KTR Keystone Prop Tr

Keystone Property Trust Prices $55 Million Preferred Offering WEST CONSHOHOCKEN, Pa., March 11 /PRNewswire-FirstCall/ -- Keystone Property Trust today announced that it has agreed to issue 2,200,000 shares of 7.375% Series E Cumulative Redeemable Preferred Stock at $25.00 per share. The preferred shares may be redeemed at par at the election of the Company on or after March 15, 2009. These securities have no stated maturity, sinking fund or mandatory redemption and are not convertible into any other securities of the Company. The close of this offering is scheduled for March 15, 2004. It is expected that the shares will be traded on the NYSE under the symbol "KTRPrE" within 30 days after the initial delivery of the shares. The net proceedsof the offering will be used to repay existing indebtedness as well as for general corporate purposes, including funding future acquisitions and development activities and the potential repurchase of outstanding convertible preferred shares. Wachovia Securities acted as bookrunning manager of the offering, with RBC Capital Markets as co-lead manager. Keystone Property Trust, with headquarters in West Conshohocken, Pennsylvania, is a fully integrated real estate investment trust with a current portfolio of 139 properties, including properties under development, aggregating approximately 33 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/. A registration statement related to this offering was filed with the Securities and Exchange Commission and is effective. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. Each offering may be made only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from Wachovia Securities and RBC Capital Markets. 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, +1-908-781-6420, , for Keystone Property Trust Web site: http://www.keystoneproperty.com/

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