<PAGE>

                                                                   EXHIBIT 12-2
                                       
                         CENTERPOINT PROPERTIES TRUST
          COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
                           AND PREFERRED DIVIDENDS
                            (DOLLARS IN THOUSANDS)

<TABLE>
<CAPTION>

                                                                  YEAR ENDED DECEMBER 31,
                                                                  -----------------------
                                            1997           1996           1995           1994           1993
                                           -------        -------        -------        -------        -------
<S>                                       <C>            <C>            <C>            <C>            <C>
Available earnings:                                              
   Net income (loss)                       $27,630        $14,941        $ 8,212        $ 2,359        ($4,930)
   Add interest expense (1)                 10,871         10,992         12,985         12,157          4,111
                                           -------        -------        -------        -------        -------
Available earnings (loss) (2)              $38,501        $25,933        $21,197        $14,516        ($  819)
                                           -------        -------        -------        -------        -------
                                           -------        -------        -------        -------        -------
Fixed Charges:                                    
   Interest expense                        $10,871        $10,992        $12,985        $12,157         $4,111
   Capitalized interest                        893            142             20             63            470
   Preferred dividends                         901            947          1,002                               
                                           -------        -------        -------        -------        -------              
Total Fixed Charges                        $12,665        $12,081        $14,007        $12,220         $4,581
                                           -------        -------        -------        -------        -------
                                           -------        -------        -------        -------        -------

Ratio of earnings to Fixed Charges (3)        3.04           2.15           1.51           1.19
                                           -------        -------        -------        -------        
                                           -------        -------        -------        -------        
</TABLE>
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NOTES:
(1)  Interest expense includes amortization of debt expense.
(2)  Interest portion of rental expense is not calculated because annual rental
     expense for the Company is not  significant.  
(3)  The ratio of earnings to fixed charges for the year ended December 31, 1993
     was less than one to one.  The approximate dollar amount necessary to cover
     the deficiency in that period was $5,400.