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<PAGE>
EXHIBIT 99.1
OCTOBER 31, 2000
THIRD QUARTER EARNINGS CONFERENCE CALL
SUPPLEMENTAL INFORMATION PACKAGE
PAGE NUMBER
-----------
I. FINANCIAL HIGHLIGHTS 1
II. CONDENSED CONSOLIDATED BALANCE SHEETS 2
III. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 3
IV. FUNDS FROM OPERATIONS/FUNDS AVAILABLE FOR DISTRIBUTION 4
-- QUARTERLY RECONCILIATIONS
V. QUARTERLY FFO FOR 2000 AND 1999 5
VI. PORTFOLIO OVERVIEW 6
VII. LEASE EXPIRATION SCHEDULE - PORTFOLIO 7
VIII. LEASE EXPIRATION SCHEDULE - INDUSTRIAL 8
IX. LEASE EXPIRATION SCHEDULE - OFFICE 9
X. OPERATING AND LEASING STATISTICS 10
XI. SAME STORE ANALYSIS 11-13
XII. 2000 ACQUISITIONS/DISPOSITIONS 14
XIII. LAND UNDER DEVELOPMENT AND CONTROL 15
XIV. CAPITAL STRUCTURE AND DEBT ANALYSIS 16
XV. PREFERRED EQUITY OUTSTANDING 17
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.
<PAGE>
SUPPLEMENTAL INFORMATION PACKAGE
Third Quarter Earnings Conference Call
KEYSTONE PROPERTY TRUST
THIRD QUARTER 2000
FINANCIAL HIGHLIGHTS
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
----------------------- -----------------------
INCOME ITEMS: 30-SEP-00 30-SEP-99 30-SEP-00 30-SEP-99
------------- --------- --------- --------- ---------
<S> <C> <C> <C> <C>
Revenues $ 31,986 $ 20,454 $ 90,771 $ 56,936
Net Income Allocated to Common Shares (4,306) 1,557 (700) 5,177
FUNDS FROM OPERATIONS 11,964 7,776 35,035 21,513
Funds from Operations - Per Share-(diluted) 0.47 0.45 1.38 1.30
FUNDS AVAILABLE FOR DISTRIBUTION 8,951 5,795 28,128 18,007
Funds Available for Distribution- Per Share- (diluted) 0.35 0.34 1.11 1.09
DIVIDENDS PAID PER SHARE- COMMON SHARES 0.310 0.295 0.900 0.825
RATIOS:
-------
Interest Coverage Ratio 1.9 2.1 2.0 2.1
Fixed Charge Coverage Ratio 1.5 1.9 1.6 1.9
Dividend Payout Ratio-FFO 66.0% 65.6% 65.2% 63.5%
Dividend Payout Ratio-FAD 88.6% 86.8% 81.1% 75.7%
</TABLE>
<TABLE>
<CAPTION>
AS OF THE PERIOD ENDED
-------------------------
30-SEP-00 30-SEP-99 % CHANGE
--------- --------- --------
<S> <C> <C> <C>
ASSETS:
Investments in Real Estate at Cost $ 971,981 $ 804,530 20.8%
Total Assets 978,698 814,905 20.1%
CAPITALIZATION:
Total Debt $ 633,652 $ 488,455 29.7%
Convertible Preferred Shares - at liquidation preference $ 60,097 $ 80,000 (24.9%)
Convertible Preferred Units - at liquidation preference 80,295 54,621 47.0%
---------- ---------- -----
Total $ 140,392 $ 134,621 4.3%
Total Common Shares Outstanding @ Quarter End 9,323,312 7,605,125 22.6%
Total Operating Units @ Quarter End 7,675,649 7,033,049 9.1%
---------- ---------- -----
Total 16,998,961 14,638,174 16.1%
Share Price @ Quarter End $ 12.50 $ 16.50 (24.2%)
Equity Value @ Quarter End $ 352,879 $ 376,151 (6.2%)
Total Market Capitalization $ 986,531 $ 864,606 14.1%
Debt/Total Market Capitalization 64.2% 56.5% 7.7%
</TABLE>
Page 1
<PAGE>
SUPPLEMENTAL INFORMATION PACKAGE
Third Quarter Earnings Conference Call
KEYSTONE PROPERTY TRUST
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
<TABLE>
<CAPTION>
SEPTEMBER 30, 2000 JUNE 30, 2000 MARCH 31, 2000 DECEMBER 31, 1999 SEPTEMBER 30, 1999
------------------ ------------- -------------- ----------------- ------------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments in Real Estate $ 971,981 $ 985,990 $ 892,715 $ 860,336 $ 804,530
Accumulated Depreciation (36,492) (32,304) (26,818) (22,396) (16,966)
---------- ---------- ---------- ---------- ----------
Investments in Real Estate, Net 935,489 953,686 865,897 837,940 787,564
Cash, Cash Equivalents, and Escrows 8,203 9,847 7,134 7,614 3,497
Other Assets, Net 35,006 29,736 32,454 29,522 23,844
---------- ---------- ---------- ---------- ----------
Total Assets $ 978,698 $ 993,269 $ 905,485 $ 875,076 $ 814,905
========== ========== ========== ========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY:
LIABILITIES
Mortgage Notes and Other Debt $ 633,652 $ 612,617 $ 548,572 $ 522,112 $ 488,455
Accrued Liabilities and Other 18,881 18,446 19,111 21,303 13,089
---------- ---------- ---------- ---------- ----------
Total Liabilities 652,533 631,063 567,683 543,415 501,544
MINORITY INTEREST
Limited Partners in OP 90,612 96,506 96,814 91,310 89,604
Convertible Preferred Units 80,295 80,295 54,621 54,621 54,621
---------- ---------- ---------- ---------- ----------
Total Minority Interest 170,907 176,801 151,435 145,931 144,225
---------- ---------- ---------- ---------- ----------
Redeemable Preferred Stock -- 19,903 -- -- --
SHAREHOLDERS' EQUITY
Preferred Stock, $.001 par value 3 3 3 3 3
Common Stock, $.001 par value 9 9 9 9 8
Warrants -- -- -- 125 685
Additional paid-in capital 165,069 164,953 184,740 183,261 165,016
Cumulative net income 19,920 24,226 22,565 20,620 19,469
Cumulative dividends (29,743) (23,689) (20,950) (18,288) (16,045)
---------- ---------- ---------- ---------- ----------
Total shareholders' equity 155,258 165,502 186,367 185,730 169,136
---------- ---------- ---------- ---------- ----------
Total liabilities and
shareholders' equity $ 978,698 $ 993,269 $ 905,485 $ 875,076 $ 814,905
========== ========== ========== ========== ==========
</TABLE>
Page 2
<PAGE>
SUPPLEMENTAL INFORMATION PACKAGE
Third Quarter Earnings Conference Call
KEYSTONE PROPERTY TRUST
QUARTER END COMPARATIVES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
---------------------------------------------
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
--------------------- --------------------
2000 1999 2000 1999
-------- -------- -------- --------
<S> <C> <C> <C> <C>
REVENUE:
Rents $ 28,299 $ 18,305 $ 80,041 $ 51,281
Reimbursement revenue and other 3,687 2,149 10,730 5,655
-------- -------- -------- --------
Total revenue 31,986 20,454 90,771 56,936
-------- -------- -------- --------
OPERATING EXPENSES:
Property operating expenses 6,245 4,373 18,544 11,954
General and administrative 1,129 1,095 3,219 2,706
Depreciation and amortization 4,887 3,835 15,455 10,714
Interest expense 12,442 7,396 34,516 20,544
Provision for asset revaluation 11,300 -- 11,300 --
-------- -------- -------- --------
Total operating expense 36,003 16,699 83,034 45,918
-------- -------- -------- --------
(LOSS) INCOME BEFORE EQUITY IN (LOSS) INCOME FROM EQUITY METHOD INVESTMENTS,
(LOSSES) GAINS ON SALES OF ASSETS, DISTRIBUTIONS TO PREFERRED UNITHOLDERS,
MINORITY INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP, AND NET INCOME
ALLOCATED TO PREFERRED SHAREHOLDERS (4,017) 3,755 7,737 11,018
EQUITY IN (LOSS) INCOME FROM EQUITY METHOD INVESTMENTS (248) 143 416 (347)
(LOSSES) GAINS ON SALES OF ASSETS (252) -- 372 1,284
-------- -------- -------- --------
(LOSS) INCOME BEFORE DISTRIBUTIONS TO PREFERRED UNITHOLDERS, MINORITY INTEREST
OF UNITHOLDER IN OPERATING PARTNERSHIP, AND NET INCOME ALLOCATED TO PREFERRED
SHAREHOLDERS (4,517) 3,898 8,525 11,955
DISTRIBUTIONS TO PREFERRED UNITHOLDERS (1,924) (406) (4,943) (743)
-------- -------- -------- --------
(LOSS) INCOME BEFORE MINORITY INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP,
AND NET INCOME ALLOCATED TO PREFERRED SHAREHOLDERS (6,441) 3,492 3,582 11,212
MINORITY INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP 3,542 (1,420) 664 (4,620)
NET INCOME ALLOCATED TO PREFERRED SHAREHOLDERS (1,407) (515) (4,946) (1,415)
-------- -------- -------- --------
NET (LOSS) INCOME ALLOCATED TO COMMON SHAREHOLDERS $ (4,306) $ 1,557 $ (700) $ 5,177
======== ======== ======== ========
</TABLE>
Page 3
<PAGE>
SUPPLEMENTAL INFORMATION PACKAGE
Third Quarter Earnings Conference Call
KEYSTONE PROPERTY TRUST
FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION
THIRD QUARTER 2000 AND 1999 COMPARATIVES
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
---------------------------- -----------------------------
FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
---------------------------- ----------------------------
------------ ------------ ------------ ------------
2000 1999 2000 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
FUNDS FROM OPERATIONS:
(LOSS) INCOME BEFORE DISTRIBUTIONS TO PREFERRED UNITHOLDERS,
MINORITY INTEREST OF UNITHOLDER IN OPERATING PARTNERSHIP,
AND NET INCOME ALLOCATED TO PREFERRED SHAREHOLDERS $ (4,517) $ 3,898 $ 8,525 $ 11,955
Provision for asset revaluation 11,300 -- 11,300 --
Losses (gains) on sales of assets 252 -- (372) (1,284)
Depreciation and amortization related to real estate 4,887 3,835 15,455 10,714
Equity in (income) loss from equity method investments 248 (143) (416) 347
FFO contribution from equity investments (206) 186 543 (219)
------------ ------------ ------------ ------------
FUNDS FROM OPERATIONS (1) $ 11,964 $ 7,776 $ 35,035 $ 21,513
============ ============ ============ ============
FUNDS FROM OPERATIONS-BASIC $ 0.51 $ 0.48 $ 1.49 $ 1.37
============ ============ ============ ============
FUNDS FROM OPERATIONS-PER DILUTED SHARE $ 0.47 $ 0.45 $ 1.38 $ 1.30
============ ============ ============ ============
FUNDS AVAILABLE FOR DISTRIBUTION:
Funds from Operations $ 11,964 $ 7,776 $ 35,035 $ 21,513
Building Improvements (227) (232) (661) (547)
Tenant Improvements (1,056) (850) (2,102) (1,510)
Leasing Commissions (1,256) (941) (2,866) (1,632)
Amortization of Deferred Financing Costs 485 396 1,364 1,071
Amortization of Restricted Stock Awards 68 69 204 205
Straight Line Rent Adjustments (1,027) (423) (2,846) (1,093)
------------ ------------ ------------ ------------
Funds available for distribution 8,951 $ 5,795 $ 28,128 $ 18,007
============ ============ ============ ============
------------ ------------ ------------ ------------
FUNDS AVAILABLE FOR DISTRIBUTION-PER DILUTED SHARE $ 0.35 $ 0.34 $ 1.11 $ 1.09
============ ============ ============ ============
WEIGHTED AVERAGE SHARES AND UNITS - DILUTED 25,724,558 17,196,873 25,419,506 16,564,455
============ ============ ============ ============
DIVIDEND PAID PER COMMON SHARE 0.310 0.295 0.900 0.825
============ ============ ============ ============
DIVIDEND PAYOUT RATIO-FFO 66.0% 65.6% 65.2% 63.5%
============ ============ ============ ============
DIVIDEND PAYOUT RATIO-FAD 88.6% 86.8% 81.1% 75.7%
============ ============ ============ ============
</TABLE>
(1) FFO is reported in accordance with NAREIT's clarification of the FFO
definition effective January 1, 2000 with prior years restated.
Page 4
<PAGE>
SUPPLEMENTAL INFORMATION PACKAGE
Third Quarter Earnings Conference Call
KEYSTONE PROPERTY TRUST
FUNDS FROM OPERATIONS BY QUARTER 2000 AND 1999
(dollars in thousands, except per share data)
<TABLE>
<CAPTION>
1ST QUARTER 2000 2ND QUARTER 2000 3RD QUARTER 2000
---------------- ---------------- ----------------
<S> <C> <C> <C>
FUNDS FROM OPERATIONS(1) $ 11,431 $ 11,640 $ 11,964
=========== =========== ===========
WEIGHTED AVERAGE SHARES AND UNITS:
Shares outstanding 9,067,959 9,243,803 9,322,119
Units outstanding 7,610,342 7,653,948 7,677,660
Convertible preferred stock 4,981,962 4,216,453 3,738,010
Convertible preferred units 3,378,262 4,365,722 4,982,884
Other dilutive securities 4,028 3,816 3,885
----------- ----------- -----------
25,042,553 25,483,742 25,724,558
=========== =========== ===========
DILUTED FFO PER SHARE $ 0.46 $ 0.46 $ 0.47
=========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
1ST QUARTER 1999 2ND QUARTER 1999 3RD QUARTER 1999
---------------- ---------------- ----------------
<S> <C> <C> <C>
FUNDS FROM OPERATIONS (1) $ 6,527 $ 7,210 $ 7,776
=========== =========== ===========
WEIGHTED AVERAGE SHARES AND UNITS:
Shares outstanding 7,392,644 7,472,560 7,505,764
Units outstanding 6,988,542 7,017,887 7,033,049
Convertible preferred stock 1,212,121 1,212,121 1,376,028
Convertible preferred units 454,545 454,545 1,078,977
Other dilutive securities 126,071 182,289 203,055
----------- ----------- -----------
16,173,923 16,339,402 17,196,873
=========== =========== ===========
DILUTED FFO PER SHARE $ 0.40 $ 0.44 $ 0.45
=========== =========== ===========
</TABLE>
(1) FFO is reported in accordance with NAREIT's clarification of the FFO
definition effective January 1, 2000 with prior years restated.
Page 5
<PAGE>
SUPPLEMENTAL INFORMATION PACKAGE
Third Quarter Earnings Conference Call
KEYSTONE PROPERTY TRUST
PORTFOLIO OVERVIEW
(As of September 30, 2000)
<TABLE>
<CAPTION>
--------------------------------------------------------------
INDUSTRIAL
--------------------------------------------------------------
NUMBER OF RENTABLE % ANNUALIZED
BUILDINGS SQUARE FEET LEASED BASE RENT(1)
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Market Total Total Total Total
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Pennsylvania 17 4,910,836 100.0% $18,332,752
New York and New Jersey 36 7,527,890 98.7% $35,412,209
Ohio and Indiana 16 3,124,976 100.0% $11,327,573
South Carolina 28 2,841,789 88.9% $ 7,260,478
--------------------------------------------------------------------------------------------
Total/Weighted Average 97 18,405,491 97.9% $72,333,012
== ========== ===== ===========
<CAPTION>
---------------------------------------------------------------
OFFICE
---------------------------------------------------------------
NUMBER OF RENTABLE % ANNUALIZED
BUILDINGS SQUARE FEET LEASED BASE RENT(1)
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Market Total Total Total Total
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Pennsylvania 6 459,971 89.9% $7,296,567
New York and New Jersey 29 1,904,959 98.2% $27,725,677
Ohio and Indiana
South Carolina
---------------------------------------------------------------------------------------------
Total/Weighted Average 35 2,364,930 96.3% $35,022,243
== ========= ===== ===========
<CAPTION>
-----------------------------------------------------------------
OTHER
-----------------------------------------------------------------
NUMBER OF RENTABLE % ANNUALIZED
BUILDINGS SQUARE FEET LEASED BASE RENT(1)
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
Market Total Total Total Total
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Pennsylvania
New York and New Jersey 1 114,000 100.00% $525,000
Ohio and Indiana
South Carolina
-----------------------------------------------------------------------------------------------
Total/Weighted Average 1 114,000 $525,000
= ======= ========
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------
TOTAL
------------------------------------------------------------
NUMBER OF RENTABLE % ANNUALIZED
BUILDINGS SQUARE FEET LEASED BASE RENT(1)
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Market Total Total Total Total
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Pennsylvania 23 5,370,807 97.0% $25,629,318
New York and New Jersey 66 9,546,849 98.5% $63,662,885
Ohio and Indiana 16 3,124,976 100.0% $11,327,573
South Carolina 28 2,841,789 88.9% $ 7,260,478
--------------------------------------------------------------------------------------------------
Total/Weighted Average 133 20,884,421 97.7% $107,880,255
=== ========== ===== ============
Construction in Progress (2) 1 64,285
- ------
Totals 134 20,948,706
=== ==========
</TABLE>
(1) Annual Base Rent, as used here, represents the monthly contractual rent
under existing leases at September 30, 2000 multiplied by 12.
(2) Includes one 64,285 sq ft. building, which is undergoing construction.
Page 6
<PAGE>
SUPPLEMENTAL INFORMATION PACKAGE
Third Quarter Earnings Conference Call
KEYSTONE PROPERTY TRUST
LEASE EXPIRATION SCHEDULE
(As of Setpember 30, 2000)
<TABLE>
<CAPTION>
ANNUALIZED RENT PER LEASED PERCENTAGE OF TOTAL
NUMBER OF SQUARE FOOTAGE OF ANNUALIZED RENT OF SQUARE FOOT OF PERCENTAGE OF TOTAL ANNUALIZED RENT OF
LEASES EXPIRING EXPIRING LEASES EXPIRING LEASES(1) EXPIRING LEASES LEASED SQUARE FEET EXPIRING LEASES
---------------- --------------- ------------------ --------------- ------------------ ---------------
-----------------------------------------------------------------------------------------------------------------------------------
Expires Total Total Total
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
2000 18 566,748 $2,228,498 $3.93 2.8% 2.1%
2001 49 2,045,003 $9,478,345 $4.63 10.0% 8.8%
2002 48 3,711,266 $14,421,524 $3.89 18.2% 13.4%
2003 48 1,790,216 $12,526,331 $7.00 8.8% 11.6%
2004 41 1,686,136 $9,501,326 $5.63 8.3% 8.8%
2005 39 1,668,699 $12,121,437 $7.26 8.2% 11.2%
2006 26 1,981,273 $10,462,668 $5.28 9.7% 9.7%
2007 11 1,678,669 $9,549,839 $5.69 8.2% 8.9%
2008 8 814,868 $5,377,570 $6.60 4.0% 5.0%
2009 8 1,199,626 $4,774,215 $3.98 5.9% 4.4%
2010 5 542,379 $2,751,284 $5.07 2.7% 2.6%
2011 3 351,041 $1,458,125 $4.15 1.7% 1.4%
2012 2 658,094 $3,592,835 $5.46 3.2% 3.3%
2013 4 643,304 $4,447,401 $6.91 3.2% 4.1%
2014 4 439,944 $2,228,197 $5.06 2.2% 2.1%
2018 1 139,703 $441,462 $3.16 0.7% 0.4%
2019 1 495,740 $2,519,199 $5.08 2.4% 2.3%
------------------------------------------------------------------------------------------------------------------------------------
Total 316 20,412,709 $107,880,255 $5.28 100.0% 100.0%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
ANNUALIZED RENT PER LEASED PERCENTAGE OF TOTAL
SQUARE FOOTAGE OF ANNUALIZED RENT OF SQUARE FOOT OF PERCENTAGE OF TOTAL ANNUALIZED RENT OF
RECAP EXPIRING LEASES EXPIRING LEASES(1) EXPIRING LEASES LEASED SQUARE FEET EXPIRING LEASES
--------------- ------------------ --------------- ------------------ ---------------
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Industrial 18,020,465 $72,333,012 $4.01 88.3% 67.0%
Office 2,278,244 35,022,243 $15.37 11.2% 32.5%
Other 114,000 525,000 $4.61 0.6% 0.5%
---------- ------------ ------ ----- ----
Total 20,412,709 $107,880,255 $ 5.28 100.0% 100.0%
========== ============ ====== ====== ======
Vacant 471,712
----------
Total Square Feet 20,884,421
==========
Construction in Progress 64,285
----------
Total Square Feet Owned 20,948,706
==========
</TABLE>
(1) Annualized Base Rent, as used here, represents the monthly contractual rent
under existing leases at September 30, 2000 multiplied by 12.
Page 7
<PAGE>
SUPPLEMENTAL INFORMATION PACKAGE
Third Quarter Earnings Conference Call
KEYSTONE PROPERTY TRUST
INDUSTRIAL PROPERTIES
LEASE EXPIRATION
<TABLE>
<CAPTION>
RENTABLE SQUARE PERCENTAGE OF TOTAL ANNUAL
Year of Lease Footage Subject to Annual Base Rents Base Rents Represented
EXPIRATION EXPIRING LEASES UNDER EXPIRING LEASES (1) BY EXPIRING LEASES
---------- --------------- ------------------------- ------------------
<S> <C> <C> <C>
2000 535,946 $1,937,525 2.7%
2001 1,814,395 5,702,176 7.9%
2002 3,543,803 12,224,474 16.9%
2003 1,341,227 5,381,486 7.4%
2004 1,368,289 5,752,095 8.0%
2005 1,198,060 5,155,883 7.1%
2006 1,735,473 7,400,263 10.2%
2007 1,459,952 5,460,277 7.5%
2008 687,454 3,527,444 4.9%
Thereafter 4,335,866 19,791,389 27.4%
---------- ----------- -----
Total 18,020,465 $72,333,012 100.0%
========== =========== ======
</TABLE>
AVERAGE OCCUPANCY BY LOCATION
<TABLE>
<CAPTION>
MARKET STATE 9/30/00 6/30/00 3/31/00
------ ----- ------- ------- -------
<S> <C> <C> <C>
Indianapolis Indianapolis 100.0% 100.0% 100.0%
Central & North NJ New Jersey 99.8% 99.6% 99.6%
Albany New York 100.0% 100.0% 100.0%
Rochester New York 88.1% 86.3% 94.1%
Syracuse New York 100.0% 100.0% 100.0%
Central Ohio Ohio 100.0% 100.0% 100.0%
Chester County Pennsylvania 100.0% 100.0% 100.0%
Harrisburg/Chambersburg Pennsylvania 100.0% 100.0% 96.1%
Reading Pennsylvania 100.0% 100.0% 100.0%
Scranton/Wilkes-Barre Pennsylvania 100.0% 100.0% 100.0%
Greenville/Spartanburg South Carolina 88.9% 88.6% 95.1%
----- ----- -----
Total Industrial Portfolio 97.9% 98.1% 98.3%
===== ===== =====
</TABLE>
(1) Annual Base Rent, as used here, represents the monthly contractual rent
under existing leases at September 30, 2000 multiplied by 12.
Page 8
<PAGE>
SUPPLEMENTAL INFORMATION PACKAGE
Third Quarter Earnings Conference Call
KEYSTONE PROPERTY TRUST
OFFICE PROPERTIES
LEASE EXPIRATION
<TABLE>
<CAPTION>
RENTABLE SQUARE PERCENTAGE OF TOTAL ANNUAL
Year of Lease Footage Subject to Annual Base Rents Base Rents Represented
EXPIRATION EXPIRING LEASES UNDER EXPIRING LEASES (1) BY EXPIRING LEASES
---------- --------------- ------------------------- ------------------
<S> <C> <C> <C>
2000 30,802 $ 290,974 0.8%
2001 230,608 3,776,169 10.8%
2002 167,463 2,197,050 6.3%
2003 448,989 7,144,845 20.4%
2004 203,847 3,224,231 9.2%
2005 470,639 6,965,554 19.9%
2006 245,800 3,062,405 8.7%
2007 218,717 4,089,562 11.7%
2008 127,414 1,850,126 5.3%
Thereafter 133,965 2,421,327 6.9%
--------- ----------- ----
Total 2,278,244 $35,022,243 100.0%
========= =========== ======
</TABLE>
AVERAGE OCCUPANCY BY LOCATION
<TABLE>
<CAPTION>
MARKET STATE 9/30/00 6/30/00 3/31/00
------ ----- ------- ------- -------
<S> <C> <C> <C> <C>
Central and North NJ New Jersey 98.4% 99.2% 100.0%
Albany New York 99.8% 99.8% 99.8%
Rochester New York 100.0% 100.0% 100.0%
Syracuse New York 96.7% 96.5% 97.8%
Allentown Pennsylvania 94.0% 93.7% 100.0%
Harrisburg/Chambersburg Pennsylvania 83.4% 91.0% 88.9%
Reading Pennsylvania 93.0% 93.0% 90.4%
----- ----- -----
Total Office Portfolio 96.3% 96.8% 97.3%
===== ===== =====
</TABLE>
(1) Annual Base Rent, as used here, represents the monthly contractual rent
under existing leases at September 30, 2000 multiplied by 12.
Page 9
<PAGE>
SUPPLEMENTAL INFORMATION PACKAGE
Third Quarter Earnings Conference Call
KEYSTONE PROPERTY TRUST
OPERATING AND LEASING STATISTICS
<TABLE>
<CAPTION>
INDUSTRIAL OFFICE
---------- ---------
<S> <C> <C>
Square feet owned at September 30, 2000 (1) 18,405,491 2,364,930
Occupancy percentage at September 30, 2000 97.9% 96.3%
Lease expirations as percentage of total square feet (next 12 months) 10.3% 4.5%
Weighted Average Lease Term at September 30, 2000 (in years) 6.1 4.7
Tenant retention (2) - 3rd Quarter 53.6% 50.4%
- Nine Months Ended 9/30/00 64.3% 75.5%
Rent increases on new leases (3)- 3rd Quarter 2.1% 7.3%
- Nine Months Ended 9/30/00 6.9% 4.0%
</TABLE>
(1) Excludes 64,285 sq ft. of Industrial currently under construction.
(2) Calculated based on square footage of expired leases.
(3) Calculated based on rental rates per square foot.
Page 10
<PAGE>
SUPPLEMENTAL INFORMATION PACKAGE
Third Quarter Earnings Conference Call
KEYSTONE PROPERTY TRUST
SAME STORE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 2000
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
FOR THE THREE FOR THE THREE
MONTHS ENDED MONTHS ENDED YEAR TO DATE %
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999 VARIANCE CHANGE
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
REVENUE
Gross Potential Rent $ 16,645 $ 16,201 $ 444 2.7%
Vacancy Loss (700) (513) (187) (36.5%)
-------------------------------------------------
Rental Revenue 15,945 15,688 257 1.6%
Tenant Reimbursement and Other 1,656 1,506 150 10.0%
-------------------------------------------------
Total Revenue $ 17,601 $ 17,194 $ 407 2.4%
=================================================
OPERATING EXPENSES
Property Operating Expenses $ 1,934 $ 1,962 $ (28) (1.4%)
Real Estate Taxes 1,361 1,311 50 3.8%
-------------------------------------------------
Total Operating Expenses $ 3,295 $ 3,273 $ 22 0.7%
NET OPERATING INCOME $ 14,306 $ 13,921 $ 385 2.8%
=================================================
SAME STORE OCCUPANCY AT SEPTEMBER 30
ECONOMIC OCCUPANCY 95.8% 96.8% (1.0%)
======== ==== =====
<CAPTION>
FOR THE NINE FOR THE NINE
MONTHS ENDED MONTHS ENDED YEAR TO DATE %
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999 VARIANCE CHANGE
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
REVENUE
Gross Potential Rent $ 49,223 $ 48,123 $ 1,100 2.3%
Vacancy Loss (1,703) (1,198) (505) (42.2%)
--------------------------------------------------
Rental Revenue 47,520 46,925 595 1.3%
Tenant Reimbursement and Other 5,300 4,633 667 14.4%
--------------------------------------------------
Total Revenue $ 52,820 $ 51,558 $ 1,262 2.4%
==================================================
OPERATING EXPENSES
Property Operating Expenses $ 5,675 $ 5,662 $ 13 0.2%
Real Estate Taxes 3,991 3,748 243 6.5%
--------------------------------------------------
Total Operating Expenses $ 9,666 $ 9,410 $ 256 2.7%
NET OPERATING INCOME $ 43,154 $ 42,148 $ 1,006 2.4%
==================================================
SAME STORE OCCUPANCY AT SEPTEMBER 30 96.3% 98.6%
==== ====
ECONOMIC OCCUPANCY 96.5% 97.5% (1.0%)
==== ==== ====
</TABLE>
Note: Includes 63 Industrial Properties, 33 Office Properties and 1 Other
Property owned as of December 31, 1998 which aggregate 11,739,362
square feet.
Excludes property management fees paid to affiliated parties.
Page 11
<PAGE>
KEYSTONE PROPERTY TRUST
SAME STORE INDUSTRIAL PROPERTIES
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 2000
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
For the Three For the Three
Months Ended Months Ended Year to Date %
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999 VARIANCE CHANGE
---------------------------------------------------------------
<S> <C> <C> <C> <C>
REVENUE
Gross Potential Rent $ 8,776 $ 8,640 $ 136 1.6%
Vacancy Loss (394) (203) (191) (94.1%)
---------------------------------------------------
Rental Revenue 8,382 8,437 (55) (0.7%)
Tenant Reimbursement and Other 569 464 105 22.6%
---------------------------------------------------
Total Revenue $ 8,951 $ 8,901 $ 50 0.6%
===================================================
OPERATING EXPENSES
Property Operating Expenses $ 341 $ 328 $ 13 4.0%
Real Estate Taxes 534 505 29 5.7%
---------------------------------------------------
Total Operating Expenses $ 875 $ 833 $ 42 5.0%
NET OPERATING INCOME $ 8,076 $ 8,068 $ 8 0.1%
===================================================
SAME STORE OCCUPANCY AT SEPTEMBER 30
ECONOMIC OCCUPANCY 95.5% 97.7% (2.2%)
===== ===== ======
<CAPTION>
For the Nine For the Nine
Months Ended Months Ended Year to Date %
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999 VARIANCE CHANGE
---------------------------------------------------------------------
<S> <C> <C> <C> <C>
REVENUE
Gross Potential Rent $ 26,211 $ 25,592 $ 619 2.4%
Vacancy Loss (907) (366) (541) (147.8%)
------------------------------------------------------
Rental Revenue 25,304 25,226 78 0.3%
Tenant Reimbursement and Other 1,873 1,589 284 17.9%
------------------------------------------------------
Total Revenue $ 27,177 $ 26,815 $ 362 1.3%
======================================================
OPERATING EXPENSES
Property Operating Expenses $ 1,003 $ 1,013 $ (10) (1.0%)
Real Estate Taxes 1,563 1,463 100 6.8%
------------------------------------------------------
Total Operating Expenses $ 2,566 $ 2,476 $ 90 3.6%
NET OPERATING INCOME $ 24,611 $ 24,339 $ 272 1.1%
======================================================
SAME STORE OCCUPANCY AT SEPTEMBER 30 96.2% 98.9%
===== =====
ECONOMIC OCCUPANCY 96.5% 98.6% (2.1%)
===== ===== ======
</TABLE>
Note: Includes 63 Industrial Properties, owned as of December 31, 1998 which
aggregate 9,625,748 square feet.
Page 12
<PAGE>
KEYSTONE PROPERTY TRUST
SAME STORE OFFICE PROPERTIES
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 2000
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
For the Three For the Three
Months Ended Months Ended Year to Date %
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999 VARIANCE CHANGE
------------------------------------------------------------------
<S> <C> <C> <C> <C>
REVENUE
Gross Potential Rent $ 7,868 $ 7,560 $ 308 4.1%
Vacancy Loss (305) (309) 4 1.3%
-------------------------------------------------------
Rental Revenue 7,563 7,251 312 4.3%
Tenant Reimbursement and Other 1,087 1,042 45 4.3%
-------------------------------------------------------
Total Revenue $ 8,650 $ 8,293 $ 357 4.3%
=======================================================
OPERATING EXPENSES
Property Operating Expenses $ 1,593 $ 1,634 $ (41) (2.5%)
Real Estate Taxes 827 806 21 2.6%
-------------------------------------------------------
Total Operating Expenses $ 2,420 $ 2,440 $ (20) (0.8%)
NET OPERATING INCOME $ 6,230 $ 5,853 $ 377 6.4%
=======================================================
SAME STORE OCCUPANCY AT SEPTEMBER 30
ECONOMIC OCCUPANCY 96.1% 95.9% 0.2%
===== ===== ====
<CAPTION>
For the Nine For the Nine
Months Ended Months Ended Year to Date %
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999 VARIANCE CHANGE
---------------------------------------------------------------------
<S> <C> <C> <C> <C>
REVENUE
Gross Potential Rent $ 23,012 $ 22,531 $ 481 2.1%
Vacancy Loss (796) (832) 36 4.3%
------------------------------------------------------
Rental Revenue 22,216 21,699 517 2.4%
Tenant Reimbursement and Other 3,427 3,044 383 12.6%
------------------------------------------------------
Total Revenue $ 25,643 $ 24,743 $ 900 3.6%
======================================================
OPERATING EXPENSES
Property Operating Expenses $ 4,671 $ 4,648 $ 23 0.5%
Real Estate Taxes 2,428 2,285 143 6.3%
------------------------------------------------------
Total Operating Expenses $ 7,099 $ 6,933 $ 166 2.4%
NET OPERATING INCOME $ 18,544 $ 17,810 $ 734 4.1%
======================================================
SAME STORE OCCUPANCY AT SEPTEMBER 30 96.8% 97.3%
===== =====
ECONOMIC OCCUPANCY 96.5% 96.3% 0.2%
===== ===== ====
</TABLE>
Note: Includes 33 Office Properties and 1 Other Property owned as of December
31, 1998 which aggregate 2,113,614 square feet.
Page 13
<PAGE>
KEYSTONE PROPERTY TRUST
Acquisitions, Dispositions, and Development Placed in Service in 2000
(dollars in thousands)
<TABLE>
<CAPTION>
PROPERTY CITY STATE MARKET CLOSING DATE
-------- ---- ----- ------ ------------
<S> <C> <C> <C> <C>
DEVELOPMENT
OFFICE
3435 Winchester Road (1) Allentown Pennsylvania Allentown, PA 5/12/2000
OFFICE TOTAL
ACQUISITIONS
INDUSTRIAL
501 Airtech Park Indianapolis Indiana Indianapolis, IN 1/11/2000
6 Joanna Court East Brunswick New Jersey Central & Northern NJ 4/11/2000
400 Cabot Drive Hamilton Township New Jersey Central & Northern NJ 5/5/2000
4 Applegate Drive Washington New Jersey Central & Northern NJ 5/5/2000
5 Henderson Drive West Caldwell New Jersey Central & Northern NJ 5/5/2000
100-400 Nixon Lane Edison New Jersey Central & Northern NJ 5/5/2000
30 Stults Road (2) South Brunswick New Jersey Central & Northern NJ 5/5/2000
INDUSTRIAL TOTAL
TOTAL ACQUISITIONS/DEVELOPMENT
DISPOSITIONS
INDUSTRIAL
243 St. Nicholas Avenue South Plainfield New Jersey Central & Northern NJ 1/18/2000
6 Joanna Court East Brunswick New Jersey Central & Northern NJ 4/11/2000
18 Madison Road Fairfield New Jersey Central & Northern NJ 5/2/2000
24 Madison Road Fairfield New Jersey Central & Northern NJ 5/2/2000
26 Madison Road Fairfield New Jersey Central & Northern NJ 5/2/2000
535 Secaucus Road Secaucus New Jersey Central & Northern NJ 5/2/2000
1305 Goshen Parkway West Chester Pennsylvania Chester County, PA 7/19/2000
TOTAL DISPOSITIONS
<CAPTION>
CURRENT PURCHASE / SALES
PROPERTY SQUARE FEET LEASED % PRICE
-------- ----------- -------- -----
<S> <C> <C> <C>
DEVELOPMENT
OFFICE
3435 Winchester Road (1) 80,000 100.0% $9,499
------ ------
OFFICE TOTAL 80,000 $9,499
====== ======
ACQUISITIONS
INDUSTRIAL
501 Airtech Park 495,740 100.0% $28,491
6 Joanna Court 214,600 100.0% 8,014
400 Cabot Drive 585,510 100.0% 23,121
4 Applegate Drive 265,000 100.0% 14,956
5 Henderson Drive 210,530 100.0% 11,879
100-400 Nixon Lane 851,907 100.0% 42,316
30 Stults Road (2) 64,285 100.0% 2,879
------ -----
INDUSTRIAL TOTAL 2,687,572 $131,656
========= ========
TOTAL ACQUISITIONS/DEVELOPMENT 2,767,572 $141,155
========= ========
DISPOSITIONS
INDUSTRIAL
243 St. Nicholas Avenue 15,000 $930
6 Joanna Court 214,600 8,729
18 Madison Road 14,000 802
24 Madison Road 35,522 1,900
26 Madison Road 30,306 1,586
535 Secaucus Road 68,439 3,399
1305 Goshen Parkway 90,000 4,610
------ -----
TOTAL DISPOSITIONS 467,867 $21,956
======= =======
</TABLE>
(1) Construction completed in May 2000.
(2) Building is under construction.
Page 14
<PAGE>
KEYSTONE PROPERTY TRUST
SUMMARY OF LAND UNDER DEVELOPMENT AND CONTROL
SEPTEMBER 30, 2000
(dollars in millions)
<TABLE>
<CAPTION>
ESTIMATED
BUILDABLE
PROJECT MARKET/SUBMARKET ACRES SQUARE FEET
------------------------------------------------------------- ---------------- ----- -----------
<S> <C> <C> <C>
LAND UNDER DEVELOPMENT
Airtech Park Indiana / Indianapolis Airport 50 800,000
Keystone Cranbury West Phase II (Exit 8A, New Jersey Turnpike) New Jersey / Exit 8A 31 473,000
Keystone Cranbury East Phase I (Exit 8A, New Jersey Turnpike) New Jersey / Exit 8A 37 510,000
Keystone Cranbury East Phase II (Exit 8A, New Jersey Turnpike) New Jersey / Exit 8A 37 500,000
21 Roadway Expansion (Carlisle) Pennsylvania / Harrisburg 10 150,000
LAND FOR FUTURE DEVELOPMENT
Stults Road New Jersey / Exit 8A 6 130,000
Airtech Park (1) Indiana / Indianapolis Airport 400 6,700,000
New Jersey Option Land New Jersey / Exit 8A 107 1,700,000
Arnold Road Expansion (Reading) Pennsylvania / Reading 9 115,000
LAND UNDER CONTRACT
Goldstar (Exit 8A NJ Turnpike) New Jersey / Exit 8A 50 800,000
Kentucky Northern Kentucky 25 400,000
Ohio Soutwest Ohio 100 1,600,000
--- -----------
TOTAL 862 13,878,000
=== ==========
<CAPTION>
SUPPLEMENTAL ANALYST PACKAGE
THIRD QUARTER CONFERENCE CALL
CONSTRUCTION ESTIMATED
START DATE STABILIZATION DATE
------------ ------------------
ESTIMATED
PROJECT CONSTRUCTION COST QUARTER/YEAR QUARTER/YEAR
------------------------------------------------------------- ----------------- ------------ ------------
<S> <C> <C> <C>
LAND UNDER DEVELOPMENT
Airtech Park $19 2/00 1/01
Keystone Cranbury West Phase II (Exit 8A, New Jersey Turnpike) 23 3/00 3/01
Keystone Cranbury East Phase I (Exit 8A, New Jersey Turnpike) 23 3/00 3/01
Keystone Cranbury East Phase II (Exit 8A, New Jersey Turnpike) 21 3/00 3/02
21 Roadway Expansion (Carlisle) 5 3/00 2/01
LAND FOR FUTURE DEVELOPMENT
Stults Road
Airtech Park (1)
New Jersey Option Land
Arnold Road Expansion (Reading)
LAND UNDER CONTRACT
Goldstar (Exit 8A NJ Turnpike)
Kentucky
Ohio
TOTAL
</TABLE>
(1) Company has an option to purchase a 50 % interest in Land.
Page 15
<PAGE>
<TABLE>
<CAPTION>
KEYSTONE PROPERTY TRUST SUPPLEMENTAL ANALYST PACKAGE
CAPITAL STRUCTURE AND DEBT ANALYSIS THIRD QUARTER EARNINGS CONFERENCE CALL
AS OF
SEPTEMBER 30, 2000
(DOLLARS IN THOUSANDS)
<S> <C> <C>
Secured Debt $ 633,652 100.0%
Unsecured Debt - 0.0%
Short Term Debt - 0.0%
Long Term Debt 633,652 100.0%
Variable Rate Debt 168,380 26.6%
Fixed Rate Debt-Face 462,264 73.0%
Debt Premium, Net of Amortization 3,008 0.5%
------------ --------
Total Fixed Rate Debt 465,272 73.4%
------------ --------
Total Debt $ 633,652
============
Stock Price @ 9/30/2000 $ 12.50
Convertible Preferred Stock 60,097
Convertible Preferred Units 80,295
------------
Total Preferred Stock and Units 140,392
Common Shares Outstanding 9,323,312
Operating Units 7,675,649
------------
Total Shares and Units - Common 16,998,961
------------
Common Equity at Fair Market Value 212,487
============
TOTAL EQUITY $ 352,879
============
Weighted average interest rate at September 30, 2000, (Company) 8.0%
Weighted average interest rate at September 30, 2000 on fixed rate debt. 7.7%
Weighted average term to maturity (in years) at September 30, 2000, (Company) 6.0
Weighted average term to maturity (in years) at September 30, 2000, (excluding Credit Line) 7.6
<CAPTION>
---------------------------------------------------------------------------------------------------------
LEVERAGE AND CAPITALIZATION RATIO SUMMARY
---------------------------------------------------------------------------------------------------------
<S> <C>
TOTAL MARKET CAPITALIZATION $ 986,531
TOTAL DEBT TO MARKET CAPITALIZATION 64.2%
UNDEPRECIATED BOOK VALUE - TOTAL ASSETS $ 1,026,490
TOTAL DEBT TO UNDEPRECIATED BOOK VALUE 61.7%
INTEREST COVERAGE RATIO - YTD SEPTEMBER 30, 2000 2.0
FIXED CHARGE COVERAGE RATIO - YTD SEPTEMBER 30, 2000 1.6
---------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------
PRINCIPAL MATURITIES
--------------------------------------------------------------------------------
PRINCIPAL AMORTIZATION AMOUNT DUE AT MATURITY TOTAL
--------------------------------------------------------------------------------
<C> <C> <C> <C>
2000 $ 1,137 $ -- $ 1,137
2001 3,796 10,608 14,404
2002 7,901 169,779(1) 177,680
2003 6,656 4,067 10,723
2004 7,089 39,722 46,811
2005 and thereafter -- -- 379,889
--------------------------------------------------------------------------------
Total $ -- $ -- $ 630,644
--------------------------------------------------------------------------------
</TABLE>
(1) Includes the Company's Credit Facility which has an outstanding balance of
$133,182,950 and matures April 29, 2002.
Page 16
<PAGE>
KEYSTONE PROPERTY TRUST
PREFERRED EQUITY OUTSTANDING
SEPTEMBER 30, 2000
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
DATE ISSUED AGGREGATE LIQUIDATION VALUE
----------- ----------------------------
<S> <C> <C>
CONVERTIBLE PREFERRED UNITS:
SERIES B 12/24/1998 $ 7,500
SERIES C 9/27/1999 35,853
SERIES C 5/5/2000 25,674
-----------
TOTAL SERIES C 61,527
-----------
SERIES D 7/21/1999 11,268
-----------
TOTAL CONVERTIBLE PREFERRED UNITS $ 80,295
-----------
CONVERTIBLE PREFERRED STOCK
SERIES A 12/24/1998 $ 20,000
SERIES B 9/27/1999 20,097(1)
SERIES C 9/27/1999 20,000
-----------
TOTAL CONVERTIBLE PREFERRED STOCK 60,097
-----------
===========
GRAND TOTAL ALL PREFERRED EQUITY $ 140,392
===========
</TABLE>
<TABLE>
<CAPTION>
LIQUIDATION PREFERRED
YIELD VALUE PER SHARE/UNIT SHARES/UNITS AT 9/30/00
----- -------------------- -----------------------
CONVERTIBLE PREFERRED UNITS:
<S> <C> <C> <C>
SERIES B 9.50% $25.00 300,000
SERIES C 9.75% $25.00 1,434,136
SERIES C 9.75% $25.00 1,026,958
-----------
TOTAL SERIES C 2,461,094
-----------
SERIES D 9.00% $25.00 450,700
-----------
TOTAL CONVERTIBLE PREFERRED UNITS 3,211,794
-----------
CONVERTIBLE PREFERRED STOCK
SERIES A 9.00% $25.00 800,000
SERIES B 9.75% $25.00 803,871
SERIES C 9.75% $25.00 800,000
-----------
TOTAL CONVERTIBLE PREFERRED STOCK 2,403,871
-----------
===========
GRAND TOTAL ALL PREFERRED EQUITY 5,615,665
===========
</TABLE>
<TABLE>
<CAPTION>
COMMON SHARE COMMON SHARE
CONVERSION PRICE EQUIVALENT
----------------- ----------
CONVERTIBLE PREFERRED UNITS:
<S> <C> <C>
SERIES B $16.50 454,545
SERIES C $16.00 2,240,838
SERIES C $16.00 1,604,622
----------
TOTAL SERIES C 3,845,460
----------
SERIES D $16.50 682,879
---------
TOTAL CONVERTIBLE PREFERRED UNITS 4,982,884
---------
CONVERTIBLE PREFERRED STOCK
SERIES A $16.50 1,212,121
SERIES B $16.00 1,256,048
SERIES C $15.75 1,269,841
-----------
TOTAL CONVERTIBLE PREFERRED STOCK 3,738,010
-----------
===========
GRAND TOTAL ALL PREFERRED EQUITY 8,720,894
===========
COMMON SHARES OUTSTANDING AT 9/30/00 9,323,312
OP UNITS OUTSTANDING AT 9/30/00 7,675,649
===========
TOTAL COMMON SHARE EQUIVALENTS OUTSTANDING AT 9/30/00 (2) 25,719,855
===========
</TABLE>
(1) Original issuance of $40,000,000 on 9/27/99, of which $19,903,225 was
redeemed on July 18, 2000.
(2) Convertible Preferred Stock and Convertible Preferred Units are dilutive
for FFO Reporting and Anti-Dilutive for EPS Reporting.
Page 17
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