CNT Centerpoint Pty Sbi

CenterPoint Announces Sale Lease-Back of 2.9 Million Square Feet To Caterpillar Inc. OAK BROOK, Ill., Dec. 16 /PRNewswire-FirstCall/ -- CenterPoint Properties Trust today announced the acquisition of four buildings purchased from Caterpillar Inc. . The 2.9 million square feet of industrial space is located on 280 acres just east of the I-55/I-80 intersection adjacent to the Empress Casino on the Des Plaines River in Joliet, IL. Caterpillar is the world's largest producer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. The four building industrial complex is home to Caterpillar's hydraulics and hydraulic systems manufacturing process, one of the core components of its earth moving equipment. Caterpillar has signed a long-term lease with CenterPoint to continue operations at the site. "We are pleased to work closely with a nationally known redeveloper like CenterPoint Properties. Caterpillar's hydraulics headquarters has been located in the Joliet community for more than 50 years, and it is a critical component of our global leadership," stated Jim Waters, General Manager of Caterpillar's Hydraulics & Hydraulic Systems Business Unit. "Today, Caterpillar's hydraulics manufacturing takes place in four buildings on the Joliet property. Over the next few years, we will consolidate these manufacturing operations into one existing building on the same site. The business will continue to operate on the site through a long-term lease with CenterPoint. This move improves our cost structure by reducing our overall building maintenance expense, while also redeveloping prime real estate for the betterment of the community." "While we announced a long-term sale lease-back today, ultimately it is our intent to redevelop portions of the site and to further build our relationship with Caterpillar Inc.," stated Mike Mullen, President and Chief Operating Officer of CenterPoint Properties. 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. 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. DATASOURCE: CenterPoint Properties CONTACT: John S. Gates, Jr., Co-Chairman & CEO, or Paige H. Gilchrist, Vice President, External Affairs, +1-630-586-8101, both of CenterPoint Properties Web site: http://www.centerpoint-prop.com/

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