KEYSTONE PHOTO

Keystone Property Trust

First Quarter 2004 Earnings Conference Call

Supplemental Information Package


	Page
Financial Highlights		1
Condensed Consolidated Balance Sheets		2
Condensed Consolidated Statements of Operations		3
Condensed Consolidated Statements of FFO and Supplemental Cash Flow Information		4
Reconciliation of Net Income to EBITDA		5
Market Operating Statistics		6
Same Store Analysis — Cash and GAAP Basis		7
Lease Expirations		8
Top 25 Tenants		9
Acquisitions, Dispositions and Development Placed in Service in 2004		10
Summary of Land Under Development and Control		11
Equity Method Investments- Balance Sheets		12
Equity Method Investments-Statements of Income and FFO		13
Debt Detail		14
Comparative Historical Data:
Portfolio Analysis		15
Physical Occupancy Analysis		16
Preferred Equity Analysis		17
Equity Analysis		18
Debt Analysis		19
Valuation Analysis		20
Dividend Analysis		21
Research Coverage, 2004 Anticipated Earnings Release and Dividend Calendar		22

This supplemental information package 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. 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.

Keystone Property Trust

Financial Highlights (Dollars in thousands, except per share data)


	Three Months Ended March 31,
Income Items:	2004			% Change			2003

Revenue	$	26,525			37.6	%	$	19,283
Earnings Before Interest, Taxes, and Depreciation (EBITDA)		20,581			31.0	%		15,712
Net Income Allocated to Common Shares		3,247			(42.1	%)		5,605
Funds from Operations		14,363			40.0	%		10,261
Funds from Operations — Per Share (Diluted)		0.40			21.2	%		0.33
Dividends Paid Per Share — Common Shares		0.330			1.5	%		0.325
Diluted Earnings Per Share		0.11			(57.7	%)		0.26
Weighted Average Common Shares and Units — FFO		35,950,408			14.4	%		31,429,890
Weighted Average Common Shares and Units — EPS		33,292,919			22.4	%		27,193,122
Ratios:
Interest Coverage Ratio		3.0	x					3.1	x
Fixed Charge Coverage Ratio		2.3	x					2.1	x
Dividend Payout Ratio-FFO		82.5	%					98.5	%


	As of March 31,						As of December 31
	2004			2003			2003
Assets:
Investments in Real Estate at Cost, Including Investments in Joint Ventures	$	1,063,875		$	819,140		$	1,023,719

Total Assets	$	1,060,958		$	817,128		$	1,023,315

Liabilities and Equity:
Total Debt	$	528,695		$	405,165		$	533,717
Other Liabilities		37,139			20,808			31,842
Redeemable Preferred Equity, at Liquidation Preference		124,000			69,000			69,000
Convertible Preferred Equity, at Liquidation Preference		10,279			67,892			65,392
Common Equity and Minority Interest		360,845			254,263			323,364

Total Liabilities and Equity	$	1,060,958		$	817,128		$	1,023,315

Ratios:
Debt to Undepreciated Assets		47.2	%		47.4	%		49.6	%
Total Liabilities to Undepreciated Assets		50.5	%		49.8	%		52.6	%

Page 1 of 22

Keystone Property Trust

Condensed Consolidated Balance Sheets (Dollars in thousands)


	March 31, 2004			December 31, 2003
Assets:
Investments in Real Estate, Including Development and Construction in Progress of $71,527 and $58,658 for 2004 and 2003, respectively	$	991,734		$	951,557
Equity Method Investments in Real Estate Joint Ventures		72,141			72,162
Less: Accumulated Depreciation		(58,658	)		(52,569	)

Investments in Real Estate, Net		1,005,217			971,150

Cash, Cash Equivalents and Escrows		6,167			1,402
Notes and Accounts Receivable, Net		17,093			15,936
Deferred Financing and Leasing Costs, Net		20,694			21,541
Equity Method Investment in Management Company		—			5,808
Other Assets		11,787			7,478

Total Assets	$	1,060,958		$	1,023,315

Liabilities And Shareholders’ Equity:
Liabilities:
Mortgage Notes and Other Debt	$	528,695		$	533,717
Accrued Liabilities and Other		37,139			31,842

Total Liabilities		565,834			565,559

Minority Interest:
Limited Partners in Operating Partnership		51,429			35,715
Convertible Preferred Units in Operating Partnership		5,279			52,892

Total Minority Interest		56,708			88,607

Shareholders’ Equity:
Preferred Stock, $.001 par value		5			3
Common Stock, $.001 par value		31			26
Additional Paid-in Capital		508,206			431,617
Cumulative Net Income		43,607			40,360
Cumulative Dividends		(111,444	)		(102,746	)
Other Comprehensive Income		(1,989	)		(111	)

Total Shareholders’ Equity		438,416			369,149

Total Liabilities and Shareholders’ Equity	$	1,060,958		$	1,023,315

Page 2 of 22

Keystone Property Trust

Condensed Consolidated Statements of Operations (Dollars in thousands, except per share data)


	Three Months Ended March 31,
	2004			2003
Revenue:
Rents	$	22,130		$	16,179
Reimbursement Revenue and Other		4,395			3,104

Total Revenue		26,525			19,283

Operating Expenses:
Property Operating Expenses		2,399			1,155
Real Estate Taxes		3,158			1,873
General and Administrative		3,176			2,501
Depreciation and Amortization		7,082			4,412

Total Operating Expense		15,815			9,941

Income from Continuing Operations before Equity in Income from Equity Method Investments, Interest Expense and Gains on Sales of Assets		10,710			9,342
Interest Expense		5,983			4,257
Equity in Income from Equity Method Investments		1,698			1,233
Gains on Sales of Assets		—			3,221

Income from Continuing Operations before Distributions to Preferred Unitholders, Minority Interest of Unitholders in Operating Partnership and Income Allocated to Preferred Shareholders		6,425			9,539
Distributions to Preferred Unitholders		(502	)		(1,268	)

Income from Continuing Operations before Minority Interest of Unitholders in Operating Partnership and Income Allocated to Preferred Shareholders		5,923			8,271
Minority Interest of Unitholders in Operating Partnership		(556	)		(1,475	)

Income from Continuing Operations before Income Allocated to Preferred Shareholders		5,367			6,796
Discontinued Operations:
Income from Discontinued Operations		38			(167	)
Gain on Dispositions of Discontinued Operations		2,972			—
Provision for Asset Impairment		(3,222	)		—
Minority Interest		29			37

		(183	)		(130	)

Net Income		5,184			6,666
Income Allocated to Preferred Shareholders		(1,937	)		(1,061	)

Net Income Allocated to Common Shareholders	$	3,247		$	5,605

Page 3 of 22

Keystone Property Trust

Condensed Consolidated Statements of FFO and Supplemental Cash Flow Information (Dollars in thousands, except share and per share data)


	Three Months Ended March 31,
Funds from Operations:	2004			2003

Net Income Allocated to Common Shareholders	$	3,247		$	5,605
Income Allocated to Preferred Shareholders		1,937			1,061
Redeemable Preferred Stock Dividends		(1,754	)		(695	)
Lease Termination Income		2,000			—
Minority Interest of Unitholders in Operating Partnership-Including Discontinued Operations		527			1,439
Distributions to Preferred Unitholders		502			1,268
Provision for Asset Impairment-Including Discontinued Operations		3,222			—
Gains from Sales of Assets-Including Discontinued Operations		(2,972	)		(3,221	)
Depreciation and Amortization Related to Real Estate-Including Discontinued Operations		7,171			4,480
Depreciation and Amortization Related to Joint Ventures and Equity Method Investments		483			324

Funds from Operations	$	14,363		$	10,261

Funds from Operations, Per Diluted Share	$	0.40		$	0.33

Funds from Operations	$	14,363		$	10,261
Provision for Asset Impairment		(3,222	)		—

Funds from Operations, Excluding Add Back of Asset Impairment Charges	$	11,141		$	10,261

Funds from Operations, Excluding Add Back of Asset Impairment Charges, Per Diluted Share	$	0.31		$	0.33

Weighted Average Shares and Units — Diluted		35,950,408			31,429,890

Dividend Paid Per Common Share	$	0.330		$	0.325

Dividend Payout Ratio-FFO		82.5	%		98.5	%


	Three Months Ended March 31,
Supplemental Cash Flow Information:	2004		2003

Building Improvements	$	146	$	56
Tenant Improvements		110		170
Leasing Commissions		394		462
Non-Cash Compensation Charges		522		605
Amortization of Deferred Financing Costs		286		191
Rental Income from Straight Line Rents		684		452

Page 4 of 22

Keystone Property Trust

Reconciliation of Net Income to EBITDA (Dollars in thousands)


	Three Months Ended March 31,
	2004			2003
Net Income available to common shareholders	$	3,247		$	5,605
Add back/(deduct):
Income allocated to preferred shareholders		1,937			1,061
Distributions to preferred unitholders and minority interest		1,058			2,743
Minority interest-discontinued operations		(29	)		(37	)
Interest expense, including proportionate share from joint ventures		6,366			4,596
Interest expense-discontinued operations		6			71
Provision for asset impairment-discontinued operations		3,222			—
Gains on sales of assets-discontinued operations		(2,972	)		(3,221	)
Depreciation and amortization, including proportionate share from joint ventures		7,656			4,826
Depreciation and amortization-discontinued operations		90			68

Total EBITDA	$	20,581		$	15,712

Page 5 of 22

Keystone Property Trust
Market Operating Statistics (As of March 31, 2004)


																			Grand
	New Jersey			Pennsylvania			Indiana			Florida			South Carolina			Other			Total
Square Feet Owned at March 31, 2004		9,210,122			10,586,381			4,590,445			2,467,267			2,701,789			1,502,672			31,058,676
% of Total Rentable SF		29.7	%		34.1	%		14.8	%		7.9	%		8.7	%		4.8	%		100.0	%
Number of Buildings		35			39			11			17			25			11			138
Number of Leases		72			81			21			30			20			11			235
Economic Occupancy — Quarter and Year-to-date		95.6	%		89.3	%		98.6	%		96.1	%		74.6	%		90.6	%		92.4	%
Physical Occupancy at March 31, 2004		97.4	%		89.3	%		98.7	%		89.4	%		80.5	%		91.0	%		92.4	%
Annualized Base Rent (ABR) (in 000’s)	$	46,065		$	37,000		$	15,167		$	15,624		$	5,993		$	4,845		$	124,694
Annualized Base Rent Per Leased SF	$	5.14		$	3.91		$	3.35		$	7.09		$	2.75		$	3.54		$	4.34
Lease Expirations as a Percentage of ABR:
2004		4.7	%		19.0	%		11.4	%		6.9	%		22.0	%		21.0	%		11.5	%
2005		21.1	%		31.3	%		0.5	%		23.7	%		41.7	%		0.0	%		22.1	%
2006		15.5	%		17.7	%		1.8	%		11.7	%		0.0	%		0.0	%		12.7	%
2007		13.1	%		12.3	%		0.0	%		12.3	%		12.7	%		31.5	%		11.9	%
2008		12.2	%		4.5	%		34.2	%		6.2	%		9.3	%		2.3	%		11.3	%
Wtd Avg Lease Term Remaining (in years)		4.2			2.4			6.7			4.5			2.4			5.2			4.0
Square Feet of Leasing Activity in Quarter		1,019,758			613,999			450,838			110,000			160,000			—			2,354,595
Tenant Retention during period		28.5	%		57.7	%		N/A			0.0	%		0.0	%		N/A			51.9	%
Rent Change on Renewals and Rollovers during period:		54.5	%		2.4	%		3.2	%		N/A			(8.4	%)		N/A			7.2	%
Same Store NOI Growth during period (Cash basis):		7.1	%		(4.9	%)		(0.4	%)		N/A			(26.1	%)		(6.3	%)		(3.3	%)
Same Store NOI Growth during period (GAAP basis):		4.8	%		(7.6	%)		5.5	%		N/A			(17.3	%)		(6.0	%)		(3.8	%)
Same Store Physical Occupancy at March 31, 2004		99.8	%		87.3	%		100.0	%		N/A			80.5	%		90.3	%		92.1	%
Square Feet Owned in Same Store Pool		6,507,069			6,524,588			1,992,988			—			2,701,789			1,388,672			19,115,106

Page 6 of 22

Keystone Property Trust
Same Store Analysis — Cash Basis (Excludes Straight Line Rent and Termination Income) (Dollars in thousands)


	Cash Basis												GAAP Basis
	Quarter Ended March 31,												Quarter Ended March 31,
	2004			2003			Change			% Change			2004			2003			Change			% Change
Revenue
Gross Potential Rent	$	14,428		$	14,266		$	162			1.1	%	$	14,655		$	14,563		$	92			0.6	%
Vacancy Loss		(1,453	)		(967	)		(486	)		50.3	%		(1,453	)		(967	)		(486	)		50.3	%

Rental Revenue		12,975			13,299			(324	)		(2.4	%)		13,202			13,596			(394	)		(2.9	%)
Operating Expenses
Property Operating Expenses	$	949		$	1,013		$	(64	)		(6.3	%)	$	949		$	1,013		$	(64	)		(6.3	%)
Real Estate Taxes		1,793			1,687			106			6.3	%		1,793			1,687			106			6.3	%
Tenant Reimbursement		(2,103	)		(2,158	)		55			(2.5	%)		(2,103	)		(2,158	)		55			(2.5	%)

Net Operating Expenses		639			542			97			17.9	%		639			542			97			17.9	%

Net Operating Income	$	12,336		$	12,757		$	(421	)		(3.3	%)	$	12,563		$	13,054		$	(491	)		(3.8	%)

Same Store NOI From Above	$	12,336		$	12,757								$	12,563		$	13,054
Non Same Store Property NOI		9,867			4,671									9,697			4,431
Less: Unconsolidated NOI		(1,235	)		(1,173	)								(1,292	)		(1,230	)

Property Operating Income (1)	$	20,968		$	16,255								$	20,968		$	16,255

Physical Occupancy (End of Period)		92.1	%		94.4	%		(2.3	%)					92.1	%		94.4	%		(2.3	%)
Economic Occupancy		89.9	%		93.2	%		(3.3	%)					90.1	%		93.4	%		(3.3	%)
Percentage of Total NOI:		58.8	%											59.9	%
Components of NOI Changes:
Rental Increases/(Decreases)							$	162			1.0	%							$	92			0.7	%
Occupancy Increases/(Decreases)								(486	)		(3.8	%)								(486	)		(3.7	%)
Reduction/(Increase) in expenses, net of reimbursements								(97	)		(0.8	%)								(97	)		(0.7	%)

Total							$	(421	)		(3.3	%)							$	(491	)		(3.8	%)

(1)

Property operating income equals total revenue less property operating expenses and real estate taxes.

Page 7 of 22

Keystone Property Trust
Lease Expirations (Dollars in thousands, as of March 31, 2004)


	NEW JERSEY							PENNSYLVANIA							INDIANA							FLORIDA
	Square		Annualized					Square		Annualized					Square		Annualized					Square		Annualized
	Feet		Base Rent		% ABR			Feet		Base Rent		% ABR			Feet		Base Rent		% ABR			Feet		Base Rent		% ABR
2004		484,617	$	2,185		4.7	%		1,790,093	$	7,023		19.0	%		547,390	$	1,723		11.4	%		152,661	$	1,081		6.9	%
2005		1,776,684		9,717		21.1	%		2,918,573		11,563		31.3	%		17,600		72		0.5	%		512,531		3,698		23.7	%
2006		1,437,545		7,154		15.5	%		1,731,449		6,550		17.7	%		52,000		276		1.8	%		279,919		1,835		11.7	%
2007		1,338,732		6,031		13.1	%		1,304,747		4,563		12.3	%		—		—		0.0	%		280,700		1,921		12.3	%
2008		1,187,856		5,603		12.2	%		362,933		1,675		4.5	%		1,635,434		5,183		34.2	%		138,356		969		6.2	%
2009		559,204		3,185		7.0	%		800,461		3,536		9.6	%		235,125		647		4.4	%		191,100		1,422		9.1	%
2010		712,773		3,541		7.7	%		163,971		539		1.5	%		314,396		833		5.5	%		—		—		0.0	%
2011		540,632		3,133		6.8	%		171,700		710		1.9	%		798,096		2,291		15.1	%		—		—		0.0	%
2012		19,476		150		0.3	%		198,055		763		2.1	%		435,864		1,360		9.0	%		148,750		1,059		6.8	%
2013 and beyond		910,451		5,366		11.6	%		14,643		78		0.1	%		495,740		2,782		18.1	%		501,115		3,639		23.3	%

Total		8,967,970	$	46,065		100.0	%		9,456,625	$	37,000		100.0	%		4,531,645	$	15,167		100.0	%		2,205,132	$	15,624		100.0	%


	SOUTH CAROLINA							OTHER							TOTAL
	Square		Annualized					Square		Annualized					Square		Annualized
	Feet		Base Rent		% ABR			Feet		Base Rent		% ABR			Feet		Base Rent		% ABR
2004		530,000	$	1,318		22.0	%		314,000	$	1,015		21.0	%		3,818,761	$	14,345		11.5	%
2005		839,289		2,500		41.7	%		—		—		0.0	%		6,064,677		27,550		22.1	%
2006		—		—		0.0	%		—		—		0.0	%		3,500,913		15,815		12.7	%
2007		274,400		764		12.7	%		243,948		1,527		31.5	%		3,442,527		14,807		11.9	%
2008		202,500		558		9.3	%		42,135		110		2.3	%		3,569,214		14,096		11.3	%
2009		30,000		104		1.7	%		243,672		695		14.3	%		2,059,562		9,589		7.7	%
2010		—		—		0.0	%		—		—		0.0	%		1,191,140		4,913		3.9	%
2011		300,000		749		12.6	%		181,350		499		10.2	%		1,991,778		7,382		5.9	%
2012		—		—		0.0	%		—		—		0.0	%		802,145		3,332		2.7	%
2013 and beyond		—		—		0.0	%		342,417		999		20.7	%		2,264,366		12,865		10.3	%

		2,176,189	$	5,993		100.0	%		1,367,522	$	4,845		100.0	%		28,705,083	$	124,694		100.0	%

Page 8 of 22

Keystone Property Trust
Top 25 Tenants (Dollars in thousands, as of March 31, 2004)


	Number of		Rentable		Percentage of			Percentage of
Tenant	Leases		Square Feet		Leased SF			Annualized Base Rent
Exel Logistics, Inc.		9		1,714,793		5.5	%		5.1	%
Procter & Gamble		2		912,605		2.9	%		3.0	%
The Home Depot, Inc. (1)		1		812,739		2.6	%		2.9	%
Brightpoint, Inc. (2)		1		495,740		1.6	%		2.2	%
APL Logistics, Inc. (Formerly GATX Logistics, Inc.)		1		585,510		1.9	%		2.1	%
Electrolux Home Products		3		875,738		2.8	%		2.1	%
Herrod Distribution		1		610,949		2.0	%		2.1	%
Baker & Taylor		1		421,200		1.4	%		1.9	%
Belkin Electronics, Inc. (2)		1		798,096		2.6	%		1.8	%
Cosmetic Essence, Inc.		1		483,507		1.6	%		1.8	%
Sears Logistic Services, Inc.		1		507,000		1.6	%		1.6	%
Quaker Sales and Distribution		1		500,671		1.6	%		1.6	%
Coca-Cola Bottlers of New Jersey (1)		1		243,751		0.8	%		1.6	%
Poly-Foam International, Inc.		6		669,871		2.2	%		1.5	%
Amazon.com		1		420,000		1.4	%		1.4	%
Kerr Acquisition Sub I, LLC (2)		2		327,636		1.1	%		1.2	%
Group Athletica (a division of Reebok)		1		599,152		1.9	%		1.2	%
Behr Process Corp.		1		320,482		1.0	%		1.2	%
Fort James Operating Company (2)		1		315,840		1.0	%		1.1	%
Direct Fulfillment LP		1		265,000		0.9	%		1.1	%
SSC Services of Indiana, LLC		1		435,864		1.4	%		1.1	%
Logistic Concepts		1		291,000		0.9	%		1.1	%
Parcel Direct (1)		1		241,110		0.8	%		1.1	%
Vestcom		1		210,530		0.7	%		1.1	%
Kellstrom Aerospace LLC		1		251,669		0.8	%		1.0	%

Total/Wtd Avg		42		13,310,453		43.0	%		43.9	%

(1)		Tenant leases a property that is 20% owned as part of a Joint Venture with CalEast Industrial Investors LLC.

(2)		Tenant leases a property that is 20% owned as part of a Joint Venture with AFL-CIO Building Investment Trust.

Page 9 of 22

Keystone Property Trust
Acquisitions, Dispositions and Development Placed in Service in 2004 (Dollars in thousands, as of March 31, 2004 )

Purchase / Sales

Property

City

State

Market

Date

Square Feet

Leased %

Price

DEVELOPMENT PLACED IN SERVICE

381 AirTech Parkway (5 Points Associates) (1)(2)

Indianapolis

3/1/2004

348,348

100

19 Colony Road (Greenville Yards)(2)

Jersey City

Central & Northern NJ

3/31/2004

126,726

100

475,074

ACQUISITIONS

Buildings

2610 NW 89th Court

Miami

Florida

3/18/2004

30,970

100

2,017

2650-2660 NW 89th Court

Miami

Florida

3/18/2004

58,500

100

3,853

8925-8935 NW 27th Street

Miami

Florida

3/18/2004

100,097

100

6,593

3701 Flamingo Road

Miramar

Florida

3/30/2004

545,000

26,000

Acquisitions Total

734,567

38,463

DISPOSITIONS

260 Feaster Road (Rocky Creek Business Park)

Greeenville

Greenville/Spartanburg

2/11/2004

20,000

575

6402 Corporate Drive

Indianapolis

2/12/2004

162,608

5,082

121 Fieldcrest Avenue

Edison

Central & North NJ

3/25/2004

92,532

8,500

Dispositions Total

275,140

14,157

(1)		This property was developed and constructed in a joint venture with Browning Investments, Inc. in which the Company has a 50% ownership interest.

(2)		These properties are placed in service at only the square footage shown.

Page 10 of 22

Keystone Property Trust
Summary of Land Under Development and Control
As of March 31, 2004 (dollars in millions)


																Estimated
							Estimated		Estimated							Construction		Estimated
	% Ownership						Buildable		Project		Cost Incurred To					Start Date		Stabilization
Project	Interest / Partner			Market/Submarket	Acres		SF		Cost		Date		% Leased			(Qtr/Year)		(Qtr/Year)
Projects Under Construction
19 Colony Road (Greenville Yards)		100	%	New Jersey / North		26		521,881	$	33	$	28		24	%		3/02		3/04
381 Airtech Parkway (5 Points Associates)	50% / Browning			Indiana / Indianapolis Airport		56		813,054		19		16		43	%		2/03		4/04
61 Station Road (Home Depot Site)		100	%	New Jersey / Exit 8A		87		772,000		40		19		100	%		3/03		4/04
Keystone Cranbury East Phase II		100	%	New Jersey / Exit 8A		37		500,000		24		12		100	%		4/03		3/04
7553 Morris Court (KIA site)		100	%	Pennsylvania / Allentown		15		265,535		9		3		80	%		1/04		4/04

Subtotal — Projects Under Construction						221		2,872,470	$	125	$	77
Development Pipeline (Next 36 months)
Central PA/Otto (1)		100	%	Pennsylvania / Harrisburg		115		1,200,000	$	36	$	—					1/05
Airtech Park (1)	50% / Browning			Indiana / Indianapolis Airport		86		1,418,000		35		—					2/04
Goldstar Site		100	%	New Jersey / Exit 8A		50		751,000		38		8					2/04
66 Station Road	20% / CalEast			New Jersey / Exit 8A		73		810,000		31		5					3/04

Subtotal — Pipeline						324		4,179,000	$	140	$	13

Additional Development Potential
Stults Road		100	%	New Jersey / Exit 8A		6		108,000
Central PA/Otto (1)		100	%	Pennsylvania / Harrisburg		100		1,200,000
1157 Arnold Road Expansion		100	%	Pennsylvania / Reading		6		76,000
1091 Arnold Road Expansion		100	%	Pennsylvania / Reading		10		115,000
7220 Schantz Road Expansion		100	%	Pennsylvania / Allentown		2		28,000
201 Fulling Mill Road Expansion		100	%	Pennsylvania / Middletown		12		150,000
100 Oakhill Road Expansion		100	%	Pennsylvania / Mountaintop		2		30,000
Airtech Park/6 Points (1)	50% / Browning			Indiana / Indianapolis Airport		183		2,769,000
7351 Morris Court		100	%	Pennsylvania / Allentown		8		120,000

Subtotal — Additional Development Potential						329		4,596,000

Total Development Potential — Pipeline Additional						653		8,775,000

Grand Total						874		11,647,470

(1)

Under contract or option.

Page 11 of 22

Keystone Property Trust
Equity Method Investments — Pro Rata Consolidating Balance Sheet at March 31, 2004 (Dollars in thousands)


	KTR			Keystone NJ			KPJV, LLP			5 Points Associates,			Other			Proforma
	Historical			Associates, LLC (1)			(2)			LLC (3)			Adjustments (4)			Total
Assets
Gross Real Estate Assets	$	1,063,875		$	34,130		$	32,211		$	8,169		$	(41,712	)	$	1,096,673
Accumulated Depreciation		(58,658	)		(2,172	)		(753	)		(7	)		—			(61,590	)
Other Assets		55,741			1,060			2,081			32			—			58,914

Total Assets	$	1,060,958		$	33,018		$	33,539		$	8,194		$	(41,712	)	$	1,093,997

Liabilities & Equity
Debt	$	528,695		$	14,956		$	10,638		$	6,632		$	—		$	560,921
Other Liabilities		37,139			480			308			25			—			37,952

Total Liabilities		565,834			15,436			10,946			6,657			—			598,873

Equity, Including Minority Interest		495,124			17,582			22,593			1,537			(41,712	)		495,124

Total Liabilities and Equity	$	1,060,958		$	33,018		$	33,539		$	8,194		$	(41,712	)	$	1,093,997

(1)		In 2001, the Company formed a joint venture known as Keystone New Jersey Associates, LLC with CalEast Industrial Investors, LLC (“CalEast”). CalEast is a real estate operating company whose members are LaSalle Investment Management, Inc. (a division

(2)		In 2003, the Company formed a joint venture known as KPJV, LLP with the Mercantile Safe-Deposit and Trust Company as trustee for the AFL-CIO Building Investment Trust (“BIT”). BIT is a real estate operating company. The Company owns 20% of this joi

(3)		In July 2003, the Company formed a joint venture with Browning known as 5 Points Associates, LLC to develop and construct a 813,054 square foot distribution facility at AirTech Park in Indiana. The Company owns 50% of this joint venture.

(4)		Consists of elimination adjustments for presentation purposes.

Page 12 of 22

Keystone Property Trust
Equity Method Investments — Pro Rata Consolidating Statements of Income & FFO For the Quarter Ended March 31, 2004 (Dollars in thousands)


	KTR			Keystone NJ		KPJV, LLP		5 Points Associates,		Keystone Realty		Other			Proforma
	Historical			Associates, LLC (1)		(2)		LLC (3)		Services, Inc. (4)		Adjustments (5)			Total
Revenue:
Rents	$	22,130		$	857	$	836	$	45	$	—	$	156		$	24,024
Reimbursement Revenue and Other		4,395			197		140		—		933		38			5,703

Total revenue	$	26,525		$	1,054	$	976	$	45	$	933	$	194		$	29,727

Operating Expenses:
Property Operating Expenses	$	2,399		$	89	$	132	$	—	$	—	$	53		$	2,673
Real Estate Taxes		3,158			148		84		—		—		7			3,397

Property NOI		20,968			817		760		45		933		134			23,657

General and Administrative		3,176			3		—		—		640		—			3,819

EBITDA		17,792			814		760		45		293		877			20,581
Depreciation and Amortization		7,082			230		246		7		90		90			7,745
Interest Expense		5,983			267		117		—		—		6			6,373

Income before other items		4,727			317		397		38		203		781			6,463
Equity in Income from Equity Method Investments		1,698			—		—		—		—		(1,698	)		—
Income from Discontinued Operations		38			—		—		—		—		(38	)		—
Gain on Disposition of Discontinued Operations		2,972			—		—		—		—		—			2,972
Provision for Asset Impairment		(3,222	)		—		—		—		—		—			(3,222	)
Minority Interest		29			—		—		—		—		—			29
Preferred Dividends, Preferred Distributions and Minority Interest		(2,995	)		—		—		—		—		—			(2,995	)

Net Income Allocated to Common Shareholders	$	3,247		$	317	$	397	$	38	$	203	$	(955	)	$	3,247

FFO
Net Income Allocated to Common Shareholders	$	3,247		$	317	$	397	$	38	$	203	$	(955	)	$	3,247
Income Allocated to Preferred Shareholders		1,937			—		—		—		—		—			1,937
Lease Termination Income		2,000			—		—		—		—		—			2,000
Minority Interest of Unitholders in Operating Partnership		527			—		—		—		—		—			527
Distributions to Preferred Unitholders		502			—		—		—		—		—			502
Provision for Asset Impairment		3,222			—		—		—		—		—			3,222
Gains on Sales of Assets		(2,972	)		—		—		—		—		—			(2,972	)
Redeemable Preferred Stock Dividends		(1,754	)		—		—		—		—		—			(1,754	)
Depreciation and Amortization- Real Estate Assets		7,171			—		—		—		—		—			7,171
Depreciation and Amortization Related to Joint Ventures and Equity Method Investments		483			230		246		7		—		(483	)		483

Funds from Operations	$	14,363		$	547	$	643	$	45	$	203	$	(1,438	)	$	14,363

(1)		In 2001, the Company formed a joint venture known as Keystone New Jersey Associates, LLC with CalEast Industrial Investors, LLC (“CalEast”). CalEast is a real estate operating company whose members are LaSalle Investment Management, Inc. (a division of Jones Lang LaSalle (“JLL”)) and the California Public Employees Retirement System (“CalPERS”). The Company owns 20% of this joint venture.

(2)		In 2003, the Company formed a joint venture known as KPJV, LLP with the Mercantile Safe-Deposit and Trust Company as trustee for the AFL-CIO Building Investment Trust (“BIT”). BIT is a real estate operating company. The Company owns 20% of this joint venture.

(3)		In July 2003, the Company formed a joint venture with Browning known as 5 Points Associates, LLC to develop and construct a 813,054 square foot distribution facility at AirTech Park in Indiana. The Company owns 50% of this joint venture.

(4)		The Company accounts for its investment in 100% of the non-voting preferred stock in Keystone Realty Services, Inc. (the “Management Company”), which represents 95% of the total equity, in accordance with the equity method of accounting. The Company is entitled to receive 95% of the amounts paid as dividends by the Management Company.

(5)		Consists of an 11% preferred return for Keystone’s equity investment in Nocha, LLC, property level NOI totals for discontinued operations needed for EBITDA calculation and other elimination adjustments for presentation purposes.

Page 13 of 22

Keystone Property Trust
Debt Detail (Dollars in thousands, as of March 31, 2003)


	Fixed Rate Mortgages				Variable Rate Debt
Year of	Principal		Due on		Mortgage		Credit and Term		Total Scheduled
Maturity	Amortization		Maturity		Debt		Facilities		Payments		Wtd Avg Interest Rate
2004		3,047		17,922		13,361		142,300		176,630		3.3	%
2005		3,862		14,518		—		6,466		24,846		6.3	%
2006		3,781		9,194		31,334		—		44,309		3.9	%
2007		1,751		103,448		—		—		105,199		7.8	%
2008		1,703		22,807		—		75,000		99,510		3.1	%
2009		1,600		—		—		—		1,600		0.0	%
2010		1,454		35,366		—		—		36,820		8.2	%
2011		395		14,870		—		—		15,265		7.6	%
2012		108		12,548		—		—		12,656		7.5	%

Total	$	17,701	$	230,673	$	44,695	$	223,766	$	516,835		5.2	%

					Debt Premium, Net of Amortization					11,860

					Total Debt Outstanding				$	528,695

(1)		The Company has an option to extend the maturity of the $185 million unsecured revolving credit facility, which has an outstanding balance of $142.3 million, to December 2005.

(2)		This unsecured term loan is subject to two interest rate swap agreements which aggregate $50 million and fix the Libor interest rate at 3.78% effective 7/10/04 through 9/10/08 and another $25 million interest rate swap agreement which fixes the Libor rate at 3.85% effective 1/10/05 through 9/10/08.

Page 14 of 22

Keystone Property Trust
Portfolio Analysis


Portfolio Characteristics	March 31, 2004			December 31, 2003			September 30, 2003			June 30, 2003			March 31, 2003
Number of Properties—In Service		138			135			120			119			118
Number of Properties—Completed Projects in Lease-Up Stage		—			—			—			—			1

Total Number of Properties		138			135			120			119			119

Rentable Square Feet—In Service		31,058,676			30,124,228			26,891,481			26,730,791			26,230,630
Rentable Square Feet—Completed Projects in Lease-Up Stage		—			—			—			—			510,000

Total Rentable Square Feet		31,058,676			30,124,228			26,891,481			26,730,791			26,740,630

Occupied (Square Feet)		28,705,083			27,736,400			24,779,724			24,763,247			24,250,757
Vacant (Square Feet)		2,353,593			2,387,828			2,111,757			1,967,544			1,979,881
Number of Leases		235			238			206			205			192
Average Tenant Size per Occupied Square Foot — Industrial		127,900			120,877			126,791			126,705			132,250
Occupancy Rates—Based on In Service RSF		92.4	%		92.1	%		92.1	%		92.6	%		92.5	%
*Number of In Service Properties by Market:*
New Jersey		35			35			35			34			33
Pennsylvania		39			39			37			37			37
Indiana		11			11			11			11			11
Florida		17			13			—			—			—
South Carolina		25			26			26			26			26
Other		11			11			11			11			11

Total In Service Properties		138			135			120			119			118

Page 15 of 22

Keystone Property Trust
Physical Occupancy Analysis


Physical Occupancy by Sub-Market:	March 31, 2004			December 31, 2003			September 30, 2003			June 30, 2003			March 31, 2003
NEW JERSEY
Central and Northern NJ		97.4	%		94.0	%		94.0	%		93.9	%		95.0	%

PENNSYLVANIA
Allentown, PA		82.6	%		91.9	%		97.0	%		95.9	%		95.1	%
Harrisburg/Chambersburg, PA		91.5	%		91.7	%		90.4	%		94.5	%		95.1	%
Reading, PA		69.7	%		69.7	%		69.7	%		69.7	%		69.7	%
Scranton/Wilkes-Barre, PA		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

Total Pennsylvania Portfolio		89.3	%		91.4	%		91.1	%		94.1	%		94.4	%

INDIANA
Indianapolis, IN		98.7	%		98.7	%		92.1	%		92.5	%		82.3	%

FLORIDA
Miami, FL		89.4	%		97.4	%		—			—			—

SOUTH CAROLINA
Greenville/Spartanburg, SC		80.5	%		74.8	%		90.1	%		84.7	%		91.3	%

OTHER
Central Ohio		89.6	%		89.6	%		89.6	%		89.6	%		97.7	%
Central and Northern NJ		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Putnam County, NY		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

Total Other Portfolio		91.0	%		91.0	%		91.0	%		91.0	%		98.0	%

TOTAL PORTFOLIO		92.4	%		92.1	%		92.1	%		92.6	%		92.5	%

Page 16 of 22

Keystone Property Trust

Preferred Equity Analysis (Dollars in thousands, except share and per share data)


	March 31, 2004			December 31, 2003			September 30, 2003			June 30, 2003			March 31, 2003
*Cumulative Redeemable Preferred Stock*
Series D (1)
Shares Outstanding		2,760,000			2,760,000			2,760,000			2,760,000			2,760,000
Aggregate Liquidation Value	$	69,000		$	69,000		$	69,000		$	69,000		$	69,000
Liquidation Value Per Share	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00
Common Share Conversion Price		N/A			N/A			N/A			N/A			N/A
Yield		9.125	%		9.125	%		9.125	%		9.125	%		9.125	%
Series E (2)
Shares Outstanding		2,200,000			—			—			—			—
Aggregate Liquidation Value	$	55,000		$	—		$	—		$	—		$	—
Liquidation Value Per Share	$	25.00		$	—		$	—		$	—		$	—
Common Share Conversion Price		N/A			—			—			—			—
Yield		7.375	%		—			—			—			—
*Convertible Preferred Stock*
Series C (3)
Shares Outstanding		200,000			500,000			600,000			600,000			600,000
Aggregate Liquidation Value	$	5,000		$	12,500		$	15,000		$	15,000		$	15,000
Liquidation Value Per Share	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00
Common Share Conversion Price	$	15.75		$	15.75		$	15.75		$	15.75		$	15.75
Yield		9.75	%		9.75	%		9.75	%		9.75	%		9.75	%
*Convertible Preferred Operating Partnership Units*
Series C (4)
Units Outstanding		—			1,664,965			1,664,965			1,664,965			1,664,965
Aggregate Liquidation Value	$	—		$	41,624		$	41,624		$	41,624		$	41,624
Liquidation Value Per Share	$	—		$	25.00		$	25.00		$	25.00		$	25.00
Common Share Conversion Price	$	—		$	16.00		$	16.00		$	16.00		$	16.00
Yield		—			9.75	%		9.75	%		9.75	%		9.75	%
Series D (5)
Units Outstanding		211,145			450,700			450,700			450,700			450,700
Aggregate Liquidation Value	$	5,279		$	11,268		$	11,268		$	11,268		$	11,268
Liquidation Value Per Share	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00
Common Share Conversion Price	$	16.50		$	16.50		$	16.50		$	16.50		$	16.50
Yield		9.00	%		9.75	%		9.00	%		9.00	%		9.00	%
Total Liquidation/Book Value of Preferred Stock	$	134,279		$	134,392		$	136,892		$	136,892		$	136,892

(1)		This Redeemable Preferred Stock was issued in February 2003, is not convertible into Common Shares and is redeemable at the Company’s option beginning on February 19, 2008.

(2)		This Cumulative Redeemable Preferred Stock was issued in March 2004, is not convertible into Common Shares and is redeemable at the Company’s option beginning on March 15, 2009.

(3)		100,000 shares of Series C Convertible Preferred Stock were converted to Common Stock on October 16, 2003 and 300,000 shares were converted to Common Stock on March 22, 2004.

(4)		All 1,664,965 of Series C Convertible Preferred Units were converted to Common Stock on February 19, 2004.

(5)		239,555 of Series D Convertible Preferred Units were converted to Common Stock on February 19, 2004.

Page 17 of 22

Keystone Property Trust

Equity Analysis (Dollars in thousands, except share and per share data)


	March 31, 2004		December 31, 2003		September 30, 2003		June 30, 2003		March 31, 2003
Total Outstanding in Common Share Equivalents:
Common Shares		30,626,760		26,354,369		21,805,083		21,787,933		21,497,001
Operating Partnership Units		3,964,998		5,096,401		5,486,957		5,444,226		5,519,204
Preferred Stock		317,460		793,650		952,381		952,381		952,381
Preferred Operating Partnership Units		319,917		3,284,386		3,284,386		3,284,386		3,284,386

Total		35,229,135		35,528,806		31,528,807		31,468,926		31,252,972
Weighted Average Outstanding:
Common Shares		28,301,528		24,556,943		21,798,811		21,709,549		21,457,794
Operating Partnership Units		4,551,430		5,259,252		5,486,435		5,487,737		5,552,154
Preferred Shares (at Common Share Equivalents)		741,321		819,530		952,381		952,381		952,381
Preferred Operating Partnership Units (at Common		1,916,169		3,284,386		3,284,386		3,284,386		3,284,386
Share Equivalents) Common Stock Options		439,960		378,312		332,546		274,850		183,175

Total		35,950,408		34,298,423		31,854,559		31,708,903		31,429,890
Common Share Price Range:
Quarterly High	$	24.31	$	22.65	$	20.65	$	19.36	$	17.50
Quarterly Low		21.53		19.34		18.40		16.78		15.65
Quarterly Average		22.75		20.47		19.36		17.98		16.38
End of Quarter		24.31		22.09		20.26		18.51		17.20
Weighted Average Option Exercise Price	$	13.84	$	13.87	$	13.87	$	13.83	$	13.77
Capitalization:
Liquidation/Book Value of Preferred Stock & Units	$	134,279	$	134,392	$	136,892	$	136,892	$	136,892
Market Value of Common Equity		840,926		694,748		552,937		504,067		464,679

Market Capitalization		975,205		829,140		689,829		640,959		601,571
Total Debt		528,695		533,717		426,625		413,778		405,165

Total Market Capitalization	$	1,503,900	$	1,362,857	$	1,116,454	$	1,054,737	$	1,006,736

Page 18 of 22

Keystone Property Trust

Debt Analysis (Dollars in thousands, except per share data)


	March 31, 2004				December 31, 2003				September 30, 2003			June 30, 2003			March 31, 2003
Debt Outstanding
Mortgage Loans	$	248,374			$	268,555			$	185,848		$	186,527		$	187,192
Construction Loans		44,695				10,774				40,033			36,807			34,492
Revolving Credit Facilities		223,766				241,866				196,366			185,866			178,703
Debt Premium, Net of Amortization		11,860				12,522				4,378			4,578			4,778

Total Debt Outstanding	$	528,695			$	533,717			$	426,625		$	413,778		$	405,165

Interest Rate Structure
Fixed, including debt premiums	$	260,234			$	265,077			$	190,226		$	191,105		$	191,970
Variable		268,461				268,640				236,399			222,673			213,195

Total	$	528,695			$	533,717			$	426,625		$	413,778		$	405,165

Weighted Average Term to Maturity (in years)		2.9				3.0				2.9			2.6			2.7
% Fixed Rate Loans		63.4	%	(1)		59.0	%	(1)		44.6	%		46.2	%		47.4	%
% Variable Rate Loans		36.6	%	(1)		41.0	%	(1)		55.4	%		53.8	%		52.6	%
% Secured Debt		58.9	%			60.6	%			55.5	%		56.6	%		57.4	%
% Unsecured Debt		41.1	%			39.4	%			44.5	%		43.4	%		42.6	%
Average Interest Rates
Mortgage Loans		7.8	%			7.5	%			7.8	%		7.8	%		7.8	%
Construction Loans		3.0	%			3.3	%			3.6	%		3.7	%		4.0	%
Revolving Credit Facilities		2.8	%			3.6	%			2.7	%		3.0	%		3.2	%

Total Weighted Average		5.2	%			5.5	%			5.0	%		5.3	%		5.4	%

Debt Ratios
Debt to Total Market Capitalization		35.2	%			39.2	%			38.2	%		39.2	%		40.2	%
Debt to Undepreciated Assets		47.2	%			49.6	%			48.2	%		47.6	%		47.4	%
Coverage Ratios
Interest Coverage-Property NOI		3.4x				4.0x				3.8x			3.6x			3.4x
(NOI / Interest)
Interest Coverage-EBITDA		3.0x				3.4x				3.4x			3.2x			3.1x
(EBITDA / Interest)
Interest Coverage-EBITDA-YTD		3.0x				3.2x				3.2x			3.1x			3.1x
(EBITDA / Interest — Year-to-date)
Debt Service Coverage -Property NOI		3.0x				3.5x				3.4x			3.2x			3.0x
(NOI / (Interest + Principal Amortization))
Debt Service Coverage — EBITDA		2.7x				2.9x				3.0x			2.8x			2.8x
(EBITDA / (Interest + Principal Amortization))
Fixed Charge Coverage -Property NOI		2.5x				2.7x				2.4x			2.3x			2.3x
(NOI / (Interest + Preferred Distributions))
Fixed Charge Coverage — EBITDA		2.3x				2.3x				2.2x			2.1x			2.1x
(EBITDA / (Interest + Preferred Distributions))

(1)

Percentages reflect the effect of the interest rate swap agreements on unsecured term debt. (See page 14)

Page 19 of 22

Keystone Property Trust

Quarterly Valuation Analysis

(Dollars in thousands except per share data and ratios)


	March 31, 2004			December 31, 2003			September 30, 2003			June 30, 2003			March 31, 2003
PRICING MULTIPLES
NOI Multiple
((Market Value of Common Equity + Preferred		15.2x			13.7x			13.3x			12.7x			13.7x
Share/Units + Total Debt) / Ann. NOI)
EBITDA Multiple
((Market Value of Common Equity + Preferred		17.5x			16.3x			14.9x			14.5x			16.5x
Share/Units + Total Debt) / Ann. EBITDA)
FFO Multiple
(Quarter End Common Share Price / Ann. FFO -		15.2x			13.5x			13.0x			12.5x			13.0x
per share)
NOI Yield
(Ann. NOI before Interest and Depreciation		6.6	%		7.3	%		7.5	%		7.9	%		7.3	%
Expense / (Market Value of Common Equity + Preferred Share/Units + Debt))
EBITDA Yield
(Ann. EBITDA / (Market Value of Common Equity		5.7	%		6.1	%		6.7	%		6.9	%		6.1	%
+ Preferred Share/Units + Debt))
FFO Yield
(Ann. FFO — per share / Quarter End Common		6.6	%		7.4	%		7.7	%		8.0	%		7.7	%
Share Price)
RETURNS
Yield on Real Estate Owned — NOI		9.1	%		10.9	%		10.4	%		10.3	%		10.5	%
(Ann. NOI before Interest and Depreciation Expense / Average Gross Operating Real Estate Investments )
Yield on Real Estate Owned — EBITDA
(Ann. EBITDA / Average Gross Operating Real Estate Investments)		7.9	%		9.2	%		9.3	%		9.0	%		8.7	%
Return on Book Value of Average Equity & Minority Interest
(Ann. EBITDA / Avg. Equity & Minority Interest)		17.3	%		20.3	%		19.9	%		19.2	%		17.4	%
FFO Return on Book Value of Average Equity & Minority Interest
(Ann. FFO / Avg. Equity & Minority Interest)		12.1	%		13.3	%		12.8	%		11.9	%		11.5	%

Page 20 of 22

Keystone Property Trust

Dividend Analysis


	March 31, 2004			December 31, 2003			September 30, 2003			June 30, 2003			March 31, 2003
Common Stock Dividends Paid:
Dividends per Share/Unit	$	0.33		$	0.33		$	0.33		$	0.325		$	0.325
Declaration Date		4/6/2004			10/3/2003			7/2/2003			4/3/2003			1/7/2003
Common Shareholders’ Record Date		4/16/2004			10/17/2003			7/17/2003			4/16/2003			1/17/2003
Common Dividends Payment Date		4/30/2004			10/31/2003			7/31/2003			4/30/2003			1/31/2003
Common Dividend Payout Ratios:
Payout — FFO (Dividends/FFO)		82.5	%		80.5	%		84.6	%		87.8	%		98.5	%
Dividend Coverage — FFO (FFO/Dividends)		1.2x			1.2x			1.2x			1.1x			1.0x
Common Dividend Yields:
Dividend Yield (Yield based on annualized current dividend per share and quarter end share price)		5.4	%		6.0	%		6.5	%		7.0	%		7.6	%
Spread Over 5 Year U.S. Treasury at quarter end		2.6	%		2.8	%		3.7	%		4.6	%		4.9	%
Spread Over 10 Year U.S. Treasury at quarter end		1.6	%		1.7	%		2.6	%		3.5	%		3.8	%

Page 21 of 22

Keystone Property Trust

Research Coverage, Anticipated 2004 Earnings Release and Dividend Calendar

Research Coverage


Firm	Analyst	Phone
Bear, Stearns & Co., Inc.	Ross Smotrich	212-272-8046
	Michael T. Marron	212-272-7424
Wachovia Securities	Christopher P. Haley	804-782-3708
	Gregg Korondi	443-263-6579
Merrill Lynch	Steve Sakwa	212-449-0335
	Brian Legg	212-449-1153
RBC Capital Markets	Jay Leupp	415-633-8588
	David Copp	415-633-8558
BB&T Capital Markets Inc.	Stephanie Krewson	804-782-8784
J.P. Morgan Securities Inc.	Anthony Paolone	212-622-6682
A.G. Edwards	William T. Camp	314-955-5368

Anticipated 2004 Earnings Release and Dividend Calendar


	First Quarter	Second Quarter	Third Quarter	Fourth Quarter
Dividend Declaration Date	4/6/2004	7/6/2004	10/5/2004	1/7/2005
Dividend Record Date	4/16/2004	7/16/2004	10/15/2004	1/17/2005
Dividend Payment Date	4/30/2004	7/30/2004	10/29/2004	1/31/2005
Anticipated Earnings Release/Earnings Call	4/21/2004	7/21/2004	10/20/2004	1/26/2005
Annual Shareholders Meeting		6/3/2004

Page 22 of 22

KEYSTONE PROPERTY TRUST 8-K