Keystone Property Trust Acquires Common Shares

Keystone Property Trust Acquires Common Shares 


WEST CONSHOHOCKEN, Pa., March 23  /PRNewswire-FirstCall/ -- Keystone Property
Trust  today announced that Allstate Insurance Company ("Allstate") has
converted its remaining holdings of the Company's Series C Convertible Preferred
Shares (the "Series C Shares"), totaling 300,000 Series C Shares, into 476,191
common shares of the Company.  After this conversion, only $5 million of Series
C Shares, which were issued in 1999 and have a yield of 9.75%, remains
outstanding.

Keystone has acquired from Allstate 357,143 of these common shares, representing
the conversion of 225,000 Series C Shares.  The purchase price for the common
shares acquired by the Company was $23.40 per share, representing a total
purchase price of approximately $8.4 million.

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 Eastern United States.  For more information, contact Aleathia M.
Hoster at [phone], 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, [phone];

or Media: Michael Beckerman, [phone], , for

Keystone Property Trust



Web site:  http://www.keystoneproperty.com/ 

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