BOSTON, May 9 /PRNewswire-FirstCall/ -- Winthrop Realty Trust
(NYSE:FUR), a real estate investment trust, announced today its
operating results for the quarter ended March 31, 2007. First
Quarter Financial Highlights - Net income for the quarter ended
March 31, 2007 of $10,617,000, $0.14 per common share (diluted,
which assumes full conversion of the Series B-1 Preferred Shares)
compared to a net income of $10,163,000 or $0.19 per common share
(diluted, assuming conversion of the Series A and Series B-1
Preferred Shares) for the same period in 2006. The increase in net
income results primarily from a change in accounting principle
during the first quarter of 2007 which resulted in the recognition
of $1,916,000 of income and the receipt during the first quarter of
2007 of $4,833,000 from the sale of 427 South LaSalle, Chicago,
Illinois, as compared to the recognition during the first quarter
of 2006 of a $7,319,000 gain from the sale of shares in Sizeler
Property Investors. Excluding income derived from the Sizeler and
427 South LaSalle sales and the change in accounting principle,
income for the comparable periods increased from $2,844,000 to
$3,868,000 or by approximately $1,024,000. The decline in net
income per common share reflects an increase in the number of
common shares outstanding at March 31, 2007 as compared to March
31, 2006. - Net cash flow provided by operating activities
increased to $9,657,000 for the quarter ended March 31, 2007 as
compared to $6,527,000 for the quarter ended March 31, 2006, an
increase of approximately 48%. - Funds From Operation (FFO) for the
quarter ended March 31, 2007 were $12,542,000 as compared to
$14,663,000 for the quarter ended March 31, 2006. On a per share
diluted basis FFO was $.14 for the quarter ended March 31, 2007 as
compared to $.23 for the quarter ended March 31, 2006. - Total
market capitalization at March 31, 2007 of approximately
$951,400,000 (based on the New York Stock Exchange closing price of
the Company's common shares on March 31, 2007, assuming the
conversion of the Company's Series B-1 Preferred Shares and the
principal balance of total debt outstanding at March 31, 2007). At
March 31, 2007, the Company had approximately $371,574,000 of debt
outstanding, equating to a debt to market capitalization ratio of
39%. - Declared a regular quarterly dividend of $.06 per common
share which was paid on April 16, 2007 to common shareholders of
record on March 30, 2007. First Quarter Transactions and Recent
Events Acquisitions and Investments - On March 29, 2007, the
Company acquired in a joint venture with an affiliate of Vision
Property Services, LLC, a multi-family apartment complex containing
230 units located in Kansas City, Kansas ("Creekwood Apartments")
for a gross purchase price of $6,793,000. At the time of
acquisition, the Company made an initial contribution of $867,000
to the joint venture in exchange for a 90% interest in the joint
venture. In April 2007, the Company contributed an additional
$247,000 to the joint venture for its proportionate share of
reserves. - During the first quarter of 2007, the Company acquired
a 50% interest through its Concord Debt Holdings LLC joint venture
in $107,650,000 of first mortgage loans, a $60,700,000 B-Note,
$65,630,000 of bonds and $14,500,000 of mezzanine loans. Loan
Satisfaction/Dispositions - On February 14, 2007, the property
located at 427 South LaSalle, Chicago, Illinois which
collateralized a 7.65% convertible mezzanine loan on one of its
properties in its Chicago area portfolio and in which the Company
held a participating interest was sold to an unaffiliated third
party. The Company received $10,339,000, exclusive of interest, on
its original investment of $5,506,000. Financings - On March 9,
2007, a joint venture in which the Company holds a 60% interest
obtained a $5,600,000 loan from an unaffiliated third party lender.
The loan is collateralized by the property located at 1050
Warrenville Road, Lisle, Illinois, and bears interest at 5.55%. The
loan requires monthly payments of interest only for the first five
years of the loan term, and thereafter monthly payments of
principal and interest of $31,972 throughout the remainder of the
term. The loan is scheduled to mature on March 9, 2017, at which
time the outstanding principal balance is expected to be
approximately $5,189,000. CEO Commentary Michael L. Ashner, the
Company's Chairman and Chief Executive Officer commented, "I am
pleased with our first quarter earnings and our ability to continue
to pursue our opportunistic investment strategy in the current
challenging market. In light of our opportunistic investment
strategy, we expect that the timing of gains recognized from
non-recurring items will continue to result in earnings lumpiness
on a quarter to quarter basis." Additional Information and
Supplemental Data Winthrop Realty Trust is a 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, 2007 and 2006 are as follows: (in thousands, except
per-share data) For the Three Months Ended March 31, (unaudited)
2007 2006 Revenues $15,173 $12,027 Income from continuing
operations $8,650 $10,139 Income from discontinued operations 51 24
Cumulative effect of a change in accounting principle 1,916 - Net
income applicable to Common Shares of Beneficial Interest $10,617
$10,163 Per Share - Diluted: Income from continuing operations
$0.12 $0.19 Income from discontinued operations 0.00 0.00
Cumulative effect of a change in accounting principle 0.02 0.00 Net
income applicable to Common Shares of Beneficial Interest Assuming
a Conversion of All Series B-1 Preferred Shares $0.14 $0.19 FFO
applicable to Common Shares of Beneficial Interest plus assumed
conversions(1) $12,542 $14,663 FFO per diluted share $0.14 $0.23
(1) Most industry analysts and equity REITs, including the Company,
generally consider funds from operations ("FFO") to be an
appropriate supplemental measure of the performance of an equity
REIT. FFO is defined as net income applicable to common shares
before depreciation and amortization, extraordinary items,
cumulative effect of accounting changes, gains on sales of
operating real estate, plus the pro-rata amount of depreciation and
amortization of unconsolidated joint ventures, net of minority
interests, determined on a consistent basis. Given the nature of
the Company's business as a real estate owner and operator, the
Company believes that FFO is helpful to investors as a measure of
its operational performance. FFO does not represent cash generated
from operating activities in accordance with generally accepted
accounting principles and therefore should not be considered an
alternative for net income as a measure of liquidity. In addition,
the comparability of the Company's FFO with the FFO reported by
other REITs may be affected by the differences that exist regarding
certain accounting policies relating to expenditures for repairs
and other recurring items. Other Selected Financial Data: (in
thousands) March 31, December 31, 2007 2006 (unaudited) Total
assets $846,161 $851,620 Total liabilities $487,461 $497,983
Minority interest 29,671 30,051 Total shareholders' equity 329,029
323,586 Total liabilities and shareholders' equity $846,161
$851,620 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,
2007 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/. "Safe Harbor"
Statement under the Private Securities Litigation Reform Act of
1995. With the exception of the historical information contained in
this news release, the matters described herein contain
"forward-looking" statements that involve risk and uncertainties
that may individually or collectively impact the matters herein
described. These are detailed from time to time in the "Risk
Factors" section of the Company's SEC reports including the annual
report on Form 10-K for the year ended December 31, 2006. Further
information relating to the Company's financial position, results
of operations, and investor information is contained in our annual
and quarterly reports filed with the SEC and available for download
at our website http://www.winthropreit.com/ or at the SEC website
http://www.sec.gov/. DATASOURCE: Winthrop Realty Trust CONTACT:
Beverly Bergman of Winthrop Realty Trust, +1-617-570-4614 Web site:
http://www.winthropreit.com/
Copyright
Grafico Azioni Winthrop (NYSE:FUR)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Winthrop (NYSE:FUR)
Storico
Da Lug 2023 a Lug 2024