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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LjM0CjiYjPUt1BLfiOW7b1c/l2AfUww1O1rgknPZPbNnv/900BSPLXWiekrRrcio
 Cym1O4mCGn4a1C2tkyAKTA==

<SEC-DOCUMENT>0001179110-03-004247.txt : 20030728
<SEC-HEADER>0001179110-03-004247.hdr.sgml : 20030728
<ACCEPTANCE-DATETIME>20030728152315
ACCESSION NUMBER:		0001179110-03-004247
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030725
FILED AS OF DATE:		20030728

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KEYSTONE PROPERTY TRUST
		CENTRAL INDEX KEY:			0000906113
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				841246585
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		200 FOUR FALLS CORPORATE CENTER
		STREET 2:		SUITE 208
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428-
		BUSINESS PHONE:		4845301800

	MAIL ADDRESS:	
		STREET 1:		200 FOUR FALLS CORPORATE CENTER
		STREET 2:		SUITE 208
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN REAL ESTATE INVESTMENT CORP
		DATE OF NAME CHANGE:	19931103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICANA REAL ESTATE INVESTMENT CORP
		DATE OF NAME CHANGE:	19931007

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICANA REAL ESTATE INVESTMENT TRUST
		DATE OF NAME CHANGE:	19930524

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CUMMINS RICHARD M
		CENTRAL INDEX KEY:			0001241398

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12514
		FILM NUMBER:		03806039

	BUSINESS ADDRESS:	
		STREET 1:		C/O KEYSTONE PROPERTY TRUST
		STREET 2:		200 FOUR FALL CORP CENTER
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428
		BUSINESS PHONE:		4845301808

	MAIL ADDRESS:	
		STREET 1:		200 FOUR FALLS CORP CENTER
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-07-25</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000906113</issuerCik>
        <issuerName>KEYSTONE PROPERTY TRUST</issuerName>
        <issuerTradingSymbol>KTR</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001241398</rptOwnerCik>
            <rptOwnerName>CUMMINS RICHARD M</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KEYSTONE PROPERTY TRUST</rptOwnerStreet1>
            <rptOwnerStreet2>200 FOUR FALLS CORPORATE CENTER</rptOwnerStreet2>
            <rptOwnerCity>W. CONSHOHOCKEN</rptOwnerCity>
            <rptOwnerState>PA</rptOwnerState>
            <rptOwnerZipCode>19428</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>1</isOther>
<officerTitle></officerTitle>
<otherText>Trustee</otherText>
</reportingOwnerRelationship>
</reportingOwner>
<derivativeTable><derivativeTransaction><securityTitle><value>Options to purchase Common Shares</value>
</securityTitle>
<conversionOrExercisePrice><value>18.58</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-07-25</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>10000</value>
</transactionShares>
<transactionPricePerShare><value>0</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2003-07-25</value>
</exerciseDate>
<expirationDate><value>2013-06-10</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Shares</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>10000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>10000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes></footnotes>
<ownerSignature><signatureName>Saul A. Behar, by power of attorney</signatureName>
<signatureDate>2003-07-28</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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