Cogdell Spencer 8K Reports Fourth Quarter and Year End 2006 Financial Results | SEC 27 Feb 07

Exhibit 99.2

SUPPLEMENTAL OPERATING AND
FINANCIAL DATA

FOR THE QUARTER ENDED
DECEMBER 31, 2006

(MEBANE MEDICAL OFFICE BUILDING PICTURE)

Rendering of Mebane Medical Office Building

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.

Cogdell Spencer Inc.
Company Background
Fourth Quarter 2006

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 office buildings, ambulatory surgery and diagnostic centers.

On November 1, 2005, the Company completed its initial public offering of 5,800,000 shares of common stock at $17.00 per share resulting in gross proceeds of $98.6 million. In connection with the exercise of the underwriters’ over-allotment option, the Company issued an additional 300,000 shares of common stock at $17.00 per share and received gross proceeds of $5.1 million. The aggregate proceeds, net of underwriting discounts and commissions and offering costs, were $89.9 million.

During the first quarter of 2006, the Company acquired four medical office buildings in three states, representing both new client relationships and new territories. Methodist Professional Center One in Indianapolis, Indiana was acquired for approximately $39.9 million. In a joint acquisition, the Company acquired Hanover Medical Office Building in Hanover, Virginia and 1808/1818 Verdugo Hills in Glendale, California for $36.1 million.

In June 2006, the Company announced an expanded presence in the Grand Strand region of South Carolina with the ground breaking of the Carolina Forest Medical Plaza, a 39,000 square foot medical office building. Construction is estimated to be completed in the second quarter of 2007. The facility is 43% leased as of December 31, 2006.

In July 2006, the Company broke ground on a rehabilitation hospital in Lancaster, Pennsylvania. This development project represents a new client relationship and is the eleventh state for Cogdell Spencer’s footprint. Construction is estimated to be completed in the second quarter of 2007. The facility is 100% leased. In October 2006, the Company broke ground on a second project in Lancaster, Pennsylvania with Lancaster General Hospital. The 64,070 square foot facility is a medical office building with an ambulatory surgery center. This project is scheduled for completion during the fourth quarter of 2007 and is 80% leased as of December 31, 2006.

In July 2006, the Company sold the building known as Cabarrus Pediatrics located in Concord, North Carolina, to NorthEast Medical Center. The Company recorded a $0.4 million gain from the sale during the third quarter of 2006. In addition, the Company disposed of joint ventures in three entities during the third quarter of 2006, Mary Black I and II and Cabarrus Land Company. The recorded gain from the dispositions was $0.5 million.

In August 2006, the Company acquired the Mary Black Westside medical office building in Spartanburg, South Carolina for approximately $5.2 million. The 37,455 square foot building is 100% leased.

On September 28, 2006, the Company announced the acquisition of Consera Healthcare Real Estate, LLC, a medical office building management company based in Columbia, South Carolina. Consera currently manages 39 properties located throughout South Carolina, Virginia, Kentucky and Florida. In conjunction with this acquisition, Cogdell Spencer announced the acquisition of Parkridge MOB for approximately $19.1 million. The facility, located in Columbia, South Carolina, is a 90,000 square foot outpatient center that is predominantly leased by Palmetto Health. The building is 94.6% leased as of December 31, 2006.

In November 2006, the Company held a ground breaking ceremony for the Mebane Medical Office Building and Ambulatory Surgery Center, which will be anchored by Alamance Regional Medical Center. This 60,000 square foot medical office building located in Mebane, North Carolina will house an ambulatory surgery center, diagnostic imaging center and urgent care center on the first floor. The second floor will be available for multi-specialty tenants. The $16.2 million project is scheduled for completion by the end of the first quarter of 2008. Cogdell Spencer is expected to ultimately own 25% of this project.

As of December 31, 2006, the Cogdell Spencer Inc. portfolio and managed properties consisted of properties located in eleven states throughout the United States. The Company’s footprint includes North Carolina, South Carolina, Georgia, Kentucky, Louisiana, Mississippi, Florida, Indiana, California, Pennsylvania and Virginia.

Of the properties in the Company’s wholly-owned portfolio, 79% are located on hospital campuses and 6% are off-campus, hospital anchored.

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; 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 filing on Form 10-K for the year ended December 31, 2005. 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.
Fourth Quarter 2006

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
			Chief Financial Officer
Christopher E. Lee	Richard C. Neugent

Randolph D. Smoak, M.D.


Equity Research Coverage

Banc of America Securities			KeyBanc Capital Markets
Russ Nussbaum — 212.847.5668			Jordan Sadler — 917.368.2280

BB&T			SmithBarney Citigroup
Stephanie Krewson — 804.782.8784			Jonathan Litt — 212.816.0231

BMO Capital Markets
Richard Anderson — 212.885.4180


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

Cogdell Spencer Inc.
Fourth Quarter 2006

Financial and Operating Highlights

(in thousands, except per share amounts, ratios and portfolio statistics)


	Three Months Ended			Year Ended
	December 31, 2006			December 31, 2006
Selected Operating Data
Property revenues	$	13,772		$	51,428
Straight line rent	$	57		$	196
Fair value lease revenues⁽¹⁾	$	294		$	990
Management fee revenue and expense reimbursements	$	956		$	2,077
Property operating and management expenses	$	5,709		$	19,848
Property operating and management margin		61	%		63	%

EBITDA⁽²⁾	$	7,994		$	30,354
Interest expense	$	4,221		$	14,236

Net loss	$	(3,067	)	$	(9,097	)
Net loss per share — diluted	$	(0.38	)	$	(1.14	)

Funds from Operations (“FFO”)⁽³⁾	$	3,728		$	15,037
FFO per share and unit — diluted⁽³⁾	$	0.30		$	1.21
Dividends declared per share and unit	$	0.35		$	1.40


	As of
	Dec. 31, 2006
Selected Balance Sheet Data
Cash and cash equivalents	$	1,029
Book value of real estate assets before depreciation	$	374,836
Total assets	$	392,816
Total liabilities	$	279,140
Minority interests and stockholders’ equity	$	113,676

Debt
Weighted average interest rate		6.5	%
Weighted average remaining maturity (years)		2.7

Debt / total market capitalization		49	%
Debt / total assets		67	%


	As of
	Dec. 31, 2006
Capitalization
Debt	$	262,031
Common shares outstanding		8,000
Units outstanding		4,584
Total common shares and units outstanding		12,584
Share price at end of period	$	21.50
Equity value at end of period⁽⁴⁾	$	270,556
Total market capitalization	$	532,587

Portfolio Statistics — Wholly-owned Properties
Properties wholly-owned at end of period		50
Total square footage owned at end of period		2,626,212
Occupancy at end of period		94.2	%


(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 10.

(3)		For a definition and discussion and a quantitative reconciliation of the differences between FFO and net loss, see page 9.

(4)		Assuming conversion of 100% of the operating partnership units into shares of common stock.

Cogdell Spencer Inc.
Fourth Quarter 2006

Condensed Consolidated Balance Sheets

(unaudited and in thousands)


	December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005
Assets
Real estate:
Operating real estate properties	$	361,982		$	358,835		$	337,233		$	335,613		$	258,744
Less: Accumulated depreciation		(23,664	)		(17,759	)		(12,666	)		(7,839	)		(2,699	)

Total operating real estate properties, net		338,318			341,076			324,567			327,774			256,045
Construction in progress		12,854			6,234			2,603			1,874			1,099
Real estate properties, net — held for sale		—			—			1,337			1,358			1,379

Total real estate, net		351,172			347,310			328,507			331,006			258,523
Cash and cash equivalents		1,029			2,384			870			3,897			9,571
Restricted cash		982			1,056			899			817			779
Investment in capital lease		6,193			6,270			6,346			6,448			6,499
Real estate related intangible assets, net		22,263			24,625			25,640			28,498			24,840
Deferred financing costs, net		1,018			966			829			890			913
Goodwill		5,084			5,112			2,875			2,875			2,875
Other assets		5,075			5,178			4,134			3,808			4,331
Other assets — held for sale		—			—			142			146			151

Total assets	$	392,816		$	392,901		$	370,242		$	378,385		$	308,482


Liabilities and stockholders’ equity
Notes payable under line of credit	$	77,487		$	97,850		$	85,850		$	85,850		$	19,600
Mortgage loans		184,544			155,472			143,119			144,019			139,374
Accounts payable and accrued liabilities		9,609			8,160			6,653			5,966			4,857
Accrued dividends and distributions		4,404			4,326			4,326			4,328			—
Acquired below market leases, net		3,096			3,434			3,455			3,754			2,893
Other liabilities — held for sale		—			—			1,256			1,263			1,272

Total liabilities		279,140			269,242			244,659			245,180			167,996
Minority interests and stockholders’ equity		113,676			123,659			125,583			133,205			140,486

Total liabilities and stockholders’ equity	$	392,816		$	392,901		$	370,242		$	378,385		$	308,482

Cogdell Spencer Inc.
Fourth Quarter 2006

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended
	December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006
Revenues:
Rental	$	14,123		$	13,394		$	13,381		$	11,717
Management fee revenue		581			188			218			317
Expense reimbursements		375			88			135			175
Development fee revenue		—			24			22			112
Interest and other income		217			198			222			291

Total revenues		15,296			13,892			13,978			12,612
Expenses:
Property operating and management		5,709			5,050			4,855			4,234
General and administrative		1,546			1,387			1,580			1,855
Depreciation and amortization		8,610			7,737			7,466			6,460
Interest		4,221			4,195			3,393			2,391
Prepayment penalty on early extinguishment of debt		—			37			—			—

Total expenses		20,086			18,406			17,294			14,940

Loss from continuing operations before equity in earnings of unconsolidated real estate partnerships, gain on sale of real estate partnerships, minority interests in real estate partnership, and minority interests in operating partnership		(4,790	)		(4,514	)		(3,316	)		(2,328	)
Equity in earnings of unconsolidated real estate partnerships		(3	)		2			—			5
Gain on sale of real estate partnerships		—			484			—			—
Minority interests in real estate partnership		(44	)		(24	)		(22	)		(31	)
Minority interests in operating partnership		1,770			1,430			1,177			831

Loss from continuing operations		(3,067	)		(2,622	)		(2,161	)		(1,523	)
Discontinued operations:
Income (loss) from discontinued operations		—			2			(7	)		(4	)
Gain on sale of real estate property		—			435			—			—
Minority interests in operating partnership		—			(154	)		2			2

Total discontinued operations		—			283			(5	)		(2	)

Net loss	$	(3,067	)	$	(2,339	)	$	(2,166	)	$	(1,525	)


Per share data — basic and diluted:
Loss from continuing operations — basic and diluted	$	(0.38	)	$	(0.33	)	$	(0.27	)	$	(0.19	)
Income (loss) from discontinued operations — basic and diluted		—			0.04			(0.00	)		(0.00	)

Net loss — basic and diluted	$	(0.38	)	$	(0.29	)	$	(0.27	)	$	(0.19	)


Weighted average common shares — basic and diluted⁽¹⁾		7,977			7,976			7,975			7,973


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

Cogdell Spencer Inc.
Fourth Quarter 2006

Condensed Consolidated Statement of Operations

(in thousands, except per share amounts)

(unaudited)


	Year Ended
	December 31, 2006
Revenues:
Rental	$	52,614
Management fee revenue		1,304
Expense reimbursements		773
Development fee revenue		158
Interest and other income		928

Total revenues		55,777
Expenses:
Property operating and management		19,848
General and administrative		6,368
Depreciation and amortization		30,273
Interest		14,199
Prepayment penalty on early extinguishment of debt		37

Total expenses		70,725

Loss from continuing operations before equity in earnings of unconsolidated real estate partnerships, gain on sale of real estate partnerships, minority interests in real estate partnership, and minority interests in operating partnership		(14,948	)
Equity in earnings of unconsolidated real estate partnerships		4
Gain on sale of real estate partnerships		484
Minority interests in real estate partnership		(121	)
Minority interests in operating partnership		5,208

Loss from continuing operations		(9,373	)
Discontinued operations:
Loss from discontinued operations		(9	)
Gain on sale of real estate property		435
Minority interests in Operating Partnership		(150	)

Total discontinued operations		276

Net loss	$	(9,097	)


Per share data — basic and diluted:
Loss from continuing operations — basic and diluted	$	(1.17	)
Income from discontinued operations — basic and diluted		0.03

Net loss — basic and diluted	$	(1.14	)


Weighted average common shares — basic and diluted⁽¹⁾		7,975


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

Cogdell Spencer Inc.
Fourth Quarter 2006

Reconciliation of Net Loss to Funds from Operations⁽¹⁾

(in thousands, except per share and unit amounts)

(unaudited)


	Three Months Ended
	December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006
Net loss	$	(3,067	)	$	(2,339	)	$	(2,166	)	$	(1,525	)
Plus minority interests in operating partnership		(1,770	)		(1,276	)		(1,179	)		(833	)
Plus real estate related depreciation and amortization⁽²⁾		8,565			7,684			7,433			6,430
Less gain on sale of real estate property and partnerships		—			(919	)		—			—

Funds from Operations (FFO)⁽¹⁾	$	3,728		$	3,150		$	4,088		$	4,072


FFO per share and unit — basic and diluted	$	0.30		$	0.26		$	0.33		$	0.33


Weighted average shares and units outstanding — basic		12,590			12,347			12,340			12,339

Weighted average shares and units outstanding — diluted		12,612			12,367			12,362			12,364


	Year Ended
	December 31, 2006
Net loss	$	(9,097	)
Plus minority interests in operating partnership		(5,058	)
Plus real estate related depreciation and amortization⁽²⁾		30,111
Less gain on sale of real estate property and partnerships		(919	)

Funds from Operations (FFO)⁽¹⁾	$	15,037


FFO per share and unit — basic and diluted	$	1.21


Weighted average shares and units outstanding — basic		12,405

Weighted average shares and units outstanding — diluted		12,427


(1)		As defined by the National Association of Real Estate Investment Trusts, or NAREIT, funds from operations, or FFO, represents net income (computed in accordance with generally accepted accounting principles, or GAAP), excluding gains from sales of property, plus real estate depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. We present FFO because we consider it an important supplemental measure of our operational performance and believe it 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. 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 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 our performance, nor is it indicative of funds available to fund our cash needs, including our 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 $8,552 and $30,052 and the Company’s share of joint venture real estate depreciation and amortization of $13 and $59 for the three months and year ended December 31, 2006, respectively.

Cogdell Spencer Inc.
Fourth Quarter 2006

Coverage Ratios

(in thousands, except ratio amounts)


	Three Months Ended
	December 31, 2006
Interest coverage ratio:
EBITDA	$	7,994
Cash paid for interest	$	3,861

Interest coverage ratio		2.1


Fixed charge coverage ratio:
EBITDA	$	7,994
Fixed charges:
Cash paid for interest	$	3,861
Principal payments		877

Total fixed charges	$	4,738

Fixed charge coverage ratio		1.7

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

(in thousands)


	Three Months Ended			Year Ended
	December 31, 2006			December 31, 2006
Reconciliation of net loss to EBITDA:
Net loss	$	(3,067	)	$	(9,097	)
Minority interests		(1,770	)		(5,058	)
Interest expense		4,221			14,236
Depreciation and amortization		8,610			30,273

EBITDA	$	7,994		$	30,354


(1)		We believe that earnings before interest, income taxes, depreciation and amortization, or EBITDA, adjusted for equity compensation charge at IPO, is a useful supplemental performance measure because it allows investors to view our performance without the impact of noncash depreciation and amortization or the cost of debt or minority interests. In addition, we believe 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 our business, its utility as a measure of our performance is limited. Accordingly, EBITDA should be considered only as a supplement to net income (computed in accordance with GAAP) as a measure of our financial performance. Other equity REITs may calculate EBITDA differently than we do; accordingly, our EBITDA may not be comparable to such other equity REITs’ EBITDA.

Cogdell Spencer Inc.
Fourth Quarter 2006

Consolidated Debt Analysis as of December 31, 2006

(dollars in thousands)


	Stated
	interest		Interest			Principal
	rate		Rate			Balance				Amortization
	%		%			$		Maturity Date		(Years)

Fixed rate secured mortgage loans — wholly-owned properties
Baptist Northwest Medical Park		8.25		8.25		$	2,297		2/1/2011		25
Barclay Downs		6.50		6.50			4,550		11/15/2012		25
Beaufort Medical Plaza		LIBOR + 0.95		5.96	⁽¹⁾		5,152		8/18/2008		25
Birkdale Medical Village		6.75		6.75			7,623		10/1/2008		25
East Jefferson Medical Office Building		6.01		6.01			9,589		8/10/2014		25
Gaston Professional Center		LIBOR + 1.25		6.43	⁽¹⁾		16,566		11/22/2007		25
Hanover Medical Office Building One		6.00		6.00			5,088		11/1/2009		25
Harrisburg Family Physicians Building, Lincoln/Lakemont Family Practice Center, Northcross Family Medical Practice Building and Randolph Medical Park		LIBOR + 1.85		7.00	⁽¹⁾		8,803		12/10/2007		25
Medical Arts Center of Orangeburg		5.95		5.95			2,628		12/18/2007		20
Methodist Professional Center I		LIBOR + 1.30		6.25	⁽¹⁾		30,000		10/31/2009		Interest only
Mulberry Medical Park		6.75		6.75			1,101		10/15/2007		20
One Medical Park — HMOB		5.93		5.93			5,743		11/1/2013		20
Providence MOB I, II and III		6.12		6.12			9,019		1/12/2013		25
River Hills Medical Plaza		LIBOR + 2.00		6.97	⁽¹⁾		3,069		11/30/2008		22
Rocky Mount Kidney Center		6.25		6.25			1,107		1/21/2009		20
Rocky Mount Medical Park	Prime			7.25	⁽²⁾		7,953		8/15/2008		25
Roper MOB		LIBOR + 1.50		6.45	⁽¹⁾		9,860		7/10/2009		18
Rowan Outpatient Surgery Center		6.00		6.00			3,477		7/6/2014		25
Three Medical Park		5.55		5.55			8,243		3/25/2014		25

Total / weighted average fixed rate secured mortgages				6.36			141,868

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		6.83	⁽³⁾		8,935		12/15/2014		25
Parkridge MOB		LIBOR + 1.45		6.78			13,270		10/1/2007		Interest only
St. Francis Community Medical Office Building, St. Francis MOB		LIBOR + 1.40		6.73			7,280		8/18/2007		25
St. Francis Medical Plaza, St. Francis Women’s Center⁽⁴⁾		LIBOR + 1.43		6.76			8,444		2/15/2007		25

Total / weighted average variable rate secured mortgages				6.78			37,929

Unsecured line of credit		LIBOR + 1.30		6.63			77,487		10/31/2008

Consolidated less than 50% owned real estate partnership
Rocky Mount MOB LLC		6.25		6.25			4,245		6/21/2007		25

							261,529
Unamortized premium							502

Total / weighted average debt				6.50		$	262,031


⁽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⁾		Refinanced in February 2007. The mortgage note payable now matures on June 15, 2008, has a variable interest rate of LIBOR + 1.55%, and a principal balance of $7,694.

Cogdell Spencer Inc.
Fourth Quarter 2006

Consolidated Debt Analysis as of December 31, 2006 (continued)

(dollars in thousands)


	% of			Weighted Average
	Total Debt			Maturity (Years)
Fixed rate mortgages		55.9	%		3.32
Variable rate mortgages		14.5	%		2.29
Unsecured line of credit		29.6	%		1.84

		100.0	%		2.73

Future maturities and principal payments


2007	$	62,002
2008		105,036
2009		46,438
2010		1,456
2011		3,562
Thereafter		43,035

	$	261,529

Unsecured line of credit — matures October 31, 2008


Facility	$	130,000
Less: Outstanding at December 31, 2006		77,487
Less: Letters of credit		2,352

Availability at December 31, 2006	$	50,161

Cogdell Spencer Inc.
Fourth Quarter 2006

Property Listing as of December 31, 2006


									Annualized Rent
		Net Rentable					Annualized		Per Leased
	Location	Square Feet		Occupancy Rate			Rent		Square Foot
California
Verdugo Professional Building I	Glendale		63,887		88.4	%	$	1,717,659	$	30.41
Verdugo Professional Building II	Glendale		42,906		88.2	%		1,240,676		32.78

			106,793		88.3	%		2,958,335		31.36

Georgia
Augusta POB I	Augusta		99,494		99.5	%		1,202,288		12.14
Augusta POB II	Augusta		125,634		93.2	%		2,603,054		22.23
Augusta POB III	Augusta		47,034		90.0	%		761,623		17.99
Augusta POB IV	Augusta		55,134		85.2	%		887,602		18.90

			327,296		93.3	%		5,454,567		17.86

Indiana
Methodist Professional Center I⁽²⁾	Indianapolis		150,034		94.7	%		3,073,908		21.63
Methodist Professional Center II (sub-lease)	Indianapolis		24,080		100.0	%		584,979		24.29

			174,114		95.4	%		3,658,887		22.02

Kentucky
Our Lady of Bellefonte	Ashland		46,907		100.0	%		1,108,305		23.63
Adjacent parking deck								771,593

			46,907		100.0	%		1,879,898		23.63	⁽¹⁾

Louisiana
East Jefferson Medical Office Building	Metairie		119,921		100.0	%		2,338,867		19.50
East Jefferson Medical Specialty Building	Metairie		10,809		100.0	%		966,359		89.40

			130,730		100.0	%		3,305,226		25.28

North Carolina
Barclay Downs	Charlotte		38,395		100.0	%		785,462		20.46
Birkdale Medical Village	Huntersville		64,669		100.0	%		1,350,759		20.89
Birkdale Retail	Huntersville		8,269		100.0	%		205,860		24.90
Cabarrus POB	Concord		84,972		96.6	%		1,697,889		20.69
Copperfield Medical Mall	Concord		26,000		100.0	%		569,920		21.92
Copperfield MOB	Concord		61,789		82.7	%		1,102,971		21.58
East Rocky Mount Kidney Center	Rocky Mount		8,043		100.0	%		167,033		20.77
Gaston Professional Center	Gastonia		114,956		100.0	%		2,551,072		22.19
Adjacent parking deck								610,008
Harrisburg Family Physicians Building	Harrisburg		8,202		100.0	%		206,049		25.12
Harrisburg Medical Mall	Harrisburg		18,360		100.0	%		446,699		24.33
Lincoln/Lakemont Family Practice Center	Lincolnton		16,500		100.0	%		391,338		23.72
Mallard Crossing Medical Park	Charlotte		52,540		89.5	%		1,127,549		23.98
Midland Medical Mall	Midland		14,610		92.1	%		360,528		26.79
Mulberry Medical Park	Lenoir		24,992		94.8	%		406,137		17.14
Northcross Family Medical Practice Building	Charlotte		8,018		100.0	%		214,428		26.74
Randolph Medical Park	Charlotte		84,131		94.6	%		1,705,029		21.42
Rocky Mount Kidney Center	Rocky Mount		10,105		100.0	%		198,765		19.67
Rocky Mount Medical Park	Rocky Mount		96,993		95.8	%		1,811,022		19.49
Rowan Outpatient Surgery Center	Salisbury		19,464		100.0	%		404,073		20.76
Weddington Internal & Pediatric Medicine	Concord		7,750		100.0	%		175,228		22.61

			768,758		96.1	%		16,487,819		21.50	⁽¹⁾

Cogdell Spencer Inc.
Fourth Quarter 2006

Property Listing as of December 31, 2006 (Continued)


									Annualized Rent
		Net Rentable		Occupancy			Annualized		Per Leased
	City	Square Feet		Rate			Rent		Square Foot
South Carolina
190 Andrews	Greenville		22,898		100.0	%		419,992		18.34
Baptist Northwest	Columbia		38,703		100.0	%		736,311		19.02
Beaufort Medical Plaza	Beaufort		59,340		100.0	%		1,178,424		19.86
Mary Black Westside MOB	Spartanburg		37,455		100.0	%		754,082		20.13
Medical Arts Center of Orangeburg	Orangeburg		49,324		100.0	%		867,515		17.59
Mt. Pleasant MOB	Mt. Pleasant		38,735		77.4	%		721,878		24.08
One Medical Park — HMOB	Columbia		69,840		100.0	%		1,547,263		22.15
Parkridge MOB	Columbia		89,451		94.6	%		1,881,026		22.23
Providence MOB I	Columbia		48,500		100.0	%		961,970		19.83
Providence MOB II	Columbia		23,280		100.0	%		431,534		18.54
Providence MOB III	Columbia		54,417		94.1	%		1,025,273		20.02
River Hills Medical Plaza	Little River		27,566		100.0	%		812,298		29.47
Roper MOB	Charleston		122,785		90.7	%		2,143,058		19.24
St. Francis Community Medical Office Building	Greenville		45,140		100.0	%		1,086,299		24.07
St. Francis Medical Office Building	Greenville		49,767		95.6	%		885,677		18.62
St. Francis Medical Plaza	Greenville		62,724		53.1	%		649,684		19.51
St. Francis Women’s Center	Greenville		57,590		65.2	%		763,617		20.34
Three Medical Park	Columbia		88,755		100.0	%		1,926,733		21.71
West Medical I	Charleston		28,734		100.0	%		719,438		25.04

			1,015,004		92.1	%		19,512,072		20.87

Virginia
Hanover Medical Office Building I	Mechanicsville		56,610		100.0	%		1,507,190		26.62


Total			2,626,212		94.2	%	$	54,763,994	$	21.58	⁽¹⁾


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

⁽²⁾		Parking revenue from an adjacent parking deck is approximately $70,000 per month, or $840,000 annualized.

Cogdell Spencer Inc.
Fourth Quarter 2006

Property Occupancy Rates


	12/31/2006			9/30/2006			6/30/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
California
Verdugo Professional Building I		88.4	%		91.0	%		96.0	%		n/a			n/a			n/a			n/a
Verdugo Professional Building II		88.2	%		88.2	%		95.4	%		n/a			n/a			n/a			n/a
Georgia
Augusta POB I		99.5	%		99.5	%		99.5	%		97.9	%		90.6	%		89.3	%		74.9	%
Augusta POB II		93.2	%		93.2	%		100.0	%		98.3	%		90.2	%		85.1	%		85.1	%
Augusta POB III		90.0	%		80.8	%		80.8	%		90.7	%		100.0	%		100.0	%		100.0	%
Augusta POB IV		85.2	%		75.4	%		50.4	%		89.6	%		89.6	%		89.6	%		89.6	%
Indiana
Methodist Professional Center I		94.7	%		94.7	%		94.7	%		n/a			n/a			n/a			n/a
Methodist Professional Center II (sub-lease)		100.0	%		100.0	%		100.0	%		n/a			n/a			n/a			n/a
Kentucky
Our Lady of Bellefonte		100.0	%		100.0	%		89.3	%		89.3	%		100.0	%		100.0	%		100.0	%
Louisiana
East Jefferson Medical Office Building		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		98.9	%		97.7	%
East Jefferson Medical Specialty Building		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
North Carolina
Barclay Downs		100.0	%		100.0	%		100.0	%		97.1	%		76.0	%		100.0	%		n/a
Birkdale Medical Village		100.0	%		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	%		100.0	%
Cabarrus POB		96.6	%		96.6	%		89.2	%		98.4	%		96.1	%		95.7	%		100.0	%
Copperfield Medical Mall		100.0	%		100.0	%		100.0	%		100.0	%		n/a			n/a			n/a
Copperfield MOB		82.7	%		82.7	%		82.7	%		82.7	%		n/a			n/a			n/a
East Rocky Mount Kidney Center		100.0	%		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	%		97.8	%		97.2	%
Harrisburg Family Physicians Building		100.0	%		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	%		100.0	%
Lincoln/Lakemont Family Practice Center		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Mallard Crossing Medical Park		89.5	%		84.9	%		84.9	%		92.8	%		92.8	%		92.8	%		100.0	%
Midland Medical Mall		92.1	%		92.1	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Mulberry Medical Park		94.8	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Northcross Family Medical Practice Building		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Randolph Medical Park		94.6	%		96.9	%		89.3	%		89.9	%		97.4	%		97.4	%		100.0	%
Rocky Mount Kidney Center		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Rocky Mount Medical Park		95.8	%		95.8	%		100.0	%		95.8	%		95.8	%		92.8	%		92.8	%
Rowan Outpatient Surgery Center		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		n/a			n/a
Weddington Internal & Pediatric Medicine		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		n/a			n/a

Cogdell Spencer Inc.
Fourth Quarter 2006

Property Occupancy Rates (Continued)


	12/31/2006			9/30/2006			6/30/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
South Carolina
190 Andrews		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Baptist Northwest		100.0	%		100.0	%		96.2	%		96.2	%		96.2	%		96.2	%		92.4	%
Beaufort Medical Plaza		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Mary Black Westside MOB		100.0	%		100.0	%		n/a			n/a			n/a			n/a			n/a
Medical Arts Center of Orangeburg		100.0	%		100.0	%		100.0	%		97.3	%		100.0	%		100.0	%		100.0	%
Mt. Pleasant MOB		77.4	%		77.4	%		77.4	%		77.4	%		77.4	%		72.5	%		72.5	%
One Medical Park — HMOB		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		93.9	%
Parkridge MOB		94.6	%		94.6	%		n/a			n/a			n/a			n/a			n/a
Providence MOB I		100.0	%		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	%		100.0	%
Providence MOB III		94.1	%		92.5	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
River Hills Medical Plaza		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		92.8	%
Roper MOB		90.7	%		89.2	%		89.2	%		89.2	%		88.4	%		96.5	%		96.0	%
St. Francis Community Medical Office Building		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		93.9	%		93.9	%
St. Francis Medical Office Building		95.6	%		95.6	%		95.6	%		95.6	%		100.0	%		95.6	%		95.6	%
St. Francis Medical Plaza		53.1	%		53.1	%		70.0	%		94.0	%		100.0	%		100.0	%		100.0	%
St. Francis Women’s Center		65.2	%		78.7	%		78.7	%		76.2	%		96.4	%		96.4	%		96.4	%
Three Medical Park		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
West Medical I		100.0	%		100.0	%		100.0	%		100.0	%		77.6	%		n/a			n/a
Virginia
Hanover Medical Office Building I		100.0	%		100.0	%		100.0	%		n/a			n/a			n/a			n/a

Cogdell Spencer Inc.
Fourth Quarter 2006

Lease Expirations for Leases In Place at December 31, 2006


					Percentage of Net					Percentage of			Annualized Rent
	Number of		Net Rentable		Rentable Square			Annualized		Property			Per Leased Square
	Leases Expiring		Square Feet		Feet			Rent		Annualized Rent			Foot
Available		—		152,460		5.8	%	$	—		—		$	—
2007		127		458,685		17.5	%		9,724,977		17.8	%		21.20
2008		109		361,977		13.8	%		7,012,312		12.8	%		19.37
2009		117		375,129		14.3	%		8,230,059		15.0	%		21.94
2010		69		309,363		11.8	%		6,482,316		11.8	%		20.95
2011		56		214,019		8.1	%		4,633,033		8.5	%		21.65
2012		52		333,720		12.7	%		8,922,014		16.3	%		22.60	⁽¹⁾
2013		16		133,027		5.1	%		2,901,467		5.3	%		21.81
2014		15		113,720		4.3	%		2,501,093		4.6	%		21.99
2015		11		30,041		1.1	%		824,713		1.5	%		27.45
2016		10		46,905		1.8	%		966,034		1.8	%		20.60
Thereafter		13		97,166		3.7	%		2,565,976		4.7	%		26.41

Total		595		2,626,212		100.0	%	$	54,763,994		100.0	%		21.58	⁽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 December 31, 2006


	Tenant	Annualized Rent		Percent of Portfolio
1	Palmetto Health Alliance	$	3,550,183		6.6	%
2	NorthEast Medical Center		3,081,882		5.7	%
3	University Hospital (Augusta, GA)		2,025,239		3.7	%
4	Carolinas HealthCare System		1,867,983		3.4	%
5	Gaston Memorial Hospital		1,855,699		3.4	%
6	Our Lady of Bellefonte Hospital		1,519,096		2.8	%
7	Boice-Willis Clinic		1,388,732		2.6	%
8	Bon Secours St. Francis Hospital		1,192,966		2.2	%
9	East Jefferson General Hospital		1,069,967		2.0	%
10	Clarian Health Partners, Inc.		879,307		1.6	%

		$	18,431,054		34.0	%

Capital Expenditures

(in thousands)


	Three Months Ended
	Dec. 31, 2006		Sept. 30, 2006		June 30, 2006		March 31, 2006
Capital expenditures:
Recurring capital expenditures	$	566	$	218	$	84	$	240
Planned capital expenditures associated with property acquisitions		474		182		795		136
Second generation tenant improvements		802		715		287		433

Total capital expenditures	$	1,842	$	1,115	$	1,166	$	809

Cogdell Spencer Inc.
Fourth Quarter 2006

Acquisitions for the period January 1, 2006 through December 31, 2006

(dollars in thousands)

Net Rentable

Purchase

Property

Location

Date Acquired

Square Feet

Price

Methodist Professional Center

Indianapolis, IN

2/15/2006

174,114

39,864

Verdugo Professional Building I

Glendale, CA

3/30/2006

63,887

10,352

Verdugo Professional Building II

Glendale, CA

3/30/2006

42,906

13,723

Hanover Medical Office Building I

Mechanicsville, VA

3/30/2006

56,610

12,000

Mary Black Westside MOB

Spartanburg, SC

8/4/2006

37,455

5,207

Parkridge MOB

Columbia, SC

9/28/2006

89,451

19,100

Total

464,423

100,246

Construction in Progress as of December 31, 2006

(dollars in thousands)


								Estimated
		Estimated		Net Rentable		Investment		Total		Percentage
Property	Location	Completion Date		Square Feet		to Date		Investment		Leased

Carolina Forest Medical Plaza	Horry County, SC		2Q 2007		39,000	$	4,342	$	7,400		43.2	%
Lancaster Rehabilitation Hospital	Lancaster, PA		2Q 2007		52,800		5,130		12,300		100.0	%
Lancaster General Health Campus MOB	Lancaster, PA		4Q 2007		64,070		1,483		15,500		80.0	%
Mebane Medical Office Building	Mebane, NC		1Q 2008		60,000		413		16,200		52.3	%
Land and pre-construction developments					—		1,486		—

					215,870	$	12,854	$	51,400

Cogdell Spencer Inactive 8-KCogdell Spencer Inc. Reports Fourth Quarter and Year End 2006 Financial Results