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Real Estate Investment Trust Cogdell Spencer
May 6, 2010: Funds from Operations Modified (FFOM) for first quarter 2010 was $11.1 million, a 38.3% increase from first quarter 2009 FFOM of $8.1 million, excluding after-tax intangible asset impairment charge.
FFOM per share and operating partnership unit for first quarter 2010 was $0.22.
Net income attributable to Cogdell Spencer Inc. for first quarter 2010 was $3.3 million, or $0.08 per share.
As of March 31, 2010, the Company had $18.5 million of unrestricted cash and $61.7 million available under its secured revolving credit facility for a total liquidity of $80.2 million.
Cogdell Spencer Inc. (CSA 7.44, +0.44, +6.29%) , a real estate investment trust (REIT) that invests in specialty office buildings, including medical offices and ambulatory surgery and diagnostic centers, and provides strategic planning and design and construction services for the medical profession, announces financial results for the quarter ended March 31, 2010.
First Quarter 2010 Results
For the first quarter of 2010, Cogdell Spencer Inc. reports FFOM of $11.1 million, or $0.22 per share and operating partnership unit. During the same period in 2009, FFOM, excluding the after-tax intangible asset impairment charge, was $8.1 million, or $0.30 per share and operating partnership unit. FFOM adds back to traditionally defined Funds from Operations (FFO) non-cash amortization of non-real estate related intangible assets associated with purchase accounting.
FFO for the first quarter of 2010 was $10.8 million, or $0.21 per share and operating partnership unit. During the same period in 2009, FFO, excluding the after-tax intangible asset impairment charge, was $6.5 million, or $0.24 per share and operating partnership unit.
Net income attributable to Cogdell Spencer Inc. for the first quarter of 2010 was $3.3 million, or $0.08 per share. During the same period in 2009, net income (loss), excluding the after-tax intangible impairment charge, was ($0.4 million), or ($0.02) per share.
A reconciliation of net income (loss) to FFOM and FFO for the three months ended March 31, 2010 and 2009 is set forth as an attachment to this press release.
As of March 31, 2010, the Company’s portfolio consisted of 112 properties totaling approximately 5.8 million square feet. The Company’s portfolio was comprised of the following as of March 31, 2010:
62 consolidated wholly-owned and joint venture properties, comprising a total of approximately 3.4 million net rentable square feet and an overall leased percentage of 90.6%,
One wholly-owned property in lease-up totaling approximately 0.1 million net rentable square feet and was 75% leased,
One wholly-owned property held for sale totaling 38,703 net rentable square feet,
Three unconsolidated joint venture properties comprising a total of approximately 0.2 million net rentable square feet and,
45 properties managed for third party clients comprising a total of approximately 2.1 million net rentable square feet.
Capital Transactions
In April 2010, the Company refinanced the Mulberry Medical Park (Charlotte, North Carolina) mortgage note payable. The principal balance was unchanged at $0.9 million. The mortgage note payable matures in September 2011, has a fixed interest rate of 6.25%, and requires monthly principal and interest payments based on approximately a 10-year amortization.
Build to Suit
In February 2010, the Company completed the Medical Center Physicians Tower in Jackson, Tennessee. The 106,772 square foot medical office building and ambulatory surgery center is the Company’s first project with West Tennessee Healthcare, Inc. and is located on the campus of Jackson Madison County General Hospital. The five-story facility is 75% leased and wholly-owned by the Company. The facility is attached to a newly built eight level parking deck owned by West Tennessee Healthcare, Inc. and for which the Company provided construction management services. Both the facility and the parking deck are connected to a pedestrian walkway that ties directly to the hospital.
Dividend
On March 18, 2010, the Company announced that its Board of Directors had declared a quarterly dividend of $0.10 per share and operating partnership unit that was paid in cash on April 21, 2010 to holders of record on March 26, 2010. The dividend covered the Company’s first quarter of 2010.
Outlook
The Company’s management team expects that FFOM per share and operating partnership unit for the year ending December 31, 2010, will be between $0.42 and $0.50, excluding a non-recurring retirement compensation expense that will be recorded during the second quarter of 2010. On May 3, 2010, the Company announced the retirement of its Chief Executive Officer, Frank Spencer, and expects to record an after-tax compensation expense of approximately $2.6 million, or $0.05 per share and operating partnership unit, related to the retirement benefits granted to Mr. Spencer.
About Cogdell Spencer Inc.
Charlotte-based Cogdell Spencer Inc. (CSA 7.44, +0.44, +6.29%) 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 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.
SOURCE Cogdell Spencer Inc.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Cogdell Spencer Inc. Reports First Quarter 2010 Financial Results is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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