KTR Keystone Prop Tr

Keystone Property Trust Announces Acquisition in Harrisburg, PA, and the Closing of $25 Million Senior Secured Term Credit Facility WEST CONSHOHOCKEN, Pa., Nov. 3 /PRNewswire-FirstCall/ -- Keystone Property Trust announced today that it acquired a 677,548-square-foot distribution center in Harrisburg, Pennsylvania, for approximately $21.5 million. A. Donald Chase, Jr., Senior Vice President of Keystone, commenting on the transaction stated, "3500 Industrial Road is a 25-32 foot clear, 98% occupied building, with quality tenants like Super Valu Inc., Exel Inc., and PJAX, Inc. This distribution center is strategically located adjacent to Interstate 81 and Route 22 just north of downtown Harrisburg and abutting the Norfolk Southern Intermodal Yard, and offers tenants a variety of space configurations combined with low operating costs. With this acquisition, Keystone owns over 10.5 million square feet of bulk distribution assets in Pennsylvania." The Company also announced today that it closed a $25 million Senior Secured Term Facility with the Royal Bank of Canada and RBC Capital Markets, as lead arranger. The loan has a one-year term with a variable interest rate and is priced at 1.875% over LIBOR. The proceeds of this financing were utilized to acquire 3500 Industrial Road as well as to fund the Company's investment in certain joint venture acquisitions. Keystone Property Trust, with headquarters in West Conshohocken, Pennsylvania, is a fully integrated real estate investment trust with a current portfolio of 127 properties, including properties under development, aggregating 31 million square feet in the Eastern half of the United States. For more information, contact Aleathia M. Hoster at (212) 527-9900, send email to or visit the Company website at http://www.keystoneproperty.com/. This press release may contain statements which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the intent, belief or current expectations of the Company, its trustees, or its officers with respect to the future operating performance of the Company and the result and the effect of legal proceedings. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. Important factors that could cause such differences are described in the Company's periodic filings with the Securities and Exchange Commission, including the Company's Form 10-K and quarterly reports on Form 10-Q. CONTACT: Aleathia M. Hoster of Keystone Property Trust, (Phone: 212-527-9900) MEDIA CONTACT: Michael Beckerman (Phone: 908-781-6420, send email to ) DATASOURCE: Keystone Property Trust CONTACT: Aleathia M. Hoster, Keystone Property Trust, +1-212-527-9900, or MEDIA: Michael Beckerman, +1-908-781-6420, email, , for Keystone Property Trust Web site: http://www.keystoneproperty.com/

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