CNT Centerpoint Pty Sbi

CenterPoint Raises Dividend 28% Provides Initial 2004 Earnings Guidance and Revises Q4 2003 Guidance for Non-Cash Charge OAK BROOK, Ill., Nov. 17 /PRNewswire-FirstCall/ -- CenterPoint Properties Trust announced today that its Board of Trustees voted to raise the annual common stock dividend to $3.12 from $2.43 per share, an increase of 28% over 2003. This is the tenth consecutive annual dividend increase since the Company's IPO in 1993. The Company also announced initial 2004 earnings guidance and at this point anticipates funds from operations (FFO) in the range of $4.55 to $4.75 per share. For the first quarter 2004, the Company expects to report FFO in the range of $1.08 to $1.12 per share. The Company also announced the vesting of the 2000 employee stock grants, which will result in a $4.3-million non-cash charge to the fourth quarter 2003. As a result the company revised FFO guidance for the fourth quarter from $1.12 to $1.14 per share to $0.94 to $0.96. Therefore, for the full year 2003 FFO guidance has been revised from $4.17 to $4.19 per share to $4.00 to $4.02. CenterPoint defines FFO as: net income available to common shareholders plus real estate depreciation and non-financing amortization, inclusive of fee income and gain or losses on industrial property sales (net of accumulated depreciation) of the Company and its unconsolidated affiliates. See attached Release Definitions for further explanation of FFO. "We are pleased to announce our initial 2004 FFO guidance which, at the middle of the range, is a 16% increase over 2003 FFO per share guidance. We have also increased our common dividend by 28% in anticipation of higher taxable income in 2004," stated John Gates, Co-Chairman and CEO. "Our 2004 earnings guidance reflects increasing confidence that conditions are starting to improve somewhat in the 1.3-billion-square-foot Chicago industrial property market. We continue to see increasing demand for our value-added activities and positive absorption in certain submarkets. We also are fortunate to have a number of developments, redevelopments and acquisitions in the pipeline that should become income producing in 2004." "The disposition market also remains very liquid and sale cap rates are at historic lows. We once again expect to sell approximately 15-20% of our average book assets in the coming year as part of our strategy to recycle capital into property where we can add more value." "Pursuant to CenterPoint's long-term pay-for-performance compensation plan, stock grants are available to all employees if the Company achieves above-average results including total shareholder return. The 2000 grants were awarded after a 36.5% total return to shareholders during that year. In addition, they were structured to vest when the average total shareholder return equaled or exceeded 60% from the award date (March 1, 2001) for 60 consecutive trading days. As a result since January 1, 2000, CenterPoint shareholders have seen the value of their investment increase by approximately $750 million -- or 97% in less than four years. Over the same period, the S&P 500 lost approximately 20%." Payout Ratio and Record Dates The dividend announced above results in an FFO payout ratio of approximately 67%. This payout ratio remains relatively low and is the minimum payout management believes will be required by the REIT rules. The Company's low payout ratio is a result of its desire to maximize internal capital formation. The record and pay dates for the common and preferred dividends are as follows: For the quarter ending March 31, 2004, $0.78 per common share, to be paid February 2, 2004, to shareholders of record January 22, 2004. For the quarter ending March 31, 2004, $0.9375 per share of its 7.50% Series B Convertible Cumulative Redeemable Preferred Shares (NYSE:CNT-pB) to be paid March 31, 2004 to shareholders of record March 15, 2004. 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 32 million square feet and owns or controls an additional 3,240 acres of land upon which 50 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 $2.4 billion as of September 30, 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. An Investor conference call will be held at 2:30 p.m. CT, 3:30 p.m. ET on Monday, November 17, 2003. It will also be broadcast live on http://www.centerpoint-prop.com/. To listen to the webcast, your computer must have Media Player installed. If you do not have Media Player, the CenterPoint website will have instructions for installing a Media 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 4:30 p.m. CT on Monday, November 17, 2003. The replay number is 888.836.6074, passcode 327492. Centerpoint Properties Trust Release Definitions FFO Payout Ratio is dividends paid during the period divided into Funds from Operations for that same period. Funds From Operations (FFO) The National Associations of Real Estate Investment Trust ("NAREIT") defines funds from operations ("FFO") (April, 2002 White Paper) as net income excluding gains (or losses) from sales of property, plus depreciation and amortization. NAREIT adds, "management of each of its member companies has the responsibility and authority to publish financial information that it regards as useful to the financial community." Accordingly, CenterPoint calculates FFO, inclusive of fee income and industrial property sales (net of accumulated depreciation) of the Company and its unconsolidated affiliates. The Company believes that FFO inclusive of cash gains better reflects recurring funds because the disposition of stabilized properties, and the recycling of capital and profits into new "value added" investments, is fundamental to the company's business strategy. DATASOURCE: CenterPoint Properties Trust CONTACT: John S. Gates, Jr., Co-Chairman and CEO, or Paige H. Gilchrist, Vice President, External Affairs, , or +1-630-586-8000, both of CenterPoint Properties Trust Web site: http://www.centerpoint-prop.com/

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