Winthrop Realty Liquidating Trust - FORM 8-K - EX-99.2 - August 7, 2015

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EX-99.1 - Winthrop Realty Liquidating Truste613977_ex99-1.htm
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Winthrop Realty Trust
Supplemental Operating and Financial Data
For the Period Ended June 30, 2015
 
 
 
 
 
Winthrop Realty Trust
Comparison of Realized Sales Proceeds to December 31, 2013 Net Asset Value
 
   
December 31, 2013 Reported NAV Range
    
Sales Costs
Adjustment [1]
    
December 31, 2013 Modified NAV Range
  
Date Sold/Repaid
  
Actual Proceeds
After Sales Costs [3]
  
Loans Sold/Repaid
                                              
Hotel Wales  - Whole Loan
   $ 6,000  
 to
   $ 6,000     $ -     $ 6,000  
 to
   $ 6,000  
7-Feb-14
   $ 6,002      
San Marbeya - Whole  Loan
     13,810  
 to
     13,810       -       13,810  
 to
     13,810  
7-Feb-14
     13,726      
500-512 Seventh Ave - B Note
     10,373  
 to
     10,373       -       10,373  
 to
     10,373  
7-Feb-14
     10,344      
Wellington Tower - Mezzanine Loan
     3,102  
 to
     3,102       -       3,102  
 to
     3,102  
7-Feb-14
     3,102      
Legacy Orchard - Corporate Loan
     9,750  
 to
     9,750       -       9,750  
 to
     9,750  
11-Feb-14
     9,790      
Queensridge - Whole Loan
     4,600  
 to
     4,600       -       4,600  
 to
     4,600  
31-Mar-14
     4,695      
Stamford - Mezzanine Loan
     9,415  
 to
     9,415       -       9,415  
 to
     9,415  
6-Aug-14
     9,450      
The Shops at Wailea - B Note
     7,644  
 to
     7,644       -       7,644  
 to
     7,644  
7-Aug-14
     7,556      
Pinnacle - B Note
     5,108  
 to
     5,108       -       5,108  
 to
     5,108  
22-Oct-14
     4,970      
Playa Vista - Mezzanine Loan
     12,823  
 to
     14,323       -       12,823  
 to
     14,323  
9-Dec-14
     19,959   [4 ]
                                                           
Operating Properties Sold
                                                          
Newbury Apartments - Meriden, CT
     5,600  
 to
     5,600       (766 )     4,834  
 to
     4,834  
26-Feb-14
     5,734      
River City - Chicago, IL
     5,493  
 to
     5,493       -       5,493  
 to
     5,493  
5-Mar-14
     5,800      
High Point - Hillside, IL
     -  
 to
     -       -       -  
 to
     -  
5-Mar-14
     -      
1701 E. Woodfield - Shaumburg, IL
     1  
 to
     301       -       1  
 to
     301  
5-Mar-14
     150      
Enterprise - Westchester, IL
     -  
 to
     45       -       -  
 to
     45  
5-Mar-14
     50      
Crossroads I and II - Englewood, CO
     30,175  
 to
     30,175       (466 )     29,709  
 to
     29,709  
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  
15-Oct-14
     10,750      
Waterford Apartments - Memphis, TN
     15,787  
 to
     16,992       (344 )     15,443  
 to
     16,648  
16-Oct-14
     15,516      
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 ]
Kroger - Louisville, KY
     1,945  
 to
     2,140       (180 )     1,765  
 to
     1,960  
25-Nov-14
     2,320      
1515 Market Street - Philadelphia, PA
     27,807  
 to
     32,980       (3,433 )     24,374  
 to
     29,547  
2-Dec-14
     40,304      
Sealy Joint Venture - Northwest Atlanta
     2,546  
 to
     3,215       -       2,546  
 to
     3,215  
23-Dec-14
     5,641      
South Burlington, VT
     1,991  
 to
     2,305       (147 )     1,844  
 to
     2,158  
23-Dec-14
     2,552      
Monroe - Phoenix, AZ [2]
     40,579  
 to
     40,579       (578 )     40,001  
 to
     40,001  
14-Apr-15
     50,072   [2 ]
Vintage - Various
     67,625  
 to
     77,145       (1,035 )     66,590  
 to
     76,110  
1-Jun-15
     80,138   [5 ]
                                                           
Totals to Date
   $ 344,697  
 to
   $ 370,279     $ (8,296 )   $ 336,401  
 to
   $ 361,983       $ 397,686      
 
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 and Monroe properties were 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 value presented 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
 
[4] 
At December 31, 2013 the Trust owned a 50% interest in this loan.  The remaining 50% interest was purchased in 2014, for $14.0 million, which has been deducted from the actual proceeds.
 
[5] 
The Trust contributed an additional $5,645 to the venture on January 2, 2015.  The Trust received $5,740 on the sale of the investment which has been deducted from the actual proceeds.
 
 
 
 
 
CONSOLIDATED STATEMENTS OF NET ASSETS
(Liquidation Basis)
(unaudited, in thousands)
 
   
June 30,
    
December 31,
  
   
2015
    
2014
  
ASSETS
            
Investments in real estate
   $ 516,367     $ 557,325  
Equity investments
     285,569       389,921  
Cash and cash equivalents
     115,549       127,583  
Restricted cash held in escrows
     7,514       5,831  
Loans receivable
     8,395       24,005  
Secured financing receivable
     29,164       29,210  
Accounts receivable
     1,322       1,468  
Loan securities
     -       918  
      TOTAL ASSETS
     963,880       1,136,261  
                 
LIABILITIES
                
Mortgage loans payable
     246,641       296,954  
Senior notes payable
     71,255       71,265  
Liability for non-controlling interests
     46,706       46,564  
Liability for estimated costs in excess of estimated receipts during liquidation
     32,781       31,253  
Dividends payable
     1,549       82,353  
Accounts payable, accrued liabilities and other liabilities
     8,011       10,794  
Related party fees payable
     2,045       2,374  
      TOTAL LIABILITIES
     408,988       541,557  
                 
COMMITMENTS AND CONTINGENCIES
                
Net assets in liquidation
   $ 554,892     $ 594,704  
 
 
 
 
 
 
WINTHROP REALTY TRUST
INVESTOR INFORMATION
 
TRANSFER AGENT
  
INVESTOR RELATIONS
 
 
Computershare
Written Requests:
P.O. Box 43078
Providence, RI 02940
phone: 800.622.6757 (US, Canada and Puerto Rico)
phone: 781.575.4735 (outside US)
 
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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