Declares First Quarter 2013
Cash Dividend Reports Fourth Quarter Investments
of $144.5 Million
Winthrop Realty Trust (NYSE:FUR), a leading real estate value
investor, announced today financial and operating results for the
fourth quarter and full year ended December 31, 2012. All per share
amounts are on a fully diluted basis.
Financial Results
Year Ended December 31, 2012
Net income applicable to common shares for the year ended
December 31, 2012 was $15.3 million or $0.46 per common share as
compared with net income of $10.0 million or $0.32 per common share
for the year ended December 31, 2011.
For the year ended December 31, 2012, Winthrop reported FFO
applicable to common shares of $46.2 million or $1.40 per common
share as compared with FFO of $58.2 million or $1.85 per common
share for the year ended December 31, 2011.
Three Months Ended December 31, 2012
Net loss applicable to common shares for the quarter ended
December 31, 2012 was ($4.9) million or ($0.15) per common share as
compared with net loss of ($10.6) million or ($0.32) per common
share for the quarter ended December 31, 2011.
For the quarter ended December 31, 2012, Winthrop reported FFO
applicable to common shares of $4.7 million or $0.14 per common
share as compared with FFO of $16.2 million or $0.49 per common
share for the quarter ended December 31, 2011.
Carolyn B. Tiffany, Winthrop's President, commented, "2012 was
both a pivotal and successful year for Winthrop. We invested $295
million in new investments, negotiated long term leases at two of
our large single tenant properties, leased up properties that had
been acquired with significant vacancy and harvested value through
the sale of certain assets. We look forward to 2013 as we continue
to realize gains through select asset sales and redeploy that
capital, along with $97 million in existing cash reserves, to new
investment opportunities which we expect will continue through
2013."
Net Asset Value as of December 31, 2012 and Five Year
Performance Table
Winthrop's estimated range of net asset value per common share
at December 31, 2012 is $12.85 to $15.13 as compared to $12.93 to
$15.13 at September 30, 2012. In addition, Winthrop has added a
five year investment performance table to our quarterly supplement
which presents the internal rate of return for each investment made
and sold or otherwise exited during the last five years. The pooled
weighted internal rate of return on these investments is 33%.
Details regarding the methodology used to calculate the internal
rate of return and the net asset value as well as financial
results, properties and tenants can be accessed in the quarterly
supplemental report at www.winthropreit.com in the Investor
Relations section.
Fourth Quarter 2012 Investment Activity
Acquisitions
- Through a joint venture acquired the property and associated
air rights located at 701 Seventh Avenue in the Times Square area
of New York City for a purchase price of $434.0 million, inclusive
of closing costs and reserves. Winthrop made an initial
contribution of approximately $29.0 million and has committed to
invest up to $68.0 million on a preferred equity basis into the
proposed redevelopment that will include expansion of the retail
space to approximately 80,000 square feet, installation of a new
approximately 22,000 square foot state of the art LED sign and
potential hotel development.
- Acquired for $58.65 million a $70.0 million non-performing
first mortgage loan secured by a 20-story, 514,000 square foot
office building located at 1515 Market Street, Philadelphia,
Pennsylvania. On February 1, 2013, in lieu of foreclosing, the loan
was restructured to increase the outstanding principal balance to
approximately $71.6 million, adjust the interest rate to be the
greater of 7.5% per annum or LIBOR plus 6.5%, extend the maturity
date to February 1, 2016, and provide for a 40% participation in
all capital event proceeds. In addition, Winthrop acquired for
$10,000, an indirect 49% equity interest in the 1515 Market Street
property and became the general partner of the property owner.
- Acquired a 284 unit multi-family property located in
Greensboro, North Carolina for an aggregate purchase price of $17.5
million. In connection with the acquisition, the existing $13.6
million non-recourse mortgage loan was assumed. The loan bears
interest at 6.22% per annum, matures on August 1, 2016 and requires
payments of interest only. The property is presently 94% occupied.
- Originated a $40.0 million first mortgage loan secured by 67
luxury condominium units at Queensridge Towers in Las Vegas,
Nevada. The loan requires monthly payments of interest only at
a rate of LIBOR plus 11.5%, with a 0.50% LIBOR floor and matures on
November 15, 2014, subject to one, twelve month
extension. Simultaneously with the origination of the loan,
Winthrop obtained a $25.0 million recourse loan which is secured by
and co-terminus with the Queensridge loan and requires monthly
payments of interest only at a rate of LIBOR plus 4%.
- Purchased for $75,000, a 100% membership interest in the entity
that holds the fee simple title to a nine-story, 187,000 square
foot, 53% occupied, Class B office building located in Cerritos,
California, 20 miles south of Los Angeles. Concurrent with
the acquisition of the property, Winthrop entered into a
modification agreement with the first mortgage lender pursuant to
which the loan was split into a $23.0 million performing A Note and
a $14.5 million accruing B Note. Pursuant to the modification, the
Company has additionally funded a $1.5 million leasing reserve.
- Committed to invest up to $1.25 million in Winthrop's Vintage
Housing joint venture to develop a low-income housing tax-credit
apartment community to be located in Marysville, Washington.
This is the venture's fifth acquisition/project since its initial
investment in the Vintage Housing portfolio. Upon completion,
the project will be comprised of 204 units increasing the number of
properties in the Vintage Housing venture to 30 properties
containing a total of 5,485 units.
- Through a joint venture acquired for $9.2 million a 62,000
square foot Class B office building located in Sorrento Mesa,
California. Winthrop funded $6.0 million as a preferred equity
investment in the joint venture which entitles it to a 12% priority
return and the remaining equity was funded equally by Winthrop and
its joint venture partner. The property is currently 94%
leased and leases for three tenants who make up approximately 50%
of the building are expiring in 2013. Management is currently
in discussions with two of the tenants leasing 42% of the property
regarding lease extensions and plans to finance the property once
the leases have been renewed.
- Acquired an additional 5.5 limited partnership units in the
partnership which owns a 614,000 square foot office building
located in Houston, Texas and is net leased through 2026 to Spectra
Energy for $1.65 million, increasing Winthrop's ownership interest
in the property to approximately 30%.
Dispositions, Loan
Satisfactions and Share
Repurchases
- Sold to its joint venture partner, Marc Realty, 100% of its
equity interest in 180 N Michigan for $7.2 million, $2.0 million in
cash and a $5.2 million loan. The loan bears interest at 8.25%
per annum, requires monthly payments of interest only and matures
on December 1, 2015.
- Realized net proceeds of approximately $17.2 million through
the sale of 3.25 million common shares of Cedar Realty Trust.
Winthrop's average aggregate cost for such shares was
approximately $12.4 million.
- Received full repayment of $30.0 million on its loan
collateralized by Broward Financial Center in Fort Lauderdale,
Florida.
- Repurchased a total of 70,040 of its common shares of
beneficial interest in several market transactions. The
repurchased shares were retired and are no longer outstanding.
- Received full repayment of $6.4 million on its four West Olive
rake bonds secured by an office building located in Burbank,
California.
Financings
- Refinanced the first mortgage debt on the Newbury Village
Apartment property located in Meriden, Connecticut with a new loan
in the principal amount of $21.0 million which bears interest at
3.95% and matures on October 2, 2022.
- Fully satisfied the mortgage loan payable of $1.7 million
collateralized by the Lisle, Illinois property referred to as 701
Arboretum.
Leasing Activity
- Expanded the lease with TIC-The Industrial Company for an
additional 15,465 square feet at Meridian Corporate Center II
(Crossroads II) office building in Englewood,
Colorado. As a result, TIC now leases approximately
89,965 square feet at Crossroads II with a term that expires
December 31, 2019. The Crossroads I and Crossroads II
properties are collectively 90% leased, compared to 56.0% when
purchased during the fourth quarter of 2010.
- Entered into a letter of intent to extend the triple net lease
with Ingram Micro, the single tenant at Winthrop's 200,000 square
foot office building in Amherst, New York, through 2023 upon
expiration of their existing net lease. The extension terms
are in the process of being finalized.
Subsequent to Quarter End
- Originated a $20.5 million mezzanine loan collateralized
indirectly by a 259,835 square foot, two building, Class A office
campus commonly referred to as Water's Edge at Playa Vista which is
located three miles from Los Angeles International
Airport. The loan, which is subordinate to an $80.3 million
mortgage loan, bears interest at a rate of LIBOR plus 14.25% per
annum, with a 0.50% LIBOR floor, and requires monthly payments of
interest only at a rate of 8.25% per annum with the remaining
accrued interest being added to principal. In addition, at
maturity Winthrop is entitled to a participation interest equal to
25% of net equity value or sales proceeds of the property or,
alternatively, if the property is not sold, the borrower can issue
to Winthrop a 25% ownership interest in the
property. Subsequent to origination Winthrop sold at par a 50%
pari passu participation interest in the loan.
- Modified and extended the Advisory Agreement with FUR Advisors
LLC for a term of five years, which will now expire on December 31,
2017.
- Received full repayment of $8.7 million on its mezzanine loan
indirectly collateralized by the property at 127 West 25th Street,
New York, New York.
- Sold for $9.0 million a 100% participation in the B-Note
collateralized by the Disney Building located in Burbank,
California.
- Received cash proceeds of approximately $1.3 million on an
investment of $756,000 from the sale of a collateral management
agreement and subordinated interests related to a collateralized
debt obligation entity that was held in a 50/50 joint venture.
First Quarter 2013 Dividend Declarations
Winthrop's Board of Trustees is declaring a dividend for the
first quarter of 2013 of $0.1625 per common share payable on April
15, 2013 to common shareholders of record on March 28, 2013.
Winthrop's Board of Trustees is also declaring a regular
quarterly cash dividend of $0.578125 per Series D preferred share
which is payable on April 1, 2013 to the holders of Series D
preferred shares of record on March 18, 2013.
Supplemental Financial Information
Further details regarding financial results, properties and
tenants can be accessed at www.winthropreit.com in the Investor
Relations section.
Conference Call Information
Winthrop will host a conference call to discuss its fourth
quarter and full year end 2012 results today, Thursday, March 7,
2013 at 12:00 pm Eastern Time. Interested parties may access
the live call by dialing (877) 407-9205 or (201) 689-8054, or via
the Internet at www.winthropreit.com within the News and Events
section. A replay of the call will be available through April
7, 2013 by dialing (877) 660-6853; account #286, confirmation
#404973. An online replay is also available.
About Winthrop Realty Trust
Winthrop Realty Trust, headquartered in Boston, Massachusetts,
is a NYSE-listed real estate investment trust (REIT) focused on
acquiring, owning, operating and investing in real property as well
as real estate financial instruments including CMBS, Bonds, REIT
Preferred and common stock. For more information, please visit
our web-site at www.winthropreit.com.
Forward-Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995. The statements in this release state
Winthrop's and management's hopes, intentions, beliefs,
expectations or projections of the future and are forward-looking
statements for which Winthrop claims the protections of the safe
harbor for forward-looking statements under the Private Securities
Litigation Reform Act of 1995. It is important to note that
future events and Winthrop's actual results could differ materially
from those described in or contemplated by such forward-looking
statements. Factors that could cause actual results to differ
materially from current expectations include, but are not limited
to, (i) general economic conditions, (ii) the inability of major
tenants to continue paying their rent obligations due to
bankruptcy, insolvency or general downturn in their business, (iii)
local real estate conditions, (iv) increases in interest rates, (v)
increases in operating costs and real estate taxes, (vi) changes in
accessibility of debt and equity capital markets and (vii) defaults
by borrowers on loans. Additional information concerning
factors that could cause actual results to differ materially from
those forward-looking statements is contained from time to time in
Winthrop's filings with the Securities and Exchange Commission,
copies of which may be obtained from Winthrop or the Securities and
Exchange Commission. Winthrop refers you to the documents
filed by Winthrop from time to time with the Securities and
Exchange Commission, specifically the section titled "Risk Factors"
in Winthrop's most recent Annual Report on Form 10-K, as may be
updated or supplemented in Winthrop's Form 10-Q filings, which
discuss these and other factors that could adversely affect
Winthrop's results.
Consolidated Financial Results
Financial results for the three months and year ended December
31, 2012 and December 31, 2011 are as follows (in thousands except
per share amounts):
|
(unaudited) |
(unaudited) |
|
For the Three Months
Ended December 31, |
For Year Ended
December 31, |
|
2012 |
2011 |
2012 |
2011 |
Revenue |
|
|
|
|
Rents and reimbursements |
$ 13,150 |
$ 11,093 |
$ 51,375 |
$ 42,789 |
Interest, dividends and discount
accretion |
6,105 |
5,189 |
21,123 |
25,458 |
|
19,255 |
16,282 |
72,498 |
68,247 |
Expenses |
|
|
|
|
Property operating |
4,131 |
3,531 |
15,666 |
14,387 |
Real estate taxes |
1,284 |
1,067 |
4,765 |
4,427 |
Depreciation and amortization |
4,794 |
3,483 |
17,666 |
13,234 |
Interest |
6,056 |
3,833 |
17,658 |
15,759 |
Impairment loss on investments in real
estate |
2,562 |
4,600 |
2,562 |
7,600 |
General and administrative |
1,114 |
1,424 |
3,561 |
3,558 |
Related Party Fees |
2,312 |
2,008 |
8,953 |
7,690 |
Transaction costs |
86 |
161 |
421 |
519 |
State and local taxes |
21 |
291 |
234 |
379 |
|
22,360 |
20,398 |
71,486 |
67,553 |
Other income (loss) |
|
|
|
|
Earnings (loss) from preferred equity
investments |
-- |
(160) |
-- |
338 |
Equity in income (loss) of equity
investments, (inclusive of impairments of $0, $17,258, $0 and
$21,058) |
792 |
(17,259) |
14,843 |
(12,712) |
Realized (loss) gain on sale of
securities carried at fair value |
-- |
(8) |
41 |
123 |
Unrealized (loss) gain on securities
carried at fair value |
(338) |
3,586 |
6,916 |
2,788 |
(Loss) gain on extinguishment of
debt |
(121) |
744 |
(121) |
9,258 |
Realized gain on loan securities carried
at fair value |
614 |
-- |
614 |
-- |
Unrealized (loss) gain on loan securities
carried at fair value |
-- |
(34) |
447 |
2,738 |
Settlement income |
-- |
5,868 |
-- |
5,868 |
Gain on consolidation of property |
-- |
818 |
-- |
818 |
Interest and other income |
266 |
172 |
699 |
1,179 |
|
1,213 |
(6,273) |
23,439 |
10,398 |
|
|
|
|
|
Income (loss) from continuing operations |
(1,892) |
(10,389) |
24,451 |
11,092 |
|
|
|
|
|
Discontinued operations |
|
|
|
|
Income (loss) from discontinued
operations |
(8) |
513 |
(67) |
655 |
|
|
|
|
|
Consolidated net income
(loss) |
(1,900) |
(9,876) |
24,384 |
11,747 |
Net (Income) loss
attributable to non-controlling interest |
(188) |
37 |
247 |
(814) |
Net income (loss) attributable to
Winthrop Realty Trust |
(2,088) |
(9,839) |
24,631 |
10,933 |
Preferred dividend of Series C Preferred
Shares |
-- |
(409) |
-- |
(585) |
Preferred dividend of Series D Preferred
Shares |
(2,787) |
(339) |
(9,285) |
(339) |
|
|
|
|
|
Net income (loss) attributable to
Common Shares |
$ (4,875) |
$ (10,587) |
$ 15,346 |
$ 10,009 |
|
|
|
|
|
Per Common Share Data –
Basic |
|
|
|
|
Income (loss) from continuing operations |
$ (0.15) |
$ (0.34) |
$ 0.46 |
$ 0.30 |
Income (loss) from discontinued
operations |
-- |
0.02 |
-- |
0.02 |
Net income (loss) attributable to Winthrop
Realty Trust |
$ (0.15) |
$ (0.32) |
$ 0.46 |
$ 0.32 |
|
|
|
|
|
Per Common Share Data –
Diluted |
|
|
|
|
Income (loss) from continuing operations |
$ (0.15) |
$ (0.34) |
$ 0.46 |
$ 0.30 |
Income (loss) from discontinued
operations |
-- |
0.02 |
-- |
0.02 |
Net income (loss) attributable to Winthrop
Realty Trust |
$ (0.15) |
$ (0.32) |
$ 0.46 |
$ 0.32 |
|
|
|
|
|
Basic Weighted-Average Common
shares |
33,056 |
33,027 |
33,062 |
31,428 |
Diluted Weighted-Average Common
shares |
33,056 |
33,027 |
33,062 |
31,428 |
|
|
|
|
|
Comprehensive income
(loss) |
|
|
|
|
Consolidated net income (loss) |
$ (1,900) |
$ (9,876) |
$ 24,384 |
$ 11,747 |
Change in unrealized gain (loss) on
interest rate derivative |
115 |
(92) |
42 |
(29) |
Consolidated comprehensive income
(loss) |
(1,785) |
(9,968) |
24,426 |
11,718 |
|
|
|
|
|
(Income) loss attributable to non-controlling
interest |
(188) |
37 |
247 |
(814) |
Other comprehensive income attributable to
non-controlling interest |
-- |
-- |
-- |
-- |
Comprehensive (income) loss
attributable to non-controlling interest |
(188) |
37 |
247 |
(814) |
Comprehensive income (loss)
attributable to Winthrop Realty
Trust |
$ (1,973) |
$ (9,931) |
$ 24,673 |
$ 10,904 |
Funds From Operations:
The following presents a reconciliation of net income to funds
from operations for the three months and year ended December 31,
2012 and December 31, 2011 (in thousands, except per share
amounts). Please note that certain prior year amounts have
been adjusted to conform to current year presentation.
|
(unaudited) |
(unaudited) |
|
For the Three Months
Ended December 31, |
For the Year
Ended December 31, |
|
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
Net income (loss) attributable to Winthrop
Realty Trust |
$ (2,088) |
$ (9,839) |
$ 24,631 |
$ 10,933 |
Real estate depreciation |
3,116 |
2,348 |
11,281 |
8,646 |
Amortization of capitalized leasing
costs |
1,679 |
1,213 |
6,785 |
4,895 |
Gain on sale of real estate |
-- |
(450) |
(945) |
(392) |
(Gain) loss on sale of equity
investments |
73 |
-- |
(199) |
(207) |
Gain on property consolidation |
-- |
(818) |
-- |
(818) |
Real estate depreciation and amortization of
unconsolidated interests |
2,860 |
3,831 |
13,490 |
11,466 |
Impairment loss on investments in real
estate |
2,562 |
4,600 |
3,260 |
7,600 |
Impairment loss on equity investments |
-- |
17,258 |
-- |
21,058 |
Less: Non-controlling interest share of real
estate depreciation and amortization |
(686) |
(1,113) |
(2,831) |
(3,483) |
|
|
|
|
|
Funds from operations |
7,516 |
17,030 |
55,472 |
59,698 |
Series C Preferred dividends |
-- |
(409) |
-- |
(585) |
Series D Preferred dividends |
(2,787) |
(339) |
(9,285) |
(339) |
Allocations of earnings to Series B-1
Preferred Shares |
-- |
(61) |
-- |
(325) |
Allocations of earnings to Series C Preferred
Shares |
-- |
(35) |
-- |
(213) |
FFO applicable to Common
shares-Basic |
$ 4,729 |
$ 16,186 |
$ 46,187 |
$ 58,236 |
|
|
|
|
|
Weighted-average Common
shares |
33,056 |
33,027 |
33,062 |
31,428 |
|
|
|
|
|
FFO Per Common
Share-Basic |
$ 0.14 |
$ 0.49 |
$ 1.40 |
$ 1.85 |
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
|
|
Funds from operations (per above) |
$ 7,516 |
$ 17,030 |
$ 55,472 |
$ 59,698 |
Series C Preferred dividend |
-- |
(409) |
-- |
(585) |
Series D Preferred dividend |
(2,787) |
(339) |
(9,285) |
(339) |
Allocation of earnings to Series B-1
Preferred Shares |
-- |
(61) |
-- |
(325) |
Allocation of earnings to Series C Preferred
Shares |
-- |
(35) |
-- |
(213) |
FFO applicable to Common
shares |
$ 4,729 |
$ 16,186 |
$ 46,187 |
$ 58,236 |
Weighted-average Common shares |
33,056 |
33,027 |
33,062 |
31,428 |
Stock options |
-- |
-- |
-- |
-- |
Convertible Series C Preferred
Shares |
-- |
-- |
-- |
-- |
Diluted weighted-average
Common Shares |
33,056 |
33,027 |
33,062 |
31,428 |
FFO Per Common
Share-Diluted |
$ 0.14 |
$ 0.49 |
$ 1.40 |
$ 1.85 |
FFO is computed in accordance with the definition adopted by the
Board of Governors of the National Association of Real Estate
Investment Trusts ("NAREIT"). NAREIT defines FFO as net income or
loss determined in accordance with Generally Accepted Accounting
Principles ("GAAP"), excluding extraordinary items as defined under
GAAP and gains or losses from sales of previously depreciated
operating real estate assets, plus specified non-cash items, such
as real estate asset depreciation and amortization, and after
adjustments for unconsolidated partnerships and joint ventures.
FFO and FFO per diluted share are used by management,
investors and industry analysts as supplemental measures of
operating performance of equity REITs. FFO and FFO per diluted
share should be evaluated along with GAAP net income and income per
diluted share (the most directly comparable GAAP measures), as well
as cash flow from operating activities, investing activities and
financing activities, in evaluating the operating performance of
equity REITs. FFO and FFO per diluted share exclude the
effect of depreciation, amortization and gains or losses from sales
of real estate, all of which are based on historical costs which
implicitly assumes that the value of real estate diminishes
predictably over time. Since real estate values instead have
historically risen or fallen with market conditions, these non-GAAP
measures can facilitate comparisons of operating performance
between periods and among other equity REITs. FFO does not
represent cash generated from operating activities in accordance
with GAAP and is not necessarily indicative of cash available to
fund cash needs as disclosed in Winthrop's Consolidated Statements
of Cash Flows. FFO should not be considered as an alternative
to net income as an indicator of Winthrop's operating performance
or as an alternative to cash flows as a measure of liquidity.
Consolidated Balance Sheets: (in
thousands, except share data)
|
December
31, |
|
2012 |
2011 |
|
(unaudited) |
(unaudited) |
ASSETS |
|
|
Investments in real estate, at cost |
|
|
Land |
$ 43,252 |
$ 36,495 |
Buildings and improvements |
378,737 |
327,337 |
|
421,989 |
363,832 |
Less: accumulated depreciation |
(51,553) |
(44,556) |
Investments in real estate, net |
370,436 |
319,276 |
|
|
|
Cash and cash equivalents |
97,682 |
40,952 |
Restricted cash held in escrows |
13,250 |
3,914 |
Loans receivable, net |
211,250 |
114,333 |
Accounts receivable, net of allowances of
$374 and $639, respectively |
7,353 |
5,341 |
Accrued rental income |
13,770 |
10,805 |
Securities carried at fair value |
19,694 |
28,856 |
Loan securities carried at fair
value |
11 |
5,309 |
Preferred equity investments |
12,250 |
5,520 |
Equity investments |
134,859 |
162,142 |
Lease intangibles, net |
37,744 |
36,305 |
Deferred financing costs, net |
4,864 |
1,180 |
TOTAL ASSETS |
$ 923,163 |
$ 733,933 |
|
|
|
LIABILITIES |
|
|
|
|
|
Mortgage loans payable |
$ 280,576 |
$ 230,940 |
Senior notes payable |
86,250 |
-- |
Notes payable |
1,676 |
-- |
Secured financings |
52,920 |
29,150 |
Revolving line of credit |
-- |
40,000 |
Accounts payable and accrued
liabilities |
21,056 |
14,077 |
Related Party Fees Payable |
2,664 |
2,097 |
Dividends payable |
5,366 |
5,369 |
Deferred income |
1,136 |
502 |
Below market lease intangibles, net |
2,255 |
2,962 |
TOTAL LIABILITIES |
453,899 |
325,097 |
|
|
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
EQUITY |
|
|
Winthrop Realty Trust Shareholders'
Equity: |
|
|
Series D Cumulative Redeemable Preferred
Shares, $25 per share liquidation preference, 5,060,000 shares
authorized and 4,820,000 shares outstanding at December 31, 2012
and 1,840,000 shares authorized and 1,600,000 shares outstanding at
December 31, 2011 |
120,500 |
40,000 |
Common shares, $1 par, unlimited shares
authorized; 33,018,711 and 33,041,034 issued and outstanding at
December 31, 2012 and December 31, 2011, respectively |
33,019 |
33,041 |
Additional paid-in capital |
618,426 |
626,099 |
Accumulated distributions in excess of
net income |
(317,385) |
(311,246) |
Accumulated other comprehensive loss |
(50) |
(92) |
Total Winthrop Realty Trust Shareholders'
Equity |
454,510 |
387,802 |
Non-controlling interests |
14,754 |
21,034 |
Total Equity |
469,264 |
408,836 |
TOTAL LIABILITIES AND
EQUITY |
$ 923,163 |
$ 733,933 |
Further details regarding Winthrop's results of operations,
properties, joint ventures and tenants are available in Winthrop's
Form 10-K for the year ended December 31, 2012 which will be filed
with the Securities and Exchange Commission and will be available
for download at Winthrop's website www.winthropreit.com or at the
Securities and Exchange Commission website www.sec.gov.
CONTACT: AT WINTHROP
John Garilli
Chief Financial Officer
(617) 570-4614
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