<PAGE>
EXHIBIT 12
CENTERPOINT PROPERTIES TRUST
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED JUNE 30, YEAR ENDED DECEMBER 31,
-------------- -----------------------
2000 1999 1998 1997 1996 1995
---- ---- ---- ---- ---- ----
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Available earnings:
Net income $25,006 $48,760 $32,248 $27,260 $14,941 $8,212
Add interest expense (1) 15,678 21,859 15,476 10,871 10,992 12,985
-------- -------- -------- -------- -------- --------
Available earnings(2) $40,684 $70,619 $47,724 $38,131 $25,933 $21,197
Fixed charges: ======== ======== ======== ======== ======== ========
Interest expense $15,678 $21,859 $15,476 $10,871 $10,992 $12,985
Capitalized interest 1,069 1,926 2,214 893 142 20
-------- -------- -------- -------- -------- --------
Total fixed charges $16,747 $23,785 $17,690 $11,764 $11,134 $13,005
======== ======== ======== ======== ======== ========
Ratio of earnings to fixed charges 2.43 2.97 2.70 3.24 2.33 1.63
======== ======== ======== ======== ======== ========
</TABLE>
____________________________________
NOTES: (1) Interest expense includes amortization of deferred financing costs.
(2) Interest portion of rental expense is not calculated because
annual rental expense for the Company is not significant.
CENTERPOINT PROPERTIES TRUST
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED DIVIDENDS
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED JUNE 30, YEAR ENDED DECEMBER 31,
-------------- -----------------------
2000 1999 1998 1997 1996 1995
---- ---- ---- ---- ---- ----
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Available earnings:
Net income $25,006 $48,760 $32,248 $27,260 $14,941 $8,212
Add interest expense (1) 15,678 21,859 15,476 10,871 10,992 12,985
-------- -------- -------- -------- -------- --------
Available earnings (2) $40,684 $70,619 $47,724 $38,131 $25,933 $21,197
Combined fixed charges: ======== ======== ======== ======== ======== ========
Interest expense $15,678 $21,859 $15,476 $10,871 $10,992 $12,985
Capitalized interest 1,069 1,926 2,214 893 142 20
Preferred dividends 5,055 8,318 6,360 901 947 1,002
-------- -------- -------- -------- -------- --------
Total fixed charges $21,802 $32,103 $24,050 $12,665 $12,081 $14,007
======== ======== ======== ======== ======== ========
Ratio of earnings to combined
fixed charges 1.87 2.20 1.98 3.01 2.15 1.51
======== ======== ======== ======== ======== ========
</TABLE>
____________________________________
NOTES: (1) Interest expense includes amortization of deferred financing costs.
(2) Interest portion of rental expense is not calculated because
annual rental expense for the Company is not significant.
