Keystone
Property Trust

American Real Estate Investment Corp. (which became Keystone Property Trust, NYSE: KTR), raised approximately $93 million of equity capital (including approximately $11 million in its initial public offering and approximately $82 million in connection with the acquisition of real estate) from approximately 130 investors and was acquired by ProLogis Trust (NYSE: PLD) in 2004.

American Real Estate Investment Corp. purchased 21 real estate projects with a total cost of approximately $173 million, consisting of industrial, multifamily, office and retail properties. American Real Estate Investment Corp. is no longer considered an affiliate of Black Creek Group.

Past performance is not indicative of future results, and you should not rely on the past performance of investments by Black Creek Group affiliated entities to predict our future results.