Keystone Property Trust Prices $55 Million Preferred Offering

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 [phone], 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, [phone],

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

Keystone Property Trust



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

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