SUPPLEMENT TO PROSPECTUS DATED APRIL 5, 2000 5,316 SHARES OF KEYSTONE PROPERTY TRUST COMMON STOCK $0.001 PAR VALUE REGISTRATION NO. 333-92741 -------------------------- On June 27, 2003, an aggregate of 5,316 OP Units were transferred by means of gift from Jeffrey E. Kelter to the Trustees of Trinity College (the "Donee"). Subsequently, all of the OP Units were converted by the Donee into Common Shares on a 1:1 basis. The above-referenced Prospectus is hereby supplemented to update the table of selling security holders as follows: SHARED OWNED SHARES OWNED BEFORE OFFERING AFTER OFFERING --------------- -------------- REGISTERED NAME NUMBER PERCENTAGE SHARES NUMBER PERCENTAGE ---- ------ --------- ------ ------ ---------- Jeffrey E. Kelter 1,052,113 (3) 7.05% (3) 458,320 593,793 398% The Trustees of Trinity College 5.316 (3) * (3) 5,316 0 * ----------------------------------------------------- The date of this Prospetus Supplement is July 15, 2003