Enterprising Investor
5年前
Winthrop Realty Liquidating Trust to Make Distribution of $0.25 per Beneficial Unit (11/19/19)
BOSTON, Nov. 19, 2019 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the "Trust") announced today that the Trust's trustees have approved a liquidating distribution of $0.25 per common beneficial unit in the Trust payable in cash on November 27, 2019 to holders of record on November 20, 2019. The distribution is being made from the proceeds received from the sale of its Churchill, Pennsylvania property and a release of cash reserves. The net proceeds received from the Churchill property are approximately $0.01 per beneficial interest less than the Trust’s estimated net assets in liquidation attributable to this asset at December 31, 2018.
Since August 5, 2014, the date on which Winthrop Realty Trust’s shareholders adopted its plan of liquidation, Winthrop Realty Trust and the Trust have disposed of all but one of its assets held on such date and paid, after giving effect to the distribution announced in this press release, total distributions per beneficial interest of $17.05. For a description of the Trust’s remaining asset please go to the Trust’s website, www.winthropreit.com on the Company Profile page.
About Winthrop Realty Liquidating Trust
Winthrop Realty Liquidating Trust was formed to continue the liquidation process of remaining assets held by Winthrop Realty Trust at August 5, 2016. The Trust’s sole purpose is to continue to seek to sell these assets in an orderly fashion to maximize value to its beneficiaries. Subject to certain exceptions related to transfer by will, intestate succession or operation of law, interests in the Trust are not transferable, nor do beneficiaries have authority or power to sell or in any other manner dispose of their interest in the Trust. For more information about the Trust’s remaining asset, please visit our web-site at www.winthropreit.com.
http://www.globenewswire.com/news-release/2019/11/19/1949663/0/en/Winthrop-Realty-Liquidating-Trust-to-Make-Distribution-of-0-25-per-Beneficial-Unit.html
Enterprising Investor
6年前
Winthrop Realty Liquidating Trust to Make Distribution of $0.40 Per Beneficial Unit (10/12/18)
BOSTON, Oct. 12, 2018 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the "Trust") announced today that the Trust's trustees have approved a liquidating distribution of $0.40 per common beneficial unit in the Trust payable in cash on October 22, 2018 to holders of record on October 15, 2018. The distribution is being made from the proceeds received from the sales of its Plantation, Florida property and note receivable with respect to its formerly owned Jacksonville, Florida property. The net proceeds received from the Jacksonville note sale are approximately $0.01 per beneficial interest less than the Trust’s estimated net assets in liquidation attributable to this asset at December 31, 2017. The net proceeds received from the sale of its Plantation, Florida property are approximately $0.19 per beneficial interest less than the Trust’s estimated net assets in liquidation attributable to this asset at December 31, 2017.
Since August 5, 2014, the date on which Winthrop Realty Trust’s shareholders adopted its plan of liquidation, Winthrop Realty Trust and the Trust have disposed of 47 of its 51 assets that it held on such date and paid, after giving effect to the distribution announced in this press release, total distributions per beneficial interest of $16.80. For a description of the Trust’s remaining assets please go to the Trust’s website, www.winthropreit.com on the Company Profile page.
About Winthrop Realty Liquidating Trust
Winthrop Realty Liquidating Trust was formed to continue the liquidation process of remaining assets held by Winthrop Realty Trust at August 5, 2016. The Trust’s sole purpose is to continue to seek to sell these assets in an orderly fashion to maximize value to its beneficiaries. Subject to certain exceptions related to transfer by will, intestate succession or operation of law, interests in the Trust are not transferable, nor do beneficiaries have authority or power to sell or in any other manner dispose of their interest in the Trust. For more information about the Trust’s remaining assets, please visit our web-site at www.winthropreit.com.
https://globenewswire.com/news-release/2018/10/12/1620654/0/en/Winthrop-Realty-Liquidating-Trust-to-Make-Distribution-of-0-40-Per-Beneficial-Unit.html
Enterprising Investor
7年前
Winthrop Realty Liquidating Trust Announces Sale of Its 701 Seventh Avenue/20 Times Square Property (4/30/18)
BOSTON, April 30, 2018 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the "Trust") announced today the sale of 701 Seventh Avenue property (a/k/a 20 Times Square) in the Times Square area of Manhattan, New York for a gross sales price of $1.53 billion. After satisfying the existing debt and closing costs, the Trust, which holds an indirect preferred equity investment in the entity that owned the property (the "20 Times Square JV"), received an initial distribution from the sale proceeds of approximately $200.0 million from the sale.
In addition to the cash portion of the purchase price, the 20 Times Square JV was paid a portion of the purchase price by way of $75.0 million promissory note (the "Purchase Money Note") and has entered into arrangements pursuant to which it expects the Purchase Money Note to be purchased from it by August 30, 2018, subject to two one-month extensions. In addition, 20 Times Square JV deposited approximately $63.7 million of net proceeds in escrow to fund the completion of the property and certain other costs. As funds are paid on account of the Purchase Money Note and are released from escrow (which will be released in phases following substantial completion of the property), the Trust will receive its proportionate share of such funds through future distributions from the 20 Times Square JV.
Further, the Trust's trustees have approved a liquidating distribution of $5.15 per common beneficial unit in the Trust payable in cash on May 8, 2018 to holders of record on May 1, 2018. As the Trust is treated as a partnership for tax purposes, the withholding agent for foreign investors is required to make quarterly withholding payments to the IRS based on the Trust's "effectively connected income." The Trust estimates that for 2018 effectively connected income (a portion of which will be ordinary income and a portion will be capital gains) will be approximately $0.91 per share.
Since August 5, 2014, the date on which Winthrop Realty Trust's shareholders adopted its plan of liquidation, Winthrop Realty Trust and the Trust have disposed of 45 of its 51 assets that it held on such date and paid total distributions per beneficial interest of $15.90. For a description of the Trust's remaining assets please go to the Trust's website, www.winthropreit.com on the Company Profile page.
About Winthrop Realty Liquidating Trust
Winthrop Realty Liquidating Trust was formed to continue the liquidation process of remaining assets held by Winthrop Realty Trust at August 5, 2016. The Trust's sole purpose is to continue to seek to sell these assets in an orderly fashion to maximize value to its beneficiaries. Subject to certain exceptions related to transfer by will, intestate succession or operation of law, interests in the Trust are not transferable, nor do beneficiaries have authority or power to sell or in any other manner dispose of their interest in the Trust. For more information about the Trust's remaining assets, please visit our web-site at www.winthropreit.com.
http://investor.winthropreit.com/news-releases/news-release-details/winthrop-realty-liquidating-trust-announces-results-year-ended-0
Enterprising Investor
7年前
Winthrop Realty Liquidating Trust Announces Results for the Year Ended December 31, 2017 (3/16/19)
BOSTON, March 16, 2018 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the "Company" or "Winthrop") which was formed to complete the liquidation of the assets previously held by Winthrop Realty Trust, announced today it has filed its Annual Report on Form 10-K for the year ended December 31, 2017.
Liquidating Trust
Unitholders are reminded that on August 5, 2016 Winthrop Realty Trust transferred all of its remaining assets into the Company. As previously disclosed, beneficial interests in the Company ("units") are generally not transferable except by will, intestate succession or operation of law.
Financial Results
Liquidation Basis of Accounting
The Company reported that estimated net assets in liquidation at December 31, 2017 are currently estimated to result in future liquidating distributions of approximately $7.26 per unit. To date, the Company has distributed $10.75 per share/unit of liquidation proceeds. This estimate of future liquidating distributions includes projections of income and expenses to be earned or 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 market conditions, the timing of sales, the performance of underlying assets and any changes in the underlying assumptions of projected cash flows.
After giving effect to the $0.60 per unit liquidating distribution paid on August 29, 2017 and the $0.90 per unit liquidating distribution paid on November 21, 2017, the current estimate represents a decrease in liquidating distributions of $0.24 per unit from the Company's estimate at December 31, 2016. The decrease is primarily the result of (i) a decrease in the liquidation value of our 450 West 14th Street equity investment due to unfavorable changes in the real estate market in New York, New York, continued difficulty in leasing the retail space at the property and increased real estate taxes; (ii) a decrease in the liquidation value of our Houston, Texas residential property based on actual sales proceeds; and (iii) a decrease in the liquidation value of our Oklahoma City, Oklahoma property based on actual sales proceeds. These decreases were partially offset by a decrease in estimated corporate expenditures resulting primarily from decreases in estimated fees payable to the Company's advisor due to the reduction in the overall liquidation value.
2017 Distributions
On August 29, 2017 paid a liquidating distribution of $0.60 per unit to holders of record on August 22, 2017.
On November 21, 2017 paid a liquidating distribution of $0.90 per unit to holders of record on November 14, 2017.
Tax Information
Winthrop Realty Liquidating Trust K-1's are now available and can be accessed by clicking on the link on the homepage of the Company's website.
Additional Information
For more information about the Company and its assets, please visit the Company's website at www.winthropreit.com.
http://investor.winthropreit.com/news-releases/news-release-details/winthrop-realty-liquidating-trust-announces-results-year-ended-0
Enterprising Investor
7年前
Winthrop Realty Liquidating Trust to Make Distribution of $0.60 Per Beneficial Unit (8/17/17)
Lisle, Illinois and Oklahoma City, Oklahoma Properties Sold
BOSTON, Aug. 17, 2017 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the "Trust") announced today the Trust's trustees have approved a liquidating distribution of $0.60 per common beneficial unit in the Trust payable in cash on August 29, 2017 to holders of record on August 22, 2017. As the Trust is treated as a partnership for tax purposes, the withholding agent for foreign investors is required to make quarterly withholding payments to the IRS based on the Trust's "effectively connected income." The Trust estimates that for 2017 effectively connected income will be approximately $0.29 per share.
Two Additional Properties Sold
The Trust announced today the sale of its 550-650 Corporetum, Lisle, Illinois property to an independent third party for a gross sale price of approximately $9.3 million. After satisfying all closing costs, tenant improvement allowance and pro rations associated with the sale, the Trust received net proceeds of approximately $7.9 million from the sale. The amount received is consistent with the Trust's estimated net assets in liquidation attributable to this asset at December 31, 2016.
In addition, the Trust announced the sale of its Summit Pointe apartments property located in Oklahoma City, Oklahoma to an independent third party for a gross sale price of approximately $17.5 million. After satisfying the debt encumbering this property and all closing costs and pro rations associated with the sale, the Trust received its preferred return of approximately $5.8 million from the sale. The amount received is consistent with the Trust's estimated net assets in liquidation attributable to this asset at December 31, 2016.
About Winthrop Realty Liquidating Trust
Winthrop Realty Liquidating Trust was formed to continue the liquidation process of remaining assets held by Winthrop Realty Trust at August 5, 2016. The Trust's sole purpose is to continue to seek to sell these assets in an orderly fashion to maximize value to its beneficiaries. Subject to certain exceptions related to transfer by will, intestate succession or operation of law, interests in the Trust are not transferable, nor do beneficiaries have authority or power to sell or in any other manner dispose of their interest in the Trust. For more information about the Trust's remaining assets, please visit our web-site at www.winthropreit.com.
http://investor.winthropreit.com/ReleaseDetail.cfm?ReleaseID=1037560
Enterprising Investor
8年前
Winthrop Realty Liquidating Trust to Make Distribution of $1.00 Per Beneficial Interest (8/11/16)
One East Erie, Chicago, Illinois Property Sold-Waterfront Loan Satisfied
BOSTON, Aug. 11, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the "Trust") announced today the sale of its One East Erie office property located in Chicago, Illinois. After satisfying all closing costs associated with the sale, the Trust received an aggregate of approximately $46.8 million from the sale. The amount received is consistent with Winthrop Realty Trust's most recently reported liquidation value attributable to this asset.
In addition, the $11.0 million mezzanine loan indirectly secured by Waterfront Plaza, Honolulu, Hawaii and held by the Trust's Concord Debt Holdings venture, in which the Trust holds a two-thirds interest, was satisfied in full. The amount received is consistent with Winthrop Realty Trust's most recently reported liquidation value attributable to this asset.
As a result of the sale of One East Erie and the payoff of the Waterfront mezzanine loan, the Trust's trustees have approved a liquidating distribution of $1.00 per common beneficial interest in the Trust payable in cash on or about August 23, 2016. For tax purposes, no gain or loss was recognized on the property sale or the loan payoff and the liquidating distribution is considered a return of capital.
About Winthrop Realty Liquidating Trust
Winthrop Realty Liquidating Trust was formed to continue the liquidation process of remaining assets held by Winthrop Realty Trust at August 5, 2016. The Trust's sole purpose is to continue to seek to sell these assets in an orderly fashion to maximize value to its beneficiaries. Subject to certain exceptions related to transfer by will, intestate succession or operation of law, interests in the Trust are not transferable, nor do beneficiaries have authority or power to sell or in any other manner dispose of their interest in the Trust. For more information about the Trust's remaining assets, please visit our web-site at www.winthropreit.com.
http://www.nasdaq.com/press-release/winthrop-realty-liquidating-trust-to-make-distribution-of-100-per-beneficial-interest-20160811-00865
Enterprising Investor
8年前
Winthrop Realty Trust Announces Sale of Mentor Building in Chicago, Illinois (8/01/16)
BOSTON, Aug. 01, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE:FUR) (“Winthrop”) announced today the sale of the Mentor Building in Chicago, Illinois which was held by a venture in which Winthrop holds a 49.9% interest. In addition, Winthrop held the mortgage loan on the property. After satisfying all closing costs associated with the sale, Winthrop received an aggregate of approximately $6.35 million from the loan repayment and its equity investment. The amount received is consistent with the most recently reported liquidation value attributable to this asset.
Shareholders are reminded that, as previously reported, today, August 1, 2016, is the last day on which Winthrop’s common shares will be traded on the New York Stock Exchange.
About Winthrop Realty Trust
Winthrop, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT). Winthrop’s shareholders have 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.
http://www.globenewswire.com/news-release/2016/08/01/860481/0/en/Winthrop-Realty-Trust-Announces-Sale-of-Mentor-Building-in-Chicago-Illinois.html
Enterprising Investor
8年前
Winthrop Realty Trust Announces Results for Second Quarter 2016 (7/28/16)
BOSTON, July 28, 2016 (GLOBE NEWSWIRE) -- 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 second quarter ended June 30, 2016.
Liquidating Trust
Shareholders are reminded that the last day of trading of the Company’s common shares of beneficial interest on the New York Stock Exchange will be Monday, August 1, 2016 and that on August 5, 2016 the Company will transfer all of its remaining assets into a liquidating trust. As a result, the Company’s shareholders of record on August 5, 2016 will receive beneficial interests in the liquidating trust in proportion to shares held in the Company. As previously disclosed, beneficial interests in the liquidating trust will generally not be transferable except by will, intestate succession or operation of law. For a detailed description of the federal income tax and investment considerations relating to such a transfer and its effect on your interests, the Company refers you once again to the proxy statement filed on Form 14-A on June 26, 2014 with the Securities and Exchange Commission, a copy of which is available on their website, www.sec.gov as well as the Company’s website www.winthropreit.com under the investor relations tab. The Company strongly advises you to contact your investment and tax advisors as to questions which you may have.
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, 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 estimated net assets in liquidation at June 30, 2016 would result in future liquidating distributions of approximately $10.61 per common share which amount is net of the $1.25 per common share liquidating distribution which was accrued at June 30, 2016 and paid on July 1, 2016. This estimate of future 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 market conditions, the timing of sales, the performance of underlying assets and any changes in the underlying assumptions of projected cash flows.
After giving effect to the $2.00 per common share liquidating distribution paid on May 17, 2016 and the $1.25 per common share liquidating distribution paid on July 1, 2016, the current estimate represents a decrease in liquidating distributions of $0.22 per common share from the Company’s estimate at March 31, 2016. The decrease is primarily the result of (i) a decrease in the liquidation value of the Company’s Houston, Texas residential property due to increased capitalization rates in the Houston market, (ii) a decrease in the liquidation value of the Company’s One East Erie, Chicago, Illinois office property as a result of the contract for sale and reduced estimated rental receipts due to the shortened holding period, and (iii) a decrease in the liquidation value of the Company’s Concord Debt Holdings equity investment due to the uncertainty of collectability of one of the underlying loan assets. These decreases were partially offset by (i) an increase in the liquidation value of the Company’s Mentor Retail equity investment as a result of the contract for sale and (ii) a decrease in the estimated fees payable to the Company’s advisor due to the reduction in the overall liquidation value.
2016 Second Quarter Activity and Subsequent Events
Assets Sold
•Sullivan Center, Chicago, Illinois – On April 27, 2016 the Company closed on the sale of its interest in WRT One South State Lender LP which holds the mezzanine loan on the property and its interest in WRT-Elad One South State Equity LP to its Sullivan Center venture partner for an aggregate purchase price of approximately $95.3 million.
•Highgrove - Stamford, Connecticut – On May 19, 2016 the venture in which the Company holds an 83.7% interest sold its apartment building located in Stamford, Connecticut for gross proceeds of $87.5 million. Proceeds of the sale were used to fully satisfy the $77.8 million mortgage loan collateralized by the property and the venture’s remaining property located in Houston, Texas. In connection with the sale, the venture returned $1.5 million of a previously retained deposit.
•Lake Brandt – Greensboro, North Carolina – On May 12, 2016 the Company sold its residential property known as Lake Brandt Apartments for gross proceeds of $20.0 million and received net proceeds of $6.3 million after satisfaction of third party mortgage debt and closing costs.
•Jacksonville, Florida – On June 30, 2016 the Company sold its warehouse property in Jacksonville, Florida for a gross sales price of $10.5 million. The Company provided $8.4 million of seller financing and received net proceeds of $2.0 million after payment of closing costs. The financing bears interest at LIBOR plus 5%, with a floor of 6% and a ceiling of 8%, and matures on July 1, 2019.
Leasing Activity
•701 Seventh Avenue, New York, New York - The Company’s venture which owns 701 Seventh Avenue in Times Square has entered into a lease agreement with Cirque Theatrical, LLC, a venture between Cirque du Soleil and National Football League Properties. The retail lease includes part of the ground floor fronting Seventh Avenue and the entire 2nd, 3rd and 4th floors as well as part of the superstructure sign.
The venture also entered into a lease with The Hershey Company for retail space of approximately 6,940 square feet of space on the ground floor and approximately 3,100 square feet of the superstructure sign.
Financing Activity
•Mosaic – Houston, Texas – On June 9, 2016 the venture in which the Company holds an 83.7% interest obtained a $45.0 million first mortgage loan collateralized by its luxury residential property in Houston, Texas. The loan bears interest at LIBOR plus 2.75% per annum and matures on June 9, 2018.
•450 West 14th Street – New York, New York – On April 13, 2016 the venture in which the Company holds a preferred equity interest refinanced its $50.5 million first mortgage debt collateralized by the underlying property. In connection with the refinancing, the Company funded approximately $3.2 million to the venture to cover closing costs and to fund initial escrows. Of this amount, $2.6 million is considered to be a capital contribution and the remaining $0.6 million was a loan to its venture partner which was repaid in full in July 2016. The new mortgage loan bears interest at LIBOR plus 4.4% per annum and matures on May 1, 2018.
Assets Under Contract for Sale
•One East Erie – Chicago, Illinois – On June 10, 2016 the Company entered into a contract to sell its office property known as One East Erie for gross proceeds of $47.9 million. The buyer’s $1.25 million deposit is non-refundable and, if consummated, the sale is expected to close in the third quarter of 2016.
•Mentor Retail – Chicago, Illinois – On June 10, 2016 the venture in which the Company holds a 49.9% interest entered into a contract to sell its property for gross proceeds of $10.45 million. The buyer’s $0.4 million deposit is non-refundable and, if consummated, the sale is expected to close in the third quarter of 2016.
For a complete list of the Company’s assets, current projected disposition timetable, and June 30, 2016 liquidation value, refer to our quarterly supplemental report at www.winthropreit.com in the Investor Relations section.
Distributions
On May 17, 2016 the Company paid a liquidating distribution of $2.00 per common share to shareholders of record on May 10, 2016. On July 1, 2016 the Company paid a liquidating distribution of $1.25 per common share to shareholders of record on June 24, 2016.
Conference Call Information
The Company will host a conference call to discuss its second quarter 2016 activities today, Thursday, July 28, 2016 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 August 28, 2016 by dialing (877) 481-4010; conference ID 10052.
About Winthrop Realty Trust
Winthrop, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT). On August 5, 2014 Winthrop’s shareholders 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.
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https://globenewswire.com/news-release/2016/07/28/859701/0/en/Winthrop-Realty-Trust-Announces-Results-for-Second-Quarter-2016.html
Enterprising Investor
8年前
Winthrop Realty Trust Announces Sale of Its Jacksonville, Florida Property (7/05/16)
BOSTON, July 05, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE:FUR) (“Winthrop”) announced today that its 550,000 square foot warehouse property located in Jacksonville, Florida was sold for a gross sales price of $10,500,000. In connection with the sale, Winthrop provided the buyer with $8,400,000 of seller financing which bears interest at rate of LIBOR plus 5%, with a minimum interest rate of 6% and maximum interest rate of 8%. The loan requires monthly payments of interest only and matures on July 1, 2019. The sales price is consistent with the most recently reported liquidation value attributable to this property.
About Winthrop Realty Trust
Winthrop, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT). Winthrop’s shareholders have 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.
http://globenewswire.com/news-release/2016/07/05/853629/0/en/Winthrop-Realty-Trust-Announces-Sale-of-Its-Jacksonville-Florida-Property.html
Enterprising Investor
8年前
Winthrop Realty Trust to Issue a $1.25 Per Share Liquidating Distribution on Its Common Shares of Beneficial Interest (6/14/16)
One East Erie Property Under Contract for Sale
BOSTON, June 14, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE:FUR) ("Winthrop" or the "Company") announced today that its Board of Trustees has declared a liquidating distribution of $1.25 per common share payable in cash on July 1, 2016 to common shareholders of record on June 24, 2016. The liquidating distribution will be paid from the net proceeds of the recent financing of Winthrop's Houston, Texas joint venture property. After giving effect to this liquidating distribution, Winthrop will have made $7.75 per common share in liquidating distributions since the adoption of its plan of liquidation.
Winthrop also announced that its wholly-owned One East Erie, Chicago, Illinois property is under contract for sale for a purchase price of $47,900,000, with a non-refundable $750,000 deposit. It is expected that the sale will close, if at all, after August 5, 2016, the date on which Winthrop's assets will be contributed to the liquidating trust.
Company shareholders are reminded that on August 5, 2016 the Company will transfer all of its remaining assets into a liquidating trust. As a result, Company shareholders will receive beneficial interests in the liquidating trust in proportion to shares held in the Company. As previously disclosed, beneficial interests in the liquidating trust will generally not be transferable except by will, intestate succession or operation of law. For a detailed description of the federal income tax and investment considerations relating to such a transfer and its effect on your interests in the Company, reference is made to the proxy statement filed on Form 14-A on June 26, 2014 with the Securities and Exchange Commission, a copy of which is available on the Securities and Exchange Commission website, www.sec.gov as well as the Company's website www.winthropreit.com under the investor relations tab. Shareholders are strongly advised to contact their investment and tax advisors as to questions which they may have.
About Winthrop Realty Trust
Winthrop, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT). In August 2014, Winthrop's shareholders 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 website at www.winthropreit.com.
http://www.nasdaq.com/press-release/winthrop-realty-trust-to-issue-a-125-per-share-liquidating-distribution-on-its-common-shares-of-20160614-00338
Enterprising Investor
8年前
Winthrop Realty Trust Obtains $45 Million Mortgage Loan on Its Houston, Texas Property (6/13/16)
BOSTON, June 13, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE:FUR) ("Winthrop") announced today that the venture in which Winthrop holds an 83.7% interest obtained a $45.0 million mortgage loan secured by its luxury apartment building located in Houston, Texas commonly known as Mosaic Apartments. Net proceeds from the loan to Winthrop are approximately $37.2 million. The loan bears interest at a rate of LIBOR plus 2.75%, requires payments of interest only for the first 12 months, matures on June 9, 2018, subject to two 12-month extensions, and is prepayable without premium or penalty at any time after December 9, 2016.
About Winthrop Realty Trust
Winthrop, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT). Winthrop's shareholders have 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.
http://www.nasdaq.com/press-release/winthrop-realty-trust-obtains-45-million-mortgage-loan-on-its-houston-texas-property-20160613-00280
Enterprising Investor
8年前
Winthrop Realty Trust Announces August 1, 2016 as Last Day on Which Common Shares Will be Traded on NYSE (6/09/16)
BOSTON, June 09, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE:FUR) (the "Company") announced today that in connection with the upcoming August 5, 2016 transfer of all of its remaining assets to a liquidating trust pursuant to the previously approved plan of liquidation the last day of trading of the Company's common shares on the New York Stock Exchange will be August 1, 2016 and that its stock transfer books will be closed as of 4:00 p.m. (Eastern Time) on such date.
Company shareholders are reminded that on August 5, 2016 the Company will transfer all of its remaining assets into a liquidating trust. As a result, Company shareholders will receive beneficial interests in the liquidating trust in proportion to shares held in the Company. As previously disclosed, beneficial interests in the liquidating trust will generally not be transferable except by will, intestate succession or operation of law. For a detailed description of the federal income tax and investment considerations relating to such a transfer and its effect on your interests in the Company, reference is made to the proxy statement filed on Form 14-A on June 26, 2014 with the Securities and Exchange Commission, a copy of which is available on the Securities and Exchange Commission website, www.sec.gov as well as the Company's website www.winthropreit.com under the investor relations tab. Shareholders are strongly advised to contact their investment and tax advisors as to questions which they may have.
About Winthrop Realty Trust
Winthrop, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT). Winthrop's shareholders have 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.
http://www.nasdaq.com/press-release/winthrop-realty-trust-announces-august-1-2016-as-last-day-on-which-common-shares-will-be-traded-on-20160609-00933
Enterprising Investor
9年前
CWCapital presses to dismiss Bill Ackman’s “offensive” Stuy Town lawsuit (5/06/16)
Defendant also files motion to “impose sanctions” on Pershing Square, Winthrop
The legal spat between Bill Ackman’s hedge fund Pershing Square Capital Management and special servicer CWCapital over the $5.3 billion sale of Stuyvesant Town-Peter Cooper Village is going into the next round.
In a letter supporting its motion to dismiss Pershing Square and Winthrop Realty Trust’s $500 million lawsuit, CWCapital’s attorneys called the suit “offensive,” “entirely out of bounds” and “glaring with legal deficiencies.” CWCapital also filed a motion on Thursday to recover its legal costs and “impose sanctions” on the plaintiffs and their attorney, Stephen Meister of Meister, Seelig and Fein.
Meister, in turn, dismissed the accusations. “(CWCapital’s attorney) Greg Cross admits every single allegation of my complaint and I believe not only is his motion entirely frivolous but I believe we will prevail,” he told The Real Deal.
In their suit, Pershing and Winthrop Realty Trust claimed they got bilked out of a fat profit when the special servicer foreclosed on Stuyvesant Town-Peter Cooper Village and then sold it for $5.3 billion. Back in 2010, the plaintiffs bought a portion of Stuy Town’s defaulted mezzanine debt, with the intention of foreclosing on the property. CWCapital, which controlled Stuy Town through its role as special servicer of its debtors, got the courts to block a foreclosure. Pershing and Winthrop eventually sold their share of the mezzanine debt to CWC in October 2010.
In December 2015, CWCapital sold Stuy Town to the Blackstone Group and Ivanhoe Cambridge for $5.3 billion. Pershing and Ackman subsequently sued CWC, claiming that the sale was only possible because CWCapital did exactly what it blocked them from doing in 2010: effectively foreclosing on the property.
In their reply to the complaint, CWCapital’s attorneys argue the suit is baseless because the plaintiffs gave up all potential claims against CWC when they sold their share of the mezzanine debt in 2010. The court “can and should dismiss this case merely by holding PSW [Pershing Square and Winthrop] to the unequivocal and lucrative bargain that it made six years ago,” the letter reads.
The plaintiffs, in turn, argue that by foreclosing on the property’s mezzanine debt CWCapital violated an intercreditor agreement it explicitly pledged to abide by under its deal with Pershing and Winthrop.
The sale of Stuy Town, the biggest trade in New York City since the property last changed hands in 2006, has involved lots of legal drama. As the closing of the deal approached, SL Green Realty threatened to file a lawsuit that would block or delay the sale. The deal, valued at over $5.3 billion, ended up going through as planned, but not before CWCapital reportedly paid SL Green $10 million to walk away.
http://therealdeal.com/2016/05/06/cwcapital-presses-to-dismiss-bill-ackmans-offensive-stuy-town-lawsuit/
Enterprising Investor
9年前
Winthrop Realty Trust Announces Sale of Its Highgrove Apartments in Stamford, Connecticut (5/19/16)
BOSTON, May 19, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE:FUR) (“Winthrop”) announced today that the venture in which Winthrop holds an 83.7% interest sold its luxury apartment building located in Stamford, Connecticut commonly known as Highgrove Apartments for a gross sales price of $87,500,000. In addition, the venture retained $2,500,000 of the deposit previously provided by a prior potential purchaser resulting in gross proceeds to the venture of $90,000,000. After satisfying the debt encumbering the property and closing costs, net proceeds from the sale, inclusive of the retained prior deposit, allocable to Winthrop were approximately $8,645,000, which amount is consistent with the most recently reported liquidation value attributable to this property.
About Winthrop Realty Trust
Winthrop, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT). Winthrop’s shareholders have 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.
http://globenewswire.com/news-release/2016/05/19/841804/0/en/Winthrop-Realty-Trust-Announces-Sale-of-Its-Highgrove-Apartments-in-Stamford-Connecticut.html
Enterprising Investor
9年前
Winthrop Realty Trust Announces Sale of Its Greensboro, North Carolina Property (5/12/16)
BOSTON, May 12, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE:FUR) (“Winthrop”) announced today that its 284 unit multi-family property located in Greensboro, North Carolina commonly known as Lake Brandt Apartments was sold for a gross sales price of $20,000,000. After satisfying the debt encumbering the property and closing costs, net proceeds to Winthrop were approximately $6,300,000, which amount is consistent with the most recently reported liquidation value attributable to this property.
About Winthrop Realty Trust
Winthrop, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT). Winthrop’s shareholders have 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.
http://globenewswire.com/news-release/2016/05/12/839653/0/en/Winthrop-Realty-Trust-Announces-Sale-of-Its-Greensboro-North-Carolina-Property.html
Enterprising Investor
9年前
Winthrop Realty Trust Announces Results for First Quarter 2016 (5/05/16)
BOSTON, May 05, 2016 (GLOBE NEWSWIRE) -- 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 first quarter ended March 31, 2016.
Liquidating Trust
Shareholders are reminded that on August 5, 2016 the Company will transfer all of its remaining assets into a liquidating trust. As a result, the Company's shareholders will receive beneficial interests in the liquidating trust in proportion to shares held in the Company. As previously disclosed, beneficial interests in the liquidating trust will generally not be transferable except by will, intestate succession or operation of law. For a detailed description of the federal income tax and investment considerations relating to such a transfer and its effect on your interests in the Company, we refer you once again to the proxy statement filed on Form 14-A on June 26, 2014 with the Securities and Exchange Commission, a copy of which is available on their website, www.sec.gov as well as the Company's website www.winthropreit.com under the investor relations tab. We strongly advise you to contact your investment and tax advisors as to questions which you may have.
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, 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 estimated net assets in liquidation at March 31, 2016 would result in future liquidating distributions of approximately $14.08 per common share which amount includes the $2.00 per common share liquidating distribution referenced below. This estimate of future 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 market conditions, the timing of sales, the performance of underlying assets and any changes in the underlying assumptions of projected cash flows.
The current estimate represents a decrease in liquidating distributions of $0.10 per common share below the Company's estimate at December 31, 2015. The decrease is primarily the result of decreases in the liquidation values of the Company's Orlando, Florida office property, One East Erie
, Chicago, Illinois office property and 550 Corporetum, Lisle, Illinois office property due to changes in the anticipated holding period of these properties. In addition, the liquidation value and estimated cash receipts of the Company's Jacksonville, Florida property have been reduced based on the contract for sale. These decreases were partially offset by (i) a net increase in the liquidation value of the Company's Churchill, Pennsylvania property due to a lease modification and extension and a change in the anticipated holding period of the property; (ii) a net increase in anticipated receipts from the Company's luxury residential property in Houston, Texas due to a change in the anticipated holding period of the property; (iii) an increase in estimated receipts from the Company's 450 West 14th Street venture due to a refinancing of the property; and (iv) an increase in the estimated cash flow received from the Company's Sullivan Center venture due to an extension of the closing of the sale of this investment.
2016 First Quarter Activity and Subsequent Events
Assets Sold
Sullivan Center, Chicago, Illinois - On April 27, 2016 the Company closed on the sale of its interest in WRT One South State Lender LP which holds the mezzanine loan on the property and its interest in WRT-Elad One South State Equity LP to its Sullivan Center venture partner for an aggregate purchase price of approximately $95.3 million.
Leasing Activity
701 Seventh Avenue, New York, New York - The Company's venture which owns 701 Seventh Avenue in Times Square has entered into a lease agreement with a venture which includes an international entertainment company for the upper three floors of the retail space. The lease agreement is being held in escrow pending receipt of third party consents. Upon receipt of the consents, the lease will be released from escrow.
Churchill, Pennsylvania - On April 28, 2016 the Company entered into a lease modification with the tenant extending the term of the lease through April 30, 2031.
Assets Under Contract for Sale
Highgrove, Stamford, Connecticut - On January 21, 2016 the contract (the "First Purchase Agreement") which was previously entered into to sell the apartment building located in Stamford, Connecticut was terminated due to the prospective purchaser's inability to timely close. In accordance with the terms of the purchase agreement, the venture in which the Company holds an 83.7% interest retained the $5.0 million deposit.
On February 18, 2016 the venture entered into a purchase agreement (the "Second Purchase Agreement") to sell this asset for gross proceeds of $87.5 million. The purchaser has provided an $11.0 million non-refundable deposit. If consummated, the closing is expected to occur in the second quarter of 2016. In connection with entering into the Second Purchase Agreement, the venture entered into a settlement agreement with the purchaser under the First Purchase Agreement providing for the return of $1.0 million of the previously retained deposit and an agreement to return up to an additional $1.5 million of the previously retained deposit upon the closing or termination of the Second Purchase Agreement. As a result, assuming the consummation of the transaction contemplated by the Second Purchase Agreement, the venture will receive gross sales proceeds, inclusive of forfeited deposits, totaling $90.0 million.
Lake Brandt, Greensboro, North Carolina - On January 20, 2016 the Company entered into a contract with an independent third party to sell its residential property known as Lake Brandt Apartments for gross proceeds of $20.0 million. The buyer's $500,000 deposit under the contract is non-refundable. If consummated, the sale is expected to close in the second quarter of 2016. The liquidation value was $20.0 million at March 31, 2016 and December 31, 2015.
Jacksonville, Florida - On April 13, 2016 the Company entered into a contract with an independent third party to sell its warehouse property in Jacksonville, Florida for gross proceeds of $10.5 million. The buyer's $250,000 deposit under the contract is non-refundable. In connection with the sale, the Company will provide seller financing of up to $8.4 million. The loan will require interest only payments and will mature three years from the date of sale. The loan will bear interest at a rate of LIBOR plus 5% with a floor of 6% and a ceiling of 8%. If consummated, the sale is expected to close in the second quarter of 2016. The liquidation value was $10.5 million at March 31, 2016 and $11.4 million at December 31, 2015.
Properties Currently Being Marketed for Sale
One East Erie
, Chicago, Illinois - a 126,000 square foot multi-tenanted office property and parking garage.
550 Corporetum, Lisle, Illinois - a 169,000 square foot multi-tenanted office property.
Mentor Building, Chicago Illinois - a 7,000 square foot retail property.
For a complete list of the Company's assets, current projected disposition timetable, and March 31, 2016 liquidation value, refer to our quarterly supplemental report at www.winthropreit.com in the Investor Relations section.
Distribution
On April 28, 2016 Winthrop's Board of Trustees declared a liquidating distribution of $2.00 per common share of beneficial interest payable in cash on May 17, 2016 to common shareholders of record on May 10, 2016. The liquidating distribution is being paid from sale proceeds.
Conference Call Information
The Company will host a conference call to discuss its first quarter 2016 activities today, Thursday, May 5, 2016 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 June 5, 2016 by dialing (877) 660-6853; conference ID 13635528.
About Winthrop Realty Trust
Winthrop, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT). On August 5, 2014 Winthrop's shareholders 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.
[tables deleted]
http://www.nasdaq.com/press-release/winthrop-realty-trust-announces-results-for-first-quarter-2016-20160505-00550
Enterprising Investor
9年前
Bill Ackman’s hedge fund sues CWCapital for $500M over Stuy Town (1/25/16)
Pershing Square, Winthrop Realty Trust allege “vast fraud” in run-up to $5.3B deal
By Konrad Putzier
Pershing Square Capital Management and Winthrop Realty Trust are suing CWCapital for $500 million, claiming they got bilked out of a fat profit when the special servicer foreclosed on Stuyvesant Town-Peter Cooper Village and then sold it for $5.3 billion. The suit is the latest in a number of legal challenges alleging foul play in the run-up to the blockbuster December deal CWCapital struck with the Blackstone Group and Ivanhoe Cambridge.
Understanding the lawsuit requires a quick dive into the complex debt structure that existed under the apartment complex’s old ownership.
When Tishman Speyer and BlackRock bought Stuy Town in 2006, they financed the $5.4 billion deal with a heavy load of senior and mezzanine debt. In 2010, they defaulted on their obligations and in June of that year, a federal judge green-lighted foreclosure.
If a borrower defaults, the mezzanine lenders typically get first shot at taking over the property. This means that once foreclosure was imminent, the mezzanine loans secured by Stuy Town suddenly became very attractive – or so it seemed.
In August 2010, Bill Ackman’s Pershing Square – a hedge fund known for its real estate opportunism – bought the mezzanine debt in partnership with Winthrop for an undisclosed amount. Their plan appeared to be to foreclose on Stuy Town, auction it off, repay the senior lenders with the sale proceeds, and enjoy the remaining spoils.
But CWCapital, the special servicer representing the senior lenders, ruined those plans. The firm won a court injunction mandating that Pershing and Winthrop would have to pay off the $3.6 billion in outstanding senior debt before it could even begin auctioning off the property. In other words: instead of selling the property and using some of those funds to pay off the senior lenders, Pershing Square and Winthrop would have to pay off the debt first.
In essence, this meant Pershing and Winthrop couldn’t foreclose and were faced with the threat of seeing their mezzanine stake wiped out altogether. Under pressure, the suit filed in New York State Supreme Court Jan. 24 alleges, they decided to sell their mezzanine stake to CWCapital in October 2010.
After taking over the mezzanine debt, the suit claims, CWCapital secretly and illegally foreclosed on the equity collateral securing it (i.e. the senior borrowing entity that owns Stuy Town) and then filed a deed in lieu of foreclosure, taking control of the entire property. It did so, the suit alleges, without paying off the senior debt bondholders (whom it represented as special servicer) first. In other words: the firm did exactly what it had prevented Pershing and Winthrop of doing, or so the suit alleges. The suit claims that by doing so, CWCapital violated the October 2010 agreement under which Pershing sold its mezzanine stake.
“This was always the Defendant’s plan,” the complaint reads. “Even at the time Defendants signed the Agreement, they intended to do exactly what they told Justice Lowe Plaintiff (Pershing and Winthrop) could not do.”
The suit alleges that CWCapital “engineered an elaborate bipartite fraud” to take control of the complex, and that its title to the property was a “nullity.”
In October 2015, CWCapital reached a deal to sell Stuy Town to Blackstone and Ivanhoe Cambridge for $5.3 billion. The deal closed in December. CWCapital has since repaid the senior bondholders and raked in more than $500 million in default interest payments, according to the complaint.
“CWCapital breached its agreement with Pershing and Winthrop when it secretly foreclosed on the equity collateral,” the plaintiffs’ attorney Stephen Meister of Meister, Seelig & Fein LLP told The Real Deal. Pershing Square and Winthrop seek $500 million in damages “plus punitive damages or rescission of the (October 2010) agreement,” according to the suit.
Bank of America and U.S. Bank are also named as defendants because they served as trustees for the senior mortgage trusts serviced by CWCapital.
CWCapital could not immediately be reached for comment.
http://therealdeal.com/2016/01/25/bill-ackmans-hedge-fund-sues-cwcapital-for-500m-over-stuy-town/
Enterprising Investor
9年前
Winthrop Realty Trust Announces Results for Fourth Quarter 2015 (2/29/16)
BOSTON, Feb. 29, 2016 (GLOBE NEWSWIRE) -- 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 fourth quarter ended December 31, 2015.
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, 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 estimated net assets in liquidation at December 31, 2015 would result in future liquidating distributions of approximately $14.18 per common share. This estimate of future 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 market conditions, the timing of sales, the performance of underlying assets and any changes in the underlying assumptions of projected cash flows.
After giving effect to the $1.00 per common share liquidating distribution which was paid on December 3, 2015 this current estimate represents an increase in liquidating distributions of $0.01 per common share above the Company's estimate at September 30, 2015. The increase is primarily the result of an increase in the liquidation value of the Company's 701 Seventh Avenue, Times Square equity investment to $202.1 million due to an increase in projected retail rents and an increase in the liquidation value of the Company's Lake Brandt, Greensboro, North Carolina residential property. These increases were partially offset by: (i) a decrease in estimated cash flow received from the Company's Sullivan Center investment due to a substantially shorter than expected hold period; (ii) a reduction in estimated receipts from the Company's CDH CDO venture due to a decrease in the underlying collateral value of one of its loan assets; (iii) a decrease in the liquidation value of the Company's luxury residential property in Houston, Texas due to a downturn in the Houston real estate market related to the energy industry; and (iv) a decrease in the liquidation value of the Company's 450 West 14th Street, New York property due to a change in exit strategy resulting in lower expected proceeds on disposition.
2015 Fourth Quarter Activity and Subsequent Events
Assets Sold
• Edens Center and Norridge Commons — On October 9, 2015 the Company received $3.1 million in full satisfaction of its loan receivable, accrued and unpaid interest, and its participation interest. In addition, in connection with the loan satisfaction, the Company sold its general partner interests in Edens Center and Norridge Commons for an aggregate price of $493,000 pursuant to the terms of an existing option agreement bringing total consideration received on disposition to $3.6 million. The aggregate liquidation value of these interests was $3.6 million at September 30, 2015 and $3.5 million at June 30, 2015.
Assets Under Contract for Sale
• Highgrove, Stamford, Connecticut — On January 21, 2016 the contract (the "First Purchase Agreement") which was previously entered into to sell the apartment building located in Stamford, Connecticut was terminated due to the prospective purchaser's inability to timely close. In accordance with the terms of the purchase agreement, the venture in which the Company holds an 83.7% interest retained the $5.0 million deposit.
On February 18, 2016 the venture entered into a purchase agreement (the "Second Purchase Agreement") to sell this asset for gross proceeds of $87.5 million. The purchaser has provided a $10.0 million non-refundable deposit. The closing is expected to occur, if at all, in the second quarter of 2016. In connection with entering into the Second Purchase Agreement, the venture entered into a settlement agreement with the purchaser under the First Purchase Agreement providing for the return of $1.0 million of the previously retained deposit and an agreement to return up to an additional $1.5 million of the previously retained deposit upon the closing or termination of the Second Purchase Agreement. As a result, assuming the consummation of the transaction contemplated by the Second Purchase Agreement, the venture will receive gross sales proceeds, inclusive of forfeited deposits, totaling $90.0 million.
• Sullivan Center, Chicago, Illinois — On January 8, 2016 the Company entered into a contract with its Sullivan Center venture partner to sell its interest in WRT One South State Lender LP which holds the mezzanine loan on the property and its interest in WRT-Elad One South State Equity LP for an aggregate purchase price of approximately $91.6 million subject to upward adjustment for additional advances on the mezzanine loan by the Company prior to closing plus accrued and unpaid interest. An additional $2.8 million advanced on the mezzanine loan on January 15, 2016 will be added to the purchase price at closing. The buyer's $3.0 million deposit under the purchase contract is non-refundable. The buyer has the right to extend the closing date to May 16, 2016 with two additional $1.0 million non-refundable deposits. If consummated, the sale is expected to close by May 16, 2016.
• Lake Brandt, Greensboro, North Carolina — On January 20, 2016 the Company entered into a contract with an independent third party to sell its residential property known as Lake Brandt Apartments for gross proceeds of $20.0 million. The buyer's $0.5 million deposit under the contract is non-refundable. If consummated, the sale is expected to close in the second quarter of 2016. The liquidation value was $20.0 million at December 31, 2015 and $18.6 million at September 30, 2015.
Properties Currently Being Marketed for Sale
• One East Erie, Chicago, IL — a 126,000 square foot multi-tenanted office property and parking garage.
• 550 Corporetum, Lisle, IL — a 169,000 square foot multi-tenanted office property.
• Churchill, PA — a 52,000 square foot mixed use facility leased to Westinghouse Electric Company LLC.
For a complete list of the Company's assets and current projected disposition timetable, refer to our quarterly supplemental report at www.winthropreit.com in the Investor Relations section.
Distribution
On December 3, 2015 paid a liquidating distribution of $1.00 per common share of beneficial interest to common shareholders of record on November 25, 2015.
Conference Call Information
The Company will host a conference call to discuss its fourth quarter 2015 activities today, Monday, February 29, 2016 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 March 29, 2016 by dialing (877) 660-6853; conference ID 13628533.
About Winthrop Realty Trust
Winthrop, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT). On August 5, 2014 Winthrop's shareholders 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 and (vii) 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.
[tables deleted]
Further details regarding the Company's results of operations, properties, joint ventures and tenants are available in the Company's Form 10-K for the year ended December 31, 2015 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
http://globenewswire.com/news-release/2016/02/29/815158/0/en/Winthrop-Realty-Trust-Announces-Results-for-Fourth-Quarter-2015.html
Soapy Bubbles
14年前
GLOBENEWSWIRE
Winthrop Realty Trust Announces Recent Transactions
Winthrop Realty Trust Announces Recent Transactions
BOSTON, Mar 31, 2011 (GlobeNewswire via COMTEX) -- Winthrop Realty Trust (FUR), a
diversified REIT that focuses on opportunistic equity and debt investments in
real estate, announced today that:
--on March 31, 2011 its Metropolitan Tower B Note and rake bond receivable
was satisfied at par. As a result, Winthrop will receive a principal
repayment of approximately $23.75 million on account of its original
aggregate $11.75 million investment.
--as previously described in a March 3, 2011 release, as a result of the
recent favorable Delaware Supreme Court ruling regarding the
cancellation of notes issued by Concord Real Estate CDO 2006-1 Ltd. (the
"CDO"), an entity in which Winthrop indirectly holds a one-third
interest, the CDO trustee will shortly begin to release funds previously
held in escrow resulting in Winthrop's initial receipt of approximately
$2.0 million on account of its loans made to Concord Debt Funding Trust
("Concord") in the aggregate amount of approximately $4,245,000. This
initial receipt of funds relates to escrowed funds for the period from
February 2010 through June 2010. The CDO's collateral manager and the
trustee are currently in the process of reconciling the distributions
due to Concord for the period from July 2010 through March 2011.
--its 50/50 joint venture with Retail Opportunity Investments Corp.
completed the previously reported acquisition at par of two
non-performing first mortgage loans with a total outstanding balance of
$35.6 million secured by two grocery anchored retail centers located in
Riverside County, California.Upon acquisition, the joint venture
immediately commenced foreclosure on the underlying properties.
--a venture in which Winthrop will hold a 50% interest entered into a
contract to acquire the collateral management agreements with respect to
three real estate CDOs that hold approximately $1.8 billion in loans and
loan securities. The acquisition of the collateral management agreements
is subject to the satisfaction of certain conditions precedent,
including required third party consents.
--it has entered into an agreement with Axxcess Capital Ventures, LLC, an
advisory firm focused on the tenant-in-common industry, pursuant to
which Axxcess will source opportunities for Winthrop to acquire
tenant-in-common sponsors and properties.
Michael L. Ashner, Winthrop's Chairman and Chief Executive Officer, commented,
"As we indicated during our year end conference call, our deal pipeline continues
to grow as evidenced by our three new ventures discussed above. In addition, a
number of our prior investments are proving out their underlying value and the
thesis of our strategy. As 2011 continues to unfold, we expect to be very active
in growing our portfolio and executing our deep value investment strategy."
Winthrop Realty Trust is a NYSE-listed real estate investment trust (REIT)
headquartered in Boston, Massachusetts. Additional information on Winthrop Realty
Trust is available on its Web site at http://www.winthropreit.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995. With the exception of the historical information contained in this news
release, the matters described herein contain "forward-looking" statements that
involve risk and uncertainties that may individually or collectively impact the
matters herein described. These are detailed from time to time in the "Risk
Factors" section of the Company's SEC reports. Further information relating to
the Company's financial position, results of operations, and investor information
is contained in the Company's annual and quarterly reports filed with the SEC and
available for download at its website http://www.winthropreit.com or at the SEC
website http://www.sec.gov.
This news release was distributed by GlobeNewswire, http://www.globenewswire.com
SOURCE: Winthrop Realty Trust
CONTACT: Winthrop Realty Trust
Beverly Bergman
Investor or Media Inquiries
Phone: (617) 570-4614; e-mail: bbergman@firstwinthrop.com
(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.