"CenterPoint is one of the best managed REITs in the country byfar," says Robert Norfleet, REIT analyst at Davenport & Co."They will continue to deliver returns that are double that of theaverage industrial REIT for the next three years at least."

On Wednesday, Centerpoint reported that, excluding one-timeaccounting adjustments, net income available to shareholders soared39% in the third quarter to $12.1 million. Same store growth was6.7%, occupancy was 96% and debt as a percentage of total marketcapitalization was 36%.

"We learned tremendously from our experience in the 1980s whenwe were part of a publicly traded UK real estate company," saysCenterPoint CEO John Gates. Until 1993, when CenterPoint wentpublic in the U.S., it was majority owned by Capitol & RegionalProperties PLC of Great Britain. Gates says many publicly traded UKreal estate concerns embarked on ambitious asset expansion pushes,with results that were often far less than spectacular.

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