Equity Investments (Tables)

12 Months Ended

Dec. 31, 2014

Trust's Nominal Ownership Percentages in its Equity Investments

Under liquidation accounting, equity investments are carried at net realizable value. The Trust’s nominal ownership percentages in its equity investments consist of the following at December 31, 2014 and December 31, 2013:


Venture Partner	Equity Investment	Nominal % Ownership at December 31, 2014			Nominal % Ownership at December 31, 2013
Gancar Trust (1)	Vintage Housing Holdings LLC		75.0	%		75.0	%
Elad Canada Ltd	WRT One South State Lender LP		50.0	%		50.0	%
Elad Canada Ltd	WRT-Elad One South State		50.0	%		50.0	%
	Equity LP
Atrium Holding	RE CDO Management LLC		50.0	%		50.0	%
Freed	Mentor Retail LLC		49.9	%		49.9	%
Inland/Lexington	Concord Debt Holdings LLC		33.3	%		33.3	%
Inland/Lexington	CDH CDO LLC		24.8	%		24.8	%
Inland (2)	Concord Debt Holdings LLC		33.3	%		33.3	%
Inland (2)	CDH CDO LLC		24.8	%		24.8	%
Marc Realty (1)	Atrium Mall LLC		50.0	%		50.0	%
New Valley/Witkoff	701 Seventh WRT Investor LLC		81.0	%		70.5	%
RS Summit Pointe (4)	RS Summit Pointe Apartments LLC		80.0	%		N/A
Freed	Edens Plaza Associates LLC		<1	%		N/A
Freed (4)	Irving-Harlem Venture Limited		<1	%		N/A
Sealy (1) (3)	Northwest Atlanta Partners LP		N/A			60.0	%
Mack-Cali (3)	WRT-Stamford LLC		N/A			20.0	%
Atrium/Northstar (3)	10 Metrotech Loan LLC		N/A			33.3	%
Marc Realty (1) (3)	Brooks Building LLC		N/A			50.0	%
Marc Realty (1) (3)	High Point Plaza LLC		N/A			50.0	%
Marc Realty (1) (3)	1701 Woodfield LLC		N/A			50.0	%
Marc Realty (1) (3)	Enterprise Center LLC		N/A			50.0	%
ROIC (3)	WRT-ROIC Lakeside Eagle LLC		N/A			50.0	%
Fenway (3)	WRT-Fenway Wateridge LLC		N/A			50.0	%

(1)

The Trust has determined that these equity investments were investments in VIEs. Under going concern accounting, the Trust determined that it was not the primary beneficiary of these VIEs since the Trust did 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 Trust’s investment was sold or fully redeemed during the year ended December 31, 2014.

(4)

Investment was previously consolidated under going concern accounting. See Note 2 “Liquidation Basis of Accounting” for further discussion.

Separate Financial Statements for Unconsolidated Subsidiaries


Entity	Year(s) Determined Significant		Exhibit
CDH CDO LLC		2013		99.1
Vintage Housing Holdings LLC		2013		99.2
701 Seventh WRT Investor LLC and subsidiaries		2013		99.3

SoCal [Member]

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, Edens Plaza Associates LLC, Northwest Atlanta Partners LP, Concord Debt Holdings LLC, CDH CDO LLC and WRT-ROIC Lakeside Eagle LLC.


	For the Year Ended December 31, 2014		For the Year Ended December 31, 2013		For the Year Ended December 31, 2012
Income Statements
Rental Revenue		94,432		85,660		73,861
Interest, dividends and discount accretion		14,017		40,229		28,041
Expenses		98,107		93,344		89,883
Other loss		5,297		23,188		6,158
Income from continuing operations		5,045		9,357		5,861


	As of December 31, 2014		As of December 31, 2013
Balance Sheets
Investment in real estate		1,251,615		1,291,651
Total assets		1,453,983		1,504,548

Total debt		913,406		896,094
Total liabilities		179,224		270,109
Non controlling interests		88,363		43,660

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, on a going concern basis, are as follows (in thousands):


	December 31,
	2014		2013
Assets
Loan receivable	$	44,014	$	42,173
Other assets, net		5,446		5,028

Total assets	$	49,460	$	47,201

Liabilities and Equity
Accounts payable and accrued expenses	$	2	$	23
Other liabilities		—		—

Total liabilities	$	2	$	23

Equity		49,458		47,178

Total liabilities and equity	$	49,460	$	47,201

Summary Financial Information of Income Statement for Unconsolidated Subsidiaries

The statements of operations for Lender LP , on a going concern basis, are as follows (in thousands):


	Year Ended December 31,
	2014		2013		2012
Revenue
Interest income	$	10,123	$	8,506	$	7,378
Management fee income		—		—		—

		10,123		8,506		7,378
Expenses
General and administrative		—		86		127
Other expenses		—		—		—

		—		86		127
Other income and expense
Other income		—		—		—

Net income	$	10,123	$	8,420	$	7,251

Summary Financial Information of Cash Flow for Unconsolidated Subsidiaries

Statement of cash flows for Lender LP are as follows (in thousands):


	Year Ended December 31,
	2014			2013			2012
Net cash provided by (used in) operating activities	$	7,865		$	879		$	4,967
Net cash provided by (used in) investment	$	—		$	—		$	(21,369	)
Net cash provided by (used in) financing activities	$	(7,865	)	$	(5,952	)	$	21,475
Cash and cash equivalents, end of year	$	—		$	—		$	5,073
Non cash investing and financing activity
Distribution to partners	$	—		$	(4,166	)	$	—
Contribution from partners	$	20		$	—		$	—

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, on a going concern basis, are as follows (in thousands):


	December 31,
	2014		2013
Assets
Loan receivable	$	1,002	$	1,033
Other assets, net		869		965

Total assets	$	1,871	$	1,998

Liabilities and equity
Accounts payable and accrued expenses	$	12	$	16

Total liabilities		12		16

Equity		1,859		1,982

Total liabilities and equity	$	1,871	$	1,998

Summary Financial Information of Income Statement for Unconsolidated Subsidiaries

The statements of operations for RE CDO, on a going concern basis, are as follows (in thousands):


	Year Ended December 31,
	2014		2013		2012
Revenue
Management fee income	$	149	$	226	$	618

		149		226		618

Expenses
General and administrative		79		290		354
Other expenses		51		1,459		129

		130		1,749		483

Other income and expense Gain on sale of assets		—		8,940		—

Net income	$	19	$	7,417	$	135

Summary Financial Information of Cash Flow for Unconsolidated Subsidiaries

Statement of cash flows for RE CDO are as follows (in thousands):


	Year Ended December, 31,
	2014			2013			2012
Net cash provided by (used in) operating activities	$	104		$	(7	)	$	292
Net cash provided by (used in) investment	$	—		$	8,940		$	(1,093	)
Net cash provided by (used in) financing activities	$	(141	)	$	(8,993	)	$	830
Cash and cash equivalents, end of year	$	26		$	63		$	123