Cogdell Spencer 8-K Cogdell Spencer Inc. Reports Fourth Quarter 2007 Financial Results

SUPPLEMENTAL OPERATING AND
FINANCIAL DATA

FOR THE QUARTER ENDED
DECEMBER 31, 2007

Healthpark Medical Office Building— Chattanooga, Tennessee

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 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.

On March 19, 2007, the Company issued 3,949,700 common shares at a price of $21.00 per share resulting in net proceeds to the Company of $78.4 million. The net proceeds were used to reduce outstanding principal on the Company’s unsecured Credit Facility and working capital.

During 2006, the Company’s first full year as a public entity, Cogdell Spencer Inc. completed $100 million in acquisitions and $50 million in development starts, entering both new client relationships and new territories. With acquisitions in Indiana, California, South Carolina and Virginia; and two developments in Pennsylvania, the Company’s reach expanded across the United States.

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 38 properties located throughout South Carolina, Virginia, Kentucky and Florida.

In 2007, Cogdell Spencer has seen the completion of three of its most recent development projects, all on time and on budget. Two of these projects, Carolina Forest Medical Plaza, located in Horry County, South Carolina and Lancaster Rehabilitation Hospital, were completed with rent payments beginning during the second quarter of 2007. The most recent, Lancaster General Health Campus Medical Office Building, was completed in September. A fourth project, Mebane Medical Office Building, is targeted for completion in the second quarter of 2008.

On June 29, 2007, the Company further expanded its reach with the acquisition of Central New York Medical Center, located on the campus of Crouse Hospital in Syracuse, New York. The 111,634 square foot facility includes a parking deck and is located in the proximity of SUNY — Upstate Hospital and Syracuse University.

1

On August 30, 2007, Cogdell Spencer Inc. acquired Summit Professional Plaza I and II in Brunswick, Georgia. The two-building complex totals 97,272 net rentable square feet. Southeast Georgia Health System, a 356-bed not-for-profit healthcare system, is the anchor tenant and currently leases approximately 38% of the complex. Southeast Georgia Health System is ‘A’ rated by Standard & Poor’s Ratings Services.

In December 2007, Cogdell Spencer Inc. acquired two medical office facilities in Chattanooga, Tennessee for approximately $28.4 million. Peerless Crossing Medical Park and Healthpark Medical Office Building are a combined 92,657 square feet and are fully leased. Also in December, the Company announced the groundbreaking on St. Luke’s Riverside Outpatient Campus in Bethlehem, Pennsylvania. The nearly 400,000 square foot project will consist of a cancer center, two medical office buildings and a health pavilion. The approximately $100 million project is scheduled for completion in the third quarter of 2009.

As of December 31, 2007, the Cogdell Spencer Inc. portfolio and managed properties consisted of properties located in 13 states throughout the United States. The Company’s footprint includes North Carolina, South Carolina, Georgia, Kentucky, Louisiana, Mississippi, Florida, Indiana, California, Pennsylvania, New York, Tennessee, and Virginia.

Of the properties in the Company’s wholly-owned portfolio, 80% are located on hospital campuses and 8% are off-campus, hospital anchored.

2

Cogdell Spencer Inc.
Fourth Quarter 2007
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	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; 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.
Fourth Quarter 2007

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

	Three Months Ended			Year Ended
	December 31, 2007			December 31, 2007
Selected Operating Data
Property revenues	$	17,197		$	61,746
Straight line rent		208			445
Fair value lease revenues (1)		189			717
Rental revenues	$	17,594		$	62,908
Management fee revenue and expense reimbursements — third party	$	858		$	3,502
Property operating	$	6,262		$	23,055
Property management — third party		675		$	2,649
Property operating and management	$	6,937		$	25,704
Property operating margin		64	%		63	%
EBITDA(2)	$	9,887		$	34,643
Interest expense	$	4,640		$	15,964
Net loss	$	(1,335	)	$	(6,341	)
Net loss per share — diluted	$	(0.11	)	$	(0.57	)
Funds from Operations (“FFO”)(3)	$	5,112		$	18,259
FFO per share and unit — diluted(3)	$	0.31		$	1.17
Dividends declared per share and unit	$	0.35		$	1.40

	As of
	December 31, 2007
Selected Balance Sheet Data
Cash and cash equivalents	$	3,555
Book value of real estate assets before depreciation	$	499,659
Total assets	$	506,237
Total liabilities	$	343,981
Minority interests and stockholders’ equity	$	162,256
Debt
Weighted average interest rate		6.2	%
Weighted average remaining maturity (years)		3.6
Debt / total market capitalization		55	%
Debt / total assets		62	%
Capitalization
Debt	$	316,375
Common shares outstanding		11,948
Units outstanding		4,557
Total common shares and units outstanding		16,505
Share price at end of period	$	15.96
Equity value at end of period(4)	$	263,420
Total market capitalization	$	579,795
Portfolio Statistics — In-service, Consolidated Properties
Number of properties		58
Total square footage		3,083,264
Occupancy		93.4	%

(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 8.
(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.

4

Cogdell Spencer Inc.
Fourth Quarter 2007

Condensed Consolidated Balance Sheets
(unaudited and in thousands)

	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
Assets
Real estate properties:
Operating real estate properties	$	486,279		$	458,327		$	421,847		$	364,097		$	361,982
Less: Accumulated depreciation		(44,596	)		(39,065	)		(33,504	)		(28,489	)		(23,664	)
Total operating real estate properties, net		441,683			419,262			388,343			335,608			338,318
Construction in progress		13,380			10,110			13,857			20,449			12,854
Total real estate properties, net		455,063			429,372			402,200			356,057			351,172
Cash and cash equivalents		3,555			3,184			4,177			4,985			1,029
Restricted cash		1,803			1,311			1,113			874			982
Investment in capital lease		5,888			5,964			6,040			6,117			6,193
Real estate related intangible assets, net		24,412			22,125			21,271			20,432			22,263
Deferred financing costs, net		1,570			1,315			1,176			1,122			1,018
Goodwill		5,335			5,335			5,335			5,335			5,326
Other assets		8,611			7,046			6,888			5,683			5,075
Total assets	$	506,237		$	475,652		$	448,200		$	400,605		$	393,058
Liabilities and stockholders’ equity
Notes payable under line of credit	$	79,200		$	46,100		$	34,000		$	11,500		$	77,487
Mortgage loans		237,504			233,629			210,855			182,820			184,544
Accounts payable and accrued liabilities		17,744			16,345			16,079			14,401			9,851
Accrued dividends and distributions		5,757			5,779			5,728			5,787			4,404
Acquired below market leases, net		3,776			3,489			3,698			2,855			3,096
Total liabilities		343,981			305,342			270,360			217,363			279,382
Minority interests and stockholders’ equity		162,256			170,310			177,840			183,242			113,676
Total liabilities and stockholders’ equity	$	506,237		$	475,652		$	448,200		$	400,605		$	393,058

5

Cogdell Spencer Inc.
Fourth Quarter 2007

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

	Three Months Ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
Revenues:
Rental	$	17,594		$	16,389		$	14,610		$	14,315		$	14,123
Management fee revenue		482			559			498			598			581
Expense reimbursements		376			315			329			346			375
Development fee revenue		14			25			21			230			—
Interest and other income		400			193			192			409			217
Total revenues		18,866			17,481			15,650			15,898			15,296
Expenses:
Property operating and management		6,937			6,797			6,065			5,905			5,709
General and administrative		2,035			1,513			1,683			2,251			1,546
Depreciation and amortization		7,094			7,273			6,749			6,642			8,610
Interest		4,640			4,101			3,188			4,035			4,221
Total expenses		20,706			19,684			17,685			18,833			20,086
Loss from continuing operations before equity in earnings (loss) of unconsolidated real estate partnerships, gain on sale of real estate partnerships, minority interests in real estate partnerships, and minority interests in operating partnership		(1,840	)		(2,203	)		(2,035	)		(2,935	)		(4,790	)
Equity in earnings (loss) of unconsolidated real estate partnerships		23			2			4			(9	)		(3	)
Minority interests in real estate partnerships		(30	)		(16	)		(22	)		(17	)		(44	)
Minority interests in operating partnership		512			615			562			1,048			1,770
Net loss	$	(1,335	)	$	(1,602	)	$	(1,491	)	$	(1,913	)	$	(3,067	)
Per share data — basic and diluted:
Net loss — basic and diluted	$	(0.11	)	$	(0.13	)	$	(0.12	)	$	(0.23	)	$	(0.38	)
Weighted average common shares — basic and diluted(1)		11,935			11,934			11,931			8,334			7,977

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

6

Cogdell Spencer Inc.
Fourth Quarter 2007

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

	Three Months Ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
Net loss	$	(1,335	)	$	(1,602	)	$	(1,491	)	$	(1,913	)	$	(3,067	)
Plus minority interests in operating partnership		(512	)		(615	)		(562	)		(1,048	)		(1,770	)
Plus real estate related depreciation and amortization(2)		6,959			7,169			6,658			6,552			8,565
Funds from Operations (FFO)(1)	$	5,112		$	4,952		$	4,605		$	3,591		$	3,728
FFO per share and unit — basic and diluted	$	0.31		$	0.30		$	0.28		$	0.28		$	0.30
Weighted average shares and units outstanding — basic		16,506			16,530			16,437			12,919			12,590
Weighted average shares and units outstanding — diluted		16,519			16,545			16,455			12,939			12,612

(1)

As defined by the National Association of Real Estate Investment Trusts, or NAREIT, funds from operations, or FFO, represents net income (loss) (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. The Company presents FFO because the Company considers it an important supplemental measure of the Company’s operational performance and believes 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. 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 the Company’s cash needs, including the Company’s ability to pay dividends or make distributions.

(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.

7

Cogdell Spencer Inc.
Fourth Quarter 2007

Coverage Ratios
(in thousands, except ratio amounts)

	Three Months Ended
	December 31, 2007
Interest coverage ratio:
EBITDA	$	9,887
Cash paid for interest	$	4,493
Interest coverage ratio		2.2
Fixed charge coverage ratio:
EBITDA	$	9,887
Fixed charges:
Cash paid for interest	$	4,493
Principal payments		873
Total fixed charges	$	5,366
Fixed charge coverage ratio		1.8

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

	Three Months Ended			Year Ended
	December 31, 2007			December 31, 2007
Reconciliation of net loss to EBITDA:
Net loss	$	(1,335	)	$	(6,341	)
Minority interests		(512	)		(2,738	)
Interest expense		4,640			15,964
Depreciation and amortization		7,094			27,758
EBITDA	$	9,887		$	34,643

⁽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.

8

Cogdell Spencer Inc.
Fourth Quarter 2007
Consolidated Debt Analysis as of December 31, 2007
(dollars in thousands)

	Stated
	interest
	rate		Interest Rate			Principal Balance
	%		%			$		Maturity Date			Amortization (Years)
Fixed rate secured mortgage loans — wholly-owned properties
Baptist Northwest Medical Park		8.25		8.25			$    2,245		2/1/2011			25
Barclay Downs		6.50		6.50			4,550		11/15/2012		Interest only
Beaufort Medical Plaza	LIBOR + 0.95			5.96	(1)		5,023		8/18/2008			25
Birkdale Medical Village		6.75		6.75			7,490		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			9,394		8/10/2014			25
Hanover Medical Office Building One		6.00		6.00			4,952		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)		8,632		3/10/2008			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			2,536		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			1,050		4/15/2010			20
One Medical Park — HMOB		5.93		5.93			5,540		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			7,538		9/1/2016			30
Providence MOB I, II and III		6.12		6.12			8,802		1/12/2013			25
River Hills Medical Plaza	LIBOR + 2.00			6.97	(1)		2,973		11/30/2008			22
Rocky Mount Kidney Center		6.25		6.25			1,071		1/21/2009			20
Rocky Mount Medical Park	Prime			7.25	(2)		7,710		8/15/2010			25
Roper MOB	LIBOR + 1.50			6.45	(1)		9,534		7/10/2009			18
Rowan Outpatient Surgery Center		6.00		6.00			3,401		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			8,073		3/25/2014			25
Total / weighted average fixed rate secured mortgages				6.26			207,956
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			6.10	(3)		8,726		12/15/2014			25
Total / weighted average variable rate secured mortgages				6.10			8,726
Unsecured line of credit	LIBOR + 1.30			5.90			49,200		10/31/2008
	LIBOR + 1.30			6.36	(1)		30,000		10/31/2008
				6.07			79,200
Consolidated real estate partnerships
Cogdell Health Campus MOB, LP (construction loan)	LIBOR + 1.05			5.65			8,833		(5	)
Mebane Medical Investors, LLC (construction loan)	LIBOR + 1.30			5.90			7,499		5/1/2010		Interest only		(6)
Rocky Mount MOB LLC		6.75		6.75			4,161		3/21/2008			25
Total / weighted average consolidated real estate partnerships				5.96			20,493
							316,375
Unamortized premium							328
Total / weighted average debt				6.19			$316,703

(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
(5)	Matures five or seven years, at the Company’s option, from the completion of construction
(6)	Interest only through May 2009. Principal and interest payments from June 2009 through May 2010

9

Cogdell Spencer Inc.
Fourth Quarter 2007

Consolidated Debt Analysis as of December 31, 2007 (continued)
(dollars in thousands)

	% of			Weighted Average
	Total Debt			Maturity (Years)
Fixed rate mortgages		65.7	%		4.6
Variable rate mortgages		2.8	%		7.0
Unsecured line of credit		25.0	%		0.8
Consolidated real estate partnerships		6.5	%		3.4
		100.0	%		3.6

Future maturities and principal payments
2008	$	127,313
2009		47,246
2010		25,974
2011		3,898
2012		6,699
Thereafter		105,245
	$	316,375

Unsecured line of credit — matures October 31, 2008
Facility	$	130,000
Less: Outstanding		79,200
Less: Letters of credit		1,908
Availability	$	48,892
Capitalized interest — 4Q 2007	$	43

10

Cogdell Spencer Inc.
Fourth Quarter 2007

Property Listing as of December 31, 2007

		Net Rentable Square					Annualized		Annualized Rent Per
	Location	Feet		Occupancy Rate			Rent		Leased Square Foot
California
Verdugo Professional Building I	Glendale		63,887		94.2	%	$	1,792,071	$	29.78
Verdugo Professional Building II	Glendale		42,906		86.5	%		1,129,417		30.43
			106,793		91.1	%		2,921,488		30.02
Georgia
Augusta POB I	Augusta		99,494		91.6	%		1,196,111		13.12
Augusta POB II	Augusta		125,634		93.2	%		2,538,217		21.68
Augusta POB III	Augusta		47,034		100.0	%		904,405		19.23
Augusta POB IV	Augusta		55,134		100.0	%		947,613		17.19
Summit Professional Plaza I	Brunswick		33,039		93.5	%		764,451		24.75
Summit Professional Plaza II	Brunswick		64,233		96.0	%		1,712,004		27.76
			424,568		94.9	%		8,062,801		20.01
Indiana
Methodist Professional Center I(3)	Indianapolis		150,034		100.0	%		3,391,507		22.60
Methodist Professional Center II (sub-lease)	Indianapolis		24,080		100.0	%		611,645		25.40
			174,114		100.0	%		4,003,152		22.99
Kentucky
Our Lady of Bellefonte	Ashland		46,907		100.0	%		1,151,131		24.54
Adjacent parking deck								850,766
			46,907		100.0	%		2,001,897		24.54	(2)
Louisiana
East Jefferson Medical Office Building	Metairie		119,921		96.3	%		2,369,596		20.52
East Jefferson Medical Specialty Building	Metairie		10,809		100.0	%		968,693		89.62
			130,730		96.6	%		3,338,289		26.43
New York
Central New York Medical Center(4)	Syracuse		111,634		100.0	%		3,048,682		27.31
North Carolina
Barclay Downs	Charlotte		38,395		100.0	%		803,276		20.92
Birkdale Medical Village	Huntersville		64,669		100.0	%		1,352,960		20.92
Birkdale Retail	Huntersville		8,269		100.0	%		209,295		25.31
Cabarrus POB	Concord		84,972		98.2	%		1,778,315		21.31
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	%		159,573		19.84
Gaston Professional Center	Gastonia		114,956		100.0	%		2,622,043		22.81
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		94.1	%		1,192,554		24.12
Midland Medical Mall	Midland		14,610		92.1	%		369,127		27.43
Mulberry Medical Park	Lenoir		24,992		85.4	%		418,236		19.57
Northcross Family Medical Practice Building	Charlotte		8,018		100.0	%		216,085		26.95
Randolph Medical Park	Charlotte		84,131		60.9	%		1,067,339		20.83
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	%		847,902		25.03
Rocky Mount Medical Park	Rocky Mount		96,993		96.9	%		1,882,650		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
			804,151		93.2	%		17,158,218		22.08	(2)

11

Cogdell Spencer Inc.
Fourth Quarter 2007

Property Listing as of December 31, 2007 (Continued)

									Annualized
		Net Rentable					Annualized		Rent Per Leased
	City	Square Feet		Occupancy Rate			Rent		Square Foot
Pennsylvania
Lancaster Rehabilitation Hospital	Lancaster		52,878		100.0	%		1,072,210		20.28
Lancaster General Health Campus MOB(1)	Lancaster		64,214		87.8	%		1,372,337		24.33
			117,092		93.3	%		2,444,547		22.37
South Carolina
190 Andrews	Greenville		25,902		100.0	%		556,251		21.48
Baptist Northwest	Columbia		38,703		52.7	%		402,541		19.74
Beaufort Medical Plaza	Beaufort		59,340		100.0	%		1,226,957		20.68
Mary Black Westside MOB	Spartanburg		37,455		100.0	%		787,693		21.03
Medical Arts Center of Orangeburg	Orangeburg		49,324		100.0	%		892,063		18.09
Mt. Pleasant MOB	Mt. Pleasant		38,735		77.4	%		756,376		25.23
One Medical Park — HMOB	Columbia		69,840		100.0	%		1,615,058		23.13
Parkridge MOB	Columbia		89,451		94.6	%		1,863,392		22.02
Providence MOB I	Columbia		48,500		100.0	%		986,340		20.34
Providence MOB II	Columbia		23,280		100.0	%		462,807		19.88
Providence MOB III	Columbia		54,417		69.2	%		777,848		20.66
River Hills Medical Plaza	Little River		27,566		100.0	%		847,719		30.75
Roper MOB	Charleston		122,785		92.6	%		2,305,002		20.27
St. Francis Community Medical Office Building	Greenville		45,140		100.0	%		1,176,381		26.06
St. Francis Medical Office Building	Greenville		49,767		87.0	%		1,007,363		23.27
St. Francis Medical Plaza	Greenville		62,724		61.7	%		733,140		18.94
St. Francis Women’s Center	Greenville		57,590		79.4	%		903,552		19.76
Three Medical Park	Columbia		88,755		93.8	%		1,860,828		22.35
West Medical I	Charleston		28,734		100.0	%		747,682		26.02
			1,018,008		89.6	%		19,908,993		21.82
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	%		1,542,405		27.25
Total			3,083,264		93.4	%	$	67,490,447	$	22.93	(2)

(1)	Property owned by a 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, net of management expenses, from an adjacent parking deck is approximately $70,000 per month, or $840,000 annualized.
(4)	Parking revenue, net of management expenses, from an adjacent parking deck is approximately $68,000 per month, or $816,000 annualized.

12

Cogdell Spencer Inc.
Fourth Quarter 2007

Property Occupancy Rates

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

13

Cogdell Spencer Inc.
Fourth Quarter 2007

Property Occupancy Rates (Continued)

	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	%		n/a			n/a
Lancaster General Health Campus MOB		87.8	%		n/a			n/a			n/a			n/a
South Carolina
190 Andrews		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Baptist Northwest		52.7	%		52.7	%		52.7	%		52.7	%		100.0	%
Beaufort Medical Plaza		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Mary Black Westside MOB		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Medical Arts Center of Orangeburg		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Mt. Pleasant MOB		77.4	%		77.4	%		77.4	%		77.4	%		77.4	%
One Medical Park — HMOB		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Parkridge MOB		94.6	%		94.6	%		94.6	%		94.6	%		94.6	%
Providence MOB I		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Providence MOB II		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Providence MOB III		69.2	%		69.2	%		69.2	%		63.3	%		94.1	%
River Hills Medical Plaza		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Roper MOB		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	%
St. Francis Medical Office Building		87.0	%		100.0	%		95.9	%		95.6	%		95.6	%
St. Francis Medical Plaza		61.7	%		61.7	%		53.1	%		52.1	%		53.1	%
St. Francis Women’s Center		79.4	%		78.0	%		61.4	%		65.1	%		65.2	%
Three Medical Park		93.8	%		93.8	%		93.8	%		100.0	%		100.0	%
West Medical I		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Tennessee
Healthpark Medical Office Building		100.0	%		n/a			n/a			n/a			n/a
Peerless Medical Center		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	%

14

Cogdell Spencer Inc.
Fourth Quarter 2007

Lease Expirations for Leases In Place at December 31, 2007

					Percentage of Net
	Number of		Net Rentable		Rentable Square			Annualized		Percentage of Property			Annualized Rent Per
	Leases Expiring		Square Feet		Feet			Rent		Annualized Rent			Leased Square Foot
Available				203,346		6.6	%				—		$	—
2008		123		359,525		11.7	%		7,529,849		11.2	%		20.94
2009		116		389,669		12.6	%		8,896,104		13.2	%		22.83
2010		101		432,027		14.0	%		9,336,337		13.8	%		21.61
2011		68		273,611		8.9	%		6,003,645		8.9	%		21.94
2012		128		624,352		20.2	%		15,940,068		23.6	%		23.20	(1)
2013		28		183,772		6.0	%		3,884,383		5.8	%		21.14
2014		33		199,618		6.5	%		4,643,517		6.9	%		23.26
2015		12		41,553		1.3	%		1,161,917		1.7	%		27.96
2016		10		46,905		1.5	%		987,669		1.5	%		21.06
Thereafter		27		328,886		10.7	%		9,106,958		13.5	%		27.69
Total		646		3,083,264		100.0	%	$	67,490,447		100.0	%	$	22.93	(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, 2007

Tenant	Annualized Rent		Percent of Portfolio
1 Carolinas HealthCare System	$	5,102,087		7.6	%
2 Palmetto Health Alliance		3,650,034		5.4	%
3 Bon Secours St. Francis Hospital		2,463,354		3.6	%
4 University Hospital (Augusta, GA)		1,994,552		3.0	%
5 Gaston Memorial Hospital		1,978,133		2.9	%
6 Our Lady of Bellefonte Hospital		1,633,723		2.4	%
7 Boice-Willis Clinic		1,448,134		2.1	%
8 Clarian Health Partners, Inc.		1,153,596		1.7	%
9 East Jefferson General Hospital		1,078,830		1.6	%
10 Beaufort Memorial Hospital		831,686		1.2	%
	$	21,334,129		31.6	%

Capital Expenditures
(in thousands)

	Three Months Ended
	Dec. 31, 2007		Sept. 30, 2007		June 30, 2007		March 31, 2007		Dec. 31, 2006
Capital expenditures:
Recurring capital expenditures	$	1,354	$	378	$	330	$	150	$	566
Planned capital expenditures associated with property acquisitions		82		333		202		264		474
Second generation tenant improvements		837		766		1,460		1,095		802
Total capital expenditures	$	2,273	$	1,477	$	1,992	$	1,509	$	1,842

15

Cogdell Spencer Inc.
Fourth Quarter 2007

Acquisitions and Completed Developments for the period January 1, 2006 through December 31, 2007
(dollars in thousands)

						Purchase
			Date			Price /
			Acquired /	Net Rentable		Construction
Property	Location	Type	In-service	Square Feet		Cost
Methodist Professional Center	Indianapolis, IN	Acquisition	2/15/2006		174,114	$	39,864
Verdugo Professional Building I	Glendale, CA	Acquisition	3/30/2006		63,887		10,352
Verdugo Professional Building II	Glendale, CA	Acquisition	3/30/2006		42,906		13,723
Hanover Medical Office Building I	Mechanicsville, VA	Acquisition	3/30/2006		56,610		12,000
Mary Black Westside MOB	Spartanburg, SC	Acquisition	8/4/2006		37,455		5,207
Parkridge MOB	Columbia, SC	Acquisition	9/28/2006		89,451		19,100
Total 2006					464,423	$	100,246
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

⁽¹⁾ Owned by Cogdell Health Campus MOB, LP, which is a consolidated real estate partnership.

     The Company had an 81% ownership interest at December 31, 2007.

Construction in Progress as of December 31, 2007
(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		69.0	%
Land and pre-construction developments				—		1,549		—
				60,000	$	13,380	$	16,200

(1)	Owned by Mebane Medical Investors, LLC, which is a consolidated real estate partnership.
	The Company had a 49% ownership interest at December 31, 2007.

Lease-up Property as of December 31, 2007
(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	%

16