CenterPoint Announces Two-for-One Stock Split and Share Repurchase Program; Declares Third Quarter Dividends.

Business Editors

OAK BROOK, Ill.--(BUSINESS WIRE)--May 19, 2004

CenterPoint Properties Trust (NYSE:CNT) announced the record date for its two-for-one stock split previously approved by its Board of Trustees. This was made possible by the shareholders' approval of an increase in authorized common shares at yesterday's annual meeting. Shareholders will receive one additional common share for every share held on the record date of June 1, 2004. These additional shares will be distributed on June 30, 2004.

The Board of Trustees also announced today that it authorized management to institute a share repurchase program of up to $100 million. Purchases will be made from time to time in open market transactions at prevailing prices or in negotiated private transactions at discretion of a subcommittee of the Board of Trustees.

The Board also declared a third quarter dividend of $0.39 per newly split common share, to be paid July 22, 2004, to shareholders of record July 17, 2004. On an annualized basis, this equates to $1.56 per share for the year 2004.

Finally, the Board of Trustees declared a preferred dividend of $0.9375 per share of its 7.50% Series B Convertible Cumulative Redeemable Preferred Shares (NYSE:CNT B) to be paid September 30, 2004 to shareholders of record September 16, 2004.

About CenterPoint Properties

CenterPoint is a publicly traded real estate investment trust (REIT) and the largest industrial property company in the 1.3 billion-square-foot Chicago regional market. It currently owns and operates approximately 36 million square feet and owns or controls an additional 3,296 acres of land upon which 50 million square feet could be developed. The Company is focused on providing unsurpassed tenant satisfaction and adding value to its shareholders through customer driven management, investment, development and redevelopment of warehouse, distribution, light manufacturing buildings and logistics infrastructure. The first major REIT to focus on the industrial property sector, CenterPoint had a total market capitalization of approximately $2.8 billion as of March 31, 2004.

Statements in this release, which are not historical, may be deemed forward-looking statements under federal securities laws. There can be no assurance that future results will be achieved and actual results could differ materially from forecasts and estimates. Factors that could cause actual results to differ materially are general business and economic conditions, completion of pending acquisitions, competitive market conditions, weather, pricing of debt and equity capital markets and other risks inherent in the real estate business. Such factors and others are listed in the Company's Form 10-K or 10-Q.