Keystone Property Trust Acquires Common Shares
March 23 2004 - 8:03AM
PR Newswire (US)
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 (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 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, +1-212-527-9900; or Media:
Michael Beckerman, +1-908-781-6420, , for Keystone Property Trust
Web site: http://www.keystoneproperty.com/
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