Cogdell Spencer Inc. CEO Frank Spencer Announces Leadership Transition

CHARLOTTE, N.C., May 3 /PRNewswire-FirstCall/ -- Cogdell Spencer Inc. (NYSE: CSA) announced today that Frank Spencer will end his full time leadership position as CEO on October 31, 2010 but plans to remain as a member of the Board of Directors if reelected by stockholders at the company's 2010 Annual Meeting scheduled for Tuesday May 4, 2010.   The Company will begin a search for his successor immediately.

"I appreciate the Board's working with me to create a transition that provides for seamless succession and at the same time allows me to pursue other interests.  I am committed to remaining a part of the company's implementation of its outstanding value proposition," said Spencer.  "We have taken this enterprise from a small regional player to the leading national franchise in Medical Office Design/Build and Development.  We have come through the financial crisis, our stock is up 34% this year and we have built a fabulous team of colleagues who will carry this company to far greater heights still.  For me, it is time to move on to new challenges."

"Frank has been instrumental in our success over the last 15 years," said Chairman Jim Cogdell.  "His leadership and vision have shaped our company and the outstanding franchise we have today."

Spencer joined the then Cogdell Group in 1996 as Chief Operating Officer and was named President in 1998.  During his tenure with the company, the number of employees grew from 45 to 450.  Revenue increased from under $5 million per year to $230 million in 2009.  Portfolio under management quadrupled from 1.4 million square feet to 6 million square feet.  Total enterprise value increased from $10 million when Spencer first became a partner to today's value of $800,000,000.  The company now operates throughout the United States with regional offices in Charlotte, Washington, Atlanta, Dallas, Denver, Seattle and Madison, WI.  In 2009, Spencer was honored as the Ernst and Young Entrepreneur of the Year Award Winner in the Carolinas and Cogdell Spencer ERDMAN was named one of The Charlotte Business Journal's "Best Places to Work."

When asked about future plans, Spencer said, "I want to explore new business opportunities, pursue my academic interests and I remain deeply committed to the ministry of the Presbyterian Church.  Without creating this transition time, I would never be able to adequately explore any of those possibilities.  Although I will continue to serve on the Board, this transition represents the opening of a new chapter in my life, I am thrilled to turn the page and see what comes next."

In connection with the above developments, the Company and Mr. Spencer have entered into a letter agreement dated May 3, 2010.  The Company plans to file the letter agreement today on Form 8-K.

About Cogdell Spencer Inc.

Charlotte-based Cogdell Spencer Inc. (NYSE: CSA) is a fully-integrated, self-administered, and self-managed real estate investment trust that invests in specialty office buildings for the medical profession, including medical offices and ambulatory surgery and diagnostic centers.  The Company focuses on the ownership, delivery, acquisition, and management of strategically located medical office buildings and other healthcare related facilities in the United States of America.  The Company has been built around understanding and addressing the full range of specialized real estate needs of the healthcare industry.  Learn more about Cogdell Spencer Inc. and its subsidiaries at www.cogdell.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements reflect the Company's views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause actual results to differ materially. Factors that may contribute to these differences include, but are not limited to the following: our business strategy; our ability to comply with financial covenants in our debt instruments; our ability to obtain future financing arrangements; estimates relating to our future distributions; our understanding of our competition; our ability to renew our ground leases; changes in the reimbursement available to our tenants by government or private payors; our tenants' ability to make rent payments; defaults by tenants; customers' access to financing; delays in project starts and cancellations by customers; the timing of capital expenditures by healthcare systems and providers; market trends; and projected capital expenditures.

For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2009. 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.

SOURCE Cogdell Spencer Inc.