CenterPoint Reports 12.7% Increase in First Quarter FFO Per Share

First Quarter Highlights:

* 11.1% Increase in Earnings Per Share

* 32.6% Debt to Total Market Cap

* 4.2 to 1 Debt Service Coverage

* 100% Pre-sold Chicago International Produce Market Breaks Ground

* $131 Million Development Pipeline - 99% Pre-leased or Pre-sold

* $31 Million of Dispositions - Ahead of Plan

* Greater Chicago Market Slower, but Healthy



Apr 17, 2001, 01:00 ET from CenterPoint Properties Trust

    OAK BROOK, Ill., April 17 /PRNewswire/ -- CenterPoint Properties Trust
 (NYSE:   CNT) reported today that net income available to common shareholders
 increased 23.2% to $11.5 million for the first quarter 2001 from $9.3 million
 for the same period in 2000.  On a per share basis, net income available to
 common shareholders increased 11.1% to $0.50 per diluted share from $0.45 per
 diluted share.
     Funds from operations (FFO) increased 12.7% to $0.89 per share for the
 first quarter of 2001, versus $0.79 per share for the same period in 2000.
 CenterPoint defines FFO as net income available to common shareholders, plus
 real estate depreciation and non-financing amortization, inclusive of results
 from merchant activities of the company and its unconsolidated affiliates.
     For 2001, the company expressed comfort with FFO per share in the range of
 $3.75 to $3.81. On a quarterly basis, it expects to report in the range of
 $0.91-$0.93 in Q2 2001, $0.96-0.98 in Q3 2001, and $0.99-$1.01 in Q4 2001.  In
 its seven years as an independent public company, the growth rate in FFO per
 share has averaged 14% per annum.
     "As we budgeted for 2001 and have repeatedly forecast, an economic
 slowdown will cause lower same store growth and vacancy increases of several
 points.  Clearly during the first quarter this occurred in most submarkets and
 to a lesser extent, in CenterPoint's portfolio," stated John Gates, President
 and CEO.
     "Nonetheless, over our 15 years as a public company, we have achieved our
 highest returns during economic downturns.  CenterPoint is well positioned to
 repeat this during the current period as well. With 4.2 to 1 debt service
 coverage and $286.5 million available on our recently renewed lines of credit,
 our balance sheet and liquidity remain very strong. Concurrently, our
 portfolio is 94.6% leased and our developments under construction are 99% pre-
 leased or pre-sold. Risk adjusted returns for new build-to-suits, value-added
 investments and redevelopments continue to improve. Meanwhile, the disposition
 market remains very active, driven by leveraged private investors benefiting
 from lower interest rates.
     Consequently, our moderate internal growth is being offset by accelerating
 external growth. These trends have allowed us to continue to sustain overall
 EPS and per share FFO growth at well above average levels."
 
     Continued Strength in Core Portfolio
     The company reported same store net operating income growth of 1.4% for
 first quarter 2001. The calculation is largely driven by tenant relocations
 and renewals, which tend to improve as leasing and gross absorption pick up in
 the warmer months of the year. Expenses increased 2.5% due to an increase in
 energy costs applicable to vacant space. Historically, the company has
 reported an average annual same store growth of approximately 5% and
 anticipates a range of 4% to 5% same store growth for 2001.
     On April 9, the company announced the renewal and expansion of its lease
 with a division of the Dr Pepper Seven-Up Bottling Group, which is
 consolidating its regional operations under one roof at CenterPoint Business
 Center - Northlake. Upon completion of the build-out, the new space will
 combine more than 911,000 square feet of manufacturing and office facilities,
 making it one of the largest soft drink bottling facilities in the world.
     Expirations in the first quarter represented 17% of the total 2001
 expirations. CenterPoint renewed or replaced 15.4% of all leases expiring in
 2001 at an average rental rate increase of 3.0% on a cash basis and 6.4% on a
 GAAP basis. Rental growth, aggregating all leasing activity, represented
 1,553,113 square feet at an average rental rate increased of 3.2% on a cash
 basis and 11.4% on a GAAP basis. As of March 31, 94.6% of the Company's in-
 service industrial portfolio was leased and occupied.  Excluding properties
 sold, the Company retained 95.6% of its tenants for the first quarter 2001.
     "We remain defensive in the current environment. The first quarter is
 always our slowest and this year is no exception," said Paul Ahern, Chief
 Investment Officer. "As predicted, rents will flatten until the economy picks
 up.  On the other hand, we are seeing some very attractive redevelopment
 opportunities with excellent prospects for rental growth through releasing and
 repositioning. "
 
     Strong Investment and Development Activity
     Currently, the company has six projects under construction that are
 99% pre-leased or pre-sold.  Included is the new Chicago International Produce
 Market (CIPM), the premiere wholesale produce market in the Midwest.  The
 $58.4 million project has been 100% pre-sold to the future occupants.  The
 first phase of the market recently broke ground and will comprise
 436,224 square feet on a 25-acre site near Chicago's Loop. Excluding CIPM,
 these projects produce a weighted average first year cash yield of 13.1% and a
 GAAP yield of 18.4%.
     Other projects under construction include a 499,200-square-foot
 build-to-suit for Newell Rubbermaid in Freeport, Illinois and a
 445,000-square-foot development at CenterPoint Business Center -- McCook which
 is partially pre-leased to Quebecor Worldwide, the world's largest commercial
 print company.
     During the first quarter, the Company closed $25.3 million of property
 acquisitions producing an initial cash yield of 12.2% and a GAAP yield of
 12.4%.
     "We are beginning to see some interesting opportunities from corporations
 seeking to liquidate assets," stated Mike Mullen, Chief Operating Officer.
 "Due to our liquidity and deep penetration of this huge and diverse market,
 CenterPoint can purchase and redevelop these buildings into state-of-the-art
 facilities. In turn, we can make them available at below market rents at a
 time when value is paramount in the minds of our customers."
     Development of CenterPoint Intermodal Center (CIC), the former Joliet
 Arsenal, is proceeding on budget and on schedule.  Completion of the initial
 phase of the BNSF intermodal facility and DSC Logistic's 1 million-square-foot
 building are expected in mid 2002.  CIC is the only significant industrial
 park in the Chicagoland area offering development opportunities with direct
 intermodal rail access. The company expects rents in the range of $2.95 to
 $3.50 per square foot.  Comparable market rents are in the range of $4.00 to
 $4.50 per square foot.  This again positions the company as the low cost
 provider to its customers while realizing very satisfactory returns for its
 shareholders.
 
     Merchant Activity
     For the quarter, merchant activity contributed FFO per share of $0.25, or
 12.7% of adjusted gross revenues. FFO from merchant activity includes results
 from fee income earned by CNT, its unconsolidated affiliates and routine
 disposition activity (adjusted for accumulated depreciation).
 
     -- Disposition Activity: CenterPoint completed $30.6 million in
        dispositions during the quarter.  Given the historical slowness in the
        first quarter, this is well ahead of plan.  The Chicago market
        continues to attract diverse and active group of investors, including
        users, pension funds and private investors.
     -- CenterPoint Venture: During the quarter, CenterPoint Venture LLC
        purchased 297,223 square feet, bringing first quarter investments in
        the fund to $13.4 million as of March 31, 2001. Dispositions in the
        first quarter totaled $4.9 million. The venture is on track to meet its
        goal of investing and disposing of approximately $100 million per year
        in 2001.
 
     The venture contributed FFO of $465,628 or $0.020 per share for the
 quarter. The company expects the FFO contribution of the venture to accelerate
 as disposition activities continue in 2001.
 
     Conservative Capital Structure
     CenterPoint continues to focus on its historic practice of re-cycling
 shareholder capital.
     During the quarter the company funded 72% of it's new investment and
 development activity from internally generated funds.
     The company's $400 million lines of credit had $286.5 million available at
 the end of the quarter. In addition, CenterPoint is on track to complete the
 remainder of its capital plan (approximately $80 million) initiated in late
 2000.  This should provide the company with more than sufficient capacity to
 fund its investment pipeline for the foreseeable future.
     At March 31, CenterPoint had a total of $569.8 million of debt outstanding
 at a weighted average interest rate of 6.87%.  Debt to total market
 capitalization declined 960 basis points from 42.2% in first quarter 2000 to
 32.6% in first quarter 2001. For the first quarter, EBITDA to debt service
 coverage was 4.2 to 1 and EBITDA to fixed charge coverage was 3.2 to 1,
 compared with 3.3 to 1 and 2.6 to 1 for the first quarter 2000.
     "We continue to focus on expanding our existing capital base through the
 monetization of the BNSF ground lease and of participations in the tax-exempt
 tax increment financing revenues accruing from the Joliet Arsenal
 redevelopment, stated Paul Fisher, Chief Financial Officer. Our objective is
 to employ minimal company capital to create superior returns from our core
 franchise. Our balance sheet is well positioned to take advantage of some good
 redevelopment opportunities during the current environment."
 
     Dividend
     The Company paid a first quarter dividend of $0.525 per common share on
 February 7, 2001, to shareholders of record January 25, 2001.  For the first
 quarter 2001, the Company's FFO payout ratio was 59%. The Company's low and
 declining payout ratio is a result of its desire to maximize internal capital
 formation.
 
     Greater Chicago Market Conditions
     Greater Chicago continues to prosper from its unique comparative
 advantages, which have sustained a diverse and stable economy:
 
     -- The nation's largest job market
     -- Chicago is second only to New York in the number of Fortune 500 company
        headquarters
     -- One-third of the nation's GDP is created and consumed within 8 hours
        trucking of Chicago
     -- Freight carloads double that of any other gateway
     -- The world's largest container hub after Singapore and Hong Kong
     -- The only area where all six Class I railroads meet
 
     The constantly changing business environment leads to constantly changing
 industrial space needs, which in turn fuel ongoing opportunities for
 CenterPoint's value-added investment and operating strategy.
     For the quarter, market wide absorption totaled 6.7 million square feet
 compared with 9.9 million square feet in 2000.  New industrial construction
 totaled 2.8 million square feet in 2001 compared with 3.5 million square feet
 in 2000.  The company anticipates construction to slow significantly in 2001,
 keeping supply and demand in equilibrium.
     Compared to December 31, 2000, market wide nominal vacancy increased
 57 basis points from 7.1% to 7.7%.  Effective vacancy (net of obsolete,
 special purpose and environmentally tainted properties) is less than 5.0%
 overall.
     "Due to Chicago's winters, historically our first quarter is by far the
 slowest.  Nonetheless, the statistics indicate that demand is moderating
 somewhat in certain submarkets.  Given our long history here and our
 day-to-day dialogue with all sectors of the industry we anticipated this last
 year and budgeted accordingly.  Therefore, year to date, we remain 'on plan',"
 stated Mullen.
     "Looking forward, it is becoming clear that much of the market's current
 vacancy is in high-end speculative space.  Tenants simply will not pay the
 rent necessary to make many of these projects economically viable.  Therefore,
 we expect a significant curtailment of new speculative construction for at
 least the balance of 2001."
 
     CenterPoint Properties Trust
     CenterPoint is a publicly traded real estate investment trust (REIT) and
 the largest industrial property company in the 1.25 billion square foot
 Chicago regional market.  It currently owns and operates approximately
 32 million square feet and an additional 1700 acres of land upon which
 22 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 and air freight buildings.
 The first major REIT to focus on the industrial property sector, CenterPoint
 has a current total market capitalization of approximately $1.7 billion.
     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 are listed in the company's Form 10-K or
 10-Q.
     An Investor conference call will be broadcast live on
 www.centerpoint-prop.com beginning 1:00 p.m. CST, 2:00 p.m. EST on Wednesday,
 April 18, 2001.  To listen to the webcast, your computer must have Real Player
 installed.  If you do not have Real Player, the CenterPoint website will have
 instructions for installing a Real Player at the Pre-event System Test link.
 An online replay will also be available approximately one hour after the call.
 A replay of the call will be available after 5:00 p.m. on Wednesday,
 April 18, 2001. The replay number is 888-266-2086, passcode 4957563.
     Supplemental financial and operating information will be available on the
 company's web site at www.centerpoint-prop.com after 7:30 a.m. CST on
 Wednesday, April 18, 2001.
 
 
                   CENTERPOINT PROPERTIES TRUST AND SUBSIDIARIES
                            CONSOLIDATED BALANCE SHEETS
                                  (in thousands)
 
 
                                               March 31, 2001    Dec. 31, 2000
                                                (Unaudited)      (Proforma) (A)
     Assets:
           Investment in real estate:
              Land                                 $174,730          $173,616
              Buildings                             772,001           755,599
              Building improvements                 111,438           109,822
              Furniture, fixtures, and
               equipment                             23,925            23,607
              Construction in progress               98,337            81,891
                                                  1,180,431         1,144,535
              Less accumulated
               depreciation and
               amortization                        (107,701)          (99,658)
              Real estate held for sale,
               net of depreciation                      918            18,194
                    Net investment in real
                     estate                       1,073,648         1,063,071
 
          Cash and cash equivalents                   1,204             1,226
          Restricted cash and cash
           equivalents                               17,468            27,429
          Tenant accounts receivable, net            33,603            30,790
          Mortgage note receivable                    9,061             7,249
          Investment in and advances to
           affiliate                                 11,055             8,832
          Prepaid expenses and other
           assets                                    10,039             9,714
          Deferred expenses, net                     17,007            19,513
 
                                                 $1,173,085        $1,167,824
 
 
     Liabilities and shareholders' equity
          Liabilities:
               Mortgage notes payable and
                other debt                          $62,190           $81,444
               Senior unsecured debt                350,000           350,000
               Tax-exempt debt                       44,100            44,100
               Line of credit                       113,500            76,333
               Preferred dividends payable            1,060             1,060
               Accounts payable                       8,008            16,612
               Accrued expenses                      44,620            56,086
               Rents received in advance
                and security deposits                12,119             7,889
 
                                                    635,597           633,524
 
          Shareholders' equity:
               Preferred Equity                     119,611           119,611
               Common Equity                        463,627           453,844
               Retained earnings                    (37,042)          (36,854)
               Unearned compensation -
                restricted stock                     (8,708)           (2,301)
 
                                                    537,488           534,300
 
                                                 $1,173,085        $1,167,824
 
 
     (A)  2000 Balance sheet assumes the consolidation of CenterPoint Realty
          Services as of 1/1/2000.
 
 
                  CENTERPOINT PROPERTIES TRUST AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      (in thousands, except per share data)
 
                                              Three Months Ended March 31,
                                             2001             2000
                                                           (Proforma)
                                                     % of             % of
                                             (Un-    Total    (Un-    Total
                                           audited)  Rev.   audited)   Rev.
                                                               (A)
     Revenues:
          Minimum rents                    $29,204   71.3%  $28,461   72.7%
          Straight-line rents                1,295    3.2%    1,517    3.9%
          Expense reimbursements             9,721   23.7%    8,614   22.0%
          Mortgage interest income             121    0.3%      345    0.9%
          Real estate fee income               482    1.1%      359    0.8%
          Equity in net income (loss) of
           affiliate (B)                       150    0.4%     (124)  (0.3%)
 
               Total revenues               40,973  100.0%   39,172  100.0%
 
     Expenses:
          Real estate taxes                  8,335   20.3%    8,446   21.6%
          Property operating and leasing     5,949   14.5%    5,359   13.7%
          General and administrative         1,468    3.6%    1,382    3.5%
          Depreciation and amortization      9,170   22.4%    7,775   19.8%
          Interest expense:
                Interest incurred, net       7,788   19.0%    8,752   22.3%
                Amortization of deferred
                 financing costs               601    1.5%      546    1.4%
 
               Total expenses               33,311   81.3%   32,260   82.3%
 
     Operating income                        7,662   18.7%    6,912   17.7%
 
     Gain or (loss) on the sale of real
      estate                                 7,605   18.6%    5,014   12.8%
 
     Net income before early
      extinguishment of debt                15,267   37.3%   11,926   30.5%
 
     Extraordinary item, early
      extinguishment of debt                (1,616)  (3.9%)       -       -
 
     Net income before income taxes         13,651   33.4%   11,926   30.5%
 
     Provision (benefit) for income taxes     (380)  (0.9%)      55    0.1%
 
     Net income                             14,031   34.3%   11,871   30.4%
 
     Preferred dividends                    (2,523)  (6.2%)  (2,528)  (6.5%)
 
     Net income available to common
      shareholders                         $11,508   28.1%   $9,343   23.9%
 
     Net income available to common
      shareholders per share
        before extraordinary item
          Basic                              $0.59            $0.45
          Diluted                            $0.57            $0.45
 
     Net income available to common
      shareholders per share
          Basic                              $0.51            $0.45
          Diluted                            $0.50            $0.45
 
     Distributions declared per share       $0.525           $0.503
 
     EBITDA                                $32,826          $28,999
     EBITDA to debt service coverage           4.2              3.3
     EBITDA to fixed charge coverage           3.2              2.6
 
     (A)  2000 Statement of operations assumes the consolidation of
          CenterPoint Realty Services as of 1/1/2000.
     (B)  Investments accounted for on an equity basis include CenterPoint
          Venture LLC and CenterPoint Capital Funding LLC.
 
 
                   CENTERPOINT PROPERTIES TRUST AND SUBSIDIARIES
                                   FUNDS ANALYSIS
                         (in thousands, except share data)
 
 
                                              Three Months Ended March 31
                                             2001     % of      2000     % of
                                                      Total              Total
                                         (Unaudited)  Rev.  (Unaudited)  Rev.
 
     Funds from operations
 
     Net income available to common
      shareholders                           $11,508  28.1%      $9,343  23.9%
 
          Add back/(Deduct):
 
               Depreciation and
                amortization, net of tax       9,197  22.4%       7,653  19.5%
               Accumulated depreciation
                on sold industrial
                assets, net of tax              (293) (0.7%)       (701) (1.8%)
               Convertible preferred
                dividend                         933   2.3%         938   2.4%
               Extraordinary items:
                     Gain on sale of non-
                      industrial
                      properties              (2,070) (5.1%)        -        -
                     Early extinquishment
                      of debt                  1,616   3.9%         -        -
 
          Funds from operations              $20,891  50.9%     $17,233  44.0%
 
          Funds from operations per share      $0.89              $0.79
 
     Funds available for distribution
 
     Funds from operations                   $20,891  50.9%     $17,233  44.0%
 
          Add:
 
               Amortization of deferred
                financing costs                  601   1.5%         546   1.4%
 
          Deduct:
 
               Straight-line rents            (1,295) (3.2%)     (1,517) (3.9%)
               Leasing commissions on
                second generation space         (443) (1.1%)       (742) (1.9%)
 
          Funds available for
           distribution                      $19,754  48.2%     $15,520  39.6%
 
          Funds available for
           distribution per share              $0.84              $0.71
 
     Annualized FFO Return on Common
      Equity(A)
 
          FFO return on common equity         18.02%             17.68%
 
     Average shares outstanding (B)       23,537,262         21,834,801
 
 
          (A)  FFO / Common Equity
          (B)  Average shares outstanding assuming conversion of Series B
               Convertible Preferred Shares.
 
 
 

SOURCE CenterPoint Properties Trust
    OAK BROOK, Ill., April 17 /PRNewswire/ -- CenterPoint Properties Trust
 (NYSE:   CNT) reported today that net income available to common shareholders
 increased 23.2% to $11.5 million for the first quarter 2001 from $9.3 million
 for the same period in 2000.  On a per share basis, net income available to
 common shareholders increased 11.1% to $0.50 per diluted share from $0.45 per
 diluted share.
     Funds from operations (FFO) increased 12.7% to $0.89 per share for the
 first quarter of 2001, versus $0.79 per share for the same period in 2000.
 CenterPoint defines FFO as net income available to common shareholders, plus
 real estate depreciation and non-financing amortization, inclusive of results
 from merchant activities of the company and its unconsolidated affiliates.
     For 2001, the company expressed comfort with FFO per share in the range of
 $3.75 to $3.81. On a quarterly basis, it expects to report in the range of
 $0.91-$0.93 in Q2 2001, $0.96-0.98 in Q3 2001, and $0.99-$1.01 in Q4 2001.  In
 its seven years as an independent public company, the growth rate in FFO per
 share has averaged 14% per annum.
     "As we budgeted for 2001 and have repeatedly forecast, an economic
 slowdown will cause lower same store growth and vacancy increases of several
 points.  Clearly during the first quarter this occurred in most submarkets and
 to a lesser extent, in CenterPoint's portfolio," stated John Gates, President
 and CEO.
     "Nonetheless, over our 15 years as a public company, we have achieved our
 highest returns during economic downturns.  CenterPoint is well positioned to
 repeat this during the current period as well. With 4.2 to 1 debt service
 coverage and $286.5 million available on our recently renewed lines of credit,
 our balance sheet and liquidity remain very strong. Concurrently, our
 portfolio is 94.6% leased and our developments under construction are 99% pre-
 leased or pre-sold. Risk adjusted returns for new build-to-suits, value-added
 investments and redevelopments continue to improve. Meanwhile, the disposition
 market remains very active, driven by leveraged private investors benefiting
 from lower interest rates.
     Consequently, our moderate internal growth is being offset by accelerating
 external growth. These trends have allowed us to continue to sustain overall
 EPS and per share FFO growth at well above average levels."
 
     Continued Strength in Core Portfolio
     The company reported same store net operating income growth of 1.4% for
 first quarter 2001. The calculation is largely driven by tenant relocations
 and renewals, which tend to improve as leasing and gross absorption pick up in
 the warmer months of the year. Expenses increased 2.5% due to an increase in
 energy costs applicable to vacant space. Historically, the company has
 reported an average annual same store growth of approximately 5% and
 anticipates a range of 4% to 5% same store growth for 2001.
     On April 9, the company announced the renewal and expansion of its lease
 with a division of the Dr Pepper Seven-Up Bottling Group, which is
 consolidating its regional operations under one roof at CenterPoint Business
 Center - Northlake. Upon completion of the build-out, the new space will
 combine more than 911,000 square feet of manufacturing and office facilities,
 making it one of the largest soft drink bottling facilities in the world.
     Expirations in the first quarter represented 17% of the total 2001
 expirations. CenterPoint renewed or replaced 15.4% of all leases expiring in
 2001 at an average rental rate increase of 3.0% on a cash basis and 6.4% on a
 GAAP basis. Rental growth, aggregating all leasing activity, represented
 1,553,113 square feet at an average rental rate increased of 3.2% on a cash
 basis and 11.4% on a GAAP basis. As of March 31, 94.6% of the Company's in-
 service industrial portfolio was leased and occupied.  Excluding properties
 sold, the Company retained 95.6% of its tenants for the first quarter 2001.
     "We remain defensive in the current environment. The first quarter is
 always our slowest and this year is no exception," said Paul Ahern, Chief
 Investment Officer. "As predicted, rents will flatten until the economy picks
 up.  On the other hand, we are seeing some very attractive redevelopment
 opportunities with excellent prospects for rental growth through releasing and
 repositioning. "
 
     Strong Investment and Development Activity
     Currently, the company has six projects under construction that are
 99% pre-leased or pre-sold.  Included is the new Chicago International Produce
 Market (CIPM), the premiere wholesale produce market in the Midwest.  The
 $58.4 million project has been 100% pre-sold to the future occupants.  The
 first phase of the market recently broke ground and will comprise
 436,224 square feet on a 25-acre site near Chicago's Loop. Excluding CIPM,
 these projects produce a weighted average first year cash yield of 13.1% and a
 GAAP yield of 18.4%.
     Other projects under construction include a 499,200-square-foot
 build-to-suit for Newell Rubbermaid in Freeport, Illinois and a
 445,000-square-foot development at CenterPoint Business Center -- McCook which
 is partially pre-leased to Quebecor Worldwide, the world's largest commercial
 print company.
     During the first quarter, the Company closed $25.3 million of property
 acquisitions producing an initial cash yield of 12.2% and a GAAP yield of
 12.4%.
     "We are beginning to see some interesting opportunities from corporations
 seeking to liquidate assets," stated Mike Mullen, Chief Operating Officer.
 "Due to our liquidity and deep penetration of this huge and diverse market,
 CenterPoint can purchase and redevelop these buildings into state-of-the-art
 facilities. In turn, we can make them available at below market rents at a
 time when value is paramount in the minds of our customers."
     Development of CenterPoint Intermodal Center (CIC), the former Joliet
 Arsenal, is proceeding on budget and on schedule.  Completion of the initial
 phase of the BNSF intermodal facility and DSC Logistic's 1 million-square-foot
 building are expected in mid 2002.  CIC is the only significant industrial
 park in the Chicagoland area offering development opportunities with direct
 intermodal rail access. The company expects rents in the range of $2.95 to
 $3.50 per square foot.  Comparable market rents are in the range of $4.00 to
 $4.50 per square foot.  This again positions the company as the low cost
 provider to its customers while realizing very satisfactory returns for its
 shareholders.
 
     Merchant Activity
     For the quarter, merchant activity contributed FFO per share of $0.25, or
 12.7% of adjusted gross revenues. FFO from merchant activity includes results
 from fee income earned by CNT, its unconsolidated affiliates and routine
 disposition activity (adjusted for accumulated depreciation).
 
     -- Disposition Activity: CenterPoint completed $30.6 million in
        dispositions during the quarter.  Given the historical slowness in the
        first quarter, this is well ahead of plan.  The Chicago market
        continues to attract diverse and active group of investors, including
        users, pension funds and private investors.
     -- CenterPoint Venture: During the quarter, CenterPoint Venture LLC
        purchased 297,223 square feet, bringing first quarter investments in
        the fund to $13.4 million as of March 31, 2001. Dispositions in the
        first quarter totaled $4.9 million. The venture is on track to meet its
        goal of investing and disposing of approximately $100 million per year
        in 2001.
 
     The venture contributed FFO of $465,628 or $0.020 per share for the
 quarter. The company expects the FFO contribution of the venture to accelerate
 as disposition activities continue in 2001.
 
     Conservative Capital Structure
     CenterPoint continues to focus on its historic practice of re-cycling
 shareholder capital.
     During the quarter the company funded 72% of it's new investment and
 development activity from internally generated funds.
     The company's $400 million lines of credit had $286.5 million available at
 the end of the quarter. In addition, CenterPoint is on track to complete the
 remainder of its capital plan (approximately $80 million) initiated in late
 2000.  This should provide the company with more than sufficient capacity to
 fund its investment pipeline for the foreseeable future.
     At March 31, CenterPoint had a total of $569.8 million of debt outstanding
 at a weighted average interest rate of 6.87%.  Debt to total market
 capitalization declined 960 basis points from 42.2% in first quarter 2000 to
 32.6% in first quarter 2001. For the first quarter, EBITDA to debt service
 coverage was 4.2 to 1 and EBITDA to fixed charge coverage was 3.2 to 1,
 compared with 3.3 to 1 and 2.6 to 1 for the first quarter 2000.
     "We continue to focus on expanding our existing capital base through the
 monetization of the BNSF ground lease and of participations in the tax-exempt
 tax increment financing revenues accruing from the Joliet Arsenal
 redevelopment, stated Paul Fisher, Chief Financial Officer. Our objective is
 to employ minimal company capital to create superior returns from our core
 franchise. Our balance sheet is well positioned to take advantage of some good
 redevelopment opportunities during the current environment."
 
     Dividend
     The Company paid a first quarter dividend of $0.525 per common share on
 February 7, 2001, to shareholders of record January 25, 2001.  For the first
 quarter 2001, the Company's FFO payout ratio was 59%. The Company's low and
 declining payout ratio is a result of its desire to maximize internal capital
 formation.
 
     Greater Chicago Market Conditions
     Greater Chicago continues to prosper from its unique comparative
 advantages, which have sustained a diverse and stable economy:
 
     -- The nation's largest job market
     -- Chicago is second only to New York in the number of Fortune 500 company
        headquarters
     -- One-third of the nation's GDP is created and consumed within 8 hours
        trucking of Chicago
     -- Freight carloads double that of any other gateway
     -- The world's largest container hub after Singapore and Hong Kong
     -- The only area where all six Class I railroads meet
 
     The constantly changing business environment leads to constantly changing
 industrial space needs, which in turn fuel ongoing opportunities for
 CenterPoint's value-added investment and operating strategy.
     For the quarter, market wide absorption totaled 6.7 million square feet
 compared with 9.9 million square feet in 2000.  New industrial construction
 totaled 2.8 million square feet in 2001 compared with 3.5 million square feet
 in 2000.  The company anticipates construction to slow significantly in 2001,
 keeping supply and demand in equilibrium.
     Compared to December 31, 2000, market wide nominal vacancy increased
 57 basis points from 7.1% to 7.7%.  Effective vacancy (net of obsolete,
 special purpose and environmentally tainted properties) is less than 5.0%
 overall.
     "Due to Chicago's winters, historically our first quarter is by far the
 slowest.  Nonetheless, the statistics indicate that demand is moderating
 somewhat in certain submarkets.  Given our long history here and our
 day-to-day dialogue with all sectors of the industry we anticipated this last
 year and budgeted accordingly.  Therefore, year to date, we remain 'on plan',"
 stated Mullen.
     "Looking forward, it is becoming clear that much of the market's current
 vacancy is in high-end speculative space.  Tenants simply will not pay the
 rent necessary to make many of these projects economically viable.  Therefore,
 we expect a significant curtailment of new speculative construction for at
 least the balance of 2001."
 
     CenterPoint Properties Trust
     CenterPoint is a publicly traded real estate investment trust (REIT) and
 the largest industrial property company in the 1.25 billion square foot
 Chicago regional market.  It currently owns and operates approximately
 32 million square feet and an additional 1700 acres of land upon which
 22 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 and air freight buildings.
 The first major REIT to focus on the industrial property sector, CenterPoint
 has a current total market capitalization of approximately $1.7 billion.
     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 are listed in the company's Form 10-K or
 10-Q.
     An Investor conference call will be broadcast live on
 www.centerpoint-prop.com beginning 1:00 p.m. CST, 2:00 p.m. EST on Wednesday,
 April 18, 2001.  To listen to the webcast, your computer must have Real Player
 installed.  If you do not have Real Player, the CenterPoint website will have
 instructions for installing a Real Player at the Pre-event System Test link.
 An online replay will also be available approximately one hour after the call.
 A replay of the call will be available after 5:00 p.m. on Wednesday,
 April 18, 2001. The replay number is 888-266-2086, passcode 4957563.
     Supplemental financial and operating information will be available on the
 company's web site at www.centerpoint-prop.com after 7:30 a.m. CST on
 Wednesday, April 18, 2001.
 
 
                   CENTERPOINT PROPERTIES TRUST AND SUBSIDIARIES
                            CONSOLIDATED BALANCE SHEETS
                                  (in thousands)
 
 
                                               March 31, 2001    Dec. 31, 2000
                                                (Unaudited)      (Proforma) (A)
     Assets:
           Investment in real estate:
              Land                                 $174,730          $173,616
              Buildings                             772,001           755,599
              Building improvements                 111,438           109,822
              Furniture, fixtures, and
               equipment                             23,925            23,607
              Construction in progress               98,337            81,891
                                                  1,180,431         1,144,535
              Less accumulated
               depreciation and
               amortization                        (107,701)          (99,658)
              Real estate held for sale,
               net of depreciation                      918            18,194
                    Net investment in real
                     estate                       1,073,648         1,063,071
 
          Cash and cash equivalents                   1,204             1,226
          Restricted cash and cash
           equivalents                               17,468            27,429
          Tenant accounts receivable, net            33,603            30,790
          Mortgage note receivable                    9,061             7,249
          Investment in and advances to
           affiliate                                 11,055             8,832
          Prepaid expenses and other
           assets                                    10,039             9,714
          Deferred expenses, net                     17,007            19,513
 
                                                 $1,173,085        $1,167,824
 
 
     Liabilities and shareholders' equity
          Liabilities:
               Mortgage notes payable and
                other debt                          $62,190           $81,444
               Senior unsecured debt                350,000           350,000
               Tax-exempt debt                       44,100            44,100
               Line of credit                       113,500            76,333
               Preferred dividends payable            1,060             1,060
               Accounts payable                       8,008            16,612
               Accrued expenses                      44,620            56,086
               Rents received in advance
                and security deposits                12,119             7,889
 
                                                    635,597           633,524
 
          Shareholders' equity:
               Preferred Equity                     119,611           119,611
               Common Equity                        463,627           453,844
               Retained earnings                    (37,042)          (36,854)
               Unearned compensation -
                restricted stock                     (8,708)           (2,301)
 
                                                    537,488           534,300
 
                                                 $1,173,085        $1,167,824
 
 
     (A)  2000 Balance sheet assumes the consolidation of CenterPoint Realty
          Services as of 1/1/2000.
 
 
                  CENTERPOINT PROPERTIES TRUST AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      (in thousands, except per share data)
 
                                              Three Months Ended March 31,
                                             2001             2000
                                                           (Proforma)
                                                     % of             % of
                                             (Un-    Total    (Un-    Total
                                           audited)  Rev.   audited)   Rev.
                                                               (A)
     Revenues:
          Minimum rents                    $29,204   71.3%  $28,461   72.7%
          Straight-line rents                1,295    3.2%    1,517    3.9%
          Expense reimbursements             9,721   23.7%    8,614   22.0%
          Mortgage interest income             121    0.3%      345    0.9%
          Real estate fee income               482    1.1%      359    0.8%
          Equity in net income (loss) of
           affiliate (B)                       150    0.4%     (124)  (0.3%)
 
               Total revenues               40,973  100.0%   39,172  100.0%
 
     Expenses:
          Real estate taxes                  8,335   20.3%    8,446   21.6%
          Property operating and leasing     5,949   14.5%    5,359   13.7%
          General and administrative         1,468    3.6%    1,382    3.5%
          Depreciation and amortization      9,170   22.4%    7,775   19.8%
          Interest expense:
                Interest incurred, net       7,788   19.0%    8,752   22.3%
                Amortization of deferred
                 financing costs               601    1.5%      546    1.4%
 
               Total expenses               33,311   81.3%   32,260   82.3%
 
     Operating income                        7,662   18.7%    6,912   17.7%
 
     Gain or (loss) on the sale of real
      estate                                 7,605   18.6%    5,014   12.8%
 
     Net income before early
      extinguishment of debt                15,267   37.3%   11,926   30.5%
 
     Extraordinary item, early
      extinguishment of debt                (1,616)  (3.9%)       -       -
 
     Net income before income taxes         13,651   33.4%   11,926   30.5%
 
     Provision (benefit) for income taxes     (380)  (0.9%)      55    0.1%
 
     Net income                             14,031   34.3%   11,871   30.4%
 
     Preferred dividends                    (2,523)  (6.2%)  (2,528)  (6.5%)
 
     Net income available to common
      shareholders                         $11,508   28.1%   $9,343   23.9%
 
     Net income available to common
      shareholders per share
        before extraordinary item
          Basic                              $0.59            $0.45
          Diluted                            $0.57            $0.45
 
     Net income available to common
      shareholders per share
          Basic                              $0.51            $0.45
          Diluted                            $0.50            $0.45
 
     Distributions declared per share       $0.525           $0.503
 
     EBITDA                                $32,826          $28,999
     EBITDA to debt service coverage           4.2              3.3
     EBITDA to fixed charge coverage           3.2              2.6
 
     (A)  2000 Statement of operations assumes the consolidation of
          CenterPoint Realty Services as of 1/1/2000.
     (B)  Investments accounted for on an equity basis include CenterPoint
          Venture LLC and CenterPoint Capital Funding LLC.
 
 
                   CENTERPOINT PROPERTIES TRUST AND SUBSIDIARIES
                                   FUNDS ANALYSIS
                         (in thousands, except share data)
 
 
                                              Three Months Ended March 31
                                             2001     % of      2000     % of
                                                      Total              Total
                                         (Unaudited)  Rev.  (Unaudited)  Rev.
 
     Funds from operations
 
     Net income available to common
      shareholders                           $11,508  28.1%      $9,343  23.9%
 
          Add back/(Deduct):
 
               Depreciation and
                amortization, net of tax       9,197  22.4%       7,653  19.5%
               Accumulated depreciation
                on sold industrial
                assets, net of tax              (293) (0.7%)       (701) (1.8%)
               Convertible preferred
                dividend                         933   2.3%         938   2.4%
               Extraordinary items:
                     Gain on sale of non-
                      industrial
                      properties              (2,070) (5.1%)        -        -
                     Early extinquishment
                      of debt                  1,616   3.9%         -        -
 
          Funds from operations              $20,891  50.9%     $17,233  44.0%
 
          Funds from operations per share      $0.89              $0.79
 
     Funds available for distribution
 
     Funds from operations                   $20,891  50.9%     $17,233  44.0%
 
          Add:
 
               Amortization of deferred
                financing costs                  601   1.5%         546   1.4%
 
          Deduct:
 
               Straight-line rents            (1,295) (3.2%)     (1,517) (3.9%)
               Leasing commissions on
                second generation space         (443) (1.1%)       (742) (1.9%)
 
          Funds available for
           distribution                      $19,754  48.2%     $15,520  39.6%
 
          Funds available for
           distribution per share              $0.84              $0.71
 
     Annualized FFO Return on Common
      Equity(A)
 
          FFO return on common equity         18.02%             17.68%
 
     Average shares outstanding (B)       23,537,262         21,834,801
 
 
          (A)  FFO / Common Equity
          (B)  Average shares outstanding assuming conversion of Series B
               Convertible Preferred Shares.
 
 
 SOURCE  CenterPoint Properties Trust