Tax characteristics of Cogdell Spencer's 2009 dividends

Cogdell Spencer Inc. (NYSE: CSA) announced today the tax characteristics of its 2009 dividends.  We are releasing this information to assist those required to distribute Form 1099s on the Company's dividend.  This release is based on an estimate of "earnings and profits" as defined by the Internal Revenue Service.  No material change in these classifications is expected.

During 2009, the Company paid two quarterly dividends of $0.225 per share and two quarterly dividends of $0.10 per share, totaling $0.65 per share for the year.  The dividends of $0.65 per share are classified for income tax purposes as 61.5% taxable ordinary dividend and 38.5% return of capital.  Shareholders generally benefit from the return of capital by deferring income taxes on that portion of the distribution until a share is sold or otherwise transferred. No portion of the dividends constitutes "qualified dividends" eligible for the reduced rates on dividends pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.  The Company urges its stockholders to consult with their own tax advisors with respect to the federal, state and local income tax consequences of these dividends.