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

|         Large accelerated filer [ ]  |        Accelerated filer [X]        |      Non-accelerated filer [ ]      |         Smaller reporting company [ ]. |
|-----------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|

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|    |                                                                                              | Page     |
|---------|---------------------------------------------------------------------------------------------------|----------|
|    |                                                                                              |
|    |                                                                                              |
| PART I  | FINANCIAL INFORMATION                                                                             | 2   |
|    |                                                                                              |     |
| Item 1  | Financial Statements                                                                         | 2   |
| Item 2  | Management’s Discussion and Analysis of Financial Condition and Results of Operations  | 25  |
| Item 3  | Quantitative and Qualitative Disclosures about Market Risk                                   | 40  |
| Item 4  | Controls and Procedures                                                                           | 40       |
|    |                                                                                              |     |
| PART II | Other Information                                                                                 | 41  |
|    |                                                                                              |     |
| Item 1  | Legal Proceedings                                                                            | 41  |
| Item 1A | Risk Factors                                                                                 | 41       |
| Item 2  | Unregistered Sales of Equity Securities and Use of Proceeds                                  | 41  |
| Item 3  | Defaults Upon Senior Securities                                                              | 41  |
| Item 4  | Submission of Matters to a Vote of Securities Holders                                        | 41  |
| Item 5  | Other Information                                                                            | 41  |
| Item 6  | Exhibits                                                                                     | 41  |

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|                                                                                                                       |   | September 30,  2009 |     |   | December 31, 2008 |   |
|----------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|----------|--------|-------------------|--------|
| Assets                                                                                                                     |   |                          |     |   |              |   |
| Real estate properties:                                                                                                    |   |                          |     |   |              |   |
|    Land                                                                                                     |   | $                             | 30,673   |   |              | $      | 30,673 |   |
|    Buildings and improvements                                                                               |   |                          | 508,431  |   |              |   | 501,259 |   |
|    Less: Accumulated depreciation                                                                           |   |                          | (87,733  | )      |              |   | (69,285 | ) |
|       Net operating real estate properties                                                   |   |                          | 451,371  |   |              |   | 462,647 |   |
|    Construction in progress                                                                                 |   |                          | 52,260   |   |              |   | 15,314 |   |
|       Net real estate properties                                                             |   |                          | 503,631  |   |              |   | 477,961 |   |
| Cash and cash equivalents                                                                                                  |   |                          | 25,773   |   |              |   | 34,668 |   |
| Restricted cash                                                                                                            |   |                          | 13,188   |   |              |   | 12,964 |   |
| Tenant and accounts receivable, net of allowance of $1,836 in 2009 and $194 in 2008                                        |   |                          | 17,910   |   |              |   | 43,523 |   |
| Goodwill                                                                                                                   |   |                          | 108,683  |   |              |   | 180,435 |   |
| Trade names and trademarks                                                                                                 |   |                          | 41,240   |   |              |   | 75,969 |   |
| Intangible assets, net of accumulated amortization of $42,598 in 2009 and $38,054 in 2008                                  |   |                          | 22,837   |   |              |   | 45,363 |   |
| Other assets                                                                                                               |   |                          | 29,241   |   |              |   | 29,207 |   |
|    Total assets                                                                                             |   | $                             | 762,503  |   |              | $      | 900,090 |   |
|                                                                                                                       |   |                          |     |   |              |   |   |   |
| Liabilities and equity                                                                                                     |   |                          |     |   |              |   |   |   |
| Mortgage notes payable                                                                                                     |   | $                             | 266,961  |   |              | $      | 240,736 |   |
| Revolving credit facility                                                                                                  |   |                          | 80,000   |   |              |   | 124,500 |   |
| Term loan                                                                                                                  |   |                          | 50,000   |   |              |   | 100,000 |   |
| Accounts payable                                                                                                           |   |                          | 18,714   |   |              |   | 22,090 |   |
| Billings in excess of costs and estimated earnings on uncompleted contracts                                                |   |                          | 23,216   |   |              |   | 17,025 |   |
| Deferred income taxes                                                                                                      |   |                          | 14,635   |   |              |   | 34,176 |   |
| Payable to prior Erdman shareholders                                                                                       |   |                          | 18,002   |   |              |   | 18,002 |   |
| Other liabilities                                                                                                          |   |                          | 47,751   |   |              |   | 60,567 |   |
|       Total liabilities                                                                      |   |                          | 519,279  |   |              |   | 617,096 |   |
| Commitments and contingencies                                                                                              |   |                          |     |   |              |   |   |   |
| Equity:                                                                                                                    |   |                          |     |   |              |   |   |   |
|    Cogdell Spencer Inc. 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, 42,547 and 17,699 shares     |   |                          |     |   |              |   |   |   |
|          issued and outstanding in 2009 and 2008, respectively                |   |                          | 425      |   |              |   | 177 |   |
|       Additional paid-in capital                                                             |   |                          | 369,539  |   |              |   | 275,380 |   |
|       Accumulated other comprehensive loss                                                   |   |                          | (3,160   | )      |              |   | (5,106 | ) |
|       Accumulated deficit                                                                    |   |                          | (161,604 | )      |              |   | (77,438 | ) |
|          Total Cogdell Spencer Inc. stockholders' equity                      |   |                          | 205,200  |   |              |   | 193,013 |   |
|    Noncontrolling interests:                                                                                |   |                          |     |   |              |   |   |   |
|       Real estate partnerships                                                               |   |                          | 4,857    |   |              |   | 4,657 |   |
|       Operating partnership                                                                  |   |                          | 33,167   |   |              |   | 85,324 |   |
|          Total noncontrolling interests                                       |   |                          | 38,024   |   |              |   | 89,981 |   |
| Total equity                                                                                                               |   |                          | 243,224  |   |              |   | 282,994 |   |
|    Total liabilities and equity                                                                             |   | $                             | 762,503  |   |              | $      | 900,090 |   |

----

|                                                                                         |   | For the Three Months Ended |   |   | For the Nine Months Ended |   |
|----------------------------------------------------------------------------------------------|--------|----------------------------|--------|--------|---------------------------|--------|
|                                                                                         |   | September 30,              |   |   | September 30,             |   |   | September 30, |   |   | September 30, |   |
|                                                                                         |   | 2009                       |   |   | 2008                      |   |   | 2009 |   |   | 2008 |   |
| Revenues:                                                                                    |   |                       |   |   |                      |   |   |   |   |   |   |   |
|    Rental revenue                                                             |   | $                          | 20,049 |   |                      | $      | 19,631 |   |   | $ | 59,376 |   |   | $ | 57,622 |   |
|    Design-Build contract revenue and other sales                              |   |                       | 30,298 |   |                      |   | 72,914 |   |   |   | 113,399 |   |   |   | 174,870 |   |
|    Property management and other fees                                         |   |                       | 816    |   |                      |   | 852 |   |   |   | 2,530 |   |   |   | 2,524 |   |
|    Development management and other income                                    |   |                       | 239    |   |                      |   | 622 |   |   |   | 3,266 |   |   |   | 751 |   |
|       Total revenues                                           |   |                       | 51,402 |   |                      |   | 94,019 |   |   |   | 178,571 |   |   |   | 235,767 |   |
| Expenses:                                                                                    |   |                       |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|    Property operating and management                                          |   |                       | 8,163  |   |                      |   | 8,370 |   |   |   | 23,975 |   |   |   | 23,403 |   |
|    Design-Build contracts and development management                          |   |                       | 21,166 |   |                      |   | 59,578 |   |   |   | 92,573 |   |   |   | 146,907 |   |
|    Selling, general, and administrative                                       |   |                       | 7,876  |   |                      |   | 7,599 |   |   |   | 21,218 |   |   |   | 20,396 |   |
|    Depreciation and amortization                                              |   |                       | 8,047  |   |                      |   | 11,871 |   |   |   | 27,136 |   |   |   | 33,275 |   |
|    Impairment charges                                                         |   |                       | -      |   |                      |   | - |   |   |   | 120,920 |   |   |   | - |   |
|       Total expenses                                           |   |                       | 45,252 |   |                      |   | 87,418 |   |   |   | 285,822 |   |   |   | 223,981 |   |
| Income (loss) from operations before other income (expense) and income tax benefit (expense) |   |                       | 6,150  |   |                      |   | 6,601 |   |   |   | (107,251 | ) |   |   | 11,786 |   |
| Other income (expense):                                                                      |   |                       |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|    Interest and other income                                                  |   |                       | 161    |   |                      |   | 210 |   |   |   | 456 |   |   |   | 682 |   |
|    Interest expense                                                           |   |                       | (5,072 | )      |                      |   | (6,743 | ) |   |   | (16,691 | ) |   |   | (18,695 | ) |
|    Debt extinguishment and interest rate derivative expense                   |   |                       | (10    | )      |                      |   | - |   |   |   | (2,501 | ) |   |   | - |   |
|    Equity in earnings (loss) of unconsolidated real estate partnerships       |   |                       | (4     | )      |                      |   | 10 |   |   |   | 4 |   |   |   | 18 |   |
|       Total other income (expense)                             |   |                       | (4,925 | )      |                      |   | (6,523 | ) |   |   | (18,732 | ) |   |   | (17,995 | ) |
| Income (loss) from operations before income tax benefit (expense)                            |   |                       | 1,225  |   |                      |   | 78 |   |   |   | (125,983 | ) |   |   | (6,209 | ) |
| Income tax benefit (expense)                                                                 |   |                       | 231    |   |                      |   | (883 | ) |   |   | 22,065 |   |   |   | (143 | ) |
| Net income (loss)                                                                            |   |                       | 1,456  |   |                      |   | (805 | ) |   |   | (103,918 | ) |   |   | (6,352 | ) |
| Net loss (income) attributable to the noncontrolling interest in:                            |   |                       |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|    Real estate partnerships                                                   |   |                       | (17    | )      |                      |   | (920 | ) |   |   | (158 | ) |   |   | (859 | ) |
|    Operating partnership                                                      |   |                       | (191   | )      |                      |   | 639 |   |   |   | 32,791 |   |   |   | 2,480 |   |
| Net income (loss) attributable to Cogdell Spencer Inc.                                       |   | $                          | 1,248  |   |                      | $      | (1,086 | ) |   | $ | (71,285 | ) |   | $ | (4,731 | ) |
|                                                                                         |   |                       |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) per share attributable to Cogdell Spencer Inc. - basic and diluted         |   | $                          | 0.03   |   |                      | $      | (0.07 | ) |   | $ | (2.43 | ) |   | $ | (0.31 | ) |
|                                                                                         |   |                       |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares - basic and diluted                                           |   |                       | 42,539 |   |                      |   | 15,747 |   |   |   | 29,299 |   |   |   | 15,710 |   |
|                                                                                         |   |                       |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| See notes to condensed consolidated financial statements.                                    |   |

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|                                                                                   |   |   |     |   |          |   |     | Cogdell Spencer Inc. Stockholders |   |   |          |   |   |   |   |
|----------------------------------------------------------------------------------------|--------|--------|----------|--------|---------------|--------|----------|-----------------------------------|--------|--------|---------------|--------|--------|--------|--------|
|                                                                                   |   |   |     |   |          |   |     |                              |   |   | Accumulated   |   |   |   |   |   |   |   |   | Noncontrolling |   |   | Noncontrolling |   |
|                                                                                   |   |   |     |   |          |   |     |                              |   |   | Other         |   |   |   |   |   | Additional |   |   | Interests in |   |   | Interests in |   |
|                                                                                   |   | Total  |     |   | Comprehensive |   |     | Accumulated                       |   |   | Comprehensive |   |   | Common |   |   | Paid-in |   |   | Operating |   |   | Real Estate |   |
|                                                                                   |   | Equity |     |   | Loss          |   |     | Deficit                           |   |   | Loss          |   |   | Stock  |   |   | Capital |   |   | Partnership |   |   | Partnerships |   |
|                                                                                   |   |   |     |   |          |   |     |                              |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at December 31, 2008                                                           |   | $      | 282,994  |   |          | $      | -        |                              |   | $      | (77,438       | )      |   | $      | (5,106 | ) |   | $ | 177 |   |   | $ | 275,380 |   |   | $ | 85,324 |   |   | $ | 4,657 |   |
|    Comprehensive loss:                                                  |   |   |     |   |          |   |     |                              |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Net income (loss)                                  |   |   | (103,918 | )      |          |   | (103,918 | )                                 |   |   | (71,285       | )      |   |   | -      |   |   |   | - |   |   |   | - |   |   |   | (32,791 | ) |   |   | 158 |   |
|       Unrealized gain on interest rate swaps, net of tax |   |   | 3,371    |   |          |   | 3,371    |                              |   |   | -             |   |   |   | 2,424  |   |   |   | - |   |   |   | - |   |   |   | 366 |   |   |   | 581 |   |
|    Comprehensive loss                                                   |   |   | (100,547 | )      |          | $      | (100,547 | )                                 |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Issuance of common stock, net of costs                               |   |   | 76,457   |   |          |   |     |                              |   |   | -             |   |   |   | -      |   |   |   | 230 |   |   |   | 76,227 |   |   |   | - |   |   |   | - |   |
|    Conversion of operating partnership units to common stock            |   |   | -        |   |          |   |     |                              |   |   | -             |   |   |   | (478   | ) |   |   | 18 |   |   |   | 17,805 |   |   |   | (17,345 | ) |   |   | - |   |
|    Restricted stock and LTIP unit grants                                |   |   | 817      |   |          |   |     |                              |   |   | -             |   |   |   | -      |   |   |   | - |   |   |   | 80 |   |   |   | 737 |   |   |   | - |   |
|    Amortization of restricted stock grants                              |   |   | 75       |   |          |   |     |                              |   |   | -             |   |   |   | -      |   |   |   | - |   |   |   | 47 |   |   |   | 28 |   |   |   | - |   |
|    Dividends and distributions                                          |   |   | (16,572  | )      |          |   |     |                              |   |   | (12,881       | )      |   |   | -      |   |   |   | - |   |   |   | - |   |   |   | (3,152 | ) |   |   | (539 | ) |
|                                                                                   |   |   |     |   |          |   |     |                              |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2009                                                          |   | $      | 243,224  |   |          |   |     |                              |   | $      | (161,604      | )      |   | $      | (3,160 | ) |   | $ | 425 |   |   | $ | 369,539 |   |   | $ | 33,167 |   |   | $ | 4,857 |   |
|                                                                                   |   |   |     |   |          |   |     |                              |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See notes to condensed consolidated financial statements.                              |   |

----

|                                                                                                                                                                                                                                                 |   |   |         |    |          |   |   | Cogdell Spencer Inc. Stockholders |   |   |          |   |   |   |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------|---------|---------------|--------|--------|-----------------------------------|--------|--------|---------------|--------|--------|--------|---------|
|                                                                                                                                                                                                                                                 |   |   |         |    |          |   |   |                              |   |   | Accumulated   |   |   |   |    |   |   |   |   | Noncontrolling |   |   | Noncontrolling |   |
|                                                                                                                                                                                                                                                 |   |   |         |    |          |   |   |                              |   |   | Other         |   |   |   |    |   | Additional |   |   | Interests in |   |   | Interests in |   |
|                                                                                                                                                                                                                                                 |   | Total  |         |    | Comprehensive |   |   | Accumulated                       |   |   | Comprehensive |   |   | Common |    |   | Paid-in |   |   | Operating |   |   | Real Estate |   |
|                                                                                                                                                                                                                                                 |   | Equity |         |    | Loss          |   |   | Deficit                           |   |   | Loss          |   |   | Stock  |    |   | Capital |   |   | Partnership |   |   | Partnerships |   |
|                                                                                                                                                                                                                                                 |   |   |         |    |          |   |   |                              |   |   |          |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Balance at December 31, 2007                                                                                                                                                                                                                         |   | $      | 162,256      |    |          | $      | -      |                              |   | $      | (50,751       | )      |   | $      | (884    | ) |   | $ | 119 |   |   | $ | 166,901 |   |   | $ | 44,437 |   |   | $ | 2,434 |   |
|    Comprehensive loss:                                                                                                                                                                                                                |   |   |         |    |          |   |   |                              |   |   |          |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Net income (loss)                                                                                                                                                                                                |   |   | (6,352       | )       |          |   | (6,352 | )                                 |   |   | (4,731        | )      |   |   | -       |   |   |   | - |   |   |   | - |   |   |   | (2,480 | ) |   |   | 859 |   |
|       Unrealized gain (loss) on interest rate swaps, net of tax                                                                                                                                                        |   |   | 1,469        |    |          |   | 1,469  |                              |   |   | -             |   |   |   | 872     |   |   |   | - |   |   |   | - |   |   |   | 626 |   |   |   | (29 | )  |
|    Comprehensive loss                                                                                                                                                                                                                 |   |   | (4,883       | )       |          | $      | (4,883 | )                                 |   |   |          |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Issuance of common stock and operating partnership units,      net of costs                                                                                                                          |   |   | 148,754      |    |          |   |   |                              |   |   | -             |   |   |   | -       |   |   |   | 57 |   |   |   | 91,288 |   |   |   | 57,409 |   |   |   | - |   |
|    Contributed equity in partnership                                                                                                                                                                                                       |   |   | 3,876        |    |          |   |   |                              |   |   |          |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 3,876 |   |
|    Redemptions of operating partnership units                                                                                                                                                                                              |   |   | (476         | )  |          |   |   |                              |   |   |  -       |   |   |   |  - |   |   |   |  - |   |   |   | - |   |   |   | (476 | )  |   |   |  - |   |
|    Restricted stock and LTIP unit grants                                                                                                                                                                                              |   |   | 1,034        |    |          |   |   |                              |   |   | -             |   |   |   | -       |   |   |   | - |   |   |   | 94 |   |   |   | 940 |   |   |   | - |   |
|    Amortization of restricted stock grants                                                                                                                                                                                            |   |   | 75           |    |          |   |   |                              |   |   | -             |   |   |   | -       |   |   |   | - |   |   |   | 47 |   |   |   | 28 |   |   |   | - |   |
|    Dividends and distributions                                                                                                                                                                                                        |   |   | (27,418      | )       |          |   |   |                              |   |   | (16,934       | )      |   |   | -       |   |   |   | - |   |   |   | - |   |   |   | (9,520 | ) |   |   | (964 | ) |
|    Adjustment to record change of interest in the operating      partnership due to the issuance of operating partnership         units in excess of book value |   |   |  14,502 |    |          |   |   |                              |   |   |  -       |   |   |   |  - |   |   |   |  - |   |   |   | 15,305  |   |   |   | (803 | )  |   |   |  - |   |
|                                                                                                                                                                                                                                                 |   |   |         |    |          |   |   |                              |   |   |          |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2008                                                                                                                                                                                                                        |   | $      | 297,720      |    |          |   |   |                              |   | $      | (72,416       | )      |   | $      | (12     | ) |   | $ | 176 |   |   | $ | 273,635 |   |   | $ | 90,161 |   |   | $ | 6,176 |   |
|                                                                                                                                                                                                                                                 |   |   |         |    |          |   |   |                              |   |   |          |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See notes to condensed consolidated financial statements.                                                                                                                                                                                            |   |

----

|                                                                                                                                                                             |   | For the Nine Months Ended |     |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------|----------|
|                                                                                                                                                                             |   | September 30,2009         |     |   | September 30,2008 |   |
| Operating activities:                                                                                                                                                            |   |                      |     |   |   |   |
|    Net loss                                                                                                                                                       |   | $                         | (103,918 | ) |   | $ | (6,352 | ) |
|    Adjustments to reconcile net loss to cash provided by operating activities:                                                                                    |   |                      |     |   |   |   |   |   |
|       Depreciation and amortization                                                                                                                |   |                      | 27,136   |   |   |   | 33,275 |   |
|       Amortization of acquired above market leases and acquired below market leases, net                                                           |   |                      | (410     | ) |   |   | (533 | ) |
|       Straight line rental revenue                                                                                                                 |   |                      | (407     | ) |   |   | (422 | ) |
|       Amortization of deferred finance costs and debt premium                                                                                      |   |                      | 1,190    |   |   |   | 878 |   |
|       Provision for bad debts                                                                                                                      |   |                      | 1,642    |   |   |   | 135 |   |
|       Deferred income taxes                                                                                                                        |   |                      | (20,234  | ) |   |   | (468 | ) |
|       Equity-based compensation                                                                                                                    |   |                      | 893      |   |   |   | 1,110 |   |
|       Equity in earnings (loss) of unconsolidated real estate partnerships                                                                         |   |                      | (4       | ) |   |   | (18 | ) |
|       Change in fair value of interest rate swap agreements                                                                                        |   |                      | (449     | ) |   |   | - |   |
|       Debt extinguishment and interest rate derivative expense                                                                                     |   |                      | 2,501    |   |   |   | - |   |
|       Impairment of goodwill, trade names and trademarks and intangible assets                                                                     |   |                      | 120,920  |   |   |   | - |   |
|    Changes in operating assets and liabilities:                                                                                                                   |   |                      |     |   |   |   |   |   |
|       Tenant and accounts receivable and other assets                                                                                              |   |                      | 23,921   |   |   |   | 13,515 |   |
|       Accounts payable and other liabilities                                                                                                       |   |                      | (15,059  | ) |   |   | (7,042 | ) |
|       Billings in excess of costs and estimated earnings         on uncompleted contracts             |   |                      | 6,191    |   |   |   | (9,518 | ) |
| Net cash provided by operating activities                                                                                                                                        |   |                      | 43,913   |   |   |   | 24,560 |   |
| Investing activities:                                                                                                                                                            |   |                      |     |   |   |   |   |   |
|    Business acquisitions, net of cash acquired                                                                                                                    |   |                      | -        |   |   |   | (130,264 | ) |
|    Investment in real estate properties                                                                                                                           |   |                      | (40,671  | ) |   |   | (38,633 | ) |
|    Purchase of noncontrolling interests in operating partnership                                                                                                  |   |                      | -        |   |   |   | (754 | ) |
|    Proceeds from sales-type capital lease                                                                                                                         |   |                      | 229      |   |   |   | 230 |   |
|    Purchase of corporate property, plant and equipment                                                                                                            |   |                      | (1,586   | ) |   |   | (1,068 | ) |
|    Distributions received from unconsolidated real estate partnerships                                                                                            |   |                      | 8        |   |   |   | 5 |   |
|    Increase in restricted cash                                                                                                                                    |   |                      | (224     | ) |   |   | (16,585 | ) |
| Net cash used in investing activities                                                                                                                                            |   |                      | (42,244  | ) |   |   | (187,069 | ) |
| Financing activities:                                                                                                                                                            |   |                      |     |   |   |   |   |   |
|    Proceeds from mortgage notes payable                                                                                                                           |   |                      | 38,240   |   |   |   | 8,087 |   |
|    Repayments of mortgage notes payable                                                                                                                           |   |                      | (11,962  | ) |   |   | (13,733 | ) |
|    Proceeds from revolving credit facility                                                                                                                        |   |                      | 3,500    |   |   |   | 110,500 |   |
|    Repayments to revolving credit facility                                                                                                                        |   |                      | (48,000  | ) |   |   | (99,700 | ) |
|    Proceeds from term loan                                                                                                                                        |   |                      | -        |   |   |   | 100,000 |   |
|    Repayment of term loan                                                                                                                                         |   |                      | (50,000  | ) |   |   | - |   |
|    Net proceeds from sale of common stock                                                                                                                         |   |                      | 76,657   |   |   |   | 91,344 |   |
|    Dividends and distributions                                                                                                                                    |   |                      | (17,173  | ) |   |   | (22,831 | ) |
|    Equity contribution from noncontrolling interest in real estate partnerships                                                                                   |   |                      | -        |   |   |   | 517 |   |
|    Distributions to noncontrolling interests in real estate partnerships                                                                                          |   |                      | (539     | ) |   |   | (963 | ) |
|    Payment of deferred financing costs                                                                                                                            |   |                      | (1,287   | ) |   |   | (3,630 | ) |
| Net cash provided by (used in) financing activities                                                                                                                              |   |                      | (10,564  | ) |   |   | 169,591 |   |
| Increase (decrease) in cash and cash equivalents                                                                                                                                 |   |                      | (8,895   | ) |   |   | 7,082 |   |
|    Balance at beginning of period                                                                                                                                 |   |                      | 34,668   |   |   |   | 3,555 |   |
| Balance at end of period                                                                                                                                                         |   | $                         | 25,773   |   |   | $ | 10,637 |   |
|                                                                                                                                                                             |   |                      |     |   |   |   |   |   |
| Supplemental disclosure of cash flow information:                                                                                                                                |   |                      |     |   |   |   |   |   |
|    Cash paid for interest, net of capitalized interest                                                                                                            |   | $                         | 16,004   |   |   | $ | 17,596 |   |
|                                                                                                                                                                             |   |                      |     |   |   |   |   |   |
|    Cash paid for income taxes                                                                                                                                     |   | $                         | 10       |   |   | $ | 3,039 |   |
|                                                                                                                                                                             |   |                      |     |   |   |   |   |   |
| Supplemental cash flow information - noncash investing and financing activities:                                                                                                 |   |                      |     |   |   |
|    Operating Partnership Units converted into common stock                                                                                                        |   | $                         | 17,345   |   |   | $ | - |   |
|    Debt assumed with purchase of property                                                                                                                         |   |                      | -        |   |   |   | 2,733 |   |
|    Noncontrolling interest assumed with purchase of property                                                                                                      |   |                      | -        |   |   |   | 3,359 |   |
|    Investment in real estate properties included in accounts payable and other liabilities                                                                        |   |                      | 4,042    |   |   |   | 519 |   |
|    Accrued dividends and distributions                                                                                                                            |   |                      | 5,007    |   |   |   | 9,379 |   |
|    Operating Partnership Units issued or to be issued in connection with the acquisition      of a business or real estate property |   |                      | -        |   |   |   | 81,673 |   |
|                                                                                                                                                                             |   |                      |     |   |   |   |   |   |
| See notes to condensed consolidated financial statements.                                                                                                                        |   |

----

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

| 2.   | Summary of Significant Accounting Policies |
|----------------|--------------------------------------------|

----

----

----

| 3.   | Acquisitions |
|----------------|--------------|

----

| 4.   | Investments in Real Estate Partnerships |
|----------------|-----------------------------------------|

|   |          |                                                                                                                                                                         |
|--------|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | •  | Cogdell Spencer Medical Partners LLC, a Delaware limited liability company, founded in 2008, has no assets, and is 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 is 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 is 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 is 1.1% owned by the Company.            |

|   |          |                                                                                                                                                                         |
|--------|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | •  | Genesis Property Holdings, LLC, a Florida limited liability company, founded in 2007, has one medical office building under construction, and is 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 is 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 is 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 is 34.5% owned by the Company.                      |

----

|                |   | September 30,2009 |   |   | December 31,2008 |   |
|---------------------|--------|-------------------|--------|--------|------------------|--------|
| Financial position: |   |              |   |   |             |   |
| Total assets        |   | $                 | 55,414 |   |             | $      | 56,262 |   |
| Total liabilities   |   |              | 49,434 |   |             |   | 49,831 |   |
| Members' equity     |   |              | 5,980  |   |             |   | 6,431 |   |

|                                              |   | For the Three Months Ended |   |   | For the Nine Months Ended |   |
|---------------------------------------------------|--------|----------------------------|--------|--------|---------------------------|--------|
|                                              |   | September 30, 2009         |   |   | September 30, 2008        |   |   | September 30, 2009 |   |   | September 30, 2008 |   |
| Results of operations:                            |   |                       |   |   |                      |   |   |   |   |   |   |   |
| Total revenues                                    |   | $                          | 2,974  |   |                      | $      | 3,025 |   |   | $ | 9,189 |   |   | $ | 9,107 |   |
| Operating and general and administrative expenses |   |                       | 1,624  |   |                      |   | 1,555 |   |   | $ | 4,503 |   |   |   | 4,263 |   |
| Net income (loss)                                 |   |                       | (137   | )      |                      |   | (28 | ) |   | $ | 374 |   |   |   | 446 |   |

| 5.   | Business Segments |
|----------------|-------------------|

----

| Three months ended September 30, 2009:                                                                                     |   | PropertyOperations |    |   | Design-BuildandDevelopment |   |    | Intersegment Eliminations |   |   | Unallocatedand Other |   |   | Total  |   |
|----------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|----------------------------|--------|---------|---------------------------|--------|--------|----------------------|--------|--------|--------|--------|
|                                                                                                                       |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |   |
| Revenues:                                                                                                                  |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |   |
|    Rental revenue                                                                                           |   | $                  | 20,072  |   |                       | $      | -       |                      |   | $      | (23                  | )      |   | $      | -      |   |   | $ | 20,049 |   |
|    Design-Build contract revenue and other sales                                                            |   |               | -       |   |                       |   | 40,644  |                      |   |   | (10,346              | )      |   |   | -      |   |   |   | 30,298 |   |
|    Property management and other fees                                                                       |   |               | 816     |   |                       |   | -       |                      |   |   | -                    |   |   |   | -      |   |   |   | 816 |   |
|    Development management and other income                                                                  |   |               | -       |   |                       |   | 723     |                      |   |   | (484                 | )      |   |   | -      |   |   |   | 239 |   |
|       Total revenues                                                                         |   |               | 20,888  |   |                       |   | 41,367  |                      |   |   | (10,853              | )      |   |   | -      |   |   |   | 51,402 |   |
|                                                                                                                       |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |   |   |   |   |   |   |
| Certain operating expenses:                                                                                                |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |   |   |   |   |   |   |
|    Property operating and management                                                                        |   |               | 8,163   |   |                       |   | -       |                      |   |   | -                    |   |   |   | -      |   |   |   | 8,163 |   |
|    Design-Build contracts and development management                                                        |   |               | -       |   |                       |   | 31,169  |                      |   |   | (10,003              | )      |   |   | -      |   |   |   | 21,166 |   |
|    Selling, general, and administrative                                                                     |   |               | -       |   |                       |   | 6,098   |                      |   |   | (23                  | )      |   |   | -      |   |   |   | 6,075 |   |
|       Total certain operating expenses                                                       |   |               | 8,163   |   |                       |   | 37,267  |                      |   |   | (10,026              | )      |   |   | -      |   |   |   | 35,404 |   |
|                                                                                                                       |   |               | 12,725  |   |                       |   | 4,100   |                      |   |   | (827                 | )      |   |   | -      |   |   |   | 15,998 |   |
|                                                                                                                       |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |   |   |   |   |   |   |
| Interest and other income                                                                                                  |   |               | 134     |   |                       |   | 24      |                      |   |   | -                    |   |   |   | 3      |   |   |   | 161 |   |
| Corporate general and administrative expenses                                                                              |   |               | -       |   |                       |   | -       |                      |   |   | -                    |   |   |   | (1,801 | ) |   |   | (1,801 | ) |
| Interest expense                                                                                                           |   |               | -       |   |                       |   | -       |                      |   |   | -                    |   |   |   | (5,072 | ) |   |   | (5,072 | ) |
| Debt extinguishment and interest rate derivative expense                                                                   |   |               | -       |   |                       |   | -       |                      |   |   | -                    |   |   |   | (10    | ) |   |   | (10 | ) |
| Benefit from income taxes applicable to funds from  operations modified                                          |   |               | -       |   |                       |   | -       |                      |   |   | -                    |   |   |   | 6      |   |   |   | 6 |   |
| Non-real estate related depreciation and amortization                                                                      |   |               | -       |   |                       |   | (190    | )                         |   |   | -                    |   |   |   | (57    | ) |   |   | (247 | ) |
| Earnings from unconsolidated real estate partnerships,  before real estate related depreciation and amortization |   |               | (1      | )      |                       |   | -       |                      |   |   | -                    |   |   |   | -      |   |   |   | (1 | ) |
| Noncontrolling interests in real estate partnerships, before  real estate related depreciation and amortization  |   |               | (206    | )      |                       |   | -       |                      |   |   | -                    |   |   |   | -      |   |   |   | (206 | ) |
|       Funds from operations modified (FFOM)                                                  |   |               | 12,652  |   |                       |   | 3,934   |                      |   |   | (827                 | )      |   |   | (6,931 | ) |   |   | 8,828 |   |
|                                                                                                                       |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |   |   |   |   |   |   |
| Amortization of intangibles related to purchase  accounting, net of income tax benefit                           |   |               | (42     | )      |                       |   | (536    | )                         |   |   | -                    |   |   |   | 225    |   |   |   | (353 | ) |
|       Funds from operations (FFO)                                                            |   |               | 12,610  |   |                       |   | 3,398   |                      |   |   | (827                 | )      |   |   | (6,706 | ) |   |   | 8,475 |   |
|                                                                                                                       |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |   |   |   |   |   |   |
| Real estate related depreciation and amortization                                                                          |   |               | (7,225  | )      |                       |   | -       |                      |   |   | -                    |   |   |   | -      |   |   |   | (7,225 | ) |
| Noncontrolling interests in real estate partnerships, before  real estate related depreciation and amortization  |   |               | 206     |   |                       |   | -       |                      |   |   | -                    |   |   |   | -      |   |   |   | 206 |   |
| Net income (loss)                                                                                                          |   |               | 5,591   |   |                       |   | 3,398   |                      |   |   | (827                 | )      |   |   | (6,706 | ) |   |   | 1,456 |   |
| Net (income) attributable to the noncontrolling interest in:                                                               |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |   |   |   |   |   |   |
|    Real estate partnerships                                                                                 |   |               | (17     | )      |                       |   | -       |                      |   |   | -                    |   |   |   | -      |   |   |   | (17 | ) |
|    Operating partnership                                                                                    |   |               | -       |   |                       |   | -       |                      |   |   | -                    |   |   |   | (191   | ) |   |   | (191 | ) |
| Net income (loss) attributable to Cogdell Spencer Inc.                                                                     |   | $                  | 5,574   |   |                       | $      | 3,398   |                      |   | $      | (827                 | )      |   | $      | (6,897 | ) |   | $ | 1,248 |   |
|                                                                                                                       |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |   |   |   |   |   |   |
| Total assets                                                                                                               |   | $                  | 562,911 |   |                       | $      | 199,116 |                      |   | $      | -                    |   |   | $      | 476    |   |   | $ | 762,503 |   |

----

| Three months ended September 30, 2008:                                                                                     |   | PropertyOperations |    |   | Design-BuildandDevelopment |   |    | Intersegment Eliminations |   |   | Unallocatedand Other |   |   | Total  |    |
|----------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|----------------------------|--------|---------|---------------------------|--------|--------|----------------------|--------|--------|--------|---------|
|                                                                                                                       |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |    |
| Revenues:                                                                                                                  |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |    |
|    Rental revenue                                                                                           |   | $                  | 19,653  |   |                       | $      | -       |                      |   | $      | (22                  | )      |   | $      | -       |   |   | $ | 19,631 |   |
|    Design-Build contract revenue and other sales                                                            |   |               | -       |   |                       |   | 74,276  |                      |   |   | (1,362               | )      |   |   | -       |   |   |   | 72,914 |   |
|    Property management and other fees                                                                       |   |               | 852     |   |                       |   | -       |                      |   |   | -                    |   |   |   | -       |   |   |   | 852 |   |
|    Development management and other income                                                                  |   |               | -       |   |                       |   | 1,127   |                      |   |   | (505                 | )      |   |   | -       |   |   |   | 622 |   |
|       Total revenues                                                                         |   |               | 20,505  |   |                       |   | 75,403  |                      |   |   | (1,889               | )      |   |   | -       |   |   |   | 94,019 |   |
|                                                                                                                       |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
| Certain operating expenses:                                                                                                |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
|    Property operating and management                                                                        |   |               | 8,370   |   |                       |   | -       |                      |   |   | -                    |   |   |   | -       |   |   |   | 8,370 |   |
|    Design-Build contracts and development management                                                        |   |               | -       |   |                       |   | 61,026  |                      |   |   | (1,448               | )      |   |   | -       |   |   |   | 59,578 |   |
|    Selling, general, and administrative                                                                     |   |               | -       |   |                       |   | 5,048   |                      |   |   | (183                 | )      |   |   | -       |   |   |   | 4,865 |   |
|       Total certain operating expenses                                                       |   |               | 8,370   |   |                       |   | 66,074  |                      |   |   | (1,631               | )      |   |   | -       |   |   |   | 72,813 |   |
|                                                                                                                       |   |               | 12,135  |   |                       |   | 9,329   |                      |   |   | (258                 | )      |   |   | -       |   |   |   | 21,206 |   |
|                                                                                                                       |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
| Interest and other income                                                                                                  |   |               | 143     |   |                       |   | 52      |                      |   |   | -                    |   |   |   | 15      |   |   |   | 210 |   |
| Corporate general and administrative expenses                                                                              |   |               | -       |   |                       |   | -       |                      |   |   | -                    |   |   |   | (2,734  | ) |   |   | (2,734 | ) |
| Interest expense                                                                                                           |   |               | -       |   |                       |   | -       |                      |   |   | -                    |   |   |   | (6,743  | ) |   |   | (6,743 | ) |
| Provision for income taxes applicable to funds from  operations modified                                         |   |               | -       |   |                       |   | -       |                      |   |   | -                    |   |   |   | (2,411  | ) |   |   | (2,411 | ) |
| Non-real estate related depreciation and amortization                                                                      |   |               | -       |   |                       |   | (348    | )                         |   |   | -                    |   |   |   | (57     | ) |   |   | (405 | ) |
| Earnings from unconsolidated real estate partnerships,  before real estate related depreciation and amortization |   |               | 13      |   |                       |   | -       |                      |   |   | -                    |   |   |   | -       |   |   |   | 13 |   |
| Noncontrolling interests in real estate partnerships, before  real estate related depreciation and amortization  |   |               | (977    | )      |                       |   | -       |                      |   |   | -                    |   |   |   | -       |   |   |   | (977 | ) |
| Funds from operations modified (FFOM)                                                                                      |   |               | 11,314  |   |                       |   | 9,033   |                      |   |   | (258                 | )      |   |   | (11,930 | ) |   |   | 8,159 |   |
|                                                                                                                       |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
| Amortization of intangibles related to purchase  accounting, net of income tax benefit                           |   |               | (42     | )      |                       |   | (3,876  | )                         |   |   | -                    |   |   |   | 1,528   |   |   |   | (2,390 | ) |
|    Funds from operations (FFO)                                                                              |   |               | 11,272  |   |                       |   | 5,157   |                      |   |   | -                    |   |   |   | (10,402 | ) |   |   | 5,769 |   |
|                                                                                                                       |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
| Real estate related depreciation and amortization                                                                          |   |               | (7,551  | )      |                       |   | -       |                      |   |   | -                    |   |   |   | -       |   |   |   | (7,551 | ) |
| Noncontrolling interests in real estate partnerships, before  real estate related depreciation and amortization  |   |               | 977     |   |                       |   | -       |                      |   |   | -                    |   |   |   | -       |   |   |   | 977 |   |
| Net income (loss)                                                                                                          |   |               | 4,698   |   |                       |   | 5,157   |                      |   |   | -                    |   |   |   | (10,402 | ) |   |   | (805 | ) |
| Net loss (income) attributable to the noncontrolling interest in:                                                          |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
|    Real estate partnerships                                                                                 |   |               | (920    | )      |                       |   | -       |                      |   |   | -                    |   |   |   | -       |   |   |   | (920 | ) |
|    Operating partnership                                                                                    |   |               | -       |   |                       |   | -       |                      |   |   | -                    |   |   |   | 639     |   |   |   | 639 |   |
| Net income (loss) attributable to Cogdell Spencer Inc.                                                                     |   | $                  | 3,778   |   |                       | $      | 5,157   |                      |   | $      | -                    |   |   | $      | (9,763  | ) |   | $ | (1,086 | ) |
|                                                                                                                       |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
| Total assets                                                                                                               |   | $                  | 575,244 |   |                       | $      | 308,878 |                      |   | $      | -                    |   |   | $      | 952     |   |   | $ | 885,074 |   |

----

| Nine months ended September 30, 2009:                                                                                      |   | PropertyOperations |    |   | Design-BuildandDevelopment |   |     | Intersegment Eliminations |   |   | Unallocatedand Other |   |   | Total  |    |
|----------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|----------------------------|--------|----------|---------------------------|--------|--------|----------------------|--------|--------|--------|---------|
|                                                                                                                       |   |               |    |   |                       |   |     |                      |   |   |                 |   |   |   |    |
| Revenues:                                                                                                                  |   |               |    |   |                       |   |     |                      |   |   |                 |   |   |   |    |
|    Rental revenue                                                                                           |   | $                  | 59,445  |   |                       | $      | -        |                      |   | $      | (69                  | )      |   | $      | -       |   |   | $ | 59,376 |   |
|    Design-Build contract revenue and other sales                                                            |   |               | -       |   |                       |   | 133,813  |                      |   |   | (20,414              | )      |   |   | -       |   |   |   | 113,399 |   |
|    Property management and other fees                                                                       |   |               | 2,530   |   |                       |   | -        |                      |   |   | -                    |   |   |   | -       |   |   |   | 2,530 |   |
|    Development management and other income                                                                  |   |               | -       |   |                       |   | 5,793    |                      |   |   | (2,527               | )      |   |   | -       |   |   |   | 3,266 |   |
|       Total revenues                                                                         |   |               | 61,975  |   |                       |   | 139,606  |                      |   |   | (23,010              | )      |   |   | -       |   |   |   | 178,571 |   |
|                                                                                                                       |   |               |    |   |                       |   |     |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
| Certain operating expenses:                                                                                                |   |               |    |   |                       |   |     |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
|    Property operating and management                                                                        |   |               | 23,975  |   |                       |   | -        |                      |   |   | -                    |   |   |   | -       |   |   |   | 23,975 |   |
|    Design-Build contracts and development management                                                        |   |               | -       |   |                       |   | 112,236  |                      |   |   | (19,663              | )      |   |   | -       |   |   |   | 92,573 |   |
|    Selling, general, and administrative                                                                     |   |               | -       |   |                       |   | 14,758   |                      |   |   | (69                  | )      |   |   | -       |   |   |   | 14,689 |   |
|    Impairment charges                                                                                       |   |               | -       |   |                       |   | 120,920  |                      |   |   | -                    |   |   |   | -       |   |   |   | 120,920 |   |
|       Total certain operating expenses                                                       |   |               | 23,975  |   |                       |   | 247,914  |                      |   |   | (19,732              | )      |   |   | -       |   |   |   | 252,157 |   |
|                                                                                                                       |   |               | 38,000  |   |                       |   | (108,308 | )                         |   |   | (3,278               | )      |   |   | -       |   |   |   | (73,586 | ) |
|                                                                                                                       |   |               |    |   |                       |   |     |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
| Interest and other income                                                                                                  |   |               | 404     |   |                       |   | 28       |                      |   |   | -                    |   |   |   | 24      |   |   |   | 456 |   |
| Corporate general and administrative expenses                                                                              |   |               | -       |   |                       |   | -        |                      |   |   | -                    |   |   |   | (6,529  | ) |   |   | (6,529 | ) |
| Interest expense                                                                                                           |   |               | -       |   |                       |   | -        |                      |   |   | -                    |   |   |   | (16,691 | ) |   |   | (16,691 | ) |
| Prepayment penalty on early extinguishment of debt                                                                         |   |               | -       |   |                       |   | -        |                      |   |   | -                    |   |   |   | (2,501  | ) |   |   | (2,501 | ) |
| Benefit from income taxes applicable to funds from  operations modified                                          |   |               | -       |   |                       |   | -        |                      |   |   | -                    |   |   |   | 20,316  |   |   |   | 20,316 |   |
| Non-real estate related depreciation and amortization                                                                      |   |               | -       |   |                       |   | (580     | )                         |   |   | -                    |   |   |   | (168    | ) |   |   | (748 | ) |
| Earnings from unconsolidated real estate partnerships,  before real estate related depreciation and amortization |   |               | 13      |   |                       |   | -        |                      |   |   | -                    |   |   |   | -       |   |   |   | 13 |   |
| Noncontrolling interests in real estate partnerships, before  real estate related depreciation and amortization  |   |               | (676    | )      |                       |   | -        |                      |   |   | -                    |   |   |   | -       |   |   |   | (676 | ) |
|       Funds from operations modified (FFOM)                                                  |   |               | 37,741  |   |                       |   | (108,860 | )                         |   |   | (3,278               | )      |   |   | (5,549  | ) |   |   | (79,946 | ) |
|                                                                                                                       |   |               |    |   |                       |   |     |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
| Amortization of intangibles related to purchase  accounting, net of income tax benefit                           |   |               | (127    | )      |                       |   | (4,357   | )                         |   |   | -                    |   |   |   | 1,749   |   |   |   | (2,735 | ) |
|       Funds from operations (FFO)                                                            |   |               | 37,614  |   |                       |   | (113,217 | )                         |   |   | (3,278               | )      |   |   | (3,800  | ) |   |   | (82,681 | ) |
|                                                                                                                       |   |               |    |   |                       |   |     |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
| Real estate related depreciation and amortization                                                                          |   |               | (21,913 | )      |                       |   | -        |                      |   |   | -                    |   |   |   | -       |   |   |   | (21,913 | ) |
| Noncontrolling interests in real estate partnerships, before  real estate related depreciation and amortization  |   |               | 676     |   |                       |   | -        |                      |   |   | -                    |   |   |   | -       |   |   |   | 676 |   |
| Net income (loss)                                                                                                          |   |               | 16,377  |   |                       |   | (113,217 | )                         |   |   | (3,278               | )      |   |   | (3,800  | ) |   |   | (103,918 | ) |
| Net loss (income) attributable to the noncontrolling interest in:                                                          |   |               |    |   |                       |   |     |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
|    Real estate partnerships                                                                                 |   |               | (158    | )      |                       |   | -        |                      |   |   | -                    |   |   |   | -       |   |   |   | (158 | ) |
|    Operating partnership                                                                                    |   |               | -       |   |                       |   | -        |                      |   |   | -                    |   |   |   | 32,791  |   |   |   | 32,791 |   |
| Net income (loss) attributable to Cogdell Spencer Inc.                                                                     |   | $                  | 16,219  |   |                       | $      | (113,217 | )                         |   | $      | (3,278               | )      |   | $      | 28,991  |   |   | $ | (71,285 | ) |
|                                                                                                                       |   |               |    |   |                       |   |     |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
| Total assets                                                                                                               |   | $                  | 562,911 |   |                       | $      | 199,116  |                      |   | $      | -                    |   |   | $      | 476     |   |   | $ | 762,503 |   |

----

| Nine months ended September 30, 2008:                                                                                      |   | PropertyOperations |    |   | Design-BuildandDevelopment |   |    | Intersegment Eliminations |   |   | Unallocatedand Other |   |   | Total  |    |
|----------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|----------------------------|--------|---------|---------------------------|--------|--------|----------------------|--------|--------|--------|---------|
|                                                                                                                       |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |    |
| Revenues:                                                                                                                  |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |    |
|    Rental revenue                                                                                           |   | $                  | 57,687  |   |                       | $      | -       |                      |   | $      | (65                  | )      |   | $      | -       |   |   | $ | 57,622 |   |
|    Design-Build contract revenue and other sales                                                            |   |               | -       |   |                       |   | 176,232 |                      |   |   | (1,362               | )      |   |   | -       |   |   |   | 174,870 |   |
|    Property management and other fees                                                                       |   |               | 2,524   |   |                       |   | -       |                      |   |   |                 |   |   |   | -       |   |   |   | 2,524 |   |
|    Development management and other income                                                                  |   |               | -       |   |                       |   | 1,353   |                      |   |   | (602                 | )      |   |   | -       |   |   |   | 751 |   |
|       Total revenues                                                                         |   |               | 60,211  |   |                       |   | 177,585 |                      |   |   | (2,029               | )      |   |   | -       |   |   |   | 235,767 |   |
|                                                                                                                       |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
| Certain operating expenses:                                                                                                |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
|    Property operating and management                                                                        |   |               | 23,403  |   |                       |   | -       |                      |   |   | -                    |   |   |   | -       |   |   |   | 23,403 |   |
|    Design-Build contracts and development management                                                        |   |               | -       |   |                       |   | 148,355 |                      |   |   | (1,448               | )      |   |   | -       |   |   |   | 146,907 |   |
|    Selling, general, and administrative                                                                     |   |               | -       |   |                       |   | 13,012  |                      |   |   | (464                 | )      |   |   | -       |   |   |   | 12,548 |   |
|       Total certain operating expenses                                                       |   |               | 23,403  |   |                       |   | 161,367 |                      |   |   | (1,912               | )      |   |   | -       |   |   |   | 182,858 |   |
|                                                                                                                       |   |               | 36,808  |   |                       |   | 16,218  |                      |   |   | (117                 | )      |   |   | -       |   |   |   | 52,909 |   |
|                                                                                                                       |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
| Interest and other income                                                                                                  |   |               | 456     |   |                       |   | 137     |                      |   |   | -                    |   |   |   | 89      |   |   |   | 682 |   |
| Corporate general and administrative expenses                                                                              |   |               | -       |   |                       |   | -       |                      |   |   | -                    |   |   |   | (7,848  | ) |   |   | (7,848 | ) |
| Interest expense                                                                                                           |   |               | -       |   |                       |   | -       |                      |   |   | -                    |   |   |   | (18,695 | ) |   |   | (18,695 | ) |
| Provision for income taxes applicable to funds from  operations modified                                         |   |               | -       |   |                       |   | -       |                      |   |   | -                    |   |   |   | (3,719  | ) |   |   | (3,719 | ) |
| Non-real estate related depreciation and amortization                                                                      |   |               | -       |   |                       |   | (772    | )                         |   |   | -                    |   |   |   | (176    | ) |   |   | (948 | ) |
| Earnings from unconsolidated real estate partnerships,  before real estate related depreciation and amortization |   |               | 27      |   |                       |   | -       |                      |   |   | -                    |   |   |   | -       |   |   |   | 27 |   |
| Noncontrolling interests in real estate partnerships, before  real estate related depreciation and amortization  |   |               | (1,128  | )      |                       |   | -       |                      |   |   | -                    |   |   |   | -       |   |   |   | (1,128 | ) |
|       Funds from operations modified (FFOM)                                                  |   |               | 36,163  |   |                       |   | 15,583  |                      |   |   | (117                 | )      |   |   | (30,349 | ) |   |   | 21,280 |   |
|                                                                                                                       |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
| Amortization of intangibles related to purchase  accounting, net of income tax benefit                           |   |               | (127    | )      |                       |   | (9,043  | )                         |   |   | -                    |   |   |   | 3,576   |   |   |   | (5,594 | ) |
|       Funds from operations (FFO)                                                            |   |               | 36,036  |   |                       |   | 6,540   |                      |   |   | -                    |   |   |   | (26,773 | ) |   |   | 15,686 |   |
|                                                                                                                       |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
| Real estate related depreciation and amortization                                                                          |   |               | (23,166 | )      |                       |   | -       |                      |   |   | -                    |   |   |   | -       |   |   |   | (23,166 | ) |
| Noncontrolling interests in real estate partnerships, before  real estate related depreciation and amortization  |   |               | 1,128   |   |                       |   | -       |                      |   |   | -                    |   |   |   | -       |   |   |   | 1,128 |   |
| Net income (loss)                                                                                                          |   |               | 13,998  |   |                       |   | 6,540   |                      |   |   | -                    |   |   |   | (26,773 | ) |   |   | (6,352 | ) |
| Net loss (income) attributable to the noncontrolling interest in:                                                          |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
|    Real estate partnerships                                                                                 |   |               | (859    | )      |                       |   | -       |                      |   |   | -                    |   |   |   | -       |   |   |   | (859 | ) |
|    Operating partnership                                                                                    |   |               | -       |   |                       |   | -       |                      |   |   | 2,480                |   |   |   | -       |   |   |   | 2,480 |   |
| Net income (loss) attributable to Cogdell Spencer Inc.                                                                     |   | $                  | 13,139  |   |                       | $      | 6,540   |                      |   | $      | -                    |   |   | $      | (26,773 | ) |   | $ | (4,731 | ) |
|                                                                                                                       |   |               |    |   |                       |   |    |                      |   |   |                 |   |   |   |    |   |   |   |   |   |
| Total assets                                                                                                               |   | $                  | 575,244 |   |                       | $      | 308,878 |                      |   | $      | -                    |   |   | $      | 952     |   |   | $ | 885,074 |   |

| 6.   | Contracts |
|----------------|-----------|

|                                                   |   | September 30,2009 |     |   | December 31,2008 |   |
|--------------------------------------------------------|--------|-------------------|----------|--------|------------------|--------|
|                                                   |   |              |     |   |             |   |
| Costs and estimated earnings on uncompleted contracts  |   | $                 | 154,467  |   |             | $      | 165,891 |   |
| Billings to date                                       |   |              | (173,933 | )      |             |   | (176,210 | ) |
| Net billings in excess of costs and estimated earnings |   | $                 | (19,466  | )      |             | $      | (10,319 | ) |

----

|                                                   |   | September 30,2009 |    |   | December 31,2008 |   |
|--------------------------------------------------------|--------|-------------------|---------|--------|------------------|--------|
|                                                   |   |              |    |   |             |   |
| Costs and estimated earnings in excess of billings (1) |   | $                 | 3,750   |   |             | $      | 6,706 |   |
| Billings in excess of costs and estimated earnings     |   |              | (23,216 | )      |             |   | (17,025 | ) |
| Net billings in excess of costs and estimated earnings |   | $                 | (19,466 | )      |             | $      | (10,319 | ) |

| 7.   | Goodwill and Intangible Assets |
|----------------|--------------------------------|

----

|                            |   | Recorded Value as |    |   | Fair Value Measurement as of March 31, 2009 |   |   |    |   |
|---------------------------------|--------|-------------------|---------|--------|---------------------------------------------|--------|--------|---------|--------|
| Description                     |   | of March 31, 2009 |    |   | Level 1                                     |   |   | Level 2 |   |   | Level 3 |   |   | Total Losses |   |
| Goodwill                        |   | $                 | 108,683 |   |                                        | $      | -      |    |   | $ | - |   |   | $ | 108,683 |   |   | $ | (71,755 | ) |
| Trade names and trademarks      |   |              | 41,240  |   |                                        |   | -      |    |   |   | - |   |   |   | 41,240 |   |   |   | (34,728 | ) |
| Acquired signed contracts       |   |              | 1,398   |   |                                        |   | -      |    |   |   | - |   |   |   | 5,281 |   |   |   | - |   |
| Acquired proposals              |   |              | 2,129   |   |                                        |   | -      |    |   |   | - |   |   |   | 2,129 |   |   |   | (1,833 | ) |
| Acquired customer relationships |   |              | 1,789   |   |                                        |   | -      |    |   |   | - |   |   |   | 1,789 |   |   |   | (12,604 | ) |
|                            |   | $                 | 155,239 |   |                                        | $      | -      |    |   | $ | - |   |   | $ | 159,122 |   |   | $ | (120,920 | ) |

|                            |   |              |    |   | Amortization for the |   |   |                  |   |
|---------------------------------|--------|-------------------|---------|--------|----------------------|--------|--------|-----------------------|--------|
|                            |   | Recorded Value as |    |   | Six Months Ended     |   |   | Recorded Value as     |   |
| Description                     |   | of March 31, 2009 |    |   | September 30, 2009   |   |   | of September 30, 2009 |   |
| Goodwill                        |   | $                 | 108,683 |   |                 |   | n/a    |                  |   | $ | 108,683 |   |
| Trade names and trademarks      |   |              | 41,240  |   |                 |   | n/a    |                  |   |   | 41,240 |   |
| Acquired signed contracts       |   |              | 1,398   |   |                 | $      | (932)  |                  |   |   | 466 |   |
| Acquired proposals              |   |              | 2,129   |   |                 |   | (789)  |                  |   |   | 1,340 |   |
| Acquired customer relationships |   |              | 1,789   |   |                 |   | (153)  |                  |   |   | 1,636 |   |
|                            |   | $                 | 155,239 |   |                 |   |   |                  |   | $ | 153,365 |   |

|                                                     |   | September 30, 2009 |   |   | December 31, 2008        |   |
|----------------------------------------------------------|--------|--------------------|--------|--------|--------------------------|--------|
|                                                     |   | Gross Amount       |   |   | Accumulated Amortization |   |   | Gross Amount |   |   | Accumulated Amortization |   |
|                                                     |   |               |   |   |                     |   |   |   |   |   |   |   |
| Acquired signed contracts                                |   | $                  | 13,253 |   |                     | $      | 12,787 |   |   | $ | 13,253 |   |   | $ | 11,389 |   |
| Acquired proposals                                       |   |               | 2,129  |   |                     |   | 789 |   |   |   | 6,168 |   |   |   | 886 |   |
| Acquired customer relationships                          |   |               | 1,789  |   |                     |   | 153 |   |   |   | 15,732 |   |   |   | 644 |   |
| Acquired above market leases                             |   |               | 1,559  |   |                     |   | 902 |   |   |   | 1,559 |   |   |   | 748 |   |
| Acquired in place lease value and deferred leasing costs |   |               | 41,046 |   |                     |   | 26,931 |   |   |   | 41,046 |   |   |   | 23,573 |   |
| Acquired ground leases                                   |   |               | 3,562  |   |                     |   | 484 |   |   |   | 3,562 |   |   |   | 389 |   |
| Acquired property management contracts                   |   |               | 2,097  |   |                     |   | 552 |   |   |   | 2,097 |   |   |   | 425 |   |
| Total amortizing intangible assets                       |   | $                  | 65,435 |   |                     | $      | 42,598 |   |   | $ | 83,417 |   |   | $ | 38,054 |   |

| For the period ending: |   | Future Amortization Expense |   |
|------------------------|--------|-----------------------------|--------|
|                   |   |                        |   |
| Remainder of 2009      |   | $                           | 1,539  |   |
| 2010                   |   |                        | 5,034  |   |
| 2011                   |   |                        | 3,269  |   |
| 2012                   |   |                        | 2,276  |   |
| 2013                   |   |                        | 1,379  |   |
|  Thereafter       |   |                        | 8,443  |   |

----

| 8.   | Mortgage Notes Payable and Borrowing Agreements |
|----------------|-------------------------------------------------|

----

| For the period ending: |   |   |    |
|------------------------|--------|--------|---------|
| Remainder of 2009      |   | $      | 35,583  |   |
| 2010                   |   |   | 33,435  |   |
| 2011                   |   |   | 158,077 |   |
| 2012                   |   |   | 24,726  |   |
| 2013                   |   |   | 15,533  |   |
| Thereafter             |   |   | 129,448 |   |
|                   |   |   | 396,802 |   |
| Unamortized premium    |   |   | 159     |   |
|                   |   | $      | 396,961 |   |

----

| 9.   | Derivative Financial Instruments |
|----------------|----------------------------------|

|                                |   | NotionalAmount as of |    |         |          |     |   |          |           |       | September 30, 2009 |   |   | December 31, 2008 |   |
|-------------------------------------|--------|----------------------|---------|--------------|---------------|----------|--------|---------------|----------------|------------|--------------------|--------|--------|-------------------|--------|
| Entity                              |   | September 30, 2009   |    | Receive Rate |          | Pay Rate |   | EffectiveDate | ExpirationDate |       | Asset              |   |   | Liability         |   |   | Asset |   |   | Liability |   |
| Indianapolis MOB LLC                |   | $                    | 30,000  |         | 1 Month LIBOR |     |   | 4.95          | %              | 11/2/2006  | 10/31/2009         |   | $      | -                 |   |   | $ | 207 |   |   | $ | - |   |   | $ | 1,106 |   |
| MEA Holdings, LLC                   |   |                 | 100,000 |         | 1 Month LIBOR |     |   | 2.82          | %              | 4/1/2008   | 3/1/2011           |   |   | -                 |   |   |   | 2,770 |   |   |   | - |   |   |   | 3,458 |   |
| Cogdell Spencer LP                  |   |                 | 30,000  |         | 1 Month LIBOR |     |   | 3.11          | %              | 10/15/2008 | 3/10/2011          |   |   | -                 |   |   |   | 962 |   |   |   | - |   |   |   | 1,218 |   |
| Cogdell Spencer LP                  |   |                 | 14,344  |         | 1 Month LIBOR |     |   | 3.32          | %              | 10/15/2008 | 6/15/2011          |   |   | -                 |   |   |   | 576 |   |   |   | - |   |   |   | 687 |   |
| Beaufort Medical Plaza, LLC         |   |                 | 4,795   |         | 1 Month LIBOR |     |   | 3.80          | %              | 8/18/2008  | 8/18/2011          |   |   | -                 |   |   |   | 243 |   |   |   | - |   |   |   | 296 |   |
| East Jefferson Medical Plaza        |   |                 | 11,600  |         | 1 Month LIBOR |     |   | 1.80          | %              | 1/15/2009  | 12/23/2011         |   |   | -                 |   |   |   | 125 |   |   |   | - |   |   |   | 81 |   |
| River Hills Medical Associates, LLC |   |                 | 3,736   |         | 1 Month LIBOR |     |   | 1.78          | %              | 1/15/2009  | 1/31/2012          |   |   | -                 |   |   |   | 36 |   |   |   | - |   |   |   | 25 |   |
| St. Cloud MOB, LLC                  |   |                 | 5,900   |         | 1 Month LIBOR |     |   | 3.55          | %              | 6/1/2010   | 11/1/2014          |   |   |              |   |   |   | 248 |   |   |   | - |   |   |   | - |   |
| Cogdell Health Campus MOB, LP       |   |                 | 10,690  |         | 1 Month LIBOR |     |   | 4.03          | %              | 3/14/2008  | 3/2/2015           |   |   | -                 |   |   |   | 734 |   |   |   | - |   |   |   | 1,064 |   |
| Genesis Property Holdings, LLC      |   |                 | 16,797  |         | 1 Month LIBOR |     |   | 4.71          | %              | 4/1/2010   | 10/1/2018          |   |   | -                 |   |   |   | 1,501 |   |   |   | - |   |   |   | 2,365 |   |
| West Tennessee Investors, LLC       |   |                 | 14,770  |         | 1 Month LIBOR |     |   | 3.69          | %              | 9/1/2010   | 3/1/2019           |   |   | -                 |   |   |   | 97 |   |   |   | - |   |   |   | - |   |
| Brandon MOB Investors, LLC          |   |                 | 10,439  |         | 1 Month LIBOR |     |   | 3.70          | %              | 10/1/2010  | 4/1/2019           |   |   | -                 |   |   |   | 49 |   |   |   | - |   |   |   | - |   |
| Roper MOB, LLC                      |   |                 | -       |         | n/a           |     |   | n/a           |           | n/a        | n/a                |   |   | -                 |   |   |   | - |   |   |   | - |   |   |   | 221 |   |
|                                |   |                 |    |         |          |     |   |          |           |       |               |   | $      | -                 |   |   | $ | 7,548 |   |   | $ | - |   |   | $ | 10,521 |   |

|                          |   | Three Months Ended September 30, 2009                                                                                                                                  |   |
|-------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                          |   | Gain or (Loss) Recognized in AOCI, Noncontrolling Interests in Operating Partnership, and Noncontrolling Interests in Real Estate Partnerships - Effective Portion (1) |   | Location of Gain or (Loss) Reclassified from AOCI, Noncontrolling Interests in Operating Partnership, and Noncontrolling Interests in Real Estate Partnerships  into Income - Effective Portion |   | Gain or (Loss) Reclassified from AOCI, Noncontrolling Interests in Operating Partnership, and Noncontrolling Interests in Real Estate Partnerships into Income - Effective Portion (1) |   | Location of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing |   | Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing |   |
| Interest rate swap agreements |   | $                                                                                                                                                                      | (1,435 | ) | Interest Expense |   | $ | (649 | ) | Debt extinguishment and interest rate derivative expense |   | $ | (10 | ) |

|                          |   | Nine Months Ended September 30, 2009                                                                                                                                   |   |
|-------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                          |   | Gain or (Loss) Recognized in AOCI, Noncontrolling Interests in Operating Partnership, and Noncontrolling Interests in Real Estate Partnerships - Effective Portion (1) |   | Location of Gain or (Loss) Reclassified from AOCI, Noncontrolling Interests in Operating Partnership, and Noncontrolling Interests in Real Estate Partnerships  into Income - Effective Portion |   | Gain or (Loss) Reclassified from AOCI, Noncontrolling Interests in Operating Partnership, and Noncontrolling Interests in Real Estate Partnerships into Income - Effective Portion (1) |   | Location of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing |   | Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing |   |
| Interest rate swap agreements |   | $                                                                                                                                                                      | 3,371  |   | Interest Expense |   | $ | (3,389 | ) | Debt extinguishment and interest rate derivative expense |   | $ | (1,539 | ) |

| (1)   | Refer to the Condensed Consolidated Statement of Changes in Equity of this Form 10-Q, which summarizes the activity in Unrealized gain on interest rate swaps, net of tax related to the interest rate swap agreements. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                             |   | Fair Value Measurements as of |   |
|----------------------------------|--------|-------------------------------|--------|
|                             |   | September 30, 2009            |   |
|                             |   | Total                         |   |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
| Liabilities -                    |   |                          |   |   |   |   |   |   |   |   |   |   |
| Derivative financial instruments |   | $                             | (7,548 | ) |   | $ | - |   |   | $ | (7,548 | ) |   | $ | - |   |

| 10.   | Equity |
|-----------------|--------|

|                                              |   | For the Nine Months Ended |   |
|---------------------------------------------------|--------|---------------------------|--------|
|                                              |   | September 30, 2009        |   |   | September 30, 2008 |   |
|  Common stock balance at beginning of period |   |                      | 17,699 |   |   |   | 11,948 |   |
|  Issuance of common stock                    |   |                      | 23,000 |   |   |   | 5,609 |   |
|  Conversion of OP units to common stock      |   |                      | 1,835  |   |   |   | - |   |
|  Restricted stock grants                     |   |                      | 13     |   |   |   | 6 |   |
|  Common stock balance at end of period       |   |                      | 42,547 |   |   |   | 17,563 |   |

----

|                                                                                                         |   | For the Nine Months Ended |    |
|--------------------------------------------------------------------------------------------------------------|--------|---------------------------|---------|
|                                                                                                         |   | September 30, 2009        |    |   | September 30, 2008 |   |
| Net loss attributable to Cogdell Spencer Inc.                                                                |   | $                         | (71,285 | ) |   | $ | (4,731 | ) |
| Increase in Cogdell Spencer Inc. additional paid-in capital for the conversion of OP units into common stock |   |                      | 17,804  |   |   |   | - |   |
| Change from net loss attributable to Cogdell Spencer Inc. and transfers from noncontrolling interests        |   | $                         | (53,481 | ) |   | $ | (4,731 | ) |

| 11.   | Incentive and Share-Based Compensation |
|-----------------|----------------------------------------|

----

|                                        |   | RestrictedStock |   |   | LTIP Units |   |   | Weighted AverageGrant Price |   |
|---------------------------------------------|--------|-----------------|--------|--------|------------|--------|--------|-----------------------------|--------|
|  Unvested balance at December 31, 2008 |   |            | 12     |   |       |   | 118    |                        |   | $ | 15.89 |   |
|  Granted                               |   |            | 13     |   |       |   | 112    |                        |   |   | 6.10 |   |
|  Vested                                |   |            | (19    | )      |       |   | (111   | )                           |   |   | 6.87 |   |
|  Forfeited                             |   |            | (1     | )      |       |   | -      |                        |   |   | 17.00 |   |
|  Unvested balance at end of the period |   |            | 5      |   |       |   | 119    |                        |   | $ | 15.43 |   |

| 12.   | Related Party Transactions |
|-----------------|----------------------------|

----

|   |          |                                                                                                                             |   |
|--------|---------------|----------------------------------------------------------------------------------------------------------------------------------|--------|
|   | •  | 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;                                                                                                             |   |
|   |          |                                                                                                                             |   |
|   | •  | Erdman’s customers’ access to financing;                                                                             |   |
|   |          |                                                                                                                             |   |
|   | •  | delays in project starts and cancellations by Erdman’s customers;                                                     |   |
|   | •  | the timing of capital expenditures by healthcare systems and providers;                                                     |   |
|   | •  | market trends; and                                                                                                          |   |
|   | •  | projected capital expenditures                                                                                              |   |

----

----

----

----

----

----

|                                  |   | Three Months Ended |   |   | Nine Months Ended  |   |
|---------------------------------------|--------|--------------------|--------|--------|--------------------|--------|
|                                  |   | September 30, 2009 |   |   | September 30, 2008 |   |   | September 30, 2009 |   |   | September 30, 2008 |   |
| Properties at beginning of the period |   |               | 62     |   |               |   | 62 |   |   |   | 62 |   |   |   | 59 |   |
| Acquisitions                          |   |               | -      |   |               |   | - |   |   |   | - |   |   |   | 2 |   |
| Developments                          |   |               | -      |   |               |   | - |   |   |   | - |   |   |   | 1 |   |
| Properties at end of the period       |   |               | 62     |   |               |   | 62 |   |   |   | 62 |   |   |   | 62 |   |

|                      |   | Year Ended        |   |
|---------------------------|--------|-------------------|--------|
|                      |   | December 31, 2008 |   |
| Properties at January 1   |   |              | 59     |   |
| Acquisitions              |   |              | 2      |   |
| Developments              |   |              | 1      |   |
| Properties at December 31 |   |              | 62     |   |

|                                                                                |   | Three Months Ended |   |   | Nine Months Ended  |   |
|-------------------------------------------------------------------------------------|--------|--------------------|--------|--------|--------------------|--------|
|                                                                                |   | September 30, 2009 |   |   | September 30, 2008 |   |   | September 30, 2009 |   |   | September 30, 2008 |   |
| FFOM attributable to:                                                               |   |               |   |   |               |   |   |   |   |   |   |   |
|    Property operations                                               |   | $                  | 12,652 |   |               | $      | 11,314 |   |   | $ | 37,741 |   |   | $ | 36,163 |   |
|    Design-Build and development, excluding impairment charge         |   |               | 3,934  |   |               |   | 9,033 |   |   |   | 12,060 |   |   |   | 15,583 |   |
|    Intersegment eliminations                                         |   |               | (827   | )      |               |   | (258 | ) |   |   | (3,278 | ) |   |   | (117 | ) |
|    Unallocated and other, excluding tax benefit of impairment charge |   |               | (6,931 | )      |               |   | (11,930 | ) |   |   | (24,723 | ) |   |   | (30,349 | ) |
| FFOM, excluding impairment charge, net of income tax benefit                        |   |               | 8,828  |   |               |   | 8,159 |   |   |   | 21,800 |   |   |   | 21,280 |   |
|    Impairment charge, net of income tax benefit                      |   |               | -      |   |               |   | - |   |   |   | (101,746 | ) |   |   | - |   |
| FFOM                                                                                |   | $                  | 8,828  |   |               | $      | 8,159 |   |   | $ | (79,946 | ) |   | $ | 21,280 |   |

----

|                                                                                                                           |   | For the Three Months Ended |   |   | For the Nine Months Ended |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|--------|--------|---------------------------|--------|
|                                                                                                                           |   | September 30, 2009         |   |   | September 30, 2008        |   |   | September 30, 2009 |   |   | September 30, 2008 |   |
|                                                                                                                           |   |                       |   |   |                      |   |   |   |   |   |   |   |
| Net income (loss)                                                                                                              |   | $                          | 1,456  |   |                      | $      | (805 | ) |   | $ | (103,918 | ) |   | $ | (6,352 | ) |
| Add:                                                                                                                           |   |                       |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|    Real estate related depreciation and amortization:                                                           |   |                       |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|       Wholly-owned and consolidated properties                                                   |   |                       | 7,222  |   |                      |   | 7,548 |   |   |   | 21,905 |   |   |   | 23,157 |   |
|       Unconsolidated real estate partnerships                                                    |   |                       | 3      |   |                      |   | 3 |   |   |   | 8 |   |   |   | 9 |   |
| Less:                                                                                                                          |   |                       |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|    Noncontrolling interests in real estate partnerships, before                                                 |   |                       |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|       real estate related depreciation and amortization                                          |   |                       | (206   | )      |                      |   | (977 | ) |   |   | (676 | ) |   |   | (1,128 | ) |
| FFO                                                                                                                            |   |                       | 8,475  |   |                      |   | 5,769 |   |   |   | (82,681 | ) |   |   | 15,686 |   |
|    Amortization of intangibles related to purchase    accounting, net of income tax benefit |   |                       | 353    |   |                      |   | 2,390 |   |   |   | 2,735 |   |   |   | 5,594 |   |
| FFOM                                                                                                                           |   | $                          | 8,828  |   |                      | $      | 8,159 |   |   | $ | (79,946 | ) |   | $ | 21,280 |   |

|                                                                                                                       |   | Three Months Ended |   |   | Nine Months Ended  |   |
|----------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|--------------------|--------|
|                                                                                                                       |   | September 30, 2009 |   |   | September 30, 2008 |   |   | September 30, 2009 |   |   | September 30, 2008 |   |
| Rental revenue                                                                                                             |   | $                  | 20,072 |   |               | $      | 19,653 |   |   | $ | 59,445 |   |   | $ | 57,687 |   |
| Property management and other fee revenue                                                                                  |   |               | 816    |   |               |   | 852 |   |   |   | 2,530 |   |   |   | 2,524 |   |
| Property operating and management expenses                                                                                 |   |               | (8,163 | )      |               |   | (8,370 | ) |   |   | (23,975 | ) |   |   | (23,403 | ) |
| Other income (expense)                                                                                                     |   |               | 134    |   |               |   | 143 |   |   |   | 404 |   |   |   | 456 |   |
| Earnings from unconsolidated real estate partnerships,  before real estate related depreciation and amortization |   |               | (1     | )      |               |   | 13 |   |   |   | 13 |   |   |   | 27 |   |
| Noncontrolling interests in real estate partnerships, before  real estate related depreciation and amortization  |   |               | (206   | )      |               |   | (977 | ) |   |   | (676 | ) |   |   | (1,128 | ) |
|       FFOM                                                                                   |   | $                  | 12,652 |   |               | $      | 11,314 |   |   | $ | 37,741 |   |   | $ | 36,163 |   |

----

|                                                      |   | Three Months Ended |    |   | Nine Months Ended  |   |
|-----------------------------------------------------------|--------|--------------------|---------|--------|--------------------|--------|
|                                                      |   | September 30, 2009 |    |   | September 30, 2008 |   |   | September 30, 2009 |   |   | September 30, 2008 |   |
| Design-Build contract revenue and other sales             |   | $                  | 30,298  |   |               | $      | 72,914 |   |   | $ | 113,399 |   |   | $ | 174,870 |   |
| Development management and other income                   |   |               | 239     |   |               |   | 622 |   |   |   | 3,266 |   |   |   | 751 |   |
| Design-Build contract and development management expenses |   |               | (21,166 | )      |               |   | (59,578 | ) |   |   | (92,573 | ) |   |   | (146,907 | ) |
| Selling, general, and administrative expenses             |   |               | (6,075  | )      |               |   | (4,865 | ) |   |   | (14,689 | ) |   |   | (12,548 | ) |
| Other income (expense)                                    |   |               | 24      |   |               |   | 52 |   |   |   | 28 |   |   |   | 137 |   |
| Depreciation and amortization                             |   |               | (190    | )      |               |   | (348 | ) |   |   | (580 | ) |   |   | (772 | ) |
|    FFOM, excluding impairment charge       |   |               | 3,130   |   |               |   | 8,797 |   |   |   | 8,851 |   |   |   | 15,531 |   |
| Impairment charge                                         |   |               | -       |   |               |   | - |   |   |   | (120,920 | ) |   |   | - |   |
|    FFOM                                    |   | $                  | 3,130   |   |               | $      | 8,797 |   |   | $ | (112,069 | ) |   | $ | 15,531 |   |

----

----

|                                                        |   | Nine Months Ended  |   |
|-------------------------------------------------------------|--------|--------------------|--------|
|                                                        |   | September 30, 2009 |   |   | September 30, 2008 |   |
| Net income (loss) plus non-cash adjustments                 |   | $                  | 28,860 |   |   | $ | 27,605 |   |
| Changes in operating assets and liabilities                 |   |               | 15,053 |   |   |   | (3,045 | ) |
|    Net cash provided by operating activities |   | $                  | 43,913 |   |   | $ | 24,560 |   |

|                                                   |   | Nine Months Ended  |   |
|--------------------------------------------------------|--------|--------------------|--------|
|                                                   |   | September 30, 2009 |   |   | September 30, 2008 |   |
| Development, redevelopment, and acquisitions           |   | $                  | 37,671 |   |   | $ | 33,130 |   |
| Second generation tenant improvements                  |   |               | 2,832  |   |   |   | 4,032 |   |
| Recurring property capital expenditures                |   |               | 168    |   |   |   | 1,471 |   |
|    Investment in real estate properties |   | $                  | 40,671 |   |   | $ | 38,633 |   |

----

| Property                                      |   | Location                               |   | Estimated Completion Date |    |   | Net Rentable Square Feet |   |    | Investmentto Date |   |   | Estimated Total Investment |   |
|-----------------------------------------------|--------|----------------------------------------|--------|---------------------------|---------|--------|--------------------------|--------|---------|-------------------|--------|--------|----------------------------|--------|
|                                          |   |                                   |   |                      |    |   |                     |   |    |              |   |   |                       |   |
| The Woodlands Center for Specialized Medicine |   |      Pensacola, FL |   |                      | 4Q 2009 |   |                     |   | 76,000  |              |   | $      | 19,385                     |   |   | $ | 25,900 |   |
| The Medical Physicians Tower                  |   | Jackson, TN                            |   |                      | 1Q 2010 |   |                     |   | 107,000 |              |   |   | 15,335                     |   |   |   | 21,100 |   |
| HealthPartners Central Minnesota Clinic       |   | St. Cloud, MN                          |   |                      | 2Q 2010 |   |                     |   | 60,000  |              |   |   | 7,943                      |   |   |   | 20,200 |   |
| University Physicians - Grants Ferry          |   | Brandon, MS                            |   |                      | 2Q 2010 |   |                     |   | 50,600  |              |   |   | 6,510                      |   |   |   | 13,900 |   |
| Land and pre-construction developments        |   |                                   |   |                      |    |   |                     |   | -       |              |   |   | 3,087                      |   |   |   | - |   |
|                                          |   |                                   |   |                      |    |   |                     |   | 293,600 |              |   | $      | 52,260                     |   |   | $ | 81,100 |   |

----

| Financial Covenant                                            |           | As of and for the12 Months Ended September 30, 2009 |   |
|---------------------------------------------------------------|----------------|-----------------------------------------------------|--------|
| Maximum total leverage ratio (0.70 to 1.00)                   |           | 0.49 to 1.00                                        |   |
|                                                          |           |                                                |   |
| Maximum real estate leverage ratio (0.70 to 1.00)             |           | 0.55 to 1.00                                        |   |
|                                                          |           |                                                |   |
| Minimum fixed charge coverage ratio (1.50 to 1.00)            |           | 2.21 to 1.00                                        |   |
|                                                          |           |                                                |   |
| Minimum consolidated tangible net worth ($141,983)            |  $195,645 |                                                |
|                                                          |           |                                                |   |   |
| Maximum total debt to real estate value ration (0.90 to 1.00) |           | 0.63 to 1.00                                        |   |

| Financial Covenant                                                                                   |   | As of and for the12 Months Ended September 30, 2009 |
|------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|
| Minimum adjusted consolidated EBITDA to consolidated fixed charges (2.00 to 1.00)                    |   |   3.24 to 1.00                                 |
|                                                                                                 |   |                                                |
| Maximum consolidated senior indebtedness to adjsuted consolidated EBITDA (3.50 to 1.00,              |   |                                                |
|    with a one-time ability to exceed 3.50 to 1.00, but not greater than 3.75 to 1.00) |   |   2.55 to 1.00                                 |
|                                                                                       |   |                                                |
| Maximum consolidated indebtedness to adjusted consolidated EBITDA (5.50 to 1.00)                     |   |   2.55 to 1.00                                 |

----

----

|                                                                                                |   | Remainder of 2009 |   |   | 2010   |   |   | 2011   |   |   | 2012    |   |   | 2013   |   |   | Thereafter |   |   | Total  |   |
|-----------------------------------------------------------------------------------------------------|--------|-------------------|--------|--------|--------|--------|--------|--------|--------|--------|---------|--------|--------|--------|--------|--------|------------|--------|--------|--------|--------|
| Obligation:                                                                                         |   |              |   |   |   |   |   |   |   |   |    |   |   |   |   |   |       |   |   |   |   |
|    Long-term debt principal     payments and maturities (1) |   | $                 | 35,583 |   |   | $      | 33,435 |   |   | $      | 158,077 |   |   | $      | 24,726 |   |       | $      | 15,533 |   |   | $ | 129,448 |   |   | $ | 396,802 |   |
|    Standby letters of credit (2)                                                     |   |              | -      |   |   |   | 8,257  |   |   |   | -       |   |   |   | -      |   |       |   | -      |   |   |   | - |   |   |   | 8,257 |   |
|    Interest payments (3)                                                             |   |              | 4,664  |   |   |   | 13,902 |   |   |   | 10,109  |   |   |   | 8,198  |   |       |   | 7,198  |   |   |   | 18,477 |   |   |   | 62,548 |   |
|    Purchase commitments (4)                                                          |   |              | 1,647  |   |   |   | 5,489  |   |   |   | -       |   |   |   | -      |   |       |   | -      |   |   |   | - |   |   |   | 7,136 |   |
|    Ground and air rights leases (5)                                                  |   |              | 200    |   |   |   | 801    |   |   |   | 801     |   |   |   | 439    |   |       |   | 407    |   |   |   | 11,722 |   |   |   | 14,370 |   |
|    Operating leases (6)                                                              |   |              | 1,350  |   |   |   | 5,067  |   |   |   | 4,308   |   |   |   | 3,670  |   |       |   | 3,089  |   |   |   | 24,702 |   |   |   | 42,187 |   |
| Total                                                                                               |   | $                 | 43,444 |   |   | $      | 66,951 |   |   | $      | 173,295 |   |   | $      | 37,033 |   |       | $      | 26,227 |   |   | $ | 184,349 |   |   | $ | 531,300 |   |

----

----

| 31.1 | Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002. |
|------|-------------------------------------------------------------------------------------------------|

| 32.1 | Certification of Chief Executive and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adapted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | COGDELL SPENCER INC. |   |
|--------|----------------------|--------|
|   | Registrant           |   |
|   |                 |
| Date:  November 9, 2009 |   | /s/Frank C. Spencer              |   |
|------------------------------|--------|---------------------------------------|--------|
|                         |   | Frank C. Spencer                      |   |
|                         |   | President and Chief Executive Officer |   |
|                         |   |                                  |   |

|                         |   |                                              |   |
|------------------------------|--------|---------------------------------------------------|--------|
| Date:  November 9, 2009 |   | /s/Charles M. Handy                     |   |
|                         |   | Charles M. Handy                             |   |
|                         |   | Senior Vice President and Chief Financial Officer |   |
|                         |   |                                              |   |