-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CsdUAcunMANBX5AZ7+6sZFCuvduon/hPkb8cCtll7ke174V17mRfQL0DRBCP1jDE 6V3AWRTG+WkPzMqTZz+U1g== 0001193805-10-001825.txt : 20100629 0001193805-10-001825.hdr.sgml : 20100629 20100629083125 ACCESSION NUMBER: 0001193805-10-001825 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100628 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100629 DATE AS OF CHANGE: 20100629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Winthrop Realty Trust CENTRAL INDEX KEY: 0000037008 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 346513657 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06249 FILM NUMBER: 10921557 BUSINESS ADDRESS: STREET 1: 7 BULFINCH PLACE STREET 2: SUITE 500 PO BOX 9507 CITY: BOSTON STATE: MA ZIP: 02114 BUSINESS PHONE: 6175704614 MAIL ADDRESS: STREET 1: 7 BULFINCH PLACE STREET 2: SUITE 500 PO BOX 9507 CITY: BOSTON STATE: MA ZIP: 02114 FORMER COMPANY: FORMER CONFORMED NAME: FIRST UNION REAL ESTATE EQUITY & MORTGAGE INVESTMENTS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FIRST UNION REALTY DATE OF NAME CHANGE: 19691012 8-K 1 e607225_8k-wrt.htm Unassociated Document
 
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549

FORM 8-K
 
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported) June 28, 2010
 
WINTHROP REALTY TRUST
(Exact Name of Registrant as Specified in Its Charter)
 
  Ohio  
                                           (State or Other Jurisdiction of Incorporation)                                          
 
     
001-06249
 
34-6513657
(Commission File Number)
 
(I.R.S. Employer Identification No.)
     
7 Bulfinch Place, Suite 500, P.O. Box 9507, Boston, Massachusetts
02114
(Address of Principal Executive Offices)
(Zip Code)
     
   (617) 570-4614  
(Registrant's Telephone Number, Including Area Code)
     
 
  n/a
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFT|R 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 

 
 
Item 8.01  Other Events
 
On June 28, 2010, Winthrop Realty Trust (the “Trust”) issued a press release relating to the consummation or entering into of agreements to consummate the six transactions specified in the press release.  A copy of the release is furnished as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by this reference.
 
Item 9.01  Financial Statements and Exhibits.
 
 
(c)
 
99.1
Exhibits
 
Press Release dated June 28, 2010
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 28th day of June, 2010.
 
  WINTHROP REALTY TRUST  
       
       
  
By:
/s/ Carolyn Tiffany  
   
Carolyn Tiffany
 
   
President
 
       
 
EX-99.1 2 e607225_ex99-1.htm Unassociated Document
Contact at Winthrop Realty Trust
Beverly Bergman
Investor or Media Inquiries
Phone: (617) 570-4614; e-mail: bbergman@firstwinthrop.com

FOR IMMEDIATE RELEASE
June 28, 2010

WINTHROP REALTY TRUST ANNOUNCES MULTIPLE ACQUISITIONS
 
FOR IMMEDIATE RELEASE – BOSTON, June 28/ -- Winthrop Realty Trust (NYSE: FUR), a diversified REIT that focuses on opportunistic debt and equity investments in real estate, announced today that it has consummated or entered into agreements to consummate the following six transactions:

 
·
Purchased for par a $6.7 million a non-performing first mortgage loan secured by a presently 50% occupied 80,320 square foot office building with its own four story enclosed parking garage located in San Diego, California.
 
 
·
Purchased for $8.1 million a $10.031 million non-performing first mortgage loan secured by a 118,000 square foot office building located in Englewood, Colorado, a suburb of Denver.  Occupancy is currently 62% but scheduled to decline to 35% upon the expiration of an existing lease in March 31, 2011.
 
 
·
Purchased for $10.5 million a $20.5 million non-performing first mortgage loan secured by a 59% leased 85,000 square foot newly completed medical office building with its own four story enclosed parking garage located in Deer Valley, Arizona, a suburb of Phoenix.  In connection with the purchase of the property, Winthrop also assumed a $2.5 million tenant improvement capital obligation incurred with respect to the lease with a division of United Health Care which will be leasing approximately 50% of the building.
 
 
·
Entered into an agreement to acquire for $19.84 million a performing $23.5 million B Participation interest which is subordinate to a $253.67 million A Participation both of which are secured by a first mortgage encumbering an 89% leased 1,188,000 square foot office building located at 500 – 512 Seventh Avenue, New York, New York.  The loan has a current yield of 10.9% and, if repaid on maturity in July 2016, would have a yield to maturity of 11.5%.  At maturity, the A Note is scheduled to be amortized to approximately $210.8 million and the B Note to $21.1 million.  The loan purchase is scheduled to close on July 9.
 
 
·
Acquired in a 50-50 joint venture with Retail Opportunity Investments Corp. (“ROIC”) at par a $15.6 million newly created 12% B Participation interest in a $70 million first mortgage loan secured by a 99% occupied 405,000 square foot retail center located in Riverside, California.  The B Participation is subordinate to a $54.6 million interest only A Participation.  The loan underlying the participations matures on December 1, 2012.
 
 
 

 
 
 
·
Entered into an agreement to acquire for $8.2 million a $10.2 million first mortgage encumbering an 82% occupied 174,400 square foot office building located at 1701 Woodfield Road, Schaumburg, Illinois, a suburb of Chicago.  The property which is currently in our Marc Realty joint venture has a net operating income in excess of $900,000.  Upon acquisition of the loan, the joint venture will pay down the loan by $3,200,000, half of which will be provided by each of Winthrop and Marc Realty and the remaining $5 million will be funded by Winthrop through a pre-payable one year bridge first mortgage loan, which will bear interest at 8% per annum.  Closing is scheduled to occur on July 1.
 
Michael L. Ashner, Winthrop’s Chairman and Chief Executive Officer stated “each of these investments is consistent with our announced strategy of acquiring non-performing mortgage debt and fulcrum mezzanine debt as well as originating new high-yield debt.  In all of these transactions we considered the underlying value of the collateral, the current and future potential income return and the possibility, if not the likelihood, that our debt position will be converted into an equity participation in the underlying asset.  Our venture with ROIC continues our practice of teaming up with parties who we believe have specific expertise with respect to a proposed investment opportunity.  Further, we believe these transactions will be accretive to Winthrop’s FFO and cash flow.”
__________________

Winthrop Realty Trust is a NYSE-listed real estate investment trust (REIT) headquartered in Boston, Massachusetts.  Additional information on Winthrop Realty Trust is available on its Web site at www.winthropreit.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.  With the exception of the historical information contained in this news release, the matters described herein contain “forward-looking” statements that involve risk and uncertainties that may individually or collectively impact the matters herein described.  These are detailed from time to time in the “Risk Factors” section of the Company’s SEC reports.  Further information relating to the Company’s financial position, results of operations, and investor information is contained in the Company’s annual and quarterly reports filed with the SEC and available for download at its website www.winth ropreit.com or at the SEC website www.sec.gov.




 
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