Keystone Prop (NYSE:KTR)
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Keystone to Terminate, Resulting in Liquidation of Its
Outstanding Series D and Series E Preferred Stock
WEST CONSHOHOCKEN, Pa., Aug. 4 /PRNewswire-FirstCall/ -- Keystone Property
Trust (NYSE:KTR), today announced, following the closing of its merger with a
partnership indirectly owned by ProLogis (NYSE:PLD) and certain affiliates of
investment funds managed by Eaton Vance Management, that it intends to
liquidate and terminate its existence, effective September 3, 2004.
In accordance with the terms of Keystone's Articles Supplementary and the
merger agreement, upon the liquidation of Keystone, each holder of Keystone
Series D Cumulative Redeemable Preferred Stock shall be entitled to a
liquidation payment of $25.209 per share (equal to $25 plus accumulated and
unpaid dividends for the period August 1, 2004 through September 3, 2004) and
each holder of Keystone Series E Cumulative Redeemable Preferred Stock shall be
entitled to a liquidation payment of $25.169 per share (equal to $25 plus
accumulated and unpaid dividends for the period August 1, 2004 through
September 3, 2004). Dividend payments to holders of record as of July 16, 2004
were paid on July 30, 2004 and are not part of these liquidation payments.
The liquidation payments for any shares of Series D Preferred or Series E
Preferred held as of September 3, 2004 will be sent by Keystone's paying agent,
LaSalle Bank, N.A., on or about September 3, 2004. Questions relating to the
liquidation payments should be directed to LaSalle Bank at 800-246-5761 or to a
ProLogis Investor Relations representative at 303-576-2622.
DATASOURCE: Keystone Property Trust
CONTACT: Melissa Marsden of ProLogis, +1-303-576-2622,