CenterPoint Considering $400-$500 Million Portfolio Sale.

Business Editors

OAK BROOK, Ill.--(BUSINESS WIRE)--April 14, 2004

CenterPoint Properties Trust (NYSE:CNT) announced today that it is in talks to sell a $400-$500 million portfolio to a U.S. REIT subsidiary of a to-be-formed Australian listed property fund. If concluded, approximately 60% of the buildings would be sold in June 2004, with the balance to close in the first quarter of 2005.

CenterPoint expects to redeploy the majority of the proceeds into new build-to-suit developments, redevelopments and other value-added investments. "To boost returns and growth, CenterPoint has consistently sold stabilized assets and redeployed the capital into higher yielding opportunities where it can add value. Over time, this 'recycling' strategy increases earnings and limits shareholder dilution. Albeit large, the contemplated sale would serve the same objectives," stated John S. Gates, Jr., Co-Chairman and CEO. "The sale would allow the Company to efficiently bundle the majority of its budgeted 2004 and 2005 sales to one buyer. In addition, it would fund - and fix the cost of - the preponderance of our capital needs for the next two years."

The Company reported that the sale is motivated by its accelerating build-to-suit development, redevelopment and investment activity in the Chicago marketplace. According to Mike Mullen, President, "We have experienced a significant increase in customer activity. This sale increases our ability to fund these expanding opportunities."

This potential portfolio sale also positions the Company to consider a special dividend and a share repurchase plan as a means of returning some of the profits to shareholders. "The Company could afford to return capital without diminishing its ability to pursue attractive opportunities to add value," said Paul Fisher, Chief Financial Officer. He also noted, "In addition to a strong disposition market, other attractive capital sources remain available, including additional TIF and lease securitizations as well as venture partners."

Although there can be no assurance that all or any part of the transaction will close, the parties have reached an agreement in principle and are concluding final negotiations on definitive agreements. If and when the transaction occurs, the Company expects to revise full year 2004 EPS and FFO guidance upwards. However, it will have no effect on first quarter results.

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.