This year, the REIT continued its aggressive pursuit of a strategy, first announced in fourth-quarter 2000, to narrow its focus exclusively to big-box distribution center assets. At that time, its portfolio was 30% office and 70% industrial.
Since January 1, 2001, Jeffrey E. Kelter, president and CEO, reports, "we have sold $392 million of non-core assets, while contributing $194 million of our distribution center properties into joint ventures, which, over time, we expect to grow into industrial partnerships with an asset value in excess of $500 million."
First-quarter 2003 acquisitions totaled 5.9 million sf at an investment of $235 million. As such, Kelter said, "we have concluded our transition to a pure-play industrial REIT." Keystone now focuses on three key industrial markets: central PA, northern and central NJ, and Indianapolis.
Since January 2003, it acquired three properties totaling 2.6 million sf in PA for $88 million; 11 properties in northern NJ totaling 1.9 million sf for $106 million, and a five-building, 1.4-million-sf portfolio in the Plainfield submarket of Indianapolis for approximately $40 million.
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