As part of the capital plan, CenterPoint is selling 1.5 million common shares at $43.25 per share under the company's shelf registration statement, resulting in net proceeds to the firm of about $63.2 million. Lehman Brothers is lead manager. First Union Securities will co-manage the offering. Net proceeds of the offering will repay line of credit balances incurred principally in conjunction with the Arsenal redevelopment.

CenterPoint also announced its intention to pursue the monetization of the previously announced ground lease to the Burlington Northern Santa Fe Railway Co. on a portion of CenterPoint Intermodal Center, and, in addition, the sale of an interest in the tax increment financing afforded CenterPoint in conjunction with the redevelopment. These transactions, expected to be completed in 2001, together with the company's current stock offering, are expected to produce aggregate proceeds of about $150 million.

Legg Mason Wood Walker Inc. has advised CenterPoint with respect to the formulation of the company's capital plans and with respect to the offering.