Cogdell Spencer Inc. Announces Appointment of Ray Braun as Chief Executive Officer and President

CHARLOTTE, N.C., Sept. 20 /PRNewswire-FirstCall/ -- Cogdell Spencer ERDMAN announced today that the Board of Directors has appointed Raymond Braun to serve as the Company's Chief Executive Officer and President, beginning September 20, 2010.   As the Company previously announced, Frank Spencer, the Company's current Chief Executive Officer and President, will end his full time leadership position as Chief Executive Officer and President of the Company but will remain as a member of the Board of Directors.  Mr. Braun also will become a member of the Company's Board of Directors.

The Company's announcement follows an extensive national search for Mr. Spencer's successor, for which the Board of Directors retained Russell Reynolds Associates, a leading recruiting firm with substantial expertise in the real estate and healthcare industries, to assist in the process.  For Russell Reynolds Associates, the search was lead by Deb Barbanel the head of Real Estate and Carol Emmott, the head of Healthcare.

Mr. Braun's previous experience includes serving as President of Health Care REIT, Inc., and he brings more than 13 years of real estate industry experience, specializing in the acquisition, development, and management of health care real estate.  As Chief Executive Officer and President, Mr. Braun will work together with the Company's Board of Directors in setting the strategic direction for the Company, and will be responsible for the day-to-day leadership and performance of the organization.

James Cogdell, Chairman of the Board of Directors, said, "Ray has significant experience in the acquisition, management and development of healthcare facilities.  We are confident he possesses the leadership skills, strategic insights, broad capital markets expertise, industry experience and extensive relationships needed to take this Company to the next level of growth.  Ray is a proven leader, and the organization is excited to have him leading our talented team of professionals across the country."

Mr. Cogdell also added, "I am extremely thankful to Frank Spencer for his leadership, wisdom and commitment during his 15 years of service as an executive of our company, and I am very proud of what we have accomplished together at Cogdell Spencer."

"I am excited to take on the responsibilities of CEO and President," said Mr. Braun. "I look forward to working with the Board of Directors and all of our team members to do all we can to further strengthen and enhance the Company's performance and reputation as a premier provider of healthcare facilities."

Mr. Spencer stated that he "would like to thank everyone at the Company for their help in seeing me through this transition period.  I know that the Company and its outstanding management team and employees will continue to see success under Ray's leadership.  I look forward to supporting Ray and the Company on the Board. "

The Company also announced that Scott Ransom will be transitioning from President and CEO of ERDMAN to Senior Advisor to the organization over the next two years and will continue to serve as a member of the Board of Directors.

Regarding this transition, Mr. Cogdell added, "We are also pleased the Company will continue to benefit from Scott's insights and leadership in his new role.  Scott has been an integral part of ERDMAN's management team, and his knowledge of the healthcare and design/build industries will contribute to the future growth of the Company."

About Cogdell Spencer Inc.

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

Forward-Looking Statements

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

For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2009. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be realized. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Cogdell Spencer Inc.