Equity Investments (Tables)

12 Months Ended

Dec. 31, 2013

Trust's Carrying Amounts in its Equity Investments

The Trust’s equity investments consist of the following at December 31, 2013 and December 31, 2012 (in thousands):

Venture Partner	Equity Investment	Nominal % Ownership at December 31, 2013			December 31, 2013		December 31, 2012
Gancar Trust (1)	Vintage Housing Holdings LLC		75.0	%	$	34,153	$	30,534
Elad Canada Ltd	WRT-Elad One South State Equity LP		50.0	%		—		460
Elad Canada Ltd	WRT-One South State Lender LP		50.0	%		23,661		24,644
Mack-Cali	WRT-Stamford LLC		20.0	%		9,064		8,501
Atrium/Northstar	10 Metrotech Loan LLC		33.3	%		11		10,845
Atrium Holding	RE CDO Management LLC		50.0	%		992		1,779
Freed	Mentor Retail LLC		49.9	%		635		551
Inland/Lexington	Concord Debt Holdings LLC		33.3	%		—		—
Inland/Lexington	CDH CDO LLC		24.8	%		—		—
Inland (2)	Concord Debt Holdings LLC		33.3	%		966		3,974
Inland (2)	CDH CDO LLC		24.8	%		4,215		322
Sealy (1)	Northwest Atlanta Partners LP		60.0	%		7,635		8,104
Sealy (1)	Newmarket GP LLC		68.0	%		—		—
Sealy (1)	Airpark Nashville GP		50.0	%		—		—
Marc Realty (1)	Brooks Building LLC		50.0	%		6,551		7,983
Marc Realty (1)	High Point Plaza LLC		50.0	%		—		2,241
Marc Realty (1)	1701 Woodfield LLC		50.0	%		150		1,977
Marc Realty (1)	Enterprise Center LLC		50.0	%		50		2,679
Marc Realty (1)	Atrium Mall		50.0	%		3,845		—
ROIC	WRT-ROIC Lakeside Eagle LLC		50.0	%		—		—
New Valley/Starwood (3)	Socal Office Portfolio Loan LLC		73.0	%		—		8
New Valley/Witkoff	701 7th WRT Investors LLC		70.5	%		55,259		28,735
Fenway	WRT-Fenway Wateridge LLC		50.0	%		1,898		1,522
					$	149,085	$	134,859

(1) The Trust has determined that these equity investments are investments in VIEs. The Trust has determined that it is not the primary beneficiary of these VIEs since the Trust does not have the power to direct the activities that most significantly impact the VIEs economic performance.

(2) Represents the interests acquired from Lexington Realty Trust on May 1, 2012.

(3) The underlying loan investment was satisfied at par in September 2012.

Activity of the Trust's Equity Investments

The following table reflects the activity of the Trust’s equity investments for the year ended December 31, 2013 (in thousands):

Investment	Balance at December 31, 2012		Contributions		Equity Income (loss)			Distributions			Sales Price			Balance at December 31, 2013
Vintage Housing Holdings, LLC (2)	$	30,534	$	—	$	9,174		$	(5,555	)	$	—		$	34,153
WRT-Elad One South State Equity LP (2)		460		2,358		(2,818	)		—			—			—
WRT-One South State Lender LP (2)		24,644		—		4,133			(5,116	)		—			23,661
WRT-Stamford LLC		8,501		—		930			(367	)		—			9,064
10 Metrotech Loan LLC		10,845		—		3,284			(14,118	)		—			11
RE CDO Management LLC		1,779		—		3,709			(4,496	)		—			992
Concord Debt Holdings LLC		—		—		3,072			(3,072	)		—			—
CDH CDO LLC		—		—		1,033			(1,020	)		(13	)		—
Concord Debt Holdings LLC (1)		3,974		—		64			(3,072	)		—			966
CDH CDO LLC (1)		322		—		4,926			(1,020	)		(13	)		4,215
Mentor Retail LLC		551		—		84			—			—			635
701 7th WRT Investors LLC (3)		28,735		25,913		3,424			(2,813	)		—			55,259
WRT-Fenway Wateridge LLC (2)		1,522		193		183			—			—			1,898
Sealy		8,104		—		(469	)		—			—			7,635
Marc Realty		14,880		—		(7,971	)		(158	)		—			6,751
WRT-ROIC Lakeside Eagle LLC		—		25		(25	)		—			—			—
SoCal Office Portfolio Loan LLC		8		—		(2	)		(6	)		—			—
Atrium Mall		—		3,935		(90	)		—			—			3,845
Total	$	134,859	$	32,424	$	22,641		$	(40,813	)	$	(26	)	$	149,085

(1) Represents the interests acquired from Lexington Realty Trust on May 1, 2012.

(2) The Trust has elected to report its share of earnings on a one month lag period.

(3) The Trust has elected to report its share of earnings on a three month lag.

The following table reflects the activity of the Trust’s equity investments for the year ended December 31, 2012 (in thousands):

Investment	Balance at December 31, 2011		Contributions		Equity Income (loss)			Distributions			Sales Price		Balance at December 31, 2012
Vintage Housing Holdings LLC (2)	$	29,887	$	2,067	$	4,603		$	(6,023	)	$	—	$	30,534
WRT-Elad One South State Equity LP (2)		—		2,838		(2,378	)		—			—		460
WRT-One South State Lender LP (2)		10,150		11,213		3,281			—			—		24,644
WRT-Stamford LLC		—		8,036		769			(304	)		—		8,501
10 Metrotech Loan LLC		—		10,915		335			(405	)		—		10,845
RE CDO Management LLC		1,296		550		67			(134	)		—		1,779
Mentor Retail LLC		—		505		46			—			—		551
Concord Debt Holdings LLC		—		—		422			(422	)		—		—
CDH CDO LLC		—		—		1,715			(1,715	)		—		—
701 7th WRT Investors LLC (3)		—		29,025		—			(290	)		—		28,735
WRT-Fenway Wateridge LLC (2)		—		1,522		—			—			—		1,522
CDH CDO LLC (1)		—		2,500		(997	)		(1,181	)		—		322
Sealy		11,348		—		(3,199	)		(45	)		—		8,104
Marc Realty		27,145		11,833		33			(4,116	)		20,015		14,880
WRT-ROIC Lakeside Eagle LLC		7		35		(42	)		—			—		—
WRT-ROIC Riverside LLC		7,883		—		706			(8,589	)				—
SoCal Office Portfolio Loan LLC		72,626		—		9,706			(82,324	)		2,032		8
FII Co-invest LLC		1,800		—		232			—					—
Concord Debt Holdings (1)		—		4,501		(456	)		(71	)		—		3,974
Total	$	162,142	$	85,540	$	14,843		$	(105,619	)	$	22,047	$	134,859

(1) Represents the interests acquired from Lexington Realty Trust on May 1, 2012.

(2) The Trust has elected to report its share of earnings on a one month lag period.

(3) The Trust has elected to report its share of earnings on a three month lag period.

Separate Financial Statements for Unconsolidated Subsidiaries

The Trust has determined that for the periods presented in the Trust’s financial statements, certain of its unconsolidated subsidiaries have met the conditions of a significant subsidiary under Rule 1-02(w) of Regulation S-X for which the Trust is required, pursuant to Rule 3-09 of Regulation S-X, to attach separate financial statements as exhibits to its Annual Report on Form 10-K as follows:

Entity	Year(s) determined significant	Exhibit
Concord Debt Holdings LLC	2011	99.1
CDH CDO LLC	2013	99.2
Sealy Northwest Atlanta Partners LP	2011	99.3
Sealy Newmarket General Partnership	2011	99.4

SoCal [Member]

Summarized Balance Sheets of Real Estate Investments

The balance sheets of SoCal are as follows (in thousands):

	December 31, 2012
ASSETS
Cash and cash equivalents	$	11
Real estate debt investments		—
Receivables and other assets		2
Total Assets	$	13
LIABILITIES AND MEMBERS’ CAPITAL
Other current liabilities	$	—
Members’ Capital		13
Total Liabilities and Members’ Capital	$	13
Carrying value of the Trust’s investments in the equity investments	$	8

Summarized Statements of Operations of Real Estate Equity Investments

The statements of operations for SoCal are as follows (in thousands):

	For the Year Ended December 31, 2012
Interest, dividends and discount accretion	$	25,122
Expenses
Interest		7,794
General and administrative		424
Other expenses		12
Total expenses		8,230
Net income	$	16,892
Trust’s share of net income	$	9,706

Majority-Owned Subsidiary, Unconsolidated [Member]

Summary of Financial Data for Unconsolidated Subsidiaries

The following summarized financial data for unconsolidated subsidiaries includes information for the following entities: Vintage Housing Holdings, LLC, WRT-Elad One South State Equity LP, WRT-Stamford LLC, 10 Metrotech Loan LLC, Mentor Retail LLC, 701 Seventh WRT Investors LLC, WRT-Fenway Wateridge LLC, Brooks Building LLC, High Point Plaza LLC, 1701 Woodfield LLC, Enterprise Center LLC, Atrium Mall LLC and WRT-ROIC Lakeside Eagle LLC.

	For the Year Ended December 31, 2013		For the Year Ended December 31, 2012		For the Year Ended December 31, 2011
Income Statements
Rental Revenue		57,890		70,686		54,600
Interest, dividends and discount accretion		14,538		6,513		3,745
Expenses		43,672		68,286		59,190
Income from continuing operations		28,756		8,913		(845	)
Trust’s share of net income		16,679		6,472		(35	)

	As of December 31, 2013		As of December 31, 2012
Balance Sheets
Investment in real estate		913,894		542,124
Total assets		1,022,352		631,481
Total debt		734,856		401,040
Total liabilities		799,949		463,218
Non controlling interests		34,071		15,997
Trust share of equity		119,304		65,311

Majority-Owned Subsidiary, Unconsolidated [Member] | WRT-One South State Lender LP [Member]

Summary Financial Information of Balance Sheet for Unconsolidated Subsidiaries

The balance sheets of Lender LP are as follows (in thousands):

	December 31
	2013		2012
Assets
Loan Receivable	$	42,173	$	41,519
Other assets, net		5,028		7,784
Total Assets	$	47,201	$	49,303
Liabilities and Equity
Accounts payable and accrued expenses	$	23	$	427
Other liabilities		—		—
Total Liabilities		23		427
Equity		47,178		48,876
Total Liabilities and Equity	$	47,201	$	49,303

Summary Financial Information of Income Statement for Unconsolidated Subsidiaries

The statements of operations for Lender LP are as follows (in thousands):

	Year Ended December 31
	2013		2012		2011 (1)
Revenue
Interest Income	$	8,506	$	7,378	$	—
Management Fee Income		—		—		—
		8,506		7,378		—
Expenses
General and Administrative		86		127		—
Other expenses		—		—		—
		86		127		—
Other Income and Expense
Other Income		—		—		—
Net Income	$	8,420	$	7,251	$	—

Summary Financial Information of Cash Flow for Unconsolidated Subsidiaries

Statement of Cash Flows (in thousands)

	Year Ended December 31
	2013			2012			2011 (1)
Net cash provided by (used in) operating activities	$	879		$	4,967		$	—
Net cash provided by (used in) investment	$	—		$	(21,369	)	$	(20,150	)
Net cash provided by (used in) financing activities	$	(5,952	)	$	21,475		$	20,150
Cash and cash equivalents, end of year	$	—		$	5,073		$	—
Non cash investing and financing activity
Distribution to partners	$	(4,166	)	$	—		$	—

(1) The year ended December 31, 2011 represents the period December 23, 2011 through December 31, 2011, the period of our ownership.

Majority-Owned Subsidiary, Unconsolidated [Member] | RE CDO Management LLC [Member]

Summary Financial Information of Balance Sheet for Unconsolidated Subsidiaries

The balance sheets of RE CDO are as follows (in thousands):

	December 31
	2013		2012
Assets
Loan Receivable	$	1,033	$	1,070
Other assets, net		965		2,523
Total Assets	$	1,998	$	3,593
Liabilities and Equity
Accounts payable and accrued expenses	$	16	$	36
Other liabilities		—		—
Total Liabilities		16		36
Equity		1,982		3,557
Total Liabilities and Equity	$	1,998	$	3,593

Summary Financial Information of Income Statement for Unconsolidated Subsidiaries

The statements of operations for RE CDO are as follows (in thousands) :

	Year Ended December 31
	2013		2012		2011 (1)
Revenue
Management Fee Income	$	226	$	618	$	324
Interest Income		—		—		—
		226		618		324
Expenses
General and Administrative		290		354		164
Other expenses		1,459		129		67
		1,749		483		231
Other Income and Expense
Gain on sale of assets		8,940		—		—
Net Income	$	7,417	$	135	$	93

Summary Financial Information of Cash Flow for Unconsolidated Subsidiaries

Statement of Cash Flows (in thousands)

	Year Ended December 31
	2013			2012			2011 (1)
Net cash provided by (used in) operating activities	$	(7	)	$	292		$	119
Net cash provided by (used in) investment	$	8,940		$	(1,093	)	$	(2,525	)
Net cash provided by (used in) financing activities	$	(8,993	)	$	830		$	2,500
Cash and cash equivalents, end of year	$	63		$	123		$	94

(1) The year ended December 31, 2011 represents the period from June 28, 2011 through December 31, 2011, the period of our ownership.