Keystone Property Trust Announces Stockholders Approve Merger

Keystone Property Trust Announces Stockholders Approve Merger



WEST CONSHOHOCKEN, Pa., July 30  /PRNewswire-FirstCall/ -- Keystone Property
Trust (NYSE:KTR) today announced that, based on a preliminary vote count,
Keystone Property Trust's common stockholders voted to approve Keystone
Property Trust's merger agreement with ProLogis (NYSE:PLD) and affiliates of
investment funds managed by Eaton Vance Management and certain other entities.

Completion of the proposed merger is subject to the satisfaction or waiver of
certain additional conditions set forth in the definitive merger agreement. The
parties expect to complete the merger as promptly as practicable after the
satisfaction or waiver of those conditions.

In connection with the proposed transaction, Keystone Property Trust filed a
definitive proxy statement with the SEC.  Investors can obtain the definitive
proxy statement, and other relevant documents, including the merger agreement
relating to the proposed transaction, without charge at the SEC's Internet
website at http://www.sec.gov/.

Keystone Property Trust, with headquarters in West Conshohocken, Pennsylvania,
is a fully integrated real estate investment trust with a current portfolio of
143 properties, including properties under development, aggregating over 34
million square feet in the Eastern United States.  For more information,
contact Jennifer Pancoast at [phone], send an 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:  Jennifer Pancoast, Keystone Property Trust, [phone],





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

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