Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2013

The Allocation of the Aggregate Purchase Price

The fair value of the assets and liabilities of the consolidated property was calculated by an independent third party valuation firm and reviewed by management. The following table summarizes the allocation of the aggregate purchase price of 1515 Market Street as of February 1, 2013 (in thousands):


	1515 Market Street
Land	$	18,627
Building		23,159
Other improvements		73
Tenant improvements		1,407
Lease intangibles		14,943
Above market lease intangibles		2,867
Net working capital acquired		1,132
Below market lease intangibles		(620	)
Other liabilities		(1,299	)
Long term liabilities assumed		(60,279	) (1)

Net assets acquired	$	10

(1)	Long term liabilities assumed as part of this transaction remain legally outstanding but are eliminated in consolidation with the Trust’s loan asset purchased on December 12, 2012.

Intangible Assets Acquired and Intangible Liabilities Assumed

Intangible assets acquired and intangible liabilities assumed for 1515 Market Street at February 1, 2013 consisted of the following (in thousands):


	Carrying Value			Weighted Average Amortization Period (years)
Intangible assets:
In place lease intangibles	$	6,542			6.2
Above market lease intangibles		2,867			5.8
Tenant relationship value		7,388			13.3
Lease commissions, legal and marketing fees		1,013			5.4


Total	$	17,810			9.0

Intangible liabilities:
Below market lease intangibles	$	(620	)		4.2

The Accompanying Unaudited Pro Forma Information


Pro forma	For the Three Months Ended				For the Nine Months Ended
(In thousands, except for per share data)	September 30,				September 30,
	2013		2012		2013		2012

Total revenue	$	18,842	$	18,151	$	59,502	$	57,913
Consolidated net income	$	10,133	$	16,010	$	30,797	$	26,591
Net income attributable to Winthrop Realty Trust	$	11,128	$	15,660	$	33,489	$	28,207
Per common share data - basic		0.25		0.39		0.76		0.66
Per common share data - diluted		0.25		0.39		0.76		0.66