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Equity Investments (Tables)
12 Months Ended
Dec. 31, 2015
Trust's Nominal Ownership Percentages in its Equity Investments

The Trust’s nominal ownership percentages in its equity investments consist of the following at December 31, 2015 and December 31, 2014:

 

Venture Partner

  

Equity Investment

   Nominal % Ownership at
December 31, 2015
    Nominal % Ownership at
December 31, 2014
 

Elad Canada Ltd

   WRT One South State Lender LP      50.0     50.0

Elad Canada Ltd

   WRT-Elad One South State Equity LP      50.0     50.0

Atrium Holding

   RE CDO Management LLC      50.0     50.0

Freed

   Mentor Retail LLC      49.9     49.9

Inland

   Concord Debt Holdings LLC      66.6     66.6

Inland

   CDH CDO LLC      49.6     49.6

Marc Realty

   Atrium Mall LLC      50.0     50.0

New Valley/Witkoff (1)

   701 Seventh WRT Investor LLC      81.0     81.0

RS Summit Pointe (2)

   RS Summit Pointe Apartments LLC      80.0     80.0

Serure/C&B High Line (3)

   446 High Line LLC      83.6     N/A   

Freed (4)

   Edens Plaza Associates LLC      N/A        <1

Freed (2)(4)

   Irving-Harlem Venture Limited      N/A        <1

Gancar Trust (4)

  

Vintage Housing Holdings LLC

     N/A        75.0

 

(1) The Trust’s investment in this venture provides the Trust with a 61.14% effective ownership interest in the underlying property.
(2) Investment was previously consolidated under going concern accounting. See Note 3 “Post Plan of Liquidation” for further discussion.
(3) Investment was reclassified as an equity investment as of December 31, 2015 due to a change in exit strategy. The investment was consolidated in previous filings. The nominal ownership percentage is based on the waterfall provision of the partnership. See Note 3 “Post Plan of Liquidation” for further discussion.
(4) The Trust’s investment was sold or fully redeemed during the year ended December 31, 2015.
Separate Financial Statements for Unconsolidated Subsidiaries

Separate Financial Statements for Unconsolidated Subsidiaries

The Trust has determined that for the periods presented in the Trust’s financial statements, certain of its unconsolidated subsidiaries have met the conditions of a significant subsidiary under Rule 1-02(w) of Regulation S-X for which the Trust is required, pursuant to Rule 3-09 of Regulation S-X, to attach separate financial statements as exhibits to its Annual Report on Form 10-K as follows:

 

     Year(s) Determined         

Entity

   Significant      Exhibit  

CDH CDO LLC

     2013         99.1   

Vintage Housing Holdings LLC

     2013         99.2   

701 Seventh WRT Investor LLC and subsidiaries

     2015, 2013           

 

Majority-Owned Subsidiary, Unconsolidated [Member]  
Summary of Financial Data for Unconsolidated Subsidiaries

Pursuant to Rule 4-08(g), 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 Investor 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.

 

     Year Ended December 31,  
     2015      2014      2013  

Income Statements

        

Rental Revenue

   $ 70,705       $ 94,432       $ 85,660   

Interest, dividends and discount accretion

   $ 6,874       $ 14,017       $ 40,229   

Expenses

   $ 78,165       $ 98,107       $ 93,344   

Other loss

   $ 747       $ 5,297       $ 23,188   

Income (loss) from continuing operations

   $ (1,333    $ 5,045       $ 9,357   

 

     December 31, 2015      December 31, 2014  

Balance Sheets

     

Investment in real estate

   $ 876,400       $ 1,251,615   

Total assets

   $ 954,374       $ 1,453,983   

Total debt

   $ 693,013       $ 913,406   

Total liabilities

   $ 40,943       $ 179,224   

Non controlling interests

   $ 52,052       $ 88,363   
RE CDO Management LLC [Member] | Majority-Owned Subsidiary, Unconsolidated [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,  
     2015      2014  

Assets

     

Loan receivable

   $ 965       $ 1,002   

Other assets, net

     825         869   
  

 

 

    

 

 

 

Total assets

   $ 1,790       $ 1,871   
  

 

 

    

 

 

 

Liabilities and equity

     

Accounts payable and accrued expenses

   $ 8       $ 12   
  

 

 

    

 

 

 

Total liabilities

     8         12   
  

 

 

    

 

 

 

Equity

     1,782         1,859   
  

 

 

    

 

 

 

Total liabilities and equity

   $ 1,790       $ 1,871   
  

 

 

    

 

 

 
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,  
     2015      2014      2013  

Revenue

        

Management fee income

   $ 113       $ 149       $ 226   
  

 

 

    

 

 

    

 

 

 
     113         149         226   
  

 

 

    

 

 

    

 

 

 

Expenses

        

General and administrative

     58         79         290   

Other expenses

     48         51         1,459   
  

 

 

    

 

 

    

 

 

 
     106         130         1,749   
  

 

 

    

 

 

    

 

 

 

Other income and expense

        

Gain on sale of assets

     —           —           8,940   
  

 

 

    

 

 

    

 

 

 

Net income

   $ 7       $ 19       $ 7,417   
  

 

 

    

 

 

    

 

 

 
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,  
     2015      2014      2013  

Net cash provided by (used in) operating activities

   $ 97       $ 104       $ (7

Net cash provided by investing activities

   $  —         $  —         $ 8,940   

Net cash used in financing activities

   $ (84    $ (141    $ (8,993

Cash and cash equivalents, end of year

   $ 39       $ 26       $ 63   
WRT One South State Lender LP [Member] | Majority-Owned Subsidiary, Unconsolidated [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,  
     2015      2014  

Assets

     

Loan receivable

   $ 50,109       $ 44,014   

Other assets, net

     6,110         5,446   
  

 

 

    

 

 

 

Total assets

   $ 56,219       $ 49,460   
  

 

 

    

 

 

 

Liabilities and Equity

     

Accounts payable and accrued expenses

   $ 2       $ 2   

Other liabilities

     —           —     
  

 

 

    

 

 

 

Total liabilities

     2         2   
  

 

 

    

 

 

 

Equity

     56,217         49,458   
  

 

 

    

 

 

 

Total liabilities and equity

   $ 56,219       $ 49,460   
  

 

 

    

 

 

 
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,  
     2015      2014      2013  

Revenue

        

Interest income

   $ 10,400       $ 10,123       $ 8,506   

Management fee income

     —           —           —     
  

 

 

    

 

 

    

 

 

 
     10,400         10,123         8,506   

Expenses

        

General and administrative

     —           —           86   

Other expenses

     —           —           —     
  

 

 

    

 

 

    

 

 

 
     —           —           86   
  

 

 

    

 

 

    

 

 

 

Net income

   $ 10,400       $ 10,123       $ 8,420   
  

 

 

    

 

 

    

 

 

 
Summary Financial Information of Cash Flow for Unconsolidated Subsidiaries

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

 

     2015      2014      2013  

Net cash provided by operating activities

   $ 7,639       $ 7,865       $ 879   

Net cash used in investing activities

   $ (3,998    $  —         $  —     

Net cash used in financing activities

   $ (3,641    $ (7,865    $ (5,952

Cash and cash equivalents, end of year

   $  —         $  —         $  —     

Non cash investing and financing activity

        

Distribution to partners

   $  —         $  —         $ (4,166

Contribution from partners

   $  —         $ 20       $  —