CenterPoint Completes $46 Million of Investments and $110 of Dispositions in First Quarter 2004.

Business Editors

OAK BROOK, Ill.--(BUSINESS WIRE)--April 12, 2004

CenterPoint Properties Trust (NYSE:CNT) today announced first quarter 2004 investments of $46 million and dispositions of $110 million. In addition, the Company began construction on a 1,023,000-square-foot build-so-suit at CenterPoint Intermodal Center ("CIC") in Elwood, Illinois. DSC Logistics, a leading supply chain management company headquartered in Des Plaines, IL, has signed a long-term lease for 741,000 square feet.

First quarter 2004 investments of $46 million included completion of one build-to-suit development and acquisition of approximately 766,000 square feet. These investments are expected to produce an initial cash yield of 10.0% and a GAAP yield of 10.6%. Highlighting first quarter investment activity was the purchase of a five building, 361,000-square-foot portfolio. CenterPoint also completed a 213,000-square-foot build-to-suit for California Cartage at CenterPoint Intermodal Center in Elwood, Illinois.

"We continue to see accelerating demand for industrial space of all types in metropolitan Chicago. As a result, we are ahead of schedule on 2004 lease renewals. Despite the recent increase in interest rates, the disposition market is very liquid and prices remain attractive," stated John S. Gates, Jr., Co-Chairman and CEO.

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. The Company and its affiliates currently own and operate approximately 36 million square feet and own or control an additional 3,267 acres of land upon which 50.1 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 $2.7 billion as of December 31, 2003.

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.