Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Cogdell Spencer Inc. | c16713e8vk.htm |
Exhibit 99.1
| Earnings webinar 1Q11 |
| Shareholder meeting results Election of directorsChairman: Richard C. NeugentPresident and CEO: Raymond W. BraunJohn R. GeorgiusChristopher E. LeeRandolph D. Smoak, Jr. M.D.Richard B. JenningsDavid J. LubarRatification of Deloitte & ToucheSay on pay: approvedSay when on pay: approved annual |
| Occupancy |
| Lease renewal percentage |
| St. Elizabeth MOB - Florence, Kentucky |
| Building description St. Elizabeth - Florence MOBFlorence, KentuckyRSF: 53,833Age: 5 yrsOn campusHospital: St. Elizabeth |
| Return profile Total investment: $6,200,000Initial occupancy: 76%Initial cap rate: 7.35%Stabilized occupancy: 95%Stabilized yield: 9.75%Operating expense pass through: NNN |
| Risk profile Hospital tenants: 54%Physician tenants: 46%Projected stabilization: 24 monthsHospital Credit: AA- |
| Financing CSA ownership: 95%Partner ownership: 5%Amount on LOC: $6,200,000 |
| Good Samaritan Hospital MOB - Puyallup, Washington |
| Building description Good Samaritan Hospital MOBPuyallup, WashingtonRSF: 79,641 On campusHospital: Good Samaritan / Multicare4 storiesStart date: 6/22/10Scheduled completion: 10/10/11Development contract: $24,700,000CSA Ownership: 100% |
| Financing Lender: First CitizensType: Construction and Mini PermAmount: $16,250,000Interest rate: Construction rate 7.85%, dropping to 7.50% at CO, and 7.10% at stabilization (75%)Amortization period: 25 yrsMaturity: 6/30/15 |
| Bonney Lake MOB - Bonney Lake, Washington |
| Building description Bonney Lake MOBBonney Lake, WashingtonRSF: 55,985Off campus, hospital affiliatedHospital: Good Samaritan / Multicare3 storiesStart date: 7/9/10Scheduled completion: 8/1/11Development contract: $17,700,000 |
| Ownership structure Current ownership: Joint ventureCSA ownership: 62%Investment partner: Physician tenants & MulticarePartner ownership: 38% |
| Financing Lender: Bank of the WestType: Construction and Mini PermAmount: $11,505,000Interest rate: LIBOR + 3.25% during construction and swaps to 6.44% fixed at COAmortization period: 25 yrsMaturity: 2/5/19 |
| St. Luke's MOB - Duluth, Minnesota |
| Building description St. Luke's Hospital MOBDuluth, MinnesotaRSF: 176,462On campusHospital: St. Luke's Hospital5 storiesStart date: 3/21/11Scheduled completion: 7/27/12Development contract: $27,821,000100% owned by CSA |
| Financing Lender: Associated BankType: Construction and Mini PermAmount: $19,500,000Interest rate: LIBOR + 3.50% with 5.50% floorAmortization period: 25 yrsMaturity: 9/1/16 |
| Contract pipeline |
| Debt metrics Weighted average interest rate: ~5.2% Weighted average remaining term: 3.9 yrsOutstanding line balance: $55 millionInterest coverage: 2.3xFixed charge coverage: 1.45x Debt to total market cap: 47%Debt to book ratio: 45% |
| Guidance and outlook Revised FFOM guidance of $0.30 to $0.37Key assumptionsAcquisitions: $6-$25 millionDispositions: 0Developments: $40-$60 millionThird party design-build revenue: $90-$120 millionDesign-build gross margin: 13-17%Corporate G&A: $9.5-10.5 million |
