Keystone Property Trust, a real estate investment trust based in West Conshohocken, Pa., has priced a public offering of 2.4 million shares of preferred stock at $25 per share.The 9.125% series D cumulative redeemable preferred stock may be redeemed at par at the election of the company on or after Feb. 18, 2008, the REIT said. Bear, Stearns & Co. Inc. was the lead manager of the offering. The underwriters were granted a 30-day option to buy up to an additional 360,000 shares of the stock to cover any overallotments. Keystone can be found online at http://www.keystoneproperty.com.
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