Winthrop Realty Trust Announces Results for the Quarter Ended March 31, 2006
03 Maggio 2006 - 3:13PM
PR Newswire (US)
BOSTON, May 3 /PRNewswire-FirstCall/ -- Winthrop Realty Trust
(NYSE:FUR), a real estate investment trust, announced today the
operating results for the first quarter ended March 31, 2006. First
Quarter Financial Highlights * Reported net income for the quarter
ended March 31, 2006 of $10,387,000 or $0.27 per common share
(basic) and $0.19 per common share (diluted, which assumes full
conversion of the Series A and Series B-1 Preferred Shares)
compared to a net income of $446,000 or $0.01 per common share
(both basic and diluted assuming conversion of the Preferred
Shares) for the same period in 2005. First Quarter Milestones and
Recent Events Corporate Level Financing and Equity Events * In
February 2006, the Company converted all of its 8.4% Series A
Convertible Preferred Shares into common shares, increasing the
number of common shares outstanding to 40,418,242. * In April 2006,
the Company announced the preliminary results of its rights
offering to existing shareholders for the sale of up to 5,220,038
of its common shares of beneficial interest at a price of $5.25 per
common share. Subscriptions, including rights exercised through
notice of guaranteed delivery, were received for at least 9,825,000
shares including 6,275,509 pursuant to oversubscription rights.
Property Acquisitions * In February 2006, the Company acquired two
office buildings located in Lisle, Illinois, a Chicago suburb,
containing an aggregate 236,200 square feet and are 97% leased.
Simultaneously, the Company acquired a 60% interest in an
additional vacant office property containing 53,800 square feet
also located in Lisle, Illinois. Property Financings * In February
2006, the Company obtained a $21,600,000 loan secured by its
mixed-use property located at One East Erie, Chicago, Illinois. *
In February 2006, the Company obtained a $9,500,000 loan secured by
its properties located in Burlington, Vermont and Andover,
Massachusetts. Debt Placements and Acquisitions * In March 2006,
the Company formed a joint venture with Newkirk Realty Trust, Inc.
("Newkirk") to acquire and originate loans secured, directly and
indirectly, by real estate assets. The Company and Newkirk have
committed to each invest up to $50,000,000 in the joint venture. *
In addition, the joint venture has entered into a $300,000,000
repurchase agreement pursuant to which the joint venture expects to
leverage up to 75% of the assets held in the joint venture. It is
further anticipated that the joint venture will enter into a second
repurchase agreement enabling the joint venture to obtain an
additional $200,000,000 in leverage. Accordingly, it is presently
contemplated that the joint venture will acquire and originate an
aggregate of approximately $600,000,000 in loan obligations secured
by real estate assets. Upon acquisition and origination of a
sufficient level of loan obligations, the joint venture may form
one or more collateral debt obligation pools. * On March 29, 2006,
the Company, through two 60% owned joint venture entities acquired
(i) a loan with a current principal balance of $11,750,000 which is
secured by a first leasehold mortgage on approximately 241,000
square feet of commercial space and a 133 space indoor parking
garage located at 800 South Wells, Chicago, Illinois and commonly
referred to as River City and (ii) a loan with a current principal
balance of $5,915,000 which is secured by a first priority mortgage
on the land underlying the River City property and unsold
residential condominium units at the River City property.
Investments in Real Estate Securities * In March 2006, the Company
sold a total of 1,385,000 shares of common stock of Sizeler
Property Investors, Inc. ("Sizeler") in privately negotiated
transactions. The shares were sold for $14.35 per share for an
aggregate sale price of approximately $19,875,000. The sale
resulted in a gain of approximately $6,790,000 exclusive of
dividends received on such shares. CEO Commentary Michael L.
Ashner, the Company's chief executive officer commented, "I am
pleased that our first quarter results reflect our efforts over the
last two years to successfully implement our opportunistic
investment strategy." Additional Information and Supplemental Data
Winthrop Realty Trust is real estate investment trust engaged in
the ownership and management of, and lending to, real estate and
related investments. Winthrop Realty Trust is listed on the New
York Stock Exchange and trades under the symbol "FUR." It has
executive offices in Boston, Massachusetts and Jericho, New York.
Financial results for the three months ended March 31, 2006 and
2005 are as follows: (in thousands, except per-share data) For the
Three Months Ended March 31, (unaudited) 2006 2005 Revenues $
12,031 $ 4,899 Income from continuing operations $ 11,975 $ 1,438
Income from discontinued operations 36 34 Net income $ 12,011 $
1,472 Net income applicable to Common Shares of Beneficial Interest
$ 10,387 $ 446 Per Share - Basic: Income from continuing
operations, net of preferred dividends $ 0.27 $ 0.01 Income from
discontinued operations 0.00 0.00 Net income applicable to Common
Shares of Beneficial Interest $ 0.27 $ 0.01 Per Share - Diluted:
Income from continuing operations $ 0.19 $ 0.01 Income from
discontinued operations 0.00 0.00 Net income applicable to Common
0.19 0.01 Shares of Beneficial Interest Assuming a Conversion of
All Series A and Series B-1 Preferred Shares $ 0.19 $ 0.01 Net
income increased by $10,539,000 to $12,011,000 for the three months
ended March 31, 2006 from $1,472,000 for the three months ended
March 31, 2005. The increase was due primarily to an increase in
other income of $11,111,000, which included $7,319,000 in gain from
the sale of real estate securities and an increase in revenues of
$7,132,000 as a result of the Company's acquisition activity. These
increases were partially offset by increases to the Company's
expenses, principally an increase in interest expense of $3,936,000
to $5,636,000 and an increase in depreciation expense of $1,709,000
to $2,551,000, both of which are due to the Company's acquisition
activity. Other Selected Financial Data: (in thousands) March 31,
2006 December 31, (unaudited) 2005 Total assets $ 695,370 $ 653,666
Total liabilities $ 403,993 $ 371,715 Minority interest 29,998
27,527 Total shareholders' equity 261,379 254,424 Total liabilities
and shareholders' equity $ 695,370 $ 653,666 Further details
regarding the Company's results of operations, properties and
tenants are available in the Company's Quarterly Report filed on
Form 10-Q for the quarter ended March 31, 2006 which will be filed
with the Securities and Exchange Commission and will be available
for download at the Company's website http://www.winthropreit.com/
or at the Securities and Exchange Commission website
http://www.sec.gov/. Certain statements contained in this press
release that are forward- looking are based on current expectations
that are subject to a number of uncertainties and risks, and actual
results may differ materially. Further information about these
matters and the risks generally with respect to Winthrop Realty
Trust can be found in Winthrop's Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q filed with the Securities and
Exchange Commission. DATASOURCE: Winthrop Realty Trust CONTACT:
Carolyn Tiffany, Chief Operating Officer, +1-617-570-4614 Web site:
http://www.winthropreit.com/
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