In the news release, Winthrop Realty (NYSE: FUR) Trust Announces
Results for the Quarter Ended September 30, 2007 and Invites You to
Join Its Third Quarter Earnings Conference Call, issued earlier
today by Winthrop Realty Trust over PR Newswire, we are advised by
the company that in the Company Funds from Operations table the
Convertible Preferred Shares for the Three Months Ended September
30, 2006 should be "22,167" rather than "67,925" and the Diluted
weighted-average Common Shares for the Three Months Ended September
30, 2006 should be "67,925" rather than "22,167" as originally
issued inadvertently. Complete, corrected release follows: BOSTON,
Nov. 7 /PRNewswire-FirstCall/ -- Winthrop Realty Trust (NYSE:FUR),
a real estate investment trust, announced today the financial
results for the third quarter ended September 30, 2007. Third
Quarter Financial Highlights -- Reported net income for the quarter
ended September 30, 2007 of $5,370,000, $0.08 per common share,
diluted(1), compared to a net income of $5,186,000 or $0.10 per
common share, diluted for the same period in 2006. -- Reported net
income for the nine months ended September 30, 2007 of $26,847,000
or $0.36 per common share, diluted, compared to a net income of
$18,790,000 or $0.36 per common share, diluted for the nine months
ended September 30, 2006. -- For the quarter ended September 30,
2007, reported income from continuing operations of $4,479,000, as
compared to income from continuing operations of $4,542,000,
exclusive of $619,000 of gain on sale of equity securities, for the
same period in 2006. -- For the nine months ended September 30,
2007, reported income from continuing operations of $17,143,000,
exclusive of the gain of $9,982,000 on the sale of real estate
securities and the $1,266,000 impairment of the Vision Loan, as
compared to income from continuing operations of $10,584,000,
exclusive of the gain of $8,125,000 on the sale of real estate
securities, for the same period in 2006. -- Funds from Operations
("FFO")(2) for the three months ended September 30, 2007 was
$10,247,000 or $0.12 per common share, diluted, compared to
$6,284,000 or $0.09 per common share, diluted for the same period
in 2006. -- FFO for the nine months ended September 30, 2007 of
$40,679,000 or $0.46 per common share, diluted, compared to
$28,873,000 or $0.44 per common share, diluted, for the nine months
ended September 30, 2006. -- The Trust's investment in Concord Debt
Holdings LLC ("Concord") provided $7,534,000 of net income for the
nine months ended September 30, 2007. Concord's total assets
increased by approximately $23,000,000 to $1,081,266,000 at
September 30, 2007 as compared to June 30, 2007. -- Total market
capitalization at September 30, 2007 of approximately $913,740,000
(based on the New York Stock Exchange closing price of the Trust's
common shares on September 28, 2007) assuming the conversion of the
Trust's Series B-1 Preferred Shares and with the inclusion of the
principal balance of the total debt outstanding at September 30,
2007). At September 30, 2007, the Trust had approximately
$321,536,000 of debt outstanding, excluding the principal balance
of the Series B-1 Preferred Shares, equating to a debt to market
capitalization ratio of 35%. -- Declared a regular quarterly
dividend of $0.065 per common share which was paid on October 15,
2007 to common shareholders of record on September 30, 2007. (1)
See Additional Information and Supplemental Data for calculation
(2) See last page of this press release for a reconciliation of
GAAP Net Income to Company FFO. Third Quarter Transactions and
Recent Events Acquisitions -- On July 20, 2007, the tender offer
made by Lex-Win Acquisition LLC ("Lex-Win"), an entity in which the
Trust holds a 28% ownership interest, to acquire up to 45,000,000
shares of common stock in Wells Real Estate Investment Trust, Inc.
("Wells") (now known as Piedmont Office Realty Trust, Inc.) at a
price per share of $9.30 expired. At the expiration of the offer,
Lex-Win had received tenders based on the letters of transmittal it
received for approximately 4,800,000 shares representing
approximately 1% of the outstanding shares in Wells. After
submission of the letters of transmittal to Wells, the actual
number of shares acquired in Wells was approximately 3,900,000. The
Trust accounts for this investment using the equity method of
accounting. -- On July 24, 2007, a venture in which the Trust holds
a 60% interest completed the anticipated foreclosure on a 241,000
square feet of commercial space and an indoor parking garage with
133 spaces located at 800 South Wells, Chicago, Illinois and
commonly referred to as River City. Following an additional appeal,
the foreclosure sale was confirmed and finalized on October 2, 2007
and the venture acquired title to the property. Loan
Satisfaction/Dispositions -- On September 12, 2007, one of the
properties in the Marc Realty portfolio, 216 West Jackson, Chicago,
Illinois, in which the Trust held a 7.65% convertible mezzanine
loan and a preferred interest, was sold to an unaffiliated third
party. The Trust received $7,527,000, exclusive of interest, on its
original investment of $5,913,000. 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 3rd
QUARTER 2007 CONFERENCE CALL On Thursday, November 8, 2007, at 2.00
p.m. Eastern Time, Winthrop will host its conference call to
discuss its results for the quarter ended September 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 December 8, 2007 at (877) 660-6853,
account #286, confirmation #256660. 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 December 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 nine months ended September 30, 2007 and 2006 as follows:
(in thousands, except per-share data) For the Three For the Nine
Months Ended Months Ended September 30, September 30, (unaudited)
(unaudited) 2007 2006 2007 2006 Revenues $12,355 $13,289 $41,268
$38,310 Income from continuing operations $4,479 $5,161 25,859
$18,709 Income from discontinued operations 891 25 988 81 Net
income applicable to Common Shares of Beneficial Interest $5,370
$5,186 $26,847 $18,790 Basic weighted-average Common Shares 65,846
45,694 65,676 42,696 Convertible Preferred Shares - - - 22,831
Stock options 66 64 66 62 Diluted weighted-average Common Shares
65,912 45,758 65,742 65,589 Per Share - Diluted: Income from
continuing operations $0.07 $0.10 $0.35 $0.36 Income from
discontinued operations 0.01 0.00 0.01 0.00 Net income applicable
to Common Shares of Beneficial Interest dilutive $0.08 $0.10 $0.36
$0.36 Company Funds from Operations For the Three Months For the
Nine Months Ended Ended September September September September 30,
30, 30, 30, 2007 2006 2007 2006 Net income $5,370 $5,186 $26,847
$18,790 Real estate depreciation 1,554 1,536 4,624 4,405
Amortization of capitalized leasing costs 1,319 1,440 4,001 3,814
Real estate depreciation and amortization of unconsolidated
interests 914 704 1,942 2,655 Less: Minority interest share of
depreciation and amortization (721) (733) (2,208) (2,186) Gain on
sale of operating property of Unconsolidated interests - (3,452) -
(3,452) Interest expense on Series B-1 Preferred Shares 1,811 1,603
5,473 4,847 Funds from operations applicable to Common Shares plus
assumed conversions of Convertible Preferred Shares $10,247 $6,284
$40,679 $28,873 Basic weighted-average Common Shares 65,846 45,694
65,676 42,696 Convertible Preferred Shares (1) 22,110 22,167 22,148
22,831 Stock options 66 64 66 62 Diluted weighted-average Common
Shares 88,022 67,925 87,890 65,589 Funds from operations per share
- diluted $0.12 $0.09 $0.46 $0.44 (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) September 30, December 31, 2007 2006
(unaudited) Total Assets(1) $ 771,637 $ 851,620 Total Liabilities $
435,694 $ 497,983 Minority Interest 10,019 30,051 Total
shareholders' equity 325,924 323,586 Total liabilities and
shareholders' equity $ 771,637 $ 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 September 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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