KTR Capital Partners is led by a highly experienced team of professionals with an average of over 15 years in the real estate industry.  The principals have a wide array of industry experience representing expertise in all facets of real estate investment including acquisitions, development, finance, operations and asset management.

	Jeffrey E. Kelter, Senior Partner, has worked in the real estate industry since 1972.  Prior to founding KTR Capital Partners (“KTR” or the “Company”), Mr. Kelter was Chief Executive Officer and a Trustee of Keystone Property Trust until the sale of Keystone in 2004.  Mr. Kelter founded Keystone Property Trust in December 1997 in a series of transactions which involved the acquisition of American Real Estate Investment Corporation, a small-cap REIT listed on the American Stock Exchange.  Mr. Kelter began his career in 1976 at Bankers Trust Corporation where he was an assistant treasurer in the Corporate Finance division.  In 1982 Mr. Kelter founded Penn Square Properties, Inc. in Philadelphia and served as Chief Executive Officer and President.  At Penn Square he developed, owned, managed and leased more that 4.5 million square feet of office and warehouse projects throughout the Pennsylvania and New Jersey markets.  Mr. Kelter has over 25 years of experience in all phases of commercial real estate including acquisitions, development and third-party management.  He serves on the Board of Trustees of Gramercy Capital Corporation (NYSE: GKK) and is a member of the Urban Land Institute, Pension Real Estate Association and Real Estate Roundtable. Mr. Kelter received a B.A. from Trinity College.
	Robert F. Savage, Jr., Senior Partner, has worked in the real estate industry for the past 16 years.  Prior to founding KTR, Mr. Savage was Executive Vice President, Chief Operating Officer and a Trustee of Keystone Property Trust until the sale of Keystone in 2004.  Mr. Savage joined Keystone in November 2000 having worked with the Keystone team since December 1997 when he was responsible for the execution of Keystone’s formation transactions while at Hudson Bay Partners, L.P., a private equity firm.  From 1997 to 2000, Mr. Savage was a Partner at Hudson Bay, which was a strategic founding investor in Keystone.  Previously, he worked from January 1994 to May 1997 in the Investment Banking Division at Merrill Lynch & Co. where he specialized in corporate finance and strategic advisory services for REITs, real estate opportunity funds and hotel companies.  Mr. Savage started his career at Arthur Andersen LLP, in the real estate advisory and workout practice and then worked at Jones Lang LaSalle in a variety of investment management and project finance positions.  He is a member of the Urban Land Institute and Pension Real Estate Association.  Mr. Savage received an A.B. in Urban Studies and Business Economics from Brown University.
	A. Donald Chase Jr., Partner, is an Investment team leader focused on acquisitions and development opportunities throughout KTR’s target markets.  Prior to KTR, Mr. Chase served as Senior Vice President of Investments at Keystone Property Trust from September 2002 with the primary responsibility of overseeing acquisitions and development in the Mid-Atlantic and Mid-West markets.  During Mr. Chase’s 16 years of work in the real estate industry, he was the Director of Development at TIG Real Estate Services, Inc. where he focused on industrial and suburban office projects on a speculative, build-to-suit and fee development basis, working with both institutional and private capital sources. Prior to his five years at TIG, Mr. Chase was an investment manager at AEW Capital Management and Copley Real Estate Advisors for seven years.  He currently serves on the Board of Directors for the Philadelphia Chapter of NAIOP and is also a member of the NAIOP National Industrial Education Committee. Mr. Chase received an A.B. in Business Economics and Organizational Behavior and Management from Brown University.
	John P. DiCola, Partner, is an Investment team leader focused on acquisitions and development opportunities throughout KTR’s target markets.  Prior to KTR Mr. DiCola served as Senior Vice President of Investments at Keystone Property Trust from September 2002 and was responsible for overseeing acquisitions and development in the New Jersey market.  Prior to joining Keystone, Mr. DiCola was most recently Principal and Co-Founder of Triad Partners, LLC, a firm specializing in development opportunities in the New York City metropolitan area.  Prior to founding Triad, Mr. DiCola spent ten years with Jones Lang LaSalle, most recently as Senior Vice President, responsible for the firm’s land investment and development activities in the Eastern portion of the United States.  Mr. DiCola has negotiated and completed acquisition and development deals in commercial and residential real estate in numerous markets across the country.  He currently is a member of NAIOP and the Urban Land Institute.  Mr. DiCola received an A.B. in Urban Studies and a B.S. in Civil Engineering from Brown University.
	Stephen J. Butte, Partner, is responsible for asset management operations including leasing, budgeting, valuations and capital planning for the Company’s portfolio.  He is also involved strategically with aspects of property finance.  Previously, Mr. Butte served as Senior Vice President of Asset Management at Keystone Property Trust where he had worked since December 1997.  He also served as Chief Investment Officer from March 1999 until January 2001 and Secretary from September 1999 until May 2000.  As Senior Vice President of Asset Management, Mr Butte had primary responsibility for overseeing all portfolio and property level analysis for Keystone’s existing properties as well as proposed investments.  Mr. Butte worked closely with and supported the functions of the operating departments including Investments, Leasing, Property Operations and Construction.  Mr. Butte received a B.S. in Accounting and a Masters of Taxation from Villanova University and is a Certified Public Accountant.
	J. Peter Lloyd, Partner, is responsible for the accounting, financing, investor reporting, human resources and information technology departments within the Company.  Previously, Mr. Lloyd served as Senior Vice President and Chief Accounting Officer of Keystone Property Trust since December 2003 and January 2003, respectively.  Prior to that he was the Vice President and Corporate Controller since joining Keystone in September 2001.  Before joining Keystone, he held controllership positions at TL Ventures and a subsidiary of Dynisco.  From 1996 to 2000, Mr. Lloyd worked at Morgan Stanley as Vice President-Controller for the institutional investment management business where he earned the Series 6, 27 and 63 licenses.  He began his career in 1992 with Arthur Andersen LLP’s Philadelphia office focusing on a wide range of industries.  He is a Certified Public Accountant and a member of the Private Equity CFO Association.  Mr. Lloyd graduated cum laude from Villanova University, where he earned a B.S. in Accountancy.
	Francis K. Ryan, Partner, is responsible for property operations and oversees the Company’s construction and development activities.  Previously, he served as Senior Vice President of Construction and Property Operations for Keystone Property Trust from December 1997.  In February 2001 he was named head of Property Operations and Construction.  In this expanded role, Mr. Ryan’s primary responsibilities included the construction of development projects in addition to directing tenant related improvements and property management.  Mr. Ryan joined Penn Square in 1991 where he was responsible for the management of various commercial and industrial properties.  Prior to working for Penn Square, Mr. Ryan worked for four years as a senior property manager for Cushman & Wakefield’s Pennsylvania office and as a project manager for American Building Maintenance from 1984 through 1986.  Mr. Ryan is certified as a Real Property Administrator by the Building Owners and Managers Institute (BOMI).  He is a member of the Building Owners and Managers Association (BOMA) and the Institute of Real Estate Management (IREM).
	Paul J. Charlton, Senior Vice President, is responsible for the identification, underwriting and execution of prospective investments for the Company.  Prior to the formation of KTR, he was a Vice President, Asset Management at Keystone Property Trust beginning in May of 2003 with primary responsibilities including portfolio and property level analysis for existing properties, underwriting proposed acquisitions and development opportunities, and monitoring the performance of joint venture relationships and investments. Before joining Keystone, Mr. Charlton served as a Vice President for Communications Equity Associates, where he worked on financings and sell-side merger and acquisition projects for clients in the real estate related communications tower sector.  He started his career in commercial banking working for First Union National Bank in their Capital Markets division.  Mr. Charlton received a B.S. in Business cum laude from Wake Forest University and an MBA from the Wharton School of Business in Philadelphia, PA.
	Brian D. Milberg, Senior Vice President, is responsible for the identification, underwriting and execution of prospective investments for the Company.  Prior to joining KTR in November 2004, Mr. Milberg was an industrial broker with Colliers Houston & Company in their Northern New Jersey office working closely with Fortune 500 companies as well as institutional investors throughout the United States.  Mr. Milberg is a graduate from the McDonough School of Business at Georgetown University where he received his B.S. in Marketing and Finance.  He also attended New York University, where he obtained his Certified Commercial Investment Membership (CCIM).
	Steven D. Pron, Vice President, is responsible for property and portfolio level analysis within the Company’s asset management function, including lease analysis, budgeting, forecasting and valuations.  Prior to the formation of KTR, Mr. Pron was Vice President of Corporate Planning and Financial Analysis at Keystone Property Trust with primary responsibility for the financial model and a variety of corporate finance and budgeting functions.  Previously, he served as Controller of Property Operations since August 1999 responsible for overseeing all portfolio and property level accounting and budgeting for Keystone's properties; prior to that he was a Financial Analyst since 1998. Before joining Keystone, Mr. Pron was employed for 4 years as the Accounting Manager of the Arden Group, Inc., a privately owned real estate company.  He is a graduate of Kutztown University with a B.S. in Accounting.