WEST CONSHOHOCKEN, PA-Keystone Property Trust, which earlier this month raised about $31.6 million from two stock offerings, will use part of the proceeds to buy back 800,000 Series A Convertible Preferred Shares and 200,000 Series C Convertible Preferred Shares. The company will use the remaining proceeds to redeem 300,000 Series B Convertible Preferred Units of its operating partnership, Keystone Operating Partnership, L.P.

The redemption is scheduled to close September 20.

The company recently sold the shares for $16.415 per share, and initially said it would be used to reduce the outstanding balance on its unsecured line of credit–and potentially repurchase convertible preferred shares and units.

Keystone Property Trust has a portfolio of 122 industrial and office properties totaling 23 million sf. Keystone’s industrial portfolio contains 21 million sf of big box distribution assets, with more than 15 million sf located in the core markets of Pennsylvania, NewJersey, and Indianapolis.

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