5.	Net Assets in Liquidation

Net assets in liquidation decreased by $63,486,000 during the year ended December 31, 2017. The primary reason for the decline in net assets was due to liquidating distributions to holders of Units of $54,727,000, a $11,049,000 net decrease in the liquidation value of equity investments and a $1,519,000 net decrease in the liquidation value of investments in real estate. These decreases were partially offset by a $2,581,000 decrease in estimated corporate expenditures resulting primarily from decreases in estimated fees payable to FUR Advisors as a result of decreases in liquidation values of certain investments.

Net assets in liquidation decreased by $188,469,000 during the year ended December 31, 2016. The primary reason for the decline in net assets was due to liquidating distributions to holders of Common Shares of $173,019,000, and a $21,900,000 net decrease in the liquidation value of investments in real estate. These decreases were partially offset by a $3,142,000 net increase in the liquidation value of equity investments, a $2,756,000 decrease in estimated corporate expenditures resulting primarily from decreases in estimated fees payable to FUR Advisors as a result of decreases in liquidation values of certain investments, and a $1,067,000 decrease in the liability for non-controlling interests.

There were 36,425,084 Units outstanding at December 31, 2017 and 2016. The net assets in liquidation at December 31, 2017 would result in liquidating distributions of approximately $7.26 per Unit. The net assets in liquidation as of December 31, 2017 and 2016 of $264,441,000 and $327,927,000 respectively, plus the cumulative liquidating distributions to holders of Units or Common Shares through December 31, 2017 and 2016 of $391,661,000 ($10.75 per Common Share/Unit) and $336,934,000 ($9.25 per Common Share/Unit), respectively, would result in cumulative liquidating distributions to holders of Units/Common Shares of $18.01 and $18.25 per Unit or Common Share as of December 31, 2017 and 2016, respectively. This estimate of liquidating distributions includes projections of income and expenses to be earned or incurred during the period required to complete the plan of liquidation. There is inherent uncertainty with these projections, and they could change materially based on the timing of sales, the performance of underlying assets and any changes in the underlying assumptions of the projected cash flows.