**EXHIBIT 12.2**

 

**CENTERPOINTPROPERTIES TRUST**

**COMPUTATIONOF RATIO OF EARNINGS TO**

**COMBINEDFIXED CHARGES AND PREFERRED DIVIDENDS**

**(Dollarsin thousands)**

 
| ** **                                                                                                                   | ** ** | **Years Ended December 31,** | ** ** |
|------------------------------------------------------------------------------------------------------------------------------|------------|------------------------------|------------|
| ** **                                                                                                                   | ** ** | **2005**                     | ** ** | **2004** | ** ** | **2003** | ** ** | **2002** | ** ** | **2001** | ** ** |
| Available  earnings:                                                                                                         |       |                         |       |   |   |   |   |   |   |   |   |
| Income from  continuing operations before income taxes, equity in net income of affiliate  plus gains on sale of real estate |       | $                            | 4,141      |   | $ | (24,150 | ) | $ | 6,889 |   | $ | 17,591 |   | $ | (4,121 | ) |
| Plus:                                                                                                                        |       |                         |       |   |   |   |   |   |   |   |   |
| Interest expense                                                                                                             |       | 29,050                       |       | 33,032 |   | 25,735 |   | 27,456 |   | 32,299 |   |
| Amortization of  deferred financing costs                                                                                    |       | 3,742                        |       | 3,567 |   | 3,354 |   | 2,918 |   | 2,376 |   |
| Distributed  share of equity from affiliates                                                                                 |       | 881                          |       | 5,703 |   | 2,281 |   | 1,994 |   | 3,309 |   |
|                                                                                                                         |       |                         |       |   |   |   |   |   |   |   |   |
| Available  earnings                                                                                                          |       | $                            | 37,814     |   | $ | 18,152 |   | $ | 38,259 |   | $ | 49,959 |   | $ | 33,863 |   |
|                                                                                                                         |       |                         |       |   |   |   |   |   |   |   |   |
| Combined fixed  charges and preferred dividends:                                                                             |       |                         |       |   |   |   |   |   |   |   |   |
| Interest  expense, including discontinued operations                                                                         |       | $                            | 29,388     |   | $ | 33,032 |   | $ | 27,596 |   | $ | 30,452 |   | $ | 32,299 |   |
| Amortization of  deferred financing costs                                                                                    |       | 3,742                        |       | 3,567 |   | 3,354 |   | 2,918 |   | 2,376 |   |
| Preferred  dividends                                                                                                         |       | 6,328                        |       | 2,621 |   | 9,599 |   | 10,090 |   | 10,090 |   |
| Interest  capitalized                                                                                                        |       | 8,978                        |       | 6,586 |   | 8,569 |   | 8,444 |   | 7,154 |   |
|                                                                                                                         |       |                         |       |   |   |   |   |   |   |   |   |
| Combined fixed  charges and preferred dividends                                                                              |       | $                            | 48,436     |   | $ | 45,806 |   | $ | 49,118 |   | $ | 51,904 |   | $ | 51,919 |   |
|                                                                                                                         |       |                         |       |   |   |   |   |   |   |   |   |
| Ratio of  earnings to combined fixed charges and preferred dividends                                                         |       | 0.8                          |       | 0.4 |   | 0.8 |   | 1.0 |   | 0.7 |   |

 

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