Cogdell Spencer Inc. Declares Quarterly Dividend and Outlines 2009 Business Strategy

CHARLOTTE, N.C., Dec. 29 /PRNewswire-FirstCall/ -- Cogdell Spencer Inc.'s (NYSE:CSA) Board of Directors has declared a quarterly dividend of $0.225 per common share payable on January 30, 2009 to stockholders of record on January 14, 2009.

The dividend covers the fourth quarter of 2008.Cogdell Spencer also announced that its Board has approved a business plan for 2009 that focuses on cost reductions and the preservation of capital for productive deployment while allowing the Company to pursue its integrated delivery strategy despite client-related project delays resulting from the current financial crisis.

As part of this plan, Cogdell Spencer will implement a cost saving plan which, when combined with a reduction in force, will generate approximately $17 million in annual savings.

The plan includes elimination of all executive incentive compensation for the 2009 fiscal year, unless budgeted benchmarks are substantially exceeded.

The Erdman subsidiary will implement a reduction in force in order to right-size the organization for contracted 2009 revenues. The staff reduction will be made effective January 6-9, 2009.

Approximately 115 jobs will be eliminated.

Reduce its dividend from an annual equivalent of $1.40 per share and unit ($0.35 per share and unit per quarter) to an annual equivalent of $0.90 per share and unit ($0.225 per share and unit per quarter).Commenting on these steps, CEO Frank Spencer (top right photo) said,

"We believe these actions will meaningfully enhance our operating and financial flexibility, better position us to serve our clients and provide us with added capital to meet our on-going financial obligations. It is never easy to eliminate jobs, but we have enough visibility on our design/build pipeline to adjust in advance."

For a complete copy of the company's news release, please contact:

Media: Dana Crothers, Marketing Director, +1-704-940-2904, dcrothers@cogdellspencer.com

or

General Inquiries: Frank C. Spencer,President and Chief Executive Officer , +1-704-940-2926, fspencer@cogdellspencer.com

or

Financial Inquiries: Charles M. Handy,Chief Financial Officer, +1-704-940-2914, chandy@cogdellspencer.com

Web site: http://www.cogdellspencer.com/

Cogdell Spencer Inc. Acquires East Jefferson Medical Plaza in Metairie, LA

CHARLOTTE, N.C. /PRNewswire-FirstCall/ -- Cogdell Spencer Inc. (NYSE:CSA) has acquired East Jefferson Medical Plaza located in Metairie, Louisiana for approximately $19.8 million, inclusive of transaction costs.

East Jefferson Medical Plaza, (photo top right) a 123,184 square foot facility located on the campus of East Jefferson General Hospital, is 100 percent leased and physically attached to the hospital. As a tenant, the hospital currently leases approximately 86,000 square feet of space in East Jefferson Medical Plaza.

This acquisition expands Cogdell Spencer's existing relationship with East Jefferson General Hospital. Prior to this week's acquisition, Cogdell Spencer owned and managed 130,730 square feet of medical office and clinical assets on and adjacent to the East Jefferson campus.

"We appreciate the continued opportunity to help East Jefferson General Hospital achieve its strategic goals," said Matthew Nurkin, Vice President of Acquisitions for Cogdell Spencer Inc.

About Cogdell Spencer Inc.

Charlotte-based Cogdell Spencer Inc. (NYSE:CSA) is a fully-integrated, self-administered and self managed real estate investment trust (REIT) that invests in specialty office buildings for the medical profession, including medical offices, ambulatory surgery and diagnostic centers. At present, the Cogdell Spencer Inc. portfolio consists of 60 wholly owned properties and consolidated joint ventures, three unconsolidated joint venture properties and 53 managed medical office buildings.

For more information on Cogdell Spencer Inc., please visit the Company's website at http://www.cogdellspencer.com/.

First Call Analyst: FCMN

CONTACT:

Media, Dana Crothers,

Marketing Director,

+1-704-940-2904,

dcrothers@cogdellspencer.com,

or

General Inquiries,

Frank C. Spencer,

President and Chief Executive Officer,

+1-704-940-2926,

fspencer@cogdellspencer.com,

or

Financial Inquiries,

Charles M. Handy,

Chief Financial Officer,

+1-704-940-2914,

chandy@cogdellspencer.com,

all of CogdellSpencer Inc.

Web site:

http://www.cogdellspencer.com/

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