CenterPoint Properties Issues $100 Million Perpetual Preferred.

OAK BROOK, Ill. -- CenterPoint Properties Trust (NYSE:CNT) today announced it has closed on a $100 million public offering of 100,000 Series D Flexible Cumulative Redeemable Preferred Shares. The initial yield is 5.377%, fixed for a period of five years ending December 14, 2009. At that time the securities are redeemable at the option of the Company at par plus any accrued and unpaid dividends. If not redeemed, the shares will carry a floating rate of 185 basis points over the higher of the 3-month LIBOR, 10-year Treasury or 30-year Treasury. The Company may also remarket the securities on or before the expiration of the initial fixed rate period to establish a new fixed rate period. Proceeds from this issuance will initially be used to pay down the Company's line of credit.

The preferred stock is a new issuance by the Company. The shares have no stated maturity, sinking fund or mandatory redemption and are not convertible into any other securities of the Company. Dividends will accrue from the date of original issuance and initially will be payable semiannually in arrears, commencing on June 15, 2005 of each year through December 14, 2009. If there is a floating rate period, quarterly payments will be made on or about March 31, June 30, September 30 and December 31.

Lehman Brothers and Wachovia Securities were joint book-running managers for the offering. JP Morgan was co-manager of the offering.

Paul Fisher, Chief Financial Officer, stated, "The securities attracted a diverse group of investors, including several new investors. These shares are a very attractive source of capital and will provide additional capacity and flexibility to fund our expanding pipeline of 'value-added' acquisitions, developments and redevelopments."

CenterPoint Properties Trust

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 37 million square feet and the Company and its affiliates own or control an additional 3,138 acres of land upon which approximately 48 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 $3.0 billion as of September 30, 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 and 10-Qs.