Marshall Erdman parent posts improved results
Cogdell Spencer Inc., which acquired Madison-based Marshall Erdman & Associates Inc. earlier this year, reported that it cut its net loss and increased its funds from operations in the first quarter.
The Charlotte-based real estate investment trust said it lost $1.8 million, or 13 cents per diluted share, in the first quarter, improved from a net loss of $1.9 million, or 23 cents per diluted share, in the first quarter of last year.
Funds from operations -- the primary earnings measure for real estate investment trusts -- rose to $5.1 million, or 26 cents per diluted share, from $3.6 million, or 28 cents per diluted share, a year ago.
Revenues increased to $43.5 million from $15.5 million.
The results in the first quarter of this year include the effects of Cogdell Spencer's $247 million purchase of Erdman, which designs and builds health-care facilities.
During the quarter, the company expensed $500,000, or $0.02 per share and operating partnership unit, related to vested equity compensation granted to management in connection with the Erdman deal.
The merged company, with 600 employees, markets real estate services to health-care systems, physician tenants and practice groups. It has offices in Charlotte; Atlanta; Dallas; Denver; Seattle; Washington, D.C.; Charleston and Columbia, S.C.; and Madison.
As of March 31, Cogdell Spencer's portfolio consisted of 61 consolidated wholly-owned and joint venture properties and three unconsolidated joint venture properties, comprising a total of about 3.5 million square feet. The overall percentage of leased space at its in-service, consolidated properties was 93.7 percent. The company also manages 52 properties for third party clients totaling about 2.2 million square feet.
