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Keystone Shares Fall in Q1 as REIT Shifts Strategy

WEST CONSHOHOCKEN, PA-The company reports $10.3 million in funds from

By Marita Thomas | Updated on May 01, 2003

WEST CONSHOHOCKEN, PA-Keystone Property Trust’s funds from operation dropped to $10.3 million in the first quarter of this year, a 22%-drop from $13.2 million FFO in the same quarter a year ago. Diluted shares dropped to $0.33, down from $0.43 per diluted share in the opening quarter of 2002, which represents a decline of 23.3%.

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.”

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