Cogdell Spencer Inc. Reports Third Quarter 2007 Financial Results

CHARLOTTE, N.C. -- Cogdell Spencer Inc., a real estate investment trust (REIT) that invests in specialty office buildings for the medical profession, including medical offices, ambulatory surgery and diagnostic centers, announces financial results for the quarter ended Sept. 30, 2007.

Cogdell Spencer Inc. reports Funds from Operations (FFO) per share and operating partnership unit of $0.30 and net loss per share of ($0.13) for the three months ended Sept. 30, 2007.

FFO for the three months ended Sept. 30, 2007 was $5 million, or $0.30 per share and operating partnership unit, basic and diluted. The weighted average number of basic and diluted shares and operating partnership units outstanding totaled 16,529,682 and 16,544,774, respectively, for the quarter ended Sept. 30, 2007.

Net loss was $1.6 million for the three months ended Sept. 30, 2007, or $0.13 per share basic and diluted. The weighted average number of basic and diluted shares outstanding totaled 11,934,164 for the quarter ended Sept. 30, 2007.

As of Sept. 30, 2007, the company's portfolio consisted of 55 wholly-owned properties and five joint venture properties, comprising a total of approximately 3.2 million square feet. The overall percentage of leased space at the company's in-service, wholly-owned properties as of Sept. 30, 2007, was 94.2 percent. In addition, the company manages 57 properties for third party clients totaling approximately 2.5 million square feet.

In September 2007, Cogdell Spencer Inc. completed a 64,276-square-foot ambulatory surgery center and medical office building (ASC/MOB) in Lancaster, Pa. This facility is owned by Cogdell Spencer Inc. and physician tenants in a consolidated joint venture. This facility, located on the Lancaster General Health Campus includes The Physicians' Surgery Center, which occupies the first floor; The Westphal Group, a local orthopedic practice; and various outpatient services associated with Lancaster General Hospital.

Source: Cogdell Spencer Inc.

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