Article Excerpt:
TWST: What is Cogdell Spencer?Mr. Spencer: Cogdell Spencer is a self-directed real estate investment trust. Our IPO was October 27, 2005, but that is just the latest chapter in a long history. We were founded 34 years ago by our Chairman, Jim Cogdell, who brought together physicians as investors in a multi-tenant office building. That concept then moved to hospital campuses, where Jim brought together physicians and hospitals in joint ventures as a way to promote both the economics and positive outcomes for patients. We have taken that concept across the Southeast; we did it primarily through joint ventures with those physicians, amassing a portfolio with a market value of approximately $400 million, which was then rolled together and offered to the public in the IPO late last year.
TWST: Give us an idea of what you are seeing today as far as the
operations of the REIT, the property and how that fits into the other
property sectors.
Mr. Spencer: There is some debate as to where we fit in. We are multi-
tenant outpatient-focused real estate. We certainly have the healthcare
exposure and are grouped by some analysts in the healthcare sector. But
at the same time, we have the economics of a specialty office because we
provide full service leases and on-site management. If you look at the
lease structure and the renewals for all of those things, it looks a lot
more like a specialty office. Some analysts have us in the office sector
and some have us in the healthcare sector.
Tickers included in this excerpt: CSA
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