Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2013

The following table summarizes the Trust’s assets by reportable segment and capital expenditures incurred for the Trust’s operating properties for the years ended December 31, 2013 and 2012 (in thousands):


	December 31, 2013		December 31, 2012

Assets
Operating properties	$	845,698	$	562,822
Loan assets		147,702		239,534
REIT securities		—		19,694
Corporate
Cash and cash equivalents		112,512		97,682
Restricted cash		186		—
Accounts receivable and prepaids		543		336
Deferred financing costs		2,645		3,095
Discontinued operations		23,038		—

Total Assets	$	1,132,324	$	923,163


Capital Expenditures
Operating Properties	$	3,892	$	12,417

Summary of Revenues from Operating Properties, Loan Assets and REIT Securities and Expenses Incurred by Each Segment

The following table presents a summary of revenues from operating properties, loan assets and REIT securities and expenses incurred by each segment for the years ended December 31, 2013, 2012, and 2011 (in thousands):


	2013			2012			2011
Operating Properties
Rents and reimbursements	$	61,103		$	44,213		$	35,848
Operating expenses		(20,724	)		(13,614	)		(12,437	)
Real estate taxes		(5,876	)		(3,672	)		(3,541	)
Equity in earnings of preferred equity investment in Fenway - Wateridge		613			—			—
Equity in (loss) income of Marc Realty investments		(284	)		33			(775	)
Equity in (loss) income of Sealy Northwest Atlanta		(469	)		(388	)		4,308
Equity in loss of Sealy Airpark Nashville		—			—			(1,034	)
Equity in loss of Sealy Newmarket		—			(2,811	)		(2,936	)
Equity in income of Vintage		9,174			4,603			113
Equity in income of WRT-Elad		1,315			903			—
Equity in income of Mentor		84			46			—
Equity in income of 701 Seventh Avenue		3,424			—			—
Equity in income of Fenway - Wateridge		183			—			—
Equity of loss in Atrium Mall		(90	)		—			—
Equity in income of F-II Co-invest		—			232			—

Operating properties operating income		48,453			29,545			19,546
Depreciation and amortization expense		20,443			(15,119	)		(10,692	)
Interest expense		(14,204	)		(12,348	)		(11,057	)
Impairment loss on investments in real estate		—			(1,738	)		(4,600	)
Impairment loss on Marc Realty equity investments		(7,687	)		—			(15,764	)
Impairment loss on Sealy equity investments		—			—			(5,294	)
(Loss) gain on extinguishment of debt		—			(121	)		6,439
Settlement (expense) income		(411	)		—			5,868
Gain on consolidation of property		—			—			818

Operating properties net income (loss)		46,594			219			(14,736	)

Loan Assets
Interest income		14,334			11,736			11,073
Discount accretion		4,121			8,333			13,401
Equity in earnings of preferred equity investment in Marc Realty		—			—			338
Equity in earnings of Lex-Win Concord		—			—			258
Equity in earnings of Concord Debt Holdings		3,072			422			3,216
Equity in earnings of CDH CDO		1,033			1,715			480
Equity in earnings (loss) of Concord Debt Holdings (1)		64			(456	)		—
Equity in earnings (loss) of CDH CDO (1)		4,926			(997	)		—
Equity in earnings of ROIC Riverside		—			706			936
Equity in (loss) earnings of ROIC Lakeside Eagle		(25	)		(42	)		664
Equity in earnings of 46th Street Gotham		—			—			621
Equity in earnings of Sofitel		—			—			2,177
Equity in earnings of RE CDO Management		3,709			67			46
Equity in (loss) earnings of Socal Office Loan Portfolio		(2	)		9,706			272
Equity in earnings of WRT-Stamford		930			769			—
Equity in earnings of 10 Metrotech		3,284			335			—
Realized gain on sale of loan securities carried at fair value		—			614			—
Unrealized gain on loan securities carried at fair value		215			447			2,738

Loan assets operating income		35,661			33,355			36,220
General and administrative expense		(46	)		(121	)		(75	)
Interest expense		(1,898	)		(1,494	)		(850	)
Provision for loss on loans receivable		(348	)		—			—

Loan assets net income		33,369			31,740			35,295

REIT Securities
Dividends		—			1,054			984
Gain on sale of securities carried at fair value		742			41			123
Unrealized gain on securities carried at fair value		(142	)		6,916			2,788

REIT securities net income		600			8,011			3,895

Net Income from segments before corporate income (expense)		80,563			39,970			24,454
Reconciliations to GAAP Net Income:
Corporate Income (Expense)
Interest and other income		375			699			1,175
General and administrative		(4,317	)		(3,408	)		(3,452	)
Related Party Fees		(9,289	)		(8,953	)		(7,690	)
Transaction costs		(1,885	)		(421	)		(519	)
Interest expense		(7,310	)		(3,153	)		(2,094	)
Loss on redemption of Series B-1 Preferred Shares		—			—			(100	)
Federal, state and local taxes		(430	)		(232	)		(376	)

Income from continuing operations before non-controlling interest		16,821			24,502			11,398
Non-controlling interest		4,290			247			(814	)

Income from continuing operations attributable to Winthrop Realty Trust	$	21,111		$	24,749		$	10,584

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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