ending December 31, 2008 is below:


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SOURCE Cogdell Spencer Inc.
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