Exhibit 99.2
SUPPLEMENTAL OPERATING AND
FINANCIAL DATA
FINANCIAL DATA
FOR THE QUARTER ENDED
MARCH 31, 2007
MARCH 31, 2007
Carolina Forest Medical Plaza– Horry County, South Carolina
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.
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
First Quarter 2007
Company Background
First Quarter 2007
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 2006, the Company’s first full year as a public entity, Cogdell Spencer Inc. completed $100 million in acquisitions, entering both new client relationships and new territories. With acquisitions in Indiana, California, South Carolina and Virginia, the Company’s reach expanded across the United States.
In February 2006, the Company acquired a 171,500 square medical office building in Indianapolis, Indiana. Methodist Professional Center is the flagship of the Clarian Healthcare System, the largest healthcare provider in Indianapolis.
The Company acquired a three-property 164,403 square foot portfolio in March 2006 that included Hanover Medical Office Building I in Hanover, Virginia and Verdugo Hills 1808/1818 in Glendale, California. This acquisition moved the Company into two new markets and created relationships with two new healthcare system clients.
In September 2006, the Company made its first corporate acquisition with the purchase of Consera Healthcare Real Estate, LLC, a medical office building management company based in Columbia, South Carolina. Consera 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.
Cogdell Spencer’s development team had four ground breakings in 2006. The first project, Carolina Forest Medical Plaza, located in Horry County, South Carolina is scheduled for completion in April and tenants will begin moving in this summer. In Lancaster, Pennsylvania, the Company broke ground on Lancaster Rehabilitation Hospital and the Lancaster General Health Campus Medical Office Building and Ambulatory Surgery Center. Both of these facilities are scheduled for completion in 2007 and total $25.0 million.
1
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 second quarter of 2008. Cogdell Spencer is expected to ultimately own 25% of this project.
On March 19, 2007, the Company announced the commencement of an underwritten public offering of 3,250,000 shares of common stock plus an option to purchase up to an additional 487,500 shares within a 30-day period to cover overallotments. On March 23, 2007, Cogdell Spencer issued 3,949,700 common shares at a price of $21.00 per share resulting in net proceeds to the Company of $78.5 million. The net proceeds were used to reduce outstanding principal on the Company’s unsecured Credit Facility and working capital.
On March 27, 2007, the Company announced Heidi Barringer as Executive Vice President. In this role, she is responsible for Property Management, Asset Management, Human Resources and Information Technology. Cogdell Spencer had 120 employees as of March 31, 2007, a growth of 30 employees over the past 12 months.
As of March 31, 2007, 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.
2
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, 2006. 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 2007
Investor Information
First Quarter 2007
Investor Information
Board of Directors
James W. Cogdell
Chairman
Chairman
John R. Georgius
Christopher E. Lee
Randolph D. Smoak, M.D.
Frank C. Spencer
President & CEO
President & CEO
Richard B. Jennings
Richard C. Neugent
Senior Management
James W. Cogdell
Chairman
Chairman
Charles M. Handy
Chief Financial Officer
Chief Financial Officer
Frank C. Spencer
President & CEO
President & CEO
Heidi M. Barringer
Executive Vice President
Executive Vice President
Equity Research Coverage
Banc of America Securities
Ross Nussbaum – 212.847.5668
Ross Nussbaum – 212.847.5668
BB&T
Stephanie Krewson – 804.782.8784
Stephanie Krewson – 804.782.8784
BMO Capital Markets
Richard Anderson – 212.885.4180
Richard Anderson – 212.885.4180
KeyBanc Capital Markets
Jordan Sadler — 917.368.2280
Jordan Sadler — 917.368.2280
SmithBarney Citigroup
Jonathan Litt — 212.816.0231
Jonathan Litt — 212.816.0231
Company Information
Corporate Headquarters
4401 Barclay Downs Drive
Suite 300
Charlotte, NC 28209
Tel: 704.940.2900
Fax: 704.940.2957
www.cogdellspencer.com
4401 Barclay Downs Drive
Suite 300
Charlotte, NC 28209
Tel: 704.940.2900
Fax: 704.940.2957
www.cogdellspencer.com
Trading Symbol
CSA
Stock Exchange Listing
New York Stock Exchange
CSA
Stock Exchange Listing
New York Stock Exchange
Transfer Agent
Continental Stock
Transfer & Trust
Continental Stock
Transfer & Trust
Investor Relations
Dana A. Crothers
Marketing Director
704.940.2904
Dana A. Crothers
Marketing Director
704.940.2904
4
Cogdell Spencer Inc.
First Quarter 2007
First Quarter 2007
Financial and Operating Highlights
(in thousands, except per share amounts, ratios and portfolio statistics)
(in thousands, except per share amounts, ratios and portfolio statistics)
| Three Months Ended | Three Months Ended | |||||||
| March 31, 2007 | March 31, 2006 | |||||||
| Selected Operating Data | ||||||||
| Property revenues | $ | 14,075 | $ | 11,498 | ||||
| Straight line rent | 60 | 19 | ||||||
| Fair value lease revenues (1) | 180 | 201 | ||||||
| Rental revenues | $ | 14,315 | $ | 11,718 | ||||
| Management fee revenue and expense reimbursements — third party | $ | 944 | $ | 491 | ||||
| Property operating | $ | 5,145 | $ | 3,870 | ||||
| Property management — third party | 760 | $ | 224 | |||||
| Property operating and management | $ | 5,905 | $ | 4,094 | ||||
| Property operating margin | 63 | % | 66 | % | ||||
EBITDA(2) | $ | 7,716 | $ | 6,538 | ||||
| Interest expense | $ | 4,035 | $ | 2,391 | ||||
| Net loss | $ | (1,913 | ) | $ | (1,525 | ) | ||
| Net loss per share — diluted | $ | (0.23 | ) | $ | (0.19 | ) | ||
Funds from Operations (“FFO”)(3) | $ | 3,591 | $ | 4,072 | ||||
FFO per share and unit — diluted(3) | $ | 0.28 | $ | 0.33 | ||||
| Dividends declared per share and unit | $ | 0.35 | $ | 0.35 | ||||
| As of | ||||
| Mar. 31, 2007 | ||||
Selected Balance Sheet Data | ||||
| Cash and cash equivalents | $ | 4,985 | ||
| Book value of real estate assets before depreciation | $ | 384,546 | ||
| Total assets | $ | 400,605 | ||
| Total liabilities | $ | 217,363 | ||
| Minority interests and stockholders’ equity | $ | 183,242 | ||
Debt | ||||
| Weighted average interest rate | 6.4 | % | ||
| Weighted average remaining maturity (years) | 2.9 | |||
| Debt / total market capitalization | 36 | % | ||
| Debt / total assets | 49 | % | ||
Capitalization | ||||
| Debt | $ | 194,320 | ||
| Common shares outstanding | 11,949 | |||
| Units outstanding | 4,584 | |||
| Total common shares and units outstanding | 16,533 | |||
| Share price at end of period | $ | 21.07 | ||
Equity value at end of period(4) | $ | 348,350 | ||
| Total market capitalization | $ | 542,670 | ||
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 | 93.0 | % | ||
| (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 and net loss, see page 8. | |
| (4) | Assuming conversion of 100% of the operating partnership units into shares of common stock. |
5
Cogdell Spencer Inc.
First Quarter 2007
First Quarter 2007
Condensed Consolidated Balance Sheets
(unaudited and in thousands)
(unaudited and in thousands)
| March 31, 2007 | December 31, 2006 | September 30, 2006 | June 30, 2006 | March 31, 2006 | ||||||||||||||||
Assets | ||||||||||||||||||||
| Real estate: | ||||||||||||||||||||
| Operating real estate properties | $ | 364,097 | $ | 361,982 | $ | 358,835 | $ | 337,233 | $ | 335,613 | ||||||||||
| Less: Accumulated depreciation | (28,489 | ) | (23,664 | ) | (17,759 | ) | (12,666 | ) | (7,839 | ) | ||||||||||
| Total operating real estate properties, net | 335,608 | 338,318 | 341,076 | 324,567 | 327,774 | |||||||||||||||
| Construction in progress | 20,449 | 12,854 | 6,234 | 2,603 | 1,874 | |||||||||||||||
| Real estate properties, net — held for sale | — | — | — | 1,337 | 1,358 | |||||||||||||||
| Total real estate, net | 356,057 | 351,172 | 347,310 | 328,507 | 331,006 | |||||||||||||||
| Cash and cash equivalents | 4,985 | 1,029 | 2,384 | 870 | 3,897 | |||||||||||||||
| Restricted cash | 874 | 982 | 1,056 | 899 | 817 | |||||||||||||||
| Investment in capital lease | 6,117 | 6,193 | 6,270 | 6,346 | 6,448 | |||||||||||||||
| Real estate related intangible assets, net | 20,432 | 22,263 | 24,625 | 25,640 | 28,498 | |||||||||||||||
| Deferred financing costs, net | 1,122 | 1,018 | 966 | 829 | 890 | |||||||||||||||
| Goodwill | 5,335 | 5,326 | 5,112 | 2,875 | 2,875 | |||||||||||||||
| Other assets | 5,683 | 5,075 | 5,178 | 4,134 | 3,808 | |||||||||||||||
| Other assets — held for sale | — | — | — | 142 | 146 | |||||||||||||||
| Total assets | $ | 400,605 | $ | 393,058 | $ | 392,901 | $ | 370,242 | $ | 378,385 | ||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||
| Notes payable under line of credit | $ | 11,500 | $ | 77,487 | $ | 97,850 | $ | 85,850 | $ | 85,850 | ||||||||||
| Mortgage loans | 182,820 | 184,544 | 155,472 | 143,119 | 144,019 | |||||||||||||||
| Accounts payable and accrued liabilities | 14,401 | 9,851 | 8,160 | 6,653 | 5,966 | |||||||||||||||
| Accrued dividends and distributions | 5,787 | 4,404 | 4,326 | 4,326 | 4,328 | |||||||||||||||
| Acquired below market leases, net | 2,855 | 3,096 | 3,434 | 3,455 | 3,754 | |||||||||||||||
| Other liabilities — held for sale | — | — | — | 1,256 | 1,263 | |||||||||||||||
| Total liabilities | 217,363 | 279,382 | 269,242 | 244,659 | 245,180 | |||||||||||||||
| Minority interests and stockholders’ equity | 183,242 | 113,676 | 123,659 | 125,583 | 133,205 | |||||||||||||||
| Total liabilities and stockholders’ equity | $ | 400,605 | $ | 393,058 | $ | 392,901 | $ | 370,242 | $ | 378,385 | ||||||||||
6
Cogdell Spencer Inc.
First Quarter 2007
First Quarter 2007
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
(in thousands, except per share amounts)
(unaudited)
| Three Months Ended | ||||||||||||||||||||
| March 31, 2007 | December 31, 2006 | September 30, 2006 | June 30, 2006 | March 31, 2006 | ||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Rental | $ | 14,315 | $ | 14,123 | $ | 13,394 | $ | 13,381 | $ | 11,718 | ||||||||||
| Management fee revenue | 598 | 581 | 188 | 218 | 343 | |||||||||||||||
| Expense reimbursements | 346 | 375 | 88 | 135 | 174 | |||||||||||||||
| Development fee revenue | 230 | — | 24 | 22 | 86 | |||||||||||||||
| Interest and other income | 409 | 217 | 198 | 222 | 292 | |||||||||||||||
| Total revenues | 15,898 | 15,296 | 13,892 | 13,978 | 12,613 | |||||||||||||||
| Expenses: | ||||||||||||||||||||
| Property operating and management | 5,905 | 5,709 | 5,050 | 4,855 | 4,094 | |||||||||||||||
| General and administrative | 2,251 | 1,546 | 1,387 | 1,580 | 1,995 | |||||||||||||||
| Depreciation and amortization | 6,642 | 8,610 | 7,737 | 7,466 | 6,461 | |||||||||||||||
| Interest | 4,035 | 4,221 | 4,195 | 3,393 | 2,391 | |||||||||||||||
| Prepayment penalty on early extinguishment of debt | — | — | 37 | — | — | |||||||||||||||
| Total expenses | 18,833 | 20,086 | 18,406 | 17,294 | 14,941 | |||||||||||||||
| 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 | (2,935 | ) | (4,790 | ) | (4,514 | ) | (3,316 | ) | (2,328 | ) | ||||||||||
| Equity in earnings of unconsolidated real estate partnerships | (9 | ) | (3 | ) | 2 | — | 5 | |||||||||||||
| Gain on sale of real estate partnerships | — | — | 484 | — | — | |||||||||||||||
| Minority interests in real estate partnership | (17 | ) | (44 | ) | (24 | ) | (22 | ) | (31 | ) | ||||||||||
| Minority interests in operating partnership | 1,048 | 1,770 | 1,430 | 1,177 | 831 | |||||||||||||||
| Loss from continuing operations | (1,913 | ) | (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 | $ | (1,913 | ) | $ | (3,067 | ) | $ | (2,339 | ) | $ | (2,166 | ) | $ | (1,525 | ) | |||||
| Per share data — basic and diluted: | ||||||||||||||||||||
| Loss from continuing operations — basic and diluted | $ | (0.23 | ) | $ | (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 | $ | (0.23 | ) | $ | (0.38 | ) | $ | (0.29 | ) | $ | (0.27 | ) | $ | (0.19 | ) | |||||
Weighted average common shares — basic and diluted(1) | 8,334 | 7,977 | 7,976 | 7,975 | 7,973 | |||||||||||||||
| (1) | Shares of unvested restricted common stock are anti-dilutive due to the net loss. |
7
Cogdell Spencer Inc.
First Quarter 2007
First Quarter 2007
Reconciliation of Net Loss to Funds from Operations(1)
(in thousands, except per share and unit amounts)
(unaudited)
(in thousands, except per share and unit amounts)
(unaudited)
| Three Months Ended | ||||||||||||||||||||
| March 31, 2007 | December 31, 2006 | September 30, 2006 | June 30, 2006 | March 31, 2006 | ||||||||||||||||
| Net loss | $ | (1,913 | ) | $ | (3,067 | ) | $ | (2,339 | ) | $ | (2,166 | ) | $ | (1,525 | ) | |||||
| Plus minority interests in operating partnership | (1,048 | ) | (1,770 | ) | (1,276 | ) | (1,179 | ) | (833 | ) | ||||||||||
Plus real estate related depreciation and amortization(2) | 6,552 | 8,565 | 7,684 | 7,433 | 6,430 | |||||||||||||||
| Less gain on sale of real estate property and partnerships | — | — | (919 | ) | — | — | ||||||||||||||
Funds from Operations (FFO)(1) | $ | 3,591 | $ | 3,728 | $ | 3,150 | $ | 4,088 | $ | 4,072 | ||||||||||
| FFO per share and unit — basic and diluted | $ | 0.28 | $ | 0.30 | $ | 0.26 | $ | 0.33 | $ | 0.33 | ||||||||||
| Weighted average shares and units outstanding — basic | 12,919 | 12,590 | 12,347 | 12,340 | 12,338 | |||||||||||||||
| Weighted average shares and units outstanding — diluted | 12,939 | 12,612 | 12,367 | 12,362 | 12,365 | |||||||||||||||
| (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 $6,534 and $6,412 and the Company’s share of joint venture real estate depreciation and amortization of $18 and $18 for the three months ended March 31, 2007 and 2006, respectively. |
8
Cogdell Spencer Inc.
First Quarter 2007
First Quarter 2007
Coverage Ratios
(in thousands, except ratio amounts)
(in thousands, except ratio amounts)
| Three Months Ended | ||||
| March 31, 2007 | ||||
| Interest coverage ratio: | ||||
| EBITDA | $ | 7,716 | ||
| Cash paid for interest | $ | 3,916 | ||
| Interest coverage ratio | 2.0 | |||
| Fixed charge coverage ratio: | ||||
| EBITDA | $ | 7,716 | ||
| Fixed charges: | ||||
| Cash paid for interest | $ | 3,916 | ||
| Principal payments | 925 | |||
| Total fixed charges | $ | 4,841 | ||
| Fixed charge coverage ratio | 1.6 | |||
Reconciliation of Earnings Before Interest, Taxes,
Depreciation and Amortization (“EBITDA”)(1)
(in thousands)
Depreciation and Amortization (“EBITDA”)(1)
(in thousands)
| Three Months Ended | ||||
| March 31, 2007 | ||||
| Reconciliation of net loss to EBITDA: | ||||
| Net loss | $ | (1,913 | ) | |
| Minority interests | (1,048 | ) | ||
| Interest expense | 4,035 | |||
| Depreciation and amortization | 6,642 | |||
| EBITDA | $ | 7,716 | ||
| (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. |
9
Cogdell Spencer Inc.
First Quarter 2007
First Quarter 2007
Consolidated Debt Analysis as of March 31, 2007
(dollars in thousands)
(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 | $ | 2,284 | 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) | 5,121 | 8/18/2008 | 25 | |||||||||||||||
| Birkdale Medical Village | 6.75 | 6.75 | 7,586 | 10/1/2008 | 25 | ||||||||||||||||
| East Jefferson Medical Office Building | 6.01 | 6.01 | 9,540 | 8/10/2014 | 25 | ||||||||||||||||
| Gaston Professional Center | LIBOR + 1.25 | 6.43 | (1) | 16,368 | 11/22/2007 | 25 | |||||||||||||||
| Hanover Medical Office Building One | 6.00 | 6.00 | 5,057 | 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) | 8,762 | 12/10/2007 | 25 | |||||||||||||||
| Medical Arts Center of Orangeburg | 5.95 | 5.95 | 2,603 | 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 | 1,087 | 10/15/2007 | 20 | ||||||||||||||||
| One Medical Park — HMOB | 5.93 | 5.93 | 5,694 | 11/1/2013 | 20 | ||||||||||||||||
| Providence MOB I, II and III | 6.12 | 6.12 | 8,966 | 1/12/2013 | 25 | ||||||||||||||||
| River Hills Medical Plaza | LIBOR + 2.00 | 6.97 | (1) | 3,045 | 11/30/2008 | 22 | |||||||||||||||
| Rocky Mount Kidney Center | 6.25 | 6.25 | 1,098 | 1/21/2009 | 20 | ||||||||||||||||
| Rocky Mount Medical Park | Prime | 7.25 | (2) | 7,892 | 8/15/2008 | 25 | |||||||||||||||
| Roper MOB | LIBOR + 1.50 | 6.45 | (1) | 9,781 | 7/10/2009 | 18 | |||||||||||||||
| Rowan Outpatient Surgery Center | 6.00 | 6.00 | 3,457 | 7/6/2014 | 25 | ||||||||||||||||
| Three Medical Park | 5.55 | 5.55 | 8,196 | 3/25/2014 | 25 | ||||||||||||||||
Total / weighted average fixed rate secured mortgages | 6.36 | 141,087 | |||||||||||||||||||
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 | 6.70 | (3) | 8,883 | 12/15/2014 | 25 | |||||||||||||||
| Parkridge MOB | LIBOR + 1.45 | 6.65 | 13,270 | 10/1/2007 | Interest only | ||||||||||||||||
| St. Francis Community Medical Office Building, St. Francis MOB | LIBOR + 1.40 | 6.60 | 7,235 | 8/18/2007 | 25 | ||||||||||||||||
| St. Francis Medical Plaza, St. Francis Women’s Center | LIBOR + 1.43 | 6.63 | 7,673 | 6/15/2008 | 25 | ||||||||||||||||
Total / weighted average variable rate secured mortgages | 6.65 | 37,061 | |||||||||||||||||||
Unsecured line of credit | LIBOR + 1.30 | 6.50 | 11,500 | 10/31/2008 | |||||||||||||||||
Consolidated less than 50% owned real estate partnership | |||||||||||||||||||||
| Rocky Mount MOB LLC | 6.75 | 6.75 | 4,220 | 3/21/2008 | 25 | ||||||||||||||||
| 193,868 | |||||||||||||||||||||
| Unamortized premium | 452 | ||||||||||||||||||||
Total / weighted average debt | 6.44 | $ | 194,320 | ||||||||||||||||||
| (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% |
10
Cogdell Spencer Inc.
First Quarter 2007
First Quarter 2007
Consolidated Debt Analysis as of March 31, 2007 (continued)
(dollars in thousands)
(dollars in thousands)
| % of | Weighted Average | |||||||
| Total Debt | Maturity (Years) | |||||||
| Fixed rate mortgages | 75.0 | % | 3.09 | |||||
| Variable rate mortgages | 19.1 | % | 2.36 | |||||
| Unsecured line of credit | 5.9 | % | 1.59 | |||||
| 100.0 | % | 2.86 | ||||||
Future maturities and principal payments
| 2007 | $ | 48,720 | ||
| 2008 | 50,657 | |||
| 2009 | 46,438 | |||
| 2010 | 1,456 | |||
| 2011 | 3,562 | |||
| Thereafter | 43,035 | |||
| $ | 193,868 | |||
Unsecured line of credit — matures October 31, 2008
| Facility | $ | 130,000 | ||
| Less: Outstanding at December 31, 2006 | 11,150 | |||
| Less: Letters of credit | 2,199 | |||
| Availability at December 31, 2006 | $ | 116,651 | ||
11
Cogdell Spencer Inc.
First Quarter 2007
First Quarter 2007
Property Listing as of March 31, 2007
| Annualized Rent | ||||||||||||||||||
| Net Rentable | Occupancy | Annualized | Per Leased | |||||||||||||||
| Location | Square Feet | Rate | Rent | Square Foot | ||||||||||||||
California | ||||||||||||||||||
| Verdugo Professional Building I | Glendale | 63,887 | 94.2 | % | $ | 1,730,939 | $ | 28.76 | ||||||||||
| Verdugo Professional Building II | Glendale | 42,906 | 83.8 | % | 1,084,751 | 30.17 | ||||||||||||
| 106,793 | 90.0 | % | 2,815,690 | 29.29 | ||||||||||||||
Georgia | ||||||||||||||||||
| Augusta POB I | Augusta | 99,494 | 94.0 | % | 1,183,174 | 12.65 | ||||||||||||
| Augusta POB II | Augusta | 125,634 | 93.2 | % | 2,675,785 | 22.85 | ||||||||||||
| Augusta POB III | Augusta | 47,034 | 90.0 | % | 806,677 | 19.06 | ||||||||||||
| Augusta POB IV | Augusta | 55,134 | 100.0 | % | 923,040 | 16.74 | ||||||||||||
| 327,296 | 94.1 | % | 5,588,676 | 18.14 | ||||||||||||||
Indiana | ||||||||||||||||||
Methodist Professional Center I(2) | Indianapolis | 150,034 | 94.7 | % | 3,178,145 | 22.37 | ||||||||||||
| Methodist Professional Center II (sub-lease) | Indianapolis | 24,080 | 100.0 | % | 602,101 | 25.00 | ||||||||||||
| 174,114 | 95.4 | % | 3,780,246 | 22.75 | ||||||||||||||
Kentucky | ||||||||||||||||||
| Our Lady of Bellefonte | Ashland | 46,907 | 100.0 | % | 1,115,713 | 23.79 | ||||||||||||
| Adjacent parking deck | 808,065 | |||||||||||||||||
| 46,907 | 100.0 | % | 1,923,778 | 23.79 | (1) | |||||||||||||
Louisiana | ||||||||||||||||||
| East Jefferson Medical Office Building | Metairie | 119,921 | 100.0 | % | 2,466,057 | 20.56 | ||||||||||||
| East Jefferson Medical Specialty Building | Metairie | 10,809 | 100.0 | % | 968,693 | 89.62 | ||||||||||||
| 130,730 | 100.0 | % | 3,434,750 | 26.27 | ||||||||||||||
North Carolina | ||||||||||||||||||
| Barclay Downs | Charlotte | 38,395 | 100.0 | % | 818,151 | 21.31 | ||||||||||||
| Birkdale Medical Village | Huntersville | 64,669 | 100.0 | % | 1,328,955 | 20.55 | ||||||||||||
| Birkdale Retail | Huntersville | 8,269 | 100.0 | % | 210,017 | 25.40 | ||||||||||||
| Cabarrus POB | Concord | 84,972 | 96.6 | % | 1,745,068 | 21.26 | ||||||||||||
| Copperfield Medical Mall | Concord | 26,000 | 100.0 | % | 583,440 | 22.44 | ||||||||||||
| Copperfield MOB | Concord | 61,789 | 87.9 | % | 1,219,403 | 22.45 | ||||||||||||
| East Rocky Mount Kidney Center | Rocky Mount | 8,043 | 100.0 | % | 170,889 | 21.25 | ||||||||||||
| Gaston Professional Center | Gastonia | 114,956 | 100.0 | % | 2,584,935 | 22.49 | ||||||||||||
| Adjacent parking deck | 606,141 | |||||||||||||||||
| Harrisburg Family Physicians Building | Harrisburg | 8,202 | 100.0 | % | 206,690 | 25.20 | ||||||||||||
| Harrisburg Medical Mall | Harrisburg | 18,360 | 100.0 | % | 459,000 | 25.00 | ||||||||||||
| Lincoln/Lakemont Family Practice Center | Lincolnton | 16,500 | 100.0 | % | 365,850 | 22.17 | ||||||||||||
| Mallard Crossing Medical Park | Charlotte | 52,540 | 89.5 | % | 1,131,794 | 24.07 | ||||||||||||
| Midland Medical Mall | Midland | 14,610 | 92.1 | % | 368,834 | 27.41 | ||||||||||||
| Mulberry Medical Park | Lenoir | 24,992 | 85.2 | % | 407,984 | 19.16 | ||||||||||||
| Northcross Family Medical Practice Building | Charlotte | 8,018 | 100.0 | % | 219,001 | 27.31 | ||||||||||||
| Randolph Medical Park | Charlotte | 84,131 | 90.8 | % | 1,617,939 | 21.18 | ||||||||||||
| Rocky Mount Kidney Center | Rocky Mount | 10,105 | 100.0 | % | 198,765 | 19.67 | ||||||||||||
| Rocky Mount Medical Park | Rocky Mount | 96,993 | 95.8 | % | 1,861,329 | 20.03 | ||||||||||||
| Rowan Outpatient Surgery Center | Salisbury | 19,464 | 100.0 | % | 414,194 | 21.28 | ||||||||||||
| Weddington Internal & Pediatric Medicine | Concord | 7,750 | 100.0 | % | 185,380 | 23.92 | ||||||||||||
| 768,758 | 95.8 | % | 16,703,759 | 21.87 | (1) | |||||||||||||
12
Cogdell Spencer Inc.
First Quarter 2007
First Quarter 2007
Property Listing as of March 31, 2007 (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 | % | 456,394 | 19.93 | ||||||||||||
| Baptist Northwest | Columbia | 38,703 | 52.7 | % | 401,791 | 19.70 | ||||||||||||
| Beaufort Medical Plaza | Beaufort | 59,340 | 100.0 | % | 1,227,928 | 20.69 | ||||||||||||
| Mary Black Westside MOB | Spartanburg | 37,455 | 100.0 | % | 800,647 | 21.38 | ||||||||||||
| Medical Arts Center of Orangeburg | Orangeburg | 49,324 | 100.0 | % | 892,063 | 18.09 | ||||||||||||
| Mt. Pleasant MOB | Mt. Pleasant | 38,735 | 77.4 | % | 757,512 | 25.27 | ||||||||||||
| One Medical Park — HMOB | Columbia | 69,840 | 100.0 | % | 1,588,911 | 22.75 | ||||||||||||
| Parkridge MOB | Columbia | 89,451 | 94.6 | % | 1,863,392 | 22.02 | ||||||||||||
| Providence MOB I | Columbia | 48,500 | 100.0 | % | 985,780 | 20.33 | ||||||||||||
| Providence MOB II | Columbia | 23,280 | 100.0 | % | 465,389 | 19.99 | ||||||||||||
| Providence MOB III | Columbia | 54,417 | 63.3 | % | 715,278 | 20.77 | ||||||||||||
| River Hills Medical Plaza | Little River | 27,566 | 100.0 | % | 839,214 | 30.44 | ||||||||||||
| Roper MOB | Charleston | 122,785 | 93.0 | % | 2,286,443 | 20.02 | ||||||||||||
| St. Francis Community Medical Office Building | Greenville | 45,140 | 100.0 | % | 1,148,636 | 25.45 | ||||||||||||
| St. Francis Medical Office Building | Greenville | 49,767 | 95.6 | % | 895,415 | 18.82 | ||||||||||||
| St. Francis Medical Plaza | Greenville | 62,724 | 52.1 | % | 667,443 | 20.42 | ||||||||||||
| St. Francis Women’s Center | Greenville | 57,590 | 65.1 | % | 768,280 | 20.49 | ||||||||||||
| Three Medical Park | Columbia | 88,755 | 100.0 | % | 2,050,785 | 23.11 | ||||||||||||
| West Medical I | Charleston | 28,734 | 100.0 | % | 773,067 | 26.90 | ||||||||||||
| 1,015,004 | 88.9 | % | 19,584,368 | 21.71 | ||||||||||||||
Virginia | ||||||||||||||||||
| Hanover Medical Office Building I | Mechanicsville | 56,610 | 100.0 | % | 1,525,489 | 26.95 | ||||||||||||
Total | 2,626,212 | 93.0 | % | $ | 55,356,756 | $ | 22.08 | (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 annulized. |
13
Cogdell Spencer Inc.
First Quarter 2007
First Quarter 2007
Property Occupancy Rates
| 3/31/2007 | 12/31/2006 | 9/30/2006 | 6/30/2006 | 12/31/2005 | 12/31/2004 | 12/31/2003 | ||||||||||||||||||||||
California | ||||||||||||||||||||||||||||
| Verdugo Professional Building I | 94.2 | % | 88.4 | % | 91.0 | % | 96.0 | % | n/a | n/a | n/a | |||||||||||||||||
| Verdugo Professional Building II | 83.8 | % | 88.2 | % | 88.2 | % | 95.4 | % | n/a | n/a | n/a | |||||||||||||||||
Georgia | ||||||||||||||||||||||||||||
| Augusta POB I | 94.0 | % | 99.5 | % | 99.5 | % | 99.5 | % | 97.9 | % | 90.6 | % | 89.3 | % | ||||||||||||||
| Augusta POB II | 93.2 | % | 93.2 | % | 93.2 | % | 100.0 | % | 98.3 | % | 90.2 | % | 85.1 | % | ||||||||||||||
| Augusta POB III | 90.0 | % | 90.0 | % | 80.8 | % | 80.8 | % | 90.7 | % | 100.0 | % | 100.0 | % | ||||||||||||||
| Augusta POB IV | 100.0 | % | 85.2 | % | 75.4 | % | 50.4 | % | 89.6 | % | 89.6 | % | 89.6 | % | ||||||||||||||
Indiana | ||||||||||||||||||||||||||||
| Methodist Professional Center I | 94.7 | % | 94.7 | % | 94.7 | % | 94.7 | % | n/a | n/a | n/a | |||||||||||||||||
| Methodist Professional Center II (sub-lease) | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | n/a | n/a | n/a | |||||||||||||||||
Kentucky | ||||||||||||||||||||||||||||
| Our Lady of Bellefonte | 100.0 | % | 100.0 | % | 100.0 | % | 89.3 | % | 89.3 | % | 100.0 | % | 100.0 | % | ||||||||||||||
Louisiana | ||||||||||||||||||||||||||||
| East Jefferson Medical Office Building | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 98.9 | % | ||||||||||||||
| 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 | % | 100.0 | % | 97.1 | % | 76.0 | % | 100.0 | % | ||||||||||||||
| 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 | % | 96.6 | % | 89.2 | % | 98.4 | % | 96.1 | % | 95.7 | % | ||||||||||||||
| Copperfield Medical Mall | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | n/a | n/a | ||||||||||||||||
| Copperfield MOB | 87.9 | % | 82.7 | % | 82.7 | % | 82.7 | % | 82.7 | % | 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 | % | 100.0 | % | 97.8 | % | ||||||||||||||
| 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 | % | 89.5 | % | 84.9 | % | 84.9 | % | 92.8 | % | 92.8 | % | 92.8 | % | ||||||||||||||
| Midland Medical Mall | 92.1 | % | 92.1 | % | 92.1 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
| Mulberry Medical Park | 85.2 | % | 94.8 | % | 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 | 90.8 | % | 94.6 | % | 96.9 | % | 89.3 | % | 89.9 | % | 97.4 | % | 97.4 | % | ||||||||||||||
| 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 | % | 95.8 | % | 100.0 | % | 95.8 | % | 95.8 | % | 92.8 | % | ||||||||||||||
| Rowan Outpatient Surgery Center | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | n/a | |||||||||||||||
| Weddington Internal & Pediatric Medicine | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | n/a | |||||||||||||||
14
Cogdell Spencer Inc.
First Quarter 2007
First Quarter 2007
Property Occupancy Rates (Continued)
| 3/31/2007 | 12/31/2006 | 9/30/2006 | 6/30/2006 | 12/31/2005 | 12/31/2004 | 12/31/2003 | ||||||||||||||||||||||
South Carolina | ||||||||||||||||||||||||||||
| 190 Andrews | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
| Baptist Northwest | 52.7 | % | 100.0 | % | 100.0 | % | 96.2 | % | 96.2 | % | 96.2 | % | 96.2 | % | ||||||||||||||
| 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 | % | 100.0 | % | n/a | n/a | n/a | n/a | ||||||||||||||||||
| Medical Arts Center of Orangeburg | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 97.3 | % | 100.0 | % | 100.0 | % | ||||||||||||||
| Mt. Pleasant MOB | 77.4 | % | 77.4 | % | 77.4 | % | 77.4 | % | 77.4 | % | 77.4 | % | 72.5 | % | ||||||||||||||
| One Medical Park — HMOB | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
| Parkridge MOB | 94.6 | % | 94.6 | % | 94.6 | % | 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 | 63.3 | % | 94.1 | % | 92.5 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
| River Hills Medical Plaza | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
| Roper MOB | 93.0 | % | 90.7 | % | 89.2 | % | 89.2 | % | 89.2 | % | 88.4 | % | 96.5 | % | ||||||||||||||
| St. Francis Community Medical Office Building | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 93.9 | % | ||||||||||||||
| St. Francis Medical Office Building | 95.6 | % | 95.6 | % | 95.6 | % | 95.6 | % | 95.6 | % | 100.0 | % | 95.6 | % | ||||||||||||||
| St. Francis Medical Plaza | 52.1 | % | 53.1 | % | 53.1 | % | 70.0 | % | 94.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
| St. Francis Women’s Center | 65.1 | % | 65.2 | % | 78.7 | % | 78.7 | % | 76.2 | % | 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 | % | 100.0 | % | 77.6 | % | n/a | |||||||||||||||
Virginia | ||||||||||||||||||||||||||||
| Hanover Medical Office Building I | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | n/a | n/a | n/a | |||||||||||||||||
15
Cogdell Spencer Inc.
First Quarter 2007
First Quarter 2007
Lease Expirations for Leases In Place at March 31, 2007
| 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 | — | 183,119 | 7.0 | % | $ | — | — | $ | — | |||||||||||||||
| 2007 | 85 | 316,131 | 12.0 | % | 6,793,980 | 12.3 | % | 21.49 | ||||||||||||||||
| 2008 | 111 | 356,851 | 13.6 | % | 7,182,568 | 13.0 | % | 20.13 | ||||||||||||||||
| 2009 | 122 | 376,408 | 14.3 | % | 8,626,609 | 15.6 | % | 22.92 | ||||||||||||||||
| 2010 | 76 | 331,278 | 12.6 | % | 7,196,935 | 13.0 | % | 21.72 | ||||||||||||||||
| 2011 | 65 | 258,592 | 9.8 | % | 5,620,907 | 10.2 | % | 21.74 | ||||||||||||||||
| 2012 | 63 | 365,019 | 13.9 | % | 9,716,929 | 17.6 | % | 22.75 | (1) | |||||||||||||||
| 2013 | 17 | 145,698 | 5.5 | % | 3,075,873 | 5.6 | % | 21.11 | ||||||||||||||||
| 2014 | 18 | 135,544 | 5.2 | % | 3,096,068 | 5.6 | % | 22.84 | ||||||||||||||||
| 2015 | 10 | 27,951 | 1.1 | % | 770,629 | 1.4 | % | 27.57 | ||||||||||||||||
| 2016 | 10 | 46,905 | 1.8 | % | 987,669 | 1.8 | % | 21.06 | ||||||||||||||||
| Thereafter | 11 | 82,716 | 3.1 | % | 2,288,589 | 4.1 | % | 27.67 | ||||||||||||||||
| Total | 588 | 2,626,212 | 100.0 | % | $ | 55,356,756 | 100.0 | % | 22.08 | (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, 2007
| Tenant | Annualized Rent | Percent of Portfolio | ||||||||
| 1 | NorthEast Medical Center | $ | 3,684,242 | 6.7 | % | |||||
| 2 | Palmetto Health Alliance | 3,660,061 | 6.6 | % | ||||||
| 3 | University Hospital (Augusta, GA) | 2,052,553 | 3.7 | % | ||||||
| 4 | Carolinas HealthCare System | 2,006,684 | 3.6 | % | ||||||
| 5 | Gaston Memorial Hospital | 1,861,333 | 3.4 | % | ||||||
| 6 | Our Lady of Bellefonte Hospital | 1,763,772 | 3.2 | % | ||||||
| 7 | Boice-Willis Clinic | 1,561,704 | 2.8 | % | ||||||
| 8 | Bon Secours St. Francis Hospital | 1,426,970 | 2.6 | % | ||||||
| 9 | East Jefferson General Hospital | 1,078,830 | 1.9 | % | ||||||
| 10 | Clarian Health Partners, Inc. | 909,843 | 1.6 | % | ||||||
| $ | 20,005,992 | 36.1 | % | |||||||
Capital Expenditures
(in thousands)
| Three Months Ended | ||||||||||||||||||||
| March 31, 2007 | Dec. 31, 2006 | Sept. 30, 2006 | June 30, 2006 | March 31, 2006 | ||||||||||||||||
| Capital expenditures: | ||||||||||||||||||||
| Recurring capital expenditures | $ | 150 | $ | 566 | $ | 218 | $ | 84 | $ | 240 | ||||||||||
| Planned capital expenditures associated with property acquisitions | 264 | 474 | 182 | 795 | 136 | |||||||||||||||
| Second generation tenant improvements | 1,095 | 802 | 715 | 287 | 433 | |||||||||||||||
| Total capital expenditures | $ | 1,509 | $ | 1,842 | $ | 1,115 | $ | 1,166 | $ | 809 | ||||||||||
16
Cogdell Spencer Inc.
First Quarter 2007
First Quarter 2007
Acquisitions for the period January 1, 2006 through March 31, 2007
(dollars in thousands)
| Date | Net Rentable | Purchase | ||||||||||
| Property | Location | 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 2006 | 464,423 | $ | 100,246 | |||||||||
Construction in Progress as of March 31, 2007
(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 | $ | 5,840 | $ | 7,400 | 43.2 | % | |||||||||||
| Lancaster Rehabilitation Hospital | Lancaster, PA | 2Q 2007 | 52,800 | 8,867 | 12,300 | 100.0 | % | |||||||||||||
| Lancaster General Health Campus MOB | Lancaster, PA | 4Q 2007 | 64,070 | 3,837 | 13,700 | 80.0 | % | |||||||||||||
| Mebane Medical Office Building | Mebane, NC | 2Q 2008 | 60,000 | 898 | 16,200 | 52.3 | % | |||||||||||||
| Land and pre-construction developments | — | 1,007 | — | |||||||||||||||||
| 215,870 | $ | 20,449 | $ | 49,600 | ||||||||||||||||
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