CenterPoint Properties Announces New Total Consideration and Extended Consent Date and Expiration Date for Tender Offers and Consent Solicitations.

OAK BROOK, Ill. -- CenterPoint Properties Trust announced today that it has increased the Total Consideration payable to holders who tender their Notes and extended the Expiration Date for the previously announced Tender Offers and the Consent Date for the previously announced Consent Solicitations relating to its outstanding $450 million of senior unsecured notes (the "Notes"). The new Total Consideration, which will be paid in respect of all Notes validly tendered and not withdrawn on or prior to the new Expiration Date, will be the Total Consideration as described in the Offer to Purchase and Consent Solicitation Statement dated March 23, 2006, except that the Tender Offer Yield will equal the sum of the yield on the applicable Reference Security on the Price Determination Date, plus (i) 30 basis points for the 5.75% Medium-Term Notes, Series B 2002-1 Fixed Rate (the "2009 Notes"), (ii) 25 basis points for the 4.75% Medium-Term Notes, Series B 2003-1 Fixed Rate (the "2010 Notes") and (iii) 20 basis points for the 5.25% Medium-Term Notes, Series A 2004-1 Fixed Rate (the "2011 Notes"); provided, that in no event will the Total Consideration for each $1,000 principal amount of Notes be less than $1,000. The Expiration Date was previously 5:00 p.m., New York City time, on April 28, 2006. The Expiration Date has been extended to midnight, New York City time, on May 3, 2006 (such date and time, as the same may be further extended, the "Expiration Date"). The Consent Date was previously 5:00 p.m., New York City time, on April 25, 2006. The Consent Date has been extended to midnight, New York City time, on May 3, 2006 (such date and time, as the same may be further extended, the "Consent Date"). In addition, the Price Determination Date will be 11:00 a.m., New York City time, May 1, 2006. Holders who validly tender their Notes on or prior to the new Expiration Date will be eligible to receive the new Total Consideration. Holders who deliver valid consents only without tendering the related Notes on or prior to the new Consent Date will only receive the new Consent Amount of $6.25 per $1,000 principal amount of Notes. Other than terms described in this press release and the description of the changes to the proposed amendments announced in the press release by CenterPoint dated April 11, 2006, the terms and conditions of the Tender Offers and Consent Solicitations are outlined in the Offer to Purchase. Because of the announcements in this press release, CenterPoint will not distribute a supplement to the Offer to Purchase as previously announced.

The "Settlement Date" for holders who validly tender their Notes or submit their consents will be three business days following the Expiration Date. Notes validly tendered and not withdrawn prior to the Expiration Date will have a Settlement Date of May 8, 2006, assuming the Expiration Date is not extended.

As of today's date, consents relating to $40,082,000 in principal amount of the 2009 Notes have been delivered, including consents relating to $13,750,000 in principal amount of 2009 Notes that have been delivered without the related 2009 Notes having been tendered; consents relating to $37,770,000 in principal amount of the 2010 Notes have been delivered, including consents relating to $6,010,000 in principal amount of 2010 Notes that have been delivered without the related 2010 Notes having been tendered; and consents relating to $28,100,000 in principal amount of the 2011 Notes have been delivered, including consents relating to $10,900,000 in principal amount of 2011 Notes that have been delivered without the related 2011 Notes having been tendered.

JPMorgan is the sole Dealer Manager for the tender offer and the consent solicitations and can be contacted at [phone] (toll free). Global Bondholder Services Corp. is the Information Agent and the Depositary for the tender offers and the consent solicitations and can be contacted at [phone] (collect) or toll free at [phone].

About CenterPoint Properties Trust

CenterPoint is the largest industrial property company in the 1.4-billion-square-foot Chicago regional market. As of December 31, 2005, the Company and its affiliates owned approximately 45 million square feet and 3,009 acres of land upon which 43 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.

Certain matters discussed in this press release are forward-looking statements within the meaning of Federal securities laws. There can be no assurance that future results will be achieved and actual results could differ materially from forecasts and estimates. Forward-looking statements in this press release include, without limitation, statements relating to the anticipated closing date of the transaction, and the possibility that any of the conditions to closing, including those outside the control of CenterPoint, will be satisfied. CenterPoint does not assure the future results or outcome of the matters described in forward-looking statements; rather, these statements merely reflect current expectations of the approximate outcomes of the matters discussed. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond CenterPoint's control. The reader is cautioned to make his/her own judgment with regard to the statements discussed in this press release and the assumptions noted by CenterPoint herein.

Many factors may cause actual results to differ materially from the anticipated future results or performance expressed or implied by these forward-looking statements. Certain factors that could cause actual results to differ materially are general business and economic conditions, completion of pending acquisitions and dispositions, 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 and 10-Qs.