Attached files
| file | filename |
|---|---|
| 8-K - Winthrop Realty Liquidating Trust | e612829_8k-wrt.htm |
| EX-99.1 - Winthrop Realty Liquidating Trust | e612829_ex99-1.htm |
| EX-99.2 - Winthrop Realty Liquidating Trust | e612829_ex99-2.htm |
Winthrop Realty Trust
Supplemental Operating and Financial Data
For the Period Ended September 30, 2014
Winthrop Realty Trust
Comparison of 2014 Realized Sales Proceeds to December 31, 2013 Net Asset Value
|
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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||||||||||||||||||||||||||||
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Hotel Wales - Whole Loan
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$ | 6,000 |
to
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$ | 6,000 | $ | - | $ | 6,000 |
to
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$ | 6,000 |
7-Feb-14
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$ | 6,002 | |||||||||||||
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San Marbeya - Whole Loan
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13,810 |
to
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13,810 | - | 13,810 |
to
|
13,810 |
7-Feb-14
|
13,726 | |||||||||||||||||||
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500-512 Seventh Ave - B Note
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10,373 |
to
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10,373 | - | 10,373 |
to
|
10,373 |
7-Feb-14
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10,344 | |||||||||||||||||||
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Wellington Tower - Mezzanine Loan
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3,102 |
to
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3,102 | - | 3,102 |
to
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3,102 |
7-Feb-14
|
3,102 | |||||||||||||||||||
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Legacy Orchard - Corporate Loan
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9,750 |
to
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9,750 | - | 9,750 |
to
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9,750 |
11-Feb-14
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9,790 | |||||||||||||||||||
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Queensridge - Whole Loan
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4,600 |
to
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4,600 | - | 4,600 |
to
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4,600 |
31-Mar-14
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4,700 | |||||||||||||||||||
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The Shops at Wailea - B Note
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7,644 |
to
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7,644 | - | 7,644 |
to
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7,644 |
6-Aug-14
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7,556 | |||||||||||||||||||
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Stamford - Mezzanine
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9,415 |
to
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9,415 | - | 9,415 |
to
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9,415 |
6-Aug-14
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9,450 | |||||||||||||||||||
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Pinnacle - B Note
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5,108 |
to
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5,108 | - | 5,108 |
to
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5,108 |
22-Oct-14
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4,970 | |||||||||||||||||||
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Properties Sold
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||||||||||||||||||||||||||||
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Newbury Apartments - Meriden, CT
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5,600 |
to
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5,600 | (766 | ) | 4,834 |
to
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4,834 |
26-Feb-14
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5,734 | ||||||||||||||||||
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River City - Chicago, IL
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5,493 |
to
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5,493 | - | 5,493 |
to
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5,493 |
5-Mar-14
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5,800 | |||||||||||||||||||
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High Point - Hillside, IL
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- |
to
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- | - | - |
to
|
- |
5-Mar-14
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- | |||||||||||||||||||
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1701 E. Woodfield - Shaumburg, IL
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1 |
to
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301 | - | 1 |
to
|
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
|
45 |
5-Mar-14
|
50 | |||||||||||||||||||
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Crossroads I and II - Englewood, CO
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30,175 |
to
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30,175 | (466 | ) | 29,708 |
to
|
29,708 |
1-May-14
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30,634 | ||||||||||||||||||
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Amherst - Amherst, NY
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24,027 |
to
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25,743 | (712 | ) | 23,315 |
to
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25,031 |
25-Jun-14
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23,788 | ||||||||||||||||||
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Fenway Wateridge - San Diego, CA
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350 |
to
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840 | - | 350 |
to
|
840 |
6-Aug-14
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2,383 | |||||||||||||||||||
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223 West Jackson - Chicago, IL
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5,804 |
to
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6,001 | - | 5,804 |
to
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6,001 |
8-Sep-14
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5,769 | |||||||||||||||||||
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5400 Westheimer - Houston, TX
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7,616 |
to
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11,402 | - | 7,616 |
to
|
11,402 |
14-Oct-14
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10,750 | |||||||||||||||||||
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Waterford Apartments - Memphis, TN
|
15,787 |
to
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16,992 | (344 | ) | 15,443 |
to
|
16,648 |
16-Oct-14
|
15,290 | ||||||||||||||||||
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Kroger - Atlanta, GA
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1,992 |
to
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2,158 | (112 | ) | 1,880 |
to
|
2,046 |
20-Oct-14
|
1,464 | ||||||||||||||||||
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Kroger - Greensboro, NC
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2,444 |
to
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2,750 | (42 | ) | 2,402 |
to
|
2,708 |
20-Oct-14
|
1,708 | ||||||||||||||||||
|
San Pedro - San Pedro, CA [2]
|
20,290 |
to
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20,290 | (481 | ) | 19,809 |
to
|
19,809 |
24-Oct-14
|
23,319 | [2 | ] | ||||||||||||||||
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Totals Year to Date
|
$ | 189,380 |
to
|
$ | 197,591 | $ | (2,923 | ) | $ | 186,457 |
to
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$ | 194,667 | $ | 196,479 | |||||||||||||
Notes
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[1]
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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]
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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 $150.0 million mortgage debt. The asset valuepresented as of December 31, 2013 is the net proceeds before the paydown of the debt.
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[3]
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Includes sales costs only and does not include prorations for accrued real estate taxes, other liabilities or cash. Those amounts were reported in the December 31, 2013 supplement separately under cash and accounts payable.
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CONSOLIDATED STATEMENT OF NET ASSETS
(Liquidation Basis)
(unaudited, in thousands)
|
September 30,
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||||
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2014
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||||
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ASSETS
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||||
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Investments in real estate
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$ | 700,050 | ||
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Equity investments
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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
|
14,112 | |||
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Loans receivable
|
62,314 | |||
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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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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
|
24,408 | |||
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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
|
573,570 | |||
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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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WINTHROP REALTY TRUST
INVESTOR INFORMATION
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 |
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TRANSFER AGENT
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INVESTOR RELATIONS
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||
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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
|
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ANALYST COVERAGE
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||||||
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Analyst
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Firm
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Contact Information
|
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Ross L. Smotrich
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Barclays Capital
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(212) 526-2306
ross.smotrich@barcap.com
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|
Jordan Sadler
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KeyBanc
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(917) 368-2280
jsadler@keybanccm.com
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Craig Mailman
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KeyBanc
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(917) 368-2316
cmailman@keybanccm.com
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Mitch Germain
|
JMP Securities
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(212) 906-3546
mgermain@jmpsecurities.com
|
|
Joshua Levin
|
JMP Securities
|
(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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