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Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Tables)
 12 Months Ended
Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Summary of Accrued Revenues and Expenses Expected to Incur During Liquidation

As of December 31, 2016 and 2015, the Liquidating Trust and Winthrop, respectively, had accrued the following revenues and expenses expected to be earned or incurred during liquidation (in thousands):

 

     December 31, 2016      December 31, 2015  

Rents and reimbursements

    $ 14,369      $ 29,636  

Interest and dividends

      1,036        3,646  

Property operating expenses

      (4,803 )       (10,756 ) 

Interest expense

      (4,911 )       (7,546 ) 

General and administrative expenses

      (24,866 )       (34,264 ) 

Capital expenditures

      (1,159 )       (4,027 ) 

Sales costs

      (2,852 )       (5,986 ) 
  

 

 

     

 

 

  

Liability for estimated costs in excess of estimated receipts during liquidation

    $ (23,186 )     $ (29,297 ) 
  

 

 

     

 

 

  
Schedule of Changes in Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation

The change in the liability for estimated costs in excess of estimated receipts during liquidation as of December 31, 2016 is as follows (in thousands):

 

    December 31, 2015     Cash Payments
(Receipts)		     Remeasurement
of Assets and
Liabilities		     Consolidation (1)     December 31, 2016  

Assets:

          

Estimated net inflows from investments in real estate, loans receivable and secured financing receivable

   $ 10,523     $ (4,847 )    $ (978 )    $ (1,306 )    $ 3,392  

Liabilities:

          

Sales costs

     (5,986 )      3,215       363       (443 )      (2,851 ) 

Corporate expenditures

     (33,834 )      7,351       2,756       —         (23,727 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
    (39,820 )      10,566       3,119       (443 )      (26,578 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total liability for estimated costs in excess of estimated receipts during liquidation

   $ (29,297 )    $ 5,719     $ 2,141     $ (1,749 )    $ (23,186 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) Due to a change in exit strategy, the venture that owns property in Oklahoma City, Oklahoma is no longer accounted for using the equity method. See Note 3 – Basis of Presentation for the Liquidating Trust’s policy on accounting for joint ventures.

The change in the liability for estimated costs in excess of estimated receipts during liquidation as of December 31, 2015 is as follows (in thousands):

 

    December 31, 2014     Cash Payments
(Receipts)		     Remeasurement
of Assets and
Liabilities		     Deconsolidation (1)     December 31, 2015  

Assets:

          

Estimated net inflows from investments in real estate, loans receivable and secured financing receivable

   $ 25,169     $ (12,551 )    $ (2,149 )    $ 54     $ 10,523  

Liabilities:

          

Sales costs

     (11,840 )      1,012       423       4,419       (5,986 ) 

Corporate expenditures

     (44,582 )      12,471       (1,723 )      —         (33,834 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
    (56,422 )      13,483       (1,300 )      4,419       (39,820 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total liability for estimated costs in excess of estimated receipts during liquidation

   $ (31,253 )    $ 932     $ (3,449 )    $ 4,473     $ (29,297 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) Due to a change in exit strategy, the venture that owns the property located at 450 W 14th Street, New York, New York is no longer consolidated. See Note 3 – Basis of Presentation for Winthrop’s policy on accounting for joint ventures.