Non-controlling Interests

12 Months Ended

Dec. 31, 2015

Noncontrolling Interest [Abstract]

Non-controlling Interests

13. Non-controlling Interests

Under going concern accounting, consolidated joint ventures are recorded on a gross basis with an allocation of equity to non-controlling interest holders. The following transactions affecting non-controlling interests occurred prior to August 1, 2014.

Houston, Texas Operating Property – During 2013 a wholly-owned subsidiary of the Trust acquired two quarter-unit limited partner interests from non-controlling interest partners, representing 2% of Westheimer Holding LP (“Westheimer”) for an aggregate purchase price of $150,000. As of July 31, 2014, the Trust owned 32% of Westheimer. The Trust accounted for these purchases as equity transactions recording the difference in the $253,000 carrying value of the acquired non-controlling interest and the purchase price as a $103,000 increase in paid-in capital. The Trust sold its interest in this property on October 15, 2014.

Chicago, Illinois Operating Property – On March 5, 2014 the Trust sold its interest in its consolidated Chicago, Illinois property known as River City which resulted in a decrease in non-controlling interest of $3,764,000.

Norridge, Illinois Operating Property – On March 5, 2014 the Trust acquired the general partner interest in the Norridge Property. The consolidation of the property resulted in an increase in non-controlling interest of $16,391,000. The Trust sold its interest in this property on October 9, 2015.

The changes in the Trust’s ownership interest in the subsidiaries impacted consolidated equity during the period as follows:

	Seven Months Ended July 31, 2014		Year Ended December 31, 2013
Net income attributable to Winthrop Realty Trust	$	12,481	$	28,778
Increase (decrease) in Winthrop Realty Trust paid in capital adjustments from transaction with non-controlling interests		—		103
Changes from net income attributable to Winthrop Realty Trust and transfers (to) from non-controlling interest	$	12,481	$	28,881

Under liquidation accounting, the presentation for joint ventures historically consolidated under going concern accounting is determined based on the Trust’s planned exit strategy. Those ventures which the Trust intends to sell the underlying property are presented on a gross basis with a payable to the non-controlling interest holder. Those ventures which the Trust intends to sell its interest in the venture, rather than the property, are accounted for as an equity investment and are presented on a net basis without a non-controlling interest component.