KTR Keystone Prop Tr

Keystone Property Trust Announces Acquisition in Miami WEST CONSHOHOCKEN, Pa., March 18 /PRNewswire-FirstCall/ -- Keystone Property Trust today announced that it has acquired three distribution centers consisting of 189,218 square feet in Miami, FLfor approximately $12.5 million. The facilities were built in 1999 and are 100% leased to credit tenants including Tyco International and Trane Corporation. The buildings are located within one mile of Miami International Airport in the Airport West submarket. These modern facilities are tilt-up concrete construction with 24' clear ceiling heights and are representative of the highest quality industrial product in this submarket. Regarding the Company's acquisition, John B. Begier, Executive VicePresident and Chief Investment Officer of Keystone Property Trust, stated, "After entering Miami in November of 2003 with the purchase of International Corporate Park, we are pleased to further establish our presence in one of the most dynamic industrial markets in the United States. Miami is a major distribution hub driven by global trade with significant constraints to new supply." Keystone Property Trust, with headquarters in West Conshohocken, Pennsylvania, is a fully integrated real estate investment trust with a current portfolio of 142 properties, including properties under development, aggregating 33 million square feet in the Eastern 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 regardingthe 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 Michael Beckerman, +1-908-781-6420, , for Keystone Property Trust Web site: http://www.keystoneproperty.com/

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