Navigation Links
Cogdell Spencer Announces Fourth Quarter 2010 Results and Completion of Strategic Plan
Date:3/3/2011

CHARLOTTE, N.C., March 3, 2011 /PRNewswire/ --

Recent Highlights

  • Strategic plan completed and approved
  • Corporate governance changes announced
  • Term loan repaid
  • Revolving line of credit renewed
  • Additional reporting metrics released
  • Fourth quarter 2010 financial results announced

  • Cogdell Spencer Inc. (the "Company" or "we") (NYSE: CSA), healthcare's preferred real estate partner, is a REIT focused on planning, owning, developing, constructing, and managing medical facilities.  Through strategically managed, customized facilities, we help our clients deliver superior healthcare.

    Strategic Plan Completed and ApprovedThrough a defined and disciplined process, we completed our strategic plan.

    Corporate Governance Changes AnnouncedWe announced the 2011 slate of Directors nominees are John R. Georgius, Richard B. Jennings, Christopher E. Lee, David J. Lubar, Richard C. Neugent, Randolph D. Smoak, Jr. M.D., and Raymond W. Braun.  We also adopted a minimum stock ownership plan for management and Directors.

    Term Loan RepaidIn December 2010, we completely repaid the $50.0 million Term Loan.

    Revolving Line of Credit RenewedOn March 1, 2011, we amended and restated our Revolving Line of Credit and it now matures in March 2014 with a one-year extension option.

    Additional Reporting Metrics ReleasedWe released metrics for same store net operating income and our design-build pipeline.  These metrics are in our Supplemental Operating and Financial Data located in the Investor Relations section of our Web site.

    Recent highlights will be covered in detail on our Fourth Quarter 2010 Earnings Call and Webcast.  We encourage people to access the webcast for our slide show presentation.  

    Conference Call and WebcastThe webcast is accessible live via the Internet at www.cogdell.com through the "Fourth Quarter 2010 Earnings Call" link on the Investor Relations homepage.  In addition to webcast access, you may attend the Fourth Quarter 2010 Earnings Call on Friday, March 4, 2011 at 10:00 a.m. Eastern Time (ET) via teleconference.  The number to call is (877) 317-6789 (domestic) or +1 (412) 317-6789 (international).  A conference identification number is not required.  

    An audio playback will be available until March 28, 2011 at 9:00 a.m. ET.  To access the playback, please dial (877) 344-7529 (domestic) or +1 (412) 317-0088 (international) and enter the passcode: 447535.  The replay can also be accessed for one year via the Internet at www.cogdell.com through the "Fourth Quarter 2010 Earnings Call" link on the Investor Relations page, under Press Releases and News and Audio Archives.

    Fourth Quarter 2010 Financial ResultsResults for the three months and year ended December 31, 2010Funds from Operations Modified ("FFOM") and FFOM per share and operating partnership unit for the three months and year ended December 31, 2010, are as follows (in thousands, except per share and operating partnership unit data):For the Three Months EndedFor the Year EndedDecember 31, 2010December 31, 2009December 31, 2010December 31, 2009FFOM$
    (98,878)$
    8,812$
    (89,243)$
    (71,132)Non-recurring events and impairment charges (summarized below)105,872(905)119,265102,361FFOM, excluding non-recurring events and impairment charges$
    ,994$
    7,907$
    30,022$
    31,229Per share and operating partnership unit data:FFOM$
    (1.69)$
    .17$
    (1.62)$
    (1.75)Non-recurring events and impairment charges (summarized below)1.81(0.01)2.162.52FFOM, excluding non-recurring events and impairment charges0.120.160.540.77FFOM adds back to traditionally defined Funds from Operations (FFO) non-cash amortization of non-real estate related intangible assets associated with purchase accounting.  A reconciliation of net income (loss) to FFOM and FFO for the three months and year ended December 31, 2010 and 2009 is set forth as an attachment to this press release.

    FFO and FFO per share and operating partnership unit for the three months and year ended December 31, 2010, are as follows (in thousands, except per share and operating partnership unit data):For the Three Months EndedFor the Year EndedDecember 31, 2010December 31, 2009December 31, 2010December 31, 2009FFO$
    (99,252)$
    8,782$
    (90,738)$
    (73,897)Non-recurring events and impairment charges (summarized below)105,872(905)119,265102,361FFO, excluding non-recurring events and impairment charges$
    ,620$
    7,877$
    28,527$
    28,464Per share and operating partnership unit data:FFO$
    (1.70)$
    .17$
    (1.64)$
    (1.82)Non-recurring events and impairment charges (summarized below)1.81(0.01)2.162.52FFO, excluding non-recurring events and impairment charges0.110.160.520.70Net income (loss) attributable to our common shareholders and net income (loss) attributable to our common shareholders per share for the three months and year ended December 31, 2010, are as follows (in thousands, except per share data):For the Three Months EndedFor the Year EndedDecember 31, 2010December 31, 2009December 31, 2010December 31, 2009Net income (loss) attributable to Cogdell Spencer Inc. common shareholders$
    (92,469)$
    ,556$
    (103,043)$
    (69,728)Non-recurring events and impairment charges (summarized below) attributable to Cogdell Spencer Inc. common shareholders92,003(766)103,45482,298Net income (loss) attributable to Cogdell Spencer Inc. common shareholders, excluding non-recurring events and impairment charges$
    (466)$
    790$
    411$
    2,570Per share data:Net income (loss) attributable to Cogdell Spencer Inc. common shareholders$
    (1.82)$
    .04$
    (2.17)$
    (2.14)Non-recurring events and impairment charges (summarized below) attributable to Cogdell Spencer Inc. common shareholders1.81(0.02)2.182.52Net income (loss) attributable to Cogdell Spencer Inc. common shareholders, excluding non-recurring events and impairment charges(0.01)0.020.010.38As of December 31, 2010, we owned and/or managed 113 medical office buildings and healthcare related facilities, totaling 5.9 million net rentable square feet.  Our portfolio consists of:

  • 65 consolidated wholly-owned and joint venture properties, comprising a total of approximately 3.6 million net rentable square feet, 90.6% leased;
  • One wholly-owned property in the lease-up phase, comprising approximately 0.1 million net rentable square feet, 75% leased and income producing with the remaining 25% leased and under construction for a third quarter 2011 scheduled date of occupancy;
  • Three unconsolidated joint venture properties comprising a total of approximately 0.2 million net rentable square feet; and
  • 44 properties managed for third party clients comprising a total of approximately 2.0 million net rentable square feet.

  • Non-Recurring Events and Impairment ChargesThe following table summarizes our non-recurring events and impairment charges for the three months and year ended December 31, 2010 (in thousands):For the Three Months EndedFor the Year EndedDecember 31,
    2010December 31,
    2009December 31,
    2010December 31,
    2009Goodwill and intangible asset impairment charges, net of income tax benefit$
    93,826$
    -$
    4,674$
    ,746Deferred tax asset valuation allowance10,553-10,553-Mr. Cogdell's retirement compensation expense1,493-1,493-Mr. Spencer's retirement compensation expense, net of income tax benefit--2,545-Strategic planning professional fees-2,641-2,641Debt extinguishment and interest rate derivative expense, net  of tax benefit---1,520Impairment of real estate property held for sale-1,359-1,359Gain on settlement from MEA Holdings, Inc. transaction-(4,905)-(4,905)For the three months ended December 31, 2010, we recorded goodwill and intangible asset impairment charges, a deferred tax asset valuation allowance, and retirement compensation expense related to Mr. Cogdell.  The impairment and the deferred tax asset valuation allowance primarily related to the Design-Build and Development business segment.

    For the year ended December 31, 2010, in addition to the charges discussed above, we also recorded a second quarter goodwill and intangible asset impairment charges and retirement compensation expense related to the retirement of the Company's former Chief Executive Officer, Frank Spencer.  The impairment related to the Design-Build and Development business segment.

    Preferred Stock IssuanceIn December 2010, we issued approximately 2.6 million shares of Series A 8.500% cumulative redeemable perpetual preferred stock, resulting in net proceeds of approximately $62.6 million.  The net proceeds were used to repay the senior secured term facility (the "Term Loan"), to reduce borrowings under the Credit Facility, to fund build to suit development projects, and for working capital and other general corporate purposes.

    Mortgage Note PayableIn November 2010, we entered into a mortgage note payable on the St. Francis Outpatient Surgery Center property.  The $13.0 million note matures in November 2011, has an interest rate of LIBOR plus 3.25%, and requires monthly principal and interest payments based on a 30-year amortization.

    Dividend On December 17, 2010, we announced our Board of Directors declared a quarterly dividend of $0.10 per share and operating partnership unit that was paid in cash on January 19, 2011 to holders of record on December 27, 2010.  The dividend covered the fourth quarter of 2010.

    On February 1, 2011, we announced that our Board of Directors declared a quarterly dividend of $0.419 per share on our Series A cumulative redeemable perpetual preferred shares for the period from December 20, 2010, the date of original issue, to February 28, 2011.  The dividend was paid on March 1, 2011, to holders of record on February 15, 2011.

    OutlookOur management team expects that FFOM per share and operating partnership unit for the year ending December 31, 2011 will be in a range of $0.33 to $0.40.  Our guidance assumes the following: (i) acquisitions of $5.0 million to $25.0 million; (ii) no dispositions; (iii) developments of $40.0 million to $60.0 million; (iv) third party design-build revenue of $90.0 million to $120.0 million; (v) design-build gross margins of 13.0% to 17.0%; and (vi) corporate general and administrative expenses of $9.5 million to $10.5 million.  Our guidance excludes any additional capital transaction or impairments.  

    A reconciliation of the range of projected net income (loss) to projected FFO and FFOM for the year ending December 31, 2011 is set forth below: Guidance Range for theYear Ending December 31, 2011LowHigh(In thousands, except per share and operating partnership unit data)Net income (loss)

    $
    (500)

    - -

    $   1,500Plus real estate related depreciation and amortization

    28,500

    - -

    30,500Less noncontrolling interests in real estate partnerships, before real estate   related depreciation and amortization

    (2,500)

    - -

    (2,500)Less dividends on preferred stock

    (6,300)(6,300)Funds from Operations (FFO)

    19,200

    - -

    23,200Plus amortization of intangibles related to purchase accounting, net of income tax benefit

    500

    - -

    500Funds from Operations Modified (FFOM)

    $ 19,700

    - -

    $ 23,700FFO per share and unit - diluted

    $
    .32

    - -

    $
    .39FFOM per share and unit - diluted

    $
    .33

    - -

    $
    .40Weighted average shares and units outstanding - basic and diluted

    59,500

    - -

    59,500Supplemental operating and financial data are available in the Investor Relations section of our Web site at www.cogdell.com.  

    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.  We present FFO and FFOM because we consider them important supplemental measures of operational performance.  We believe FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results.  We believe that FFOM allows securities analysts, investors and other interested parties to evaluate current period results to results prior to the acquisition of MEA Holdings, Inc.  FFO and FFOM are intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time.  Historically, however, real estate values have risen or fallen with market conditions.  Because FFO and FFOM excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, they provide performance measures that, when compared year over year, reflect the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing a perspective not immediately apparent from net income.  We compute FFO in accordance with standards established by the Board of Governors of NAREIT in its March 1995 White Paper (as amended in November 1999 and April 2002), which may differ from the methodology for calculating FFO and FFOM utilized by other equity REITs and, accordingly, may not be comparable to such other REITs.  We adjust the NAREIT definition to add back noncontrolling interests in consolidated real estate partnerships before real estate related depreciation and amortization and deduct dividends on preferred stock.  Further, FFO and FFOM do not represent amounts available for management's discretionary use because of needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties.  FFO and FFOM should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our performance, nor are they indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions.  A reconciliation from GAAP net loss to FFO and FFOM is included as an attachment to this press release.  

    Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements reflect our views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause actual results to differ materially.  Factors that may contribute to these differences include, but are not limited to the following: our business strategy; our ability to comply with financial covenants in our debt instruments; our access to capital; our ability to obtain future financing arrangements; estimates relating to our future distributions; our understanding of our competition; our ability to renew our ground leases; legislative and regulatory changes (including changes to laws governing the taxation of REITs and individuals); increases in costs of borrowing as a result of changes in interest rates and other factors; our ability to maintain our qualification as a REIT due to economic, market, legal, tax or other considerations; changes in the reimbursement available to our tenants by government or private payors; our tenants' ability to make rent payments; defaults by tenants and customers; customers' access to financing; delays in project starts and cancellations by customers; market trends; and projected capital expenditures.  For a further list and description of such risks and uncertainties, see our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2009 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2010.  Although we believe the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be realized. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    Cogdell Spencer Inc.Condensed Consolidated Balance Sheets(In thousands)(unaudited)December 31, 2010December 31, 2009AssetsReal estate properties:   Operating real estate properties$
    35,663$
    561,124   Less: Accumulated depreciation(119,141)(93,247)Total operating real estate properties, net516,522467,877   Construction in progress22,07543,338Total real estate properties, net538,597511,215Cash and cash equivalents12,20325,914Restricted cash6,7943,060Tenant and accounts receivable, net11,38312,993Goodwill22,882108,683Trade names and trademarks-41,240Intangible assets, net18,60121,742Other assets23,68425,599Other assets - held for sale-2,217   Total assets$
    34,144$
    752,663Liabilities and EquityMortgage notes payable$
    317,303$
    280,892Revolving credit facility45,00080,000Term loan-50,000Accounts payable11,36815,293Billings in excess of costs and estimated earnings on uncompleted contracts1,93013,189Deferred income taxes-15,993Other liabilities39,81947,312Other liabilities - held for sale-2,204   Total liabilities415,420504,883Commitments and contingenciesEquity:   Cogdell Spencer Inc. stockholders' equity:Preferred stock, $0.01 par value; 50,000 shares authorized:8.5000% Series A Cumulative Redeemable Perpetual Preferred Shares (liquidation preference $25.00
    per share), 2,600 and zero shares issued and
    outstanding in 2010 and 2009, respectively65,000-Common stock, $0.01 par value, 200,000 shares authorized, 50,870 and 42,729 shares issued and
    outstanding in 2010 and 2009, respectively509427Additional paid-in capital417,960370,593Accumulated other comprehensive loss(3,339)(1,861)Accumulated deficit(286,752)(164,321)Total Cogdell Spencer Inc. stockholders' equity193,378204,838   Noncontrolling interests:Real estate partnerships6,4525,220Operating partnership18,89437,722Total noncontrolling interests25,34642,942Total equity218,724247,780   Total liabilities and equity$
    34,144$
    752,663Cogdell Spencer Inc.Condensed Consolidated Statements of Operations(In thousands, except per share amounts)(unaudited)For the Three Months EndedFor the Year EndedDecember 31,

    2010December 31,
    2009December 31,
    2010December 31,
    2009Revenues:Rental revenue$
    22,799$
    20,375$
    87,803$
    79,486Design-Build contract revenue and other sales24,85030,01691,256143,416Property management and other fees8248073,2123,336Development management and other income25981463,363Total revenues48,49851,296182,417229,601Expenses:Property operating and management8,0128,02133,66431,810Design-Build contracts and development management22,16921,38872,001113,961Selling, general, and administrative8,56111,06730,41132,285Depreciation and amortization8,2837,47032,84134,502Impairment charges113,406-127,041120,920Total expenses160,43147,946295,958333,478Income (loss) from continuing operations before other income (expense) and  income tax benefit(111,933)3,350(113,541)(103,877)Other income (expense):Interest and other income210164655620Gain on settlement from MEA Holdings, Inc. transaction-4,905-4,905Interest expense(5,662)(5,123)(21,994)(21,711)Debt extinguishment and interest rate derivative expense(339)(10)(371)(2,511)Equity in earnings of unconsolidated real estate partnerships7101315Total other income (expense)(5,784)(54)(21,697)(18,682)Loss from continuing operations before income tax benefit(117,717)3,296(135,238)(122,559)Income tax benefit11,8156017,55622,124Loss from continuing operations (105,902)3,356(117,682)(100,435)Discontinued operations:Income (loss) from discontinued operations -(41)6(168)Impairment of real estate property-(1,359)-(1,359)Gain on sale of discontinued operations--264-Total discontinued operations-(1,400)270(1,527)Net loss(105,902)1,956(117,412)(101,962)Net income attributable to the noncontrolling interests in real estate partnerships(171)(131)(831)(288)Net loss attributable to the noncontrolling interests in operating partnership13,812(269)15,40832,522Dividends on preferred stock(208)-(208)-Net loss attributable to Cogdell Spencer Inc. common shareholders$
    (92,469)$
    ,556$
    (103,043)$
    (69,728)Per share data - basic and dilutedLoss from continuing operations attributable to Cogdell Spencer Inc.
    common shareholders $
    (1.82)$
    .06$
    (2.18)$
    (2.10)Income (loss) from discontinued operations attributable to Cogdell Spencer Inc. common shareholders-(0.02)0.01(0.04)Net loss per common share available to Cogdell Spencer Inc. common shareholders$
    (1.82)$
    .04$
    (2.17)$
    (2.14)Weighted average common shares - basic and diluted 50,74542,61547,45632,655Net loss attributable to Cogdell Spencer Inc. common shareholders:Continuing operations, net of tax$
    (92,469)$
    2,956$
    (103,275)$
    (68,500)Discontinued operations-(1,400)232(1,228)Net loss attributable to Cogdell Spencer Inc. common shareholders$
    (92,469)$
    ,556$
    (103,043)$
    (69,728)Cogdell Spencer Inc.Business Segment Reporting(In thousands)(unaudited)Three months ended December 31, 2010:Property

    OperationsDesign-Build
    and
    DevelopmentIntersegment EliminationsUnallocated
    and OtherTotalRevenues:   Rental revenue$
    22,821$
    -$
    (22)$
    -$
    22,799   Design-Build contract revenue and other sales-31,640(6,790)-24,850   Property management and other fees824---824   Development management and other income-419(394)-25Total revenues23,64532,059(7,206)-48,498Certain operating expenses:   Property operating and management8,012---8,012   Design-Build contracts and development
    management-29,007(6,838)-22,169   Selling, general, and administrative-4,651(22)-4,629   Impairment charges-113,406--113,406Total certain operating expenses8,012147,064(6,860)-148,21615,633(115,005)(346)-(99,718)Interest and other income178--32210Corporate general and administrative expenses---(3,932)(3,932)Interest expense---(5,662)(5,662)Interest rate derivative expense---(339)(339)Benefit from income taxes applicable to funds from operations modified---11,57611,576Non-real estate related depreciation and amortization-(292)-(51)(343)Earnings from unconsolidated real estate partnerships, before real estate related depreciation and amortization10---10Noncontrolling interests in real estate partnerships, before real estate related depreciation and amortization(472)---(472)Dividends on preferred stock---(208)(208)Funds from operations modified (FFOM)15,349(115,297)(346)1,416(98,878)Amortization of intangibles related to purchase accounting, net of income tax benefit(42)(571)-239(374)Funds from operations (FFO)15,307(115,868)(346)1,655(99,252)Real estate related depreciation and amortization(7,330)---(7,330)Noncontrolling interests in real estate partnerships, before real estate related depreciation and amortization472---472Dividends on preferred stock---208208Net income (loss)$
    8,449$
    (115,868)$
    (346)$
    ,863$ (105,902)Cogdell Spencer Inc.Business Segment Reporting(In thousands)(unaudited)Year ended December 31, 2010:Property

    OperationsDesign-Build
    and
    DevelopmentIntersegment EliminationsUnallocated
    and OtherTotalRevenues:   Rental revenue$
    87,895$
    -$
    (92)$
    -$
    87,803   Design-Build contract revenue and other sales-113,997(22,741)-91,256   Property management and other fees3,212---3,212   Development management and other income-5,861(5,715)-146Total revenues91,107119,858(28,548)-182,417Certain operating expenses:   Property operating and management33,664---33,664   Design-Build contracts and development
      management-97,561(25,560)-72,001   Selling, general, and administrative-17,373(92)-17,281   Impairment charges-127,041--127,041Total certain operating expenses33,664241,975(25,652)-249,98757,443(122,117)(2,896)-(67,570)Interest and other income6073-45655Corporate general and administrative expenses---(13,130)(13,130)Interest expense---(21,994)(21,994)Interest rate derivative expense---(371)(371)Benefit from income taxes applicable to funds from operations modified---16,60016,600Non-real estate related depreciation and amortization-(997)-(229)(1,226)Earnings from unconsolidated real estate partnerships, before real estate related depreciation and amortization26---26Noncontrolling interests in real estate partnerships, before real estate related depreciation and amortization(2,031)---(2,031)Discontinued operations9--(3)6Dividends on preferred stock---(208)(208)Funds from operations modified (FFOM)56,054(123,111)(2,896)(19,290)(89,243)Amortization of intangibles related to purchase accounting, net of income tax benefit(169)(2,282)-956(1,495)Funds from operations (FFO)55,885(125,393)(2,896)(18,334)(90,738)Real estate related depreciation and amortization(29,177)---(29,177)Gain on sale of real estate property264---264Noncontrolling interests in real estate partnerships, before real estate related depreciation and amortization2,031---2,031Dividends on preferred stock---208208Net income (loss)$
    29,003$
    (125,393)$
    (2,896)$
    (18,126)$ (117,412)Cogdell Spencer Inc.Reconciliation of Net Income (Loss) to Funds from Operations Modified (FFOM) (1)(In thousands, except per share and unit amounts)(unaudited)For the Three Months EndedFor the Year EndedDecember 31,

    2010December 31,
    2009December 31,
    2010December 31,
    2009Net income (loss)$
    (105,902)$
    ,956$
    (117,412)$
    (101,962)Add:   Real estate related depreciation and
      amortization:Wholly-owned and consolidated properties,
    including amounts in discontinued
    operations7,3277,19729,16429,102Unconsolidated real estate partnerships331312Less:Gain on sale of real estate property--(264)-Dividends on preferred stock(208)-(208)-   Noncontrolling interests in real estate
      partnerships, before real estate related
      depreciation and amortization (472)(374)(2,031)(1,049)Funds from Operations (FFO) (1)(99,252)8,782(90,738)(73,897)   Amortization of intangibles related to
      purchase accounting, net of income tax
      benefit374301,4952,765Funds from Operations Modified (FFOM) (1)$
    (98,878)$
    8,812$
    (89,243)$
    (71,132)FFO per share and unit - basic and diluted$
    (1.70)$
    .17$
    (1.64)$
    (1.82)FFOM per share and unit - basic and diluted$
    (1.69)$
    .17$
    (1.62)$
    (1.75)Weighted average shares and units outstanding - basic and diluted58,38950,38655,20640,616(1) 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.  We present FFO and FFOM because we consider them important supplemental measures of operational performance.  We believe FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results.  We believe that FFOM allows securities analysts, investors and other interested parties to evaluate current period results to results prior to the acquisition of MEA Holdings, Inc.  FFO and FFOM are intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time.  Historically, however, real estate values have risen or fallen with market conditions.  Because FFO and FFOM excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, they provide performance measures that, when compared year over year, reflect the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing a perspective not immediately apparent from net income.  We compute FFO in accordance with standards established by the Board of Governors of NAREIT in its March 1995 White Paper (as amended in November 1999 and April 2002), which may differ from the methodology for calculating FFO and FFOM utilized by other equity REITs and, accordingly, may not be comparable to such other REITs.  We adjust the NAREIT definition to add back noncontrolling interests in consolidated real estate partnerships before real estate related depreciation and amortization and deduct dividends on preferred stock.  Further, FFO and FFOM do not represent amounts available for management's discretionary use because of needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties.  FFO and FFOM should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our performance, nor are they indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions.
    '/>"/>

    SOURCE Cogdell Spencer Inc.
    Copyright©2010 PR Newswire.
    All rights reserved


    Related medicine technology :

    1. Cogdell Spencer Inc. Declares Quarterly Dividend
    2. Cogdell Spencer Announces Commencement of Common Stock Offering
    3. Letter to Shareholders From Imagenetix, Inc. President/CEO William Spencer
    4. ConvaTec Healthcare Announces Plans to Refinance Secured Term Loans
    5. Pioneer® Surgical Announces New International Sales V.P.
    6. Celleration Inc. Announces Award-Winning Clinical Results to Reduce Unfavorable Deep Tissue Injury Outcomes
    7. Insmed Announces European Medicines Agency Acceptance of Its Pediatric Investigation Plan for ARIKACE™ in the Cystic Fibrosis Pseudomonas Indication
    8. Kendle Announces Fourth Quarter and Full-Year 2010 Results
    9. InstaCare Announces Receipt of Technology and Patent Value Analysis Penned by Joseph Wolf, Ph.D and William Walling, CFA
    10. Naviscan Announces European Launch of Positron Emission Mammography
    11. CVS Caremark Announces Agreement With ActiveHealth Management for Evidence-Based Clinical Decision Support
    Post Your Comments:
    *Name:
    *Comment:
    *Email:
    (Date:6/26/2016)... June 26, 2016 Story ... operating models within the health care industry is causing ... efficiency , Deloitte offers a suite of solutions ... issues impacting efficient cost optimization: labor resource analysis, revenue ... services facilitate better outcomes and better economics ...
    (Date:6/24/2016)... June 24, 2016 ... announced the addition of the " Global Markets ... This report focuses ... an updated review, including its applications in various applications. ... market, which includes three main industries: pharmaceutical and biotechnology, ...
    (Date:6/24/2016)... -- Research and Markets has announced the addition ... report to their offering. ... The World Market for Companion Diagnostics covers the world ... in the report includes the following: , ... by Region (N. America, EU, ROW), 2015-2020 , World ...
    Breaking Medicine Technology:
    (Date:6/26/2016)... ... June 26, 2016 , ... Brent Kasmer, a legally blind and certified personal trainer is ... a fitness app. The fitness app plans to fix the two major problems leading the ... one size fits all type program , They don’t eliminate all the reasons ...
    (Date:6/25/2016)... ... ... Austin residents seeking Mohs surgery services, can now turn to Dr. Jessica Scruggs ... for medical and surgical dermatology. , Dr. Dorsey brings specialization to include Mohs surgery, ... Micrographic Surgery completed by Dr. Dorsey was under the direction of Glenn Goldstein, MD, ...
    (Date:6/25/2016)... ... ... First Choice Emergency Room , the largest network of independent freestanding emergency ... its new Mesquite-Samuell Farm facility. , “We are pleased to announce Dr. Ogunleye ... M. Muzzarelli, Executive Medical Director of First Choice Emergency Room. , Dr. Ogunleye ...
    (Date:6/25/2016)... ... , ... On Friday, June 10, Van Mitchell, Secretary of the Maryland Department ... in recognition of their exemplary accomplishments in worksite health promotion. , The Wellness at ... Wellness Symposium at the BWI Marriott in Linthicum Heights. iHire was one of 42 ...
    (Date:6/24/2016)... ... June 24, 2016 , ... Those who have experienced traumatic events ... turn to unhealthy avenues, such as drug or alcohol abuse, as a coping mechanism. ... tools for healthy coping following a traumatic event. , Trauma sufferers tend to feel ...
    Breaking Medicine News(10 mins):