8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2008

Cogdell Spencer Inc.

(Exact name of registrant as specified in its charter)

Maryland
(State or other jurisdiction of
incorporation) 001-32649
(Commission File
Number) 20-3126457
(IRS Employer
Identification Number)

4401 Barclay Downs Drive, Suite 300
Charlotte, North Carolina	28209
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (704) 940-2900

N/A
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 Results of Operations and Financial Condition.

The information in this Current Report, including the exhibit hereto, is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

On May 5, 2008, Cogdell Spencer Inc. (the “Company”) issued an earnings release announcing its financial results for the period January 1, 2008 to March 31, 2008. A copy of the earnings release is attached as Exhibit 99.1.

On May 5, 2008, the Company posted certain supplemental financial data on its website, www.cogdellspencer.com. That supplemental operating and financial data is attached hereto as Exhibit 99.2 and is incorporated by reference herein.

ITEM 9.01 Financial Statements and Exhibits.

Exhibit 99.1	Earnings Release regarding the period January 1, 2008 to March 31, 2008.
Exhibit 99.2	Supplemental Earnings Package posted May 5, 2008.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	COGDELL SPENCER INC.
	By:	/s/ Frank C. Spencer
		Name:	Frank C. Spencer
Date: May 5, 2008		Title:	Chief Executive Officer and President

3

EXHIBIT INDEX

Exhibit
Number	Description
Exhibit 99.1	Earnings Release regarding the period January 1, 2008 to March 31, 2008.
Exhibit 99.2	Supplemental Earnings Package posted May 5, 2008.

4

EX-99.1

Exhibit 99.1

Media Contact: Dana Crothers
Marketing Director
704.940.2904
dcrothers@cogdellspencer.com

FOR IMMEDIATE RELEASE
May 5, 2008

COGDELL SPENCER INC. REPORTS
FIRST QUARTER 2008 FINANCIAL RESULTS

Charlotte, N.C. (May 5, 2008) — 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 basic and diluted. The weighted average number of basic and diluted shares outstanding totaled 14,364,458 for the quarter ended March 31, 2008.

As of March 31, 2008, the Company’s portfolio consisted of 61 consolidated wholly-owned and joint venture properties and three unconsolidated joint venture properties, comprising a total of approximately 3.5 million square feet. The overall percentage of leased space at the Company’s in-service, consolidated properties as of March 31, 2008, was 93.7%. In addition, the Company manages 52 properties for third party clients totaling approximately 2.2 million square feet.

Merger with Marshall Erdman & Associates

On March 10, 2008, Cogdell Spencer Inc., through its operating partnership, merged with Marshall Erdman & Associates (“Erdman”). Erdman is a market-leading provider of design-build healthcare facilities throughout the United States of America. Erdman’s service offerings include advance planning, architecture, engineering, and construction. The combined company is a fully integrated healthcare facilities company providing services from conceptual planning to long-term property ownership and management. The purchase price was approximately $247 million and consideration was a combination of cash and units in the operating partnership.

Acquisitions

In February 2008, the Company acquired East Jefferson Medical Plaza located in Metairie, Louisiana, for $19.8 million. The facility is 123,184 square feet, 99% leased as of March 31, 2008, and located on the campus of East Jefferson General Hospital. With this acquisition, the Company now owns and manages 253,914 square feet of medical office and clinical space on or adjacent to the East Jefferson General Hospital campus.

In February 2008, the Company also acquired a leasehold interest in floors six and seven of St. Mary’s North Medical Office Building, a seven-story, multi-tenant medical office building located on the campus of St. Mary’s Hospital in Richmond, Virginia. The purchase price was $4.6 million.

Common Stock Private Placement

On January 23, 2008, the Company issued 3,448,278 shares of common stock to certain institutional investors at a price of $15.95 per share resulting in net proceeds to the Company of approximately $53.7 million. The net proceeds were used to reduce outstanding principal on the Company’s credit facility and for working capital.

Credit Facility

On March 10, 2008, the Company amended and restated its existing unsecured revolving credit facility that was to mature on October 31, 2008. The amended revolving credit facility is secured by certain of the Company’s properties and matures on March 10, 2011, and provides for a one-year extension at the Company’s conditional option. The interest rate is LIBOR plus a margin between 0.95% and 1.40% depending on the Company’s leverage ratio.

Term Loan

The Company, through its Erdman taxable REIT subsidiary, has $100.0 million outstanding under a new $100.0 million senior secured term facility (the “Term Loan”), which was used to finance the cash portion of the Erdman transaction. The Term Loan is secured by the stock and certain accounts receivable of Erdman and is guaranteed by the Company. The Term Loan matures on March 10, 2011, and provides for a one-year extension at the Company’s option. The interest rate is LIBOR plus a margin between 3.00% and 3.50% depending on certain performance ratios. The Company has entered into a variable to fixed interest rate swap agreement that exchanges the LIBOR interest rate for a fixed interest rate of 2.82% through February 2011.

Dividend

On March 18, 2008, Cogdell Spencer Inc. announced that its Board of Directors had declared a quarterly dividend of $0.35 per share of common stock payable on April 21, 2008 to stockholders of record on March 31, 2008. The dividend covers the first quarter of 2008.

Outlook

Cogdell Spencer’s management expects 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 $0.90 and $0.98. A reconciliation of the range of projected net income (loss) to projected FFO and FFOM for the year ending December 31, 2008 is below:

	Guidance Range for the
	Year Ended December 31, 2008
(In thousands, except per share and operating partnership unit data)
Net loss before minority interests in Operating Partnership	$	(6,000	)	—	$	(4,000	)
Plus real estate related depreciation and amortization		27,500		—		27,500
Funds from Operations (FFO)		21,500		—		23,500
Plus amortization of intangibles related to purchase accounting, net of income tax benefit		7,250		—		6,250
Funds from Operations Modified (FFOM)	$	28,750		—	$	29,750
FFO per share and unit — diluted	$	0.90		—	$	0.98
FFOM per share and unit — diluted	$	1.20		—	$	1.24
Weighted average shares and units outstanding — diluted		24,000		—		24,000

Supplemental operating and financial data are available in the Investor Relations section of the Company’s Web site at www.cogdellspencer.com.

The reported results are unaudited and there can be no assurance that the results will not vary from the final information for the three months ended March 31, 2008. In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been made.

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. The Company presents FFO and FFOM because it considers them important supplemental measures of operational performance. The Company believes 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. FFO is 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 excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year over year, reflects 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. The Company computes 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 utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO does 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 should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of the Company’s performance, nor is it indicative of funds available to fund its cash needs, including its 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.

Conference Call

Cogdell Spencer Inc. invites you to attend the First Quarter 2008 Conference Call on Tuesday, May 6, 2008 at 10:00 a.m. (Eastern Standard Time). The number to call for this teleconference is (800) 860-2442 (domestic) or (412) 858-4600 (international), and no passcode is required. In addition, the conference call can be accessed via the Internet at www.cogdellspencer.com through the “Q1 2008 Cogdell Spencer Earnings Conference Call” link on the Investor Relations page.

During the call, management will discuss quarter-end results as well as additional details on the integration process with the Erdman subsidiary.

A playback will be available until May 16, 2008. To access the playback, please dial (877) 344-7529 (domestic) or (412) 317-0088 (international) and enter the passcode: 418508. The replay can also be accessed via the Internet at www.cogdellspencer.com through the “Q1 2008 Cogdell Spencer Earnings Conference Call” link on the Investor Relations page.

About Cogdell Spencer Inc.

Charlotte-based Cogdell Spencer Inc. (NYSE: CSA) is a fully-integrated, self-administered, and self-managed real estate investment trust (“REIT”) that invests in specialty office buildings for the medical profession, including medical offices, ambulatory surgery and diagnostic centers. On March 10, 2008, the Company merged with Marshall Erdman & Associates, Inc. Erdman is a market-leading provider of design-build healthcare facilities throughout the United States of America. Erdman’s service offerings include advance planning, architecture, engineering, and construction. Combined, the Company is a fully integrated healthcare facilities company providing services from conceptual planning to long-term property ownership and management.

At present, the Cogdell Spencer Inc. portfolio consists of 61 consolidated wholly-owned properties and joint venture properties, three unconsolidated joint venture properties, and 52 managed medical office buildings. For more information on Cogdell Spencer Inc., please visit the company’s Web site at www.cogdellspencer.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements reflect the Company’s 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: market trends; our ability to obtain future financing arrangements; our ability to renew ground leases; our ability to integrate the operations of Marshall Erdman & Associates with our operations; defaults by tenants; and changes in the reimbursement available to our tenants by government or private payors. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission, including the Company’s Form 10-K for the year ended December 31, 2007. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be realized. The Company disclaims 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)

	March 31, 2008			December 31, 2007
Assets
Real estate properties:
Operating real estate properties	$	508,203		$	486,279
Less: Accumulated depreciation		(50,805	)		(44,596	)
Total operating real estate properties, net		457,398			441,683
Construction in progress		16,600			13,380
Total real estate properties, net		473,998			455,063
Cash and cash equivalents		13,581			3,555
Restricted cash		22,874			1,803
Tenant and accounts receivable, net		53,124			2,249
Goodwill and intangible assets, net		321,922			31,589
Other assets		27,729			11,978
Total assets	$	913,228		$	506,237
Liabilities and stockholders’ equity
Mortgage notes payable	$	241,105		$	237,504
Revolving credit facility		116,000			79,200
Term loan		100,000			—
Accounts payable		31,607			5,817
Billings in excess of costs and estimated earnings on uncompleted contracts		38,875			—
Deferred income taxes		42,893			217
Payable to MEA shareholders		32,405			—
Other liabilities		37,900			21,243
Total liabilities		640,785			343,981
Minority interests		98,033			47,221
Stockholders’ equity		174,410			115,035
Total liabilities and stockholders’ equity	$	913,228		$	506,237

Cogdell Spencer Inc.
Condensed Consolidated Statement of Operations
(In thousands, except per share amounts)
(unaudited)

	For the Three Months Ended
	March 31, 2008 (1)			March 31, 2007
Revenues:
Rental revenue	$	18,691		$	14,321
Design-Build contract revenue and other sales		23,936			—
Property management and other fees		841			943
Development management and other income		19			230
Total revenues		43,487			15,494
Expenses:
Property operating and management		7,199			5,905
Costs related to design-build revenue and other sales		21,043			—
Selling, general, and administrative		4,306			2,107
Depreciation and amortization		9,025			6,642
Total expenses		41,573			14,654
Income from operations before other income (expense)		1,914			840
Other income (expense):
Interest and other income, net		255			404
Interest expense		(5,096	)		(4,035	)
Equity in earnings (loss) of unconsolidated partnerships		3			(9	)
Total other income (expense)		(4,838	)		(3,640	)
Loss from operations before income tax expense (benefit)		(2,924	)		(2,800	)
Income tax expense (benefit)		(358	)		144
Loss from operations		(2,566	)		(2,944	)
Minority interests in real estate partnerships		13			(17	)
Minority interests in operating partnership		752			1,048
Net loss	$	(1,801	)	$	(1,913	)
Net loss per share — basic and diluted	$	(0.13	)	$	(0.23	)
Weighted average common shares — basic and diluted (2)		14,364			8,334

(1)	The three months ended March 31, 2008, include one month of activity related to the Marshall Erdman & Associates subsidiary.
(2)	11 and 19 shares of unvested restricted common stock are anti-dilutive due to the net loss for the three months ended March 31, 2008 and 2007, respectively.

Cogdell Spencer Inc.
Business Segment Reporting
(In thousands)
(unaudited)

				Design-Build
	Property			and			Unallocated
Three months ended March 31, 2008:	Operations			Development			and Other			Total
Revenues:
Rental revenue	$	18,691		$	—		$	—		$	18,691
Design-Build contract revenue and other sales		—			23,936			—			23,936
Property management and other fees		841			—			—			841
Development management and other income		—			19			—			19
Total revenues		19,532			23,955			—			43,487
Operating expenses:
Property operating and management		7,199			—			—			7,199
Costs related to design-build revenue and other sales		—			21,043			—			21,043
Selling, general and administrative		—			1,881			—			1,881
Total operating expenses		7,199			22,924			—			30,123
Net operating income		12,333			1,031			—			13,364
Other income (expense)		161			40			54			255
Corporate general and administrative expenses		—			—			(2,425	)		(2,425	)
Interest expense		—			—			(5,096	)		(5,096	)
Provision for income taxes applicable to funds from operations modified		—			—			(64	)		(64	)
Depreciation and amortization		—			(115	)		(52	)		(167	)
Earnings from unconsolidated real estate partnerships, before real estate related depreciation and amortization		6			—			—			6
Minority interests in real estate partnerships, before real estate related depreciation and amortization		(78	)		—			—			(78	)
Funds from operations modified (“FFOM”)		12,422			956			(7,583	)		5,795
Amortization of intangibles related to purchase accounting, net of income tax benefit		(42	)		(1,028	)		422			(648	)
Funds from operations (“FFO”)		12,380			(72	)		(7,161	)		5,147
Real estate related depreciation and amortization		(7,700	)		—			—			(7,700	)
Minority interests in operating partnership		—			—			752			752
Net income (loss)	$	4,680		$	(72	)	$	(6,409	)	$	(1,801	)

Cogdell Spencer Inc.
Reconciliation of Net Loss to Funds from Operations Modified (FFOM) (1)
(In thousands, except per share and unit amounts)
(unaudited)

	Three Months Ended
	March 31, 2008			March 31, 2007
Net loss	$	(1,801	)	$	(1,913	)
Plus minority interests in operating partnership		(752	)		(1,048	)
Plus real estate related depreciation and amortization (2)		7,700			6,552
Funds from Operations (FFO) (1)		5,147			3,591
Plus amortization of intangibles related to purchase accounting, net of income tax benefit		648			26
Funds from Operations Modified (FFOM) (1)	$	5,795		$	3,617
FFO per share and unit — basic and diluted	$	0.26		$	0.28
FFOM per share and unit — basic and diluted	$	0.29		$	0.28
Weighted average shares and units outstanding — basic		19,972			12,919
Weighted average shares and units outstanding — diluted		19,985			12,939

(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. The Company presents FFO and FFOM because it considers them important supplemental measures of operational performance. The Company believes 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. FFO is 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 excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year over year, reflects 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. The Company computes 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 utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO does 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 should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of the Company’s performance, nor is it indicative of funds available to fund its cash needs, including its ability to pay dividends or make distributions.

(2)

Real estate depreciation and amortization consists of depreciation and amortization from wholly-owned real estate properties of $7,439 and $6,534 and the Company’s share of joint venture real estate depreciation and amortization of $261 and $18 for the three months ended March 31, 2008 and 2007, respectively.

Other Contacts
General Inquiries:
Frank C. Spencer
President and Chief Executive Officer
Tel: 704.940.2926
fspencer@cogdellspencer.com

Financial Inquiries:
Charles M. Handy
Chief Financial Officer
Tel: 704.940.2914
chandy@cogdellspencer.com

#####

EX-99.2

Exhibit 99.2

SUPPLEMENTAL OPERATING AND
FINANCIAL DATA

FOR THE QUARTER ENDED
MARCH 31, 2008

Erdman Place — Madison, Wisconsin

All amounts shown in this report are unaudited.

This Supplemental Operating and Financial Data package is not an offer to sell or solicitation to buy securities of Cogdell Spencer Inc. Any offers to sell or solicitation to buy securities of Cogdell Spencer Inc. shall be made only by means of a prospectus approved for that purpose.

Company Overview

     Cogdell Spencer Inc. (the “Company”) is a fully-integrated, self-administered, and self-managed real estate investment trust (“REIT”) that invests in specialty office buildings for the medical profession, including medical offices and ambulatory surgery and diagnostic centers. The Company focuses on the ownership, development, redevelopment, acquisition, and management of strategically located medical office buildings and other healthcare related facilities in the United States of America. The Company has been built around understanding and addressing the specialized real estate needs of the healthcare industry.

     On March 10, 2008, the Company merged with Marshall Erdman & Associates, Inc. (“Erdman”). Erdman is a market-leading provider of design-build healthcare facilities throughout the United States of America. Erdman’s service offerings include advance planning, architecture, engineering, and construction. Combined, the Company is a fully integrated healthcare facilities company providing services from conceptual planning to long-term property management.

Core Capabilities
Marshall Erdman

Advanced Planning

Design

Construction

Core Capabilities
Cogdell Spencer

Construction

Development

Acquisitions

Property Management

     The Company is building a national portfolio of investment healthcare properties located on hospital campuses. Since the Company’s initial public offering in 2005, the Company has acquired properties in four new states and multiple new markets. During the three months ended March 31, 2008, the Company acquired two off-market acquisitions that were a result of strong relationships with existing clients. Client relationships and advance planning services provided by Erdman also gives the Company the ability to be included in the initial project discussions that can lead to ownership and investment in healthcare properties.

1

     The Company’s development team has completed three projects since the Company’s initial public offering in 2005. In the fourth quarter of 2007, the Company broke ground on the St. Luke’s Riverside Outpatient Campus project, which is a $100 million, 400,000 square foot, four building project. The Company will retain ownership in the two medical office buildings, which are valued between $35 and $40 million.

     Erdman has designed, engineered, or built over 5,000 healthcare facilities, which support more than 50,000 physicians since its founding in 1951. In 2007, Erdman achieved $324 million in revenue and increased its backlog. Modern Healthcare ranked Erdman as the number one healthcare design-build firm for 2007.

     The Company’s property management team has a proactive, customer-focused service approach that leads to faster response times and greater resources to serve tenants. The Company’s management believes that a strong internal property management capability is a vital component of the Company’s business, both for the properties that the Company owns and for those that the Company manages. In 2008, the Company will continue celebrations with the “Celebrating 25 Years” Campaign, which recognizes the long term relationships between the Company and its healthcare system clients and partners.

     As of March 31, 2008, the Company owned or managed healthcare properties located in 13 states and had regional offices located throughout the country to support property management and design-build services. Most of the Company’s wholly-owned properties are located on hospital campuses.

2

Cogdell Spencer Inc.

Investor Information

Board of Directors		Senior Management
James W. Cogdell	Frank C. Spencer	James W. Cogdell	Frank C. Spencer
Chairman	President & CEO	Chairman	President & CEO
John R. Georgius	Richard B. Jennings	Charles M. Handy	Heidi M. Wilson
		Chief Financial Officer	Executive Vice President
Christopher E. Lee	David J. Lubar
Richard C. Neugent	Randolph D. Smoak, M.D.

Equity Research Coverage
Banc of America Securities	KeyBanc Capital Markets
Dustin Pizzo — 212.847.5771	Jordan Sadler — 917.368.2280
BMO Capital Markets	Raymond James & Associates
Richard Anderson — 212.885.4180	Paul D. Puryear — 727.567.2253
Janney Montgomery Scott	SmithBarney Citigroup
Stephanie Krewson — 215.665.6385	Craig Melcher — 212.816.1909

Company Information
Corporate Headquarters	Trading Symbol	Transfer Agent	Investor Relations
4401 Barclay Downs Drive	CSA	Continental Stock	Dana A. Crothers
Suite 300		Transfer & Trust	Marketing Director
Charlotte, NC 28209	Stock Exchange Listing		704.940.2904
Tel: 704.940.2900	New York Stock Exchange
Fax: 704.940.2957
www.cogdellspencer.com

This supplemental package contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements reflect the Company’s 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: market trends; our ability to obtain future financing arrangements; our ability to renew ground leases; our ability to integrate the operations of Marshall Erdman & Associates with our operations; defaults by tenants; and changes in the reimbursement available to our tenants by government or private payors. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission, including the Company’s Form 10-K for the year ended December 31, 2007. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be realized. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

3

Cogdell Spencer Inc.
First Quarter 2008

Financial and Operating Highlights
(in thousands, except per share amounts, years, ratios and portfolio statistics)

	Three Months Ended
	March 31, 2008
Selected Operating Data
Rental income	$	18,393
Straight line rent		113
Fair value lease revenues (1)		185
Rental revenue		18,691
Property management and other fees		841
Revenue from property operations	$	19,532
Costs related to property operations	$	7,199
Property operations gross margin		63	%
Design-Build contract revenue and other sales	$	23,936
Costs related to design-build contract revenue and other sales	$	21,043
Design-build and development gross margin		12	%
EBITDA (2)	$	11,555
Interest expense	$	5,096
Net loss	$	(1,801	)
Net loss per share — diluted	$	(0.13	)
Funds from Operations (“FFO”) (3)	$	5,147
FFO per share and unit — diluted (3)	$	0.26
Funds from Operations Modified (“FFOM”) (3)	$	5,795
FFOM per share and unit — diluted (3)	$	0.29
Distributions declared per share and unit	$	0.35

	As of
	March 31, 2008
Selected Balance Sheet Data
Cash and cash equivalents	$	13,581
Book value of real estate assets before depreciation	$	524,803
Total assets	$	913,228
Total liabilities	$	640,785
Minority interests and stockholders’ equity	$	272,443
Debt
Weighted average interest rate		5.7	%
Weighted average remaining maturity (years)		3.7
Debt / total market capitalization		54	%
Debt / total assets		50	%

	As of
	March 31, 2008
Capitalization
Debt	$	457,105
Common shares outstanding		15,403
Units outstanding		9,043
Total common shares and units outstanding		24,446
Share price at end of period	$	15.72
Equity value at end of period (4)	$	384,291
Total market capitalization	$	841,396
Portfolio Statistics — In-service, Consolidated Properties
Number of properties		60
Total square footage		3,237,065
Occupancy		93.7	%

(1)	Represents the net adjustment for above and below market leases which are being amortized over the remaining term of the respective leases from the date of the acquisition.
(2)	For a definition and discussion and a quantitative reconciliation of the differences between EBITDA and net loss, see page 9.
(3)	For a definition and discussion and a quantitative reconciliation of the differences between FFO, FFOM, and net loss, see page 8.
(4)	Assuming conversion of 100% of the operating partnership units into shares of common stock.

4

Cogdell Spencer Inc.
First Quarter 2008

Condensed Consolidated Balance Sheets
(unaudited and in thousands)

	March 31, 2008			December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007
Assets
Real estate properties:
Operating real estate properties	$	508,203		$	486,279		$	458,327		$	421,847		$	364,097
Less: Accumulated depreciation		(50,805	)		(44,596	)		(39,065	)		(33,504	)		(28,489	)
Total operating real estate properties, net		457,398			441,683			419,262			388,343			335,608
Construction in process		16,600			13,380			10,110			13,857			20,449
Total operating real estate properties, net		473,998			455,063			429,372			402,200			356,057
Cash and cash equivalents		13,581			3,555			3,184			4,177			4,985
Restricted cash		22,874			1,803			1,311			1,113			874
Tenant and accounts receivable		53,124			2,249			2,336			1,977			1,823
Goodwill and intangible assets, net		321,922			31,589			29,345			28,532			27,736
Other assets		27,729			11,978			10,104			10,201			9,130
Total assets	$	913,228		$	506,237		$	475,652		$	448,200		$	400,605
Liabilities and Stockholders’ Equity
Mortgage notes payable	$	241,105		$	237,504		$	233,629		$	210,855		$	182,820
Revolving credit facility		116,000			79,200			46,100			34,000			11,500
Term Loan		100,000			—			—			—			—
Accounts payable		31,607			5,817			5,749			7,315			7,110
Billings in excess of costs and estimated earnings on uncompleted contracts		38,875			—			—			—			—
Deferred income taxes		42,893			217			245			245			245
Payable to MEA shareholders		32,405			—			—			—			—
Other liabilities		37,900			21,243			19,619			17,945			15,688
Total liabilities		640,785			343,981			305,342			270,360			217,363
Minority interests and stockholders’ equity		272,443			162,256			170,310			177,840			183,242
Total liabilities and stockholders’ equity	$	913,228		$	506,237		$	475,652		$	448,200		$	400,605

5

Cogdell Spencer Inc.
First Quarter 2008

Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)

	Three Months Ended
	March 31, 2008			December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007
Revenues:
Rental revenue	$	18,691		$	17,685		$	16,399		$	14,624		$	14,321
Design-Build contract revenue and other sales		23,936			—			—			—			—
Property management and other fees		841			864			874			826			943
Development management and other income		19			14			25			21			230
Total revenues		43,487			18,563			17,298			15,471			15,494
Expenses:
Property operating and management		7,199			6,937			6,797			6,064			5,905
Costs related to design-build contract revenue and other sales		21,043			—			—			—			—
Selling, general, and administrative		4,306			2,075			1,532			1,657			2,107
Depreciation and amortization		9,025			7,094			7,273			6,749			6,642
Total expenses		41,573			16,106			15,602			14,470			14,654
Income from operations before other income (expense)		1,914			2,457			1,696			1,001			840
Other income (expense):
Interest and other income, net		255			309			183			178			404
Interest expense		(5,096	)		(4,640	)		(4,101	)		(3,188	)		(4,035	)
Equity in earnings of unconsolidated partnerships		3			23			2			4			(9	)
Total other income (expense)		(4,838	)		(4,308	)		(3,916	)		(3,006	)		(3,640	)
Loss from operations before income tax expense (benefit)		(2,924	)		(1,851	)		(2,220	)		(2,005	)		(2,800	)
Income tax expense (benefit)		(358	)		(34	)		(19	)		26			144
Loss from operations		(2,566	)		(1,817	)		(2,201	)		(2,031	)		(2,944	)
Minority interests in real estate partnerships		13			(30	)		(16	)		(22	)		(17	)
Minority interests in operating partnership		752			512			615			562			1,048
Net loss	$	(1,801	)	$	(1,335	)	$	(1,602	)	$	(1,491	)	$	(1,913	)
Per share data — basic and diluted:
Net loss — basic and diluted	$	(0.13	)	$	(0.11	)	$	(0.13	)	$	(0.12	)	$	(0.23	)
Weighted average common shares — basic and diluted (1)		14,364			11,935			11,934			11,931			8,334

⁽¹⁾ Shares of unvested restricted common stock are anti-dilutive due to the net loss.

6

Cogdell Spencer Inc.
First Quarter 2008

Business Segment Reporting
(in thousands)
(unaudited)

				Design-Build
	Property			and			Unallocated
Three months ended March 31, 2008:	Operations			Development			and Other			Total
Revenues:
Rental revenue	$	18,691		$	—		$	—		$	18,691
Design-Build contract revenue and other sales		—			23,936			—			23,936
Property management and other fees		841			—			—			841
Development management and other income		—			19			—			19
Total revenues		19,532			23,955			—			43,487
Operating expenses:
Property operating and management		7,199			—			—			7,199
Costs related to design-build revenue and other sales		—			21,043			—			21,043
Selling, general and administrative		—			1,881			—			1,881
Total operating expenses		7,199			22,924			—			30,123
Net operating income		12,333			1,031			—			13,364
Other income (expense)		161			40			54			255
Corporate general and administrative expenses		—			—			(2,425	)		(2,425	)
Interest expense		—			—			(5,096	)		(5,096	)
Provision for income taxes applicable to funds from operations modified		—			—			(64	)		(64	)
Depreciation and amortization		—			(115	)		(52	)		(167	)
Earnings from unconsolidated real estate partnerships, before real estate related depreciation and amortization		6			—			—			6
Minority interests in real estate partnerships, before real estate related depreciation and amortization		(78	)		—			—			(78	)
Funds from operations modified (“FFOM”)		12,422			956			(7,583	)		5,795
Amortization of intangibles related to purchase accounting, net of income tax benefit		(42	)		(1,028	)		422			(648	)
Funds from operations (“FFO”)		12,380			(72	)		(7,161	)		5,147
Real estate related depreciation and amortization		(7,700	)		—			—			(7,700	)
Minority interests in operating partnership		—			—			752			752
Net income (loss)	$	4,680		$	(72	)	$	(6,409	)	$	(1,801	)

7

Cogdell Spencer Inc.
First Quarter 2008

Reconciliation of Net Loss to Funds from Operations and Funds from Operations Modified ⁽¹⁾
(in thousands, except per share and unit amounts)
(unaudited)

	Three Months Ended
	March 31, 2008			December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007
Net loss	$	(1,801	)	$	(1,335	)	$	(1,602	)	$	(1,491	)	$	(1,913	)
Plus minority interests in operating partnership		(752	)		(512	)		(615	)		(562	)		(1,048	)
Plus real estate related depreciation and amortization (2)		7,700			6,959			7,180			6,658			6,552
Funds from Operations (FFO) (1)		5,147			5,112			4,963			4,605			3,591
Plus amortization of intangibles related to purchase accounting, net of tax benefit		648			26			26			26			26
Funds from Operations Modified (FFOM) (1)		5,795			5,138			4,989			4,631			3,617
FFO per share and unit — basic and diluted	$	0.26		$	0.31		$	0.30		$	0.28		$	0.28
FFOM per share and unit — basic and diluted	$	0.29		$	0.31		$	0.30		$	0.28		$	0.28
Weighted average shares and units outstanding — basic		19,972			16,506			16,530			16,437			12,919
Weighted average shares and units outstanding — diluted		19,985			16,519			16,545			16,455			12,939

(1)

FFO is a supplemental non-GAAP financial measure used by the real estate industry to measure the operating performance of real estate companies. The Company presents FFO and FFOM because it considers them important supplemental measures of operational performance. The Company believes 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. FFO is 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 excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year over year, reflects 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. The Company computes 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 utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO does 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 should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of the Company’s performance, nor is it indicative of funds available to fund its cash needs, including its ability to pay dividends or make distributions. FFOM adds back to traditionally defined FFO non-cash amortization of non-real estate related intangible assets associated with purchase accounting.

(2)

Real estate depreciation and amortization consists of depreciation and amortization from wholly-owned real estate properties and the Company’s share of real estate depreciation and amortization from consolidated and unconsolidated real estate partnerships.

8

Cogdell Spencer Inc.
First Quarter 2008

Coverage Ratios
(in thousands, except ratio amounts)

	Three Months Ended
	March 31, 2008
Interest coverage ratio:
EBITDA	$	11,555
Cash paid for interest	$	4,874
Interest coverage ratio		2.4
Fixed charge coverage ratio:
EBITDA	$	11,555
Fixed charges:
Cash paid for interest	$	4,874
Principal payments		717
Total fixed charges	$	5,591
Fixed charge coverage ratio		2.1

Reconciliation of Earnings Before Interest, Taxes,
Depreciation and Amortization (“EBITDA”) ⁽¹⁾
(in thousands)

	Three Months Ended
	March 31, 2008
Reconciliation of net loss to EBITDA:
Net loss	$	(1,801	)
Minority interests		(765	)
Interest expense		5,096
Depreciation and amortization		9,025
EBITDA	$	11,555

⁽¹⁾ The Company believes that earnings before interest, income taxes, depreciation and amortization, or EBITDA, is a useful supplemental performance measure because it allows investors to view the Company’s performance without the impact of noncash depreciation and amortization or the cost of debt or minority interests. In addition, the Company believes that EBITDA is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA is calculated before recurring cash charges including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirements of the Company’s business, its utility as a measure of the Company’s performance is limited. Accordingly, EBITDA should be considered only as a supplement to net loss (computed in accordance with GAAP) as a measure of financial performance. Other equity REITs may calculate EBITDA differently; accordingly, the Company’s EBITDA may not be comparable to such other equity REITs’ EBITDA.

9

Cogdell Spencer Inc.
First Quarter 2008

Consolidated Debt Analysis as of March 31, 2008
(dollars in thousands)

	Stated
	interest		Interest			Principal
	rate		Rate			Balance		Maturity		Amortization
	%		%			$		Date		(Years)
Fixed rate secured mortgage loans — wholly-owned properties
Baptist Northwest Medical Park		8.25		8.25		$	2,232		2/1/2011		25
Barclay Downs		6.50		6.50			4,535		11/15/2012		25
Beaufort Medical Plaza	LIBOR + 0.95			5.96	(1)		4,989		8/18/2008		25
Birkdale Medical Village		6.75		6.75			7,453		10/1/2008		25
Central New York Medical Center		6.22		6.22			24,500		5/15/2017	Interest only
East Jefferson Medical Office Building		6.01		6.01			9,343		8/10/2014		25
Hanover Medical Office Building One		6.00		6.00			4,919		11/1/2009		25
Healthpark Medical Office Building		5.35		5.35			8,700		1/1/2010	Interest only
Medical Arts Center of Orangeburg		6.95		6.95			2,510		6/18/2008		20
Methodist Professional Center I	LIBOR + 1.30			6.25	(1)		30,000		10/31/2009	Interest only
Mulberry Medical Park		6.49		6.49			1,035		4/15/2010		20
One Medical Park — HMOB		5.93		5.93			5,487		11/1/2013		20
Parkridge MOB		5.68		5.68			13,500		6/1/2017	Interest only		(4)
Peerless Medical Center		6.06		6.06			7,516		9/1/2016		30
Providence MOB I, II and III		6.12		6.12			8,746		1/12/2013		25
River Hills Medical Plaza	LIBOR + 2.00			6.97	(1)		2,948		11/30/2008		22
Rocky Mount Kidney Center		6.25		6.25			1,061		1/21/2009		20
Roper MOB	LIBOR + 1.50			6.45	(1)		9,448		7/10/2009		18
Rowan Outpatient Surgery Center		6.00		6.00			3,382		7/6/2014		25
St. Francis CMOB, St. Francis MOB	LIBOR + 1.40			6.51	(1)		7,144		6/15/2008	Interest only
St. Francis Medical Plaza, St. Francis Women’s Center	LIBOR + 1.55			6.66	(1)		7,673		6/15/2008	Interest only
Summit Professional Plaza I and II		6.18		6.18			15,925		9/1/2017	Interest only
Three Medical Park		5.55		5.55			8,025		3/25/2014		25
Total / weighted average fixed rate secured mortgages				6.18			191,071
Variable rate secured mortgage loans — wholly-owned properties
Copperfield Medical Mall, Harrisburg Medical Mall, Midland Medical Mall and Weddington Internal Pediatric Medicine	LIBOR + 1.50			4.20	(3)		8,670		12/15/2014		25
Harrisburg Family Physicians Building, Lincoln/Lakemont Family Practice Center, Northcross Family Medical Practice Building and Randolph Medical Park	LIBOR + 1.85			4.55	(1)		8,603		9/10/2008		25
Rocky Mount Medical Park	Prime			5.25	(2)		7,634		8/15/2010		25
Total / weighted average variable rate secured mortgages				4.64			24,907
Secured revolving credit facility	LIBOR + 1.25			3.95			86,000		3/10/2011	Interest only
	LIBOR + 1.25			6.36	(1)		30,000		3/10/2011	Interest only
				4.58			116,000
Term loan	LIBOR + 3.50			6.32	(1)		100,000		3/10/2011	Interest only
Consolidated real estate partnerships
Cogdell Health Campus MOB, LP	LIBOR + 1.20			5.23	(1)		11,025		3/2/2015		25
Mebane Medical Investors, LLC (construction loan)	LIBOR + 1.30			4.00			9,657		5/1/2010	Interest only		(5)
Rocky Mount MOB LLC		6.75		6.75			4,148		6/21/2008		25
Total / weighted average consolidated real estate partnerships				5.01			24,830
							456,808
Unamortized premium							297
Total / weighted average debt				5.66		$	457,105

(1)	Represents the fixed rate for floating rate loans that have been swapped to fixed
(2)	Maximum interest of 7.25%; Minimum interest of 4.25%
(3)	Maximum interest of 8.25%; Minimum interest of 3.25%
(4)	Interest only through June 2012. Principal and interest payments from July 2012 through June 2017
(6)	Interest only through May 2009. Principal and interest payments from June 2009 through May 2010

10

Cogdell Spencer Inc.
First Quarter 2008

Consolidated Debt Analysis as of March 31, 2008 (continued)
(dollars in thousands)

	% of			Weighted Average
	Total Debt			Maturity (Years)
Fixed rate mortgages		41.8	%		4.6
Variable rate mortgages		5.5	%		3.2
Secured credit facility		25.4	%		2.9
Term loan		21.9	%		2.9
Consolidated real estate partnerships		5.4	%		2.9
		100.0	%		3.7
Future maturities and principal payments
2008				$	47,460
2009					47,284
2010					28,451
2011					220,091
2012					6,408
Thereafter					107,114
				$	456,808
Secured credit facility — matures March 10, 2011
Facility				$	150,000
Less: Outstanding					116,000
Less: Letters of credit					2,113
Availability				$	31,887
Capitalized interest — 1Q 2008				$	43

11

Cogdell Spencer Inc.
First Quarter 2008

Property Listing as of March 31, 2008

									Annualized Rent
		Net Rentable		Occupancy			Annualized		Per Leased
	Location	Square Feet		Rate			Rent		Square Foot
California
Verdugo Professional Building I	Glendale		63,887		96.3	%	$	1,851,415	$	30.09
Verdugo Professional Building II	Glendale		42,906		86.5	%		1,170,154		31.52
			106,793		92.4	%		3,021,569		30.63
Georgia
Augusta POB I	Augusta		99,494		94.0	%		1,250,155		13.37
Augusta POB II	Augusta		125,634		93.2	%		2,524,841		21.56
Augusta POB III	Augusta		47,034		100.0	%		921,485		19.59
Augusta POB IV	Augusta		55,134		100.0	%		976,366		17.71
Summit Professional Plaza I	Brunswick		33,039		93.5	%		808,505		26.18
Summit Professional Plaza II	Brunswick		64,233		96.7	%		1,795,454		28.89
			424,568		95.6	%		8,276,806		20.40
Indiana
Methodist Professional Center I (3)	Indianapolis		150,034		100.0	%		3,437,678		22.91
Methodist Professional Center II (sub-lease)	Indianapolis		24,080		100.0	%		606,823		25.20
			174,114		100.0	%		4,044,501		23.23
Kentucky
Our Lady of Bellefonte	Ashland		46,907		100.0	%		1,163,020		24.79
Adjacent parking deck								850,766
			46,907		100.0	%		2,013,786		24.79	(2)
Louisiana
East Jefferson Medical Office Building	Metairie		119,921		96.3	%		2,445,655		21.17
East Jefferson Medical Plaza	Metairie		123,184		99.2	%		2,765,296		22.63
East Jefferson Medical Specialty Building	Metairie		10,809		100.0	%		968,693		89.62
			253,914		97.9	%		6,179,644		24.87
New York
Central New York Medical Center (4)	Syracuse		111,634		100.0	%		3,058,859		27.40
North Carolina
Barclay Downs	Charlotte		38,395		100.0	%		851,975		22.19
Birkdale Medical Village	Huntersville		64,669		100.0	%		1,387,100		21.45
Birkdale Retail	Huntersville		8,269		100.0	%		214,442		25.93
Cabarrus POB	Concord		84,972		98.2	%		1,822,001		21.84
Copperfield Medical Mall	Concord		26,000		100.0	%		589,518		22.67
Copperfield MOB	Concord		61,789		87.9	%		1,250,799		23.04
East Rocky Mount Kidney Center	Rocky Mount		8,043		100.0	%		165,956		20.63
Gaston Professional Center	Gastonia		114,956		100.0	%		2,654,993		23.10
Adjacent parking deck								606,141
Harrisburg Family Physicians Building	Harrisburg		8,202		100.0	%		215,591		26.29
Harrisburg Medical Mall	Harrisburg		18,360		100.0	%		471,708		25.69
Lincoln/Lakemont Family Practice Center	Lincolnton		16,500		100.0	%		375,420		22.75
Mallard Crossing Medical Park	Charlotte		52,540		90.1	%		1,234,707		26.09
Midland Medical Mall	Midland		14,610		92.1	%		381,489		28.36
Mulberry Medical Park	Lenoir		24,992		94.8	%		479,034		20.22
Northcross Family Medical Practice Building	Charlotte		8,018		100.0	%		225,390		28.11
Randolph Medical Park	Charlotte		84,131		60.9	%		1,103,387		21.54
Rocky Mount Kidney Center	Rocky Mount		10,105		100.0	%		198,765		19.67
Rocky Mount Medical Office Building (1)	Rocky Mount		35,393		95.7	%		871,907		25.75
Rocky Mount Medical Park	Rocky Mount		96,993		100.0	%		1,943,948		20.04
Rowan Outpatient Surgery Center	Salisbury		19,464		100.0	%		424,549		21.81
Weddington Internal & Pediatric Medicine	Concord		7,750		100.0	%		189,977		24.51
			804,151		93.6	%		17,658,797		22.65	(2)

12

Cogdell Spencer Inc.
First Quarter 2008

Property Listing as of March 31, 2008 (Continued)

									Annualized Rent
		Net Rentable		Occupancy			Annualized		Per Leased
	City	Square Feet		Rate			Rent		Square Foot
Pennsylvania
Lancaster Rehabilitation Hospital	Lancaster		52,878		100.0	%		1,095,800		20.72
Lancaster General Health Campus MOB (1)	Lancaster		64,214		92.9	%		1,640,679		27.50
			117,092		96.1	%		2,736,479		24.31
South Carolina
190 Andrews	Greenville		25,902		100.0	%		598,580		23.11
Baptist Northwest	Columbia		38,703		52.7	%		427,137		20.94
Beaufort Medical Plaza	Beaufort		59,340		100.0	%		1,250,665		21.08
Mary Black Westside MOB	Spartanburg		37,455		100.0	%		783,520		20.92
Medical Arts Center of Orangeburg	Orangeburg		49,324		99.4	%		917,695		18.72
Mt. Pleasant MOB	Mt. Pleasant		38,735		77.4	%		761,237		25.40
One Medical Park — HMOB	Columbia		69,840		100.0	%		1,621,322		23.21
Parkridge MOB	Columbia		89,451		94.6	%		1,892,537		22.36
Providence MOB I	Columbia		48,500		100.0	%		1,016,307		20.95
Providence MOB II	Columbia		23,280		100.0	%		469,446		20.17
Providence MOB III	Columbia		54,417		73.4	%		870,217		21.77
River Hills Medical Plaza	Little River		27,566		100.0	%		865,261		31.39
Roper MOB	Charleston		122,785		87.0	%		2,178,275		20.38
St. Francis Community Medical Office Building	Greenville		45,140		100.0	%		1,239,997		27.47
St. Francis Medical Office Building	Greenville		49,767		87.0	%		927,523		21.43
St. Francis Medical Plaza	Greenville		62,724		61.7	%		761,074		19.66
St. Francis Women’s Center	Greenville		57,590		76.5	%		919,820		20.89
Three Medical Park	Columbia		88,755		93.8	%		1,888,398		22.67
West Medical I	Charleston		28,734		100.0	%		777,309		27.05
			1,018,008		89.0	%		20,166,320		22.26
Tennessee
Healthpark Medical Office Building	Chattanooga		52,151		100.0	%		1,875,984		35.97
Peerless Medical Center	Cleveland		40,506		100.0	%		1,183,991		29.23
			92,657		100.0	%		3,059,975		33.02
Virginia
Hanover Medical Office Building I	Mechanicsville		56,610		100.0	%		1,568,373		27.70
St. Mary’s Medical Office Building North	Richmond		30,617		90.1	%		677,650		24.57
			87,227		96.5	%		2,246,023		26.68
Total			3,237,065		93.7	%	$	72,462,759	$	23.40	(2)

(1)	Consolidated real estate partnership.
(2)	Excludes annualized rent of adjacent parking decks to Our Lady of Bellefonte and Gaston Professional Center from calculation.
(3)	Parking revenue from an adjacent parking deck is approximately $71,000 per month, or $852,000 annualized.
(4)	Parking revenue from an adjacent parking deck is approximately $113,000 per month, or $1,356,000 annualized.

13

Cogdell Spencer Inc.
First Quarter 2008

Property Occupancy Rates

	3/31/2008			12/31/2007			9/30/2007			6/30/2007			3/31/2007			12/31/2006
California
Verdugo Professional Building I		96.3	%		94.2	%		94.2	%		94.2	%		94.2	%		88.4	%
Verdugo Professional Building II		86.5	%		86.5	%		82.4	%		83.8	%		83.8	%		88.2	%
Georgia
Augusta POB I		94.0	%		91.6	%		92.9	%		91.6	%		94.0	%		99.5	%
Augusta POB II		93.2	%		93.2	%		93.2	%		93.2	%		93.2	%		93.2	%
Augusta POB III		100.0	%		100.0	%		100.0	%		90.0	%		90.0	%		90.0	%
Augusta POB IV		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		85.2	%
Summit Professional Plaza I		93.5	%		93.5	%		93.5	%		n/a			n/a			n/a
Summit Professional Plaza II		96.7	%		96.0	%		96.0	%		n/a			n/a			n/a
Indiana
Methodist Professional Center I		100.0	%		100.0	%		92.8	%		94.7	%		94.7	%		94.7	%
Methodist Professional Center II (sub-lease)		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Kentucky
Our Lady of Bellefonte		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Louisiana
East Jefferson Medical Office Building		96.3	%		96.3	%		100.0	%		100.0	%		100.0	%		100.0	%
East Jefferson Medical Plaza		99.2	%		n/a			n/a			n/a			n/a			n/a
East Jefferson Medical Specialty Building		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
New York
Central New York Medical Center		100.0	%		100.0	%		100.0	%		100.0	%		n/a			n/a
North Carolina
Barclay Downs		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Birkdale Medical Village		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Birkdale Retail		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cabarrus POB		98.2	%		98.2	%		98.2	%		96.6	%		96.6	%		96.6	%
Copperfield Medical Mall		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Copperfield MOB		87.9	%		87.9	%		87.9	%		87.9	%		87.9	%		82.7	%
East Rocky Mount Kidney Center		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Gaston Professional Center		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Harrisburg Family Physicians Building		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Harrisburg Medical Mall		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Lincoln/Lakemont Family Practice Center		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Mallard Crossing Medical Park		90.1	%		94.1	%		94.1	%		89.5	%		89.5	%		89.5	%
Midland Medical Mall		92.1	%		92.1	%		92.1	%		92.1	%		92.1	%		92.1	%
Mulberry Medical Park		94.8	%		85.4	%		85.2	%		85.2	%		85.2	%		94.8	%
Northcross Family Medical Practice Building		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Randolph Medical Park		60.9	%		60.9	%		92.8	%		94.0	%		90.8	%		94.6	%
Rocky Mount Medical Office Building		100.0	%		95.7	%		89.6	%		89.6	%		89.6	%		89.6	%
Rocky Mount Kidney Center		95.7	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Rocky Mount Medical Park		100.0	%		96.9	%		96.9	%		96.9	%		95.8	%		95.8	%
Rowan Outpatient Surgery Center		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Weddington Internal & Pediatric Medicine		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

14

Cogdell Spencer Inc.
First Quarter 2008

Property Occupancy Rates (Continued)

	3/31/2008			12/31/2007			9/30/2007			6/30/2007			3/31/2007			12/31/2006
Pennsylvania
Lancaster Rehabilitation Hospital		100.0	%		100.0	%		100.0	%		100.0	%		n/a			n/a
Lancaster General Health Campus MOB		92.9	%		87.8	%		n/a			n/a			n/a			n/a
South Carolina
190 Andrews		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Baptist Northwest		52.7	%		52.7	%		52.7	%		52.7	%		52.7	%		100.0	%
Beaufort Medical Plaza		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Mary Black Westside MOB		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Medical Arts Center of Orangeburg		99.4	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Mt. Pleasant MOB		77.4	%		77.4	%		77.4	%		77.4	%		77.4	%		77.4	%
One Medical Park — HMOB		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Parkridge MOB		94.6	%		94.6	%		94.6	%		94.6	%		94.6	%		94.6	%
Providence MOB I		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Providence MOB II		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Providence MOB III		73.4	%		69.2	%		69.2	%		69.2	%		63.3	%		94.1	%
River Hills Medical Plaza		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Roper MOB		87.0	%		92.6	%		92.6	%		90.6	%		93.0	%		90.7	%
St. Francis Community Medical Office Building		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
St. Francis Medical Office Building		87.0	%		87.0	%		100.0	%		95.9	%		95.6	%		95.6	%
St. Francis Medical Plaza		61.7	%		61.7	%		61.7	%		53.1	%		52.1	%		53.1	%
St. Francis Women’s Center		76.5	%		79.4	%		78.0	%		61.4	%		65.1	%		65.2	%
Three Medical Park		93.8	%		93.8	%		93.8	%		93.8	%		100.0	%		100.0	%
West Medical I		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Tennessee
Healthpark Medical Office Building		100.0	%		100.0	%		n/a			n/a			n/a			n/a
Peerless Medical Center		100.0	%		100.0	%		n/a			n/a			n/a			n/a
Virginia
Hanover Medical Office Building I		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
St. Mary’s Medical Office Building North		90.1	%		n/a			n/a			n/a			n/a			n/a

15

Cogdell Spencer Inc.
First Quarter 2008

Lease Expirations for Leases In Place at March 31, 2008

					Percentage of Net					Percentage of			Annualized Rent
	Number of		Net Rentable		Rentable Square			Annualized		Property			Per Leased
	Leases Expiring		Square Feet		Feet			Rent		Annualized Rent			Square Foot
Available				203,166		6.3	%				—		$	—
2008		106		309,479		9.6	%		6,520,023		9.0	%		21.07
2009		118		396,971		12.3	%		9,228,059		12.7	%		23.25
2010		106		440,736		13.6	%		9,754,266		13.5	%		22.13
2011		71		276,444		8.5	%		6,184,912		8.5	%		22.37
2012		126		627,151		19.4	%		16,241,239		22.4	%		23.57	(1)
2013		37		210,640		6.5	%		4,618,351		6.4	%		21.93
2014		35		207,334		6.4	%		4,920,652		6.8	%		23.73
2015		19		63,894		2.0	%		1,687,389		2.3	%		26.41
2016		10		46,905		1.4	%		1,006,239		1.4	%		21.45
2017		30		195,614		6.0	%		5,533,357		7.6	%		28.29
Thereafter		19		258,731		8.0	%		6,768,272		9.3	%		26.16
Total		677		3,237,065		100.0	%	$	72,462,759		100.0	%	$	23.40	(1)

⁽¹⁾ Excludes annualized rent of adjacent parking decks to Our Lady of Bellefonte and Gaston Professional Center from calculation.

Ten Largest Tenants by Annualized Rent at March 31, 2008

	Tenant	Annualized Rent		Percent of Portfolio
1	Carolinas HealthCare System	$	5,069,466		7.0	%
2	Palmetto Health Alliance		3,699,470		5.1	%
3	Bon Secours St. Francis Hospital		2,554,091		3.5	%
4	University Hospital (Augusta, GA)		2,008,001		2.8	%
5	Gaston Memorial Hospital		1,995,198		2.8	%
6	Jefferson Parish Hospital District		1,871,977		2.6	%
7	Our Lady of Bellefonte Hospital		1,639,392		2.3	%
8	Boice-Willis Clinic		1,505,553		2.1	%
9	Clarian Health Partners, Inc.		1,165,751		1.6	%
10	Lancaster Rehabilition Hospital		1,095,800		1.5	%
		$	22,604,699		31.2	%

Capital Expenditures

(in thousands)

	Three Months Ended
	March 31, 2008		Dec. 31, 2007		Sept. 30, 2007		June 30, 2007		March 31, 2007
Capital expenditures:
Recurring capital expenditures	$	633	$	1,354	$	378	$	330	$	150
Planned capital expenditures associated with property acquisitions		24		82		333		202		264
Second generation tenant improvements		833		837		766		1,460		1,095
Total capital expenditures	$	1,490	$	2,273	$	1,477	$	1,992	$	1,509

16

Cogdell Spencer Inc.
First Quarter 2008

Acquisitions and Completed Developments for the period January 1, 2007 through March 31, 2008

(dollars in thousands)

			Date				Purchase Price /
			Acquired /		Net Rentable		Construction
Property	Location	Type	In-service		Square Feet		Cost
Central New York Medical Center	Syracuse, NY	Acquisition		6/29/2007		111,634	$	35,965
Lancaster Rehabilitation Hospital	Lancaster, PA	Development		2Q 2007		52,878		11,747
Summit Professional Plaza I	Brunswick, GA	Acquisition		8/30/2007		33,039		7,822
Summit Professional Plaza II	Brunswick, GA	Acquisition		8/30/2007		64,233		16,485
Lancaster General Health Campus MOB (1)	Lancaster, PA	Development		3Q 2007		62,214		13,700
Healthpark Medical Office Building	Chattanooga, TN	Acquisition		12/21/2007		52,151		16,370
Peerless Medical Center	Cleveland, TN	Acquisition		12/21/2007		40,506		11,993
Total 2007						416,655	$	114,082
St. Mary’s Medical Office Building North	Richmond, VA	Acquisition		2/22/2008		30,617		4,449
East Jefferson Medical Plaza	Metairie, LA	Acquisition		2/28/2008		123,184		19,765
Total 2008						153,801	$	24,213

⁽¹⁾ Owned by Cogdell Health Campus MOB, LP, which is a consolidated real estate partnership. The Company had an 81% ownership interest at March 31, 2008.

Construction in Progress as of March 31, 2008

(dollars in thousands)

		Estimated	Net Rentable		Investment		Estimated Total		Percentage
Property	Location	Completion Date	Square Feet		to Date		Investment		Leased
Mebane Medical Office Building (1)	Mebane, NC	2Q 2008		60,000	$	11,831	$	16,200		85.6	%
St. Luke’s Riverside MOB	Bethlehem, PA	4Q 2009		170,000		876		38,900		2.3	%
Land and pre-construction developments				—		3,893		—
				230,000	$	16,600	$	55,100

(1)	Owned by Mebane Medical Investors, LLC, which is a consolidated real estate partnership.
	The Company had a 45.1% ownership interest at March 31, 2008.

Lease-up Property as of March 31, 2008

(dollars in thousands)

			Net Rentable		Investment		Estimated Total		Percentage
Property	Location	Completion Date	Square Feet		to Date		Investment		Leased
Carolina Forest Medical Plaza	Horry County, SC	2Q 2007		38,902	$	6,863	$	7,400		43.2	%

17