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|   | UNITED      STATES SECURITIES      AND EXCHANGE COMMISSION |   |
|--------|------------------------------------------------------------|--------|
|   | Washington,      DC 20549                                  |   |
|   |                                                       |   |
|   | FORM 10-K                                             |   |

|                                                       | x      | ANNUAL      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT      OF 1934     |   |
|------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------|--------|
|                                                       |   | For      the fiscal year ended December 31, 2008                                                   |   |
|                                                       |   |                                                                                                    |   |
|                                                       |   | or                                                                                                      |   |
|                                                       | o      | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT      OF 1934 |   |
|                                                       |   | For      the transition period      from          to  |   |
|                                                       |
| Commission      file number 001-32649                      |
|                                                       |
| COGDELL      SPENCER INC.                                  |
| (Exact      name of registrant as specified in itscharter) |

| Maryland(State      or other jurisdiction ofincorporation      or organization) | 20-3126457(I.R.S.      EmployerIdentification      No.) |
|---------------------------------------------------------------------------------|---------------------------------------------------------|
| 4401      Barclay Downs Drive, Suite 300                                        | 28209                                                   |
| Charlotte,      North Carolina                                                  | (Zip      code)                                         |
| (Address      of principal executive offices)                                   |                                                    |

| Registrant’s      telephone number, including area code:         |
|------------------------------------------------------------------------|
| (704) 940-2900                                                    |
|                                                                   |
| Securities      Registered Pursuant to Section 12(b) of the  Act: |

| Title      of Each Class                                                  |   | Name      of Exchange on Which Registered |
|---------------------------------------------------------------------------|--------|-------------------------------------------|
| Common      Stock, $0.01 par value                                   |   | New      York Stock Exchange, Inc.        |
|                                                                      |
| Securities      Registered Pursuant to Section 12(g) of the Act:None |

| Large      accelerated filero | Accelerated      filerx | Non-accelerated      filer o(Do      not check if a smaller reportingcompany) | Smaller      reporting company o |
|-------------------------------|-------------------------|------------------------------------------------------------------------------------|---------------------------------------|

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|         |   |                                                                                                                         |   | Page   |
|--------------|--------|------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|         |   | PART I                                                                                                                  |   |   |
| Item 1  |   | Business                                                                                                                     |   | 2      |
| Item 1A |   | Risk      Factors                                                                                                            |   | 10     |
| Item 1B |   | Unresolved      Staff Comments                                                                                               |   | 34     |
| Item 2  |   | Properties                                                                                                                   |   | 35     |
| Item 3  |   | Legal      Proceedings                                                                                                       |   | 38     |
| Item 4  |   | Submission      of Matters to a Vote of Securities Holders                                                                   |   | 38     |
|         |   | PART II                                                                                                                 |   |   |
| Item 5  |   | Market      for Registrant’s Common Equity, Related Stockholder Matters and Issuer      Purchases of Equity Securities |   | 38     |
| Item 6  |   | Selected      Financial Data                                                                                                 |   | 41     |
| Item 7  |   | Management’s      Discussion and Analysis of Financial Condition and Results of      Operations                        |   | 44     |
| Item 7A |   | Quantitative      and Qualitative Disclosures about Market Risk                                                              |   | 57     |
| Item 8  |   | Financial      Statements and Supplementary Data                                                                             |   | 58     |
| Item 9  |   | Changes      in and Disagreements with Accountants on Accounting and Financial      Disclosure                               |   | 97     |
| Item 9A |   | Controls      and Procedures                                                                                                 |   | 97     |
| Item 9B |   | Other      Information                                                                                                       |   | 99     |
|         |   | PART III                                                                                                                |   |   |
| Item 10 |   | Directors,      Executive Officers and Corporate Governance                                                                  |   | 99     |
| Item 11 |   | Executive      Compensation                                                                                                  |   | 100    |
| Item 12 |   | Security      Ownership of Certain Beneficial Owners and Management and Related      Stockholder Matters                     |   | 100    |
| Item 13 |   | Certain      Relationships, Related Transactions, and Director    Independence                                               |   | 100    |
| Item 14 |   | Principal      Accounting Fees and Services                                                                                  |   | 100    |
|         |   | PART IV                                                                                                                 |   |   |
| Item 15 |   | Exhibits      and Financial Statement Schedules                                                                              |   | 100    |
| SIGNATURES   |   |                                                                                                                         |

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|   | ● | the      Company’s business strategy;                                                                                                |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                       |
|   | ● | the      Company’s ability to comply with financial covenants in its debt      instruments;                                          |
|   |    |                                                                                                                                       |
|   | ● | the      Company’s access to capital;                                                                                                |
|   |    |                                                                                                                                       |
|   | ● | the      Company’s ability to obtain future financing  arrangements;                                                                 |
|   |    |                                                                                                                                       |
|   | ● | estimates      relating to the Company’s future distributions;                                                                       |
|   |    |                                                                                                                                       |
|   | ● | the      Company’s understanding of the Company’s competition;                                                                 |
|   |    |                                                                                                                                       |
|   | ● | the      Company’s ability to renew the Company’s ground leases;                                                               |
|   |    |                                                                                                                                       |
|   | ● | legislative      and regulatory changes (including changes to laws governing the taxation      of REITs and individuals);                  |
|   |    |                                                                                                                                       |
|   | ● | increases      in costs of borrowing as a result of changes in interest rates and other      factors;                                      |
|   |    |                                                                                                                                       |
|   | ● | the      Company’s ability to maintain its qualification as a REIT due to economic,      market, legal, tax or other considerations; |
|   |    |                                                                                                                                       |
|   | ● | changes      in the reimbursement available to the Company’s tenants by government or      private payors;                           |
|   |    |                                                                                                                                       |
|   | ● | the      Company’s tenants’ ability to make rent payments;                                                                     |
|   |    |                                                                                                                                       |
|   | ● | defaults      by tenants;                                                                                                                  |
|   |    |                                                                                                                                       |
|   | ● | market      trends; and                                                                                                               |
|   |    |                                                                                                                                       |
|   | ● | projected      capital expenditures.                                                                                                       |

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|   | ●                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Strong Relationships with      Physicians and Hospitals. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                     |
|   | Healthcare      is fundamentally a local business. The Company believes it has developed a      reputation based on trust and reliability among physicians and hospitals      and believes that these relationships position the Company to secure new      development projects and new property acquisition opportunities with both      new and existing parties. Many of the Company’s healthcare system clients      have collaborated with the Company on multiple projects, including the      Company’s five largest healthcare system property management clients, with      whom the Company has an average relationship lasting more than 19 years.      The Company’s strategy is to continue to grow its portfolio by leveraging      these relationships to selectively develop new medical office buildings      and healthcare related facilities in communities in need of additional      facilities to support the delivery of medical services. The Company      believes that physicians particularly value renting space from a trusted      and reliable property owner that consistently delivers an office      environment that meets their specializedneeds. |

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|   | ●                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Active Management of the      Company’s Properties. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | The      Company has developed a comprehensive approach to property and operational      management to maximize the operating performance of its medical office      buildings and healthcare related facilities, leading to high levels of      tenant satisfaction. This fully-integrated property and operating      management allows the Company to provide high quality seamless services to      its tenants on a cost-effective basis. The Company believes that its      operating efficiencies, which consistently exceed industry standards, will      allow the Company to control costs for its tenants. The Company intends to      maximize the Company’s stockholders’ return on their investment and to      achieve long-term functionality and appreciation in its medical office      buildings and healthcare related facilities through continuing its      practice of active management of its properties. The Company manages its      properties with a view toward creating an environment that supports      successful medical practices. The properties are clean and kept in a      condition that is conducive to the delivery of top-quality medical care to      patients. The Company understands that in order to maximize the value of      its investments, its tenants must prosper as well. Therefore, the Company      is committed to maintaining its properties at the highest possible      level. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                      |
|   | ●                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Key      On-Campus Locations                              |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | At      December 31, 2008, approximately 80.9% of the net rentable square      feet of the Company’s wholly-owned properties were situated on hospital      campuses. On-campus properties provide the Company’s physician-lessees and      their patients with a convenient location so that they can move between      medical offices and hospitals with ease, which drives revenues for the      Company’s physician-lessees. Many of these properties occupy a premier      franchise location in relation to the local hospital, providing the      Company’s properties with a distinct competitive advantage over      alternative medical office space in the area that are located farther away      from the local hospital. The Company has found that the factors most      important to physician-lessees when choosing a medical office building or      healthcare related facility in which to locate their offices are      convenience to a hospital campus, clean and attractive common areas,      state-of-the-art amenities and tenant improvements tailored to each      practice.                                                                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                      |
|   | ●                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Loyal      and Diverse Tenant Base.                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | The      Company’s focus on maintaining the Company’s physician-lessees’ loyalty is      a key component of the Company’s marketing and operating strategy. A focus      on physician-lessee loyalty and the involvement of the physician-tenants      and hospitals as investors in the Company’s properties results in one of      the more stable and diversified tenant bases of any medical office company      in the United States. As of December 31, 2008, the Company’s 61      in-service, consolidated wholly-owned and joint venture properties had an      average occupancy rate of approximately 92.4%. The Company’s tenants are      diversified by type of medical practice, medical specialty and      sub-specialty. As of December 31, 2008, no single tenant accounted      for more than 7.5% of the annualized rental revenue at the wholly-owned      properties and no tenants were in default.                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                      |
|   | ●                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Unique      Focus.                                        |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | The      Company focuses exclusively on the ownership, development, redevelopment,      acquisition and management of medical office buildings and healthcare      related facilities in the United States of America. The focus on medical      office buildings and healthcare related facilities allows the Company to      own, develop, redevelop, acquire and manage medical office buildings and      healthcare related facilities more effectively and profitably than its      competition. Unlike many other public companies that simply engage in      sale/leaseback arrangements in the healthcare real estate sector, the      Company also operates its properties. The Company believes that this focus      may position the Company to achieve additional cash flow growth and      appreciation in the value of itsassets.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

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| Development and Acquisition      Strategy |
|-------------------------------------------|
|                                      |   |   |
|                                      | The      Company’s development and acquisition strategy consists of the following      principal elements: |
|                                      |   |   |
|                                      | ● | Project      delivery. |
|                                      |   |
|                                      | The      Company’s project delivery teams focus on the development and design-build      components of the integrated business model specializing in healthcare      real estate. The Company and predecessor companies have developed and/or      designed-built over 5,000 healthcare facilities including hospitals,      medical office buildings, ambulatory surgery centers, wellness centers and      multi-specialty clinics. The Company’s project delivery unit operates as a      wholly-owned subsidiary of Cogdell Spencer Inc., and provides fully      integrated healthcare real estate services from strategic planning and      development to architecture to construction. The Company has built strong      relationships with leading non-profit and for-profit healthcare systems      who look to provide real estate solutions that will support the growth of      medical communities built around their hospitals and regional medical      centers. The Company focuses exclusively on medical office buildings and      healthcare related facilities and believe that its experience and      understanding of real estate and healthcare gives it a competitive      advantage over less specialized developers. Further, the Company’s      specialized regional focus provides extensive local industry knowledge and      insight across the United States. The Company believes the network of      relationships that have been fostered in both the real estate and      healthcare industries that span over five decades provides access to a      large volume of potential development and acquisitions      opportunities. |
|                                      |   |   |
|                                      | ● | Selective      Development and Acquisitions. |
|                                      |   |
|                                      | The      Company intends to leverage its strong healthcare real estate track record      and extensive client network to continue to grow its portfolio of medical      office buildings and healthcare relates facilities by selectively      acquiring existing medical office buildings and by developing new projects      in communities in need of expanded facilities to support the delivery of      medical services. While the Company intends to continue the evaluation of      acquisition opportunities primarily within the joint venture partnership      with Northwestern Mutual, the focus of capital deployment has shifted to      development and design-build project delivery. As of December 31, 2008,      the joint venture partnership with Northwestern Mutual did not have any      acquisitions under contract that the Company expects to go      forward. |
|                                      |   |   |
|                                      | ● | Develop      and Maintain Strategic Relationships. |
|                                      |   |
|                                      | The      Company intends to build upon its key strategic relationships with      physicians, hospitals, not-for-profit agencies and religious entities that      sponsor healthcare services to further enhance the Company’s franchise.      The Company expects to continue entering into joint ventures with      individual physicians, physician groups and hospitals. These joint      ventures have been, and the Company believes will continue to be, a source      of development and acquisition opportunities. Of the 63 healthcare      properties the management team developed or acquired over the past      13 years, 36 of them represent repeat transactions with an existing      client institution. The Company anticipates that it will also continue to      offer potential physician-lessees the opportunity to invest in the Company      in order that they may continue to feel a strong sense of attachment to      the property in which they practice. The Company intends to continue to      work closely with its tenants in order to cultivate long-term working      relationships and to maximize new business opportunities. The Company      works closely with its clients and carefully considers their objectives      and needs when evaluating an investment opportunity. The Company believes      that this philosophy allows the Company to build long-term relationships      and obtain franchise locations otherwise unavailable to the Company’s      competition. |
|                                      |   |   |
|                                      | ● | Investment      Criteria and Funding. |
|                                      |   |
|                                      | The      Company intends to expand in its existing markets and enter into markets      that research indicates will meet its investment strategy in the future.      The Company generally will seek to select clients and assets in locations      that the Company believes will complement its existing portfolio. The      Company may also selectively pursue portfolio opportunities outside of its      existing markets that will not only add incremental value, but will also      add diversification and economies of scale to the existing portfolio.      In      assessing a potential development or acquisition opportunity, the Company      focuses on the economics of the medical community and the strength of      local hospitals. The analysis focuses on trying to place the project on a      hospital campus or in a strategic growth corridor based on      demographics. |

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|   | Historically,      the Company has financed real property developments and acquisitions      through joint ventures in which the physicians who lease space at the      properties, and in some cases, local hospitals or regional medical      centers, provided the equity capital. The Company has continued this      practice of entering into joint ventures with individual physicians,      physician groups and hospitals. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | ● | periods      of economic slowdown or recession, rising interest rates or declining      demand for medical office buildings and healthcare related facilities, or      the public perception that any of these events may occur, could result in      a general decline in rental rates or an increase in tenant      defaults; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                            |
|   | ● | the      national economic climate in which the Company operates, which may be      adversely impacted by, among other factors, a reduction in the      availability of debt or equity financing, industry slowdowns, relocation      of businesses and changing demographics;                                                  |
|   |    |                                                                                                                                                                                                                                                                                                                            |
|   | ● | local      or regional real estate market conditions such as the oversupply of      medical office buildings and healthcare related facilities or a reduction      in demand for medical office buildings and healthcare related facilities      in a particular area;                                                          |
|   |    |                                                                                                                                                                                                                                                                                                                            |
|   | ● | negative      perceptions by prospective tenants of the safety, convenience and      attractiveness of the Company’s properties and the neighborhoods in which      they are located;                                                                                                                                     |
|   |    |                                                                                                                                                                                                                                                                                                                            |
|   | ● | earthquakes      and other natural disasters, terrorist acts, civil disturbances or acts of      war which may result in uninsured or underinsured losses; and changes in      the tax, real estate and zoninglaws.                                                                                                             |

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|   | ● | the      Company may be unable to obtain financing for these projects on attractive      terms or at all;                                                                                                                                                                                                         |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                              |
|   | ● | the      Company may not complete development projects on schedule or within      budgeted amounts;                                                                                                                                                                                                               |
|   |    |                                                                                                                                                                                                                                                                                                              |
|   | ● | the      Company may encounter delays or refusals in obtaining all necessary      zoning, land use, building, occupancy and other required governmental      permits and authorizations;                                                                                                                          |
|   |    |                                                                                                                                                                                                                                                                                                              |
|   | ● | occupancy      rates and rents at newly developed or redeveloped properties may fluctuate      depending on a number of factors, including market and economic      conditions, and may result in the Company’s investment not being      profitable; and start-up costs may be higher than    anticipated. |

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|   | ● | failure      to finance an acquisition on attractive terms or atall;                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | ● | competition      from other real estate investors with significant capital, including other      publicly-traded REITs and institutional investment  funds;                                                                                                                                                                                                                                                                                                                                                                         |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | ● | competition      from other potential acquirers may significantly increase the purchase      price for an acquisition property, which could reduce the Company’s      profitability;                                                                                                                                                                                                                                                                                                                                          |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | ● | unsatisfactory      results of the Company’s due diligence investigations or failure to meet      other customary closing conditions;                                                                                                                                                                                                                                                                                                                                                                                         |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | ● | the      Company may spend more than the time and amounts budgeted to make      necessary improvements or renovations to acquired      properties; and                                                                                                                                                                                                                                                                                                                                                                         |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | ● | the      Company may acquire properties subject to liabilities and without any      recourse, or with only limited recourse, with respect to unknown      liabilities such as liabilities for clean-up of undisclosed environmental      contamination, claims by persons in respect of events transpiring or      conditions existing before the Company acquired the properties and claims      for indemnification by general partners, directors, officers and others      indemnified by the former owners of the  properties. |

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|   | ● | In      order to assign or transfer the Company’s rights and obligations under      certain of the Company’s mortgage agreements, the Company generally      must: |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                           |
|   | ● | obtain      the consent of the lender;                                                                                                                                         |
|   |    |                                                                                                                                                                           |
|   | ● | pay      a fee equal to a fixed percentage of the outstanding loan      balance; and                                                                                      |
|   |    |                                                                                                                                                                           |
|   | ● | pay      any costs incurred by the lender in connection with any such assignment or      transfer.                                                                             |

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|   |    |                                                                                                                                                                                         |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ● | challenges      in integrating operations, technologies, services, accounting and      personnel;                                                                                            |
|   |    |                                                                                                                                                                                         |
|   | ● | challenges      in managing new product lines, including planning, architecture,      engineering, construction, materials management, manufacturing, capital      and development services; |
|   |    |                                                                                                                                                                                         |
|   | ● | challenges      in supporting and transitioning customers of Erdman to the Company’s      technology platforms and business processes;                                                 |
|   |    |                                                                                                                                                                                         |
|   | ● | diversion      of financial and management resources from existing operations;      and                                                                                                      |
|   |    |                                                                                                                                                                                         |
|   | ● | inability      to generate sufficient revenues to offset acquisition or investment      costs.                                                                                               |

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|   |    |                                                                                              |
|--------|---------|---------------------------------------------------------------------------------------------------|
|   | ● | generation,      storage, handling, treatment and disposal of hazardous material and      wastes; |
|   |    |                                                                                              |
|   | ● | emissions      into the air;                                                                      |
|   |    |                                                                                              |
|   | ● | discharges      into waterways; and                                                               |
|   |    |                                                                                              |
|   | ● | health      and safety.                                                                           |

|   |    |                                                                                                              |
|--------|---------|-------------------------------------------------------------------------------------------------------------------|
|   | ● | changes      in the demand for and methods of delivering healthcare      services;                                |
|   |    |                                                                                                              |
|   | ● | changes      in third party reimbursement policies;                                                               |
|   |    |                                                                                                              |
|   | ● | substantial      competition for patients among healthcare providers;                                             |
|   |    |                                                                                                              |
|   | ● | continued      pressure by private and governmental payors to reduce payments to      providers of services; and  |
|   |    |                                                                                                              |
|   | ● | increased      scrutiny of billing, referral and other practices by U.S. federal and      state authorities. |

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|   |    |                                                                                                                                                                                                                                                                                                                                                                                                           |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ● | the      Federal Anti-Kickback Statute, which prohibits, among other things, the      offer, payment, solicitation or receipt of any form of remuneration in      return for, or to induce, the referral of Medicare and Medicaid      patients;                                                                                                                                                               |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | ● | the      Stark II Law, which, subject to specific exceptions, restricts physicians      who have financial relationships with healthcare providers from making      referrals for specifically designated health services for which payment      may be made under Medicare or Medicaid programs to an entity with which      the physician, or an immediate family member, has a financial      relationship; |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | ● | the      False Claims Act, which prohibits any person from knowingly presenting      false or fraudulent claims for payment to the federal government,      including under the Medicare and Medicaid    programs; and                                                                                                                                                                                    |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | ● | the      Civil Monetary Penalties Law, which authorizes the Department of Health      and Human Services to impose monetary penalties for certain fraudulent      acts.                                                                                                                                                                                                                                        |

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|   |    |                                                                                                                                                                                                                           |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ● | the      Company’s cash flow may be insufficient to meet the Company’s required      principal and interest payments;                                                                                              |
|   |    |                                                                                                                                                                                                                           |
|   | ● | the      Company may be unable to borrow additional funds as needed or on favorable      terms, including to make acquisitions;                                                                                                |
|   |    |                                                                                                                                                                                                                           |
|   | ● | the      Company may be unable to refinance the Company’s indebtedness at maturity      or the refinancing terms may be less favorable than the terms of the      Company’s original indebtedness;                 |
|   |    |                                                                                                                                                                                                                           |
|   | ● | because      a portion of the Company’s debt bears interest at variable rates, an      increase in interest rates could materially increase the Company’s      interest expense;                                   |
|   |    |                                                                                                                                                                                                                           |
|   | ● | the      Company may be forced to dispose of one or more of the Company’s      properties, possibly on disadvantageous terms;                                                                                            |
|   |    |                                                                                                                                                                                                                           |
|   | ● | after      debt service, the amount available for distributions to the Company’s      stockholders is reduced;                                                                                                           |
|   |    |                                                                                                                                                                                                                           |
|   | ● | the      Company’s debt level could place the Company at a competitive disadvantage      compared to the Company’s competitors with less debt;                                                                     |
|   |    |                                                                                                                                                                                                                           |
|   | ● | the      Company may experience increased vulnerability to economic and industry      downturns, reducing the Company’s ability to respond to changing business      and economic conditions;                            |
|   |    |                                                                                                                                                                                                                           |
|   | ● | the      Company may default on the Company’s obligations and the lenders or      mortgagees may foreclose on the Company’s properties that secure their      loans and receive an assignment of rents and leases; |
|   |    |                                                                                                                                                                                                                           |
|   | ● | the      Company may violate financial covenants which would cause a default on the      Company’s obligations;                                                                                                          |

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|   | ● | the      Company may inadvertently violate non-financial restrictive covenants in      the Company’s loan documents, such as covenants that require the Company      to maintain the existence of entities, maintain insurance policies and      provide financial statements, which would entitle the lenders to      accelerate the Company’s debt obligations; and |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                   |
|   | ● | the      Company may default under any one of the Company’s mortgage loans with      cross-default or cross-collateralization provisions that could result in      default on other indebtedness or result in the foreclosures of other      properties.                                                                                                                         |

----

----

----

----

----

|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ● | “business      combination” provisions that, subject to certain limitations, prohibit      certain business combinations between the Company and an “interested      stockholder” (defined generally as any person who beneficially owns 10% or      more of the voting power of the Company’s shares or an affiliate thereof)      for five years after the most recent date on which the stockholder becomes      an interested stockholder, and thereafter impose special minimum price      provisions and special stockholder voting requirements on these      combinations; and                                                                                                                       |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | ● | “control      share” provisions that provide that “control shares” of the Company      (defined as shares which, when aggregated with other shares controlled by      the stockholder, entitle the stockholder to exercise one of three      increasing ranges of voting power in electing directors) acquired in a      “control share acquisition” (defined as the direct or indirect acquisition      of ownership or control of “control shares”) have no voting rights except      to the extent approved by the Company’s stockholders by the affirmative      vote of at least two-thirds of all the votes entitled to be cast on the      matter, excluding all interestedshares. |

----

----

|   |    |                                                                                                                                                                                                                                        |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ● | the      Company would not be allowed a deduction for distributions to stockholders      in computing the Company’s taxable income and the Company would be subject      to U.S. federal income tax at regular corporate  rates; |
|   |    |                                                                                                                                                                                                                                        |
|   | ● | the      Company also could be subject to the U.S. federal alternative minimum      tax and possibly increased state and local  taxes; and                                                                                        |
|   |    |                                                                                                                                                                                                                                        |
|   | ● | unless      the Company is entitled to relief under applicable statutory provisions,      the Company could not elect to be taxed as a REIT for four taxable years      following a year during which the Company was  disqualified.        |

----

----

----

----

| Property                                          |   | Location |             | Net      RentableSquare      Feet |   | OccupancyRate |   | AnnualizedRent |   | Annualized      RentPer      LeasedSquare      Foot |   |
|---------------------------------------------------|--------|----------|------------------|-----------------------------------|--------|---------------|--------|----------------|--------|-----------------------------------------------------|--------|
| California                                        |   |     |             |                              |   |          |   |           |   |                                                |   |   |   |   |   |   |
| Verdugo      ProfessionalBuilding      I          |   |     | Glendale         |                              |   | 63,887        |   |           | 92.6   | %                                                   | $      | 1,812,088 |   | $ | 30.64 |   |
| Verdugo      ProfessionalBuilding      II         |   |     | Glendale         |                              |   | 42,906        |   |           | 88.6   | %                                                   |   | 1,213,656 |   |   | 31.92 |   |
|                                              |   |     |             |                              |   | 106,793       |   |           | 91.0   | %                                                   |   | 3,025,744 |   |   | 31.14 |   |
| Georgia                                           |   |     |             |                              |   |          |   |           |   |                                                |   |   |   |   |   |   |
| Augusta      POB I                                |   |     | Augusta          |                              |   | 99,494        |   |           | 92.7   | %                                                   |   | 1,265,312 |   |   | 13.71 |   |
| Augusta      POB II                               |   |     | Augusta          |                              |   | 125,634       |   |           | 95.1   | %                                                   |   | 2,582,154 |   |   | 21.60 |   |
| Augusta      POB III                              |   |     | Augusta          |                              |   | 47,034        |   |           | 100.0  | %                                                   |   | 926,246 |   |   | 19.69 |   |
| Augusta      POB IV                               |   |     | Augusta          |                              |   | 55,134        |   |           | 88.9   | %                                                   |   | 877,504 |   |   | 17.90 |   |
| Summit      Professional Plaza I                  |   |     | Brunswick        |                              |   | 33,039        |   |           | 93.5   | %                                                   |   | 808,505 |   |   | 26.18 |   |
| Summit      Professional Plaza II                 |   |     | Brunswick        |                              |   | 64,233        |   |           | 96.7   | %                                                   |   | 1,792,144 |   |   | 28.84 |   |
|                                              |   |     |             |                              |   | 424,568       |   |           | 94.4   | %                                                   |   | 8,251,865 |   |   | 20.58 |   |
| Indiana                                           |   |     |             |                              |   |          |   |           |   |                                                |   |   |   |   |   |   |
| Methodist      ProfessionalCenter      I (3)      |   |     | Indianapolis     |                              |   | 150,035       |   |           | 99.0   | %                                                   |   | 3,455,621 |   |   | 23.26 |   |
| Methodist      Professional Center II (sub-lease) |   |     | Indianapolis     |                              |   | 24,080        |   |           | 100.0  | %                                                   |   | 616,647 |   |   | 25.61 |   |
|                                              |   |     |             |                              |   | 174,115       |   |           | 99.2   | %                                                   |   | 4,072,268 |   |   | 23.58 |   |
| Kentucky                                          |   |     |             |                              |   |          |   |           |   |                                                |   |   |   |   |   |   |
| Our      Lady of Bellefonte                       |   |     | Ashland          |                              |   | 46,907        |   |           | 95.9   | %                                                   |   | 1,153,258 |   |   | 25.63 |   |
| Adjacent      parking deck                        |   |     |             |                              |   |          |   |           |   |                                                |   | 875,205 |   |   |   |   |
|                                              |   |     |             |                              |   | 46,907        |   |           | 95.9   | %                                                   |   | 2,028,463 |   |   | 25.63 | (2) |
| Louisiana                                         |   |     |             |                              |   |          |   |           |   |                                                |   |   |   |   |   |   |
| East      Jefferson Medical Office Building       |   |     | Metairie         |                              |   | 119,921       |   |           | 100.0  | %                                                   |   | 2,551,870 |   |   | 21.28 |   |
| East      Jefferson Medical Plaza                 |   |     | Metairie         |                              |   | 123,184       |   |           | 100.0  | %                                                   |   | 2,787,654 |   |   | 22.63 |   |
| East      Jefferson Medical Specialty Building    |   |     | Metairie         |                              |   | 10,809        |   |           | 100.0  | %                                                   |   | 968,693 |   |   | 89.62 |   |
|                                              |   |     |             |                              |   | 253,914       |   |           | 100.0  | %                                                   |   | 6,308,217 |   |   | 24.84 |   |
| New      York                                     |   |     |             |                              |   |          |   |           |   |                                                |   |   |   |   |   |   |
| Central      New York Medical Center (4)          |   |     | Syracuse         |                              |   | 111,634       |   |           | 96.7   | %                                                   |   | 2,960,608 |   |   | 27.42 |   |
|                                              |   |     |             |                              |   |          |   |           |   |                                                |   |   |   |   |   |   |
| North      Carolina                               |   |     |             |                              |   |          |   |           |   |                                                |   |   |   |   |   |   |
| Barclay      Downs                                |   |     | Charlotte        |                              |   | 38,395        |   |           | 100.0  | %                                                   |   | 843,386 |   |   | 21.97 |   |
| Birkdale      Medical Village                     |   |     | Huntersville     |                              |   | 64,669        |   |           | 100.0  | %                                                   |   | 1,405,737 |   |   | 21.74 |   |
| Birkdale      Retail                              |   |     | Huntersville     |                              |   | 8,269         |   |           | 100.0  | %                                                   |   | 214,442 |   |   | 25.93 |   |
| Cabarrus      POB                                 |   |     | Concord          |                              |   | 84,972        |   |           | 95.0   | %                                                   |   | 1,808,948 |   |   | 22.41 |   |
| Copperfield      Medical Mall                     |   |     | Concord          |                              |   | 26,000        |   |           | 100.0  | %                                                   |   | 589,518 |   |   | 22.67 |   |
| Copperfield      MOB                              |   |     | Concord          |                              |   | 61,789        |   |           | 87.9   | %                                                   |   | 1,250,799 |   |   | 23.04 |   |
| East      Rocky Mount Kidney Center               |   |     | Rocky      Mount |                              |   | 8,043         |   |           | 100.0  | %                                                   |   | 165,956 |   |   | 20.63 |   |
| Gaston      Professional Center                   |   |     | Gastonia         |                              |   | 114,956       |   |           | 100.0  | %                                                   |   | 2,725,698 |   |   | 23.71 |   |
| Adjacent      parking deck                        |   |     |             |                              |   |          |   |           |   |                                                |   | 606,141 |   |   |   |   |
| Harrisburg      Family Physicians Building        |   |     | Harrisburg       |                              |   | 8,202         |   |           | 100.0  | %                                                   |   | 215,591 |   |   | 26.29 |   |
| Harrisburg      Medical Mall                      |   |     | Harrisburg       |                              |   | 18,360        |   |           | 100.0  | %                                                   |   | 471,708 |   |   | 25.69 |   |
| Lincoln/Lakemont      Family Practice Center      |   |     | Lincolnton       |                              |   | 16,500        |   |           | 100.0  | %                                                   |   | 382,674 |   |   | 23.19 |   |
| Mallard      Crossing Medical Park                |   |     | Charlotte        |                              |   | 52,540        |   |           | 62.9   | %                                                   |   | 825,306 |   |   | 24.97 |   |
| Midland      Medical Mall                         |   |     | Midland          |                              |   | 14,610        |   |           | 100.0  | %                                                   |   | 415,726 |   |   | 28.45 |   |
| Mulberry      Medical Park                        |   |     | Lenoir           |                              |   | 24,992        |   |           | 85.4   | %                                                   |   | 433,002 |   |   | 20.30 |   |
| Northcross      Family Medical Practice Building  |   |     | Charlotte        |                              |   | 8,018         |   |           | 100.0  | %                                                   |   | 225,390 |   |   | 28.11 |   |
| Randolph      Medical Park                        |   |     | Charlotte        |                              |   | 84,131        |   |           | 67.6   | %                                                   |   | 1,213,739 |   |   | 21.34 |   |
| Rocky      Mount Kidney Center                    |   |     | Rocky      Mount |                              |   | 10,105        |   |           | 100.0  | %                                                   |   | 204,728 |   |   | 20.26 |   |
| Rocky      Mount Medical Office Building (1)      |   |     | Rocky      Mount |                              |   | 35,393        |   |           | 95.7   | %                                                   |   | 871,907 |   |   | 25.75 |   |
| Rocky      Mount Medical Park                     |   |     | Rocky      Mount |                              |   | 96,993        |   |           | 100.0  | %                                                   |   | 1,956,518 |   |   | 20.17 |   |
| Rowan      Outpatient Surgery Center              |   |     | Salisbury        |                              |   | 19,464        |   |           | 100.0  | %                                                   |   | 424,549 |   |   | 21.81 |   |
| Weddington      Internal & Pediatric Medicine |   |     | Concord          |                              |   | 7,750         |   |           | 100.0  | %                                                   |   | 189,977 |   |   | 24.51 |   |
|                                              |   |     |             |                              |   | 804,151       |   |           | 92.1   | %                                                   |   | 17,441,440 |   |   | 22.74 | (2) |
| Pennsylvania                                      |   |     |             |                              |   |          |   |           |   |                                                |   |   |   |   |   |   |
| Lancaster      Rehabilitation Hospital            |   |     | Lancaster        |                              |   | 52,878        |   |           | 100.0  | %                                                   |   | 1,320,404 |   |   | 24.97 |   |
| Lancaster      General Health Campus MOB (1)      |   |     | Lancaster        |                              |   | 64,214        |   |           | 93.1   | %                                                   |   | 1,644,663 |   |   | 27.50 |   |
|                                              |   |     |             |                              |   | 117,092       |   |           | 96.2   | %                                                   |   | 2,965,067 |   |   | 26.31 |   |

----

| South      Carolina                                 |   |   |              |   |   |      |   |   |   |   |   |       |   |   |   |   |
|-----------------------------------------------------|--------|--------|-------------------|--------|--------|-----------|--------|--------|--------|--------|--------|------------|--------|--------|--------|--------|
| 190      Andrews                                    |   |   | Greenville        |   |   | 25,902    |   |   | 100.0  | %      |   | 598,580    |   |   | 23.11  |   |
| Baptist      Northwest                              |   |   | Columbia          |   |   | 38,703    |   |   | 41.3   | %      |   | 336,517    |   |   | 21.04  |   |
| Beaufort      Medical Plaza                         |   |   | Beaufort          |   |   | 59,340    |   |   | 100.0  | %      |   | 1,235,351  |   |   | 20.82  |   |
| Carolina      Forest                                |   |   | Myrtle      Beach |   |   | 38,902    |   |   | 43.5   | %      |   | 470,377    |   |   | 27.82  |   |
| Mary      Black Westside MOB                        |   |   | Spartanburg       |   |   | 37,455    |   |   | 100.0  | %      |   | 783,520    |   |   | 20.92  |   |
| Medical      Arts Center of Orangeburg              |   |   | Orangeburg        |   |   | 49,324    |   |   | 92.9   | %      |   | 862,554    |   |   | 18.82  |   |
| Mt.      Pleasant MOB                               |   |   | Mt.      Pleasant |   |   | 38,735    |   |   | 77.4   | %      |   | 758,909    |   |   | 25.32  |   |
| One      Medical Park - HMOB                        |   |   | Columbia          |   |   | 69,840    |   |   | 80.3   | %      |   | 1,301,733  |   |   | 23.21  |   |
| Parkridge      MOB                                  |   |   | Columbia          |   |   | 89,451    |   |   | 95.5   | %      |   | 2,024,819  |   |   | 23.69  |   |
| Providence      MOB I                               |   |   | Columbia          |   |   | 48,500    |   |   | 94.7   | %      |   | 980,985    |   |   | 21.37  |   |
| Providence      MOB II                              |   |   | Columbia          |   |   | 23,280    |   |   | 100.0  | %      |   | 469,446    |   |   | 20.17  |   |
| Providence      MOB III                             |   |   | Columbia          |   |   | 54,417    |   |   | 73.4   | %      |   | 870,217    |   |   | 21.77  |   |
| River      Hills Medical Plaza                      |   |   | Little      River |   |   | 27,566    |   |   | 100.0  | %      |   | 878,682    |   |   | 31.88  |   |
| Roper      MOB                                      |   |   | Charleston        |   |   | 122,785   |   |   | 100.0  | %      |   | 2,502,921  |   |   | 20.38  |   |
| St.      Francis Community Medical Office Building  |   |   | Greenville        |   |   | 45,140    |   |   | 100.0  | %      |   | 1,239,997  |   |   | 27.47  |   |
| St.      Francis Medical Office Building            |   |   | Greenville        |   |   | 49,767    |   |   | 100.0  | %      |   | 1,058,037  |   |   | 21.26  |   |
| St.      Francis Medical Plaza                      |   |   | Greenville        |   |   | 62,724    |   |   | 63.5   | %      |   | 781,534    |   |   | 19.62  |   |
| St.      Francis Women’s Center               |   |   | Greenville        |   |   | 57,590    |   |   | 73.4   | %      |   | 868,506    |   |   | 20.56  |   |
| Three      Medical Park                             |   |   | Columbia          |   |   | 88,755    |   |   | 93.8   | %      |   | 1,903,798  |   |   | 22.86  |   |
| West      Medical I                                 |   |   | Charleston        |   |   | 28,734    |   |   | 100.0  | %      |   | 777,309    |   |   | 27.05  |   |
|                                                |   |   |              |   |   | 1,056,910 |   |   | 87.2   | %      |   | 20,703,792 |   |   | 22.47  |   |
| Tennessee                                           |   |   |              |   |   |      |   |   |   |   |   |       |   |   |   |   |
| Healthpark      Medical Office Building             |   |   | Chattanooga       |   |   | 52,151    |   |   | 100.0  | %      |   | 1,906,526  |   |   | 36.56  |   |
| Peerless      Medical Center                        |   |   | Cleveland         |   |   | 40,506    |   |   | 100.0  | %      |   | 1,183,991  |   |   | 29.23  |   |
|                                                |   |   |              |   |   | 92,657    |   |   | 100.0  | %      |   | 3,090,517  |   |   | 33.35  |   |
| Virginia                                            |   |   |              |   |   |      |   |   |   |   |   |       |   |   |   |   |
| Hanover      Medical OfficeBuilding      I          |   |   | Mechanicsville    |   |   | 56,610    |   |   | 96.6   | %      |   | 1,491,672  |   |   | 27.27  |   |
| St.      Mary’s Medical Office Building North |   |   | Richmond          |   |   | 30,617    |   |   | 90.1   | %      |   | 689,445    |   |   | 25.00  |   |
|                                                |   |   |              |   |   | 87,227    |   |   | 94.3   | %      |   | 2,181,117  |   |   | 26.51  |   |
|                                                |   |   |              |   |   |      |   |   |   |   |   |       |   |   |   |   |
| Total                                               |   |   |              |   |   | 3,275,968 |   |   | 92.4   | %      |   | 73,029,098 |   | $      | 23.64  | (2)    |

|   |                                                                                                                                    |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                    |
| (1)    | 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 from an adjacent parking deck is approximately $96,000 per month,      or $1,152,000 annualized.                   |
| (4)    | Parking      revenue from an adjacent parking deck is approximately $100,000 per month,      or $1,200,000annualized.                   |

|       |   |                         |    |   |                              |   |      |                                                |   |   |           |   |   |                                     |    |   |                                          |   |
|------------|--------|------------------------------|---------|--------|-----------------------------------|--------|-----------|-----------------------------------------------------|--------|--------|----------------|--------|--------|------------------------------------------|---------|--------|-----------------------------------------------|--------|
|       |   | Number      ofLeasesExpiring |    |   | Net      RentableSquare      Feet |   |      | Percentage      ofNet      RentableSquare      Feet |   |   | AnnualizedRent |   |   | Percentage      ofPropertyAnnualizedRent |    |   | AnnualizedRent      PerLeased      SquareFoot |   |
| Available  |   |                         | — |   |                              |   | 248,864   |                                                |   |   | 7.6            | %      |   | $                                        | — |   |                                          |   | — |   |   | $ | — |   |
| 2009       |   |                         | 143     |   |                              |   | 437,722   |                                                |   |   | 13.4           | %      |   |                                     | 9,912   |   |                                          |   | 13.6 | % |   |   | 22.64 |   |
| 2010       |   |                         | 113     |   |                              |   | 455,382   |                                                |   |   | 13.9           | %      |   |                                     | 10,101  |   |                                          |   | 13.8 | % |   |   | 22.18 |   |
| 2011       |   |                         | 81      |   |                              |   | 303,982   |                                                |   |   | 9.3            | %      |   |                                     | 6,841   |   |                                          |   | 9.4 | % |   |   | 22.51 |   |
| 2012       |   |                         | 125     |   |                              |   | 593,286   |                                                |   |   | 18.1           | %      |   |                                     | 15,586  |   |                                          |   | 21.3 | % |   |   | 23.77 | (1) |
| 2013       |   |                         | 70      |   |                              |   | 321,540   |                                                |   |   | 9.8            | %      |   |                                     | 6,895   |   |                                          |   | 9.4 | % |   |   | 21.44 |   |
| 2014       |   |                         | 46      |   |                              |   | 258,453   |                                                |   |   | 7.9            | %      |   |                                     | 6,210   |   |                                          |   | 8.5 | % |   |   | 24.03 |   |
| 2015       |   |                         | 24      |   |                              |   | 78,875    |                                                |   |   | 2.4            | %      |   |                                     | 1,965   |   |                                          |   | 2.7 | % |   |   | 24.91 |   |
| 2016       |   |                         | 11      |   |                              |   | 53,007    |                                                |   |   | 1.6            | %      |   |                                     | 1,192   |   |                                          |   | 1.6 | % |   |   | 22.49 |   |
| 2017       |   |                         | 32      |   |                              |   | 227,859   |                                                |   |   | 7.0            | %      |   |                                     | 6,366   |   |                                          |   | 8.7 | % |   |   | 27.94 |   |
| 2018       |   |                         | 10      |   |                              |   | 43,181    |                                                |   |   | 1.3            | %      |   |                                     | 1,059   |   |                                          |   | 1.5 | % |   |   | 24.52 |   |
| Thereafter |   |                         | 16      |   |                              |   | 253,817   |                                                |   |   | 7.7            | %      |   |                                     | 6,902   |   |                                          |   | 9.5 | % |   |   | 27.19 |   |
| Total      |   |                         | 671     |   |                              |   | 3,275,968 |                                                |   |   | 100.0          | %      |   | $                                        | 73,029  |   |                                          |   | 100.0 | % |   | $ | 23.64 | (1) |

| (1) | Excludes      annualized rent of adjacent parking decks to Our Lady of Bellefonte and      Gaston Professional Center fromcalculation. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|

----

| Property                 |   | City,      State  |   | YearBuilt |   | NetRentableSquareFeet |   | OccupancyRate |   | AnnualizedRent |      | AnnualizedRent      PerLeasedSquareFoot |   | OwnershipPercentage |   | DebtBalance |   | AssociatedHealthcare      System |
|--------------------------|--------|-------------------|--------|-----------|--------|-----------------------|--------|---------------|--------|----------------|-----------|-----------------------------------------|--------|---------------------|--------|-------------|--------|----------------------------------|
|                     |   |              |   |      |   |                  |   |          |   |           |      |                                    |   |                |   |        |   |                             |   |   |   |
| McLeod      MOB East (2) |   | Florence,      SC |   | 1993      |   | 127,458               |   | 93.2          | %      | $              | 1,971,897 |                                    | $      | 16.60               |   | 1.1         | %      | $                                | (1 | ) | McLeod      Regional |
|                     |   |              |   |      |   |                  |   |          |   |           |      |                                    |   |                |   |        |   |                             |   |   | Medical      Center |
| McLeod      Pee Dee      |   | Florence,      SC |   | 1982      |   | 33,756                |   | 100.0         |   |           | 549,420   |                                    |   | 16.28               |   | 1.1         |   |                             | (1 | ) | McLeod      Regional |
| Medical      Park (2)    |   |              |   |      |   |                  |   |          |   |           |      |                                    |   |                |   |        |   |                             |   |   | Medical      Center |
| McLeod      MOB West (2) |   | Florence,      SC |   | 1986      |   | 52,574                |   | 97.9          |   |           | 737,365   |                                    |   | 14.33               |   | 1.1         |   |                             | (1 | ) | McLeod      Regional |
|                     |   |              |   |      |   |                  |   |          |   |           |      |                                    |   |                |   |        |   |                             |   |   | Medical      Center |
| Total                    |   |              |   |      |   | 213,788               |   |          |   | $              | 3,258,682 |                                    |   |                |   |        |   | $                                |  12,497,770 | (2) |   |

|   |                                                                                                          |
|--------|---------------------------------------------------------------------------------------------------------------|
|   |                                                                                                          |
| (1)    | Amounts      are for the entity, not just the Company’s interest in the real estate      joint venture. |
|   |                                                                                                          |
| (2)    | Total      debt of $12.5 million is secured by all three properties      listed.                         |

|         |                   |
|--------------|------------------------|
| Item      3. | Legal      Proceedings |

|         |                                                    |
|--------------|---------------------------------------------------------|
| Item      4. | Submission      of Matters to a Vote of SecurityHolders |

|         |                                                                                                                            |
|--------------|---------------------------------------------------------------------------------------------------------------------------------|
| Item      5. | Market for Registrant’s Common      Equity and Related Stockholder Matters and Issuer Purchases of Equity      Securities |

|                |   |   |   |   |   |   |   |              |   |
|---------------------|--------|--------|--------|--------|--------|--------|--------|-------------------|--------|
| Period              |   | High   |   |   | Low    |   |   | DividendsDeclared |   |
|                |   |   |   |   |   |   |   |              |   |
| 2007                |   |   |   |   |   |   |   |              |   |
| First      Quarter  |   | $      | 22.82  |   |   | $      | 20.62  |              |   | $ | 0.35 |   |
| Second      Quarter |   | $      | 21.64  |   |   | $      | 19.51  |              |   | $ | 0.35 |   |
| Third      Quarter  |   | $      | 20.43  |   |   | $      | 16.20  |              |   | $ | 0.35 |   |
| Fourth      Quarter |   | $      | 19.39  |   |   | $      | 15.03  |              |   | $ | 0.35 |   |
| 2008                |   |   |   |   |   |   |   |              |   |   |   |   |
| First      Quarter  |   | $      | 17.18  |   |   | $      | 14.66  |              |   | $ | 0.35 |   |
| Second      Quarter |   | $      | 18.89  |   |   | $      | 15.36  |              |   | $ | 0.35 |   |
| Third      Quarter  |   | $      | 19.93  |   |   | $      | 16.04  |              |   | $ | 0.35 |   |
| Fourth      Quarter |   | $      | 16.17  |   |   | $      | 6.91   |              |   | $ | 0.225 |   |

----

----

|                      |   |               |   |     |   |     |   |     |   |     |   |   |   |   |   |   |
|---------------------------|--------|--------------------|--------|----------|--------|----------|--------|----------|--------|----------|--------|--------|--------|--------|--------|--------|
|                      |   | Period      Ending |   |
| Index                     |   | 10/27/05           |   | 12/31/05 |   | 12/31/06 |   | 12/31/07 |   | 12/31/08 |   |
| Cogdell      Spencer Inc. |   |               | 100.00 |     |   | 100.79   |   |     | 137.24 |     |   | 109.70 |   |   | 68.45  |   |
| NAREIT      Equity        |   |               | 100.00 |     |   | 103.57   |   |     | 139.39 |     |   | 117.94 |   |   | 73.44  |   |
| S&P      500          |   |               | 100.00 |     |   | 106.30   |   |     | 123.09 |     |   | 129.86 |   |   | 81.81  |   |

----

|                                |   |                                                |    |   |                                          |   |    |                                                                                                                 |   |   |                                                                                                        |   |
|-------------------------------------|--------|-----------------------------------------------------|---------|--------|-----------------------------------------------|--------|---------|----------------------------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------|--------|
| For      the Period                 |   | Total      Number ofEquity      SecuritiesPurchased |    |   | AveragePrice      PaidPer      EquitySecurity |   |    | Total      Number ofEquity      SecuritiesPurchased      as Partof      PubliclyAnnounced      Plansor      Programs |   |   | Approximate      DollarValue      of EquitySecurities      that MayYet      Be PurchasedUnder      the Plan |   |
|                                |   |                                                |    |   |                                          |   |    |                                                                                                                 |   |   |                                                                                                        |   |   |   |   |   |
| October      1 - October 31, 2008   |   |                                                | — |   |                                          | $      | — |                                                                                                                 |   |   | N/A                                                                                                         |   |   |   | N/A |   |
| November      1 - November 30, 2008 |   |                                                | — |   |                                          |   | — |                                                                                                                 |   |   | N/A                                                                                                         |   |   |   | N/A |   |
| December      1 - December 31, 2008 |   |                                                | 1,881   |   |                                          |   | 8.78    |                                                                                                                 |   |   | N/A                                                                                                         |   |   |   | N/A |   |
| Total                               |   |                                                | 1,881   |   |                                          | $      | 8.78    |                                                                                                                 |   |   | N/A                                                                                                         |   |   |   | N/A |   |

| Plan      Category                                              |   | (a)Number      ofSecurities      to beIssued      UponExercise      ofOutstandingOptions,      Warrants,and      Rights |    |      | (b)Weighted      AverageExercise      Price ofOutstandingOptions,      Warrants,and      Rights |   |    | (c)Number      of SecuritiesRemaining      Available forFuture      Issuance UnderEquity      CompensationPlans      (ExcludingSecurities      Reflected inColumns      (a)) |   |
|-----------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------|---------|-----------|-------------------------------------------------------------------------------------------------|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                            |   |                                                                                                                    |    |      |                                                                                            |   |    |                                                                                                                                                                         |   |   |   |   |
| Equity      compensation plans approved by security holders     |   |                                                                                                                    | N/A     | (1)       |                                                                                            |   | N/A     |                                                                                                                                                                         |   |   | 392,960 |   |
| Equity      compensation plans not approved by security holders |   |                                                                                                                    | — |      |                                                                                            |   | — |                                                                                                                                                                         |   |   | — |   |
| Total                                                           |   |                                                                                                                    | N/A     |  (1) |                                                                                            |   | N/A     |                                                                                                                                                                         |   |   | 392,960 |   |

| (1) | These      amounts include information related to the Company’s 2005      Long-term Incentive Plan.  As of December 31, 2008, the Company      issued 68,370 shares of restricted stock and 538,670 Long-term Incentive      Plan (“LTIP”) units under thisplan. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item      6. | Selected Financial      Data |
|--------------|------------------------------|

----

|                                                                    |   | Company                                           |     |   | Predecessor             |   |
|-------------------------------------------------------------------------|--------|---------------------------------------------------|----------|--------|-------------------------|--------|
|                                                                    |   | For      the year ended                           |     |   | For      the year ended |   |   | For      the year ended |   |   | November      1, 2005 - |   |   | January      1, 2005 - |   |   | For      the year ended |   |
|                                                                    |   | December      31, 2008                            |     |   | December      31, 2007  |   |   | December      31, 2006 |   |   | December      31, 2005 |   |   | October      31, 2005 |   |   | December      31, 2004 |   |
|                                                                    |   | (In      thousand, except per share      amounts) |     |
| Statements      of Operations Data:                                     |   |                                              |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rental      revenue                                                     |   | $                                                 | 77,799   |   |                    | $      | 63,029 |   |   | $ | 52,746 |   |   | $ | 7,006 |   |   | $ | 35,794 |   |   | $ | 40,440 |   |
| Design-Build      contract revenue and other    sales                   |   |                                              | 253,596  |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total      revenues                                                     |   |                                              | 335,740  |   |                    |   | 66,821 |   |   |   | 54,956 |   |   |   | 7,321 |   |   |   | 37,809 |   |   |   | 43,644 |   |
|                                                                    |   |                                              |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property      operating and management    expenses                      |   |                                              | 31,376   |   |                    |   | 25,704 |   |   |   | 19,848 |   |   |   | 2,583 |   |   |   | 13,058 |   |   |   | 14,756 |   |
| Costs      related to design-build contract      revenue                |   |                                              |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and      other sales                                                    |   |                                              | 214,019  |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Selling,      general, and administrative      expenses                 |   |                                              | 30,215   |   |                    |   | 7,365 |   |   |   | 6,261 |   |   |   | 7,791 |   |   |   | 5,129 |   |   |   | 3,075 |   |
| Income      (loss) from continuing operations before      other         |   |                                              |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| income      (expense), income tax (expense)      benefit,               |   |                                              |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| minority      interests, and discontinued      operations               |   |                                              | 15,114   |   |                    |   | 5,994 |   |   |   | (1,426 | ) |   |   | (7,178 | ) |   |   | 11,178 |   |   |   | 16,252 |   |
| Interest      expense                                                   |   |                                              | (25,159  | )      |                    |   | (15,964 | ) |   |   | (14,199 | ) |   |   | (1,500 | ) |   |   | (8,222 | ) |   |   | (9,024 | ) |
| Net      income (loss)                                                  |   |                                              | (5,773   | )      |                    |   | (6,341 | ) |   |   | (9,097 | ) |   |   | (5,600 | ) |   |   | 3,824 |   |   |   | 8,044 |   |
|                                                                    |   |                                              |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Per      Share:                                                         |   |                                              |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Declared      dividend                                                  |   | $                                                 | 1.275    |   |                    | $      | 1.40 |   |   | $ | 1.40 |   |   | $ | 0.23 |   |   |   |   |   |   |   |   |   |
| Loss      from continuing operations -    basic                         |   |                                              |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    and      diluted                                      |   | $                                                 | (0.37    | )      |                    | $      | (0.57 | ) |   | $ | (1.17 | ) |   | $ | (0.70 | ) |   |   |   |   |   |   |   |   |
| Net      loss - basic and diluted                                       |   | $                                                 | (0.37    | )      |                    | $      | (0.57 | ) |   | $ | (1.14 | ) |   | $ | (0.70 | ) |   |   |   |   |   |   |   |   |
|                                                                    |   |                                              |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      average shares - basic and    diluted                     |   |                                              | 15,770   |   |                    |   | 11,056 |   |   |   | 7,975 |   |   |   | 7,972 |   |   |   |   |   |   |   |   |   |
| Weighted      average shares and OP units -      basic                  |   |                                              | 23,996   |   |                    |   | 15,621 |   |   |   | 12,590 |   |   |   | 12,197 |   |   |   |   |   |   |   |   |   |
| Weighted      average shares and OP units -      diluted                |   |                                              | 24,098   |   |                    |   | 15,637 |   |   |   | 12,612 |   |   |   | 12,225 |   |   |   |   |   |   |   |   |   |
|                                                                    |   |                                              |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                    |   |                                              |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selected      Balance Sheet Data (as of the end of the      period):    |   |                                              |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Assets:                                                                 |   |                                              |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Real      estate properties, net                                        |   | $                                                 | 477,961  |   |                    | $      | 455,063 |   |   | $ | 351,172 |   |   | $ | 257,144 |   |   |   |   |   |   | $ | 155,376 |   |
| Other      assets, net                                                  |   |                                              | 422,129  |   |                    |   | 51,174 |   |   |   | 41,886 |   |   |   | 51,338 |   |   |   |   |   |   |   | 23,049 |   |
| Total      assets                                                       |   | $                                                 | 900,090  |   |                    | $      | 506,237 |   |   | $ | 393,058 |   |   | $ | 308,482 |   |   |   |   |   |   | $ | 178,425 |   |
|                                                                    |   |                                              |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities      and stockholders' equity or owners'      deficit:      |   |                                              |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgages,      credit facility, and term debt                          |   | $                                                 | 465,236  |   |                    | $      | 316,704 |   |   | $ | 262,031 |   |   | $ | 158,974 |   |   |   |   |   |   | $ | 213,536 |   |
| Other      liabilities, net                                             |   |                                              | 151,860  |   |                    |   | 27,277 |   |   |   | 17,351 |   |   |   | 9,022 |   |   |   |   |   |   |   | 11,316 |   |
| Minority      interests                                                 |   |                                              | 94,045   |   |                    |   | 47,221 |   |   |   | 54,001 |   |   |   | 62,018 |   |   |   |   |   |   |   | - |   |
| Stockholders'      equity                                               |   |                                              | 188,949  |   |                    |   | 115,035 |   |   |   | 59,675 |   |   |   | 78,468 |   |   |   |   |   |   |   | (46,427 | ) |
| Total      liabilities and stockholders' equity or owners'      deficit |   | $                                                 | 900,090  |   |                    | $      | 506,237 |   |   | $ | 393,058 |   |   | $ | 308,482 |   |   |   |   |   |   | $ | 178,425 |   |
|                                                                    |   |                                              |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      Flow Data:                                                    |   |                                              |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      cash provided by operating      activities                     |   | $                                                 | 24,747   |   |                    | $      | 23,796 |   |   | $ | 15,900 |   |   | $ | 1,635 |   |   | $ | 10,312 |   |   | $ | 16,089 |   |
| Net      cash used in investing      activities                         |   | $                                                 | (194,284 | )      |                    | $      | (117,298 | ) |   | $ | (103,587 | ) |   | $ | (27,462 | ) |   | $ | (5,939 | ) |   | $ | (13,767 | ) |
| Net      cash provided by (used in) financing      activities           |   | $                                                 | 200,650  |   |                    | $      | 96,055 |   |   | $ | 78,932 |   |   | $ | 35,398 |   |   | $ | (5,863 | ) |   | $ | 1,880 |   |
|                                                                    |   |                                              |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other      Data:                                                        |   |                                              |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Funds      from operations (1)                                          |   | $                                                 | 21,380   |   |                    | $      | 18,259 |   |   | $ | 15,037 |   |   | $ | 4,518 |   |   | $ | 12,303 |   |   | $ | 17,656 |   |
| Funds      from operations modified (1)                                 |   | $                                                 | 29,363   |   |                    | $      | 18,362 |   |   | $ | 15,089 |   |   | $ | 4,518 |   |   | $ | 12,303 |   |   | $ | 17,656 |   |

|   | (1) | FFO      is a supplemental non-GAAP financial measure used by the real estate      industry to measure the operating performance of real estate companies.      The Company adjusts the NAREIT definition to add back minority interests      in the Operating Partnership. FFOM adds back to traditionally defined FFO      non-cash amortization of non-real estate related intangible assets      associated with purchase accounting. The Company presents FFO and FFOM      because it considers them important supplemental measures of operational      performance. The Company believes FFO 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 and FFOM do 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 and FFOM 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 are they indicative of funds available to      fund its cash needs, including its ability to pay dividends or make      distributions. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                            |   | Company                 |   |   | Predecessor             |   |
|-----------------------------------------------------------------|--------|-------------------------|--------|--------|-------------------------|--------|
|                                                            |   | For      the year ended |   |   | For      the year ended |   |   | For      the year ended |   |   | November      1, 2005 - |   |   | January      1, 2005 - |   |   | For      the year ended |   |
|                                                            |   | December      31, 2008  |   |   | December      31, 2007  |   |   | December      31, 2006 |   |   | December      31, 2005 |   |   | October      31, 2005 |   |   | December      31, 2004 |   |
| Funds      from operations:                                     |   |                    |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss)                                          |   | $                       | (5,773 | )      |                    | $      | (6,341 | ) |   | $ | (9,097 | ) |   | $ | (5,600 | ) |   | $ | 3,824 |   |   | $ | 8,044 |   |
| Minority      interests in operating    partnership             |   |                    | (3,048 | )      |                    |   | (2,738 | ) |   |   | (5,058 | ) |   |   | (3,055 | ) |   |   | - |   |   |   | - |   |
| Real      estate related depreciation and      amortization (1) |   |                    | 30,201 |   |                    |   | 27,338 |   |   |   | 30,110 |   |   |   | 4,137 |   |   |   | 8,479 |   |   |   | 9,612 |   |
| Gain      on sale of real estate    properties                  |   |                    | -      |   |                    |   | - |   |   |   | (919 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Funds      from operations                                      |   |                    | 21,380 |   |                    |   | 18,259 |   |   |   | 15,036 |   |   |   | (4,518 | ) |   |   | 12,303 |   |   |   | 17,656 |   |
| Amortization      of intangibles related to    purchase         |   |                    |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| accounting,      net of income tax benefit                      |   |                    | 7,983  |   |                    |   | 103 |   |   |   | 53 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Funds      from operations modified                             |   | $                       | 29,363 |   |                    | $      | 18,362 |   |   | $ | 15,089 |   |   | $ | (4,518 | ) |   | $ | 12,303 |   |   | $ | 17,656 |   |

|   | (1) | 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 estatepartnerships. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Item 7. | Management      Discussion and Analysis of Financial Condition and Results of      Operations |
|--------------|-----------------------------------------------------------------------------------------------|

----

|   |    |                                                                                                                                                                 |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ● | 62      properties, comprised of 3.3 million net rentable square feet, each of      which the Company wholly-owns or is a consolidated real estate      partnership; |
|   |    |                                                                                                                                                                 |
|   | ● | Three      properties, comprised of 0.2 million net rentable square feet, in which      the Company owns a minority interest; and                                    |
|   |    |                                                                                                                                                                 |
|   | ● | 51      properties, comprised of 2.3 million net rentable square feet, that the      Company manages for third parties.                                              |

----

----

----

----

|                           |   |                                  |   |                                  |   |   |   |
|--------------------------------|--------|---------------------------------------|--------|---------------------------------------|--------|--------|--------|
|                           |   | Year      EndedDecember      31, 2008 |   | Year      EndedDecember      31, 2007 |   |
| Properties      at January 1   |   |                                  | 59     |                                  |   | 51     |   |
| Acquisitions                   |   |                                  | 2      |                                  |   | 5      |   |
| Developments                   |   |                                  | 1      |                                  |   | 3      |   |
| Properties      at December 31 |   |                                  | 62     |                                  |   | 59     |   |

----

|                                                                                                 |   |                    |   |   |                  |   |
|------------------------------------------------------------------------------------------------------|--------|-------------------------|--------|--------|-----------------------|--------|
|                                                                                                 |   | For      the Year Ended |   |
|                                                                                                 |   | December      31,2008   |   |   | December      31,2007 |   |
|                                                                                                 |   |                    |   |   |                  |   |   |   |
| Net      loss                                                                                        |   | $                       | (5,773 | )      |                  | $      | (6,341 | ) |
| Plus      minority interests in operating partnership                                                |   |                    | (3,048 | )      |                  |   | (2,738 | ) |
| Plus      real estate related depreciation and amortization                                          |   |                    | 30,201 |   |                  |   | 27,338 |   |
| Funds      from Operations (FFO)                                                                     |   |                    | 21,380 |   |                  |   | 18,259 |   |
| Plus      amortization of intangibles related to purchase accounting, net of income      tax benefit |   |                    | 7,983  |   |                  |   | 103 |   |
| Funds      from Operations Modified (FFOM)                                                           |   | $                       | 29,363 |   |                  | $      | 18,362 |   |

----

----

|                                                                                                 |   |                    |    |   |                  |   |
|------------------------------------------------------------------------------------------------------|--------|-------------------------|---------|--------|-----------------------|--------|
|                                                                                                 |   | For      the Year Ended |    |
|                                                                                                 |   | December      31,2007   |    |   | December      31,2006 |   |
|                                                                                                 |   |                    |    |   |                  |   |
| Net      loss                                                                                        |   | $                       | (6,341  | )      |                  | $      | (9,097 | ) |
| Plus      minority interests in operating partnership                                                |   |                    | (2,738  | )      |                  |   | (5,058 | ) |
| Plus      real estate related depreciation and amortization                                          |   |                    | 27,338  |   |                  |   | 30,110 |   |
| Gain      on sale of real estate properties                                                          |   |                    | — |   |                  |   | (919 | ) |
| Funds      from Operations (FFO)                                                                     |   |                    | 18,259  |   |                  |   | 15,036 |   |
| Plus      amortization of intangibles related to purchase accounting, net of income      tax benefit |   |                    | 103     |   |                  |   | 53 |   |
| Funds      from Operations Modified (FFOM)                                                           |   | $                       | 18,362  |   |                  | $      | 15,089 |   |

----

|                                        |   |               |   |                          |   |                              |    |                   |   |                     |   |   |    |   |
|---------------------------------------------|--------|--------------------|--------|-------------------------------|--------|-----------------------------------|---------|------------------------|--------|--------------------------|--------|--------|---------|--------|
| Property                                    |   | Location           |   | EstimatedCompletion      Date |   | Net      RentableSquare      Feet |    | Investmentto      Date |   | EstimatedTotalInvestment |   |
|                                        |   |               |   |                          |   |                              |    |                   |   |                     |   |
| St.      Luke’s Riverside MOB         |   | Bethlehem,      PA |   | 2nd      Half 2010            |   |                              | 80,000  |                   | $      | 1,240                    |   | $      | 16,000  |   |
| The      Woodlands Center (1)               |   | Pensacola,      FL |   | 4Q      2009                  |   |                              | 76,000  |                   | $      | 8,969                    |   | $      | 24,769  |   |
| Medical      Center Physicians Tower        |   | Jackson,      TN   |   | 1Q      2009                  |   |                              | 107,000 |                   | $      | 416                      |   | $      | 21,100  |   |
| Land      and pre-construction developments |   |               |   |                          |   |                              | — |                   |   | 4,689                    |   |   | — |   |
|                                        |   |               |   |                          |   |                              | 263,000 |                   | $      | 15,314                   |   | $      | 61,869  |   |

| (1) | Owned      by Genesis Property Holding, LLC, which is a consolidated real estate      partnership. The company expects to have a 40.0% ownership upon      completion. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|                                                      |   |   |   |   |   |   |    |   |   |   |    |   |   |   |    |   |       |   |    |   |   |
|-----------------------------------------------------------|--------|--------|--------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|------------|--------|---------|--------|--------|
|                                                      |   | 2009   |   |   | 2010   |   |    | 2011   |   |   | 2012    |   |   | 2013   |    |   | Thereafter |   |    | Total  |   |
| Obligation:                                               |   |   |   |   |   |   |    |   |   |   |    |   |   |   |    |   |       |   |    |   |   |
|                                                      |   |   |   |   |   |   |    |   |   |   |    |   |   |   |    |   |       |   |    |   |   |
| Long-term      debt principal payments and maturities (1) |   | $      | 50,577 |   |   | $      | 31,708  |   |   | $      | 250,898 |   |   | $      | 23,137  |   |       | $      | 13,861  |   |   | $ | 94,843 |   |   | $ | 465,024 |   |
| Standby letters of      credit (2)                        |   |   | 8,048  |   |   |   | — |   |   |   | — |   |   |   | — |   |       |   | — |   |   |   | — |   |   |   | 8,048 |   |
| Interest payments      (3)                                |   |   | 21,987 |   |   |   | 18,796  |   |   |   | 10,129  |   |   |   | 6,774   |   |       |   | 5,842   |   |   |   | 13,837 |   |   |   | 77,365 |   |
| Purchase commitments      (4)                             |   |   | 11,589 |   |   |   | 836     |   |   |   | — |   |   |   | — |   |       |   |    |   |   |   | — |   |   |   | 12,425 |   |
| Ground leases (5)                                         |   |   | 314    |   |   |   | 314     |   |   |   | 314     |   |   |   | 315     |   |       |   | 315     |   |   |   | 9,631 |   |   |   | 11,203 |   |
| Operating leases      (6)                                 |   |   | 5,217  |   |   |   | 4,316   |   |   |   | 3,857   |   |   |   | 3,556   |   |       |   | 2,968   |   |   |   | 24,527 |   |   |   | 44,441 |   |
| Total                                                     |   | $      | 97,732 |   |   | $      | 55,970  |   |   | $      | 265,198 |   |   | $      | 33,782  |   |       | $      | 22,986  |   |   | $ | 142,838 |   |   | $ | 618,506 |   |

| (1) | Includes      notes payable under the Company’s Credit Facility                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | As      collateral for performance, the Company is contingently liable under      standby letters of credit, which also reduces the availability under the      Credit Facility                                                                                                                                                                                                                                                                                                                                |
| (3) | Assumes      one-month LIBOR of 0.44% and Prime Rate of 3.25% which were the rates as      of December 31, 2008 and includes fixed rate interest swap      agreements.                                                                                                                                                                                                                                                                                                                                         |
| (4) | These      purchase commitments are related to the Company’s development projects      that are currently under construction.                                                                                                                                                                                                                                                                                                                                                                            |
| (5) | Substantially      all of the ground and air rights leases effectively limit our control over      various aspects of the operation of the applicable property, restrict our      ability to transfer the property and allow the lessor the right of first      refusal to purchase the building and improvements. All of the ground      leases provide for the property to revert to the lessor for no      consideration upon the expiration or earlier termination of the ground or      air rights lease. |
| (6) | Payments      under operating lease agreements relate to various of our properties’      equipment and office space leases. The future minimum lease commitments      under these leases are asindicated.                                                                                                                                                                                                                                                                                                |

----

| Item      7A. | Quantitative      and Qualitative Disclosure About Market  Risk |
|---------------|-----------------------------------------------------------------|

----

|         |                                            |
|--------------|-------------------------------------------------|
| Item      8. | Financial      Statements and SupplementaryData |

|                                                                                                                  |   |
|-----------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                  | Page   |
| Report      of Independent Registered Public Accounting    Firm                                                       | 59     |
| Consolidated      Balance Sheets as of December 31, 2008 and    2007                                                  | 60     |
| Consolidated      Statements of Operations for the years ended December 31, 2008, 2007, and      2006                 | 61     |
| Consolidated      Statements of Stockholders’ Equity for the years ended December 31, 2008,      2007, and 2006 | 62     |
| Consolidated      Statements of Cash Flows for the years ended December 31, 2008, 2007, and      2006                 | 63     |
| Notes      to Consolidated Financial Statements                                                                       | 64     |
| Supplemental      Schedule — Schedule III — Real Estate and Accumulated      Depreciation                 | 94     |
| Notes      to Schedule III — Real Estate and Accumulated      Depreciation                                      |   |

----

EPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTINGFIRM

----

ONSOLIDATED BALANCE SHEETS

|                                                                                                                                                  |   |                  |    |   |                  |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|---------|--------|-----------------------|--------|
|                                                                                                                                                  |   | December      31,2008 |    |   | December      31,2007 |   |
| Assets                                                                                                                                                |   |                  |    |   |                  |   |
| Real      estate properties:                                                                                                                          |   |                  |    |   |                  |   |
| Land                                                                                                                                                  |   | $                     | 30,673  |   |                  | $      | 30,673 |   |
| Buildings      and improvements                                                                                                                       |   |                  | 501,259 |   |                  |   | 455,606 |   |
| Less:      Accumulated depreciation                                                                                                                   |   |                  | (69,285 | )      |                  |   | (44,596 | ) |
| Net      operating real estate properties                                                                                                             |   |                  | 462,647 |   |                  |   | 441,683 |   |
| Construction      in progress                                                                                                                         |   |                  | 15,314  |   |                  |   | 13,380 |   |
| Net      real estate properties                                                                                                                       |   |                  | 477,961 |   |                  |   | 455,063 |   |
| Cash      and cash equivalents                                                                                                                        |   |                  | 34,668  |   |                  |   | 3,555 |   |
| Restricted      cash                                                                                                                                  |   |                  | 12,964  |   |                  |   | 1,803 |   |
| Tenant      and accounts receivable, net of allowance of $194 in 2008 and $19 in      2007                                                            |   |                  | 43,523  |   |                  |   | 2,248 |   |
| Goodwill                                                                                                                                              |   |                  | 180,435 |   |                  |   | 5,335 |   |
| Trade      names and trademarks                                                                                                                       |   |                  | 75,969  |   |                  |   | — |   |
| Intangible      assets, net of accumulated amortization of $38,054 in 2008 and $18,728 in      2007                                                   |   |                  | 45,363  |   |                  |   | 26,254 |   |
| Other      assets                                                                                                                                     |   |                  | 29,207  |   |                  |   | 11,979 |   |
| Total      assets                                                                                                                                     |   | $                     | 900,090 |   |                  | $      | 506,237 |   |
|                                                                                                                                                  |   |                  |    |   |                  |   |   |   |
| Liabilities      and stockholders’ equity                                                                                                       |   |                  |    |   |                  |   |   |   |
| Mortgage      notes payable                                                                                                                           |   | $                     | 240,736 |   |                  | $      | 237,504 |   |
| Revolving      credit facility                                                                                                                        |   |                  | 124,500 |   |                  |   | 79,200 |   |
| Term      loan                                                                                                                                        |   |                  | 100,000 |   |                  |   | — |   |
| Accounts      payable                                                                                                                                 |   |                  | 22,090  |   |                  |   | 5,817 |   |
| Billings      in excess of costs and estimated earnings on uncompleted      contracts                                                                 |   |                  | 17,025  |   |                  |   | — |   |
| Deferred      income taxes                                                                                                                            |   |                  | 34,176  |   |                  |   | 217 |   |
| Payable      to prior Erdman shareholders                                                                                                        |   |                  | 18,002  |   |                  |   | — |   |
| Other      liabilities                                                                                                                                |   |                  | 60,567  |   |                  |   | 21,243 |   |
| Total      liabilities                                                                                                                                |   |                  | 617,096 |   |                  |   | 343,981 |   |
| Commitments      and contingencies                                                                                                                    |   |                  |    |   |                  |   |   |   |
| Minority      interests in real estate partnerships                                                                                                   |   |                  | 6,279   |   |                  |   | 2,434 |   |
| Minority      interests in operating partnership                                                                                                      |   |                  | 87,766  |   |                  |   | 44,787 |   |
| Stockholders’      equity:                                                                                                                      |   |                  |    |   |                  |   |   |   |
| Preferred      stock, $0.01 par value; 50,000 shares authorized, none issued or      outstanding                                                      |   |                  | — |   |                  |   | — |   |
| Common      stock; $0.01 par value; 200,000 shares authorized, 17,699 and 11,948      shares issued and outstanding in 2008 and 2007,    respectively |   |                  | 177     |   |                  |   | 119 |   |
| Additional      paid-in capital                                                                                                                       |   |                  | 275,380 |   |                  |   | 166,901 |   |
| Accumulated      other comprehensive loss                                                                                                             |   |                  | (9,170  | )      |                  |   | (1,234 | ) |
| Accumulated      deficit                                                                                                                              |   |                  | (77,438 | )      |                  |   | (50,751 | ) |
| Total      stockholders’ equity                                                                                                                 |   |                  | 188,949 |   |                  |   | 115,035 |   |
| Total      liabilities and stockholders’ equity                                                                                                 |   | $                     | 900,090 |   |                  | $      | 506,237 |   |

----

ONSOLIDATED STATEMENTS OF OPERATIONS

|                                                                                                                                                                                                                                               |   |                                          |    |   |                                          |   |    |                                          |                                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|---------|--------|-----------------------------------------------|--------|---------|-----------------------------------------------|--------------------------------------------|
|                                                                                                                                                                                                                                               |   | For      the Year EndedDecember      31, 2008 |    |   | For      the Year EndedDecember      31, 2007 |   |    | For      the Year EndedDecember      31, 2006 |                                       |
| Revenues:                                                                                                                                                                                                                                          |   |                                          |    |   |                                          |   |    |                                          |                                       |
| Rental      revenue                                                                                                                                                                                                                                |   | $                                             | 77,799  |   |            | $      | 63,029  |                                          |         | $ | 52,746 |   |
| Design-Build      contract revenue and other sales                                                                                                                                                                                                 |   |                                          | 253,596 |   |                                          |   | — |                                          |                                       |   | — |   |
| Property      management and other fees                                                                                                                                                                                                            |   |                                          | 3,460   |   |                                          |   | 3,502   |                                          |                                       |   | 2,077 |   |
| Development      management and other income                                                                                                                                                                                                       |   |                                          | 885     |   |                                          |   | 290     |                                          |                                       |   | 133 |   |
| Total      revenues                                                                                                                                                                                                                                |   |                                          | 335,740 |   |                                          |   | 66,821  |                                          |                                       |   | 54,956 |   |
|                                                                                                                                                                                                                                               |   |                                          |    |   |                                          |   |    |                                          |                                       |   |   |   |
| Expenses:                                                                                                                                                                                                                                          |   |                                          |    |   |                                          |   |    |                                          |                                       |   |   |   |
| Property      operating and management                                                                                                                                                                                                             |   |                                          | 31,376  |   |                                          |   | 25,704  |                                          |                                       |   | 19,848 |   |
| Costs      related to design-build contract revenue and other sales                                                                                                                                                                                |   |                                          | 214,019 |   |                                          |   | — |                                          |                                       |   | — |   |
| Selling,      general, and administrative                                                                                                                                                                                                          |   |                                          | 30,215  |   |                                          |   | 7,365   |                                          |                                       |   | 6,261 |   |
| Depreciation      and amortization                                                                                                                                                                                                                 |   |                                          | 45,016  |   |                                          |   | 27,758  |                                          |                                       |   | 30,273 |   |
| Total      expenses                                                                                                                                                                                                                                |   |                                          | 320,626 |   |                                          |   | 60,827  |                                          |                                       |   | 56,382 |   |
| Income      (loss) from continuing operations before other income (expense), income      tax (expense) benefit, minority interests in real estate partnerships,      minority interests in operating partnership, and discontinued      operations |   |                                          | 15,114  |   |                                          |   | 5,994   |                                          |                                       |   | (1,426 | ) |
|                                                                                                                                                                                                                                               |   |                                          |    |   |                                          |   |    |                                          |                                       |   |   |   |
| Other      income (expense):                                                                                                                                                                                                                       |   |                                          |    |   |                                          |   |    |                                          |                                       |   |   |   |
| Interest      and other income, net                                                                                                                                                                                                                |   |                                          | 922     |   |                                          |   | 1,073   |                                          |                                       |   | 821 |   |
| Interest      expense                                                                                                                                                                                                                              |   |                                          | (25,159 | )      |                                          |   | (15,964 | )                                             |                                       |   | (14,199 | ) |
| Loss      on early extinguishment of debt                                                                                                                                                                                                          |   |                                          | — |   |                                          |   | — |                                          |                                       |   | (37 | ) |
| Equity      in earnings of unconsolidated real estate partnerships                                                                                                                                                                                 |   |                                          | 22      |   |                                          |   | 20      |                                          |                                       |   | 4 |   |
| Gain      from sale of real estate partnership interests                                                                                                                                                                                           |   |                                          | — |   |                                          |   | — |                                          |                                       |   | 484 |   |
| Total      other income (expense)                                                                                                                                                                                                                  |   |                                          | (24,215 | )      |                                          |   | (14,871 | )                                             |                                       |   | (12,927 | ) |
| Loss      from continuing operations before income tax (expense)benefit,      minority interests in real estate partnerships, minority interests in      operating partnership, and discontinued operations                                        |   |                                          | (9,101  | )      |                                          |   | (8,877  | )                                             |                                       |   | (14,353 | ) |
|                                                                                                                                                                                                                                               |   |                                          |    |   |                                          |   |    |                                          |                                       |   |   |   |
| Income      tax (expense) benefit                                                                                                                                                                                                                  |   |                                          | 1,244   |   |                                          |   | (117    | )                                             |                                       |   | (107 | ) |
| Loss      from continuing operations before minority interests in real estate      partnerships, minority interests in operating partnership, and      discontinued operations                                                                     |   |                                          | (7,857  | )      |                                          |   | (8,994  | )                                             |                                       |   | (14,460 | ) |
|                                                                                                                                                                                                                                               |   |                                          |    |   |                                          |   |    |                                          |                                       |   |   |   |
| Minority      interests in real estate partnerships                                                                                                                                                                                                |   |                                          | (964    | )      |                                          |   | (85     | )                                             |                                       |   | (121 | ) |
| Minority      interests in operating partnership                                                                                                                                                                                                   |   |                                          | 3,048   |   |                                          |   | 2,738   |                                          |                                       |   | 5,208 |   |
|                                                                                                                                                                                                                                               |   |                                          |    |   |                                          |   |    |                                          |                                       |   |   |   |
| Net      loss from continuing operations                                                                                                                                                                                                           |   |                                          | (5,773  | )      |                                          |   | (6,341  | )                                             |                                       |   | (9,373 | ) |
|                                                                                                                                                                                                                                               |   |                                          |    |   |                                          |   |    |                                          |                                       |   |   |   |
| Discontinued      operations:                                                                                                                                                                                                                      |   |                                          |    |   |                                          |   |    |                                          |                                       |   |   |   |
| Loss      from discontinued operations                                                                                                                                                                                                             |   |                                          | — |   |                                          |   | — |                                          |                                       |   | (9 | ) |
| Gain      from sale of real estate property                                                                                                                                                                                                        |   |                                          | — |   |                                          |   | — |                                          |                                       |   | 435 |   |
| Minority      interests in operating partnership                                                                                                                                                                                                   |   |                                          | — |   |                                          |   | — |                                          |                                       |   | (150 | ) |
| Total      discontinued operations                                                                                                                                                                                                                 |   |                                          | — |   |                                          |   | — |                                          |                                       |   | 276 |   |
|                                                                                                                                                                                                                                               |   |                                          |    |   |                                          |   |    |                                          |                                       |   |   |   |
| Net      loss                                                                                                                                                                                                                                      |   | $                                             | (5,773  | )      |                                          | $      | (6,341  | )                                             |                                       | $ | (9,097 | ) |
|                                                                                                                                                                                                                                               |   |                                          |    |   |                                          |   |    |                                          |                                       |   |   |   |
| Per      share data - basic and diluted                                                                                                                                                                                                            |   |                                          |    |   |                                          |   |    |                                          |                                       |   |   |   |
| Loss      from continuing operations                                                                                                                                                                                                               |   | $                                             | (0.37   | )      |                                          | $      | (0.57   | )                                             |                                       | $ | (1.17 | ) |
| Income      from discontinued operations                                                                                                                                                                                                           |   |                                          | — |   |                                          |   | — |                                          |                                       |   | 0.03 |   |
| Net      loss per share - basic and diluted                                                                                                                                                                                                        |   | $                                             | (0.37   | )      |                                          | $      | (0.57   | )                                             |                                       | $ | (1.14 | ) |
|                                                                                                                                                                                                                                               |   |                                          |    |   |                                          |   |    |                                          |                                       |   |   |   |
| Weighted      average common shares - basic and diluted                                                                                                                                                                                            |   |                                          | 15,770  |   |                                          |   | 11,056  |                                          |                                       |   | 7,975 |   |

----

ONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

|                                                                                                                                                            |   |                       |    |   |        |   |    |                     |   |   |                                   |   |   |                                            |    |   |               |   |    |   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|---------|--------|-------------|--------|---------|--------------------------|--------|--------|----------------------------------------|--------|--------|-------------------------------------------------|---------|--------|--------------------|--------|---------|--------|--------|
|                                                                                                                                                            |   | Number      ofCommonShares |    |   | CommonStock |   |    | AdditionalPaid-inCapital |   |   | UnamortizedRestrictedStockCompensation |   |   | AccumulatedOtherComprehensiveIncome      (Loss) |    |   | AccumulatedDeficit |   |    | Total  |   |
| Balance      at December 31, 2005                                                                                                                               |   |                       | 8,000   |   |        | $      | 80      |                     |   | $      | 86,154                                 |   |   | $                                               | (299    | )      |               | $      | — |   |   | $ | (7,467 | ) |   | $ | 78,468 |   |
| Comprehensive      loss:                                                                                                                                        |   |                       |    |   |        |   |    |                     |   |   |                                   |   |   |                                            |    |   |               |   |    |   |   |   |   |   |   |   |   |   |
| Net      loss                                                                                                                                                   |   |                       | — |   |        |   | — |                     |   |   | —                                |   |   |                                            | — |   |               |   | — |   |   |   | (9,097 | ) |   |   | (9,097 | ) |
| Unrealized      gain on interest rate swaps                                                                                                                     |   |                       | — |   |        |   | — |                     |   |   | —                                |   |   |                                            | — |   |               |   | 73      |   |   |   | — |   |   |   | 73 |   |
| Comprehensive      loss                                                                                                                                         |   |                       |    |   |        |   |    |                     |   |   |                                   |   |   |                                            |    |   |               |   |    |   |   |   |   |   |   |   | (9,024 | ) |
| Amortization      of restricted stock grants                                                                                                                    |   |                       | — |   |        |   | — |                     |   |   | 88                                     |   |   |                                            | — |   |               |   | — |   |   |   | — |   |   |   | 88 |   |
| Dividends      to common stockholders                                                                                                                           |   |                       | — |   |        |   | — |                     |   |   | —                                |   |   |                                            | — |   |               |   | — |   |   |   | (11,197 | ) |   |   | (11,197 | ) |
| Transfer      of unamortized restricted stock compensation to additional paid-in      capital                                                                   |   |                       | — |   |        |   | — |                     |   |   | (299                                   | )      |   |                                            | 299     |   |               |   | — |   |   |   | — |   |   |   | — |   |
| Cumulative      effect adjustment associated with the implementation of EITF      04-5                                                                          |   |                       | — |   |        |   | — |                     |   |   | (785                                   | )      |   |                                            | — |   |               |   | — |   |   |   | 59 |   |   |   | (726 | ) |
| Adjustment      to record change of interest in the operating partnership due to the      issuance of operating partnership units in excess of book      value  |   |                       | — |   |        |   | — |                     |   |   | 2,066                                  |   |   |                                            | — |   |               |   | — |   |   |   | — |   |   |   | 2,066 |   |
| Balance      at December 31, 2006                                                                                                                               |   |                       | 8,000   |   |        |   | 80      |                     |   |   | 87,224                                 |   |   |                                            | — |   |               |   | 73      |   |   |   | (27,702 | ) |   |   | 59,675 |   |
| Comprehensive      loss:                                                                                                                                        |   |                       |    |   |        |   |    |                     |   |   |                                   |   |   |                                            |    |   |               |   |    |   |   |   |   |   |   |   |   |   |
| Net      loss                                                                                                                                                   |   |                       | — |   |        |   | — |                     |   |   | —                                |   |   |                                            | — |   |               |   | — |   |   |   | (6,341 | ) |   |   | (6,341 | ) |
| Unrealized      loss on interest rate swaps                                                                                                                     |   |                       | — |   |        |   | — |                     |   |   | —                                |   |   |                                            | — |   |               |   | (1,307  | )      |   |   | — |   |   |   | (1,307 | ) |
| Comprehensive      loss                                                                                                                                         |   |                       |    |   |        |   |    |                     |   |   |                                   |   |   |                                            |    |   |               |   |    |   |   |   |   |   |   |   | (7,648 | ) |
| Issuance      of common stock, net of costs                                                                                                                     |   |                       | 3,950   |   |        |   | 39      |                     |   |   | 78,425                                 |   |   |                                            | — |   |               |   | — |   |   |   | — |   |   |   | 78,464 |   |
| Conversion      of operating partnership units to common stock                                                                                                  |   |                       | — |   |        |   | — |                     |   |   | 6                                      |   |   |                                            | — |   |               |   | — |   |   |   | — |   |   |   | 6 |   |
| Vesting      of restricted stock grants                                                                                                                         |   |                       | — |   |        |   | — |                     |   |   | 20                                     |   |   |                                            | — |   |               |   | — |   |   |   | — |   |   |   | 20 |   |
| Amortization      of restricted stock grants                                                                                                                    |   |                       | — |   |        |   | — |                     |   |   | 69                                     |   |   |                                            |    |   |               |   |    |   |   |   |   |   |   |   | 69 |   |
| Forfeiture      of restricted stock grants                                                                                                                      |   |                       | (2      | )      |        |   | — |                     |   |   | —                                |   |   |                                            | — |   |               |   | — |   |   |   | — |   |   |   | — |   |
| Dividends      to common stockholders                                                                                                                           |   |                       | — |   |        |   | — |                     |   |   | —                                |   |   |                                            | — |   |               |   | — |   |   |   | (16,708 | ) |   |   | (16,708 | ) |
| Adjustment      to record change of interest in the operating partnership due to the      issuance of operating partnership units in excess of book      value  |   |                       | — |   |        |   | — |                     |   |   | 1,157                                  |   |   |                                            | — |   |               |   | — |   |   |   | — |   |   |   | 1,157 |   |
| Balance      at December 31, 2007                                                                                                                               |   |                       | 11,948  |   |        |   | 119     |                     |   |   | 166,901                                |   |   |                                            | — |   |               |   | (1,234  | )      |   |   | (50,751 | ) |   |   | 115,035 |   |
| Comprehensive      loss:                                                                                                                                        |   |                       |    |   |        |   |    |                     |   |   |                                   |   |   |                                            |    |   |               |   |    |   |   |   |   |   |   |   |   |   |
| Net      loss                                                                                                                                                   |   |                       | — |   |        |   | — |                     |   |   | —                                |   |   |                                            | — |   |               |   |    |   |   |   | (5,773 | ) |   |   | (5,773 | ) |
| Unrealized      loss on interest rate swaps, net of tax                                                                                                         |   |                       | — |   |        |   | — |                     |   |   | —                                |   |   |                                            | — |   |               |   | (7,936  | )      |   |   | — |   |   |   | (7,936 | ) |
| Comprehensive      loss                                                                                                                                         |   |                       |    |   |        |   |    |                     |   |   |                                   |   |   |                                            |    |   |               |   |    |   |   |   |   |   |   |   | (13,709 | ) |
| Issuance      of common stock, net of costs                                                                                                                     |   |                       | 5,608   |   |        |   | 57      |                     |   |   | 91,174                                 |   |   |                                            | — |   |               |   | — |   |   |   | — |   |   |   | 91,231 |   |
| Conversion      of operating partnership                                                                                                                        |   |                       |    |   |        |   |    |                     |   |   |                                   |   |   |                                            |    |   |               |   |    |   |   |   |   |   |   |   |   |   |
| units      to common stock                                                                                                                                      |   |                       | 137     |   |        |   | 1       |                     |   |   | 1,843                                  |   |   |                                            | — |   |               |   | — |   |   |   | — |   |   |   | 1,844 |   |
| Restricted      stock grants                                                                                                                                    |   |                       | 6       |   |        |   | — |                     |   |   | 94                                     |   |   |                                            | — |   |               |   | — |   |   |   | — |   |   |   | 94 |   |
| Amortization      of restricted stock grants                                                                                                                    |   |                       | — |   |        |   | — |                     |   |   | 63                                     |   |   |                                            |    |   |               |   | — |   |   |   | — |   |   |   | 63 |   |
| Dividends      to common stockholders                                                                                                                           |   |                       | — |   |        |   | — |                     |   |   | —                                |   |   |                                            | — |   |               |   | — |   |   |   | (20,914 | ) |   |   | (20,914 | ) |
| Adjustment      to record change of interest in the operating partnership due to the      issuance of operating partnership units at other than book      value |   |                       | — |   |        |   | — |                     |   |   | 15,305                                 |   |   |                                            | — |   |               |   | — |   |   |   | — |   |   |   | 15,305 |   |
| Balance      at December 31, 2008                                                                                                                               |   |                       | 17,699  |   |        | $      | 177     |                     |   | $      | 275,380                                |   |   | $                                               | — |   |               | $      | (9,170  | )      |   | $ | (77,438 | ) |   | $ | 188,949 |   |

----

ONSOLIDATED STATEMENTS OF CASH FLOWS

|                                                                                                                                        |   |                                          |     |   |                                          |   |     |                                          |                                       |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|----------|--------|-----------------------------------------------|--------|----------|-----------------------------------------------|--------------------------------------------|
|                                                                                                                                        |   | For      the Year EndedDecember      31, 2008 |     |   | For      the Year EndedDecember      31, 2007 |   |     | For      the Year EndedDecember      31, 2006 |                                       |
| Operating      activities:                                                                                                                  |   |                                          |     |   |                                          |   |     |                                          |                                       |
| Net      loss                                                                                                                               |   | $                                             | (5,773   | )      |            | $      | (6,341   | )                                             |         | $ | (9,097 | ) |
| Adjustments      to reconcile net loss to cash provided by operating      activities:                                                       |   |                                          |     |   |                                          |   |     |                                          |                                       |   |   |   |
| Minority      interests                                                                                                                     |   |                                          | (2,084   | )      |                                          |   | (2,653   | )                                             |                                       |   | (4,937 | ) |
| Gain      from sale of real estate partnership interests                                                                                    |   |                                          | —  |   |                                          |   | —  |                                          |                                       |   | (484 | ) |
| Gain      from sale of real estate property - discontinuedoperations                                                                        |   |                                          | —  |   |                                          |   | —  |                                          |                                       |   | (435 | ) |
| Depreciation      and amortization (including amounts in discontinued      operations)                                                      |   |                                          | 45,016   |   |                                          |   | 27,758   |                                          |                                       |   | 30,325 |   |
| Amortization      of acquired above market leases and acquired below market leases, net      (including amounts in discontinued operations) |   |                                          | (638     | )      |                                          |   | (723     | )                                             |                                       |   | (990 | ) |
| Straight      line rental revenue                                                                                                           |   |                                          | (569     | )      |                                          |   | (445     | )                                             |                                       |   | (189 | ) |
| Amortization      of deferred finance costs and debt premium                                                                                |   |                                          | 1,286    |   |                                          |   | 271      |                                          |                                       |   | 92 |   |
| Deferred      income taxes                                                                                                                  |   |                                          | (5,657   | )      |                                          |   | (30      | )                                             |                                       |   | (13 | ) |
| Equity-based      compensation                                                                                                              |   |                                          | 1,245    |   |                                          |   | 183      |                                          |                                       |   | 88 |   |
| Equity      in earnings of unconsolidated real estate partnerships                                                                          |   |                                          | (22      | )      |                                          |   | (20      | )                                             |                                       |   | (4 | ) |
| Prepayment      penalty for early extinguishment of debt                                                                                    |   |                                          | —  |   |                                          |   | —  |                                          |                                       |   | 37 |   |
| Change      in fair value of interest rate swap agreements                                                                                  |   |                                          | —  |   |                                          |   | —  |                                          |                                       |   | (9 | ) |
| Termination      of interest rate swap agreements                                                                                           |   |                                          | —  |   |                                          |   | —  |                                          |                                       |   | 736 |   |
| Changes      in operating assets and liabilities:                                                                                           |   |                                          |     |   |                                          |   |     |                                          |                                       |   |   |   |
| Tenant      and accounts receivable and other assets                                                                                        |   |                                          | 16,243   |   |                                          |   | (369     | )                                             |                                       |   | (966 | ) |
| Accounts      payable and other liabilities                                                                                                 |   |                                          | (4,191   | )      |                                          |   | 6,138    |                                          |                                       |   | 1,746 |   |
| Billings      in excess of costs and estimated earnings on uncompleted      contracts                                                       |   |                                          | (20,109  | )      |                                          |   | —  |                                          |                                       |   | — |   |
| Net      cash provided by operating activities                                                                                              |   |                                          | 24,747   |   |                                          |   | 23,769   |                                          |                                       |   | 15,900 |   |
| Investing      activities:                                                                                                                  |   |                                          |     |   |                                          |   |     |                                          |                                       |   |   |   |
| Business      acquisitions, net of cash acquired                                                                                            |   |                                          | (134,134 | )      |                                          |   | —  |                                          |                                       |   | (1,140 | ) |
| Investment      in real estate properties, net of cash acquired                                                                             |   |                                          | (45,522  | )      |                                          |   | (112,355 | )                                             |                                       |   | (105,918 | ) |
| Purchase      of minority interests in operating partnership                                                                                |   |                                          | (770     | )      |                                          |   | (4,340   | )                                             |                                       |   | (1,414 | ) |
| Proceeds      from sale of real estate property                                                                                             |   |                                          | —  |   |                                          |   | —  |                                          |                                       |   | 1,909 |   |
| Proceeds      from sale of real estate partnership interests                                                                                |   |                                          | —  |   |                                          |   | —  |                                          |                                       |   | 587 |   |
| Proceeds      from sales-type capital lease                                                                                                 |   |                                          | 306      |   |                                          |   | 305      |                                          |                                       |   | 306 |   |
| Purchase      of corporate property, plant and equipment                                                                                    |   |                                          | (3,008   | )      |                                          |   | (576     | )                                             |                                       |   | — |   |
| Distributions      received from unconsolidated real estate partnerships                                                                    |   |                                          | 5        |   |                                          |   | 14       |                                          |                                       |   | 6 |   |
| Increase      in restricted cash                                                                                                            |   |                                          | (11,161  | )      |                                          |   | (346     | )                                             |                                       |   | (203 | ) |
| Net      cash used in investing activities                                                                                                  |   |                                          | (194,284 | )      |                                          |   | (117,298 | )                                             |                                       |   | (105,867 | ) |
| Financing      activities:                                                                                                                  |   |                                          |     |   |                                          |   |     |                                          |                                       |   |   |   |
| Proceeds      from mortgage notes payable                                                                                                   |   |                                          | 22,580   |   |                                          |   | 70,257   |                                          |                                       |   | 43,270 |   |
| Repayments      of mortgage notes payable                                                                                                   |   |                                          | (21,964  | )      |                                          |   | (33,361  | )                                             |                                       |   | (8,675 | ) |
| Proceeds      from revolving credit facility                                                                                                |   |                                          | 145,000  |   |                                          |   | 82,400   |                                          |                                       |   | 92,250 |   |
| Repayments      to revolving credit facility                                                                                                |   |                                          | (99,700  | )      |                                          |   | (80,687  | )                                             |                                       |   | (34,363 | ) |
| Proceeds      from term loan                                                                                                                |   |                                          | 100,000  |   |                                          |   | —  |                                          |                                       |   | — |   |
| Prepayment      penalty for early extinguishment of debt                                                                                    |   |                                          | —  |   |                                          |   | —  |                                          |                                       |   | (37 | ) |
| Net      proceeds from sale of common stock                                                                                                 |   |                                          | 91,229   |   |                                          |   | 78,463   |                                          |                                       |   | — |   |
| Dividends      and distributions                                                                                                            |   |                                          | (32,101  | )      |                                          |   | (21,705  | )                                             |                                       |   | (12,981 | ) |
| Equity      contribution by partners in consolidated real estate                                                                            |   |                                          |     |   |                                          |   |     |                                          |                                       |   |   |   |
| partnerships                                                                                                                                |   |                                          | 481      |   |                                          |   | 1,848    |                                          |                                       |   | — |   |
| Distributions      to minority interests in real estate partnerships                                                                        |   |                                          | (963     | )      |                                          |   | (117     | )                                             |                                       |   | (134 | ) |
| Payment      of deferred financing costs                                                                                                    |   |                                          | (3,912   | )      |                                          |   | (1,043   | )                                             |                                       |   | (398 | ) |
| Net      cash provided by financing activities                                                                                              |   |                                          | 200,650  |   |                                          |   | 96,055   |                                          |                                       |   | 78,932 |   |
| Increase      (decrease) in cash and cash equivalents                                                                                       |   |                                          | 31,113   |   |                                          |   | 2,526    |                                          |                                       |   | (11,035 | ) |
| Balance      at beginning of period                                                                                                         |   |                                          | 3,555    |   |                                          |   | 1,029    |                                          |                                       |   | 9,571 |   |
| Cumulative      effect adjustment associated with the implementation of EITF      04-5                                                      |   |                                          | —  |   |                                          |   | —  |                                          |                                       |   | 213 |   |
| Balance      at end of period                                                                                                               |   | $                                             | 34,668   |   |                                          | $      | 3,555    |                                          |                                       | $ | (1,251 | ) |
| Supplemental      disclosure of cash flow information:                                                                                      |   |                                          |     |   |                                          |   |     |                                          |                                       |   |   |   |
| Cash      paid for interest, net of capitalized interest                                                                                    |   | $                                             | 25,477   |   |                                          | $      | 15,355   |                                          |                                       | $ | 13,372 |   |
| Cash      paid for income taxes                                                                                                             |   | $                                             | 3,897    |   |                                          | $      | 307      |                                          |                                       | $ | — |   |
| Supplemental      cash flow information - noncash investing and financing      activities:                                                  |   |                                          |     |   |                                          |   |     |                                          |                                       |   |   |   |
| Investment      in real estate properties included in accounts payable and other      liabilities                                           |   |                                          | (1,788   | )      |                                          |   | 1,109    |                                          |                                       |   | 2,800 |   |
| Operating      Partnership Units issued or to be issued in connection with the      acquisition of a business or real estate property       |   |                                          | 81,347   |   |                                          |   | 3,583    |                                          |                                       |   | 6,017 |   |
| Debt      assumed with purchase of properties                                                                                               |   |                                          | 2,733    |   |                                          |   | 16,238   |                                          |                                       |   | 5,178 |   |
| Minority      interest assumed with purchase of property                                                                                    |   |                                          | 3,359    |   |                                          |   | —  |                                          |                                       |   | — |   |
| Investment      in real estate costs contributed by partner in a consolidated real estate      partnership                                  |   |                                          | —  |   |                                          |   | 460      |                                          |                                       |   | — |   |
| Accrued      dividends and distributions                                                                                                    |   |                                          | 6,061    |   |                                          |   | 5,771    |                                          |                                       |   | 4,404 |   |
| Operating      Partnership Units converted into common stock                                                                                |   |                                          | 1,844    |   |                                          |   | —  |                                          |                                       |   | — |   |

----

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

|   |     |
|--------|----------|
| 1.     | Business |

|   |                                           |
|--------|------------------------------------------------|
| 2.     | Summary      of Significant AccountingPolicies |

----

----

|                                    |   |                                          |    |   |                                          |   |    |                                          |                                       |
|-----------------------------------------|--------|-----------------------------------------------|---------|--------|-----------------------------------------------|--------|---------|-----------------------------------------------|--------------------------------------------|
|                                    |   | For      the Year EndedDecember      31, 2008 |    |   | For      the Year EndedDecember      31, 2007 |   |    | For      the Year EndedDecember      31, 2006 |                                       |
|                                    |   |                                          |    |   |                                          |   |    |                                          |                                       |
| Balance      at the beginning of period |   | $                                             | — |   |                                          | $      | — |                                          |                                       | $ | — |   |
| Erdman      acquisition                 |   |                                          | 4,600   |   |                                          |   | — |                                          |                                       |   | — |   |
| Accruals                                |   |                                          | 2,217   |   |                                          |   | — |                                          |                                       |   | — |   |
| Settlements                             |   |                                          | (2,486  | )      |            |   | — |                                          |         |   | — |   |
| Balance      at the end of period       |   | $                                             | 4,331   |   |                                          | $      | — |                                          |                                       | $ | — |   |

----

----

----

----

----

|   |                                |
|--------|-------------------------------------|
| 3.     | Minimum      Future Rental Revenues |

|   |                      |   |   |    |   |
|--------|---------------------------|--------|--------|---------|--------|
|   | For      the year ending: |   |   |    |   |
|   | 2009                      |   | $      | 68,367  |   |
|   | 2010                      |   |   | 58,594  |   |
|   | 2011                      |   |   | 50,009  |   |
|   | 2012                      |   |   | 38,985  |   |
|   | 2013                      |   |   | 27,774  |   |
|   | Thereafter                |   |   | 99,941  |   |
|   |                      |   | $      | 343,670 |   |

|                              |   | December      31,2008 |   |   | December      31,2007 |   |
|-----------------------------------|--------|-----------------------|--------|--------|-----------------------|--------|
| Total      minimum lease payments |   | $                     | 12,650 |   |                  | $      | 13,422 |   |
| Less:      Unearned income        |   |                  | (7,068 | )      |                  |   | (7,534 | ) |
| Investment      in capital lease  |   | $                     | 5,582  |   |                  | $      | 5,888 |   |

----

|                      |   |   |   |   |
|---------------------------|--------|--------|--------|--------|
| For      the year ending: |   |   |   |   |
| 2009                      |   | $      | 778    |   |
| 2010                      |   |   | 784    |   |
| 2011                      |   |   | 790    |   |
| 2012                      |   |   | 796    |   |
| 2013                      |   |   | 624    |   |
| Thereafter                |   |   | 8,878  |   |
|                      |   | $      | 12,650 |   |

| 4. | Acquisitions      and Dispositions |
|----|------------------------------------|

----

|                                                |   |   |    |   |
|-----------------------------------------------------|--------|--------|---------|--------|
| Fair      value of OP Units issued and to be issued |   | $      | 81,347  |   |
| Cash      consideration, net of cash acquired       |   |   | 144,998 |   |
| Total      purchase price, net of cash acquired     |   | $      | 226,345 |   |

|                                                                                  |   |   |    |   |
|---------------------------------------------------------------------------------------|--------|--------|---------|--------|
| Accounts      receivable, including retainage receivables                             |   | $      | 52,638  |   |
| Goodwill      and intangible assets                                                   |   |   | 286,138 |   |
| Other      assets                                                                     |   |   | 19,398  |   |
| Accounts      payable                                                                 |   |   | (27,450 | )      |
| Billings      in excess of costs and estimated earnings on uncompleted      contracts |   |   | (37,134 | )      |
| Deferred      income taxes                                                            |   |   | (40,965 | )      |
| Other      liabilities                                                                |   |   | (26,280 | )      |
| Total      purchase price, net of cash acquired                                       |   | $      | 226,345 |   |

----

|                                                          |   |   |   |   |
|---------------------------------------------------------------|--------|--------|--------|--------|
| Construction      in progress                                 |   | $      | 4,031  |   |
| Building      and improvements                                |   |   | 20,259 |   |
| Acquired      ground or air rights leases                     |   |   | 325    |   |
| Acquired      in place lease value and deferred leasing costs |   |   | 2,948  |   |
| Acquired      above market leases                             |   |   | 10     |   |
| Mortgage      notes payable                                   |   |   | (2,722 | )      |
| Minority      interest in real estate partnerships            |   |   | (3,359 | )      |
| Total      purchase price allocated, net of cash acquired     |   | $      | 21,492 |   |

|                                                                   |   |   |   |   |
|------------------------------------------------------------------------|--------|--------|--------|--------|
| Land                                                                   |   | $      | 7,799  |   |
| Building      and improvements                                         |   |   | 73,277 |   |
| Acquired      in place lease value and deferred leasing costs          |   |   | 8,629  |   |
| Acquired      above market leases                                      |   |   | 290    |   |
| Restricted      cash - mortgage lender escrow for capital improvements |   |   | 475    |   |
| Acquired      below market leases                                      |   |   | (1,613 | )      |
| Total      purchase price allocated                                    |   | $      | 88,857 |   |

----

|                                        |   | For      the Year Ended |    |
|---------------------------------------------|--------|-------------------------|---------|
|                                        |   | December      31,2008   |    |   | December      31,2007 |   |
| Revenue                                     |   | $                       | 384,370 |   |   | $ | 394,556 |   |
| Net      loss                               |   |                    | (12,439 | ) |   |   | (7,592 | ) |
| Net      loss per share - basic and diluted |   | $                       | (0.79   | ) |   | $ | (0.69 | ) |

|                                                                                                                                      |   |                                          |   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|--------|--------|
|                                                                                                                                      |   | For      the Year EndedDecember      31, 2006 |   |
| Revenues:                                                                                                                                 |   |                                          |   |   |
| Rental      revenues                                                                                                                      |   | $                                             | 129    |   |
| Total      revenues                                                                                                                       |   |                                          | 129    |   |
| Expenses:                                                                                                                                 |   |                                          |   |   |
| Property      operating and management                                                                                                    |   |                                          | 44     |   |
| Depreciation      and amortization                                                                                                        |   |                                          | 51     |   |
| Interest      expense                                                                                                                     |   |                                          | 43     |   |
| Total      expenses                                                                                                                       |   |                                          | 138    |   |
| Loss      from discontinued operations before gain from sale of real estate property      and minority interests in operating partnership |   |                                          | (9     | )      |
| Gain      from sale of real estate property                                                                                               |   |                                          | 435    |   |
| Income      from discontinued operations before minority interests in operating      partnership                                          |   |                                          | 426    |   |
| Minority      interests in operating partnership                                                                                          |   |                                          | (150   | )      |
| Total      discontinued operations                                                                                                        |   | $                                             | 276    |   |

----

|   |                                         |
|--------|----------------------------------------------|
| 5.     | Investments      in Real Estate Partnerships |

|                                                                                                                         |    |                                                                                                                                                                                              |
|------------------------------------------------------------------------------------------------------------------------------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                         | ● | Cogdell      Spencer Medical Partners LLC, a Delaware limited liability company,      founded in 2008, has no assets or liabilities as of December 31, 2008, and      20.0% owned by the Company; |
|                                                                                                                         |    |                                                                                                                                                                                              |
|                                                                                                                         | ● | BSB      Health/MOB Limited Partnership No. 2, a Delaware limited partnership,      founded in 2002, owns nine medical office buildings, and 2.0% owned by the      Company;                      |
|                                                                                                                         |    |                                                                                                                                                                                              |
|                                                                                                                         | ● | Shannon      Health/MOB Limited Partnership No. 1, a Delaware limited partnership,      founded in 2001, owns ten medical office buildings, and 2.0% owned by the      Company; and               |
|                                                                                                                         |    |                                                                                                                                                                                              |
|                                                                                                                         | ● | McLeod      Medical Partners, LLC, a South Carolina limited liability company, founded      in 1982, owns three medical office buildings, and 1.1% owned by the      Company.                     |
|                                                                                                                         |    |                                                                                                                                                                                              |
|           The      following is a description of the consolidatedentities: |
|                                                                                                                         |    |
|                                                                                                                         | ● | Genesis      Property Holdings, LLC, a Florida limited liability company, founded in      2007, has one medical office building under construction, and 40.0% owned      by the Company;          |
|                                                                                                                         |    |                                                                                                                                                                                              |
|                                                                                                                         | ● | Cogdell      General Health Campus MOB, LP, a Pennsylvania limited partnership, founded      in 2006, owns one medical office building, and 80.9% owned by the      Company;                      |
|                                                                                                                         |    |                                                                                                                                                                                              |
|                                                                                                                         | ● | Mebane      Medical Investors, LLC, a North Carolina limited liability company,      founded in 2006, owns one medical office building, and 35.1% owned by the      Company; and                  |
|                                                                                                                         |    |                                                                                                                                                                                              |
|                                                                                                                         | ● | Rocky      Mount MOB, LLC, a North Carolina limited liability company, founded in      2002, owns one medical office building, and 34.5% owned by the      Company.                               |

|                       |   |                  |   |   |                  |   |
|----------------------------|--------|-----------------------|--------|--------|-----------------------|--------|
|                       |   | December      31,2008 |   |   | December      31,2007 |   |
| Financial      position:   |   |                  |   |   |                  |   |
| Total      assets          |   | $                     | 56,262 |   |                  | $      | 57,406 |   |
| Total      liabilities     |   |                  | 49,831 |   |                  |   | 50,725 |   |
| Member’s      equity |   |                  | 6,431  |   |                  |   | 6,681 |   |

----

|                                                   |   |                                          |   |   |                                          |   |   |                                          |                                       |
|--------------------------------------------------------|--------|-----------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|-----------------------------------------------|--------------------------------------------|
|                                                   |   | For      the Year EndedDecember      31, 2008 |   |   | For      the Year EndedDecember      31, 2007 |   |   | For      the Year EndedDecember      31, 2006 |                                       |
| Results      of operations:                            |   |                                          |   |   |                                          |   |   |                                          |                                       |
| Total      revenues                                    |   | $                                             | 12,362 |   |            | $      | 12,230 |                                          |         | $ | 11,270 |   |
| Operating      and general and administrative expenses |   |                                          | 5,787  |   |                                          |   | 5,566  |                                          |                                       |   | 5,012 |   |
| Net      income                                        |   |                                          | 760    |   |                                          |   | 788    |                                          |                                       |   | 804 |   |

----

|                                                                                                                                 |   |               |    |   |                       |   |    |                      |   |   |    |   |
|--------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|----------------------------|--------|---------|---------------------------|--------|--------|---------|--------|
| Year      ended December 31, 2008:                                                                                                   |   | PropertyOperations |    |   | Design-BuildandDevelopment |   |    | Unallocatedand      Other |   |   | Total   |   |
|                                                                                                                                 |   |               |    |   |                       |   |    |                      |   |   |    |   |
| Revenues:                                                                                                                            |   |               |    |   |                       |   |    |                      |   |   |    |   |
| Rental      revenue                                                                                                                  |   | $                  | 77,799  |   |                       | $      | — |                      |   | $      | — |   |   | $ | 77,799 |   |
| Design-Build      contract revenue and other sales                                                                                   |   |               | — |   |                       |   | 253,596 |                      |   |   | — |   |   |   | 253,596 |   |
| Property      management and other fees                                                                                              |   |               | 3,460   |   |                       |   | — |                      |   |   | — |   |   |   | 3,460 |   |
| Development      management and other income                                                                                         |   |               | — |   |                       |   | 885     |                      |   |   | — |   |   |   | 885 |   |
| Total      revenues                                                                                                                  |   |               | 81,259  |   |                       |   | 254,481 |                      |   |   | — |   |   |   | 335,740 |   |
|                                                                                                                                 |   |               |    |   |                       |   |    |                      |   |   |    |   |   |   |   |   |
| Operating      expenses:                                                                                                             |   |               |    |   |                       |   |    |                      |   |   |    |   |   |   |   |   |
| Property      operating and management                                                                                               |   |               | 31,376  |   |                       |   | — |                      |   |   | — |   |   |   | 31,376 |   |
| Costs      related to design-build revenue and other sales                                                                           |   |               | — |   |                       |   | 214,019 |                      |   |   | — |   |   |   | 214,019 |   |
| Selling,      general, and administrative                                                                                            |   |               | — |   |                       |   | 20,141  |                      |   |   | — |   |   |   | 20,141 |   |
| Total      operating expenses                                                                                                        |   |               | 31,376  |   |                       |   | 234,160 |                      |   |   | — |   |   |   | 265,536 |   |
|                                                                                                                                 |   |               | 49,883  |   |                       |   | 20,321  |                      |   |   | — |   |   |   | 70,204 |   |
|                                                                                                                                 |   |               |    |   |                       |   |    |                      |   |   |    |   |   |   |   |   |
| Interest      and other income, net                                                                                                  |   |               | 597     |   |                       |   | 149     |                      |   |   | 176     |   |   |   | 922 |   |
| Corporate      general and administrative expenses                                                                                   |   |               | — |   |                       |   | — |                      |   |   | (10,074 | )      |   |   | (10,074 | ) |
| Interest      expense                                                                                                                |   |               | — |   |                       |   | — |                      |   |   | (25,159 | )      |   |   | (25,159 | ) |
| Provision      for income taxes applicable to funds from operations    modified                                                      |   |               | — |   |                       |   | — |                      |   |   | (3,860  | )      |   |   | (3,860 | ) |
| Non-real      estate related depreciation and amortization                                                                           |   |               | — |   |                       |   | (1,129  | )                         |   |   | (230    | )      |   |   | (1,359 | ) |
| Earnings      from unconsolidated real estate partnerships,  before real      estate related depreciation and amortization |   |               | 35      |   |                       |   | — |                      |   |   | — |   |   |   | 35 |   |
| Minority      interests in real estate partnerships, before real estate related      depreciation and amortization                   |   |               | (1,346  | )      |                       |   | — |                      |   |   | — |   |   |   | (1,346 | ) |
| Funds      from operations modified (FFOM)                                                                                           |   |               | 49,169  |   |                       |   | 19,341  |                      |   |   | (39,147 | )      |   |   | 29,363 |   |
|                                                                                                                                 |   |               |    |   |                       |   |    |                      |   |   |    |   |   |   |   |   |
| Amortization      of intangibles related to purchase accounting, net of income tax      benefit                                      |   |               | (169    | )      |                       |   | (12,918 | )                         |   |   | 5,104   |   |   |   | (7,983 | ) |
| Funds      from operations (FFO)                                                                                                     |   |               | 49,000  |   |                       |   | 6,423   |                      |   |   | (34,043 | )      |   |   | 21,380 |   |
|                                                                                                                                 |   |               |    |   |                       |   |    |                      |   |   |    |   |   |   |   |   |
| Real      estate related depreciation and amortization                                                                               |   |               | (30,201 | )      |                       |   | — |                      |   |   | — |   |   |   | (30,201 | ) |
| Minority      interests in operating partnership                                                                                     |   |               | — |   |                       |   | — |                      |   |   | 3,048   |   |   |   | 3,048 |   |
| Net      income (loss)                                                                                                               |   | $                  | 18,799  |   |                       | $      | 6,423   |                      |   | $      | (30,995 | )      |   | $ | (5,773 | ) |
|                                                                                                                                 |   |               |    |   |                       |   |    |                      |   |   |    |   |   |   |   |   |
| Total      assets                                                                                                                    |   | $                  | 545,714 |   |                       | $      | 353,054 |                      |   | $      | 1,322   |   |   | $ | 900,090 |   |

----

|                                                                                                                                 |   |               |    |   |                       |   |    |                      |   |   |    |   |
|--------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|----------------------------|--------|---------|---------------------------|--------|--------|---------|--------|
| Year      ended December 31, 2007:                                                                                                   |   | PropertyOperations |    |   | Design-BuildandDevelopment |   |    | Unallocatedand      Other |   |   | Total   |   |
|                                                                                                                                 |   |               |    |   |                       |   |    |                      |   |   |    |   |
| Revenues:                                                                                                                            |   |               |    |   |                       |   |    |                      |   |   |    |   |
| Rental      revenue                                                                                                                  |   | $                  | 63,029  |   |                       | $      | — |                      |   | $      | — |   |   | $ | 63,029 |   |
| Design-Build      contract revenue and other sales                                                                                   |   |               | — |   |                       |   | — |                      |   |   | — |   |   |   | — |   |
| Property      management and other fees                                                                                              |   |               | 3,502   |   |                       |   | — |                      |   |   | — |   |   |   | 3,502 |   |
| Development      management and other income                                                                                         |   |               | — |   |                       |   | 290     |                      |   |   | — |   |   |   | 290 |   |
| Total      revenues                                                                                                                  |   |               | 66,531  |   |                       |   | 290     |                      |   |   | — |   |   |   | 66,821 |   |
|                                                                                                                                 |   |               |    |   |                       |   |    |                      |   |   |    |   |   |   |   |   |
| Operating      expenses:                                                                                                             |   |               |    |   |                       |   |    |                      |   |   |    |   |   |   |   |   |
| Property      operating and management                                                                                               |   |               | 25,704  |   |                       |   | — |                      |   |   | — |   |   |   | 25,704 |   |
| Costs      related to design-build revenue and other sales                                                                           |   |               | — |   |                       |   | — |                      |   |   | — |   |   |   | — |   |
| Selling,      general, and administrative                                                                                            |   |               | — |   |                       |   | 804     |                      |   |   | — |   |   |   | 804 |   |
| Total      operating expenses                                                                                                        |   |               | 25,704  |   |                       |   | 804     |                      |   |   | — |   |   |   | 26,508 |   |
|                                                                                                                                 |   |               | 40,827  |   |                       |   | (514    | )                         |   |   | — |   |   |   | 40,313 |   |
|                                                                                                                                 |   |               |    |   |                       |   |    |                      |   |   |    |   |   |   |   |   |
| Interest      and other income, net                                                                                                  |   |               | 592     |   |                       |   | 231     |                      |   |   | 250     |   |   |   | 1,073 |   |
| Corporate      general and administrative expenses                                                                                   |   |               | — |   |                       |   | — |                      |   |   | (6,561  | )      |   |   | (6,561 | ) |
| Interest      expense                                                                                                                |   |               | — |   |                       |   | — |                      |   |   | (15,964 | )      |   |   | (15,964 | ) |
| Provision      for income taxes applicable to funds from operations    modified                                                      |   |               | — |   |                       |   | — |                      |   |   | (183    | )      |   |   | (183 | ) |
| Non-real      estate related depreciation and amortization                                                                           |   |               | — |   |                       |   | — |                      |   |   | (159    | )      |   |   | (159 | ) |
| Earnings      from unconsolidated real estate partnerships,  before real      estate related depreciation and amortization |   |               | 43      |   |                       |   | — |                      |   |   | — |   |   |   | 43 |   |
| Minority      interests in real estate partnerships, before real estate related      depreciation and amortization                   |   |               | (200    | )      |                       |   | — |                      |   |   | — |   |   |   | (200 | ) |
| Funds      from operations modified (FFOM)                                                                                           |   |               | 41,262  |   |                       |   | (283    | )                         |   |   | (22,617 | )      |   |   | 18,362 |   |
|                                                                                                                                 |   |               |    |   |                       |   |    |                      |   |   |    |   |   |   |   |   |
| Amortization      of intangibles related to purchase accounting, net of income tax      benefit                                      |   |               | (169    | )      |                       |   | — |                      |   |   | 66      |   |   |   | (103 | ) |
| Funds      from operations (FFO)                                                                                                     |   |               | 41,093  |   |                       |   | (283    | )                         |   |   | (22,551 | )      |   |   | 18,259 |   |
|                                                                                                                                 |   |               |    |   |                       |   |    |                      |   |   |    |   |   |   |   |   |
| Real      estate related depreciation and amortization                                                                               |   |               | (27,338 | )      |                       |   | — |                      |   |   | — |   |   |   | (27,338 | ) |
| Minority      interests in operating partnership                                                                                     |   |               | — |   |                       |   | — |                      |   |   | 2,738   |   |   |   | 2,738 |   |
| Net      income (loss)                                                                                                               |   | $                  | 13,755  |   |                       | $      | (283    | )                         |   | $      | (19,813 | )      |   | $ | (6,341 | ) |
|                                                                                                                                 |   |               |    |   |                       |   |    |                      |   |   |    |   |   |   |   |   |
| Total      assets                                                                                                                    |   | $                  | 497,917 |   |                       | $      | 5,335   |                      |   | $      | 2,985   |   |   | $ | 506,237 |   |

----

|                                                                                                                                 |   |       |    |   |         |   |    |           |   |   |    |   |
|--------------------------------------------------------------------------------------------------------------------------------------|--------|------------|---------|--------|--------------|--------|---------|----------------|--------|--------|---------|--------|
|                                                                                                                                 |   |       |    |   | Design-Build |   |    |           |   |   |    |   |
|                                                                                                                                 |   | Property   |    |   | and          |   |    | Unallocated    |   |   |    |   |
| Year      ended December 31, 2006:                                                                                                   |   | Operations |    |   | Development  |   |    | and      Other |   |   | Total   |   |
|                                                                                                                                 |   |       |    |   |         |   |    |           |   |   |    |   |
| Revenues:                                                                                                                            |   |       |    |   |         |   |    |           |   |   |    |   |
| Rental      revenue                                                                                                                  |   | $          | 52,746  |   |         | $      | — |           |   | $      | — |   |   | $ | 52,746 |   |
| Design-Build      contract revenue and other sales                                                                                   |   |       | — |   |         |   | — |           |   |   | — |   |   |   | — |   |
| Property      management and other fees                                                                                              |   |       | 2,077   |   |         |   | — |           |   |   | — |   |   |   | 2,077 |   |
| Development      management and other income                                                                                         |   |       | — |   |         |   | 133     |           |   |   | — |   |   |   | 133 |   |
| Total      revenues                                                                                                                  |   |       | 54,823  |   |         |   | 133     |           |   |   | — |   |   |   | 54,956 |   |
|                                                                                                                                 |   |       |    |   |         |   |    |           |   |   |    |   |   |   |   |   |
| Operating      expenses:                                                                                                             |   |       |    |   |         |   |    |           |   |   |    |   |   |   |   |   |
| Property      operating and management                                                                                               |   |       | 19,848  |   |         |   | — |           |   |   | — |   |   |   | 19,848 |   |
| Costs      related to design-build revenue and other sales                                                                           |   |       | — |   |         |   | — |           |   |   | — |   |   |   | — |   |
| Selling,      general, and administrative                                                                                            |   |       | — |   |         |   | 411     |           |   |   | — |   |   |   | 411 |   |
| Total      operating expenses                                                                                                        |   |       | 19,848  |   |         |   | 411     |           |   |   | — |   |   |   | 20,259 |   |
|                                                                                                                                 |   |       | 34,975  |   |         |   | (278    | )              |   |   | — |   |   |   | 34,697 |   |
|                                                                                                                                 |   |       |    |   |         |   |    |           |   |   |    |   |   |   |   |   |
| Interest      and other income, net                                                                                                  |   |       | 599     |   |         |   | — |           |   |   | 222     |   |   |   | 821 |   |
| Corporate      general and administrative expenses                                                                                   |   |       | — |   |         |   | — |           |   |   | (5,851  | )      |   |   | (5,851 | ) |
| Interest      expense                                                                                                                |   |       | — |   |         |   | — |           |   |   | (14,199 | )      |   |   | (14,199 | ) |
| Loss      on early extinguishment of debt                                                                                            |   |       | — |   |         |   | — |           |   |   | (37     | )      |   |   | (37 | ) |
| Provision      for income taxes applicable to funds from operations    modified                                                      |   |       | — |   |         |   | — |           |   |   | (141    | )      |   |   | (141 | ) |
| Non-real      estate related depreciation and amortization                                                                           |   |       | — |   |         |   | — |           |   |   | (68     | )      |   |   | (68 | ) |
| Earnings      from unconsolidated real estate partnerships, before real estate related      depreciation and amortization            |   |       | 24      |   |         |   | — |           |   |   | — |   |   |   | 24 |   |
| Minority      interests in real estate partnerships, before real estate related      depreciation and amortization                   |   |       | (199    | )      |         |   | — |           |   |   | — |   |   |   | (199 | ) |
| Discontinued      operations, before real estate related depreciation and amortization and      gain on sale of real estate property |   |       | 85      |   |         |   | — |           |   |   | (43     | )      |   |   | 42 |   |
| Funds      from operations modified (FFOM)                                                                                           |   |       | 35,484  |   |         |   | (278    | )              |   |   | (20,117 | )      |   |   | 15,089 |   |
|                                                                                                                                 |   |       |    |   |         |   |    |           |   |   |    |   |   |   |   |   |
| Amortization      of intangibles related to purchase accounting, net of income tax      benefit                                      |   |       | (86     | )      |         |   | — |           |   |   | 33      |   |   |   | (53 | ) |
| Funds      from operations (FFO)                                                                                                     |   |       | 35,398  |   |         |   | (278    | )              |   |   | (20,084 | )      |   |   | 15,036 |   |
|                                                                                                                                 |   |       |    |   |         |   |    |           |   |   |    |   |   |   |   |   |
| Real      estate related depreciation and amortization                                                                               |   |       | (30,110 | )      |         |   | — |           |   |   | — |   |   |   | (30,110 | ) |
| Gain      on sale of real estate properties                                                                                          |   |       | 919     |   |         |   | — |           |   |   | — |   |   |   | 919 |   |
| Minority      interests in operating partnership                                                                                     |   |       | — |   |         |   | — |           |   |   | 5,058   |   |   |   | 5,058 |   |
| Net      income (loss)                                                                                                               |   | $          | 6,207   |   |         | $      | (278    | )              |   | $      | (15,026 | )      |   | $ | (9,097 | ) |
|                                                                                                                                 |   |       |    |   |         |   |    |           |   |   |    |   |   |   |   |   |
| Total      assets                                                                                                                    |   | $          | 386,593 |   |         | $      | 5,335   |           |   | $      | 1,130   |   |   | $ | 393,058 |   |

|                                                        |   | December      31, 2008 |     |   | December      31, 2007 |   |
|-------------------------------------------------------------|--------|------------------------|----------|--------|------------------------|--------|
|                                                        |   |                   |     |   |                   |   |   |   |
| Costs      and estimated earnings on uncompleted contracts  |   | $                      | 170,322  |   |                   | $      | — |   |
| Billings      to date                                       |   |                   | (180,267 | )      |                   |   | — |   |
| Net      billings in excess of costs and estimated earnings |   | $                      | (9,945   | )      |                   | $      | — |   |

----

|                                                        |   | December      31, 2008 |    |   | December      31, 2007 |   |
|-------------------------------------------------------------|--------|------------------------|---------|--------|------------------------|--------|
|                                                        |   |                   |    |   |                   |   |   |   |
| Costs      and estimated earnings in excess of billings (1) |   | $                      | 7,080   |   |                   | $      | — |   |
| Billings      in excess of costs and estimated earnings     |   |                   | (17,025 | )      |                   |   | — |   |
| Net      billings in excess of costs and estimated earnings |   | $                      | (9,945  | )      |                   | $      | — |   |

|   |                                |
|--------|-------------------------------------|
| 8.     | Goodwill      and Intangible Assets |

|                                                                                                                                       |   |                   |   |   |                                       |   |
|--------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|--------|--------|--------------------------------------------|--------|
|                                                                                                                                       |   | As      of             |   |   | As      of                                 |   |
|                                                                                                                                       |   | December      31, 2008 |   |   | December      31, 2007                     |   |
|                                                                                                                                       |   |                   |   |   |                                       |   |
| Acquired      signed contracts, net of accumulated amortization of $11,389 in      2008                                                    |   | $                      | 1,864  |   |                                       | $      | — |   |
| Acquired      proposals, net of accumulated amortization of $886 in 2008                                                                   |   |                   | 5,282  |   |         |   | — |   |
| Acquired      customer relationships, net of accumulated amortization of $644 in      2008                                                 |   |                   | 15,088 |   |                                       |   | — |   |
| Acquired      above market leases, net of accumulated amortization of $748 in 2008 and      $516 in 2007                                   |   |                   | 811    |   |                                       |   | 1,033 |   |
| Acquired      in place lease value and deferred leasing costs, net of accumulated      amortization of $23,573 in 2008 and $17,739 in 2007 |   |                   | 17,472 |   |                                       |   | 20,359 |   |
| Acquired      ground leases, net of accumulated amortization of $389 in 2008 and $217 in      2007                                         |   |                   | 3,173  |   |                                       |   | 3,021 |   |
| Acquired      property management contracts, net of accumulated amortization of $425 in      2008 and $256 in 2007                         |   |                   | 1,673  |   |                                       |   | 1,841 |   |
| Total      amortizing intangible assets, net                                                                                               |   | $                      | 45,363 |   |                                       | $      | 26,254 |   |

----

----

|   |   |
|--------|--------|
| 9.     | Debt   |

|                                                                    |   | Outstanding      at |    | Outstanding      at |   | Stated   |   | Interest      Rate at |   |    |     |   |         |   |
|-------------------------------------------------------------------------|--------|---------------------|---------|---------------------|--------|----------|--------|-----------------------|--------|---------|----------|--------|--------------|--------|
|                                                                    |   | December      31,   |    | December      31,   |   | Interest |   | December      31,     |   |    | Maturity |   |         |   |
|                                                                    |   | 2008                |    | 2007                |   | Rate     |   | 2008                  |   |    | Date     |   | Amortization |   |
| Fixed      rate secured mortgage loans - wholly-owned      properties   |   |                |    |                |   |     |   |                  |   |    |     |   |         |   |
| Baptist      Northwest Medical Park                                     |   | $                   | 2,190   |                | $      | 2,245    |   | 8.25                  | %      | 8.25    | %        |   | 2/1/2011     |   | 25      years |   |
| Barclay      Downs Associates, LLC                                      |   |                | 4,470   |                |   | 4,550    |   | 6.50                  |   | 6.50    |     |   | 11/15/2012   |   | 25      years |   |
| Beaufort      Medical Plaza, LLC                                        |   |                | 4,890   |                |   | 5,023    |   | LIBOR      + 1.85     |   | 5.65    | (1)      |   | 8/18/2011    |   | 39      years |   |
| Cogdell      Investors (Birkdale), LLC                                  |   |                | — |                |   | 7,490    |   | 6.75                  |   | — |     |   | 10/1/2008    |   | 25      years |   |
| Central      New York Medical Center                                    |   |                | 24,500  |                |   | 24,500   |   | 6.22                  |   | 6.22    |     |   | 7/15/2017    |   | Interest      only |   |
| East      Jefferson Medical Office Building LP                          |   |                | 9,188   |                |   | 9,394    |   | 6.01                  |   | 6.01    |     |   | 8/10/2014    |   | 25      years |   |
| East      Jefferson Medical Plaza                                       |   |                | 11,600  |                |   | —  |   | LIBOR      + 3.75     |   | 5.55    | (1)      |   | 1/31/2012    |   | Interest      only |   |
| Hanover      MOB, LLC                                                   |   |                | 4,818   |                |   | 4,952    |   | 6.00                  |   | 6.00    |     |   | 11/1/2009    |   | 25      years |   |
| Healthpark      Medical Office Building                                 |   |                | 8,700   |                |   | 8,700    |   | 5.35                  |   | 5.35    |     |   | 1/1/2010     |   | Interest      only |   |
| Indianapolis      MOB, LLC                                              |   |                | 30,000  |                |   | 30,000   |   | LIBOR      + 1.30     |   | 6.25    | (1)      |   | 10/31/2009   |   | Interest      only |   |
| Medical      Arts Center of Orangeburg, GP                              |   |                | 2,442   |                |   | 2,536    |   | 7.00                  |   | 7.00    |     |   | 2/15/2009    |   | 20      years |   |
| Medical      Investors I, LLC                                           |   |                | — |                |   | 8,632    |   | LIBOR      + 1.85     |   | — |     |   | 3/10/2008    |   | 25      years |   |
| Mulberry      Medical Park LP                                           |   |                | 989     |                |   | 1,050    |   | 6.49                  |   | 6.49    |     |   | 4/15/2010    |   | 20      years |   |
| One      Medical Park - HMOB                                            |   |                | 5,324   |                |   | 5,540    |   | 5.93                  |   | 5.93    |     |   | 11/1/2013    |   | 20      years |   |
| Parkridge      MOB, LLC                                                 |   |                | 13,500  |                |   | 13,500   |   | 5.68                  |   | 5.68    |     |   | 6/1/2017     |   | Interest      only | (4) |
| Peerless      Medical Center                                            |   |                | 7,449   |                |   | 7,538    |   | 6.06                  |   | 6.06    |     |   | 9/1/2016     |   | 30      years |   |
| Providence      Medical Office Building, LLC                            |   |                | 8,572   |                |   | 8,802    |   | 6.12                  |   | 6.12    |     |   | 1/12/2013    |   | 25      years |   |
| River      Hills Medical Plaza                                          |   |                | 4,000   |                |   | 2,973    |   | LIBOR      + 3.75     |   | 5.53    | (1)      |   | 12/22/2011   |   | 22      years |   |
| Rocky      Mount Kidney Center LP                                       |   |                | 1,032   |                |   | 1,071    |   | 6.25                  |   | 6.25    |     |   | 4/21/2009    |   | 20      years |   |
| Roper      MOB, LLC                                                     |   |                | 9,188   |                |   | 9,534    |   | LIBOR      + 1.50     |   | 6.45    | (1)      |   | 7/10/2009    |   | 18      years |   |
| Rowan      OSC Investors, LLC                                           |   |                | 3,322   |                |   | 3,401    |   | 6.00                  |   | 6.00    |     |   | 7/6/2014     |   | 25      years |   |
| St.      Francis CMOB, St. Francis MOB                                  |   |                | 7,053   |                |   | 7,144    |   | LIBOR      + 1.85     |   | 5.17    | (1)      |   | 6/15/2011    |   | 39      years |   |
| St.      Francis Medical Plaza, St. FrancisWomen’s      Center    |   |                | 7,575   |                |   | 7,673    |   | LIBOR      + 1.85     |   | 5.17    | (1)      |   | 6/15/2011    |   | 39      years |   |
| Summit      Professional Plaza I and II                                 |   |                | 15,925  |                |   | 15,925   |   | 6.18                  |   | 6.18    |     |   | 9/1/2017     |   | Interest      only |   |
| Three      Medical Park                                                 |   |                | 7,879   |                |   | 8,073    |   | 5.55                  |   | 5.55    |     |   | 3/25/2014    |   | 25      years |   |
| Total      / weighted average fixed rate secured      mortgages         |   |                | 194,606 |                |   | 200,246  |   |                  |   | 5.98    |     |   |         |   |   |   |
|                                                                    |   |                |    |                |   |     |   |                  |   |    |     |   |         |   |   |   |
| Variable      rate secured mortgageloans      - wholly-owned properties |   |                |    |                |   |     |   |                  |   |    |
|                                                                    |   |                |    |                |   |     |   |                  |   |    |     |   |         |   |   |   |
| Cabarrus      Medical Partners, LLC                                     |   |                | 8,505   |                |   | 8,726    |   | LIBOR      + 1.50     |   | 3.25    | (2)      |   | 12/15/2014   |   | 25      years |   |
| Rocky      Mount Medical Park                                           |   |                | 7,306   |                |   | 7,710    |   | Prime                 |   | 4.25    | (3)      |   | 12/15/2010   |   | 25      years |   |
| Total      / weighted average variable rate secured      mortgages      |   |                | 15,811  |                |   | 16,436   |   |                  |   | 3.71    |     |   |         |   |   |   |
|                                                                    |   |                |    |                |   |     |   |                  |   |    |     |   |         |   |   |   |
| Secured      revolving credit facility                                  |   |                | 94,500  |                |   | 49,200   |   | LIBOR      + 1.15     |   | 1.59    |     |   | 3/10/2011    |   | Interest      only |   |
|                                                                    |   |                | 30,000  |                |   | 30,000   |   | LIBOR      + 1.15     |   | 4.26    | (1)      |   | 3/10/2011    |   | Interest      only |   |
|                                                                    |   |                | 124,500 |                |   | 79,200   |   |                  |   | 2.23    |     |   |         |   |   |   |
|                                                                    |   |                |    |                |   |     |   |                  |   |    |     |   |         |   |   |   |
| Term      loan                                                          |   |                | 100,000 |                |   | —  |   | LIBOR      + 3.50     |   | 6.32    | (1)      |   | 3/10/2011    |   | Interest      only |   |
|                                                                    |   |                |    |                |   |     |   |                  |   |    |     |   |         |   |   |   |
| Consolidated      real estate partnerships                              |   |                |    |                |   |     |   |                  |   |    |     |   |         |   |   |   |
| Cogdell      Health Campus MOB, LP                                      |   |                | 10,843  |                |   | 8,833    |   | LIBOR      + 1.20     |   | 5.23    | (1)      |   | 3/2/2015     |   | 25      years |   |
| Genesis      Property Holding, LLC (constructionloan)                   |   |                | 1,702   |                |   | —  |   | LIBOR      + 1.50     |   | 1.94    |     |   | 9/26/2018    |   | Interest      only |   |
| Mebane      Medical Investors, LLC (constructionloan)                   |   |                | 12,200  |                |   | 7,499    |   | LIBOR      + 1.30     |   | 1.74    |     |   | 5/1/2010     |   | Interest      only | (5) |
| Rocky      Mount MOB, LLC                                               |   |                | 5,362   |                |   | 4,161    |   | 6.03                  |   | 6.03    |     |   | 3/1/2012     |   | 25      years |   |
| Total      / weighted average consolidated real estate partnerships     |   |                | 30,107  |                |   | 20,493   |   |                  |   | 3.77    |     |   |         |   |   |   |
|                                                                    |   |                | 465,024 |                |   | 316,375  |   |                  |   |    |     |   |         |   |   |   |
| Unamortized      premium                                                |   |                | 212     |                |   | 329      |   |                  |   |    |     |   |         |   |   |   |
| Total      / weighted average rate                                      |   | $                   | 465,236 |                | $      | 316,704  |   |                  |   | 4.83    | %        |   |         |   |   |   |

----

| (1) | Represents      the fixed rate for floating rate loans that have been swapped to      fixed.                                             |
|-----|------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Maximum      interest of 8.25%; Minimum interest of 3.25%.                                                                               |
| (3) | Maximum      interest of 7.25%; Minimum interest of 4.25%.                                                                               |
| (4) | Interest      only through June 2012. Principal and interest payments from July 2012      through June 2017 with a 25 year amortization. |
| (5) | Interest      only through May 2009. Principal and interest payments from June 2009      through May 2010 with a 30 yearamortization.    |

----

----

----

|                      |   |   |    |   |
|---------------------------|--------|--------|---------|--------|
| For      the year ending: |   |   |    |   |
| 2009                      |   | $      | 50,577  |   |
| 2010                      |   |   | 31,708  |   |
| 2011                      |   |   | 250,898 |   |
| 2012                      |   |   | 23,137  |   |
| 2013                      |   |   | 13,861  |   |
| Thereafter                |   |   | 94,843  |   |
|                      |   | $      | 465,024 |   |

|                                     |   | NotionalAmount      as ofDecember      31,2008 |              |   |               |   |          |   |           |   |                   |   |                   |    |   |
|------------------------------------------|--------|------------------------------------------------|-------------------|--------|--------------------|--------|---------------|--------|----------------|--------|------------------------|--------|------------------------|---------|--------|
|                                     |   |                                           |              |   |               |   |          |   |           |   | December      31, 2008 |   | December      31, 2007 |    |
| Entity                                   |   |                                           | Receive      Rate |   | Pay      Rate      |   | EffectiveDate |   | ExpirationDate |   | Asset                  |   | Liability              |    | Asset  |   | Liability |   |
| Genesis      Property Holdings, LLC      |   | $                                              | 16,797            |   | 1      Month LIBOR |   | 4.71          | %      | 4/1/2010       |   | 10/1/2018              |   | $                      | — |   | $ | 2,365 |   | $ | — |   | $ | — |   |
| Cogdell      Health Campus MOB, LP       |   |                                           | 10,970            |   | 1      Month LIBOR |   | 4.03          | %      | 3/14/2008      |   | 3/2/2015               |   |                   | — |   |   | 1,064 |   |   | — |   |   | — |   |
| River      Hills Medical Associates, LLC |   |                                           | 3,971             |   | 1      Month LIBOR |   | 1.78          | %      | 1/15/2009      |   | 1/31/2012              |   |                   |    |   |   | 25 |   |   | — |   |   | — |   |
| East      Jefferson Medical Plaza        |   |                                           | 11,600            |   | 1      Month LIBOR |   | 1.80          | %      | 1/15/2009      |   | 12/23/2011             |   |                   | — |   |   | 81 |   |   | — |   |   | — |   |
| Beaufort      Medical Plaza, LLC         |   |                                           | 4,890             |   | 1      Month LIBOR |   | 3.80          | %      | 8/18/2008      |   | 8/18/2011              |   |                   | — |   |   | 296 |   |   | — |   |   | — |   |
| St.      Francis Community MOB, LLC      |   |                                           | 7,053             |   | 1      Month LIBOR |   | 3.32          | %      | 10/15/2008     |   | 6/15/2011              |   |                   | — |   |   | 331 |   |   | — |   |   | — |   |
| St.      Francis Medical Plaza, LLC      |   |                                           | 7,575             |   | 1      Month LIBOR |   | 3.32          | %      | 10/15/2008     |   | 6/15/2011              |   |                   | — |   |   | 356 |   |   | — |   |   | — |   |
| Cogdell      Spencer LP                  |   |                                           | 30,000            |   | 1      Month LIBOR |   | 3.11          | %      | 10/15/2008     |   | 3/10/2011              |   |                   | — |   |   | 1,218 |   |   | — |   |   | — |   |
| MEA      Holdings, LLC                   |   |                                           | 100,000           |   | 1      Month LIBOR |   | 2.82          | %      | 4/1/2008       |   | 3/1/2011               |   |                   | — |   |   | 3,458 |   |   | — |   |   | — |   |
| Indianapolis      MOB LLC                |   |                                           | 30,000            |   | 1      Month LIBOR |   | 4.95          | %      | 11/2/2006      |   | 10/31/2009             |   |                   | — |   |   | 1,106 |   |   | — |   |   | 689 |   |
| Roper      MOB, LLC                      |   |                                           | 9,188             |   | 1      Month LIBOR |   | 4.95          | %      | 11/2/2006      |   | 7/10/2009              |   |                   | — |   |   | 221 |   |   | — |   |   | 173 |   |
| River      Hills Medical Associates, LLC |   |                                           | 2,896             |   | 1      Month LIBOR |   | 4.97          | %      | 11/2/2006      |   | 12/15/2008             |   |                   | — |   |   | — |   |   | — |   |   | 29 |   |
| Cogdell      Spencer LP                  |   |                                           | 3,000             |   | 1      Month LIBOR |   | 5.06          | %      | 8/14/2007      |   | 10/31/2008             |   |                   | — |   |   | — |   |   | — |   |   | 27 |   |
| Cogdell      Spencer LP                  |   |                                           | 27,000            |   | 1      Month LIBOR |   | 5.06          | %      | 8/20/2007      |   | 10/31/2008             |   |                   | — |   |   | — |   |   | — |   |   | 242 |   |
| Beaufort      Medical Plaza, LLC         |   |                                           | 4,855             |   | 1      Month LIBOR |   | 5.01          | %      | 10/25/2006     |   | 7/25/2008              |   |                   | — |   |   | — |   |   | — |   |   | 23 |   |
| St.      Francis Community MOB, LLC      |   |                                           | —           |   | 1      Month LIBOR |   | 5.11          | %      | 9/18/2007      |   | 6/15/2008              |   |                   | — |   |   | — |   |   |   |   |   | 25 |   |
| St.      Francis Medical Plaza, LLC      |   |                                           | —           |   | 1      Month LIBOR |   | 5.11          | %      | 9/18/2007      |   | 6/15/2008              |   |                   | — |   |   | — |   |   |   |   |   | 27 |   |
|                                     |   |                                           |              |   |               |   |          |   |           |   |                   |   | $                      | — |   | $ | 10,521 |   | $ | — |   | $ | 1,235 |   |

----

|                                  |   | Fair      Value Measurements as ofDecember      31, 2008 |    |
|---------------------------------------|--------|----------------------------------------------------------|---------|
|                                  |   | Total                                                    |    |   | Level      1 |   |   | Level      2 |   |   | Level      3 |   |
| Liabilities:                          |   |                                                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivative      financial instruments |   | $                                                        | (10,521 | ) |   | $ | — |   |   | $ | (10,521 | ) |   | $ | — |   |

|                                        |   |     |               |                    |   |                              |   |                   |    |                     |   |   |   |   |    |   |
|---------------------------------------------|--------|----------|--------------------|-------------------------|--------|-----------------------------------|--------|------------------------|---------|--------------------------|--------|--------|--------|--------|---------|--------|
| Property                                    |   | Location |               | EstimatedCompletionDate |   | Net      RentableSquare      Feet |   | Investmentto      Date |    | EstimatedTotalInvestment |   |
|                                        |   |     |               |                    |   |                              |   |                   |    |                     |   |   |   |   |    |   |
| St.      Luke’s Riverside MOB         |   |     | Bethlehem,      PA |                    |   | 2nd      Half 2010                |   |                   | 80,000  |                     | $      | 1,240  |   | $      | 16,000  |   |
| The      Woodlands Center (1)               |   |     | Pensacola,      FL |                    |   | 4Q      2009                      |   |                   | 76,000  |                     |   | 8,969  |   |   | 24,769  |   |
| Medical      Center Physicians Tower        |   |     | Jackson,      TN   |                    |   | 1Q      2010                      |   |                   | 107,000 |                     |   | 416    |   |   | 21,100  |   |
| Land      and pre-construction developments |   |     |               |                    |   |                              |   |                   | — |                     |   | 4,689  |   |   | — |   |
|                                        |   |     |               |                    |   |                              |   |                   | 263,000 |                     | $      | 15,314 |   | $      | 61,869  |   |

----

|                      |   |   |   |   |
|---------------------------|--------|--------|--------|--------|
| For      the year ending: |   |   |   |   |
| 2009                      |   | $      | 5,531  |   |
| 2010                      |   |   | 4,630  |   |
| 2011                      |   |   | 4,171  |   |
| 2012                      |   |   | 3,871  |   |
| 2013                      |   |   | 3,283  |   |
| Thereafter                |   |   | 34,158 |   |
|                      |   | $      | 55,644 |   |

----

----

|                              |   |   |   |   |   |   |   |   |   |
|-----------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                              |   | 2008   |   |   | 2007   |   |   | 2006   |   |
| Current:                          |   |   |   |   |   |   |   |   |   |
| Federal                           |   | $      | 3,703  |   |   | $      | 123    |   |   | $ | 104 |   |
| State                             |   |   | 710    |   |   |   | 24     |   |   |   | 16 |   |
| Total      current                |   |   | 4,413  |   |   |   | 147    |   |   |   | 120 |   |
|                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Deferred:                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Federal                           |   |   | (4,765 | )      |   |   | (25    | )      |   |   | (11 | ) |
| State                             |   |   | (892   | )      |   |   | (5     | )      |   |   | (2 | ) |
| Total      deferred               |   |   | (5,657 | )      |   |   | (30    | )      |   |   | (13 | ) |
|                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      tax expense (benefit) |   | $      | (1,244 | )      |   | $      | 117    |   |   | $ | 107 |   |

----

|                                             |   |   |   |   |   |   |    |   |   |
|--------------------------------------------------|--------|--------|--------|--------|--------|--------|---------|--------|--------|
|                                             |   | 2008   |   |   | 2007   |   |    | 2006   |   |
| Federal      tax (benefit) at 35% statutory rate |   | $      | (1,109 | )      |   | $      | 105     |   |   | $ | 95 |   |
| State      income taxes, net of federal benefit  |   |   | (71    | )      |   |   | 12      |   |   |   | 13 |   |
| Other,      net                                  |   |   | (64    | )      |   |   | — |   |   |   | (1 | ) |
| Income      tax expense (benefit)                |   | $      | (1,244 | )      |   | $      | 117     |   |   | $ | 107 |   |

|                                                 |   |   |    |   |   |   |
|------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                 |   | 2008   |    |   | 2007   |   |
| Deferred      tax assets:                            |   |   |    |   |   |   |
| Deferred      interest expense                       |   | $      | 1,094   |   |   | $      | — |   |
| Unrealized      loss on interest rate swap agreement |   |   | 1,349   |   |   |   | — |   |
| Accrued      expenses and other items                |   |   | 4,121   |   |   |   | — |   |
| Total      deferred tax assets                       |   |   | 6,564   |   |   |   | — |   |
|                                                 |   |   |    |   |   |   |   |   |
| Deferred      tax liabilities:                       |   |   |    |   |   |   |   |   |
| Intangibles                                          |   |   | (39,993 | )      |   |   | (217 | ) |
| Other      items                                     |   |   | (747    | )      |   |   | — |   |
| Total      deferred tax liabilities                  |   |   | (40,740 | )      |   |   | (217 | ) |
|                                                 |   |   |    |   |   |   |   |   |
| Net      deferred tax liability                      |   | $      | (34,176 | )      |   | $      | (217 | ) |

----

|                                             |   | 2008            |   |
|--------------------------------------------------|--------|-----------------|--------|
|                                             |   | RestrictedStock |   |   | LTIP Unit |   |   | Weighted      AverageGrant Price |   |
| Unvested balance at beginning of      the period |   |            | 19     |   |   |   | - |   |   | $ | 17.59 |   |
| Granted                                          |   |            | 6      |   |   |   | 191 |   |   |   | 15.87 |   |
| Vested                                           |   |            | (13    | ) |   |   | (65 | ) |   |   | (16.26 | ) |
| Forfeited                                        |   |            | -      |   |   |   | (8 | ) |   |   | (15.72 | ) |
| Unvested balance at end of the      period       |   |            | 12     |   |   |   | 118 |   |   | $ | 15.89 |   |

----

|                                             |   | Three      Months Ended |   |
|--------------------------------------------------|--------|-------------------------|--------|
|                                             |   | December      31,2008   |   |   | September      30,2008 |   |   | June      30,2008 |   |   | March      31,2008 |   |
|                                             |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      revenue                               |   | $                       | 99,972 |   |   | $ | 94,019 |   |   | $ | 98,266 |   |   | $ | 43,483 |   |
| Net      loss                                    |   | $                       | (1,042 | ) |   | $ | (1,086 | ) |   | $ | (1,843 | ) |   | $ | (1,802 | ) |
| Net      loss per share - basic and diluted      |   | $                       | (0.06  | ) |   | $ | (0.07 | ) |   | $ | (0.12 | ) |   | $ | (0.13 | ) |
| Weighted      average shares - basic and diluted |   |                    | 17,557 |   |   |   | 15,747 |   |   |   | 15,393 |   |   |   | 14,364 |   |

|                                             |   | Three      Months Ended |   |
|--------------------------------------------------|--------|-------------------------|--------|
|                                             |   | December      31,2007   |   |   | September      30,2007 |   |   | June      30,2007 |   |   | March      31,2007 |   |
|                                             |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      revenue                               |   | $                       | 18,563 |   |   | $ | 17,298 |   |   | $ | 15,471 |   |   | $ | 15,489 |   |
| Net      loss                                    |   | $                       | (1,335 | ) |   | $ | (1,602 | ) |   | $ | (1,491 | ) |   | $ | (1,913 | ) |
| Net      loss per share - basic and diluted      |   | $                       | (0.11  | ) |   | $ | (0.13 | ) |   | $ | (0.12 | ) |   | $ | (0.23 | ) |
| Weighted      average shares - basic and diluted |   |                    | 11,935 |   |   |   | 11,934 |   |   |   | 11,931 |   |   |   | 8,334 |   |

----

CHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

|                                              |   |                |   |         |    |               |   |                                                            |   |                                                        |   |                                   |           |    |   |                    |    |   |               |   |   |   |   |   |   |   |   |          |   |          |
|---------------------------------------------------|--------|---------------------|--------|--------------|---------|--------------------|--------|-----------------------------------------------------------------|--------|-------------------------------------------------------------|--------|----------------------------------------|----------------|---------|--------|-------------------------|---------|--------|--------------------|--------|--------|--------|--------|--------|--------|--------|--------|---------------|--------|---------------|
|                                              |   |                |   |         |    |               |   | CostCapitalizedSubsequent      toAcquisition      orDevelopment |   | Gross      Amount at Which Carried atDecember      31, 2008 |   |                                   |           |    |   |                    |
|                                              |   |                |   |         |    | Initial      Costs |   |                                                            |   |                                                        |   |                                   |           |    |
|                                              |   |                |   |         |    |               |   | Building      andImprovements(A)                                |   |                                                        |   |                                   |           |    |   |                    |    |   | DateConstructed(C) |   |   |
|                                              |   |                |   |         |    |               |   |                                                            |   |                                                        |   | Building      andImprovements      (A) |           |    |   | AccumulatedDepreciation |    |   | DateAcquired       |
| Property      Name                                |   | Location            |   | Encumbrances |    | Land               |   |                                                            |   | Land                                                        |   |                                   | Total      (B) |    |   |                    |
|                                              |   |                |   |         |    |               |   |                                                            |   |                                                        |   |                                   |           |    |   |                    |    |   |               |   |   |   |   |   |   |   |   |          |   |          |
| Verdugo      Professional Building I              |   | California          |   |         | (H)     |               | $      | 1,218                                                           |   | $                                                           | 8,228  |                                   | $              | 1,032   |   | $                       | 1,226   |   | $                  | 9,252  |   | $      | 10,478 |   | $      | 1,545  |   | 1972          |   | 2006          |
| Verdugo      Professional Building II             |   | California          |   |         | (H)     |               |   | 3,531                                                           |   |                                                        | 8,915  |                                   |           | 968     |   |                    | 3,555   |   |               | 9,859  |   |   | 13,414 |   |   | 1,302  |   | 1987          |   | 2006          |
| Augusta      POB I                                |   | Georgia             |   |         | (H)     |               |   | 259                                                             |   |                                                        | 8,431  |                                   |           | 955     |   |                    | 260     |   |               | 9,385  |   |   | 9,645  |   |   | 2,008  |   | 1978          |   | 2005          |
| Augusta      POB II                               |   | Georgia             |   |         | (H)     |               |   | 602                                                             |   |                                                        | 10,646 |                                   |           | 713     |   |                    | 605     |   |               | 11,356 |   |   | 11,961 |   |   | 2,240  |   | 1987          |   | 2005          |
| Augusta      POB III                              |   | Georgia             |   |         | (H)     |               |   | 339                                                             |   |                                                        | 3,986  |                                   |           | 367     |   |                    | 341     |   |               | 4,351  |   |   | 4,692  |   |   | 797    |   | 1994          |   | 2005          |
| Augusta      POB IV                               |   | Georgia             |   |         | (H)     |               |   | 551                                                             |   |                                                        | 4,672  |                                   |           | 488     |   |                    | 554     |   |               | 5,157  |   |   | 5,711  |   |   | 989    |   | 1995          |   | 2005          |
| Summit      Professional Plaza I                  |   | Georgia             |   | $            | 5,096   |               |   | 1,180                                                           |   |                                                        | 6,021  |                                   |           | 8       |   |                    | 1,181   |   |               | 6,028  |   |   | 7,209  |   |   | 302    |   | 2004          |   | 2007          |
| Summit      Professional Plaza II                 |   | Georgia             |   |         | 10,829  |               |   | 2,000                                                           |   |                                                        | 12,684 |                                   |           | 174     |   |                    | 2,001   |   |               | 12,857 |   |   | 14,858 |   |   | 571    |   | 1998          |   | 2007          |
| Methodist      Professional Center One            |   | Indiana             |   |         | 30,000  |               |   | —                                                         |   |                                                        | 37,830 |                                   |           | 1,957   |   |                    | — |   |               | 39,787 |   |   | 39,787 |   |   | 4,587  |   | 1985          |   | 2006          |
| Our      Lady of Bellefonte                       |   | Kentucky            |   |         | (H)     |               |   | —                                                         |   |                                                        | 13,938 |                                   |           | 166     |   |                    | — |   |               | 14,104 |   |   | 14,104 |   |   | 2,155  |   | 1997          |   | 2005          |
| East      Jefferson Medical Office Building       |   | Louisiana           |   |         | 9,188   |               |   | —                                                         |   |                                                        | 12,239 |                                   |           | 445     |   |                    | — |   |               | 12,684 |   |   | 12,684 |   |   | 2,289  |   | 1985          |   | 2005          |
| East      Jefferson Medical Plaza                 |   | Louisiana           |   |         | 11,600  |               |   | —                                                         |   |                                                        | 16,525 |                                   |           | — |   |                    | — |   |               | 16,525 |   |   | 16,525 |   |   | 522    |   | 1996          |   | 2008          |
| Central      New York Medical Center              |   | New      York       |   |         | 24,500  |               |   | 2,112                                                           |   |                                                        | 32,700 |                                   |           | 59      |   |                    | 2,113   |   |               | 32,758 |   |   | 34,871 |   |   | 1,352  |   | 1997          |   | 2007          |
| Barclay      Downs                                |   | North      Carolina |   |         | 4,470   |               |   | 2,084                                                           |   |                                                        | 3,363  |                                   |           | 344     |   |                    | 2,097   |   |               | 3,694  |   |   | 5,791  |   |   | 1,121  |   | 1987          |   | 2005          |
| Birkdale      Medical Village                     |   | North      Carolina |   |         | — |               |   | 1,087                                                           |   |                                                        | 5,829  |                                   |           | 119     |   |                    | 1,095   |   |               | 5,940  |   |   | 7,035  |   |   | 1,091  |   | 1997          |   | 2005          |
| Birkdale      Retail                              |   | North      Carolina |   |         | (H)     |               |   | 142                                                             |   |                                                        | 992    |                                   |           | 28      |   |                    | 142     |   |               | 1,020  |   |   | 1,162  |   |   | 188    |   | 2001          |   | 2005          |
| Cabarrus      POB                                 |   | North      Carolina |   |         | (H)     |               |   | —                                                         |   |                                                        | 7,446  |                                   |           | 816     |   |                    | — |   |               | 8,262  |   |   | 8,262  |   |   | 1,404  |   | 1997          |   | 2005          |
| Copperfield      Medical Mall                     |   | North      Carolina |   |         | (D)     |               |   | 1,380                                                           |   |                                                        | 4,047  |                                   |           | 121     |   |                    | 1,389   |   |               | 4,159  |   |   | 5,548  |   |   | 1,079  |   | 1989          |   | 2005          |
| Copperfield      MOB                              |   | North      Carolina |   |         | (H)     |               |   | —                                                         |   |                                                        | 9,281  |                                   |           | 1,563   |   |                    | — |   |               | 10,844 |   |   | 10,844 |   |   | 1,701  |   | 2005          |   | 2005          |
| East      Rocky Mount Kidney Center               |   | North      Carolina |   |         | (H)     |               |   | 260                                                             |   |                                                        | 1,194  |                                   |           | 15      |   |                    | 261     |   |               | 1,208  |   |   | 1,469  |   |   | 258    |   | 2000          |   | 2005          |
| Gaston      Professional Center                   |   | North      Carolina |   |         | (H)     |               |   | —                                                         |   |                                                        | 21,358 |                                   |           | 1,671   |   |                    | — |   |               | 23,029 |   |   | 23,029 |   |   | 6,888  |   | 1997          |   | 2005          |
| Harrisburg      Family Physicians Building        |   | North      Carolina |   |         | — |               |   | 270                                                             |   |                                                        | 509    |                                   |           | 93      |   |                    | 271     |   |               | 601    |   |   | 872    |   |   | 184    |   | 1996          |   | 2005          |
| Harrisburg      Medical Mall                      |   | North      Carolina |   |         | (D)     |               |   | 441                                                             |   |                                                        | 1,722  |                                   |           | 56      |   |                    | 443     |   |               | 1,776  |   |   | 2,219  |   |   | 348    |   | 1997          |   | 2005          |
| Lincoln/Lakemont      Family Practice Center      |   | North      Carolina |   |         | — |               |   | 270                                                             |   |                                                        | 1,025  |                                   |           | 196     |   |                    | 271     |   |               | 1,220  |   |   | 1,491  |   |   | 368    |   | 1998          |   | 2005          |
| Mallard      Crossing Medical Park                |   | North      Carolina |   |         | (H)     |               |   | 1,256                                                           |   |                                                        | 4,626  |                                   |           | 336     |   |                    | 1,266   |   |               | 4,952  |   |   | 6,218  |   |   | 1,046  |   | 1997          |   | 2005          |
| Mebane      Medical Park (I)                      |   | North      Carolina |   |         | 12,200  |               |   | —                                                         |   |                                                        | 15,757 |                                   |           | — |   |                    | — |   |               | 15,757 |   |   | 15,757 |   |   | 352    |   | 2008      (J) |   | 2007      (J) |
| Midland      Medical Mall                         |   | North      Carolina |   |         | (D)     |               |   | 288                                                             |   |                                                        | 1,134  |                                   |           | 87      |   |                    | 289     |   |               | 1,220  |   |   | 1,509  |   |   | 266    |   | 1998          |   | 2005          |
| Mulberry      Medical Park                        |   | North      Carolina |   |         | 989     |               |   | —                                                         |   |                                                        | 2,283  |                                   |           | 128     |   |                    | — |   |               | 2,411  |   |   | 2,411  |   |   | 670    |   | 1982          |   | 2005          |
| Northcross      Family Medical Practice Building  |   | North      Carolina |   |         | — |               |   | 270                                                             |   |                                                        | 498    |                                   |           | 148     |   |                    | 271     |   |               | 645    |   |   | 916    |   |   | 188    |   | 1993          |   | 2005          |
| Randolph      Medical Park                        |   | North      Carolina |   |         | — |               |   | 1,621                                                           |   |                                                        | 5,366  |                                   |           | 2,042   |   |                    | 1,631   |   |               | 7,398  |   |   | 9,029  |   |   | 1,414  |   | 1973          |   | 2005          |
| Rocky      Mount Kidney Center                    |   | North      Carolina |   |         | 1,032   |               |   | 198                                                             |   |                                                        | 1,366  |                                   |           | 51      |   |                    | 198     |   |               | 1,417  |   |   | 1,615  |   |   | 291    |   | 1990          |   | 2005          |
| Rocky      Mount Medical Park                     |   | North      Carolina |   |         | 7,306   |               |   | 982                                                             |   |                                                        | 9,854  |                                   |           | 422     |   |                    | 990     |   |               | 10,268 |   |   | 11,258 |   |   | 2,821  |   | 1991          |   | 2005          |
| Rocky      Mount MOB (I)                          |   | North      Carolina |   |         | 5,362   |               |   | 228                                                             |   |                                                        | 4,990  |                                   |           | 50      |   |                    | 228     |   |               | 5,040  |   |   | 5,268  |   |   | 1,622  |   | 2002          |   | 2006          |
| Rowan      Outpatient Surgery Center              |   | North      Carolina |   |         | 3,322   |               |   | 399                                                             |   |                                                        | 4,666  |                                   |           | 39      |   |                    | 401     |   |               | 4,703  |   |   | 5,104  |   |   | 724    |   | 2003          |   | 2005          |
| Weddington      Internal & Pediatric Medicine |   | North      Carolina |   |         | (D)     |               |   | 489                                                             |   |                                                        | 838    |                                   |           | 17      |   |                    | 491     |   |               | 853    |   |   | 1,344  |   |   | 191    |   | 2000          |   | 2005          |
| Cogdell      General Health Campus MOB (I)        |   | Pennsylvania        |   |         | 10,843  |               |   | —                                                         |   |                                                        | 12,859 |                                   |           | 137     |   |                    | — |   |               | 12,996 |   |   | 12,996 |   |   | 1,045  |   | 2007      (J) |   | 2006      (J) |
| Lancaster      Rehabilitation Hospital            |   | Pennsylvania        |   |         | (H)     |               |   | —                                                         |   |                                                        | 11,748 |                                   |           | 67      |   |                    | — |   |               | 11,815 |   |   | 11,815 |   |   | 585    |   | 2007      (J) |   | 2006      (J) |
| 190      Andrews                                  |   | South      Carolina |   |         | (H)     |               |   | —                                                         |   |                                                        | 2,663  |                                   |           | 1,205   |   |                    | — |   |               | 3,868  |   |   | 3,868  |   |   | 677    |   | 1994          |   | 2005          |
| Baptist      Northwest                            |   | South      Carolina |   |         | 2,190   |               |   | 398                                                             |   |                                                        | 2,534  |                                   |           | 1,291   |   |                    | 1,574   |   |               | 2,649  |   |   | 4,223  |   |   | 521    |   | 1986          |   | 2005          |
| Beaufort      Medical Plaza                       |   | South      Carolina |   |         | 4,890   |               |   | —                                                         |   |                                                        | 7,399  |                                   |           | 141     |   |                    | — |   |               | 7,540  |   |   | 7,540  |   |   | 1,013  |   | 1999          |   | 2005          |
| Carolina      Forest Medical Plaza                |   | South      Carolina |   |         | (H)     |               |   | —                                                         |   |                                                        | 7,416  |                                   |           | 160     |   |                    | — |   |               | 7,576  |   |   | 7,576  |   |   | 664    |   | 2007      (J) |   | 2006      (J) |

----

|                                               |   |                |   |   |    |   |   |    |   |   |    |   |   |   |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |   |
|----------------------------------------------------|--------|---------------------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|--------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|--------|--------|--------|--------|--------|
| Mary      Black Westside                           |   | South      Carolina |   |   | (H)     |   |   | — |   |   | 3,922   |   |   | 792    |   |   | — |   |   | 4,714   |   |   | 4,714   |   |   | 567    |   | 1991   |   | 2006   |
| Medical      Arts Center of Orangeburg             |   | South      Carolina |   |   | 2,442   |   |   | 605     |   |   | 4,172   |   |   | 328    |   |   | 608     |   |   | 4,497   |   |   | 5,105   |   |   | 848    |   | 1984   |   | 2005   |
| Mt.      Pleasant MOB                              |   | South      Carolina |   |   | (H)     |   |   | — |   |   | 3,320   |   |   | 171    |   |   | — |   |   | 3,491   |   |   | 3,491   |   |   | 808    |   | 2001   |   | 2005   |
| One      Medical Park - HMOB                       |   | South      Carolina |   |   | 5,324   |   |   | — |   |   | 8,767   |   |   | 962    |   |   | — |   |   | 9,729   |   |   | 9,729   |   |   | 1,340  |   | 1984   |   | 2005   |
| Parkridge      MOB                                 |   | South      Carolina |   |   | 13,500  |   |   | — |   |   | 16,353  |   |   | 671    |   |   | — |   |   | 17,024  |   |   | 17,024  |   |   | 1,353  |   | 2003   |   | 2006   |
| Providence      MOB I                              |   | South      Carolina |   |   | (E)     |   |   | — |   |   | 5,152   |   |   | 162    |   |   | — |   |   | 5,314   |   |   | 5,314   |   |   | 894    |   | 1979   |   | 2005   |
| Providence      MOB II                             |   | South      Carolina |   |   | (E)     |   |   | — |   |   | 2,441   |   |   | 138    |   |   | — |   |   | 2,579   |   |   | 2,579   |   |   | 354    |   | 1985   |   | 2005   |
| Providence      MOB III                            |   | South      Carolina |   |   | (E)     |   |   | — |   |   | 5,459   |   |   | 149    |   |   | — |   |   | 5,608   |   |   | 5,608   |   |   | 792    |   | 1990   |   | 2005   |
| River      Hills Medical Plaza                     |   | South      Carolina |   |   | 4,000   |   |   | 1,428   |   |   | 4,202   |   |   | 83     |   |   | 1,438   |   |   | 4,275   |   |   | 5,713   |   |   | 670    |   | 1999   |   | 2005   |
| Roper      MOB                                     |   | South      Carolina |   |   | 9,188   |   |   | — |   |   | 11,586  |   |   | 1,740  |   |   | — |   |   | 13,326  |   |   | 13,326  |   |   | 2,501  |   | 1990   |   | 2005   |
| St.      Francis Community Medical Office Building |   | South      Carolina |   |   | (F)     |   |   | — |   |   | 5,934   |   |   | 446    |   |   | — |   |   | 6,380   |   |   | 6,380   |   |   | 1,497  |   | 2001   |   | 2005   |
| St.      Francis Medical Plaza                     |   | South      Carolina |   |   | (G)     |   |   | — |   |   | 8,007   |   |   | 374    |   |   | — |   |   | 8,381   |   |   | 8,381   |   |   | 1,084  |   | 1998   |   | 2005   |
| St.      Francis MOB                               |   | South      Carolina |   |   | (F)     |   |   | — |   |   | 5,522   |   |   | 1,212  |   |   | — |   |   | 6,734   |   |   | 6,734   |   |   | 1,367  |   | 1984   |   | 2005   |
| St.      Francis Women’s Center              |   | South      Carolina |   |   | (G)     |   |   | — |   |   | 7,352   |   |   | 520    |   |   | — |   |   | 7,872   |   |   | 7,872   |   |   | 936    |   | 1991   |   | 2005   |
| Three      Medical Park                            |   | South      Carolina |   |   | 7,879   |   |   | — |   |   | 10,405  |   |   | 1,663  |   |   | — |   |   | 12,068  |   |   | 12,068  |   |   | 1,564  |   | 1988   |   | 2005   |
| West      Medical I                                |   | South      Carolina |   |   | (H)     |   |   | — |   |   | 3,792   |   |   | 1,596  |   |   | — |   |   | 5,388   |   |   | 5,388   |   |   | 1,431  |   | 2003   |   | 2005   |
| Healthpark      Medical Office Building            |   | Tennessee           |   |   | 8,700   |   |   | 1,862   |   |   | 13,223  |   |   | 29     |   |   | 1,862   |   |   | 13,252  |   |   | 15,114  |   |   | 465    |   | 2004   |   | 2007   |
| Peerless      Medical Center                       |   | Tennessee           |   |   | 7,449   |   |   | 645     |   |   | 8,722   |   |   | 14     |   |   | 645     |   |   | 8,736   |   |   | 9,381   |   |   | 247    |   | 2006   |   | 2007   |
| Hanover      Medical Office Building               |   | Virginia            |   |   | 4,818   |   |   | 970     |   |   | 9,890   |   |   | 1,068  |   |   | 976     |   |   | 10,952  |   |   | 11,928  |   |   | 997    |   | 1993   |   | 2006   |
| St.      Mary’s MOB North                    |   | Virginia            |   |   | — |   |   | — |   |   | 3,880   |   |   | 95     |   |   | — |   |   | 3,975   |   |   | 3,975   |   |   | 191    |   | 1968   |   | 2008   |
| Total                                              |   |                |   |   | (K)     |   | $      | 29,365  |   | $      | 471,679 |   | $      | 30,888 |   | $      | 30,673  |   | $      | 501,259 |   | $      | 531,932 |   | $      | 69,285 |   |   |   |   |

| (A)      - Includes building and improvements, site improvements, furniture,      fixtures, and equipment and construction in progress.                                                                                                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (B)      - The aggregate cost for federal income tax purposes was $549.9      million as of December 31, 2008. Depreciable lives range from 3-50      years.                                                                                                                                                                |
| (C)      - Represents the year in which the property was placed in      service.                                                                                                                                                                                                                                                 |
| (D)      - Collateral for variable rate mortgage which had a balance of $8.5      million at December 31, 2008.                                                                                                                                                                                                                  |
| (E)      - Collateral for fixed rate mortgage which had a balance of $8.6 million      at December 31, 2008.                                                                                                                                                                                                                     |
| (F)      - Collateral for variable rate mortgage which had a balance of $7.1      million at December 31, 2008.                                                                                                                                                                                                                  |
| (G)      - Collateral for variable rate mortgage which had a balance of $7.6      million at December 31, 2008.                                                                                                                                                                                                                  |
| (H)      - Collateral for the Credit Facility.                                                                                                                                                                                                                                                                                   |
| (I)      - A consolidated, less than 100% owned, real estate      partnership.                                                                                                                                                                                                                                                   |
| (J)      - Represents development property, thus Date Acquired reflects the      initiation of the first phase of construction and Date Constructed      reflects when property began operations.                                                                                                                                |
| (K)      - Total mortgage notes payable on operational properties as of December      31, 2008, was $230.3 million. In addition, the Company had construction      financing with a balance of $1.7 million as of December 31, 2008, related      to Genesis Property Holding, LLC, a consolidated real estate      partnership. |

----

|                                                          |   |                                  |    |   |                                  |   |    |                                  |                     |
|---------------------------------------------------------------|--------|---------------------------------------|---------|--------|---------------------------------------|--------|---------|---------------------------------------|--------------------------|
|                                                          |   | Year      endedDecember      31, 2008 |    |   | Year      endedDecember      31, 2007 |   |    | Year      endedDecember      31, 2006 |                     |
| Real      estate properties:                                  |   |                                  |    |   |                                  |   |    |                                  |                     |
| Balance,      beginning of period                             |   | $                                     | 486,279 |   |                   | $      | 361,982 |                                  |      | $ | 260,137 |   |
| Consolidation      of Rocky Mount MOB, LLC                    |   |                                  | — |   |                                  |   | — |                                  |                     |   | 5,221 |   |
| Property      acquisitions                                    |   |                                  | 20,405  |   |                                  |   | 81,076  |                                  |                     |   | 90,855 |   |
| Development      projects                                     |   |                                  | 15,757  |   |                                  |   | 32,096  |                                  |                     |   | — |   |
| Purchases      of minority interests in Operating Partnership |   |                                  | 121     |   |                                  |   | 2,488   |                                  |                     |   | 573 |   |
| Improvements                                                  |   |                                  | 9,370   |   |                                  |   | 8,637   |                                  |                     |   | 6,589 |   |
| Disposition                                                   |   |                                  | — |   |                                  |   | — |                                  |                     |   | (1,393 | ) |
| Balance,      end of period                                   |   | $                                     | 531,932 |   |                                  | $      | 486,279 |                                  |                     | $ | 361,982 |   |
|                                                          |   |                                  |    |   |                                  |   |    |                                  |                     |   |   |   |
| Accumulated      depreciation:                                |   |                                  |    |   |                                  |   |    |                                  |                     |   |   |   |
| Balance,      beginning of period                             |   | $                                     | 44,596  |   |                                  | $      | 23,664  |                                  |                     | $ | 2,713 |   |
| Consolidation      of Rocky Mount MOB, LLC                    |   |                                  | — |   |                                  |   | — |                                  |                     |   | 856 |   |
| Depreciation                                                  |   |                                  | 24,689  |   |                                  |   | 20,932  |                                  |                     |   | 20,151 |   |
| Disposition                                                   |   |                                  | — |   |                                  |   | — |                                  |                     |   | (56 | ) |
| Balance,      end of period                                   |   | $                                     | 69,285  |   |                                  | $      | 44,596  |                                  |                     | $ | 23,664 |   |

----

| Item      9. | Changes in and Disagreements      with Accountants on Accounting and Financial    Disclosure |
|--------------|----------------------------------------------------------------------------------------------|

|          |                         |
|---------------|------------------------------|
| Item      9A. | Controls and      Procedures |

----

----

|     |                   |
|----------|------------------------|
| Item 9B. | Other      Information |

|     |                                                         |
|----------|--------------------------------------------------------------|
| Item 10. | Directors, Executive Officers,      and Corporate Governance |

----

|          |                        |
|---------------|-----------------------------|
| Item      11. | Executive      Compensation |

|          |                                                                                                     |
|---------------|----------------------------------------------------------------------------------------------------------|
| Item      12. | Security Ownership of Certain      Beneficial Owners and Management and Related Stockholder      Matters |

|          |                                                                       |
|---------------|----------------------------------------------------------------------------|
| Item      13. | Certain Relationships, Related      Transactions, and DirectorIndependence |

|          |                                        |
|---------------|---------------------------------------------|
| Item      14. | Principal Accountant Fees and      Services |

|     |                                            |
|----------|-------------------------------------------------|
| Item 15. | Exhibits and Financial      Statement Schedules |

| 1.1 |   | Underwriting Agreement dated      September 10, 2008, by and among Cogdell Spencer Inc., Cogdell Spencer LP,      Banc of America Securities LLC, KeyBanc Capital Markets Inc. and Citigroup      Global Markets Inc., incorporated by reference to      Exhibit 1.1 of the Company’s Current Report on Form 8-K filed      with the SEC on September 16, 2008. |
|-----|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1 |   | Articles of Amendment and      Restatement of Cogdell Spencer Inc., incorporated by reference to      Exhibit 3.1 of the Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                                               |
| 3.2 |   | First Amendment to First Amended      and Restated Agreement of Limited Partnership of Cogdell Spencer      LP., incorporated by      reference to Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q      for the quarter ended March 31, 2008.                                                                                                        |
| 3.3 |   | Amended and Restated Agreement of      Limited Partnership      of Cogdell Spencer LP, incorporated by reference to Exhibit 3.3 of      the Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                            |
| 3.4 |   | Declaration of Trust of CS      Business Trust I., incorporated by reference to Exhibit 3.4 of      the Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                                                           |
| 3.5 |   | Declaration of Trust of CS      Business Trust II, incorporated by reference to Exhibit 3.5 of      the Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                                                           |
| 4.1 |   | Form of stock certificate, incorporated by      reference to Exhibit 4.0 of the Company’s Registration Statement on      Form S-11 (File  No. 333-127396).                                                                                                                                                                                       |

----

| 10.1  |   | Form of Registration Rights      Agreement, by and among Cogdell Spencer Inc. and the parties listed on      Schedule I      thereto, incorporated by reference to Exhibit 10.1 of the      Company’s Quarterly Report on      Form 10-Q for the quarter ended September 30,      2005.                                                                                                                        |
|-------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.2  |   | Form of 2005 Long-Term Stock      Incentive Plan. incorporated by reference to Exhibit 10.3 of the      Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                                                                                                                                   |
| 10.3  |   | Form of Long-Term Stock Incentive      Plan Award for employees without employment agreements, incorporated by      reference to Exhibit 10.4 of the Company’s Registration Statement on      Form S-11 (File      No. 333-127396).                                                                                                                                                                                 |
| 10.4  |   | Form of Cogdell Spencer Inc.      Performance Bonus Plan, incorporated by reference to Exhibit 10.5 of      the Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                                                                                                                           |
| 10.5  |   | Merger Agreement for Cogdell      Spencer Inc., CS      Merger Sub LLC and Cogdell Spencer Advisors, Inc. dated August 9,      2005, incorporated by reference to Exhibit 10.6 of the      Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                                           |
| 10.6  |   | Form of Indemnification Agreement,      incorporated by reference to Exhibit 10.7 of the Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                                                                                                                                                  |
| 10.7  |   | Employment Agreement, dated      October 21, 2005, by and between Cogdell Spencer Inc. and James      W. Cogdell,      incorporated by reference to Exhibit 10.8 of the Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                                                              |
| 10.8  |   | Employment Agreement, dated      October 21, 2005, by and between Cogdell Spencer Inc. and Frank C.      Spencer, incorporated      by reference to Exhibit 10.9 of the Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                                                              |
| 10.9  |   | Employment Agreement, dated      October 21, 2005, by and between Cogdell Spencer Inc. and Charles M.      Handy, incorporated by reference to Exhibit 10.10 of the      Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                                                             |
| 10.10 |   | Engagement Letter from the Company      to Realty Capital International Inc., incorporated by reference to      Exhibit 10.11 of the Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                                                                                                      |
| 10.11 |   | Irrevocable Exchange and      Subscription Agreement by and among James W. Cogdell, Cogdell Spencer      Advisors, Inc., Cogdell Spencer LP and Cogdell Spencer Inc., incorporated      by reference to      Exhibit 10.12 of the Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                         |
| 10.12 |   | Irrevocable Exchange and      Subscription Agreement by and among Frank C. Spencer, Cogdell Spencer      Advisors, Inc., Cogdell Spencer LP and Cogdell Spencer Inc., incorporated by reference      to Exhibit 10.13 of the Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                              |
| 10.13 |   | Form of Irrevocable Exchange and      Subscription Agreement for all holders of interests in the Existing      Entities, with the      exclusion of James W. Cogdell and Frank C. Spencer, incorporated by      reference to Exhibit 10.14 of the Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                         |
| 10.14 |   | Form of Tax Protection Agreement      for Existing Entities, except for Cabarrus POB, LLC,      Medical Investors I, LLC and Medical Investors III, LLC.,      incorporated by reference to Exhibit 10.15 of the Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                     |
| 10.15 |   | Form of Tax Protection      Agreement for      Cabarrus POB, LLC, Medical Investors I, LLC and Medical Investors      III, LLC., incorporated by reference to Exhibit 10.16 of the      Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                                              |
| 10.16 |   | Form of Transaction Agreement by      and among Cogdell      Spencer Inc., Cogdell Spencer LP, the applicable Existing Entity and CS      Merger Sub LLC., incorporated by reference to Exhibit 10.17 of the      Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                         |
| 10.17 |   | Commitment letter dated      October 4, 2005, for $100,000,000 senior unsecured revolving credit      facility among Cogdell Spencer Inc., Bank of America, N.A., Bank of      America Securities LLC, Citigroup Global Markets Inc., and Citigroup North      America, Inc., incorporated by reference to      Exhibit 10.18 of the Company’s Registration Statement on      Form S-11 (File No. 333-127396). |
| 10.18 |   | Form of Cogdell Spencer Inc. 2005      Equity Incentive Plan Restricted Stock Award Agreement., incorporated by      reference to Exhibit 10.19 of the Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                                                                                    |
| 10.19 |   | Put Assignment Agreement dated      August 11, 2005., incorporated by reference to Exhibit 10.20 of      the Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                                                                                                                         |
| 10.20 |   | Form of Consent and Election Form,      incorporated by reference to Exhibit 10.21 of the Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                                                                                                                                                 |
| 10.21 |   | Form of Long-Term Stock Incentive      Plan Award for employees with employment agreements,      incorporated by reference to Exhibit 10.22 of the Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                                                                                        |
| 10.22 |   | Schedule to Exhibit 10.14      reflecting consideration to be received by Randolph D.      Smoak, M.D. and      Charles M. Handy, incorporated by reference to Exhibit 10.23 to the      Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                                        |
| 10.23 |   | Methodist Professional Center      Purchase and Sale Agreement dated December 13, 2005,      incorporated by      reference to Exhibit 10.1 of the Company’s Quarterly Report on      Form 10-Q for the quarter ended March 31,      2006.                                                                                                                                                                     |
| 10.24 |   | Hanover Medical Office Building      One and 1808/1818 Verdugo Boulevard Purchase and Sale Agreement dated      March 1, 2006,      incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on      Form 10-Q for the quarter ended March 31,      2006.                                                                                                                                   |
| 10.25 |   | Amendment No. 1 to the Credit      Agreement and Waiver dated August 23, 2006, by and among Cogdell      Spencer LP, Cogdell      Spencer Inc., each subsidiary of Cogdell Spencer LP to the Guaranty, each      lender signatory thereto and Bank of America, N.A., incorporated by      reference to the Company’s Quarterly Report on      Form 10-Q for the quarter ended September 30,      2006.         |
| 10.26 |   | Amendment No. 2 to the Credit      Agreement dated December 31, 2007, by and among Cogdell Spencer LP,      Cogdell Spencer Inc., each subsidiary of Cogdell Spencer LP to the      Guaranty, each lender signatory thereto and Bank of America,      N.A., incorporated by      reference to Exhibit 10.26 of the Company's Annual Report on Form 10-K for      the year ended December 31,2007.                              |

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| 10.27    |   | Agreement and Plan of Merger,      dated January 23, 2008, by and among Cogdell Spencer LP, Goldenboy      Acquisitions Corp., MEA Holdings, Inc., Marshall Erdman & Associates, Inc., Marshall      Erdman Development, LLC, David Pelisek, David Lubar and Scott      Ransom, incorporated      by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q      for the quarter ended March 31, 2008..                              |
|----------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.28    |   | Amendment to Agreement and Plan of      Merger, dated March 10, 2008, by and among Cogdell Spencer LP,      Goldenboy Acquisitions Corp., MEA Holdings, Inc., Marshall Erdman &      Associates, Inc., Marshall Erdman Development, LLC, David Pelisek, David      Lubar and Scott Ransom, incorporated by reference to      Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q      for the quarter ended March 31, 2008.                    |
| 10.29    |   | Escrow Agreement, dated      March 10, 2008, by and between Cogdell Spencer LP, David Pelisek,      David Lubar, Scott Ransom and Mellon Investor Services      LLC, incorporated by      reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q      for the quarter ended March 31, 2008.                                                                                                                                              |
| 10.30    |   | Exchange Agent Agreement, dated      March 10, 2008, by and between Cogdell Spencer LP, David Pelisek, David Lubar, Scott      Ransom and Mellon Investor Services LLC, incorporated by reference to      Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q      for the quarter ended March 31, 2008.                                                                                                                                           |
| 10.31    |   | Voting Agreement, dated      January 23, 2008, by and among the Shareholders (as      defined therein) of MEA Holdings, Inc. for the benefit of Cogdell Spencer      LP and Goldenboy Acquisitions Corp, incorporated by reference to      Exhibit 10.5 of the Company’s Quarterly Report on Form 10-Q      for the quarter ended March 31, 2008.                                                                                                          |
| 10.32    |   | Voting Agreement, dated      January 23, 2008, by and among Baird Capital Partners III Limited      Partnership, BCP III Affiliates Fund Limited Partnership, BCP III Special      Affiliates Fund Limited Partnership, Lubar Capital LLC, James Cogdell and      Frank      Spencer, incorporated      by reference to Exhibit 10.6 of the Company’s Quarterly Report on Form 10-Q      for the quarter ended March 31, 2008.                             |
| 10.33    |   | Contributing Shareholders Voting      Agreement, dated March 10, 2008, by and among James      Cogdell, Frank Spencer, David Pelisek, David Lubar and Scott      Ransom, incorporated      by reference to Exhibit 10.7 of the Company’s Quarterly Report on Form 10-Q      for the quarter ended March 31, 2008.                                                                                                                                          |
| 10.34    |   | Director Designation      Agreement, dated      March 10, 2008, by and between Cogdell Spencer Inc. and David      Lubar, incorporated      by reference to Exhibit 10.8 of the Company’s Quarterly Report on Form 10-Q      for the quarter ended March 31, 2008.                                                                                                                                                                                         |
| 10.35    |   | Registration Rights Agreement,      dated March 10,      2008, by and among Cogdell Spencer Inc. and certain persons listed on      Schedule I thereto, incorporated by reference to      Exhibit 10.9 of the Company’s Quarterly Report on Form 10-Q      for the quarter ended March 31, 2008.                                                                                                                                                      |
| 10.36    |   | Registration Rights Agreement, dated January 28,      2008, by and among Cogdell Spencer Inc. and KeyBanc Capital Markets Inc.      on behalf of the persons listed on Schedule I thereto, incorporated by reference to      Exhibit 10.10 of the Company’s Quarterly Report on Form 10-Q      for the quarter ended      March 31, 2008.                                                                                                             |
| 10.37    |   | Guaranty Agreement, dated      March 10, 2008, among each of the Guarantors named therein and Bank      of America, N.A.,      incorporated by reference to Exhibit 10.11 of the Company’s Quarterly Report on Form 10-Q      for the quarter ended      March 31, 2008.                                                                                                                                                                                   |
| 10.38    |   | Intercreditor Agreement, dated      March 10, 2008, between Bank of America, N.A. and KeyBank National      Association,      incorporated by reference to Exhibit 10.12 of the Company’s Quarterly Report on Form 10-Q      for the quarter ended March 31, 2008.                                                                                                                                                                                         |
| 10.39    |   | Credit Agreement, dated      March 10, 2008, among Cogdell Spencer LP, Cogdell Spencer Inc., Bank      of America, N.A., KeyBank National Association, Branch Banking & Trust      Company, Wachovia      Bank, National Association, each lender signatory thereto and Banc of      America Securities LLC, incorporated by reference to      Exhibit 10.13 of the Company’s Quarterly Report on Form 10-Q      for the quarter ended March 31, 2008. |
| 10.40    |   | Employment Agreement, dated March 1, 2008, between      Marshall Erdman & Associates, Inc. and Scott A. Ransom, incorporated by reference to      Exhibit 10.14 of the Company’s Quarterly Report on Form 10-Q      for the quarter ended March 31, 2008.                                                                                                                                                                                              |
| 10.41    |   | Form of Contribution Agreement by      and among Cogdell      Spencer Inc., Cogdell Spencer LP and each of the persons set forth on      Schedule 1 to Exhibit 10.15, incorporated by reference to      Exhibit 10.15 of the Company’s Quarterly Report on Form 10-Q      for the quarter ended March 31, 2008.                                                                                                                                       |
| 10.42    |   | Contribution Agreement Side Letter,      dated March 10, 2008, by Cogdell Spencer Inc. and Cogdell Spencer LP      delivered to David Pelisek, David Lubar and Scott Ransom, incorporated by reference to      Exhibit 10.16 of the Company’s Quarterly Report on Form 10-Q      for the quarter ended      March 31, 2008.                                                                                                                                |
| 10.43    |   | Senior Secured Term Loan Agreement      dated as of March 10, 2008 among Goldenboy Acquisition Corp, the Company,      KeyBank National Association, current and future lenders, Bank of America,      N.A., Wachovia Bank, National Association, Branch Banking and      Trust Company and KeyBank Capital Markets, incorporated by reference to      Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q      for the quarter ended June 30, 2008.    |
| 10.44    |   | Employment Agreement, dated      December 1,      2008, by and between Cogdell Spencer Inc., Cogdell Spencer LP and Charles      M. Handy, incorporated by reference to Exhibit 10.1 of the      Company’s Current Report on Form 8-K filed      with the SEC on December 4, 2008.                                                                                                                                                                         |
| 10.45    |   | Separation and Release Agreement,      dated July 8, 2008, by and between Cogdell Spencer Inc., Cogdell Spencer      LP and Heidi Wilson, incorporated by reference to Exhibit 10.1 of the      Company's Current Report on Form 8-K filed with the SEC on July      14,      2008.                                                                                                                                                                                   |
| 14.1     |   | Code of Ethics, incorporated      by reference to the      Annual Report on Form 10-K for the year ended December 31,      2005.                                                                                                                                                                                                                                                                                                                            |
| 21.1     |   | List of Subsidiaries of Cogdell      Spencer Inc., incorporated by reference to Exhibit 21.1 of the      Company’s Registration Statement on      Form S-11 (File No. 333-127396).                                                                                                                                                                                                                                                               |
| 23.1 (1) |   | Consent of Deloitte &      Touche LLP.                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 31.1 (1) |   | Certification by the Chief      Executive Officer pursuant to Section 302 of the Sarbanes-Oxley      Act.                                                                                                                                                                                                                                                                                                                                                        |
| 31.2 (1) |   | Certification by the Chief      Financial Officer pursuant to Section 302 of the Sarbanes-Oxley      Act.                                                                                                                                                                                                                                                                                                                                                        |
| 32.1 (1) |   | Certifications pursuant to      Section 1350.                                                                                                                                                                                                                                                                                                                                                                                                                    |

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|                      |                                                   |   |
|---------------------------|--------------------------------------------------------|--------|
|                      | COGDELL      SPENCER INC.                              |   |
|                      | Registrant                                             |   |
|                      |                                                   |   |
| Date:      March 16, 2009 | /s/      Frank      C. Spencer                         |   |
|                      | Frank      C. Spencer                                  |   |
|                      | President      and Chief Executive Officer             |   |
|                      | (Principal      Executive Officer)                     |   |
|                      |                                                   |   |
| Date:      March 16, 2009 | /s/      Charles      M. Handy                         |   |
|                      | Charles      M. Handy                                  |   |
|                      | Senior      Vice President and Chief Financial Officer |
|                      | (Principal      Financial and Accounting Officer)      |
|                      |                                                   |   |

|                      |                                                 |
|---------------------------|------------------------------------------------------|
| Date:      March 16, 2009 | /s/      James      W. Cogdell                       |   |
|                      | James      W. Cogdell                                |   |
|                      | Chairman      of the Board of Directors              |   |
|                      |                                                 |   |
| Date:      March 16, 2009 | /s/      Frank      C. Spencer                       |   |
|                      | Frank      C. Spencer                                |   |
|                      | President,      Chief Executive Officer and Director |
|                      |                                                 |   |
| Date:      March 16, 2009 | /s/      Scott      A. Ransom                        |   |
|                      | Scott      A. Ransom                                 |   |
|                      | President      and Chief Executive Officer of Erdman |
|                      |                                                 |   |
| Date:      March 16, 2009 | /s/      John      R. Georgius                       |   |
|                      | John      R. Georgius                                |   |
|                      | Director                                             |   |
|                      |                                                 |   |
| Date:      March 16, 2009 | /s/      Richard      B. Jennings                    |   |
|                      | Richard      B. Jennings                             |   |
|                      | Director                                             |   |
|                      |                                                 |   |
| Date:      March 16, 2009 | /s/      Christopher      E. Lee                     |   |
|                      | Christopher      E. Lee                              |   |
|                      | Director                                             |   |
|                      |                                                 |   |
| Date:      March 16, 2009 | /s/      David      J. Lubar                         |   |
|                      | David      J. Lubar                                  |   |
|                      | Director                                             |   |
|                      |                                                 |   |
| Date:      March 16, 2009 | /s/      Richard      C. Neugent                     |   |
|                      | Richard      C. Neugent                              |   |
|                      | Director                                             |   |
|                      |                                                 |   |
| Date:      March 16, 2009 | /s/      Randolph D. Smoak                           |   |
|                      | Randolph      D. Smoak, M.D.                         |   |
|                      | Director                                             |   |