Attached files
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EX-99.1 - Winthrop Realty Liquidating Trust | e615237_ex99-1.htm |
EX-10.1 - Winthrop Realty Liquidating Trust | e615237_ex10-1.htm |
8-K - Winthrop Realty Liquidating Trust | e615237_8k-wrt.htm |
Winthrop Realty Trust
Supplemental Operating and Financial Data
For the Period Ended June 30, 2016
Winthrop Realty Trust |
Remaining Assets |
June 30, 2016 |
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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The Trust's estimates of cash flow are based on assumptions management believes are reasonable under the circumstances. The actual realized cash flows may differ materially.
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Assets not sold or paid off by August 5, 2016 will be transferred to the liquidating trust. |
Operating Property Assets Under Contract |
Trust's Share of
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||||||||||||||
Trust
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Square Feet/
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Estimated Cash Flow
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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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Through Disposition (1)
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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 | $ | 48,220,000 | ||||||||
Joint Venture Properties
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||||||||||||||
Mentor
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Chicago, IL
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50% |
Retail
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7,000 | $ | 3,973,000 |
Loan Assets/Preferred Equity-Expected Repayment (2) |
Trust's Share of
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|||||||||||||
Trust
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Scheduled
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Par/Equity
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Estimated Cash Flow
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Loan Assets/Preferred Equity
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Ownership
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Maturity/Payoff
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Value
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Through Disposition (1)
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Pre August 5, 2016 Expected Repayment
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Mentor - Whole Loan
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100% |
Jul-16
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$ | 2,497,000 | $ | 2,560,000 | |||||||
Churchill - Whole Loan
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100% |
Aug-16
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$ | 333,000 | $ | 2,000 | |||||||
CDH CDO - Computer Associates - Mezzanine Loan
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50% |
Aug-16
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$ | 802,000 | $ | 398,000 | |||||||
Post August 5, 2016 Expected Repayment
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|||||||||||||
Concord Debt Holdings - 99 Founders - Mezzanine Loan
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67% |
Oct-16
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$ | 1,881,000 | $ | 365,000 | |||||||
Concord Debt Holdings - Waterfront Plaza - Mezzanine Loan
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67% |
Oct-16
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$ | 11,000,000 | $ | 7,529,000 | |||||||
Summit Pointe - Preferred Equity
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80% |
Nov-16
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$ | 5,780,000 | $ | 5,780,000 | |||||||
Poipu Shopping Village - B Note
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100% |
Jan-17
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$ | 2,738,000 | $ | 2,845,000 | |||||||
CDH CDO - JP Morgan - B Note
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50% |
Aug-18
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$ | 30,750,000 | $ | 2,143,000 | |||||||
Jacksonville - Whole Loan | 100% | Dec-18 | $ | 8,400,000 | $ | 9,680,000 |
Operating Properties With Indeterminate Marketing Plan |
Trust's Share of
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Disposition Date
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|||||||||||||||||
Trust
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Square Feet/
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Estimated Cash Flow
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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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Through Disposition (1)
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Liquidation Accounting (3)
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Wholly Owned
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||||||||||||||||||
550 Corporetum
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Lisle, IL
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100% |
Office
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169,000 | $ | 4,219,000 |
Dec-16
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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 | $ | 7,782,000 |
Dec-16
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|||||||||||
Orlando
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Orlando, FL
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100% |
Office
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257,000 | $ | 932,000 |
Jul-17
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|||||||||||
Plantation
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Plantation, FL
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100% |
Office
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120,000 | $ | 11,741,000 |
Jan-18
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|||||||||||
Joint Venture Properties
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1050 Corporetum
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Lisle, IL
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60% |
Office
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54,000 | $ | 35,000 |
Mar-17
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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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$ | 42,938,000 |
Jun-17
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Atrium
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Chicago, IL
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50% |
Retail
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75,000 | $ | 8,631,000 |
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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$ | 209,380,000 |
Sep-17
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|||||||||||
RE CDO
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Las Vegas, NV
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50% |
Land
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$ | 2,102,000 |
Nov-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 | $ | 32,207,000 |
Dec-18
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(1)
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The Trust’s estimates of cash flow are based on assumptions management believes are reasonable under the circumstances. The actual realized cash flows may differ materially.
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(2)
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Does not include loan assets for which there is no expected cash flow.
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(3)
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The projected disposition date is management’s current estimate based on information available. The actual disposition date may be significantly earlier or later than current estimates.
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2
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 | ||||||||||||||
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 | ||||||||||||||||||||
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 | ||||||||||||||||||||
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 | ||||||||||||||||||||
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 | ||||||||||||||||||||
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 | ||||||||||||||||||||
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 | ||||||||||||||||||||
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 | ||||||||||||||||||||
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 | ||||||||||||||||||||
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 | ] | ||||||||||||||||||
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 | ] | ||||||||||||||||||
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 | |||||||||||||||||||
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 | ||||||||||||||||||||
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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- | ||||||||||||||||||||
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 | ||||||||||||||||||||
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 | ||||||||||||||||||||
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 | |||||||||||||||||||
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 | |||||||||||||||||||
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 | ||||||||||||||||||||
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 | ||||||||||||||||||||
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 | ||||||||||||||||||||
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 | |||||||||||||||||||
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 | |||||||||||||||||||
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 | |||||||||||||||||||
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 | ] | |||||||||||||||||
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 | |||||||||||||||||||
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 | |||||||||||||||||||
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 | ||||||||||||||||||||
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 | |||||||||||||||||||
Monroe - Phoenix, AZ [2]
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40,579 |
to
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40,579 | (578 | ) | 40,001 |
to
|
40,001 |
14-Apr-15
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50,072 | [2 | ] | |||||||||||||||||
Vintage - Various
|
67,625 |
to
|
77,145 | (1,035 | ) | 66,590 |
to
|
76,110 |
1-Jun-15
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80,138 | [5 | ] | |||||||||||||||||
Cerritos - Cerritos, CA
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4,271 |
to
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5,397 | (436 | ) | 3,835 |
to
|
4,961 |
16-Sep-15
|
6,774 | |||||||||||||||||||
Sullivan Center - Chicago, IL
|
72,820 |
to
|
82,633 | (128 | ) | 72,692 |
to
|
82,505 |
27-Apr-16
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88,325 | [7 | ] | |||||||||||||||||
Lake Brandt - Greensboro, NC
|
6,292 |
to
|
7,088 | (103 | ) | 6,189 |
to
|
6,985 |
12-May-16
|
6,296 | |||||||||||||||||||
Highgrove - Stamford, CT
|
81,159 |
to
|
81,159 | (1,904 | ) | 79,255 |
to
|
79,255 |
19-May-16
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85,596 | [2 | ] | |||||||||||||||||
Jacksonville - Jacksonville, FL
|
10,247 |
to
|
10,558 | (140 | ) | 10,107 |
to
|
10,418 |
30-Jun-16
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10,360 | [8 | ] | |||||||||||||||||
Totals to Date
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$ | 535,486 | $ | 562,556 | $ | (11,007 | ) | $ | 524,479 | $ | 562,107 | $ | 614,037 |
Notes
[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, Monroe and Highgrove 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 millionmortgage debt. The actual proceeds after sales costs 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 supplementseparately 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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[7]
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The Trust contributed an additional $6,792,000 to the venture from October 2015 through January 2016. The Trust received $6,945,000 related to this investment, which has beendeducted from the actual proceeds.
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[8]
|
The actual proceeds exclude seller financing of $8,400,000 provided by the Trust.
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3
CONSOLIDATED STATEMENTS OF NET ASSETS
(Liquidation Basis)
(unaudited, in thousands)
June 30,
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December 31,
|
|||||||
2016
|
2015
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|||||||
ASSETS
|
||||||||
Investments in real estate
|
$ | 222,580 | $ | 353,862 | ||||
Equity investments
|
273,154 | 327,738 | ||||||
Cash and cash equivalents
|
14,221 | 21,128 | ||||||
Restricted cash held in escrows
|
50,783 | 6,603 | ||||||
Loans receivable
|
14,304 | 5,280 | ||||||
Secured financing receivable
|
- | 28,928 | ||||||
Accounts receivable
|
2,127 | 2,090 | ||||||
TOTAL ASSETS
|
577,169 | 745,629 | ||||||
LIABILITIES
|
||||||||
Mortgage loans payable
|
106,014 | 172,095 | ||||||
Liability for non-controlling interests
|
8,435 | 17,796 | ||||||
Liability for estimated costs in excess of estimated receipts during liquidation
|
24,570 | 29,297 | ||||||
Dividends payable
|
45,531 | 1,822 | ||||||
Accounts payable, accrued liabilities and other liabilities
|
4,628 | 6,382 | ||||||
Related party fees payable
|
1,394 | 1,841 | ||||||
TOTAL LIABILITIES
|
190,572 | 229,233 | ||||||
COMMITMENTS AND CONTINGENCIES
|
||||||||
Net assets in liquidation
|
$ | 386,597 | $ | 516,396 |
4
WINTHROP REALTY TRUST
INVESTOR INFORMATION
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TRANSFER AGENT
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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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