Subsequent Events

6 Months Ended

Jun. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

19. Subsequent Events

Playa Vista Loan Participation – On July 7, 2014, the Trust acquired the remaining 50% participation interest not owned by the Trust in the mezzanine loan indirectly secured by Water’s Edge at Playa Vista for a purchase price of $14,000,000. As a result of the acquisition, the Trust now holds the entire mezzanine loan.

Plan of Liquidation – On August 5, 2014, holders of Common Shares representing approximately 73% of the outstanding Common Shares voted in favor of the adoption of the Trust’s Plan of Liquidation. As a result, the Plan of Liquidation was approved. Due to the adoption of the Plan of Liquidation, the Trust will change its basis of accounting from the going-concern basis to the liquidation basis of accounting.

Fenway Wateridge Equity Investment Sale – On August 6, 2014, the Trust sold its interest in its WRT-Fenway Wateridge venture to its venture partner for approximately $2,383,000.

Stamford Equity Investment Loan Repayment – On August 6, 2014, the Trust’s venture which holds the mezzanine loan indirectly secured by seven office properties in Stamford, Connecticut received payment in full on the loan. The Trust’s share of net proceeds to be distributed by the venture is approximately $9,400,000.

Shops at Wailea Loan Repayment – On August 6, 2014, the Trust received payment in full on the B-Note secured by The Shops at Wailea. The Trust received net proceeds, inclusive of accrued interest, of approximately $7,556,000.