EXHIBIT 12

CENTERPOINT PROPERTIES TRUST AND SUBSIDIARIES
MARGIN ANALYSIS (ADJUSTED FOR OUT OF SERVICE PROPERTIES)(in thousands)

|                                            |                                                                                                                    | Twelve Months Ended December 31                                           |        
|------------------------------------------- | ------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------- | -------
|
|
|Net revenue margin:                         |                                                                                                                    |                                                                           |        
|                                            | Minimum rents, straight-line rents, expense reimbursements and mortgage interest income from in-service properties |                                                                           | $      
|                                            | Less adjusted expense reimbursement (adjusted for gross leases and expense stops)                                  |                                                                           |        
|                                            |                                                                                                                    |                                                                           |        
|                                            | Adjusted operating and investment revenue                                                                          |                                                                           |        
|                                            | Less real estate taxes and property operating and leasing expenses(1)                                              |                                                                           |        
|                                            | Add back adjusted expense reimbursement                                                                            |                                                                           |        
|                                            |                                                                                                                    |                                                                           |        
|Net revenue                                 |                                                                                                                    | $                                                                         | 92,629 
|Net revenue margin(2)                       |                                                                                                                    |                                                                           | 83.67  
|Rolling four quarter average                |                                                                                                                    |                                                                           | 83.67  
|Adjusted EBITDA margin:                     |                                                                                                                    |                                                                           |        
|                                            | Net income available to common shareholders                                                                        |                                                                           | $      
|                                            | Add back:                                                                                                          |                                                                           |        
|                                            |                                                                                                                    | Interest incurred, net                                                    |        
|                                            |                                                                                                                    | Interest incurred, net from discontinued operations                       |        
|                                            |                                                                                                                    | Preferred dividends                                                       |        
|                                            |                                                                                                                    | Depreciation and amortization                                             |        
|                                            |                                                                                                                    | Depreciation and amortization from discontinued operations                |        
|                                            |                                                                                                                    | Amortization of deferred financing costs                                  |        
|                                            |                                                                                                                    | Extraordinary item                                                        |        
|                                            |                                                                                                                    | Provision for income taxes (expense) benefit                              |        
|                                            |                                                                                                                    | Provision for income taxes (expense) benefit from discontinued operations |        
|                                            | Less:                                                                                                              |                                                                           |        
|                                            |                                                                                                                    | Depreciation on sold properties                                           |        
|                                            |                                                                                                                    |                                                                           |        
|Adjusted EBITDA                             |                                                                                                                    | $                                                                         | 140,582
|Adjusted EBITDA margin(3)                   |                                                                                                                    |                                                                           | 86.55  
|Rolling four quarter average                |                                                                                                                    |                                                                           | 86.55  
|NOI margin:                                 |                                                                                                                    |                                                                           |        
|                                            | Total operating and investment revenue                                                                             |                                                                           | $      
|                                            | Less:                                                                                                              |                                                                           |        
|                                            |                                                                                                                    | Real estate taxes                                                         |        
|                                            |                                                                                                                    | Property operating and leasing(1)                                         |        
|                                            |                                                                                                                    |                                                                           |        
|Net operating income                        |                                                                                                                    | $                                                                         | 93,009 
|Net operating income margin (NOI margin)(4) |                                                                                                                    |                                                                           | 64.38  
|Rolling four quarter average                |                                                                                                                    |                                                                           | 64.38  

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F-54

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