BOSTON, Aug. 7 /PRNewswire-FirstCall/ -- Winthrop Realty Trust
(NYSE:FUR), a real estate investment trust, announced today the
financial results for the second quarter ended June 30, 2007.
Second Quarter Financial Highlights -- Reported net income for the
quarter ended June 30, 2007 of $12,776,000, $0.16 per common share,
diluted(1), compared to a net income of $3,441,000 or $0.08 per
common share, diluted for the same period in 2006. -- Reported net
income for the six months ended June 30, 2007 of $21,477,000 or
$0.28 per common share, diluted, compared to a net income of
$13,604,000 or $0.26 per common share (diluted) for the six months
ended June 30, 2006. -- Reported net income for the quarter ended
June 30, 2007, excluding the gain of $9,739,000 on the sale of the
American First Apartment Investors ("APRO") shares and the
$1,266,000 impairment of the Vision Loan, was $4,303,000 compared
to net income of $3,441,000 for the same period in 2006. --
Excluding the gain on sale of available for sale securities and the
impairment loss from both periods, reported net income for the six
months ended June 30, 2007 of $12,761,000 compared to $6,098,000
for the same period in 2006. -- Funds from Operations ("FFO")(2)
for the three months ended June 30, 2007 was $17,664,000 or $0.20
per common share, diluted, compared to $7,926,000 or $0.12 per
common share, diluted for the same period in 2006. -- FFO for the
six months ended June 30, 2007 of $30,416,000 or $0.35 per common
share, diluted, compared to $22,589,000 or $0.35 per common share,
diluted, for the six months ended June 30, 2006. -- Total market
capitalization at June 30, 2007 of approximately $938,315,000
(based on the New York Stock Exchange closing price of the
Company's common shares on June 29, 2007) assuming the conversion
of the Company's Series B-1 Preferred Shares and including the
principal balance of the total debt outstanding at June 30, 2007).
At June 30, 2007, the Company had approximately $331,274,000 of
debt outstanding, equating to a debt to market capitalization ratio
of 35%. -- Declared a regular quarterly dividend of $0.06 per
common share which was paid on July 16, 2007 to common shareholders
of record on June 30, 2007 (1) See Additional Information and
Supplemental Data for calculation (2) See last page of this press
release for a reconciliation of FAAP Net Income to Company FFO
Second Quarter Transactions and Recent Events Acquisitions -- On
April 17, 2007, the Trust acquired, through a joint venture with
Sealy & Company Inc., ("Sealy") 13 light distribution and
service center properties in Nashville, Tennessee. The purchase
price for the properties was $87,200,000 which was financed through
$65,383,000 of net proceeds net of a first mortgage loan from a
third party and a $3,600,000 bridge loan from Sealy. Each of the
Trust and Sealy contributed $9,307,000 for a 50% ownership in the
joint venture. The Trust accounts for this investment using the
equity method of accounting. -- On May 25, 2007, Lex-Win
Acquisition LLC ("Lex-Win"), an entity in which the Trust holds a
28% ownership interest, commenced a tender offer to acquire up to
45,000,000 shares of common stock in Wells Real Estate Investment
Trust, Inc. ("Wells") at a price per share of $9.30. The tender
offer expired on July 20, 2007 at which time Lex-Win had received
tenders for approximately 4,800,000 shares representing
approximately 1% of the outstanding shares in Wells. The Trust
accounts for this investment using the equity method of accounting.
-- On June 20, 2007, the Trust made a $17,669,000 first mortgage
bridge loan collateralized by a newly acquired property in the Marc
Realty portfolio located at 180 North Michigan Avenue, Chicago,
Illinois. The loan bears interest at 7.32% per annum, requires
monthly payments of interest only and matures on June 20, 2008. The
Trust accounts for this investment as a preferred equity
investment. Loan Satisfaction/Dispositions -- On May 16, 2007, the
Toy Building loan, an asset held in a venture in which the Trust
owned a one-third interest was repaid in full. After satisfying the
venture's loan obligation which was collateralized by the venture's
interest in the Toy Building and which bore interest at a variable
rate, the Trust received a return of its initial invested capital
of $9,800,000 together with $562,000 on account of its priority
interest. -- On June 26, 2007, the Trust sold in market
transactions 793,956 common shares of APRO, constituting
substantially all shares held by the Trust in APRO, for a per share
price of $25.02 resulting in net proceeds of approximately
$19,817,000. The sale generated a gain of approximately $9,739,000
exclusive of dividends on such shares. Financings -- On May 24,
2007, WRT-Vision Creekwood, LLC, a venture in which the Trust holds
a 90% interest, obtained a $5,846,000 loan from an unaffiliated
third party lender. The lender has also committed to increase the
loan to $7,000,000 to fund future capital improvements. The loan is
collateralized by WRT-Vision Creekwood's property located in Kansas
City, Kansas and bears interest at 7.042%. The loan requires
monthly payments of interest only and is scheduled to mature on
June 1, 2012. -- On June 18, 2007, four properties which are part
of the Marc Realty portfolio obtained first mortgage loans
aggregating $56,798,000 with a weighted average interest rate of
6.34%. Approximately $4,800,000 of the loan proceeds were used to
satisfy a portion of the Trust's 7.65% convertible mezzanine loans
reducing the mezzanine loans held by the Trust with respect to
these properties to $5,300,000. The Trust holds a 50% participating
interest in the residual interest in each of these properties. --
On June 26, 2007, a property included in the Trust's net lease
properties commonly referred to as the Finova portfolio obtained a
$40,200,000 loan from an unaffiliated third party lender. The loan
is collateralized by the Trust's property located in Orlando,
Florida and bears interest at 6.4%. The loan requires monthly
payments of principal and interest and is scheduled to mature on
July 1, 2017, at which time the outstanding principal balance is
expected to be approximately $34,064,000. Approximately $40,000,000
of the loan proceeds were used to reduce the Finova portfolio's
outstanding mortgage loan balance, which carried a higher interest
rate and reduced the Trust's exposure to floating interest rates.
Dividend Increase -- On August 1, 2007, the Board of Trustees voted
to increase the quarterly dividend payable on the Trust's Common
Shares by 8.3% from $0.06 to $0.065 per share beginning with the
3rd quarter 2007 dividend 2nd QUARTER 2007 CONFERENCE CALL On
Thursday, August 9, 2007, at 2:00 p.m. Eastern Time, Winthrop will
host its first conference call to discuss its results for the
quarter ended June 30, 2007. Winthrop's remarks will be followed by
a question and answer period. Interested parties may participate in
this conference call by dialing (877) 407-9205 or (201) 689-8054. A
taped replay of the call will be available through September 10,
2007 at (877) 660-6853, account #286, confirmation #248213. A live
web cast (listen-only mode) of the conference call will be
available at http://www.winthropreit.com/ within the Investor
Relations section. An online replay will also be available through
September 30, 2007. 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 from the three and six months ended June 30, 2007
and 2006 as follows: (in thousands, except per-share data) For the
Three For the Six Months Months Ended Ended June 30, June 30,
(unaudited) (unaudited) 2007 2006 2007 2006 Revenues $14,844
$13,223 $28,913 $25,021 Income from continuing operations $12,730
$3,409 21,380 $13,548 Income from discontinued operations 46 32 97
56 Net income applicable to Common Shares of Beneficial Interest
$12,776 $3,441 $21,477 $13,604 Basic weighted-average Common Shares
65,661 43,858 65,590 41,173 Convertible Preferred Shares - - -
23,169 Stock options 66 61 67 60 Diluted weighted-average Common
Shares 65,727 43,919 65,657 64,402 Per Share - Diluted: Income from
continuing operations $0.16 $0.08 $0.28 $0.26 Income from
discontinued operations 0.00 0.00 0.00 0.00 Net income applicable
to Common Shares of Beneficial Interest dilutive $0.16 $0.08 $0.28
$0.26 Company Funds from Operations For the Three Months Ended For
the Six Months Ended June 30, June 30, June 30, June 30, 2007 2006
2007 2006 Net income $12,776 $3,441 $21,477 $13,604 Real estate
depreciation 1,565 1,369 3,070 2,869 Amortization of capitalized
leasing costs 1,628 1,234 2,683 2,374 Real estate depreciation and
amortization of unconsolidated interests 662 981 1,028 1,951 Less:
Minority interest share of depreciation and amortization (798)
(721) (1,504) (1,453) Interest expense on Series B-1 Preferred
Shares 1,831 1,622 3,662 3,244 Funds from operations applicable to
Common Shares plus assumed conversions of Convertible Preferred
Shares $17,664 $7,926 $30,416 $ 22,589 Basic weighted-average
Common Shares 65,661 43,858 65,590 41,173 Convertible Preferred
Shares (1) 22,167 22,167 22,167 23,169 Stock options 66 61 66 60
Diluted weighted-average Common Shares 87,894 66,086 87,823 64,402
Funds from operations per share - diluted $0.20 $0.12 $0.35 $0.35
(1) Most industry analysts and equity REITs, including the Trust,
generally consider funds from operations ("FFO") to be an
appropriate supplemental measure of the performance of an equity
REIT. The Trust has adopted the revised definition of FFO adopted
by the Board of Governors of the National Association of Real
Estate Investment Trusts which defines FFO 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 Trust's business as a real estate owner and operator,
the Trust believes that to further understand our performance, FFO
should be considered in conjunction with our reported net income
and considered in addition to cash flows in accordance with
generally accepted accounting principles, as presented in our
consolidated financial statements. 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) June 30, 2007 December 31,
(unaudited) 2006 Total Assets(1) $790,456 $851,620 Total
liabilities $447,466 $497,983 Minority interest 10,151 30,051 Total
shareholders' equity 332,839 323,586 Total liabilities and
shareholders' equity $790,456 $851,620 (1) The decrease in total
assets relates primarily to the satisfaction of the Toy Loan
receivable and corresponding satisfaction of the Toy Loan payable
and distribution to the minority interest. 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 June 30, 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/
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