Current Report Filing (8-k)
07 Novembre 2014 - 3:30PM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) November 6, 2014
WINTHROP REALTY TRUST
(Exact Name of Registrant as Specified in Its Charter)
| |
Ohio |
|
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(State or Other Jurisdiction of Incorporation)
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| 001-06249 |
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34-6513657 |
| (Commission File Number) |
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(I.R.S. Employer Identification No.) |
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|
|
| 7 Bulfinch Place, Suite 500, P.O. Box 9507, Boston, Massachusetts |
02114 |
| (Address of Principal Executive Offices) |
(Zip Code) |
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|
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(617) 570-4614
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|
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(Registrant's Telephone Number, Including Area Code)
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| n/a |
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(Former Name or Former Address, if Changed Since Last Report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFT|R 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02 Results of Operations and Financial Condition
On November 6, 2014, Winthrop Realty Trust (the “Trust”) issued a press release (the “Initial Press Release”) announcing its financial results for the quarter ended September 30, 2014. On November 7, 2014, the Trust issued a further press release (the “Subsequent Press Release”) which revised the Trust’s estimate of the liquidating distribution of its net assets in liquidation at September 30, 2014 that was set forth in the Initial Press Release to $18.35 per common share of beneficial interest instead of the $18.16 per common share of beneficial interest reported in the Initial Press Release. A copy of the Initial Press Release and Subsequent Press Release is furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report on Form 8-K.
The information in this section of this Report on Form 8-K and Exhibits 99.1 and 99.2 attached hereto shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 7.01. Regulation FD Disclosure.
On November 6, 2014, the Trust made available supplemental information, which the Trust refers to as the Supplemental Reporting Package. A copy of the Supplemental Reporting Package is furnished herewith as Exhibit 99.3 and is available at the Trust’s website, www.winthropreit.com under the “Investor Relations” tab.
Also on November 6, 2014, the Trust’s management discussed the Trust’s financial results for the quarter ended September 30, 2014 on a conference call with analysts and investors. A replay of the conference call is available through December 6, 2014 by dialing (877) 660-6853; conference ID 13592571. Both a transcript of the conference call and an online replay of the conference call is also available on the Trust’s website at www.winthropreit.com under the “News and Events” tab.
The information in this section of this Report on Form 8-K and Exhibit 99.3 attached hereto shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 8.01 Other Items
The Trust further disclosed in the Initial Press Release that in light of the change to liquidation accounting and the associated changes to required disclosure, it will file the requisite form with the Securities and Exchange Commission to seek an extension of the due date to file its September 30, 2014 Form 10-Q to no later than November 14, 2014.
Further, the Initial Press Release contained a quote from Michael L. Ashner, the Trust’s Chairman and Chief Executive Officer, regarding the timing of the Trust’s liquidation and expectation as to the timing and amount of distributions on the Trust’s common shares. A copy of the Initial Press Release is furnished as Exhibit 99.1 to this Report on Form 8-K.
The information in this section of this Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
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99.1
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Press Release dated November 6, 2014
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99.2
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Press Release dated November 7 ,2014
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99.3
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Supplemental Reporting Package
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 7th day of November, 2014.
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WINTHROP REALTY TRUST |
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By:
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/s/ Michael L. Ashner |
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Michael L. Ashner
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Chairman and Chief Executive Officer
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Exhibit Index
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99.1
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Press Release dated November 6, 2014
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99.2
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Press Release dated November 7, 2014
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99.3
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Supplemental Reporting Package
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WINTHROP REALTY TRUST ANNOUNCES RESULTS FOR
THIRD QUARTER 2014
FOR IMMEDIATE RELEASE
Boston, Massachusetts – November 6, 2014 – Winthrop Realty Trust (NYSE:FUR) (the “Company” or “Winthrop”), which is liquidating and winding down pursuant to a plan of liquidation, announced today its financial and operating results for the third quarter ended September 30, 2014.
Financial Results
Liquidation Basis of Accounting
As a result of the shareholder approval of the plan of liquidation on August 5, 2014, effective August 1, 2014, in accordance with Generally Accepted Accounting Principles (“GAAP”), the Company began reporting its financial results on the liquidation basis of accounting. The liquidation basis of accounting requires, among other things, that management estimate sales proceeds on an undiscounted basis as well as include in the Company’s assets and liabilities the undiscounted estimate of future revenues and expenses of the Company. The net assets in liquidation at September 30, 2014 would result in liquidating distributions of approximately $18.16 per Common Share. This estimate of liquidating distributions includes projections of costs and expenses to be incurred during the period required to complete the plan of liquidation. There is inherent uncertainty with these projections and, accordingly, these projections could change materially based on a number of factors both within and outside of Winthrop’s control including the timing of the sales, the performance of the underlying assets and any changes in the underlying assumptions of projected cash flows.
In light of the change in basis of accounting and the associated changes to required disclosure, the Company expects that it will file the requisite form with the Securities and Exchange Commission to seek an extension of the due date to file its September 30, 2014 Form 10-Q to no later than November 14, 2014.
Michael L. Ashner, Chairman and CEO stated, “I am cautiously optimistic that our plan of liquidation will move more quickly and generate greater proceeds than the high end of March 31, 2014 net asset value range which is the net asset value range provided in the proxy statement for the plan of liquidation. While we had not expected to make a distribution on our common shares prior to the retirement of our senior notes, in light of the sales consummated to date and the expected sales to occur during the balance of 2014, we now expect to make our first liquidating distribution on our common shares in January of 2015.”
2014 Third Quarter Activity and Subsequent Events
Assets Sold
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·
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Fenway Wateridge - sold its interest in its Fenway Wateridge venture to its venture partner for approximately $2.38 million.
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·
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223 West Jackson – sold its interest in the venture that owns the property located at 223 W. Jackson, Chicago, Illinois and the accompany loan receivable from the venture to its venture partner and received net proceeds from the sale of approximately $5.77 million.
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|
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·
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5400 Westheimer – sold its interest in the venture that owns the property located at 5400 Westheimer Court, Houston, Texas and received net proceeds from the sale, together with the satisfaction of a note payable due to Winthrop from the venture, of approximately $10.75 million.
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·
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Waterford Place Apartments – sold its Waterford Place apartment building in Memphis, Tennessee and received net proceeds from the sale of approximately $15.29 million.
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·
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Kroger-Atlanta, Georgia – sold its property in Atlanta, Georgia that is net leased to Kroger Foods and received net proceeds from the sale of approximately $1.46 million.
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·
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Kroger-Greensboro, North Carolina – sold its property in Greensboro, North Carolina that is net leased to Kroger Foods and received net proceeds from the sale of approximately $1.70 million.
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·
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Pinnacle II B-Note – sold the B-Note with an outstanding principal balance of $5.0 million for net proceeds of $4.97 million.
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·
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San Pedro Luxury Apartments - the venture in which Winthrop holds an approximately 84% interest sold its San Pedro apartment building in San Pedro, California. The entire net proceeds of $23.09 million were used to pay down the $150 million loan made by KeyBank National Association to the venture in accordance with the terms of the loan agreement.
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Assets Under Contract for Sale
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·
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1515 Market Street - this property is subject to a purchase agreement for a price that Winthrop presently expects will generate net proceeds to Winthrop of approximately $35.50 million.
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·
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Sealy Northwest Atlanta - Winthrop's venture partner in these properties has agreed to acquire Winthrop's interest in the venture for a price that Winthrop presently expects will generate net proceeds of approximately $5.5 million to Winthrop.
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·
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Kroger-Louisville, Kentucky - this property, that is net leased to Kroger Foods, is subject to a purchase agreement for a price that Winthrop presently expects will generate net proceeds to Winthrop of approximately $2.3 million.
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Loans Repaid
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·
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Stamford - received approximately $9.41 million from the payment in full on the mezzanine loan held in a joint venture and indirectly secured by seven office properties in Stamford, Connecticut.
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·
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Shops at Wailea - received approximately $7.55 million from the payment in full on the B-Note secured by The Shops at Wailea.
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Series D Preferred Shares
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·
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Paid the full liquidating distribution on its 9.25% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest. The total amount of the payment was $122.8 million which included accrued and unpaid dividends through the date preceding the liquidating distribution payment.
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Conference Call Information
The Company will host a conference call to discuss its third quarter 2014 activities today, Thursday, November 6, 2014 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. An online replay will be available for one year. A replay of the call will be available through December 6, 2014 by dialing (877) 660-6853; conference ID 13592571.
About Winthrop Realty Trust
Winthrop, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT). Winthrop’s shareholders recently adopted a plan of liquidation pursuant to which Winthrop is liquidating and winding down and, in connection therewith, is seeking to sell its assets in an orderly fashion to maximize shareholder value. 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 the Company’s and management's hopes, intentions, beliefs, expectations or projections of the future and are forward-looking statements for which the Company 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 the Company’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, (vii) the timing of asset sales and (viii) 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 the Company's filings with the Securities and Exchange Commission, copies of which may be obtained from the Company or the Securities and Exchange Commission. The Company refers you to the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled "Risk Factors" in the Company's most recent Annual Report on Form 10-K, as may be updated or supplemented in the Company's Form 10-Q filings, which discuss these and other factors that could adversely affect the Company's results.
CONSOLIDATED STATEMENT OF NET ASSETS
(Liquidation Basis)
(unaudited, in thousands)
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September 30,
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2014
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ASSETS
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|
|
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Investments in real estate
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$ |
700,050 |
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|
Equity investments
|
|
|
393,514 |
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Cash and cash equivalents
|
|
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33,967 |
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|
Restricted cash held in escrows
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|
|
14,112 |
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Loans receivable
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|
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62,314 |
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Secured financing receivable
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28,960 |
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Accounts receivable
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|
|
1,077 |
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Loan securities
|
|
|
918 |
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TOTAL ASSETS
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|
$ |
1,234,912 |
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| |
|
|
|
|
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LIABILITIES
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|
|
|
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Mortgage loans payable
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$ |
375,335 |
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Senior notes payable
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|
75,072 |
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Liability for non-controlling interests
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58,382 |
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Liability for estimated costs in excess of estimated receipts during liquidation
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|
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24,408 |
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Notes payable
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|
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25,000 |
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Accounts payable, accrued liabilities and other liabilities
|
|
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12,776 |
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Related party fees payable
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|
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2,597 |
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TOTAL LIABILITIES
|
|
|
573,570 |
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| |
|
|
|
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COMMITMENTS AND CONTINGENCIES
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Net assets in liquidation
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$ |
661,342 |
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Further details regarding the Company’s results of operations, properties, joint ventures and tenants are available in the Company’s Form 10-Q for the quarter ended September 30, 2014 which will be filed with the Securities and Exchange Commission and will be available for download at the Company’s website www.winthropreit.com or at the Securities and Exchange Commission website www.sec.gov.
# # #
Contact Information:
AT THE COMPANY
John Garilli
Chief Financial Officer
(617) 570-4614
WINTHROP REALTY TRUST ANNOUNCES REVISED
ESTIMATED LIQUIDATING DISTRIBUTION FROM $18.16 TO $18.35
FOR IMMEDIATE RELEASE
Boston, Massachusetts – November 7, 2014 – Winthrop Realty Trust (NYSE:FUR) (the “Company” or “Winthrop”), which is liquidating and winding down pursuant to a plan of liquidation, has revised its estimate of the liquidating distribution of its net assets in liquidation at September 30, 2014 to $18.35 per Common Share instead of the $18.16 per Common Share amount announced yesterday. In addition, the Consolidated Statement of Net Assets which accompanied the earlier releases is revised as provided below.
About Winthrop Realty Trust
Winthrop, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT). Winthrop’s shareholders recently adopted a plan of liquidation pursuant to which Winthrop is liquidating and winding down and, in connection therewith, is seeking to sell its assets in an orderly fashion to maximize shareholder value. 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 the Company’s and management's hopes, intentions, beliefs, expectations or projections of the future and are forward-looking statements for which the Company 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 the Company’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, (vii) the timing of asset sale, and (viii) 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 the Company's filings with the Securities and Exchange Commission, copies of which may be obtained from the Company or the Securities and Exchange Commission. The Company refers you to the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled "Risk Factors" in the Company's most recent Annual Report on Form 10-K, as may be updated or supplemented in the Company's Form 10-Q filings, which discuss these and other factors that could adversely affect the Company's results.
CONSOLIDATED STATEMENT OF NET ASSETS
(Liquidation Basis)
(unaudited, in thousands)
| |
|
September 30,
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| |
|
2014
|
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|
ASSETS
|
|
|
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Investments in real estate
|
|
$ |
700,050 |
|
|
Equity investments
|
|
|
393,514 |
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|
Cash and cash equivalents
|
|
|
33,967 |
|
|
Restricted cash held in escrows
|
|
|
14,112 |
|
|
Loans receivable
|
|
|
62,314 |
|
|
Secured financing receivable
|
|
|
28,960 |
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|
Accounts receivable
|
|
|
1,077 |
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|
Loan securities
|
|
|
918 |
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|
TOTAL ASSETS
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$ |
1,234,912 |
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| |
|
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|
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LIABILITIES
|
|
|
|
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Mortgage loans payable
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$ |
375,335 |
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|
Senior notes payable
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|
75,072 |
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Liability for non-controlling interests
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|
49,738 |
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Liability for estimated costs in excess of estimated receipts during liquidation
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|
|
26,100 |
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Notes payable
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|
25,000 |
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Accounts payable, accrued liabilities and other liabilities
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12,776 |
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Related party fees payable
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|
2,597 |
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TOTAL LIABILITIES
|
|
|
566,618 |
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|
COMMITMENTS AND CONTINGENCIES
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|
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Net assets in liquidation
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|
$ |
668,294 |
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Further details regarding the Company’s results of operations, properties, joint ventures and tenants are available in the Company’s Form 10-Q for the quarter ended September 30, 2014 which will be filed with the Securities and Exchange Commission and will be available for download at the Company’s website www.winthropreit.com or at the Securities and Exchange Commission website www.sec.gov.
# # #
Contact Information:
AT THE COMPANY
John Garilli
Chief Financial Officer
(617) 570-4614
Winthrop Realty Trust
Supplemental Operating and Financial Data
For the Period Ended September 30, 2014
Comparison of 2014 Realized Sales Proceeds to December 31, 2013 Net Asset Value
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December 31, 2013 Reported NAV Range
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Sales Costs
Adjustment [1]
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December 31, 2013 Modified NAV Range
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Date Sold/Repaid
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Actual Proceeds
After Sales Costs
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[3 |
] |
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Loans sold/repaid
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Hotel Wales - Whole Loan
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$ |
6,000 |
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to
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$ |
6,000 |
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$ |
- |
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$ |
6,000 |
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to
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$ |
6,000 |
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7-Feb-14
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$ |
6,002 |
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San Marbeya - Whole Loan
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13,810 |
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to
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13,810 |
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- |
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13,810 |
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to
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|
13,810 |
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7-Feb-14
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13,726 |
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500-512 Seventh Ave - B Note
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10,373 |
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to
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|
10,373 |
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- |
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10,373 |
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to
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|
10,373 |
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7-Feb-14
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10,344 |
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Wellington Tower - Mezzanine Loan
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3,102 |
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to
|
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|
3,102 |
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- |
|
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|
3,102 |
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to
|
|
|
3,102 |
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7-Feb-14
|
|
|
3,102 |
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Legacy Orchard - Corporate Loan
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|
|
9,750 |
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to
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|
9,750 |
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- |
|
|
|
9,750 |
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to
|
|
|
9,750 |
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11-Feb-14
|
|
|
9,790 |
|
|
|
Queensridge - Whole Loan
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|
|
4,600 |
|
to
|
|
|
4,600 |
|
|
|
- |
|
|
|
4,600 |
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to
|
|
|
4,600 |
|
31-Mar-14
|
|
|
4,700 |
|
|
|
The Shops at Wailea - B Note
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|
|
7,644 |
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to
|
|
|
7,644 |
|
|
|
- |
|
|
|
7,644 |
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to
|
|
|
7,644 |
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6-Aug-14
|
|
|
7,556 |
|
|
|
Stamford - Mezzanine
|
|
|
9,415 |
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to
|
|
|
9,415 |
|
|
|
- |
|
|
|
9,415 |
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to
|
|
|
9,415 |
|
6-Aug-14
|
|
|
9,450 |
|
|
|
Pinnacle - B Note
|
|
|
5,108 |
|
to
|
|
|
5,108 |
|
|
|
- |
|
|
|
5,108 |
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to
|
|
|
5,108 |
|
22-Oct-14
|
|
|
4,970 |
|
|
| |
|
|
|
|
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|
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Properties Sold
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Newbury Apartments - Meriden, CT
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5,600 |
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to
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|
|
5,600 |
|
|
|
(766 |
) |
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|
4,834 |
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to
|
|
|
4,834 |
|
26-Feb-14
|
|
|
5,734 |
|
|
|
River City - Chicago, IL
|
|
|
5,493 |
|
to
|
|
|
5,493 |
|
|
|
- |
|
|
|
5,493 |
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to
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|
|
5,493 |
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5-Mar-14
|
|
|
5,800 |
|
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High Point - Hillside, IL
|
|
|
- |
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to
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|
|
- |
|
|
|
- |
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- |
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to
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- |
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5-Mar-14
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|
|
- |
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1701 E. Woodfield - Shaumburg, IL
|
|
|
1 |
|
to
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|
|
301 |
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- |
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1 |
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to
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|
301 |
|
5-Mar-14
|
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|
150 |
|
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Enterprise - Westchester, IL
|
|
|
- |
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to
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|
|
45 |
|
|
|
- |
|
|
|
- |
|
to
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|
45 |
|
5-Mar-14
|
|
|
50 |
|
|
|
Crossroads I and II - Englewood, CO
|
|
|
30,175 |
|
to
|
|
|
30,175 |
|
|
|
(466 |
) |
|
|
29,708 |
|
to
|
|
|
29,708 |
|
1-May-14
|
|
|
30,634 |
|
|
|
Amherst - Amherst, NY
|
|
|
24,027 |
|
to
|
|
|
25,743 |
|
|
|
(712 |
) |
|
|
23,315 |
|
to
|
|
|
25,031 |
|
25-Jun-14
|
|
|
23,788 |
|
|
|
Fenway Wateridge - San Diego, CA
|
|
|
350 |
|
to
|
|
|
840 |
|
|
|
- |
|
|
|
350 |
|
to
|
|
|
840 |
|
6-Aug-14
|
|
|
2,383 |
|
|
|
223 West Jackson - Chicago, IL
|
|
|
5,804 |
|
to
|
|
|
6,001 |
|
|
|
- |
|
|
|
5,804 |
|
to
|
|
|
6,001 |
|
8-Sep-14
|
|
|
5,769 |
|
|
|
5400 Westheimer - Houston, TX
|
|
|
7,616 |
|
to
|
|
|
11,402 |
|
|
|
- |
|
|
|
7,616 |
|
to
|
|
|
11,402 |
|
14-Oct-14
|
|
|
10,750 |
|
|
|
Waterford Apartments - Memphis, TN
|
|
|
15,787 |
|
to
|
|
|
16,992 |
|
|
|
(344 |
) |
|
|
15,443 |
|
to
|
|
|
16,648 |
|
16-Oct-14
|
|
|
15,290 |
|
|
|
Kroger - Atlanta, GA
|
|
|
1,992 |
|
to
|
|
|
2,158 |
|
|
|
(112 |
) |
|
|
1,880 |
|
to
|
|
|
2,046 |
|
20-Oct-14
|
|
|
1,464 |
|
|
|
Kroger - Greensboro, NC
|
|
|
2,444 |
|
to
|
|
|
2,750 |
|
|
|
(42 |
) |
|
|
2,402 |
|
to
|
|
|
2,708 |
|
20-Oct-14
|
|
|
1,708 |
|
|
|
San Pedro - San Pedro, CA [2]
|
|
|
20,290 |
|
to
|
|
|
20,290 |
|
|
|
(481 |
) |
|
|
19,809 |
|
to
|
|
|
19,809 |
|
24-Oct-14
|
|
|
23,319 |
[2 |
] |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals Year to Date
|
|
$ |
189,380 |
|
to
|
|
$ |
197,591 |
|
|
$ |
(2,923 |
) |
|
$ |
186,457 |
|
to
|
|
$ |
194,667 |
|
|
|
$ |
196,479 |
|
|
Notes
|
[1]
|
At December 31, 2013, the Net Asset Value reported did not deduct for any costs estimated to be incurred in connection with a sale of the asset. In order to present a comparable analysis, management has adjusted the previously reported Net Asset Value to give effect for the actual sales costs incurred.
|
|
[2]
|
The San Pedro property was encumbered by a cross collateralized loan of $150.0 million. All of the net proceeds were utilized to pay down the $150.0 million mortgage debt. The asset valuepresented as of December 31, 2013 is the net proceeds before the paydown of the debt.
|
|
[3]
|
Includes sales costs only and does not include prorations for accrued real estate taxes, other liabilities or cash. Those amounts were reported in the December 31, 2013 supplement separately under cash and accounts payable.
|
CONSOLIDATED STATEMENT OF NET ASSETS
(Liquidation Basis)
(unaudited, in thousands)
| |
|
September 30,
|
|
| |
|
2014
|
|
|
ASSETS
|
|
|
|
|
Investments in real estate
|
|
$ |
700,050 |
|
|
Equity investments
|
|
|
393,514 |
|
|
Cash and cash equivalents
|
|
|
33,967 |
|
|
Restricted cash held in escrows
|
|
|
14,112 |
|
|
Loans receivable
|
|
|
62,314 |
|
|
Secured financing receivable
|
|
|
28,960 |
|
|
Accounts receivable
|
|
|
1,077 |
|
|
Loan securities
|
|
|
918 |
|
|
TOTAL ASSETS
|
|
$ |
1,234,912 |
|
| |
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Mortgage loans payable
|
|
$ |
375,335 |
|
|
Senior notes payable
|
|
|
75,072 |
|
|
Liability for non-controlling interests
|
|
|
58,382 |
|
|
Liability for estimated costs in excess of estimated receipts during liquidation
|
|
|
24,408 |
|
|
Notes payable
|
|
|
25,000 |
|
|
Accounts payable, accrued liabilities and other liabilities
|
|
|
12,776 |
|
|
Related party fees payable
|
|
|
2,597 |
|
|
TOTAL LIABILITIES
|
|
|
573,570 |
|
| |
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
Net assets in liquidation
|
|
$ |
661,342 |
|
| |
WINTHROP REALTY TRUST
INVESTOR INFORMATION
|
 |
|
TRANSFER AGENT
|
|
INVESTOR RELATIONS
|
|
Computershare
Written Requests:
P.O. Box 43078
Providence, RI 02940
phone: 800.622.6757 (U.S., Canada and Puerto Rico)
phone: 781.575.4735 (outside U.S.)
Overnight Delivery:
250 Royall Street
Canton, MA 02021
Internet Inquiries :
Investor Centre™ website at www.computershare.com/investor
|
|
Carolyn Tiffany, Investor Relations
Winthrop Realty Trust
P.O. Box 9507
7 Bulfinch Place, Suite 500
Boston, MA 02114-9507
phone: 617.570.4614
fax: 617.570.4746
|
|
|
Analyst
|
Firm
|
Contact Information
|
|
Ross L. Smotrich
|
Barclays Capital
|
(212) 526-2306
ross.smotrich@barcap.com
|
|
Jordan Sadler
|
KeyBanc
|
(917) 368-2280
jsadler@keybanccm.com
|
|
Craig Mailman
|
KeyBanc
|
(917) 368-2316
cmailman@keybanccm.com
|
|
Mitch Germain
|
JMP Securities
|
(212) 906-3546
mgermain@jmpsecurities.com
|
|
|
|
(212)-906-3579
jlevine@jmpsecurities.com
|
Winthrop Realty Trust is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Winthrop Realty Trust's performance made by the analyst is theirs alone and does not represent opinions, forecasts or predictions of Winthrop Realty Trust or its management. Winthrop Realty Trust does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.
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