ex99-2.htm

Exhibit 99.2

SUPPLEMENTAL OPERATING AND

FINANCIAL DATA

FOR THE QUARTER ENDED

December 31, 2009

The Woodlands Center for Specialized Medicine – Pensacola, Florida

All amounts shown in this report are unaudited.

This Supplemental Operating and Financial Data package is not an offer to sell or solicitation to buy securities of Cogdell Spencer Inc. Any offer to sell or solicitation to buy securities of Cogdell Spencer Inc. shall be made only by means of a prospectus approved for that purpose.

Company Overview

Cogdell Spencer Inc. (the “Company”) 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, strategic planning, delivery (design/build), 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 specialized real estate needs of the healthcare industry.

The Company, a fully integrated healthcare facilities company, provides services from strategic planning to long-term property ownership and management. Integrated delivery service offerings include strategic planning, design, construction, development and project management services for properties owned by the Company and for third parties.

The Company is building a national portfolio of healthcare properties primarily located on hospital campuses. Since the Company’s initial public offering in 2005, the Company has grown through acquisitions and facility development to encompass a national footprint, including seven regional offices located throughout the United States (Atlanta, Charlotte, Dallas, Denver, Madison, Seattle, and Washington, D.C.). Client relationships and advance planning services give the Company the ability to be included in the initial project discussions that can lead to ownership and investment in healthcare properties.

The Company completed the first fully integrated project with the completion of The Woodlands Center for Specialized Medicine during the fourth quarter of 2009. The Company provided development, design/build (architectural, engineering and construction), and property management services on the medical office building and outpatient treatment center.

The Company’s capital projects team also completed Alamance Regional Mebane Outpatient Center in 2008 and completed the Cancer Center expansion in the third quarter 2009. The Company has begun construction on four other capital projects with a total estimated investment of approximately $55.4 million and holds of a pipeline of planning and delivery projects through the country.

Since its founding in 1951, the Company has designed, engineered, or built over 5,000 healthcare facilities, which support more than 50,000 physicians. Cogdell Spencer ERDMAN was ranked as the number one healthcare design-build firm for 2007 and 2008 by Modern Healthcare’s Annual Construction and Design Survey. Survey results for 2009 will be published in March 2010.

The Company’s property management team has a proactive, customer-focused service approach that leads to faster response times and greater resources to serve tenants. The Company’s management believes that a strong internal property management capability is a vital component of the Company’s business, both for the properties that the Company owns and for those that the Company manages.

As of December 31, 2009, the Company owned or managed healthcare properties located in 12 states and had regional offices located throughout the country to support property management and design-build services. The majority of the Company’s wholly-owned properties are located on hospital campuses.

Cogdell Spencer Inc.

Investor Information

Board of Directors		Senior Management
James W. Cogdell	Frank C. Spencer	James W. Cogdell	Frank C. Spencer
Chairman	President and CEO	Chairman	President and CEO

John R. Georgius	Richard B. Jennings	Charles M. Handy
		Chief Financial Officer
Christopher E. Lee	David J. Lubar

Richard C. Neugent	Scott A. Ransom

Randolph D. Smoak, Jr. M.D.


Equity Research Coverage

BMO Capital Markets		KeyBanc Capital Markets
Richard Anderson - 212.885.4180		Karin Ford - 917.368.2293

Janney Montgomery Scott		Raymond James & Associates
Dan. Donlan - 215.665.6476		Paul Puryear - 727.567.2253

Jefferies & Co., Inc.		SmithBarney Citigroup
Tayo Okusanya - 212.336.7076		David Toti - 212.816.1909

Company Information
Corporate Headquarters	Trading Symbol	Transfer Agent	Investor Relations
4401 Barclay Downs Drive	CSA	Continental Stock	Dana A. Crothers
Suite 300		Transfer & Trust Company	Marketing Director
Charlotte, NC 28209	Stock Exchange Listing		704.940.2904
Te: 704.940.2900	New York Stock Exchange
Fax: 704.940.2959
www.cogdell.com

This supplemental operating and financial data package 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 ability to obtain future financing arrangements; estimates relating to our future distributions; our understanding of our competition; our ability to renew our ground leases; changes in the reimbursement available to our tenants by government or private payors; our tenants' ability to make rent payments; defaults by tenants; customers’ access to financing; delays in project starts and cancellations by customers; the timing of capital expenditures by healthcare systems and providers; 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 Form 10-K for the year ended December 31, 2008. 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.

Financial and Operating Highlights
(in thousands, except per share amounts, years, ratios and portfolio statistics)

	Three Months Ended December 31,						Year Ended December 31,
	2009			2008			2009			2008
Selected Operating Data
Rental income	$	20,094		$	19,781		$	78,388		$	76,163
Straight line rent		149			146			556			569
Fair value lease revenues (1)		132			162			542			689
Rental revenue		20,375			20,089			79,486			77,421
Property management and other fees		807			935			3,336			3,460
Revenue from property operations	$	21,182		$	21,024		$	82,822		$	80,881
Costs related to property operations	$	8,021		$	7,920		$	31,810		$	31,065
Property operations gross margin		62	%		62	%		62	%		62	%

Design-Build and development revenue	$	30,114		$	78,860		$	146,693		$	254,481
Costs related to design-build contracts and development	$	21,388		$	67,112		$	113,961		$	214,019
Design-Build and development gross margin		29	%		15	%		22	%		16	%

EBITDA (2)	$	15,926		$	15,316		$	57,106		$	61,007
Interest expense	$	5,123		$	6,428		$	21,711		$	25,017

Net income (loss) from continuing operations	$	3,356		$	(1,471	)	$	(100,435	)	$	(7,645	)
Net income (loss)	$	1,956		$	(1,505	)	$	(101,962	)	$	(7,857	)
Net income (loss) attributable to Cogdell Spencer, Inc.	$	1,556		$	(1,042	)	$	(69,728	)	$	(5,773	)
Per share and unit - basic and diluted:
Income from continuing operations attributable to
Cogdell Spencer Inc.	$	0.06		$	(0.06	)	$	(2.10	)	$	(0.36	)
Loss from discontinued operations attributable to
Cogdell Spencer Inc.	$	(0.02	)	$	-		$	(0.04	)	$	(0.01	)
Net income (loss) attributable to Cogdell Spencer Inc.	$	0.04		$	(0.06	)	$	(2.14	)	$	(0.37	)

Funds from Operations ("FFO") (3), excluding
non-recurring events (4)	$	7,877		$	6,603		$	28,464		$	22,692
Per share and unit - basic and diluted	$	0.16		$	0.25		$	0.70		$	0.94

Funds from Operations Modified ("FFOM") (3),
excluding non-recurring events (4)	$	7,907		$	8,993		$	31,229		$	30,675
Per share and unit - basic and diluted	$	0.16		$	0.33		$	0.77		$	1.27

Dividends and distributions declared per share and unit	$	0.10		$	0.225		$	0.525			1.275

	As of Dec. 31, 2009				As of Dec. 31, 2009
Selected Balance Sheet Data				Capitalization
Cash and cash equivalents	$	25,914		Common shares outstanding		42,729
Book value of real estate assets before depreciation	$	604,462		Units outstanding		7,780
Total assets	$	752,663		Total common shares and units outstanding		50,509
Total liabilities	$	504,883		Share price at end of period	$	5.66
Noncontrolling interests and equity	$	247,780		Equity value at end of period (5)	$	285,881
				Debt	$	410,892
				Total market capitalization	$	696,773

Debt				Portfolio Statistics - In-service, Consolidated Properties (6)
Weighted average interest rate		5.4	%	Number of properties		62
Weighted average remaining maturity (years)		3.7		Total square footage		3,381,664
Debt / total assets		55	%	Occupancy		91.5	%
____________________

(1) Represents the net adjustment for above and below market leases which are being amortized over the remaining term of the respective lease from the date of the acquisition.
(2) For a definition and discussion and a quantitative reconciliation of the differences between EBITDA and net income (loss), see page 9.
(3) For a definition and discussion and a quantitative reconciliation of the differences between FFO, FFOM, and net income (loss), see page 8.
(4) For a detailed listing of non-recurring events, see FFO reconciliation on page 8.
(5) Assuming conversion of 100% of the operating partnership units into shares of common stock.
(6) Excludes held for sale property.

Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)

	Dec. 31, 2009			Sept. 30, 2009			June 30, 2009			March 31, 2009			Dec. 31, 2008
Assets
Real estate properties:
Operating real estate properties	$	561,124		$	534,887		$	531,069		$	529,142		$	527,710
Less: Accumulated depreciation		(93,247	)		(87,109	)		(81,023	)		(74,892	)		(68,764	)
Total operating real estate properties, net		467,877			447,778			450,046			454,250			458,946
Construction in process		43,338			52,260			36,419			22,260			15,314
Total real estate properties, net		511,215			500,038			486,465			476,510			474,260
Cash and cash equivalents		25,914			24,954			12,988			12,183			34,668
Restricted cash		3,060			13,924			13,444			12,672			12,959
Tenant and accounts receivable, net		12,993			17,910			30,318			34,701			43,520
Goodwill		108,683			108,683			108,683			108,683			180,435
Trade names and trademarks		41,240			41,240			41,240			41,240			75,969
Intangible assets, net		21,742			22,837			24,542			27,144			45,363
Other assets		25,599			29,226			29,583			31,468			29,180
Other assets - held for sale		2,217			3,691			3,705			3,714			3,736
Total assets	$	752,663		$	762,503		$	750,968		$	748,315		$	900,090

Liabilities and Equity
Mortgage notes payable	$	280,892		$	264,752		$	253,387		$	240,768		$	238,448
Revolving credit facility		80,000			80,000			80,000			112,000			124,500
Term Loan		50,000			50,000			50,000			100,000			100,000
Accounts payable		15,293			18,708			21,187			19,650			22,775
Billings in excess of costs and estimated earnings on uncompleted contracts		13,189			23,216			21,556			19,123			17,025
Deferred income taxes		15,993			14,635			13,706			14,510			34,176
Payable to prior MEA Holdings shareholders		-			18,002			18,002			18,002			18,002
Other liabilities		47,312			47,655			42,299			46,929			59,860
Other liabilities - held for sale		2,204			2,311			2,322			2,322			2,310
Total liabilities		504,883			519,279			502,459			573,304			617,096
Commitments and contingencies
Equity:
Cogdell Spencer Inc. stockholders' equity:
Preferred stock		-			-			-			-			-
Common stock		427			425			425			195			177
Additional paid-in capital		370,593			369,539			369,483			292,971			275,380
Accumulated other comprehensive loss		(1,861	)		(3,160	)		(2,221	)		(5,806	)		(5,106	)
Accumulated deficit		(164,321	)		(161,604	)		(158,598	)		(152,042	)		(77,438	)
Total Cogdell Spencer Inc. stockholders' equity		204,838			205,200			209,089			135,318			193,013
Noncontrolling interests:
Real estate partnerships		5,220			4,857			5,442			4,658			4,657
Operating partnership		37,722			33,167			33,978			35,035			85,324
Total noncontrolling interests		42,942			38,024			39,420			39,693			89,981
Total equity		247,780			243,224			248,509			175,011			282,994
Total liabilities and equity	$	752,663		$	762,503		$	750,968		$	748,315		$	900,090

Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)

	Three Months Ended
	Dec. 31, 2009			Sept. 30, 2009			June 30, 2009			March 31, 2009			Dec. 31, 2008
Revenues:
Rental revenue	$	20,375		$	19,960		$	19,574		$	19,576		$	20,089
Design-Build contract revenue and other sales		30,016			30,298			36,712			46,390			78,726
Property management and other fees		807			816			863			850			935
Development management and other income		98			239			227			2,799			134
Total revenues		51,296			51,313			57,376			69,615			99,884

Expenses:
Property operating and management		8,021			8,103			7,820			7,865			7,920
Design-Build contracts and development management		21,388			21,166			31,242			40,165			67,112
Selling, general, and administrative		11,067			7,876			6,675			6,667			9,819
Depreciation and amortization		7,470			8,013			8,944			10,076			11,706
Impairment charges		-			-			-			120,920			-
Total expenses		47,946			45,158			54,681			185,693			96,557
Income (loss) from operations before other income (expense)		3,350			6,155			2,695			(116,078	)		3,327

Other income (expense):
Interest and other income		164			161			139			155			239
Gain on settlement from MEA Holdings, Inc. transaction		4,905			-			-			-			-
Interest expense		(5,123	)		(5,037	)		(5,560	)		(5,990	)		(6,428	)
Debt extinguishment and interest rate derivative expense		(10	)		(10	)		(2,490	)		-			-
Equity in earnings of unconsolidated partnerships		10			(4	)		2			6			4
Total other income (expense)		(54	)		(4,890	)		(7,909	)		(5,829	)		(6,185	)
Income (loss) from operations before income
tax (expense) benefit		3,296			1,265			(5,214	)		(121,907	)		(2,858	)
Income tax (expense) benefit		60			231			2,208			19,626			1,387
Net income (loss)		3,356			1,496			(3,006	)		(102,281	)		(1,471	)
Discontinued operations:
Loss from discontinued operations		(41	)		(40	)		(44	)		(43	)		(34	)
Impairment of real estate property		(1,359	)		-			-			-			-
Total discontinued operations		(1,400	)		(40	)		(44	)		(43	)		(34	)

Net income (loss)		1,956			1,456			(3,050	)		(102,324	)		(1,505	)

Net loss (income) attributable to the noncontrolling
interest in:
Real estate partnerships		(131	)		(17	)		(48	)		(92	)		(105	)
Operating partnership		(269	)		(191	)		783			32,198			568
Net income (loss) attributable to Cogdell Spencer Inc.	$	1,556		$	1,248		$	(2,315	)	$	(70,218	)	$	(1,042	)

Per share data - basic and diluted:
Income from continuing operations attributable to
Cogdell Spencer Inc.	$	0.06		$	0.03		$	(0.09	)	$	(3.90	)	$	(0.06	)
Loss from discontinued operations attributable to
Cogdell Spencer Inc.		(0.02	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)
Net income (loss) per share sttributable to Cogdell Spencer Inc.	$	0.04		$	0.03		$	(0.09	)	$	(3.90	)	$	(0.06	)

Weighted average common shares - basic and diluted		42,615			42,539			27,084			17,995			17,557

Net income (loss) attributable to Cogdell Spencer Inc.:
Income from continuing operations, net of tax	$	2,956		$	1,288		$	(2,271	)	$	(70,175	)	$	(1,008	)
Discontinued operations, net of tax		(1,400	)		(40	)		(44	)		(43	)		(34	)
Net income (loss)	$	1,556		$	1,248		$	(2,315	)	$	(70,218	)	$	(1,042	)

Business Segment Reporting
(in thousands)
(unaudited)

Three months ended December 31, 2009:	Property Operations			Design-Build and Development			Intersegment Eliminations			Unallocated and Other			Total
Revenues:
Rental revenue	$	20,398		$	-		$	(23	)	$	-		$	20,375
Design-Build contract revenue and other sales		-			42,310			(12,294	)		-			30,016
Property management and other fees		807			-			-			-			807
Development management and other income		-			959			(861	)		-			98
Total revenues		21,205			43,269			(13,178	)		-			51,296

Certain operating expenses:
Property operating and management		8,021			-			-			-			8,021
Design-Build contracts and development management		-			30,069			(8,681	)		-			21,388
Selling, general, and administrative		-			5,783			(23	)		-			5,760
Total certain operating expenses		8,021			35,852			(8,704	)		-			35,169
		13,184			7,417			(4,474	)		-			16,127

Interest and other income		137			20			-			7			164
Gain on settlement from MEA Holdings Inc. transaction		-			-			-			4,905			4,905
Corporate general and administrative expenses		-			-			-			(5,307	)		(5,307	)
Interest expense		-			-			-			(5,123	)		(5,123	)
Debt extinguishment and interest rate derivative expense		-			-			-			(10	)		(10	)
Benefit from income taxes applicable to funds														-
from operations modified		-			-			-			41			41
Non-real estate related depreciation and amortization		-			(199	)		-			(59	)		(258	)
Earnings from unconsolidated real estate partnerships,
before real estate related depreciation and amortization		13			-			-			-			13
Noncontrolling interests in real estate partnerships, before
real estate related depreciation and amortization		(374	)		-			-			-			(374	)
Discontinued operations and impairment from real estate,														-
before real estate related depreciation and amortization		(1,332	)		-			-			(34	)		(1,366	)
Funds from operations modified (FFOM)		11,628			7,238			(4,474	)		(5,580	)		8,812

Amortization of intangibles related to purchase
accounting, net of income tax benefit		(42	)		(7	)		-			19			(30	)
Funds from operations (FFO)		11,586			7,231			(4,474	)		(5,561	)		8,782

Real estate related depreciation and amortization		(7,200	)		-			-			-			(7,200	)
Noncontrolling interests in real estate partnerships, before
real estate related depreciation and amortization		374			-			-			-			374
Net income (loss)		4,760			7,231			(4,474	)		(5,561	)		1,956
Net (income) attributable to the noncontrolling interest in:
Real estate partnerships		(131	)		-			-			-			(131	)
Operating partnership		-			-			-			(269	)		(269	)
Net income (loss) attributable to Cogdell Spencer Inc.	$	4,629		$	7,231		$	(4,474	)	$	(5,830	)	$	1,556

Reconciliation of Net Income (Loss) to Funds from Operations and Funds from Operations Modified (1)
(in thousands, except per share and unit amounts)
(unaudited)

	Three Months Ended
	Dec. 31, 2009			Sept. 30, 2009			June 30, 2009			March 31, 2009			Dec. 31, 2008
Net income (loss)	$	1,956		$	1,456		$	(3,050	)	$	(102,324	)	$	(1,505	)
Add:
Real estate related depreciation and amortization:
Wholly-owned and consolidated properties		7,197			7,222			7,344			7,340			7,304
Unconsolidated real estate partnerships		3			3			3			3			3
Less:
Noncontrolling interests in real estate partnerships, before
real estate related depreciation and amortization		(374	)		(206	)		(224	)		(245	)		(111	)
Funds from Operations (FFO) (1)		8,782			8,475			4,073			(95,226	)		5,691
Amortization of intangibles related to purchase
accounting, net of tax benefit		30			353			842			1,540			2,390
Funds from Operations Modified (FFOM) (1)		8,812			8,828			4,915			(93,686	)		8,081
Non-recurring events:
Gain on settlement from MEA Holdings, Inc. transaction		(4,905	)		-			-			-			-
Impairment of real estate property held for sale		1,359			-			-			-			-
Strategic planning professional fees		2,641			-			-			-			-
Intangible asset impairment charges, net of tax benefit		-			-			-			101,746			-
Debt extinguishment and interest rate derivative expense,
net of tax benefit		-			-			1,520			-			-
Restructuring and severance charges, net of tax benefit		-			-			-			-			912
Impact of non-recurring events		(905	)		-			1,520			101,746			912
FFOM, excluding non-recurring events	$	7,907		$	8,828		$	6,435		$	8,060		$	8,993

FFO per share and unit - basic and diluted	$	0.17		$	0.17		$	0.12		$	(3.54	)	$	0.21
FFOM per share and unit - basic and diluted	$	0.17		$	0.18		$	0.14		$	(3.49	)	$	0.30
FFOM per share and unit - basic and diluted, excluding
non-recurring events	$	0.16		$	0.18		$	0.19		$	0.30		$	0.33

Weighted average shares and units outstanding		50,386			50,070			34,653			26,869			26,890

(1) FFO is a supplemental non-GAAP financial measure used by the real estate industry to measure the operating performance of real estate companies. FFOM adds back to traditionally defined FFO non-cash amortization of non-real estate related intangible assets associated with purchase accounting. The Company presents FFO and FFOM because it considers them important supplemental measures of operational performance. The Company believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing a perspective not immediately apparent from net income. The Company computes FFO in accordance with standards established by the Board of Governors of NAREIT in its March 1995 White Paper (as amended in November 1999 and April 2002), which may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO and FFOM do not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties. FFO and FFOM should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of the Company’s performance, nor are they indicative of funds available to fund its cash needs, including its ability to pay dividends or make distributions.

(2) Real estate depreciation and amortization consists of depreciation and amortization from wholly-owned real estate properties and the Company’s share of real estate depreciation and amortization from consolidated and unconsolidated real estate partnerships.

Coverage Ratios
(in thousands, except ratio amounts)


	Three Months Ended
	Dec. 31, 2009		Sept. 30, 2009		June 30, 2009		March 31, 2009		Dec. 31, 2008
Interest coverage ratio:
EBITDA	$	15,926	$	14,285	$	11,736	$	15,036	$	15,316
Cash paid for interest		5,336		5,319		5,182		5,503		6,006
Interest coverage ratio		2.98		2.70		2.28		2.75		2.55

Fixed charge coverage ratio:
EBITDA	$	10,912	$	14,285	$	11,736	$	15,036	$	15,316
Fixed charges:
Cash paid for interest		5,336		5,319		5,182		5,503		6,006
Principal payments		928		943		997		996		853
Total fixed charges	$	6,264	$	6,262	$	6,179	$	6,499	$	6,859
Fixed charge coverage ratio		2.54		2.29		1.91		2.32		2.23

Reconciliation of Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA") (1)
(in thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2009			2008			2009			2008
Reconciliation of net income (loss) to EBITDA:
Net income (loss)	$	1,956		$	(1,505	)	$	(102,207	)	$	(7,857	)
Interest expense		5,123			6,428			21,711			25,017
Income tax expense (benefit)		(60	)		(1,387	)		(21,965	)		(1,244	)
Depreciation and amortization		7,470			11,706			34,502			44,879
Impairment charges		-			-			120,920			-
Discontinued operations impairment charge, interest expense,
and depreciation and amortization		1,427			74			1,634			(212	)
Debt extinguishment and interest rate derivative expense		10			-			2,511			-
EBITDA	$	15,926		$	15,316		$	57,106		$	61,007

(1) The Company believes that earnings before interest, income taxes, depreciation and amortization, or EBITDA, is a useful supplemental performance measure because it allows investors to view the Company's performance without the impact of noncash depreciation and amortization or the cost of debt or minority interests. In addition, the Company believes that EBITDA is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA is calculated before recurring cash charges including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirements of the Company's business, its utility as a measure of the Company's performance is limited. Accordingly, EBITDA should be considered only as a supplement to net loss (computed in accordance with GAAP) as a measure of financial performance. Other equity REITs may calculate EBITDA differently; accordingly, the Company's EBITDA may not be comparable to such other equity REITs’ EBITDA.

Consolidated Debt Analysis as of December 31, 2009
(dollars in thousands)
	Stated Interest Rate (%)		Interest Rate (%)			Principal Balance		Maturity Date	Amortization (years)
Secured mortgage loans - wholly-owned properties:
Mulberry Medical Park		6.49		6.49		$	923	4/15/2010		20
Rocky Mount Medical Park	Prime			4.25	(1)		6,794	12/15/2010		25
St. Francis CMOB LLC, St. Francis Professional Medical Center	LIBOR + 1.85			5.17	(2)		6,870	6/15/2011		39
St. Francis Medical Plaza (Greenville), St. Francis Women's	LIBOR + 1.85			5.17	(2)		7,380	6/15/2011		39
Beaufort Medical Plaza	LIBOR + 1.85			5.65	(2)		4,763	8/18/2011		25
Methodist Professional Center I	LIBOR + 1.30			6.25			25,466	10/31/2011		30
River Hills Medical Plaza	LIBOR + 3.75			5.53	(2)		3,795	12/22/2011		22
East Jefferson Medical Plaza	LIBOR + 3.75			5.55	(2)		11,600	1/31/2012	Interest only
Barclay Downs		6.50		6.50			4,378	11/15/2012		25
Providence Medical Office Building I, II and III		6.12		6.12			8,327	1/12/2013		25
One Medical Park		5.93		5.93			5,095	11/1/2013		20
Three Medical Park		5.55		5.55			7,673	3/25/2014		25
Medical Arts Center of Orangeburg	LIBOR + 3.25			6.00	(3)		2,365	5/5/2014		20
Lancaster Rehabilitation Hospital (construction loan)	LIBOR + 3.75			3.98			26	6/26/2014		25
Lancaster Rehabilitation Hospital		6.71		6.71			9,621	6/26/2014		25
Rowan Outpatient Surgery Center		6.00		6.00			3,237	7/6/2014		25
East Jefferson MOB		6.01		6.01			8,968	8/10/2014		25
Rocky Mount Kidney Center		6.75		6.75			1,000	8/21/2014		15
Randolph Medical Park, Lincoln/Lakemont Family Practice,
and Northcross Family Physicians		7.00		7.00			7,481	10/15/2014		20
MRMC MOB I (formally known as Hanover MOB)		7.33		7.33			5,993	11/1/2014		25
HealthPartners Medical Office Building (construction loan)	LIBOR + 3.25			6.00	(4)		4,339	11/1/2014		22.5	(6)
Copperfield Medical Mall, Harrisburg Medical Mall, Midland Medical
Park and Weddington & Internal/Pediatric Medicine	LIBOR + 1.50			3.25	(5)		8,268	12/15/2014		25
Peerless Crossing Medical Center		6.06		6.06			7,354	9/1/2016		30
Central NY Medical Center		6.22		6.22			24,500	5/15/2017	Interest only
Palmetto Health Parkridge		5.68		5.68			13,500	6/1/2017	Interest only		(7)
Summit Professional Plaza I and II		6.18		6.18			15,925	9/1/2017	Interest only
Health Park Medical Office Building		7.50		7.50			7,000	1/1/2019		25
Medical Center Physicians Tower (construction loan)	LIBOR + 2.50			6.19	(2)		8,582	3/1/2019		25
University Physicians MOB & Outpatient Clinic (construction loan)	LIBOR + 2.25			3.70	(2)		4,922	4/20/2019		25
Roper Medical Office Building		7.10		7.10			9,430	6/1/2019		25
Total / weighted average mortgages - wholly-owned properties				5.96		$	235,575

Total / weighted average mortgages - wholly-owned properties			5.96		$	235,575

Secured revolving credit facility:
Tranche I	LIBOR + 1.15		3.97	(2)		50,000		3/10/2011	Interest only
Tranche II	LIBOR + 1.15		4.26	(2)		30,000		3/10/2011	Interest only
Total / weighted average secured revolving credit facility			4.08			80,000

Term loan	LIBOR + 4.50		7.32	(2)		50,000		3/10/2011	Interest only

Consolidated real estate partnerships:
Alamance Regional Mebane Outpatient Center	LIBOR + 1.30		1.54			12,262		5/1/2010		30
Alamance Regional Mebane Outpatient Center	LIBOR + 4.00		4.23			1,470		5/1/2010	Interest only
English Road Medical Center (formally known as Rocky Mount MOB)		6.03	6.03			5,265		3/1/2012		25
Lancaster ASC MOB	LIBOR + 1.20		5.23	(2)		10,445		3/2/2015		25
Woodlands Center for Specialized Medicine (construction loan)	LIBOR + 1.50		1.73	(8)		15,786		9/26/2018		25	(9)
Total / weighted average consolidated real estate partnerships			3.07			45,228
Total / weighted average debt						410,803	(10)
Unamortized premium						89
Total / weighted average debt			5.44		$	410,892

(1) Maximum interest of 7.25%; minimum interest of 4.25%.
(2) Represents the fixed rate for floating rate loans that have been swapped to fixed.
(3) Minimum interest of 6.00%.
(4) Minimum interest of 6.00%. The Company has entered into a forward starting interest rate swap agreement that effectively fixes the
interest rate at 6.80% beginning December 2010, when the construction phase of the loan expires and converts to an amortizing loan.
(5) Maximum interest of 8.25%; minimum interest of 3.25%.
(6) Interest only during construction period.
(7) Interest only through June 2012. Principal and interest payments from July 2012 through June 2017.
(8) The Company has entered into a forward starting interest rate swap agreement that effectively fixes the interest rate at 6.21% beginning
May 2010, when the construction phase of the loan expires and converts to an amortizing loan.
(9) Interest only through April 2010. Principal and interest payments from May 2010 through October 2018 with a 25 year amortization.
(10) Harbison Medical Office Building (formally known as Baptist Northwest Medical Park) mortgage is excluded from the above table as the
wholly-owned real estate property was reclassified to discontinued operations during December 2009 and is actively being marketed for sale as of
December 31, 2009. This property's mortgage matures February 1, 2011, and has an outstanding balance of $2.1 million as of December 31 2009.

Consolidated Debt Analysis as of December 31, 2009
(dollars in thousands)
Future maturities and principal payments
	Future Scheduled Repayments							Percent of Total Mortgages			Weighted Average Interest Rate on Maturing Debt (1)
Year	Amortization		Maturities		Total			Percent of Total Mortgages			Weighted Average Interest Rate on Maturing Debt (1)
2010	$	4,393	$	20,908	$	25,301			9	%		2.8	%
2011		4,544		47,117		51,661			18	%		5.8	%
2012		4,441		20,710		25,151			9	%		5.9	%
2013		4,415		11,577		15,992			6	%		6.1	%
2014		3,598		50,633		54,231			19	%		6.0	%
Thereafter		8,145		100,322		108,467			39	%		5.8	%
Total mortgages	$	29,536	$	251,267	$	280,803			100	%		6.0	%
Secured revolving credit facility (March 2011 maturity)		-		80,000		80,000
Term loan (March 2011 maturity)		-		50,000		50,000
Total	$	29,536	$	381,267	$	410,803	(1)

Debt profile						Weighted Average
	Balance			Percent of Total		Interest Rate (2)			Maturity (Years)
Fixed rate mortgages - wholly-owned properties	$	195,047		47	%		5.8	%		5.3
Variable rate mortgages - wholly-owned properties		40,528		10	%		4.6	%		1.3
Secured revolving credit facility		80,000		19	%		4.1	%		1.2
Term loan		50,000		12	%		7.3	%		1.2
Mortgages - consolidated real estate partnerships		45,228		11	%		3.1	%		4.6
Total	$	410,803	(1)	100	%		5.4	%		3.7


Secured revolving credit facility - matures March 2011
Facility	$	150,000
Less: Outstanding		80,000
Less: Letters of credit		8,257
Availability	$	61,743

Capitalized interest 4Q 2009	$	381

Covenant summary

	Required	Current Quarter	In Compliance
Secured revolving credit facility (3):
Maximum total leverage ratio	< 70%	49%	Yes
Maximum real estate leverage ratio	< 70%	55%	Yes
Minimum fixed charge coverage ratio	> 1.50x	2.17x	Yes
Minimum required tangible net worth	> $ 141,983	$ 200,905	Yes
Maximum total debt to real estate value ratio	< 90%	62%	Yes

Term loan (3):
Maximum Erdman senior indebtedness to adjusted EBITDA	< 3.50x	2.37x	Yes
Maximum Erdman total indebtedness to adjusted EBITDA	< 5.50x	2.37x	Yes
Minimum adjusted EBITDA to fixed charges	> 2.00x	3.69x	Yes
___________________

(1) Future debt obligations related to the Harbison Medical Office Building mortgage are excluded from the above table as the wholly-owned real estate property
was reclassified to discontinued operations during December 2009 and is actively being marketed for sale as of December 31, 2009. The mortgage note requires
monthly principal and interest payments of approximately $0.02 million until February 1, 2011, at which time a balloon payment of approximately $2.1 million is due.
(2) Includes the fixed rate swapped interest rates.
(3) For covenant definitions and a listing of non-financial debt covenants, please refer to the Company's filings with the Securities and Exchange Commission.

Property Listing as of December 31, 2009

	Location	Ownership			Net Rentable Square Feet		Occupancy Rate			Annualized Rent		Annualized Rent Per Leased Square Foot
California
Verdugo Hills Professional Bldg I	Glendale		100.0	%		63,887		95.2	%	$	1,952,001	$	32.09
Verdugo Hills Professional Bldg II	Glendale		100.0	%		42,906		99.5	%		1,421,506		33.29
						106,793		96.9	%		3,373,507		32.59
Florida
Woodlands Center for Specialized Medicine	Pensacola		40.0	%		75,985		100.0	%		2,511,586		33.05

Georgia
Augusta POB I	Augusta		100.0	%		99,494		81.9	%		1,136,792		13.95
Augusta POB II	Augusta		100.0	%		125,634		87.6	%		2,244,082		20.38
Augusta POB III	Augusta		100.0	%		47,034		90.0	%		891,990		21.08
Augusta POB IV	Augusta		100.0	%		55,134		82.5	%		897,199		19.72
Summit Professional Plaza I	Brunswick		100.0	%		33,039		93.5	%		831,554		26.92
Summit Professional Plaza II	Brunswick		100.0	%		64,233		96.7	%		1,774,742		28.56
						424,568		87.7	%		7,776,359		20.88
Indiana
Methodist Professional Center I (1)	Indianapolis		100.0	%		150,243		96.4	%		3,512,790		24.25
Methodist Professional Center II (sub-lease)	Indianapolis		100.0	%		24,080		100.0	%		605,739		25.16
						174,323		96.9	%		4,118,529		24.38
Kentucky
OLBH Same Day Surgery Center and MOB	Ashland		100.0	%		46,907		95.9	%		1,156,321		25.70
OLBH Parking Garage											868,554
						46,907		95.9	%		2,024,875		25.70	(2)
Louisiana
East Jefferson MOB	Metairie		100.0	%		119,921		100.0	%		2,564,795		21.39
East Jefferson Medical Plaza	Metairie		100.0	%		123,184		100.0	%		2,760,449		22.41
East Jefferson MRI	Metairie		100.0	%		10,809		100.0	%		968,693		89.62
						253,914		100.0	%		6,293,937		24.79
New York
Central NY Medical Center (3)	Syracuse		100.0	%		111,634		96.7	%		3,003,222		27.82

North Carolina
Alamance Regional Mebane Outpatient Ctr	Mebane		35.1	%		68,206		71.1	%		1,777,191		36.67
Barclay Downs	Charlotte		100.0	%		38,395		100.0	%		868,845		22.63
Birkdale Bldgs C, D, E and Birkdale Wellness	Huntersville		100.0	%		64,669		100.0	%		1,424,210		22.02
Birkdale II	Huntersville		100.0	%		8,269		100.0	%		219,787		26.58
Copperfield Medical Mall	Concord		100.0	%		26,000		100.0	%		619,286		23.82
East Rocky Mount Kidney Center	Rocky Mount		100.0	%		8,043		100.0	%		158,849		19.75
English Road Medical Center	Rocky Mount		34.5	%		35,393		95.7	%		923,616		27.28
(formerly known as Rocky Mount MOB)
Gaston Professional & Ambulatory Surgery Centers	Gastonia		100.0	%		114,956		100.0	%		2,765,656		24.06
Gaston Parking											606,141
Gateway Medical Office Building	Concord		100.0	%		61,789		87.9	%		1,302,208		23.99
(formerly known as Copperfield MOB)
Harrisburg Family Physicians	Harrisburg		100.0	%		8,202		100.0	%		219,903		26.81
Harrisburg Medical Mall	Harrisburg		100.0	%		18,360		100.0	%		495,465		26.99
Lincoln/Lakemont Family Practice	Lincolnton		100.0	%		16,500		100.0	%		390,119		23.64
Mallard Crossing Medical Park	Charlotte		100.0	%		52,540		62.9	%		843,352		25.51
Medical Arts Building	Concord		100.0	%		84,972		98.2	%		1,877,862		22.51
(formerly known as Cabarrus POB)
Midland Medical Park	Midland		100.0	%		14,610		100.0	%		437,341		29.93
Mulberry Medical Park	Lenoir		100.0	%		24,992		87.0	%		459,177		21.11
Northcross Family Physicians	Charlotte		100.0	%		8,018		100.0	%		229,898		28.67
Randolph Medical Park	Charlotte		100.0	%		84,131		71.8	%		1,317,286		21.80
Rocky Mount Kidney Center	Rocky Mount		100.0	%		10,105		100.0	%		199,574		19.75

Property Listing as of December 31, 2009

	Location	Ownership			Net Rentable Square Feet		Occupancy Rate			Annualized Rent		Annualized Rent Per Leased Square Foot
North Carolina (continued)
Rocky Mount Medical Park	Rocky Mount		100.0	%		96,993		100.0	%		2,036,941		21.00
Rowan Outpatient Surgery Center	Salisbury		100.0	%		19,464		100.0	%		435,162		22.36
Weddington Internal & Pediatric Medicine	Concord		100.0	%		7,750		100.0	%		199,904		25.79
						872,357		91.2	%		19,807,773		24.14	(2)
Pennsylvania
Lancaster Rehabilitation Hospital	Lancaster		100.0	%		52,878		100.0	%		1,258,155		23.79
Lancaster ASC MOB	Lancaster		80.9	%		64,214		100.0	%		1,984,201		30.90
						117,092		100.0	%		3,242,356		27.69
South Carolina
200 Andrews	Greenville		100.0	%		25,902		100.0	%		621,138		23.98
Beaufort Medical Plaza	Beaufort		100.0	%		59,340		100.0	%		1,288,908		21.72
Carolina Forest Medical Plaza	Myrtle Beach		100.0	%		38,902		43.5	%		525,068		31.05
Mary Black Westside Medical Office Bldg	Spartanburg		100.0	%		37,455		100.0	%		817,044		21.81
Medical Arts Center of Orangeburg	Orangeburg		100.0	%		49,324		80.4	%		776,318		19.58
One Medical Park	Columbia		100.0	%		69,840		80.8	%		1,369,857		24.27
Palmetto Health Parkridge	Columbia		100.0	%		89,451		94.6	%		2,054,587		24.28
Providence MOB I	Columbia		100.0	%		48,500		87.2	%		928,504		21.95
Providence MOB II	Columbia		100.0	%		23,280		100.0	%		481,609		20.69
Providence MOB III	Columbia		100.0	%		54,417		55.5	%		650,109		21.54
River Hills Medical Plaza	Little River		100.0	%		27,566		79.5	%		701,030		31.99
Roper Medical Office Building	Charleston		100.0	%		122,785		99.3	%		2,547,834		20.91
Roper Mt. Pleasant Medical Office (Long Point)	Mt. Pleasant		100.0	%		38,735		77.4	%		787,813		26.29
(formerly known as Mt. Pleasant MOB)
St. Francis CMOB	Greenville		100.0	%		45,140		100.0	%		1,185,828		26.27
St. Francis Medical Plaza (Charleston)	Charleston		100.0	%		28,734		100.0	%		819,105		28.51
(formerly known as West Medical I)
St. Francis Medical Plaza (Greenville)	Greenville		100.0	%		62,724		50.7	%		634,553		19.96
St. Francis Professional Medical Center	Greenville		100.0	%		49,767		100.0	%		1,111,631		22.34
St. Francis Women's	Greenville		100.0	%		57,590		76.5	%		937,594		21.29
Three Medical Park	Columbia		100.0	%		88,755		100.0	%		2,147,321		24.19
						1,018,207		86.2	%		20,385,851		23.22
Tennessee
Health Park Medical Office Building	Chattanooga		100.0	%		52,151		100.0	%		1,975,483		37.88
Peerless Crossing Medical Center	Cleveland		100.0	%		40,506		100.0	%		1,231,652		30.41
						92,657		100.0	%		3,207,135		34.61
Virginia
MRMC MOB I	Mechanicsville		100.0	%		56,610		100.0	%		1,602,012		28.30
(formerly known as Hanover MOB I)
St. Mary's MOB North (Floors 6 & 7)	Richmond		100.0	%		30,617		90.1	%		700,573		25.40
						87,227		96.5	%		2,302,585		27.35

Total						3,381,664		91.5	%	$	78,047,715	$	24.74	(2)

Discontinued Operations - South Carolina
Harbison Medical Office Building	Columbia		100.0	%		38,703		41.3	%	$	354,267	$	22.15
(formerly known as Baptist Northwest)
__________________

Property Occupancy Rates

	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
California
Verdugo Professional Bldg I		95.2	%		95.2	%		94.5	%		94.5	%		92.6	%
Verdugo Professional Bldg II		99.5	%		99.5	%		97.3	%		88.6	%		88.6	%

Florida
Woodlands Center for Specialized Medicine		100.0	%		n/a			n/a			n/a			n/a

Georgia
Augusta POB I		81.9	%		82.2	%		85.3	%		84.7	%		92.7	%
Augusta POB II		87.6	%		87.6	%		87.6	%		87.6	%		95.1	%
Augusta POB III		90.0	%		90.0	%		100.0	%		100.0	%		100.0	%
Augusta POB IV		82.5	%		88.9	%		88.9	%		88.9	%		88.9	%
Summit Professional Plaza I		93.5	%		93.5	%		93.5	%		93.5	%		93.5	%
Summit Professional Plaza II		96.7	%		96.7	%		96.7	%		96.7	%		96.7	%

Indiana
Methodist Professional Center I		96.4	%		95.6	%		95.6	%		98.2	%		99.0	%
Methodist Professional Center II		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

Kentucky
OLBH Same Day Surgery Center and MOB		95.9	%		95.9	%		95.9	%		95.9	%		95.9	%

Louisiana
East Jefferson MOB		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
East Jefferson Medical Plaza		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
East Jefferson MRI		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

New York
Central NY Medical Center		96.7	%		96.7	%		96.7	%		96.7	%		96.7	%

North Carolina
Alamance Regional Mebane Outpatient Ctr		71.1	%		71.1	%		66.9	%		n/a			n/a
Barclay Downs		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Birkdale Bldgs C, D, E and Birkdale Wellness		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Birkdale II		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Copperfield Medical Mall		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
East Rocky Mount Kidney Center		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
English Road Medical Center		95.7	%		95.7	%		95.7	%		95.7	%		100.0	%
(formerly known as Rocky Mount MOB)
Gaston Professional & Ambulatory Surgery
Centers		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Gateway Medical Office Building		87.9	%		87.9	%		87.9	%		87.9	%		87.9	%
(formerly known as Copperfield MOB)
Harrisburg Family Physicians		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Harrisburg Medical Mall		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Lincoln/Lakemont Family Practice		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Mallard Crossing Medical Park		62.9	%		62.9	%		62.9	%		62.9	%		62.9	%
Medical Arts Building		98.2	%		98.2	%		98.2	%		98.2	%		95.0	%
(formerly known as Cabarrus POB)
Midland Medical Park		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Mulberry Medical Park		87.0	%		87.0	%		87.0	%		87.0	%		85.4	%
Northcross Family Physicians		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Randolph Medical Park		71.8	%		71.8	%		64.8	%		67.6	%		67.6	%
Rocky Mount Kidney Center		100.0	%		100.0	%		100.0	%		100.0	%		95.7	%

Property Occupancy Rates
North Carolina (continued)
Rocky Mount Medical Park	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Rowan Outpatient Surgery Center	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Weddington Internal & Pediatric Medicine	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

Pennsylvania
Lancaster Rehabilitation Hospital	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Lancaster ASC MOB	100.0	%	100.0	%	93.0	%	94.2	%	93.1	%

South Carolina
200 Andrews	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Beaufort Medical Plaza	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Carolina Forest Medical Plaza	43.5	%	43.5	%	43.5	%	43.5	%	43.5	%
Mary Black Westside Medical Office Building	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Medical Arts Center of Orangeburg	80.4	%	80.1	%	82.2	%	82.2	%	92.9	%
One Medical Park	80.8	%	80.8	%	80.3	%	80.3	%	80.3	%
Palmetto Health Parkridge	94.6	%	94.6	%	94.6	%	95.5	%	95.5	%
Providence MOB I	87.2	%	91.7	%	94.7	%	94.7	%	94.7	%
Providence MOB II	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Providence MOB III	55.5	%	51.4	%	51.4	%	73.4	%	73.4	%
River Hills Medical Plaza	79.5	%	79.5	%	100.0	%	100.0	%	100.0	%
Roper Medical Office Building	99.3	%	100.0	%	99.0	%	99.0	%	100.0	%
Roper Mt. Pleasant Medical Office (Long Point)
(formerly known as Mt. Pleasant MOB)	77.4	%	77.4	%	77.4	%	77.4	%	77.4	%
St. Francis CMOB	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
St. Francis Medical Plaza (Charleston)	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
(formerly known as West Medical I)
St. Francis Medical Plaza (Greenville)	50.7	%	52.5	%	52.5	%	52.5	%	63.5	%
St. Francis Professional Medical Center	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
St. Francis Women's	76.5	%	73.4	%	73.4	%	73.4	%	73.4	%
Three Medical Park	100.0	%	93.8	%	93.8	%	93.8	%	93.8	%

Tennessee
Health Park Medical Office Building	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Peerless Crossing Medical Center	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

Virginia
MRMC MOB I	100.0	%	92.7	%	84.2	%	89.3	%	96.6	%
(formerly known as Hanover MOB I)
St. Mary's MOB North - (Floors 6 & 7)	90.1	%	90.1	%	90.1	%	90.1	%	90.1	%



Discontinued Operations - South Carolina
Harbison Medical Office Building	41.3	%	41.3	%	41.3	%	41.3	%	41.3	%
(formerly known as Baptist Northwest)

Lease Expirations for Leases In Place at December 31, 2009


	Number of Leases Expiring		Net Rentable Square Feet		Percentage of Net Rentable Square Feet			Annualized Rent		Percentage of Property Annualized Rent			Annualized Rent Per Leased Square Foot
Available		-		286,416		8.5	%	$	-		-		$	-
2010		161		568,817		16.8	%		13,128,995		16.8	%		23.08
2011		89		301,526		8.9	%		7,040,600		9.0	%		23.35
2012		142		649,241		19.2	%		17,317,928		22.2	%		24.40
2013		72		328,127		9.7	%		7,226,147		9.3	%		22.02
2014		75		350,153		10.4	%		8,598,482		11.0	%		24.56
2015		31		111,968		3.3	%		2,825,886		3.6	%		25.24
2016		19		82,073		2.4	%		1,740,583		2.2	%		21.21
2017		33		218,887		6.5	%		6,170,823		7.9	%		28.19
2018		16		90,383		2.7	%		2,368,234		3.0	%		26.20
Thereafter		25		394,073		11.7	%		11,630,037		14.9	%		29.51
Total		663		3,381,664		100.0	%	$	78,047,715		100.0	%	$	24.74	(1)
__________________

(1) Excludes annualized rent of adjacent parking decks to OLBH Same Day Surgery Center and MOB and Gaston Professional Center from calculation.
Excludes discontinued operations consisting of seven leases expiring between December 31, 2009 and December 31, 2013 with annualized rent
totaling approximately $0.4 million.

Ten Largest Tenants by Annualized Rent at December 31, 2009

		Tenant	Annualized Rent		Percent of Portfolio
	1	Carolinas Healthcare System	$	5,876,087		7.5	%
	2	Palmetto Health Alliance		3,355,655		4.3	%
	3	Bon Secours St. Francis Hospital		3,029,813		3.9	%
	4	Lancaster General Hospital		2,564,813		3.3	%
	5	Exodus Medical Group, P.A.		2,511,586		3.2	%
	6	Gaston Memorial Hospital		2,026,734		2.6	%
	7	Jefferson Parish Hospital District #2		1,853,794		2.4	%
	8	Our Lady of Bellefonte		1,670,768		2.1	%
	9	Southeast Georgia Health System		1,642,077		2.1	%
	10	University Hospital - Augusta, GA		1,620,430		2.1	%
			$	26,151,757		33.5	%

Acquisitions and Completed Developments for the period January 1, 2008 through December 31, 2009

(dollars in thousands)

Property

Location

Type

Date Acquired /

In-service

Net Rentable Square Feet

Purchase Price / Construction Cost

St. Mary's MOB (Floors 6 & 7)

Richmond, VA

Acquisition

2/22/2008

30,617

4,449

East Jefferson Medical Plaza

Metairie, LA

Acquisition

2/28/2008

123,184

19,765

Carolina Forest Medical Plaza

Horry County, SC

Development

2Q 2008

38,902

7,540

Alamance Regional Mebane Outpatient Center (1)

Mebane, NC

Development

3Q 2009

68,206

17,449

Woodlands Center for Specialized Medicine (2)

Pensacola, FL

Development

4Q 2009

75,985

24,732

Total 2008 and 2009

336,894

73,934

(1) Owned by Mebane Medical Investors, LLC, which is a consolidated real estate partnership. The Company had a 35.1% ownership interest at December 31, 2009.
Alamance Regional Mebane Outpatient Center consists of a MOB and a cancer center, which became operational during 2Q 2009 and 3Q 2009, respectively.

(2) Owned by Genesis Property Holding, LLC, which is a consolidated real estate partnership. The Company had a 40.0% ownership interest at December 31, 2009.

Construction in Progress as of December 31, 2009
(dollars in thousands)

Property	Location	Estimated Completion Date	Net Rentable Square Feet	Investment to Date		Estimated Total Investment		Percentage Leased

Medical Center Physicians Tower	Jackson, TN	1Q 2010	107,000	$	19,280	$	21,100		75	%
HealthPartners Medical Office Building	St. Cloud, MN	2Q 2010	60,000		11,126		18,300		94	%
Lancaster Rehabilitation Hospital (1)	Lancaster, PA	2Q 2010	4,600		414		2,100		100	%
University Physicians MOB & Outpatient Clinic	Brandon, MS	2Q 2010	50,600		10,070		13,900		100	%
Land and pre-construction developments			-		2,448		-
			222,200	$	43,338	$	55,400

(1) Represents 4,600 square foot expansion to the existing property.

Investment in Real Estate Properties
(in thousands)


	Three Months Ended		Year Ended
	December 31, 2009		December 31, 2009
Investment in real estate properties:
Development, redevelopment, and acquisitions	$	14,308	$	51,979
Second generation tenant improvements		1,100		3,932
Recurring property capital expenditures		1,465		1,633
Total	$	16,873	$	57,544