Cogdell Spencer Announces Offering, Cuts Dividend

The shares of common stock sold to Lubar will not be subject to any underwriting discount.

Charlotte, N.C.-based Cogdell Spencer also announced it would cut its dividend payments by more than half to 11 cents per share for the second, third and fourth quarters of this year. The dividend payments assume completion of the stock offering, the company said. The payments are down from the current payout of 22.5 cents per share.

The reduction helps "maintain financial flexibility in light of the current state of the capital markets."

It also takes into account the payments for the increased number of shares of common stock and operating partnership units expected to be outstanding upon completion of the public offering.