Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2014

The following table summarizes the Trust’s assets by reportable segment and capital expenditures incurred for the Trust’s operating properties for the seven months ended July 31, 2014 and the year ended December 31, 2013:


	Seven Months Ended July 31, 2014		Year Ended December 31, 2013
Assets
Operating properties	$	874,237	$	845,698
Loan assets		105,614		147,702
REIT securities		—		—
Corporate
Cash and cash equivalents		111,096		112,512
Restricted cash		401		186
Accounts receivable and prepaids		837		543
Deferred financing costs		2,442		2,645
Assets held for sale		2,414		23,038

Total Assets	$	1,097,041	$	1,132,324

Capital Expenditures
Operating Properties	$	3,840	$	3,892

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 seven months ended July 31, 2014 and the years ended December 31, 2013 and 2012 (in thousands):


	For the Seven Months Ended July 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Operating Properties
Rents and reimbursements	$	46,313		$	51,865		$	33,930
Operating expenses		(17,127	)		(17,769	)		(10,814	)
Real estate taxes		(5,379	)		(4,926	)		(2,598	)
Equity in income of preferred equity investment in Fenway – Wateridge		17			613			—
Equity in income of preferred equity investment in Vintage Housing Holdings		565			—			—
Equity in income (loss) of Marc Realty investments		(19	)		(284	)		33
Equity in loss of Sealy Northwest Atlanta		(288	)		(469	)		(388	)
Equity in loss of Sealy Newmarket		—			—			(2,811	)
Equity in income of Vintage Housing Holdings		4,287			9,174			4,603
Equity in income of WRT-Elad		2,927			1,315			903
Equity in income of Mentor Retail		43			84			46
Equity in income of 701 Seventh Avenue		4,393			3,424			—
Equity in income of Fenway – Wateridge		142			183			—
Equity in income (loss) of Atrium Mall		7			(90	)		—
Equity in income of F-II Co-invest		—			—			232
Equity in loss of Edens Plaza Associates		(1	)		—			—

Operating properties operating income		35,880			43,120			23,136
Depreciation and amortization expense		(15,957	)		(17,275	)		(11,277	)
Interest expense		(9,323	)		(13,157	)		(10,886	)
Impairment loss on investments in real estate		(9,200	)		—			(1,738	)
Impairment loss on equity investments		(2,422	)		(7,687	)		—
Loss on extinguishment of debt		—			—			(121	)
Settlement expense		—			(411	)		—

Operating properties net income (loss)		(1,022	)		4,590			(886	)


	For the Seven Months Ended July 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Loan Assets
Interest income		7,557			14,334			11,736
Discount accretion		2,086			4,121			8,333
Equity in income of Concord Debt Holdings		547			3,072			422
Equity in income of CDH CDO		1,065			1,033			1,715
Equity in income (loss) of Concord Debt Holdings (1)		87			64			(456	)
Equity in income (loss) of CDH CDO (1)		1,326			4,926			(997	)
Equity in income of ROIC Riverside		—			—			706
Equity in loss of ROIC Lakeside Eagle		(20	)		(25	)		(42	)
Equity in income of RE CDO Management		7			3,709			67
Equity in (loss) income of SoCal Office Loan Portfolio		—			(2	)		9,706
Equity in income of WRT-Stamford		541			930			769
Equity in income 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

Loan assets operating income		13,196			35,661			33,355
General and administrative expense		(223	)		(44	)		(121	)
Interest expense		(121	)		(1,898	)		(1,494	)
Provision for loss on loans receivable		—			(348	)		—

Loan assets net income		12,852			33,371			31,740

REIT Securities
Interest and dividends		—			—			1,054
Gain on sale of securities carried at fair value		2			742			41
Unrealized gain (loss) on securities carried at fair value		—			(142	)		6,916

REIT securities net income		2			600			8,011

Net Income from segments before corporate income (expense)		11,832			38,561			38,865
Reconciliations to GAAP Net Income:
Corporate Income (Expense)
Interest and other income		244			375			699
General and administrative		(4,060	)		(4,312	)		(3,408	)
Related party fees		(5,548	)		(9,289	)		(8,953	)
Transaction costs		(586	)		(1,885	)		(421	)
Interest expense		(3,950	)		(7,310	)		(3,153	)
Loss on extinguishment of debt		(564	)		—			—
Federal, state and local taxes		60			(424	)		(230	)

Income (loss) from continuing operations before non-controlling interest attributable to Winthrop Realty Trust		(2,572	)		15,716			23,399
Income from discontinued operations attributable to Winthrop Realty Trust		11,235			8,772			985
Non-controlling interest		3,818			4,290			247

Net income attributable to Winthrop Realty Trust	$	12,481		$	28,778		$	24,631

- 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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