Attached files
| file | filename |
|---|---|
| 8-K - Winthrop Realty Liquidating Trust | e614705_8k-wrt.htm |
| EX-99.1 - Winthrop Realty Liquidating Trust | e614705_ex99-1.htm |
Winthrop Realty Trust
Supplemental Operating and Financial Data
For the Period Ended December 31, 2015
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Winthrop Realty Trust
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Remaining Assets
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December 31, 2015
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The projected disposition date is management's current estimate based on information available.
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The actual disposition date may be significantly earlier or later than current estimates.
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Assets not sold or paid off by August 5, 2016 will be transferred to the liquidating trust.
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Operating Property Assets Under Contract or To Be Marketed before August 1, 2016
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Square
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Trust
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Feet/
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Operating Properties:
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Location
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Ownership
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Type
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Units
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Wholly Owned
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One East Erie
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Chicago, IL
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100% |
Office
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126,000 | ||||||
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Lake Brandt
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Greensboro, NC
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100% |
Multi-Family
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284 Units
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||||||
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Churchill/Westinghouse
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Churchill, PA
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100% |
Mixed Use
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52,000 | ||||||
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550 Corporetum
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Lisle, IL
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100% |
Office
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169,000 | ||||||
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Joint Venture Properties
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Sullivan Center
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Chicago, IL
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38% |
Retail/Office
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946,000 | ||||||
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High Grove
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Stamford, CT
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84% |
Multi-Family
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93 units
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1050 Corporetum
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Lisle, IL
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60% |
Office
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54,000 | ||||||
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Loan Assets/Preferred Equity-Expected Repayment (1)
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Trust
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Scheduled
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Par/Equity
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Trust's Share of
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Pre August 2016 Expected Repayment
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Ownership
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Maturity
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Value
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Par/Equity
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CDH CDO - Computer Associates - Mezzanine Loan
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50% |
Aug-16
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$ | 2,426,000 | $ | 1,213,000 | |||||||
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Trust
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Scheduled
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Par/Equity
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Trust's Share of
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Post August 2016 Expected Repayment
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Ownership
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Maturity
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Value
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Par/Equity
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Concord Debt Holdings - 99 Founders - Mezzanine Loan
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67% |
Oct-16
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$ | 1,883,000 | $ | 1,255,000 | |||||||
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Concord Debt Holdings - Waterfront Plaza - Mezzanine Loan
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67% |
Oct-16
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$ | 11,000,000 | $ | 7,333,000 | |||||||
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Summit Pointe - Preferred Equity
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80% |
Nov-16
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$ | 5,979,000 | $ | 5,979,000 | |||||||
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Poipu Shopping Village - B Note
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100% |
Jan-17
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$ | 2,756,000 | $ | 2,756,000 | |||||||
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Mentor - Whole Loan
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100% |
Sep-17
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$ | 2,497,000 | $ | 2,497,000 | |||||||
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Operating Properties With Indeterminate Marketing Plan
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Square
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Disposition Date
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Trust
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Feet/
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Assumed for
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Operating Properties:
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Location
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Ownership
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Type
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Units
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Liquidation Accounting (2)
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Wholly Owned
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Orlando
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Orlando, FL
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100% |
Office
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257,000 |
Jan-17
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Plantation
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Plantation, FL
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100% |
Office
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120,000 |
Jan-18
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Jacksonville
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Jacksonville, FL
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100% |
Warehouse
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588,000 |
Jul-18
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Joint Venture Properties
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Mosaic
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Houston, TX
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84% |
Multi-Family
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396 units
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Dec-16
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Atrium
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Chicago, IL
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50% |
Retail
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75,000 |
Aug-17
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701 7th Ave.
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New York, NY
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61% |
Retail/Office
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Under Development
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Sep-17
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Mentor
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Chicago, IL
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50% |
Retail
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7,000 |
Sep-17
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450 West 14th Street
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New York, NY
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var
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Office /Retail
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104,000 |
Dec-18
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RE CDO
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Las Vegas, NV
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50% |
Land
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Nov-17
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(1)
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Does not include loan assets for which there is no expected repayment.
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(2)
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The projected disposition date is management’s current estimate based on information available. Theactualdisposition date may be significantly earlier or later than current estimates.
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2
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Winthrop Realty Trust
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Comparison of 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 [3]
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Loans Sold/Repaid
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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
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13,810 |
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 |
to
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10,373 | - | 10,373 |
to
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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
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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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4,695 | ||||||||||||||||||||
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Stamford - Mezzanine Loan
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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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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 |
7-Aug-14
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7,556 | ||||||||||||||||||||
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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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Playa Vista - Mezzanine Loan
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12,823 |
to
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14,323 | - | 12,823 |
to
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14,323 |
9-Dec-14
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19,959 | [4 | ] | ||||||||||||||||||
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Edens Norridge - Mezzanine Loan
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16,000 |
to
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16,000 | - | 16,000 |
to
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16,000 |
9-Oct-15
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19,000 | [6 | ] | ||||||||||||||||||
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Operating Properties Sold
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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
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- |
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
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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
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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 | ) | 29,709 |
to
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29,709 |
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
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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
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11,402 |
15-Oct-14
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10,750 | ||||||||||||||||||||
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Waterford Apartments - Memphis, TN
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15,787 |
to
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16,992 | (344 | ) | 15,443 |
to
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16,648 |
16-Oct-14
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15,516 | |||||||||||||||||||
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Kroger - Atlanta, GA
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1,992 |
to
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2,158 | (112 | ) | 1,880 |
to
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2,046 |
20-Oct-14
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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
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2,708 |
20-Oct-14
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1,708 | |||||||||||||||||||
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San Pedro - San Pedro, CA [2]
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20,290 |
to
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20,290 | (481 | ) | 19,809 |
to
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19,809 |
24-Oct-14
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23,319 | [2 | ] | |||||||||||||||||
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Kroger - Louisville, KY
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1,945 |
to
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2,140 | (180 | ) | 1,765 |
to
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1,960 |
25-Nov-14
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2,320 | |||||||||||||||||||
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1515 Market Street - Philadelphia, PA
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27,807 |
to
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32,980 | (3,433 | ) | 24,374 |
to
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29,547 |
2-Dec-14
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40,304 | |||||||||||||||||||
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Sealy Joint Venture - Northwest Atlanta
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2,546 |
to
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3,215 | - | 2,546 |
to
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3,215 |
23-Dec-14
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5,641 | ||||||||||||||||||||
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South Burlington, VT
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1,991 |
to
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2,305 | (147 | ) | 1,844 |
to
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2,158 |
23-Dec-14
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2,552 | |||||||||||||||||||
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Monroe - Phoenix, AZ [2]
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40,579 |
to
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40,579 | (578 | ) | 40,001 |
to
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40,001 |
14-Apr-15
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50,072 | [2 | ] | |||||||||||||||||
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Vintage - Various
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67,625 |
to
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77,145 | (1,035 | ) | 66,590 |
to
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76,110 |
1-Jun-15
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80,138 | [5 | ] | |||||||||||||||||
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Cerritos - Cerritos, CA
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4,271 |
to
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5,397 | (436 | ) | 3,835 |
to
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4,961 |
16-Sep-15
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6,174 | |||||||||||||||||||
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Totals to Date
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$ | 364,968 | $ | 391,676 | $ | (8,732 | ) | $ | 356,236 | $ | 382,944 | $ | 422,860 | ||||||||||||||||
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.
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[2]
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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 actual proceeds after sales are 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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[4]
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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.
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[5]
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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.
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[6]
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The investment was not held at December 31, 2013. The December 2013 NAV above represents the amount invested which amount was included in cash on the December 31, 2013 NAV. On March 5, 2014 the Trust originated a $15,500,000 mezzanine loan and acquired interests in the collateral for $500,000. Actual proceeds include repayment of the loan and the participation interest, and the sale of its interests in the collateral.
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3
CONSOLIDATED STATEMENTS OF NET ASSETS
(Liquidation Basis)
(unaudited, in thousands)
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December 31,
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December 31,
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|||||||
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2015
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2014
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ASSETS
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Investments in real estate
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$ | 353,862 | $ | 557,325 | ||||
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Equity investments
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327,738 | 389,921 | ||||||
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Cash and cash equivalents
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21,128 | 127,583 | ||||||
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Restricted cash held in escrows
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6,603 | 5,831 | ||||||
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Loans receivable
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5,280 | 24,005 | ||||||
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Secured financing receivable
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28,928 | 29,210 | ||||||
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Accounts receivable
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2,090 | 1,468 | ||||||
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Loan securities
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- | 918 | ||||||
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TOTAL ASSETS
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745,629 | 1,136,261 | ||||||
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LIABILITIES
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||||||||
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Mortgage loans payable
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172,095 | 296,954 | ||||||
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Senior notes payable
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- | 71,265 | ||||||
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Liability for non-controlling interests
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17,796 | 46,564 | ||||||
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Liability for estimated costs in excess of estimated receipts during liquidation
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29,297 | 31,253 | ||||||
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Dividends payable
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1,822 | 82,353 | ||||||
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Accounts payable, accrued liabilities and other liabilities
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6,382 | 10,794 | ||||||
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Related party fees payable
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1,841 | 2,374 | ||||||
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TOTAL LIABILITIES
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229,233 | 541,557 | ||||||
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COMMITMENTS AND CONTINGENCIES (Note 18)
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||||||||
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Net assets in liquidation
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$ | 516,396 | $ | 594,704 | ||||
4
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WINTHROP REALTY TRUST
INVESTOR INFORMATION
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| TRANSFER AGENT |
INVESTOR RELATIONS
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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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