Keystone Property Trust to Sell 4 Million Shares in Offering
November 04 2003 - 10:43AM
PR Newswire (US)
Keystone Property Trust to Sell 4 Million Shares in Offering WEST
CONSHOHOCKEN, Pa., Nov. 4 /PRNewswire-FirstCall/ -- Keystone
Property Trust (the "Company" or "Keystone") announced today that
it completed a public offering of 4,000,000 common shares pursuant
to an effective registration statement. Merrill Lynch & Co.,
Inc., the sole underwriter of the offering, also has an
overallotment option of up to 600,000 shares, which can be
exercised in whole or in part within 30 days. The Company intends
to use the net cash proceeds of approximately $78 million from this
offering for general corporate purposes and to fund future
acquisitions of industrial real estate assets. Initially, proceeds
may be used to reduce the outstanding balance on its unsecured line
of credit. This communication shall not constitute an offer to sell
nor the solicitation of an offer to buy, nor shall there be any
sale of the securities in any state in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state. 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. DATASOURCE: Keystone Property Trust
CONTACT: Aleathia M. Hoster of Keystone Property Trust,
+1-212-527-9900, or MEDIA: Michael Beckerman for Keystone Property
Trust, +1-908-781-6420 or Web site:
http://www.keystoneproperty.com/
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