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) |
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))
|
|
(c) | Exhibits |
|
10.1
|
Amendment No. 3 to Second Amended and Restated Advisory Agreement, dated February 28, 2012, among Winthrop Realty Trust, WRT Realty L.P., and FUR Advisors LLC.
|
|
99.1
|
Press Release dated March 1, 2012
|
|
99.2
|
Supplemental Reporting Package for the quarter and twelve months ended December 31, 2010
|
WINTHROP REALTY TRUST | |||
|
By:
|
/s/ Michael L. Ashner
|
|
Michael L. Ashner
|
|||
Chairman and Chief Executive Officer
|
WINTHROP REALTY TRUST | |||
By:
|
/s/ Carolyn Tiffany | ||
Carolyn Tiffany | |||
President | |||
WRT REALTY, L.P.
|
||||
By:
|
Winthrop Realty Trust
General Partner
|
|||
|
By: | /s/ Carolyn Tiffany | ||
Carolyn Tiffany | ||||
President | ||||
FUR ADVISORS LLC
|
|||||
By:
|
FUR Holdings LLC
Member
|
||||
By:
|
WEM-FUR Investors LLC
Managing Member
|
||||
|
By: | /s/ Michael L. Ashner | |||
Michael L. Ashner | |||||
Managing Member | |||||
|
·
|
A Winthrop-led venture acquired for a purchase price of $96.9 million, a $117.9 million junior tranche of a $796.7 million first mortgage loan encumbering a 4.5 million square foot, 31 property portfolio of office properties situated throughout southern California. The Company’s initial commitment to the venture was approximately $71.0 million. Subsequent to quarter end, Winthrop obtained a $40.0 million loan through a non-recourse repurchase facility and net proceeds of $38.1 million were distributed to Winthrop, resulting in an effective 56% ownership interest in the venture.
|
|
·
|
Originated a $3.0 million mezzanine loan collateralized by 140 residential rental units, over 30,000 square feet of retail space plus structured parking and amenities on 1.6 acres, located in downtown Atlanta, Georgia, called the Renaissance Walk.
|
|
·
|
Committed to make a $9.0 million subordinate mortgage loan collateralized by a commercial property located at 127 West 25th Street, Manhattan, New York.
|
|
·
|
Purchased approximately 5.2 million common shares of Cedar Realty Trust for an average cost of $3.61 per share with a fair market value of $22.4 million at December 31, 2011.
|
|
·
|
Received repayment proceeds in the amount of $3.5 million on a first mortgage loan secured by four class B office buildings in Phoenix, Arizona.
|
|
·
|
A venture in which Winthrop held a 50% interest, received $71.5 million plus accrued interest in full satisfaction of the mezzanine loan collateralized by an interest in the Sofitel hotel. The proceeds were utilized to satisfy the repurchase obligation encumbering the loan receivable resulting in net proceeds of $15.9 million. Winthrop received a $7.9 million distribution, resulting in an annualized return of 89.1%.
|
|
·
|
Deer Valley Professional Building, located in Phoenix, Arizona is 89.0% leased at December 31, 2011 as compared to 61.0% leased when acquired during the second quarter of 2010. Subsequent to the close of the quarter, occupancy has increased to 95.7%
|
|
·
|
Crossroads I and II, located in Englewood, Colorado are aggregately 72.1% leased at December 31, 2011 as compared to 56.0% when purchased during the fourth quarter of 2010.
|
|
·
|
Closed a public offering of 1.6 million 9.25% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest at a price of $25.00 per share. The Company received net proceeds of approximately $38.4 million.
|
|
·
|
Repurchased the Company’s Series B-1 Preferred Shares and Series C Preferred Shares for an aggregate mandatory redemption price of $25.0 million.
|
|
·
|
Formed a 50/50 joint venture to acquire for $128.0 million, a $146.6 million existing mortgage loan secured by a 942,000 square foot, office and retail property located at One South State Street, in downtown Chicago, Illinois, known as the Sullivan Center. The loan was restructured into a $100.0 million non-recourse mortgage loan provided by a third party lender, a $47.5 million mezzanine loan (inclusive of additional advances for reserves, property expenses and transaction costs) held by the joint venture and a profits participation in the property in favor of the joint venture. Subsequent to the closing of the transaction, leased office occupancy increased from 73.0% to 79.0% through an expansion by Walgreens of their lease.
|
|
·
|
Invested $8.0 million in a joint venture that acquired a senior mezzanine loan position for $40.0 million. The senior mezzanine loan has a face value of $50.0 million and is secured by the equity interests in a premier seven-building portfolio containing 1.67 million square feet of class A office space and 106 residential rental units totaling 70,500 square feet, all located in the Stamford, Connecticut Central Business District.
|
|
·
|
Entered into a term sheet with the principals of Marc Realty pursuant to which the Company will convey its interests in the 30 North Michigan, Salt Creek, River Road, 3701 Algonquin Road and Ridgebrook properties to Marc Realty for $12.3 million. The term sheet also provides for a $2.0 million partial principal pay down by Marc Realty on the mortgage loan encumbering our jointly owned Enterprise property and an option pursuant to which either Marc Realty can acquire the Company’s interest in One East Erie for $15.1 million or the Company can acquire the interest of Marc Realty in One East Erie for $5.5 million. The option, which is at the election of Marc Realty, must be made by May 31, 2012. In the event Marc Realty acquires the Company’s interest in One East Erie, based on the current value of the property at December 31, 2011, the Company anticipates it will recognize a gain of approximately $12.6 million. If the Company acquires the Marc Realty interest, it is expected that there will be no material gain or loss.
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
For the Three Months Ended December 31,
|
For Year Ended
December 31,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Revenue
|
||||||||||||||||
Rents and reimbursements
|
$ | 11,575 | $ | 10,077 | $ | 44,636 | $ | 38,059 | ||||||||
Interest, dividends and discount accretion
|
5,189 | 5,381 | 25,458 | 17,128 | ||||||||||||
16,764 | 15,458 | 70,094 | 55,187 | |||||||||||||
Expenses
|
||||||||||||||||
Property operating
|
3,754 | 3,089 | 15,321 | 8,665 | ||||||||||||
Real estate taxes
|
1,096 | 530 | 4,546 | 2,532 | ||||||||||||
Depreciation and amortization
|
3,561 | 2,916 | 13,539 | 9,956 | ||||||||||||
Interest
|
3,898 | 4,249 | 16,021 | 15,375 | ||||||||||||
Impairment loss on investments in real estate
|
4,600 | - | 7,600 | - | ||||||||||||
General and administrative
|
3,592 | 2,711 | 11,767 | 8,826 | ||||||||||||
State and local taxes
|
291 | 27 | 379 | 134 | ||||||||||||
20,792 | 13,522 | 69,173 | 45,488 | |||||||||||||
Other income (loss)
|
||||||||||||||||
Earnings from preferred equity investments
|
(160 | ) | 85 | 338 | 338 | |||||||||||
Equity in loss of equity investments, (inclusive of
impairments of $21,058, $0 and $36,358)
|
(17,259 | ) | (679 | ) | (12,919 | ) | (2,007 | ) | ||||||||
Gain on sale of equity investments
|
- | - | 207 | - | ||||||||||||
Realized gain (loss) on sale of securities carried at
fair value
|
(8 | ) | (30 | ) | 123 | 558 | ||||||||||
Unrealized gain on securities carried at fair value
|
3,586 | 780 | 2,788 | 5,060 | ||||||||||||
Gain on extinguishment of debt
|
744 | - | 9,258 | - | ||||||||||||
Realized gain on loan securities carried at fair value
|
- | 469 | - | 469 | ||||||||||||
Unrealized gain (loss) on loan securities carried at
fair value
|
(34 | ) | 1,418 | 2,738 | 5,011 | |||||||||||
Settlement income
|
5,868 | - | 5,868 | - | ||||||||||||
Gain on consolidation of property
|
818 | - | 818 | - | ||||||||||||
Interest and other income
|
171 | 45 | 1,179 | 139 | ||||||||||||
(6,274 | ) | 2,088 | 10,398 | 9,568 | ||||||||||||
Income (loss) from continuing operations
|
(10,302 | ) | 4,024 | 11,319 | 19,267 | |||||||||||
Discontinued operations
|
||||||||||||||||
Income (loss) from discontinued operations
|
426 | 157 | 428 | (1,902 | ) | |||||||||||
Consolidated net income (loss)
|
(9,876 | ) | 4,181 | 11,747 | 17,365 | |||||||||||
Income attributable to non-controlling interest
|
37 | (293 | ) | (814 | ) | (888 | ) | |||||||||
Net income(loss) attributable to Winthrop Realty
Trust
|
(9,839 | ) | 3,888 | 10,933 | 16,477 | |||||||||||
Income attributable to non-controlling redeemable
preferred interest
|
(409 | ) | (58 | ) | (585 | ) | (288 | ) | ||||||||
Income attributable to Series D Preferred Shares
|
(339 | ) | - | (339 | ) | - | ||||||||||
Net income (loss) attributable to Common
Shares
|
$ | (10,587 | ) | $ | 3,830 | $ | 10,009 | $ | 16,189 | |||||||
Comprehensive income (loss)
|
||||||||||||||||
Consolidated net income (loss)
|
$ | (9,876 | ) | $ | 4,181 | $ | 11,747 | $ | 17,365 | |||||||
Change in unrealized gain on available for sale
securities
|
- | - | - | 2 | ||||||||||||
Change in unrealized gain on interest rate
derivative
|
(92 | ) | 30 | (29 | ) | 22 | ||||||||||
Comprehensive income (loss)
|
$ | (9,968 | ) | $ | 4,211 | $ | 11,718 | $ | 17,389 | |||||||
Per Common Share Data – Basic
|
||||||||||||||||
Income (loss) from continuing operations
|
$ | (0.33 | ) | $ | 0.13 | $ | 0.31 | $ | 0.80 | |||||||
Income (loss) from discontinued operations
|
0.01 | 0.01 | 0.01 | (0.08 | ) | |||||||||||
Net income (loss) attributable to Winthrop Realty Trust
|
$ | (0.32 | ) | $ | 0.14 | $ | 0.32 | $ | 0.72 | |||||||
Per Common Share Data – Diluted
|
||||||||||||||||
Income (loss) from continuing operations
|
$ | (0.33 | ) | $ | 0.13 | $ | 0.31 | $ | 0.80 | |||||||
Income (loss) from discontinued operations
|
0.01 | 0.01 | 0.01 | (0.08 | ) | |||||||||||
Net income (loss) attributable to Winthrop Realty Trust
|
$ | (0.32 | ) | $ | 0.14 | $ | 0.32 | $ | 0.72 | |||||||
Basic Weighted-Average Common Shares
|
33,027 | 27,023 | 31,428 | 22,566 | ||||||||||||
Diluted Weighted-Average Common Shares
|
33,027 | 27,026 | 31,428 | 22,568 |
(unaudited)
|
(unaudited)
|
|||||||||||||||
For the Three Months Ended
December 31,
|
For the Year Ended
December 31,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Net income (loss) attributable to Winthrop
Realty Trust
|
$ | (9,839 | ) | $ | 3,888 | $ | 10,933 | $ | 16,477 | |||||||
Real estate depreciation
|
2,348 | 1,816 | 8,646 | 6,399 | ||||||||||||
Amortization of capitalized leasing costs
|
1,213 | 1,121 | 4,895 | 3,712 | ||||||||||||
Gain on sale of real estate
|
(450 | ) | - | (392 | ) | - | ||||||||||
Gain on sale of equity investments
|
- | - | (207 | ) | - | |||||||||||
Gain on property consolidation
|
(818 | ) | - | (818 | ) | - | ||||||||||
Real estate depreciation and amortization
of unconsolidated interests
|
3,831 | 2,313 | 11,466 | 8,959 | ||||||||||||
Impairment loss on investments in real estate
|
4,600 | - | 7,600 | 2,720 | ||||||||||||
Impairment loss on equity investments
|
17,258 | - | 21,058 | - | ||||||||||||
Less: Non-controlling interest share of real
estate depreciation and amortization
|
(1,113 | ) | (801 | ) | (3,483 | ) | (3,172 | ) | ||||||||
Funds from operations
|
17,030 | 8,337 | 59,698 | 35,095 | ||||||||||||
Series C Preferred dividends
|
(409 | ) | (58 | ) | (585 | ) | (288 | ) | ||||||||
Series D Preferred dividends
|
(339 | ) | - | (339 | ) | - | ||||||||||
Allocations of earnings to Series B-1
Preferred Shares
|
(61 | ) | - | (325 | ) | (63 | ) | |||||||||
Allocations of earnings to Series C
Preferred Shares
|
(35 | ) | (20 | ) | (213 | ) | (241 | ) | ||||||||
FFO applicable to Common Shares-Basic
|
$ | 16,186 | $ | 8,259 | $ | 58,236 | $ | 34,503 | ||||||||
33,027 | 27,023 | 31,428 | 22,566 | |||||||||||||
FFO Per Common Share-Basic
|
$ | 0.49 | $ | 0.31 | $ | 1.85 | $ | 1.53 | ||||||||
Diluted
|
||||||||||||||||
Funds from operations (per above)
|
$ | 17,030 | $ | 8,337 | $ | 59,698 | $ | 35,095 | ||||||||
Series C Preferred dividend
|
(409 | ) | - | (585 | ) | - | ||||||||||
Series D Preferred dividend
|
(339 | ) | - | (339 | ) | - | ||||||||||
Allocation of earnings to Series B-1
Preferred Shares
|
(61 | ) | - | (325 | ) | (63 | ) | |||||||||
Allocation of earnings to Series C Preferred
Shares
|
(35 | ) | - | (213 | ) | - | ||||||||||
FFO applicable to Common Shares
|
$ | 16,186 | $ | 8,337 | $ | 58,236 | $ | 35,032 | ||||||||
Weighted-average Common Shares
|
33,027 | 27,023 | 31,428 | 22,566 | ||||||||||||
Stock options
|
- | 3 | - | 2 | ||||||||||||
Convertible Series C Preferred Shares
|
- | 257 | - | 388 | ||||||||||||
Diluted weighted-average Common
Shares
|
33,027 | 27,283 | 31,428 | 22,956 | ||||||||||||
FFO Per Common Share-Diluted
|
$ | 0.49 | $ | 0.31 | $ | 1.85 | $ | 1.53 |
December 31,
|
||||||||
2011
|
2010
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
ASSETS
|
||||||||
Investments in real estate, at cost
|
||||||||
Land
|
$ | 36,495 | $ | 37,142 | ||||
Buildings and improvements
|
327,337 | 271,357 | ||||||
363,832 | 308,499 | |||||||
Less: accumulated depreciation
|
(44,556 | ) | (36,232 | ) | ||||
Investments in real estate, net
|
319,276 | 272,267 | ||||||
Cash and cash equivalents
|
40,952 | 45,257 | ||||||
Restricted cash held in escrows
|
3,914 | 8,593 | ||||||
Loans receivable, net
|
114,333 | 110,395 | ||||||
Accounts receivable, net of allowances of $639 and
$262, respectively
|
16,140 | 12,402 | ||||||
Securities carried at fair value
|
28,856 | 33,032 | ||||||
Loan securities carried at fair value
|
5,309 | 11,981 | ||||||
Preferred equity investment
|
5,520 | 4,010 | ||||||
Equity investments
|
162,142 | 81,937 | ||||||
Lease intangibles, net
|
37,305 | 26,821 | ||||||
Deferred financing costs, net
|
1,180 | 1,158 | ||||||
Assets held for sale
|
6 | 2,275 | ||||||
TOTAL ASSETS
|
$ | 734,933 | $ | 610,128 | ||||
LIABILITIES
|
||||||||
Mortgage loans payable
|
$ | 230,940 | $ | 230,443 | ||||
Series B-1 Cumulative Convertible Redeemable
Preferred Shares, $25 per share liquidation preference;
852,000 shares authorized and outstanding at
December 31, 2010
|
- | 21,300 | ||||||
Non-recourse secured financings
|
29,150 | - | ||||||
Revolving line of credit
|
40,000 | 25,450 | ||||||
Accounts payable and accrued liabilities
|
17,174 | 12,557 | ||||||
Dividends payable
|
5,369 | 4,431 | ||||||
Deferred income
|
502 | 150 | ||||||
Below market lease intangibles, net
|
2,962 | 2,696 | ||||||
Liabilities of held for sale assets
|
- | 33 | ||||||
TOTAL LIABILITIES
|
326,097 | 297,060 | ||||||
COMMITMENTS AND CONTINGENCIES
|
||||||||
NON-CONTROLLING REDEEMABLE PREFERRED INTEREST
|
||||||||
Series C Cumulative Convertible Redeemable Preferred
Shares, $25 per share liquidation preference, 144,000
shares authorized and outstanding at December 31, 2010
|
- | 3,221 | ||||||
Total non-controlling redeemable preferred interest
|
- | 3,221 | ||||||
EQUITY
|
||||||||
Winthrop Realty Trust Shareholders’ Equity:
|
||||||||
Series D Cumulative Redeemable Preferred Shares, $25
per share liquidation preference, 1,840,000 shares
authorized and 1,600,000 shares outstanding at
December 31, 2011
|
40,000 | - | ||||||
Common Shares, $1 par, unlimited shares authorized;
33,041,034 and 27,030,186 outstanding at December 31,
2011 and December 31, 2010, respectively
|
33,041 | 27,030 | ||||||
Additional paid-in capital
|
626,099 | 569,586 | ||||||
Accumulated distributions in excess of net income
|
(311,246 | ) | (300,782 | ) | ||||
Accumulated other comprehensive loss
|
(92 | ) | (63 | ) | ||||
Total Winthrop Realty Trust Shareholders’ Equity
|
387,802 | 295,771 | ||||||
Non-controlling interests
|
21,034 | 14,076 | ||||||
Total Equity
|
408,836 | 309,847 | ||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 734,933 | $ | 610,128 |
Consolidated Balance Sheets
|
1
|
Consolidated Statements of Operations and Comprehensive Income
|
2
|
Funds from Operations Analysis
|
5
|
Consolidated Statements of Cash Flows
|
7
|
Selected Balance Sheet Account Detail
|
9
|
Schedule of Capitalization, Dividends and Liquidity
|
10
|
Selected Investment Data
|
11
|
Schedule of Securities Carried at Fair Value
|
14
|
Schedule of Loan Assets
|
15
|
Net Operating Income from Consolidated Properties
|
17
|
Schedule of Interest and Dividends
|
18
|
Consolidated Properties – Selected Property Data
|
19
|
Equity Investments – Selected Property Data
|
21
|
Preferred Equity Investments – Selected Property Data
|
24
|
Consolidated Properties – Operating Summary
|
25
|
Equity Investments – Operating Summary
|
26
|
Consolidated Debt Summary
|
27
|
Equity Investments Debt Summary
|
28
|
Lease Expiration Summary
|
30
|
Reconciliation of Non-GAAP financial measures of income to net income attributable to Common Shares
|
31
|
Supplemental Definitions
|
32
|
Investor Information
|
33
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||||||||||||||
2011
|
2011
|
2011
|
2011
|
2010
|
||||||||||||||||
ASSETS
|
||||||||||||||||||||
Investments in real estate, at cost
|
||||||||||||||||||||
Land
|
$ | 36,495 | $ | 36,495 | $ | 36,495 | $ | 36,495 | $ | 37,142 | ||||||||||
Buildings and improvements
|
327,337 | 273,118 | 273,964 | 273,071 | 271,357 | |||||||||||||||
363,832 | 309,613 | 310,459 | 309,566 | 308,499 | ||||||||||||||||
Less: accumulated depreciation
|
(44,556 | ) | (42,262 | ) | (40,168 | ) | (38,084 | ) | (36,232 | ) | ||||||||||
Investments in real estate, net
|
319,276 | 267,351 | 270,291 | 271,482 | 272,267 | |||||||||||||||
Cash and cash equivalents
|
40,952 | 66,777 | 51,344 | 21,240 | 45,257 | |||||||||||||||
Restricted cash held in escrows
|
3,914 | 4,916 | 9,152 | 30,648 | 8,593 | |||||||||||||||
Loans receivable, net
|
114,333 | 115,889 | 153,437 | 105,390 | 110,395 | |||||||||||||||
Accounts receivable, net of allowances of $639, $594, $453, $378 and $262, respectively
|
16,140 | 12,380 | 14,110 | 12,534 | 12,402 | |||||||||||||||
Securities carried at fair value
|
28,856 | 6,652 | 7,613 | 14,695 | 33,032 | |||||||||||||||
Loan securities carried at fair value
|
5,309 | 5,343 | 5,418 | 14,132 | 11,981 | |||||||||||||||
Preferred equity investments
|
5,520 | 13,402 | 10,155 | 4,034 | 4,010 | |||||||||||||||
Equity investments
|
162,142 | 106,156 | 95,169 | 106,606 | 81,937 | |||||||||||||||
Other receivables, net
|
- | - | - | 8,459 | - | |||||||||||||||
Lease intangibles, net
|
37,305 | 25,394 | 24,681 | 25,651 | 26,821 | |||||||||||||||
Deferred financing costs, net
|
1,180 | 1,184 | 1,346 | 1,479 | 1,158 | |||||||||||||||
Assets held for sale
|
6 | 1,491 | 3,702 | 3,710 | 2,275 | |||||||||||||||
TOTAL ASSETS
|
$ | 734,933 | $ | 626,935 | $ | 646,418 | $ | 620,060 | $ | 610,128 | ||||||||||
LIABILITIES
|
||||||||||||||||||||
Mortgage loans payable
|
$ | 230,940 | $ | 185,622 | $ | 210,751 | $ | 212,155 | $ | 230,443 | ||||||||||
Series B-1 Cumulative Convertible Redeemable Preferred Shares, $25 per share liquidation preference; 852,000 shares authorized and outstanding at Sept 30, June 30, March 31, 2011, and Dec 31, 2010
|
- | 21,300 | 21,300 | 21,300 | 21,300 | |||||||||||||||
Non-recourse secured financings
|
29,150 | 15,150 | 15,150 | 15,150 | - | |||||||||||||||
Revolving line of credit
|
40,000 | - | - | 33,875 | 25,450 | |||||||||||||||
Accounts payable and accrued liabilities
|
17,174 | 12,287 | 12,322 | 11,982 | 12,557 | |||||||||||||||
Dividends payable
|
5,369 | 5,395 | 5,385 | 4,441 | 4,431 | |||||||||||||||
Deferred income
|
502 | 1,550 | 1,016 | 1,206 | 150 | |||||||||||||||
Below market lease intangibles, net
|
2,962 | 2,137 | 2,312 | 2,503 | 2,696 | |||||||||||||||
Liabilities of held for sale assets
|
- | 597 | 620 | 537 | 33 | |||||||||||||||
TOTAL LIABILITIES
|
326,097 | 244,038 | 268,856 | 303,149 | 297,060 | |||||||||||||||
COMMITMENTS AND CONTINGENCIES
|
||||||||||||||||||||
NON-CONTROLLING REDEEMABLE PREFERRED INTEREST
|
||||||||||||||||||||
Series C Cumulative Convertible Redeemable Preferred Shares, $25 per share liquidation preference, 144,000 shares authorized and outstanding at September 30, 2011, June 30, 2011, March 31, 2011, and December 31, 2010
|
- | 3,221 | 3,221 | 3,221 | 3,221 | |||||||||||||||
Total non-controlling redeemable preferred interest
|
- | 3,221 | 3,221 | 3,221 | 3,221 | |||||||||||||||
EQUITY
|
||||||||||||||||||||
Winthrop Realty Trust Shareholders’ Equity:
|
||||||||||||||||||||
Series D Cumulative Redeemable Preferred Shares
|
||||||||||||||||||||
$25 per share liquidation preference, 1,840,000 shares authorized and 1,600,000 shares outstanding at Dec 31, 2011 Common Shares, $1 par, unlimited shares authorized;
|
40,000 | - | - | - | - | |||||||||||||||
33,041,034, 32,958,778, 32,897,554, 27,088,347, and 27,030,186 issued and outstanding at Dec 31, Sept 30, June 30, March 31, 2011, and Dec 31, 2010, respectively
|
33,041 | 32,959 | 32,898 | 27,088 | 27,030 | |||||||||||||||
Additional paid-in capital
|
626,099 | 627,107 | 626,472 | 570,208 | 569,586 | |||||||||||||||
Accumulated distributions in excess of net income
|
(311,246 | ) | (295,290 | ) | (299,721 | ) | (298,045 | ) | (300,782 | ) | ||||||||||
Accumulated other comprehensive loss
|
(92 | ) | - | - | - | (63 | ) | |||||||||||||
Total Winthrop Realty Trust Shareholders’ Equity
|
387,802 | 364,776 | 359,649 | 299,251 | 295,771 | |||||||||||||||
Non-controlling interests
|
21,034 | 14,900 | 14,692 | 14,439 | 14,076 | |||||||||||||||
Total Equity
|
408,836 | 379,676 | 374,341 | 313,690 | 309,847 | |||||||||||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 734,933 | $ | 626,935 | $ | 646,418 | $ | 620,060 | $ | 610,128 |
Years Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Revenue
|
||||||||||||
Rents and reimbursements
|
$ | 44,636 | $ | 38,059 | $ | 39,803 | ||||||
Interest, dividends and discount accretion
|
25,458 | 17,128 | 7,336 | |||||||||
70,094 | 55,187 | 47,139 | ||||||||||
Expenses
|
||||||||||||
Property operating
|
15,321 | 8,665 | 7,041 | |||||||||
Real estate taxes
|
4,546 | 2,532 | 2,542 | |||||||||
Depreciation and amortization
|
13,539 | 9,956 | 10,529 | |||||||||
Interest
|
16,021 | 15,375 | 16,664 | |||||||||
Impairment loss on investment in real estate
|
7,600 | - | 10,000 | |||||||||
Provision for loss on loans receivable
|
- | - | 2,152 | |||||||||
General and administrative
|
11,767 | 8,826 | 7,303 | |||||||||
State and local taxes
|
379 | 134 | 157 | |||||||||
69,173 | 45,488 | 56,388 | ||||||||||
Other income (loss)
|
||||||||||||
Earnings (loss) from preferred equity investments
|
338 | 338 | (2,108 | ) | ||||||||
Equity in loss of equity investments, inclusive of impariments
of $21,058, $0, and $36,358
|
(12,919 | ) | (2,007 | ) | (103,092 | ) | ||||||
Gain on sale of equity investments
|
207 | - | - | |||||||||
Realized gain on sale of securities carried at fair value
|
123 | 558 | 5,416 | |||||||||
Unrealized gain on securities carried at fair value
|
2,788 | 5,060 | 17,862 | |||||||||
Impairment loss on real estate loan available for sale
|
- | - | (203 | ) | ||||||||
Gain (loss) on extinguishment of debt, net
|
9,258 | - | 6,846 | |||||||||
Realized gain on loan securities carried at fair value
|
- | 469 | - | |||||||||
Unrealized gain on loan securities carried at fair value
|
2,738 | 5,011 | - | |||||||||
Settlement income
|
5,868 | - | - | |||||||||
Gain on consolidation of property
|
818 | - | - | |||||||||
Interest and other income
|
1,179 | 139 | 172 | |||||||||
10,398 | 9,568 | (75,107 | ) | |||||||||
Income (loss) from continuing operations
|
11,319 | 19,267 | (84,356 | ) | ||||||||
Discontinued operations
|
||||||||||||
Income (loss) from discontinued operations
|
428 | (1,902 | ) | 1,026 | ||||||||
Consolidated net income (loss)
|
11,747 | 17,365 | (83,330 | ) | ||||||||
Income attributable to non-controlling interest
|
(814 | ) | (888 | ) | (1,017 | ) | ||||||
Net income (loss) attributable to
Winthrop Realty Trust
|
10,933 | 16,477 | (84,347 | ) | ||||||||
Income attributable to non-controlling redeemable
|
||||||||||||
preferred interest
|
(585 | ) | (288 | ) | (147 | ) | ||||||
Income attributable to Series D Preferred Shares
|
(339 | ) | - | - | ||||||||
Net income (loss) attributable to Common Shares
|
$ | 10,009 | $ | 16,189 | $ | (84,494 | ) | |||||
Comprehensive income (loss)
|
||||||||||||
Consolidated net income (loss)
|
$ | 11,747 | $ | 17,365 | $ | (83,330 | ) | |||||
Change in unrealized gain on available for sale securities
|
- | 2 | 19 | |||||||||
Change in unrealized gain (loss) on interest rate derivative
|
(29 | ) | 22 | 543 | ||||||||
Change in unrealized gain (loss) from equity investments
|
- | - | 26,174 | |||||||||
Comprehensive income (loss)
|
$ | 11,718 | $ | 17,389 | $ | (56,594 | ) | |||||
Per Common Share data - Basic
|
||||||||||||
Income (loss) from continuing operations
|
$ | 0.31 | $ | 0.80 | $ | (5.25 | ) | |||||
Income (loss) from discontinued operations
|
0.01 | (0.08 | ) | 0.06 | ||||||||
Net income (loss) attributable to Winthrop Realty Trust
|
$ | 0.32 | $ | 0.72 | $ | (5.19 | ) | |||||
Per Common Share data - Diluted
|
||||||||||||
Income (loss) from continuing operations
|
$ | 0.31 | $ | 0.80 | $ | (5.25 | ) | |||||
Income (loss) from discontinued operations
|
0.01 | (0.08 | ) | 0.06 | ||||||||
Net income (loss) attributable to Winthrop Realty Trust
|
$ | 0.32 | $ | 0.72 | $ | (5.19 | ) | |||||
Basic Weighted-Average Common Shares
|
31,428 | 22,566 | 16,277 | |||||||||
Diluted Weighted-Average Common Shares
|
31,428 | 22,568 | 16,277 |
Three Months Ended
|
||||||||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31
|
December 31,
|
||||||||||||||||
2011
|
2011
|
2011
|
2011
|
2010
|
||||||||||||||||
Revenue
|
||||||||||||||||||||
Rents and reimbursements
|
$ | 11,575 | $ | 10,841 | $ | 11,234 | $ | 10,986 | $ | 10,077 | ||||||||||
Interest, dividends and discount accretion
|
5,189 | 5,503 | 5,094 | 9,672 | 5,381 | |||||||||||||||
16,764 | 16,344 | 16,328 | 20,658 | 15,458 | ||||||||||||||||
Expenses
|
||||||||||||||||||||
Property operating
|
3,754 | 3,535 | 3,987 | 4,045 | 3,089 | |||||||||||||||
Real estate taxes
|
1,096 | 1,108 | 1,087 | 1,255 | 530 | |||||||||||||||
Depreciation and amortization
|
3,561 | 3,185 | 3,312 | 3,481 | 2,916 | |||||||||||||||
Interest
|
3,898 | 3,547 | 3,963 | 4,613 | 4,249 | |||||||||||||||
Impairment loss on investment in real estate
|
4,600 | 3,000 | - | - | - | |||||||||||||||
General and administrative
|
3,592 | 2,893 | 2,758 | 2,524 | 2,711 | |||||||||||||||
State and local taxes
|
291 | 11 | 48 | 29 | 27 | |||||||||||||||
20,792 | 17,279 | 15,155 | 15,947 | 13,522 | ||||||||||||||||
Other income (loss)
|
||||||||||||||||||||
Earnings (loss) from preferred equity investments
|
(160 | ) | 257 | 158 | 83 | 85 | ||||||||||||||
Equity in income (loss) of equity investments
|
(17,259 | ) | 2,820 | 2,875 | (1,355 | ) | (679 | ) | ||||||||||||
Gain on sale of equity investments
|
- | 207 | - | - | (30 | ) | ||||||||||||||
Realized gain (loss) on sale of securities carried at fair value
|
(8 | ) | - | 7 | 124 | 780 | ||||||||||||||
Unrealized gain (loss) on securities carried at fair value
|
3,586 | (961 | ) | (723 | ) | 886 | - | |||||||||||||
Gain (loss) on extinguishment of debt, net
|
744 | 8,514 | - | - | 469 | |||||||||||||||
Unrealized gain (loss) on loan securities
carried at fair value
|
(34 | ) | (75 | ) | 34 | 2,813 | 1,418 | |||||||||||||
Settlement income
|
5,868 | - | - | - | - | |||||||||||||||
Gain on consolidation of property
|
818 | - | - | - | - | |||||||||||||||
Interest and other income
|
171 | 472 | 443 | 93 | 45 | |||||||||||||||
(6,274 | ) | 11,234 | 2,794 | 2,644 | 2,088 | |||||||||||||||
Income (loss) from continuing operations
|
(10,302 | ) | 10,299 | 3,967 | 7,355 | 4,024 | ||||||||||||||
Discontinued operations
|
||||||||||||||||||||
Income (loss) from discontinued operations
|
426 | (135 | ) | 90 | 47 | 157 | ||||||||||||||
Consolidated net income (loss)
|
(9,876 | ) | 10,164 | 4,057 | 7,402 | 4,181 | ||||||||||||||
(Income) loss attributable to non-controlling interest
|
37 | (318 | ) | (329 | ) | (204 | ) | (293 | ) | |||||||||||
Net income attributable to Winthrop Realty Trust
|
(9,839 | ) | 9,846 | 3,728 | 7,198 | 3,888 | ||||||||||||||
Income attributable to non-controlling
redeemable preferred interest
|
(409 | ) | (59 | ) | (58 | ) | (59 | ) | (58 | ) | ||||||||||
Income attributable to Series D preferred shares
|
(339 | ) | - | - | - | - | ||||||||||||||
Net income (loss) attributable to Common Shares
|
$ | (10,587 | ) | $ | 9,787 | $ | 3,670 | $ | 7,139 | $ | 3,830 | |||||||||
Comprehensive income (loss)
|
||||||||||||||||||||
Consolidated net income (loss)
|
$ | (9,876 | ) | $ | 10,164 | $ | 4,057 | $ | 7,402 | $ | 4,181 | |||||||||
Change in unrealized gain (loss) on
interest rate derivative
|
(92 | ) | - | - | 63 | 30 | ||||||||||||||
Comprehensive income
|
$ | (9,968 | ) | $ | 10,164 | $ | 4,057 | $ | 7,465 | $ | 4,211 |
Three Months Ended
|
||||||||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31
|
December 31,
|
||||||||||||||||
2011
|
2011
|
2011
|
2011
|
2010
|
||||||||||||||||
Per Common Share data - Basic
|
||||||||||||||||||||
Income from continuing operations
|
$ | (0.33 | ) | $ | 0.30 | $ | 0.11 | $ | 0.26 | $ | 0.13 | |||||||||
Loss from discontinued operations
|
0.01 | - | - | - | 0.01 | |||||||||||||||
Net income attributable to
Winthrop Realty Trust
|
$ | (0.32 | ) | $ | 0.30 | $ | 0.11 | $ | 0.26 | $ | 0.14 | |||||||||
Per Common Share data - Diluted
|
||||||||||||||||||||
Income from continuing operations
|
$ | (0.33 | ) | $ | 0.30 | $ | 0.11 | $ | 0.26 | $ | 0.13 | |||||||||
Loss from discontinued operations
|
0.01 | - | - | - | 0.01 | |||||||||||||||
Net income attributable to
Winthrop Realty Trust
|
$ | (0.32 | ) | $ | 0.30 | $ | 0.11 | $ | 0.26 | $ | 0.14 | |||||||||
Basic Weighted-Average
Common Shares
|
33,027 | 32,949 | 32,574 | 27,079 | 27,023 | |||||||||||||||
Diluted Weighted-Average
Common Shares
|
33,027 | 32,949 | 32,574 | 27,081 | 27,026 |
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Basic
|
||||||||||||||||
Net income (loss) attributable to
Winthrop Realty Trust
|
$ | (9,839 | ) | $ | 3,888 | $ | 10,933 | $ | 16,477 | |||||||
Real estate depreciation
|
2,348 | 1,816 | 8,646 | 6,399 | ||||||||||||
Amortization of capitalized leasing costs
|
1,213 | 1,121 | 4,895 | 3,712 | ||||||||||||
Gain on sale of real estate
|
(450 | ) | - | (392 | ) | - | ||||||||||
Gain on sale of equity investments
|
- | - | (207 | ) | - | |||||||||||
Gain on property consolidation
|
(818 | ) | - | (818 | ) | - | ||||||||||
Real estate depreciation and amortization
|
||||||||||||||||
of unconsolidated interests
|
3,831 | 2,313 | 11,466 | 8,959 | ||||||||||||
Impairment loss on investments in real estate
|
4,600 | - | 7,600 | 2,720 | ||||||||||||
Impairment loss on equity investments
|
17,258 | - | 21,058 | - | ||||||||||||
Less: Non-controlling interest share
|
||||||||||||||||
of depreciation and amortization
|
(1,113 | ) | (801 | ) | (3,483 | ) | (3,172 | ) | ||||||||
Funds from operations
|
17,030 | 8,337 | 59,698 | 35,095 | ||||||||||||
Preferred dividend of Series C Preferred Shares
|
(409 | ) | (58 | ) | (585 | ) | (288 | ) | ||||||||
Preferred dividend of Series D Preferred Shares
|
(339 | ) | - | (339 | ) | - | ||||||||||
Allocation of earnings to Series
B-1 Preferred Shares
|
(61 | ) | - | (325 | ) | (63 | ) | |||||||||
Allocation of earnings to Series
C Preferred Shares
|
(35 | ) | (20 | ) | (213 | ) | (241 | ) | ||||||||
FFO applicable to Common Shares - Basic
|
$ | 16,186 | $ | 8,259 | $ | 58,236 | $ | 34,503 | ||||||||
Weighted-average Common Shares
|
33,027 | 27,023 | 31,428 | 22,566 | ||||||||||||
FFO Per Common Share - Basic
|
$ | 0.49 | $ | 0.31 | $ | 1.85 | $ | 1.53 | ||||||||
Diluted
|
||||||||||||||||
Funds from operations
|
$ | 17,030 | $ | 8,337 | $ | 59,698 | $ | 35,095 | ||||||||
Preferred dividend of Series C Preferred Shares
|
(409 | ) | - | (585 | ) | - | ||||||||||
Preferred dividend of Series D Preferred Shares
|
(339 | ) | - | (339 | ) | - | ||||||||||
Allocation of earnings to Series
B-1 Preferred Shares
|
(61 | ) | - | (325 | ) | (63 | ) | |||||||||
Allocation of earnings to Series
C Preferred Shares
|
(35 | ) | - | (213 | ) | - | ||||||||||
FFO applicable to Common Shares
|
$ | 16,186 | $ | 8,337 | $ | 58,236 | $ | 35,032 | ||||||||
Weighted-average Common Shares
|
33,027 | 27,023 | 31,428 | 22,566 | ||||||||||||
Stock options
|
- | 3 | - | 2 | ||||||||||||
Convertible Series C Preferred Shares
|
- | 257 | - | 388 | ||||||||||||
Diluted weighted-average Common Shares
|
33,027 | 27,283 | 31,428 | 22,956 | ||||||||||||
FFO Per Common Share - Diluted
|
$ | 0.49 | $ | 0.31 | $ | 1.85 | $ | 1.53 |
Three Months Ended
|
||||||||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||||||||||||||
2011
|
2011
|
2011
|
2011
|
2010
|
||||||||||||||||
Basic
|
||||||||||||||||||||
Net income (loss) attributable to
Winthrop Realty Trust
|
$ | (9,839 | ) | $ | 9,846 | $ | 3,728 | $ | 7,198 | $ | 3,888 | |||||||||
Real estate depreciation
|
2,348 | 2,094 | 2,086 | 2,118 | 1,816 | |||||||||||||||
Amortization of capitalized leasing costs
|
1,213 | 1,092 | 1,226 | 1,365 | 1,121 | |||||||||||||||
(Gain) loss on sale of real estate
|
(450 | ) | 58 | - | - | - | ||||||||||||||
Gain on sale of equity investments
|
- | (207 | ) | - | - | - | ||||||||||||||
Gain on sale of property consolidation
|
(818 | ) | - | - | - | - | ||||||||||||||
Real estate depreciation and
amortization of unconsolidated
interests
|
3,831 | 2,996 | 2,376 | 2,263 | 2,313 | |||||||||||||||
Impairment loss on investments in real estate
|
4,600 | 3,000 | 3,800 | - | - | |||||||||||||||
Impairment loss on equity investments
|
17,258 | - | - | - | - | |||||||||||||||
Less: Non-controlling interest share
|
||||||||||||||||||||
of depreciation and amortization
|
(1,113 | ) | (790 | ) | (789 | ) | (792 | ) | (801 | ) | ||||||||||
Funds from operations
|
17,030 | 18,089 | 12,427 | 12,152 | 8,337 | |||||||||||||||
Preferred dividend of Series C Preferred Shares
|
(409 | ) | (59 | ) | (58 | ) | (59 | ) | (58 | ) | ||||||||||
Preferred dividend of Series D Preferred Shares
|
(339 | ) | - | - | - | - | ||||||||||||||
Allocation of earnings to Series
B-1 Preferred Shares
|
(61 | ) | (170 | ) | (11 | ) | (72 | ) | - | |||||||||||
Allocation of earnings to Series
C Preferred Shares
|
(35 | ) | (82 | ) | (39 | ) | (55 | ) | (20 | ) | ||||||||||
FFO applicable to Common Shares - Basic
|
$ | 16,186 | $ | 17,778 | $ | 12,319 | $ | 11,966 | $ | 8,259 | ||||||||||
Weighted-average Common Shares
|
33,027 | 32,949 | 32,573 | 27,079 | 27,023 | |||||||||||||||
FFO Per Common Share - Basic
|
$ | 0.49 | $ | 0.54 | $ | 0.38 | $ | 0.44 | $ | 0.31 | ||||||||||
Diluted
|
||||||||||||||||||||
Funds from operations
|
$ | 17,030 | $ | 18,089 | $ | 12,427 | $ | 12,152 | $ | 8,337 | ||||||||||
Preferred dividend of Series C Preferred Shares
|
(409 | ) | (59 | ) | (58 | ) | (59 | ) | - | |||||||||||
Preferred dividend of Series D Preferred Shares
|
(339 | ) | ||||||||||||||||||
Allocation of earnings to Series
B-1 Preferred Shares
|
(61 | ) | (170 | ) | (11 | ) | (72 | ) | - | |||||||||||
Allocation of earnings to Series
C Preferred Shares
|
(35 | ) | (82 | ) | (39 | ) | (55 | ) | - | |||||||||||
FFO applicable to Common Shares
|
$ | 16,186 | $ | 17,778 | $ | 12,319 | $ | 11,966 | $ | 8,337 | ||||||||||
Weighted-average Common Shares
|
33,027 | 32,949 | 32,573 | 27,079 | 27,023 | |||||||||||||||
Stock options
|
- | - | 1 | 2 | 3 | |||||||||||||||
Convertible Series C Preferred Shares
|
- | - | - | - | 257 | |||||||||||||||
Diluted weighted-average Common Shares
|
33,027 | 32,949 | 32,574 | 27,081 | 27,283 | |||||||||||||||
FFO Per Common Share - Diluted
|
$ | 0.49 | $ | 0.54 | $ | 0.38 | $ | 0.44 | $ | 0.31 |
Years Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Cash flows from operating activities
|
||||||||||||
Net income (loss)
|
$ | 11,747 | $ | 17,365 | $ | (83,330 | ) | |||||
Adjustments to reconcile net income (loss) to net cash
|
||||||||||||
provided by operating activities:
|
||||||||||||
Depreciation and amortization (including amortization
|
||||||||||||
of deferred financing costs)
|
9,412 | 6,988 | 7,504 | |||||||||
Amortization of lease intangibles
|
4,472 | 3,033 | 4,771 | |||||||||
Straight-lining of rental income
|
(2,076 | ) | 212 | (1,280 | ) | |||||||
Loan discount accretion
|
(13,401 | ) | (8,782 | ) | (1,021 | ) | ||||||
Discount accretion received in cash
|
13,290 | - | - | |||||||||
(Earnings) loss of preferred equity investments
|
(338 | ) | (338 | ) | 2,758 | |||||||
Distributions of income from preferred equity investments
|
571 | 340 | 2,373 | |||||||||
Loss of equity investments
|
12,919 | 2,007 | 103,092 | |||||||||
Distributions of income from equity investments
|
12,696 | 5,270 | 2,784 | |||||||||
Restricted cash held in escrows
|
1,431 | 1,167 | (1,824 | ) | ||||||||
Gain on sale of securities carried at fair value
|
(123 | ) | (558 | ) | (5,416 | ) | ||||||
Unrealized gain on securities carried at fair value
|
(2,788 | ) | (5,060 | ) | (17,862 | ) | ||||||
Gain on sale of assets held for sale
|
(392 | ) | - | - | ||||||||
Gain on sale of loan securitites carried at fair value
|
- | (469 | ) | - | ||||||||
Unrealized gain on loan securities carried at fair value
|
(2,738 | ) | (5,011 | ) | - | |||||||
Impairment loss on real estate loan available for sale
|
- | - | 203 | |||||||||
Impairment loss on investments in real estate
|
7,600 | 2,720 | 10,000 | |||||||||
Gain on sale of equity investments
|
(207 | ) | - | - | ||||||||
(Gain) loss on extinguishment of debt
|
(9,258 | ) | - | (7,138 | ) | |||||||
Settlement income
|
(5,868 | ) | - | - | ||||||||
Gain on consolidation of property
|
(818 | ) | - | - | ||||||||
Provision for loss on loan receivable
|
- | - | 2,152 | |||||||||
Tenant leasing costs
|
(2,791 | ) | (2,996 | ) | (2,191 | ) | ||||||
Bad debt (recovery) expense
|
377 | (643 | ) | 340 | ||||||||
Net change in interest receivable
|
37 | (361 | ) | (74 | ) | |||||||
Net change in accounts receivable
|
(616 | ) | 2,363 | - | ||||||||
Net change in accounts payable and accrued liabilities
|
1,714 | 2,365 | (873 | ) | ||||||||
Net cash provided by operating activities
|
34,852 | 19,612 | 14,968 | |||||||||
Cash flows from investing activities
|
||||||||||||
Issuance and acquisition of loans receivable
|
(67,619 | ) | (122,301 | ) | (31,514 | ) | ||||||
Investments in real estate
|
(10,719 | ) | (23,484 | ) | (2,522 | ) | ||||||
Investment in equity investments
|
(151,219 | ) | (25,632 | ) | (3,358 | ) | ||||||
Investment in preferred equity investment
|
(7,564 | ) | - | (487 | ) | |||||||
Return of capital distribution from equity investments
|
31,890 | 9,625 | 118 | |||||||||
Investment in real estate loan available for sale
|
- | - | (35,000 | ) | ||||||||
Return of capital distribution from securities carried at fair value
|
- | 181 | - | |||||||||
Purchase of securities carried at fair value
|
(19,321 | ) | (13,222 | ) | (33,115 | ) | ||||||
Proceeds from sale of assets held for sale
|
3,629 | 1,750 | - | |||||||||
Proceeds from settlement
|
5,803 | - | - | |||||||||
Proceeds from preferred equity investments
|
- | - | 145 | |||||||||
Proceeds from sale of equity investments
|
6,000 | - | - | |||||||||
Proceeds from sale of real estate loan available for sale
|
- | - | 34,797 | |||||||||
Proceeds from sale of securities carried at fair value
|
26,408 | 31,249 | 39,015 | |||||||||
Proceeds from sale of available for sale securities
|
- | 205 | - | |||||||||
Proceeds of loan securities at maturity
|
8,748 | 2,272 | - | |||||||||
Proceeds from sale of loans receivable
|
- | 12,876 | - | |||||||||
Restricted cash held in escrows
|
3,160 | (1,508 | ) | 2,668 | ||||||||
Collection of loans receivable
|
70,289 | 15,064 | 11,467 | |||||||||
Cash from foreclosure on properties
|
- | 275 | - | |||||||||
Net cash used in investing activities
|
(100,515 | ) | (112,650 | ) | (17,786 | ) | ||||||
(Continued on next page)
|
Years Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Cash flows from financing activities
|
||||||||||||
Proceeds from mortgage loans payable
|
$ | 32,494 | $ | - | $ | 49 | ||||||
Proceeds from loan payable
|
- | - | 19,818 | |||||||||
Payment of loan payable
|
- | - | (19,818 | ) | ||||||||
Proceeds from revolving line of credit
|
67,324 | 25,450 | 35,000 | |||||||||
Payment of revolving line of credit
|
(52,774 | ) | - | (35,000 | ) | |||||||
Principal payments of mortgage loans payable
|
(72,574 | ) | (10,199 | ) | (6,229 | ) | ||||||
Restricted cash held in escrows
|
89 | 1,520 | 4,004 | |||||||||
Payments of note payable
|
- | - | (9,800 | ) | ||||||||
Deferred financing costs
|
(788 | ) | (252 | ) | (61 | ) | ||||||
Contribution from non-controlling interest
|
1,349 | 1,431 | 979 | |||||||||
Distribution to non-controlling interest
|
(356 | ) | (354 | ) | (843 | ) | ||||||
Issuance of Common Shares under Dividend Reinvestment Plan
|
2,760 | 2,401 | 1,615 | |||||||||
Issuance of Common Shares through offering
|
61,386 | 66,774 | 40,168 | |||||||||
Issuance of Preferred Shares
|
38,378 | - | - | |||||||||
Dividend paid on Common Shares
|
(19,496 | ) | (14,573 | ) | (17,809 | ) | ||||||
Dividend paid on Series C Preferred Shares
|
(624 | ) | (396 | ) | - | |||||||
Dividend paid on Series D Preferred Shares
|
(339 | ) | - | - | ||||||||
Redemption of Series B-1 Preferred Shares
|
(21,400 | ) | - | (2,000 | ) | |||||||
Redemption of Series C Preferred Shares
|
(3,221 | ) | - | - | ||||||||
Proceeds from secured financing
|
29,150 | - | - | |||||||||
Net cash provided by financing activities
|
61,358 | 71,802 | 10,073 | |||||||||
Net increase (decrease) in cash and cash equivalents
|
(4,305 | ) | (21,236 | ) | 7,255 | |||||||
Cash and cash equivalents at beginning of period
|
45,257 | 66,493 | 59,238 | |||||||||
Cash and cash equivalents at end of period
|
$ | 40,952 | $ | 45,257 | $ | 66,493 | ||||||
Supplemental Disclosure of Cash Flow Information
|
||||||||||||
Interest paid
|
$ | 16,246 | $ | 14,240 | $ | 16,324 | ||||||
Taxes paid
|
$ | 396 | $ | 133 | $ | 220 | ||||||
Supplemental Disclosure on Non-Cash Investing and Financing Activities
|
||||||||||||
Dividends accrued on Common Shares
|
$ | 5,396 | $ | 4,392 | $ | 3,311 | ||||||
Dividends accrued on Series C Preferred Shares
|
$ | - | $ | 39 | $ | 147 | ||||||
Capital expenditures accrued
|
$ | 1,840 | $ | 1,046 | $ | 201 | ||||||
Distribution from equity investment
|
$ | - | $ | - | $ | 161 | ||||||
Redemption of Series B-1 Preferred Shares
|
$ | - | $ | - | $ | (17,081 | ) | |||||
Deposit on redemption of Series B-1 Preferred Shares
|
$ | - | $ | - | $ | 17,081 | ||||||
Transfer from preferred equity investments
|
$ | 5,821 | $ | - | $ | 41,823 | ||||||
Transfer from (to) loans receivable
|
$ | (6,534 | ) | $ | - | $ | 15,805 | |||||
Transfer to equity method investments
|
$ | (7,509 | ) | $ | - | $ | (57,628 | ) | ||||
Transfer to investments in lease intangibles
|
$ | (12,904 | ) | $ | (3,204 | ) | $ | - | ||||
Transfer to investments in real estate
|
$ | (52,778 | ) | $ | (41,425 | ) | $ | - | ||||
Transfer to below market lease intangibles
|
$ | 1,005 | $ | 125 | $ | - | ||||||
Assumption of mortgage loan on investment in real estate
|
$ | 49,091 | $ | 23,875 | $ | - | ||||||
Transfer from loan securities
|
$ | 662 | $ | - | $ | - |
December 31,
2011
|
September 30,
2011
|
June 30,
2011
|
March 31,
2011
|
December 31,
2010
|
||||||||||||||||
Investments in Real Estate
|
||||||||||||||||||||
Land
|
$ | 36,495 | $ | 36,495 | $ | 36,495 | $ | 36,495 | $ | 37,142 | ||||||||||
Buildings and improvements
|
||||||||||||||||||||
Buildings
|
297,223 | 249,789 | 251,632 | 251,632 | 252,625 | |||||||||||||||
Building improvements
|
13,679 | 11,435 | 12,824 | 12,358 | 11,841 | |||||||||||||||
Furniture and Fixtures
|
1,849 | 1,842 | 827 | 815 | 815 | |||||||||||||||
Tenant improvements
|
14,586 | 10,052 | 8,681 | 8,266 | 6,076 | |||||||||||||||
363,832 | 309,613 | 310,459 | 309,566 | 308,499 | ||||||||||||||||
Accumulated depreciation and amortization
|
(44,556 | ) | (42,262 | ) | (40,168 | ) | (38,084 | ) | (36,232 | ) | ||||||||||
Total Investments in Real Estate
|
$ | 319,276 | $ | 267,351 | $ | 270,291 | $ | 271,482 | $ | 272,267 | ||||||||||
|
||||||||||||||||||||
Accounts Receivable
|
||||||||||||||||||||
Straight-line rent receivable
|
$ | 10,805 | $ | 9,666 | $ | 9,438 | $ | 9,075 | $ | 8,729 | ||||||||||
Other
|
5,335 | 2,714 | 4,672 | 3,459 | 3,673 | |||||||||||||||
Total Accounts Receivable
|
$ | 16,140 | $ | 12,380 | $ | 14,110 | $ | 12,534 | $ | 12,402 | ||||||||||
Securities Carried at Fair Value
|
||||||||||||||||||||
REIT Preferred Shares
|
$ | 4,277 | $ | 4,222 | $ | 4,333 | $ | 10,547 | $ | 28,547 | ||||||||||
REIT Common Shares
|
24,579 | 2,430 | 3,280 | 4,148 | 4,485 | |||||||||||||||
Total Securities Carried at Fair Value
|
$ | 28,856 | $ | 6,652 | $ | 7,613 | $ | 14,695 | $ | 33,032 | ||||||||||
Equity Investments
|
||||||||||||||||||||
So-Cal Office Loan Portfolio (31 Loans)
|
$ | 72,626 | $ | - | $ | - | $ | - | $ | - | ||||||||||
Vintage Housing Holdings (27 Properties)
|
29,887 | 30,513 | 25,452 | - | - | |||||||||||||||
Marc Realty Portfolio (9 Properties)
|
27,145 | 43,419 | 43,735 | 62,493 | 62,150 | |||||||||||||||
Sealy Ventures Properties (3 Properties)
|
11,348 | 14,382 | 10,798 | 10,444 | 11,904 | |||||||||||||||
One South Center / Elad
|
10,150 | - | - | - | - | |||||||||||||||
Riverside Plaza (Retail Loan)
|
7,883 | 7,883 | 7,883 | 7,883 | 7,883 | |||||||||||||||
FII Co-Invest
|
1,800 | 1,800 | - | - | - | |||||||||||||||
RE-CDO Management
|
1,296 | 1,273 | 1,250 | - | - | |||||||||||||||
Lakeside/Eagle
|
7 | 9 | 9 | 17,837 | - | |||||||||||||||
LW SOFI (Sofitel Hotel Loan)
|
- | 6,877 | 6,022 | - | - | |||||||||||||||
46th Street Gotham (Gotham Hotel Loan)
|
- | - | 20 | 7,949 | - | |||||||||||||||
Total Equity Investments
|
$ | 162,142 | $ | 106,156 | $ | 95,169 | $ | 106,606 | $ | 81,937 | ||||||||||
Preferred Equity Investments
|
||||||||||||||||||||
180 North Michigan (Marc Realty)
|
$ | 4,020 | $ | 3,999 | $ | 4,118 | $ | 4,034 | $ | 4,010 | ||||||||||
450 West 14th Street (High Line)
|
- | 7,903 | 6,037 | - | - | |||||||||||||||
Vintage at Tacoma
|
1,500 | 1,500 | - | - | - | |||||||||||||||
Total Preferred Equity Investments
|
$ | 5,520 | $ | 13,402 | $ | 10,155 | $ | 4,034 | $ | 4,010 | ||||||||||
Non-Controlling Interests
|
||||||||||||||||||||
Westheimer (Houston, TX)
|
$ | 10,973 | $ | 10,648 | $ | 10,340 | $ | 10,053 | $ | 9,780 | ||||||||||
River City / Marc Realty (Chicago, IL)
|
3,346 | 3,411 | 3,442 | 3,458 | 3,280 | |||||||||||||||
One East Erie/ Marc Realty (Chicago, IL)
|
504 | 461 | 503 | 497 | 557 | |||||||||||||||
1050 Corporetum / Marc Realty (Lisle, IL)
|
171 | 215 | 253 | 278 | 322 | |||||||||||||||
Deer Valley / Fenway (Deer Valley, AZ)
|
189 | 165 | 154 | 153 | 137 | |||||||||||||||
450 West 14th Street (High Line)
|
4,847 | - | - | - | - | |||||||||||||||
So-Cal Office Loan Portfolio
|
1,004 | - | - | - | - | |||||||||||||||
Total Non-Controlling Interests
|
$ | 21,034 | $ | 14,900 | $ | 14,692 | $ | 14,439 | $ | 14,076 | ||||||||||
The listing above provides detail for only certain balance sheet line items presented on Winthrop Realty Trust's Consolidated Balance Sheets for all periods presented (the "Balance Sheet"). See page 1 of this supplement for all Balance Sheet line items.
|
December 31,
2011
|
September 30,
2011
|
June 30,
2011
|
March 31,
2011
|
December 31,
2010
|
||||||||||||||||
Debt
|
||||||||||||||||||||
Mortgage loans payable
|
$ | 230,940 | $ | 185,622 | $ | 210,751 | $ | 212,155 | $ | 230,443 | ||||||||||
Series B-1 Preferred Shares
|
- | 21,300 | 21,300 | 21,300 | 21,300 | |||||||||||||||
KeyBank line of credit
|
40,000 | - | - | 33,875 | 25,450 | |||||||||||||||
Secured financing
|
29,150 | 15,150 | 15,150 | 15,150 | - | |||||||||||||||
Total Debt
|
300,090 | 222,072 | 247,201 | 282,480 | 277,193 | |||||||||||||||
Preferred Shares
|
||||||||||||||||||||
Series C Cumulative Convertible Redeemable Preferred Shares
|
- | 3,221 | 3,221 | 3,221 | 3,221 | |||||||||||||||
Equity
|
||||||||||||||||||||
Series D Cumulative Redeemable Preferred Shares
|
40,000 | - | - | - | - | |||||||||||||||
Common Shares
|
347,802 | 364,776 | 359,649 | 299,251 | 295,771 | |||||||||||||||
Non-controlling ownership interests
|
21,034 | 14,900 | 14,692 | 14,439 | 14,076 | |||||||||||||||
Total Equity
|
408,836 | 379,676 | 374,341 | 313,690 | 309,847 | |||||||||||||||
Total Capitalization
|
$ | 708,926 | $ | 604,969 | $ | 624,763 | $ | 599,391 | $ | 590,261 |
Common Dividend Per Share
|
||||||||||||||||||
December 31, 2011
|
September 30, 2011
|
June 30, 2011
|
March 31, 2011
|
December 31, 2010
|
||||||||||||||
$ | 0.1625 | $ | 0.1625 | $ | 0.1625 | $ | 0.1625 | $ | 0.1625 |
Liquidity and Credit Facility
|
||||||||||||||||||||
December 31,
2011
|
September 30,
2011
|
June 30,
2011
|
March 31,
2011
|
December 31,
2010
|
||||||||||||||||
Cash and cash equivalents
|
$ | 40,952 | $ | 66,777 | $ | 51,344 | $ | 21,240 | $ | 45,257 | ||||||||||
Securities carried at fair value
|
28,856 | 6,652 | 7,613 | 14,695 | 33,032 | |||||||||||||||
Available under line of credit
|
10,000 | 50,000 | 50,000 | 16,125 | 9,550 | |||||||||||||||
Total Liquidity and Credit Facility
|
$ | 79,808 | $ | 123,429 | $ | 108,957 | $ | 52,060 | $ | 87,839 |
Cash
|
Amount
|
|||||||
Cash and cash equivalents
|
$ | 40,952 | ||||||
REIT Securities
|
Cost
|
Fair Value
|
||||||
REIT Preferred shares
|
$ | 2,067 | $ | 4,277 | ||||
REIT Common shares
|
21,492 | 24,579 |
Loan Assets, Loan Securities & Loan
Equity Investments, with Expected
Repayment
|
Type
|
Stated Interest
Rate
|
Cost, less Principal Repaid
|
Carrying Amount (before accrued interest)
|
Par Value
|
Extended Maturity Date
|
||||||||||||
Magazine - Mezzanine Loan
|
Multi Family
|
Libor + 1.23%
|
17,525 | 18,786 | 20,000 |
07/09/12
|
||||||||||||
160 Spear - B Note
|
Office
|
9.75% | 3,410 | 11,468 | 15,000 | (1 | ) |
06/09/13
|
||||||||||
160 Spear - Mezzanine Loan
|
Office
|
15.00% | 4,800 | 4,800 | 4,800 |
06/09/13
|
||||||||||||
Hotel Wales - Whole Loan
|
Hotel
|
Libor + 4%
|
20,000 | 20,000 | 20,000 | (1 | ) |
10/05/13
|
||||||||||
Legacy Orchard -Corporate Loan
|
Corporate Loan
|
15.00% | 9,750 | 9,750 | 9,500 |
10/31/14
|
||||||||||||
Rennaisance - Mezzanine Loan
|
Retail / Multi Family
|
Libor + 12%
|
3,000 | 3,000 | 3,000 |
01/01/15
|
||||||||||||
San Marbeya - Whole Loan
|
Multi Family
|
5.88% | 26,351 | 26,351 | 30,466 |
01/01/15
|
||||||||||||
Rockwell - Mezzanine Loan
|
Industrial
|
12.00% | 246 | 260 | 1,493 |
05/01/16
|
||||||||||||
29 East Madison - Mezzanine Loan
|
Office
|
8.00% | 4,028 | 4,028 | 4,000 |
05/31/16
|
||||||||||||
500-512 Seventh Ave - B Note
|
Office
|
7.19% | 9,563 | 9,931 | 11,400 |
07/11/16
|
||||||||||||
180 North Michigan - Mezzanine Loan
|
Office
|
8.50% | 2,930 | 2,930 | 2,930 |
12/31/16
|
||||||||||||
Wellington Tower - Mezzanine Loan
|
Mixed use
|
6.79% | 2,351 | 2,549 | 3,501 |
07/11/17
|
||||||||||||
WBCMT Series 2007 Tranche L - CMBS
|
Hotel
|
Libor + 1.75%
|
161 | 68 | 1,130 |
06/09/12
|
||||||||||||
2600 West Olive - Rake Bonds
|
Office
|
Libor+0.65% to 1.60%
|
1,500 | 5,275 | 6,364 |
02/29/13
|
||||||||||||
(1) Amount represents Borrowers Discounted Payoff Option amount.
|
Loan Assets, Loan Securities & Loan Equity Investments, with Potential Equity Participation
|
Type
|
Stated Interest Rate
|
Cost, less Principal
Repaid
|
Carrying Amount (before accrued interest)
|
Par
Value
|
Extended
Maturity
Date
|
|||||||
Riverside -B Note - 50 % Owned Equity Inv
|
Retail
|
12.00%
|
15,600
|
15,600
|
15,600
|
12/01/12
|
|||||||
So-Cal Office - C Note - 73% Owned Equity Inv
|
Office
|
Libor + 3.1%
|
96,969
|
96,969
|
117,896
|
08/09/12
|
|||||||
Amounts shown represent 100% of the investment at the venture level.
|
Consolidated Operating Properties
Acquired through Direct or Indirect
Foreclosure
|
%
Owned
|
Type
|
Square Feet/ Units
|
Cost Basis before
Accum Depreciation
|
Cost per Square
Foot or Unit
|
Debt Balance
|
|||||||||||||||||
Deer Valley, AZ
|
97 | % |
Office
|
82,000 | $ | 11,515 | $ | 140 | $ | - | (1 | ) | |||||||||||
Englewood, CO (Crossroads I)
|
100 | % |
Office
|
118,000 | 8,182 | 69 | - | (1 | ) | ||||||||||||||
Englewood, CO (Crossroads II)
|
100 | % |
Office
|
118,000 | 10,678 | 90 | - | (1 | ) | ||||||||||||||
Meriden, CT (Newbury Apartments)
|
100 | % |
Multi-Family
|
180 Units
|
25,254 | 140,300 | 13,590 |
Consolidated Operating Properties
Acquired through Asset Purchase
|
%
Owned
|
Type
|
Square Feet
|
Cost Basis before Accum Depreciation
|
Cost per Square Foot
|
Debt Balance
|
|||||||||||||||||
Atlanta, GA
|
100 | % |
Retail
|
61,000 | 4,638 | $ | 76 | - | (1 | ) | |||||||||||||
Denton, TX
|
100 | % |
Retail
|
46,000 | 2,744 | 60 | - | (1 | ) | ||||||||||||||
Greensboro, NC
|
100 | % |
Retail
|
46,000 | 3,801 | 83 | - | (1 | ) | ||||||||||||||
Louisville , KY
|
100 | % |
Retail
|
47,000 | 3,098 | 66 | - | (1 | ) | ||||||||||||||
Memphis, TN
|
100 | % |
Retail
|
44,000 | 1,397 | 32 | - | (1 | ) | ||||||||||||||
Seabrook, TX
|
100 | % |
Retail
|
52,000 | 2,012 | 39 | - | (1 | ) | ||||||||||||||
Amherst, NY
|
100 | % |
Office
|
200,000 | 19,618 | 98 | 15,682 | ||||||||||||||||
Andover, MA
|
100 | % |
Office
|
93,000 | 8,328 | 90 | - | (1 | ) | ||||||||||||||
Chicago, IL (One East Erie / Marc Realty)
|
80 | % |
Office
|
126,000 | 25,814 | 205 | 20,522 | ||||||||||||||||
Chicago, IL (River City / Marc Realty )
|
60 | % |
Office
|
253,000 | 16,264 | 64 | 8,900 | ||||||||||||||||
Houston, TX (Westheimer)
|
8 | % |
Office
|
614,000 | 69,543 | 113 | 56,423 | ||||||||||||||||
Indianapolis, IN (Circle Tower)
|
100 | % |
Office
|
111,000 | 8,546 | 77 | 4,169 | ||||||||||||||||
Lisle, IL (550 Corporetum)
|
100 | % |
Office
|
169,000 | 21,454 | 127 | 5,753 | ||||||||||||||||
Lisle, IL (Arboretum)
|
100 | % |
Office
|
67,000 | 6,162 | 92 | 1,657 | ||||||||||||||||
Lisle, IL (1050 Corporetum / Marc Realty)
|
60 | % |
Office
|
54,000 | 4,045 | 75 | 5,600 | ||||||||||||||||
New York, NY
|
var
|
Office
|
105,000 | 55,457 | 528 | 49,585 | |||||||||||||||||
Orlando, FL
|
100 | % |
Office
|
257,000 | 17,290 | 67 | 38,132 | ||||||||||||||||
Plantation, FL
|
100 | % |
Office
|
120,000 | 12,935 | 108 | 10,927 | ||||||||||||||||
South Burlington, VT
|
100 | % |
Office
|
54,000 | 3,407 | 63 | - | (1 | ) | ||||||||||||||
Jacksonville, FL
|
100 | % |
Warehouse
|
580,000 | 12,341 | 21 | - | (1 | ) | ||||||||||||||
Churchill, PA
|
100 | % |
Mixed Use
|
826,000 | 9,309 | 11 | - | ||||||||||||||||
(1) These properties collateralize our revolving line of credit.
|
Equity Investment Operating Properties
Acquired through Asset Purchase
|
%
Owned
|
Type
|
Square Feet
|
Equity Investment
Carrying Amount
|
|||||||||
Marc Realty (9 Equity Investments)
|
Var
|
Office
|
1,407,000 | $ | 27,145 | ||||||||
Sealy Equity Investments (3 Equity Investments)
|
Var
|
Industrial/Office
|
2,097,000 | 11,348 | |||||||||
Vintage Housing Holdings
|
75 | % |
Multi- Family
|
4,167 Units
|
29,887 | ||||||||
Preferred Equity Investment Operating Properties Acquired through Asset Purchase
|
%
Owned
|
Type
|
Square Feet
|
Preferred Equity
Investment
Carrying Amount
|
|||||||||
180 North Michigan
|
70 | % |
Office
|
229,000 | 4,020 | ||||||||
Vintage Housing Holdings
|
75 | % |
Multi-Family
|
Under construction
|
1,500 |
December 31, 2011
|
September 30, 2011
|
June 30, 2011
|
March 31, 2011
|
December 31, 2010
|
||||||||||||||||||||||||||||||||||||
Cost
|
Fair Value
|
Cost
|
Fair Value
|
Cost
|
Fair Value
|
Cost
|
Fair Value
|
Cost
|
Fair Value
|
|||||||||||||||||||||||||||||||
REIT Preferred shares
|
$ | 2,067 | $ | 4,277 | $ | 2,067 | $ | 4,222 | $ | 2,067 | $ | 4,333 | $ | 5,646 | $ | 10,547 | $ | 15,757 | $ | 28,547 | ||||||||||||||||||||
REIT Common shares
|
21,492 | 24,579 | 2,935 | 2,430 | 2,935 | 3,280 | 2,935 | 4,148 | 3,590 | 4,485 | ||||||||||||||||||||||||||||||
Total securities carried at fair value
|
$ | 23,559 | $ | 28,856 | $ | 5,002 | $ | 6,652 | $ | 5,002 | $ | 7,613 | $ | 8,581 | $ | 14,695 | $ | 19,347 | $ | 33,032 | ||||||||||||||||||||
Securities carried at fair value are comprised of REIT preferred shares and common shares for which the Trust has elected the fair value option.
|
Three Months Ended
|
||||||||||||||||||||
December 31,
2011
|
September 30,
2011
|
June 30,
2011
|
March 31,
2011
|
December 31,
2010
|
||||||||||||||||
Net unrealized gain (loss)
|
$ | 3,552 | $ | (1,036 | ) | $ | (689 | ) | $ | 3,699 | $ | 2,198 | ||||||||
Net realized gain (loss)
|
$ | (8 | ) | $ | - | $ | 7 | $ | 124 | $ | 439 | |||||||||
The Trust uses specific identification method for calculating gain or loss on the sale of securities carried at fair value.
|
||||||||||||||||||||
Net unrealized gains and losses and realized gains and losses above include amounts generated from securities carried at fair value and loan securities.
|
Description
|
Acquisition Date
|
Asset
Type
|
Location
|
Position
|
Interest Rate (1)
|
Carrying Amount (2)
December 31, 2011
|
Par Value
|
Maturity Date (3)
|
Senior
Debt (4)
|
|||||||||
Loans Receivable
|
||||||||||||||||||
Magazine
|
Jun 2011
|
Multi Family
|
Florida
|
Mezzanine
|
Libor + 1.23%
|
$ 18,805
|
$20,000
|
07/09/12
|
$ 120,000
|
|||||||||
160 Spear
|
Jun 2009
|
Office
|
San Francisco, CA
|
B Note
|
9.75% (5)
|
11,555
|
15,000
|
(6)
|
06/09/13
|
35,000
|
||||||||
160 Spear
|
Various
|
Office
|
San Francisco, CA
|
Mezzanine
|
15.00%
|
4,846
|
4,800
|
06/09/13
|
50,000
|
|||||||||
Hotel Wales
|
Oct 2011
|
Hotel
|
New York, NY
|
Whole Loan
|
Libor + 4.0% (7)
|
20,101
|
20,000
|
10/05/13
|
-
|
|||||||||
Legacy Orchard
|
Oct 2010
|
Corporate Loan
|
n/a
|
Corporate Loan
|
15.00%
|
9,750
|
9,750
|
(6)
|
10/31/14
|
-
|
||||||||
Renaissance Walk
|
Dec 2011
|
Retail/ Multi Family
|
Atlanta, GA
|
Mezzanine
|
Libor + 12.0% (8)
|
3,000
|
3,000
|
01/01/15
|
4,000
|
|||||||||
San Marbeya
|
Jul 2010
|
Multi Family
|
Tempe, AZ
|
Whole
|
5.88%
|
26,501
|
30,466
|
01/01/15
|
-
|
|||||||||
Rockwell
|
Aug 2010
|
Industrial
|
Shirley, NY
|
Mezzanine
|
12.00%
|
275
|
1,493
|
05/01/16
|
16,766
|
|||||||||
29 East Madison
|
Jun 2011
|
Office
|
Chicago, IL
|
Mezzanine
|
8.00%
|
4,028
|
4,000
|
05/31/16
|
10,494
|
|||||||||
500-512 7th Ave
|
Jul 2010
|
Office
|
New York, NY
|
B Note
|
7.19%
|
9,979
|
11,400
|
07/11/16
|
244,887
|
|||||||||
180 N. Michigan
|
Various
|
Office
|
Chicago, IL
|
Mezzanine (9)
|
8.50%
|
2,930
|
2,930
|
12/31/16
|
17,601
|
|||||||||
Wellington Tower
|
Dec 2009
|
Mixed use
|
New York, NY
|
Mezzanine
|
6.79%
|
2,563
|
3,501
|
07/11/17
|
22,500
|
|||||||||
Total Loans Receivable |
$ 114,333
|
$ 126,340
|
||||||||||||||||
Loan Securities Carried at Fair Value
|
||||||||||||||||||
WBCMT 2007
|
Dec 2009
|
Hotel
|
Various
|
CMBS
|
Libor + 1.75%
|
$ 34
|
$ 1,267
|
06/09/12
|
$ 1,351,667
|
|||||||||
West Olive
|
Dec 2009
|
Office
|
Burbank, CA
|
Rake Bonds
|
(10)
|
5,275
|
6,364
|
02/28/13
|
15,666
|
|||||||||
Total Loan Securities Carried at Fair Value |
$ 5,309
|
$ 7,631
|
||||||||||||||||
Equity Investment Loan Assets (11)
|
||||||||||||||||||
Riverside Plaza
|
Jun 2010
|
Retail
|
Riverside, CA
|
B Note
|
(12)
|
12.00%
|
$ 7,883
|
$ 7,800
|
12/01/12
|
$ 54,400
|
||||||||
So-Cal Office Portfolio
|
Nov 2011
|
Office
|
Southern. CA
|
C Note
|
(12)
|
Libor + 3.10%
|
72,626
|
86,064
|
08/09/12
|
678,797
|
||||||||
Total Loan Assets of Equity Investments |
$ 80,509
|
$ 93,864
|
||||||||||||||||
Preferred Equity Investment Loan Assets
|
||||||||||||||||||
180 N. Michigan
|
Jul 2008
|
Office
|
Chicago, IL
|
Preferred Equity
|
8.50%
|
$ 4,020
|
$ 3,923
|
---
|
$ 21,798
|
|||||||||
Vintage Housing
|
Jun 2011
|
Multi Family
|
Southern. CA
|
Preferred Equity
|
12.00%
|
1,500
|
86,064
|
---
|
-
|
|||||||||
Total Preferred Equity
|
$ 5,520
|
$ 89,987
|
||||||||||||||||
Continued on next page
|
Notes to Schedule of Loan Assets
|
|
(1) |
Represents contractual interest rates without giving effect to loan discount and accretion. The stated interest rate may be significantly different than the Trust's effective interest rate on certain loan investments.
|
(2) |
Carrying amount of loans receivable includes accrued interest of $500,000 and cumulative accretion of $9,914,000 at December 31, 2011.
|
(3) |
Maturity dates presented are after giving effect to all contractual extensions.
|
(4) |
Senior Debt indicates debt which is secured by the underlying property which is senior to our loan.
|
(5) |
The Trust holds a B note in this loan. Interest on the B note equals the difference between (i) interest on the entire outstanding loan principal balance ($73,796 at December 31, 2011) at a rate of 6.48215% per annum less (ii) interest payable on the outstanding principal balance of the A note ($35,000 at December 31, 2011) at a rate of 9.75% per annum. As a result, the effective yield on the Trust’s $3,410 cash investment is 40.8%.
|
(6) |
Amount of Par Value is presented at the borrowers discounted payoff option (DPO) amount.
|
(7) |
Libor floor of 3%.
|
(8) |
Libor floor of 2%.
|
(9) |
Represents a tenant improvement and capital expenditure loan collateralized by a subordinate mortgage on the ownership interest in the property owner.
|
(10) |
Ranges from Libor + 0.65% to Libor + 1.60%.
|
(11) |
Does not include our equity interests in Concord, RE CDO Management and WRT-Elad which invested in Sullivan Center which closed in 2012.
|
(12) |
The loan asset carrying amount presented is at Winthrop's ownership in the loan balance.
|
Three Months Ended
|
||||||||||||||||||||
December 31,
2011
|
September 30,
2011
|
June 30,
2011
|
March 31, 2011
|
December 31,
2010
|
||||||||||||||||
Rents and reimbursements
|
||||||||||||||||||||
Minimum rent
|
$ | 9,475 | $ | 9,722 | $ | 9,666 | $ | 9,624 | $ | 9,064 | ||||||||||
Deferred rents (straight-line)
|
1,140 | 227 | 363 | 346 | 166 | |||||||||||||||
Recovery income
|
967 | 976 | 1,274 | 1,147 | 851 | |||||||||||||||
Less:
|
||||||||||||||||||||
Above and below market rents
|
106 | 113 | 126 | 128 | 156 | |||||||||||||||
Lease concessions and abatements
|
(113 | ) | (197 | ) | (195 | ) | (259 | ) | (160 | ) | ||||||||||
Total rents and reimbursements
|
11,575 | 10,841 | 11,234 | 10,986 | 10,077 | |||||||||||||||
|
||||||||||||||||||||
Rental property expenses
|
||||||||||||||||||||
Property operating
|
3,754 | 3,535 | 3,987 | 4,045 | 3,089 | |||||||||||||||
Real estate taxes
|
1,096 | 1,108 | 1,087 | 1,255 | 530 | |||||||||||||||
Total rental property expenses
|
4,850 | 4,643 | 5,074 | 5,300 | 3,619 | |||||||||||||||
Net operating income (1)
|
||||||||||||||||||||
from consolidated properties
|
$ | 6,725 | $ | 6,198 | $ | 6,160 | $ | 5,686 | $ | 6,458 | ||||||||||
(1) See definition of non-GAAP measure of Net Operating Income on page 32 of the supplemental package.
|
Three Months Ended
|
||||||||||||||||||||
December 31,
2011
|
September 30,
2011
|
June 30,
2011
|
March 31,
2011
|
December 31,
2010
|
||||||||||||||||
Interest, Dividends and Discount
Accretion by Business Segment:
|
||||||||||||||||||||
Loan Assets
|
$ | 4,867 | $ | 5,417 | $ | 4,976 | $ | 9,214 | $ | 4,989 | ||||||||||
REIT Securities
|
322 | 86 | 118 | 458 | 392 | |||||||||||||||
Total Interest, Dividends and
Discount Accretion
|
$ | 5,189 | $ | 5,503 | $ | 5,094 | $ | 9,672 | $ | 5,381 | ||||||||||
Interest, Dividends and Discount
Accretion Detail:
|
||||||||||||||||||||
Interest on loan assets
|
$ | 2,633 | $ | 3,043 | $ | 2,687 | $ | 2,710 | $ | 2,294 | ||||||||||
Accretion of loan discount
|
2,234 | 2,374 | 2,289 | 6,504 | 2,695 | |||||||||||||||
Interest and dividends on REIT securities
|
322 | 86 | 118 | 458 | 392 | |||||||||||||||
Total Interest, Dividends and
Discount Accretion
|
$ | 5,189 | $ | 5,503 | $ | 5,094 | $ | 9,672 | $ | 5,381 |
Description and
Location
|
Year
Acquired
|
Trust’s
Ownership
|
Rentable
Square Feet
|
(**)
% Leased
|
Major Tenants
(Lease /Options Exp)
|
Major Tenants’
Sq. Feet.
|
($000's)
Cost Basis
|
Cost per
Sq Ft
|
Ownership
of Land
|
($000's) Debt
Balance
|
Debt Maturity
&
Int Rate
|
Amherst, NY (2)
|
2005
|
100%
|
200,000
|
100%
|
Ingram Micro Systems (2013/2023)
|
200,000
|
$ 16,632
|
$ 83
|
Fee
|
$15,682
|
10/2013
5.65%
|
Andover, MA
|
2005
|
100%
|
93,000
|
100%
|
PAETEC Comm.
(2022/2037)
|
93,000
|
7,180
|
77
|
Fee
|
(1)
|
(1)
|
Chicago, IL
(One East Erie / Marc Realty)
|
2005
|
80%
|
126,000
|
83%
|
The Gettys Group (2012/2016)
|
13,000
|
21,513
|
171
|
Fee
|
20,522
|
03/2016
5.75%
|
River North Surgery (2015/ n/a)
|
15,000
|
||||||||||
Chicago, IL
(River City / Marc Realty)
|
2007
|
60%
|
253,000
|
72%
|
Bally Total Fitness (2013/2021)
|
55,000
|
14,709
|
58
|
Fee
|
8,900
|
04/2012
6.25%
|
ITAV (2024/2029)
|
35,000
|
||||||||||
MFS/Worldcom(2019/2023)
|
61,000
|
||||||||||
Deer Valley, AZ
|
2010
|
96.5%
|
82,000
|
96%
|
United Healthcare
(2017/2027)
|
42,000
|
10,839
|
132
|
Fee
|
(1)
|
(1)
|
Premier Research Group (2016/2026)
|
13,800
|
||||||||||
Southwest Desert Cardiology (2022 / 2037)
|
9,200
|
||||||||||
Englewood, CO Crossroads I
|
2010
|
100%
|
118,000
|
57%
|
RGN-Denver LLC
(2015/ 2025)
|
17,000
|
7,831
|
66
|
Fee
|
(1)
|
(1)
|
Englewood, CO Crossroads II
|
2010
|
100%
|
118,000
|
87%
|
TIC Holdings
(2019 / 2044)
|
75,000
|
10,330
|
88
|
Fee
|
(1)
|
(1)
|
Houston, TX
|
2004
|
8%
|
614,000
|
100%
|
Spectra Energy (2018/2028)
|
614,000
|
58,481
|
95
|
Fee
|
56,423
|
04/2016
6.34%
|
Indianapolis, IN
(Circle Tower)
|
1974
|
100%
|
111,000
|
83%
|
No Tenants
Over 10%
|
-
|
4,991
|
45
|
Fee
|
4,169
|
04/2015
5.82%
|
Lisle, IL
|
2006
|
100%
|
169,000
|
61%
|
United Healthcare
(2014/ n/a)
|
41,000
|
18,911
|
112
|
Fee
|
5,753
|
10/2014
Libor + 2.5%
|
Lisle, IL
|
2006
|
100%
|
67,000
|
17%
|
ABM Janitorial (2012/2014)
|
11,000
|
5,239
|
78
|
Fee
|
1,657
|
10/2014
Libor + 2.5%
|
Lisle, IL
(Marc Realty)
|
2006
|
60%
|
54,000
|
100%
|
Ryerson
(2018/2028)
|
54,000
|
3,590
|
66
|
Fee
|
5,600
|
03/2017
5.55%
|
New York, NY
(450 West 14th St)
|
2011
|
var
|
105,000
|
70%
|
Fast Retailing (2026/2036)
|
23,000
|
55,231
|
526
|
Ground Lease
|
49,585
|
05/2016
Libor + 2.5%
|
Alice + Olivia (2021/2031)
|
22,000
|
||||||||||
Access Industries (2021/2031)
|
14,000
|
||||||||||
Orlando, FL
|
2004
|
100%
|
257,000
|
100%
|
Siemens Real Estate, Inc. (2017/2042)
|
257,000
|
14,210
|
55
|
Ground Lease
|
38,132
|
07/2017
6.40%
|
Plantation, FL
|
2004
|
100%
|
120,000
|
100%
|
AT&T Service, Inc.
(2020/2035)
|
120,000
|
11,344
|
95
|
Fee
|
10,927
|
04/2018
6.48%
|
South Burlington, VT
|
2005
|
100%
|
54,000
|
100%
|
Fairpoint Comm.
(2014/2029)
|
54,000
|
2,922
|
54
|
Ground Lease
|
(1)
|
(1)
|
Subtotal - Office
|
2,541,000
|
263,953
|
217,350
|
||||||||
(Continued on next page) |
Description and
Location
|
Year
Acquired
|
Trust’s
Ownership
|
Rentable
Square Feet
|
(**)
% Leased
|
Major Tenants
(Lease /Options Exp)
|
Major Tenants’
Sq. Feet.
|
($000's)
Cost Basis
|
Cost per Square
Foot or Unit
|
Ownership
of Land
|
($000's) Debt
Balance
|
Debt Maturity
& Int Rate
|
Retail
|
|||||||||||
Atlanta, GA
|
2004
|
100%
|
61,000
|
100%
|
The Kroger Co. (2016/2026)
|
61,000
|
$ 3,812
|
$ 62
|
Ground Lease
|
(1)
|
(1)
|
Denton, TX
|
2004
|
100%
|
46,000
|
64%
|
Diesel Fitness
(2012)
|
29,000
|
2,459
|
53
|
Fee
|
(1)
|
(1)
|
Greensboro, NC
|
2004
|
100%
|
46,000
|
100%
|
The Kroger Co. (2017/2037)
|
46,000
|
3,124
|
68
|
Ground Lease
|
(1)
|
(1)
|
Louisville, KY
|
2004
|
100%
|
47,000
|
100%
|
The Kroger Co.
(2015/2040)
|
47,000
|
2,612
|
56
|
Fee
|
(1)
|
(1)
|
Memphis, TN
|
2004
|
100%
|
44,000
|
100%
|
The Kroger Co. (2015/2040)
|
44,000
|
1,262
|
29
|
Fee
|
(1)
|
(1)
|
Seabrook, TX
|
2004
|
100%
|
52,000
|
100%
|
The Kroger Co. (2015/2040)
|
52,000
|
1,763
|
34
|
Fee
|
(1)
|
(1)
|
Subtotal Retail
|
296,000
|
15,032
|
|||||||||
Other
|
|||||||||||
Warehouse
|
|||||||||||
Jacksonville, FL
|
2004
|
100%
|
580,000
|
100%
|
Football Fanatics
(2015/2024)
|
558,000
|
10,483
|
18
|
Fee
|
(1)
|
(1)
|
Mixed Use
|
|||||||||||
Churchill, PA (3)
|
2004
|
100%
|
826,000
|
19%
|
n/a
|
-
|
5,555
|
7
|
Fee
|
-
|
-
|
Residential
|
|||||||||||
Meriden, CT
|
2010
|
100%
|
180 units
|
91%
|
n/a
|
n/a
|
24,253
|
n/a
|
Fee
|
13,590
|
10/2014
Libor + 2.5%
|
|
|||||||||||
Subtotal - Other
|
1,406,000
|
40,291
|
|||||||||
Total Consolidated Properties
|
4,243,000
|
$ 319,276
|
$ 230,940
|
||||||||
(**) Occupancy rates include all signed leases, including space undergoing tenant improvements.
|
|||||||||||
Notes to Consolidated Properties - Selected Data
|
|||||||||||
(1) These properties collateralize our revolving line of credit.
|
|||||||||||
(2) The Amherst, New York office property represents two separate buildings. The ground underlying the properties is leased to us by the local development
authority pursuant to a ground lease which requires no payment. Effective October 31, 2013, legal title to the ground will vest with us.
|
Description and
Location
|
Year
Acquired
|
Trust’s
Ownership
|
Rentable
Square Feet
|
(**)
% Leased
|
Major Tenants
(Lease /Options Exp)
|
Major Tenants’
Sq. Feet.
|
($000's)
Equity Investment
|
Ownership
of Land
|
($000's) Debt
Balance(1)
|
Debt Maturity
& Int Rate
|
Marc Realty Portfolio - Equity Investment Operating Properties
|
||||||||||
30 North Michigan, Chicago, IL
|
2005
|
50%
|
221,000
|
88%
|
No tenants over 10%
|
-
|
$ 10,049
|
Fee
|
$ 12,723
|
08/2014
5.99%
|
223 West Jackson, Chicago, IL
|
2005
|
50%
|
168,000
|
67%
|
No tenants over 10%
|
-
|
7,679
|
Fee
|
7,356
|
06/2012
6.92%
|
4415 West Harrison, Hillside, IL (High Point)
|
2005
|
50%
|
192,000
|
57%
|
North American Medical Mgmt (2015/2020)
|
20,400
|
2,441
|
Fee
|
4,516
|
12/2015
5.62%
|
2000-60 Algonquin, Shaumburg, IL (Salt Creek)
|
2005
|
50%
|
101,000
|
67%
|
Familia Development
(2015/2020)
|
10,300
|
-
|
Fee
|
(2)
|
02/2013
Libor + 2.75%
|
1701 E. Woodfield, Shaumburg, IL
|
2005
|
50%
|
175,000
|
87%
|
No tenants over 10%
|
-
|
2,047
|
Fee
|
5,632
|
09/2015
Libor + 3% (3)
|
2720 River Rd,
Des Plains, IL
|
2005
|
50%
|
108,000
|
86%
|
No tenants over 10%
|
-
|
1,000
|
Fee
|
2,433
|
10/2012
6.095%
|
|
||||||||||
3701 Algonquin, Rolling Meadows, IL
|
2005
|
50%
|
193,000
|
79%
|
ISACA
(2018/2024)
|
29,600
|
250
|
Fee
|
9,864
|
02/2013
Libor + 2.75%
|
Relational Funding
(2013/ n/a)
|
27,400
|
|||||||||
2205-55 Enterprise, Westchester, IL
|
2005
|
50%
|
130,000
|
90%
|
Consumer Portfolio
(2014/2019)
|
18,900
|
2,679
|
Fee
|
(2)
|
02/2013
Libor + 2.75%
|
UroPartners LLC
(2015/ n/a)
|
14,500
|
|||||||||
|
||||||||||
900-910 Skokie, Northbrook, IL
(Ridgebrook)
|
2005
|
50%
|
119,000
|
88%
|
MIT Financial Group
(2016/ n/a)
|
1,000
|
Fee
|
5,343
|
07/2016
Libor + 2.75%
|
|
Total Marc Realty Portfolio
|
1,407,000
|
$ 27,145
|
$ 59,159
|
|||||||
Sealy Venture Portfolio - Equity Investment Operating Properties
|
||||||||||
Atlanta, GA
(Northwest Atlanta)
|
2006
|
60%
|
472,000
|
77%
|
Original Mattress
(2020/2025)
|
57,000
|
$ 8,537
|
Fee
|
$ 13,955
|
09/2015
Libor +5.35% (4)
|
Atlanta, GA
(Newmarket)
|
2008
|
68%
|
470,000
|
52%
|
No tenants over 10%
|
-
|
2,811
|
Fee
|
37,000
|
11/2016
6.12%
|
Nashville, TN
(Airpark)
|
2007
|
50%
|
1,155,000
|
83%
|
No tenants over 10%
|
-
|
-
|
Fee
|
74,000
|
05/2012
5.77%
|
Total - Sealy Venture Portfolio
|
2,097,000
|
$ 11,348
|
$ 124,955
|
|||||||
(Continued on next page)
|
Description and Location
|
Year
Acquired
|
Units
|
(**)
% Leased
|
Ownership
of Land
|
|
Vintage Housing Portfolio - Equity Investment Operating Properties (5)
|
|||||
Vintage at Bend
|
Bend, OR
|
2011
|
106
|
97%
|
Fee
|
Bouquet Canyon Seniors
|
Santa Clarita, CA
|
2011
|
264
|
98%
|
Fee
|
Vintage at Bremerton
|
Bremerton, WA
|
2011
|
143
|
94%
|
Fee
|
Vintage at Burien
|
Burien, WA
|
2011
|
101
|
100%
|
Ground Lease
|
Vintage at Chehalis
|
Chehalis, WA
|
2011
|
150
|
95%
|
Fee
|
Elk Creek Apartments
|
Sequim, WA
|
2011
|
138
|
96%
|
Fee
|
Vintage at Everett
|
Everett, WA
|
2011
|
259
|
94%
|
Fee
|
Falls Creek Apartments
|
Couer d' Alene, ID
|
2011
|
170
|
94%
|
Fee
|
Forest Creek Apartments
|
Spokane, WA
|
2011
|
252
|
92%
|
Fee
|
Hamilton Place Seniors
|
Bellingham, WA
|
2011
|
94
|
97%
|
Fee
|
Heritage Place Apartments
|
St. Ann, MO
|
2011
|
113
|
96%
|
Fee
|
Holly Village Apartments
|
Everett, WA
|
2011
|
149
|
98%
|
Fee
|
Larkin Place Apartments
|
Bellingham, WA
|
2011
|
101
|
94%
|
Fee
|
Vintage at Mt. Vernon
|
Mt. Vernon, WA
|
2011
|
154
|
97%
|
Fee
|
Vintage at Napa
|
Napa, CA
|
2011
|
115
|
100%
|
Fee
|
Vintage at Richland
|
Richland, WA
|
2011
|
150
|
97%
|
Fee
|
Rosecreek Senior Living
|
Arlington, WA
|
2011
|
100
|
96%
|
Fee
|
Vintage at Sequim
|
Sequim, WA
|
2011
|
118
|
98%
|
Fee
|
Silver Creek Apartments
|
Pasco, WA
|
2011
|
242
|
96%
|
Fee
|
Vintage at Silverdale
|
Silverdale, WA
|
2011
|
240
|
94%
|
Fee
|
Vintage at Spokane
|
Spokane, WA
|
2011
|
287
|
95%
|
Fee
|
Seven Hills/ St Rose
|
Henderson, NV
|
2011
|
244
|
98%
|
Fee
|
Twin Ponds Apartments
|
Arlington, WA
|
2011
|
134
|
98%
|
Fee
|
Vintage at Vancouver
|
Vancouver, WA
|
2011
|
154
|
99%
|
Fee
|
Vista Sonoma Seniors Apts
|
Santa Rosa, CA
|
2011
|
189
|
95%
|
Fee
|
Total - Vintage Housing Portfolio
|
4,167
|
units
|
|||
(Continued on Next Page) |
Description and
Location
|
Year
Acquired
|
Trust’s
Ownership
|
Rentable
Square Feet
|
($000's)
Equity Investment
|
($000's) Debt
Balance (1)
|
||||
Equity Investment Operating Properties
|
|||||||||
Marc Realty Portfolio (from Page 21)
|
see above
|
1,047,000
|
$ 27,145
|
$ 59,159
|
(6)
|
||||
.
|
|||||||||
Sealy Portfolio (from Page 21)
|
see above
|
2,097,000
|
11,348
|
124,955
|
(6)
|
||||
Vintage Portfolio (from page 22)
|
see above
|
4,167 units
|
29,887
|
218,533
|
(6)
|
||||
Total Equity Investment Operating Properties
|
68,380
|
402,647
|
|||||||
Loan Asset Equity Investments
|
|||||||||
WRT-ROIC Riverside LLC
|
2010
|
50%
|
7,883
|
||||||
WRT-ROIC Lakeside Eagle LLC
|
2011
|
50%
|
7
|
||||||
WRT-SoCal Lender LLC
|
2011
|
73%
|
72,626
|
||||||
FII Co-Invest LLC
|
2011
|
28%
|
1,800
|
||||||
Sullivan Center
|
2011
|
50%
|
10,150
|
||||||
Other Equity Investment
|
|||||||||
RE CDO Management
|
2011
|
50%
|
1,296
|
||||||
Total Equity Investments
|
$ 162,142
|
||||||||
(**) Occupancy rates include all signed leases including space undergoing tenant improvements
|
|
Notes to Equity Investments - Selected Data
|
|
(1) |
Debt balance shown represents 100% of the debt encumbering the properties.
|
(2) |
Both the 2000-60 Algonquin and 2205-55 Enterprise Road Marc Realty properties are cross collateralized by a mortgage of $11,292 which is included in total debt balance. There is an interest rate floor of 4.25%.
|
(3) |
An interest rate swap agreement with a notional amount of $5,632 effectively converts the interest rate to a fixed rate of 4.78%.
|
(4) |
An interest rate cap was purchased that caps Libor at 1%.
|
(5) |
The Vintage equity investment of $29,887 represents a 75% interest in Vintage Housing Holdings LLC, an entity which owns the general partnership interest listed above. The investment basis is not specifically allocated among the various lower tier partnerships. In addition, Vintage Housing Holdings LLC owns receivables and advances in two other partnerships.
|
(6) |
See Equity Investments debt details on pages 28 and 29.
|
Description and
Location
|
Year
Acquired
|
Trust’s
Ownership
|
Rentable
Square Feet
|
(**)
% Leased
|
Major Tenants
(Lease /
Options Exp)
|
Major
Tenants'
Sq Footage
|
($000's)
Equity Investment
|
Ownership
of Land
|
($000's) Debt
Balance (1)
|
Debt Maturity
& Int Rate
|
Preferred Equity Investmens
|
||||||||||
180 North Michigan
Chicago, IL (Marc Realty)
|
2008
|
70%
|
229,000
|
85%
|
No tenants over 10%
|
4,020
|
Fee
|
17,601
|
03/2013
Libor+
1.5% (2)
|
|
Vintage Housing Holdings
Tacoma, Washington
|
2011
|
75%
|
Under Construction
|
1,500
|
||||||
$ 5,520
|
||||||||||
(**) Occupancy rates include all signed leases including space undergoing tenant improvements
|
||||||||||
Notes to Preferred Equity Investments - Selected Data
|
||||||||||
(1) Debt balance shown represents 100% of the debt encumbering the properties.
|
||||||||||
(2) An interest rate swap agreement with a notional amount of $17,725 effectively converts the interest rate to a fixed rate of 4.55%.
|
Description
|
% Owned
|
Number of
Properties
|
Square Footage
|
Rents and Reimburse-ments
|
Operating Expenses
|
Real Estate
Taxes
|
Net Operating Income (1)
|
Interest Expense
|
Impairment
|
Depreciation & Amortization
|
(Income) Loss Attributable to Non-controlling Interest
|
WRT's share Net Income / (Loss) from Consolidated Properties (1)
|
|||||||||||
100% Owned Consolidated Properties
|
|||||||||||||||||||||||
Retail
|
100.0%
|
6
|
296,000
|
$ 1,371
|
$ 52
|
$ 40
|
$ 1,279
|
$ -
|
$ -
|
$ 381
|
$ -
|
$ 898
|
|||||||||||
Office
|
100.0%
|
10
|
1,307,000
|
16,463
|
4,617
|
1,393
|
10,453
|
5,447
|
3,000
|
5,466
|
-
|
2,540
|
|||||||||||
Other
|
100.0%
|
2
|
1,406,000
|
6,919
|
5,976
|
1,306
|
(363)
|
1,339
|
4,600
|
1,851
|
-
|
(8,153)
|
|||||||||||
18
|
3,009,000
|
24,753
|
10,645
|
2,739
|
11,369
|
6,786
|
7,600
|
7,698
|
-
|
(4,715)
|
|||||||||||||
Partially Owned Consolidated Properties
|
|||||||||||||||||||||||
Chicago, IL
(One East Erie/Marc Realty)
|
80.0%
|
1
|
126,000
|
4,910
|
1,352
|
754
|
2,804
|
1,217
|
-
|
850
|
148
|
589
|
|||||||||||
Chicago, IL
(River City/Marc Realty)
|
60.0%
|
1
|
253,000
|
3,808
|
2,173
|
685
|
950
|
616
|
-
|
842
|
(203)
|
(305)
|
|||||||||||
Houston, TX
(Multiple LP's)
|
8.0%
|
1
|
614,000
|
7,853
|
15
|
-
|
7,838
|
3,672
|
-
|
2,793
|
1,193
|
180
|
|||||||||||
Lisle, IL
(Marc Realty)
|
60.0%
|
1
|
54,000
|
821
|
316
|
90
|
415
|
327
|
-
|
152
|
(25)
|
(39)
|
|||||||||||
New York, NY
(450 W 14th St)
|
Var
|
1
|
105,000
|
921
|
327
|
67
|
527
|
293
|
-
|
351
|
(303)
|
186
|
|||||||||||
Deer Valley, Arizona
(Deer Valley / Fenway)
|
96.5%
|
1
|
82,000
|
1,570
|
493
|
211
|
866
|
-
|
-
|
853
|
-
|
13
|
|||||||||||
6
|
1,234,000
|
19,883
|
4,676
|
1,807
|
13,400
|
6,125
|
-
|
5,841
|
810
|
624
|
|||||||||||||
KeyBank mortgage loan
interest expense (2)
|
166
|
||||||||||||||||||||||
Total Consolidated Properties
|
24
|
4,243,000
|
$ 44,636
|
$ 15,321
|
$ 4,546
|
$ 24,769
|
$ 13,077
|
$ 7,600
|
$ 13,539
|
$ 810
|
$ (4,091)
|
||||||||||||
Series B-1 Preferred interest expense (3)
|
1,427
|
-
|
|||||||||||||||||||||
Line of Credit interest expense
|
667
|
-
|
|||||||||||||||||||||
Interest expense related to loan assets
|
850
|
-
|
|||||||||||||||||||||
So-Cal Loan Interest Expense
|
-
|
4
|
|||||||||||||||||||||
Total
|
$ 16,021
|
|
$ 814
|
||||||||||||||||||||
(1) See definition of Net Operating Income and Net Income / (Loss) from Consolidated Properties on page 32 of the supplemental package.
|
|||||||||||||||||||||||
(2) Represents interest expense on a mortgage loan made by KeyBank collateralized by our various properties.
|
|||||||||||||||||||||||
(3) Represents interest expense (dividends) on our Series B-1 Preferred Shares treated as debt for GAAP purposes.
|
Venture
|
Number of Properties
|
Square Footage
|
Total Revenue
|
Operating Expenses
|
Real Estate Taxes
|
Net Operating Income (2)
|
Interest Expense
|
Other Income (Expense)
|
Deprec & Amort
|
Net Income / (Loss) from
Equity Invest-
ments
|
WRT' S
Share of
Net Income / (Loss)
from Equity
Investments
|
|||||||||||
Marc Realty Portfolio (3)
|
9
|
1,407,000
|
31,238
|
14,868
|
4,801
|
11,569
|
3,803
|
(215)
|
(1,428)
|
8,979
|
(714)
|
|||||||||||
Sealy Venture Portfolio
|
3
|
2,097,000
|
14,405
|
|
3,816
|
|
1,559
|
9,030
|
11,105
|
|
9,084
|
794
|
6,215
|
338
|
||||||||
Vintage Portfolio (4)
|
25
|
4,167 units
|
14,955
|
|
5,926
|
|
225
|
8,804
|
3,698
|
|
(1,277)
|
3,587
|
242
|
113
|
||||||||
Total Equity Investment
Operating Properties
|
37
|
3,504,000
|
$ 60,598
|
$ 24,610
|
$ 6,585
|
$ 29,403
|
$ 18,606
|
$ 7,592
|
$ 2,953
|
$ 15,436
|
(263)
|
|||||||||||
Marc Realty Portfolio - Amortization of basis differential (1)
|
(268)
|
|||||||||||||||||||||
Marc Realty Portfolio - Other-than-temporary impairment
|
(15,764)
|
|||||||||||||||||||||
Sealy Venture Portfolio - Other-than-temporary impairment
|
(5,294)
|
|||||||||||||||||||||
WRT-ROIC Riverside - Winthrop's share of net income from equity investment
|
936
|
|||||||||||||||||||||
WRT-ROIC Lakeside Eagle-Winthrop's share of net loss from equity investment
|
664
|
|||||||||||||||||||||
WRT-ROIC 46th Street Gotham-Winthrop's share of net loss from equity investment
|
621
|
|||||||||||||||||||||
LW SOFI - Winthrop's share of net income from equity investment
|
2,177
|
|||||||||||||||||||||
RE CDO Management - Winthrop's share of net income from equity investment
|
46
|
|||||||||||||||||||||
CDH CDO - Winthrop's share of net income from equity investment
|
480
|
|||||||||||||||||||||
Concord Debt Holdings - Winthrop's share of net income from equity investment
|
3,474
|
|||||||||||||||||||||
WRT-SoCal Lender - Winthrop's share of net income from equity Investment
|
272
|
|||||||||||||||||||||
Equity in loss of equity investments
|
$ (12,919)
|
|||||||||||||||||||||
(1) This amount represents the aggregate difference between the Trust’s historical cost basis and the basis reflected at the equity investment level, which is typically amortized over the life of the related assets and liabilities. The basis differentials are the result of other-than-temporary impairments at the investment level and a reallocation of equity at the venture level as a result of the restructuring.
|
||||||||||||||||||||||
(2) See definition of Net Operating Income on page 32 of the supplemental package.
|
||||||||||||||||||||||
(3) Operating results reflect 12 properties results through May 31, 2011 and 9 properties from June 1, 2011 through December 31, 2011.
|
||||||||||||||||||||||
(4) Operating results reflect 25 properties' results for the period July 1, 2011 to November 30, 2011.
|
Description
|
Principal
Outstanding
December 31, 2011
|
Coupon
|
2012
Repayment
|
Maturity
Date
|
Amount
Due at
Maturity
|
Weighted
Average
Maturity
(in years)
|
||||||||||||||||||
Fixed rate debt
|
||||||||||||||||||||||||
Secured fixed rate mortgage loans payable
|
||||||||||||||||||||||||
Chicago, IL / River City
|
$ | 8,900 | 6.250 | % | $ | 8,900 | 04/2012 | $ | 8,900 | |||||||||||||||
Amherst, NY
|
15,682 | 5.650 | % | 457 | 10/2013 | 14,822 | ||||||||||||||||||
Indianapolis, IN / Circle Tower
|
4,169 | 5.820 | % | 80 | 04/2015 | 3,888 | ||||||||||||||||||
Chicago, IL / Ontario
|
20,522 | 5.750 | % | 322 | 03/2016 | 19,073 | ||||||||||||||||||
Houston, TX - Note 1
|
25,000 | 5.220 | % | - | 04/2016 | 25,000 | ||||||||||||||||||
Houston, TX - Note 2
|
8,800 | 6.000 | % | - | 04/2016 | 8,800 | ||||||||||||||||||
Houston, TX - Note 3
|
22,623 | 7.500 | % | 4,371 | 04/2016 | - | ||||||||||||||||||
Lisle, IL / 1050 Corporetum
|
5,600 | 5.550 | % | 56 | 03/2017 | 5,189 | ||||||||||||||||||
Orlando, FL
|
38,132 | 6.400 | % | 552 | 07/2017 | 34,567 | ||||||||||||||||||
Plantation, FL
|
10,927 | 6.483 | % | 116 | 04/2018 | 10,046 | ||||||||||||||||||
Total fixed rate secured mortgage loans payable /Wtd Avg
|
160,355 | 6.145 | % | 14,854 | 130,285 | 4.21 | ||||||||||||||||||
Other fixed rate secured financing
|
||||||||||||||||||||||||
Hotel Wales A Note Payable
|
14,000 | 4.250 | % | - | 10/2013 | 14,000 | ||||||||||||||||||
San Marbeya A Participation
|
15,150 | 4.850 | % | - | 01/2015 | 15,150 | ||||||||||||||||||
Total secured financing / Wtd Avg
|
29,150 | 4.563 | % | - | 29,150 | 2.41 | ||||||||||||||||||
Total Fixed Rate Debt/ Wtd Avg
|
189,505 | 5.902 | % | 14,854 | 159,435 | 3.94 | ||||||||||||||||||
Floating rate debt
|
||||||||||||||||||||||||
New York, NY (450 W 14th St)
|
49,585 | 3.500 | % | - | 05/2016 | 49,585 | ||||||||||||||||||
KeyBank Revolving Line of Credit (Libor + 3%)
|
40,000 | 3.240 | % | - | 03/2014 | 40,000 | ||||||||||||||||||
Meriden, CT / Newbury (Libor + 2.5%, 1% Libor
Floor)
|
13,590 | 3.500 | % | - | 10/2014 | 13,590 | ||||||||||||||||||
Lisle, IL / 550-560 Corporetum (Libor + 2.5%, 1%
Libor Floor)
|
5,753 | 3.500 | % | - | 10/2014 | 5,753 | ||||||||||||||||||
Lisle, IL / 701 Arboretum (Libor + 2.5%, 1% Libor
Floor)
|
1,657 | 3.500 | % | - | 10/2014 | 1,657 | ||||||||||||||||||
Total Floating Rate Debt/ Wtd Avg
|
110,585 | 2.741 | % | - | 110,585 | 3.26 | ||||||||||||||||||
Total Consolidated Debt/Wtd Avg
|
$ | 300,090 | 4.737 | % | $ | 14,854 | $ | 270,020 | 3.68 |
Gross Principal
|
WRT Share
|
WRT Share
|
WRT Share
|
||||||||||||||||||||||
Description
|
Principal
Outstanding
December 31, 2011
|
Principal
Outstanding
December 31, 2011
|
Coupon
|
2012
Repayment
|
Maturity
Date
|
Amount
Due at
Maturity
|
Weighted
Average
Maturity
(in years)
|
||||||||||||||||||
Fixed rate debt
|
|||||||||||||||||||||||||
Sealy - Airpark, Nashville, TN
|
74,000 | 37,000 | 5.77 | % | - |
05/01/12
|
37,000 | ||||||||||||||||||
Sealy - Newmarket, Atlanta, GA
|
37,000 | 25,160 | 6.12 | % | - |
11/01/16
|
25,160 | ||||||||||||||||||
Marc Realty - 223 West Jackson, Chicago, IL
|
7,356 | 3,678 | 6.92 | % | 3,678 |
06/01/12
|
3,574 | ||||||||||||||||||
Marc Realty - 2720 River Road, Des Plains, IL
|
2,433 | 1,217 | 6.10 | % | 1,217 |
09/12/12
|
1,165 | ||||||||||||||||||
Marc Realty - 30 North Michigan, Chicago, IL
|
12,723 | 6,362 | 5.99 | % | 199 |
08/01/14
|
5,823 | ||||||||||||||||||
Marc Realty - 4415 West Harrision, Hillside, IL
|
4,516 | 2,258 | 5.62 | % | 46 |
12/01/15
|
1,615 | ||||||||||||||||||
Marc Realty - 1701 East Woodfield, Shaumburg, IL (1)
|
5,632 | 2,816 | 4.78 | % | 65 |
09/01/15
|
2,564 | ||||||||||||||||||
VHH - Bouquet Canyon Seniors (6)
|
11,375 | 8,531 | 6.38 | % | 235 |
07/01/28
|
1,781 | ||||||||||||||||||
VHH - Vintage at Chehalis (2) (6)
|
8,190 | 6,143 | 4.66 | % | 77 |
06/15/40
|
1,607 | ||||||||||||||||||
VHH - Elk Creek Apartments (6)
|
7,400 | 5,550 | 6.46 | % | 36 |
11/01/39
|
2,948 | ||||||||||||||||||
VHH - Falls Creek Apartments (6)
|
8,389 | 6,292 | 6.24 | % | 45 |
12/01/40
|
3,207 | ||||||||||||||||||
VHH - Hamilton Place Seniors (6)
|
163 | 122 | 5.88 | % | 44 |
07/01/14
|
- | ||||||||||||||||||
VHH - Heritage Place Apartments (6)
|
1,816 | 1,362 | 8.37 | % | 31 |
07/19/15
|
1,239 | ||||||||||||||||||
VHH - Heritage Place Apartments (6)
|
522 | 392 | 1.00 | % | 12 |
05/01/39
|
- | ||||||||||||||||||
VHH - Larkin Place Apartments (6)
|
42 | 32 | 5.92 | % | 27 |
06/01/12
|
- | ||||||||||||||||||
VHH - Vintage at Mt. Vernon (3) (6)
|
7,500 | 5,625 | 4.96 | % | - |
01/15/37
|
2,258 | ||||||||||||||||||
VHH - Vintage at Mt. Vernon (4) (6)
|
1,270 | 953 | 5.71 | % | 86 |
01/15/37
|
- | ||||||||||||||||||
VHH - Vintage at Napa (6)
|
6,166 | 4,625 | 6.14 | % | 104 |
06/01/34
|
- | ||||||||||||||||||
VHH - Vintage at Silverdale (5) (6)
|
14,880 | 11,160 | 5.73 | % | 155 |
09/15/39
|
753 | ||||||||||||||||||
VHH - Twin Ponds Apartments (6)
|
1,405 | 1,054 | 6.20 | % | 82 |
01/01/38
|
- | ||||||||||||||||||
VHH - Vintage at Vancouver (6)
|
745 | 559 | 8.12 | % | 74 |
01/01/35
|
- | ||||||||||||||||||
VHH - Vista Sonoma Seniors Apts (6)
|
10,304 | 7,728 | 6.56 | % | 191 |
01/01/32
|
57 | ||||||||||||||||||
Total Fixed Rate Debt/ Wtd Avg
|
$ | 223,827 | $ | 138,619 | 5.94 | % | $ | 6,404 | $ | 90,751 | 11.6 | ||||||||||||||
Notes to Fixed Rate Debt Schedule:
|
|||||||||||||||||||||||||
(1) An interest rate swap agreement with a notional amount of $5,632 effectively converts the interest rate to a fixed rate of 4.78%.
|
|||||||||||||||||||||||||
(2) An interest rate swap agreement with a notional amount of $8,190 effectively converts the interest rate to a fixed rate of 4.66%.
|
|||||||||||||||||||||||||
(3) An interest rate swap agreement with a notional amount of $7,500 effectively converts the interest rate to a fixed rate of 4.955%.
|
|||||||||||||||||||||||||
(4) An interest rate swap agreement with a notional amount of $1,153 effectively converts the interest rate to a fixed rate of 5.706%.
|
|||||||||||||||||||||||||
(5) An interest rate swap agreement with a notional amount of $14,670 effectively converts the interest rate to a fixed rate of 5.734%.
|
|||||||||||||||||||||||||
(6) Vintage Housing Holdings venture entities, designated as VHH above, has elected a one-month reporting lag, therefore VHH balances are recorded as of November 30, 2011.
|
Gross Principal
|
WRT Share
|
WRT Share
|
WRT Share
|
|||||||||||||||||||||||
Description
|
Interest
Rate (1), (2)
|
Principal
Outstanding
December 31, 2011
|
Principal
Outstanding
December 31, 2011
|
Coupon
|
2012
Repayment
|
Maturity
Date
|
Amount
Due at
Maturity
|
Weighted
Average
Maturity
(in years)
|
||||||||||||||||||
Floating rate debt
|
||||||||||||||||||||||||||
Sealy - Northwest Atlanta, Atlanta, GA
|
LIBOR + 5.35%
|
13,955 | 8,373 | 5.59 | % | 112 |
09/01/15
|
7,927 | ||||||||||||||||||
Marc Realty - 900-910 Skokie, Northbrook, IL
|
LIBOR + 2.75%
|
5,343 | 2,672 | 2.24 | % | 57 |
07/01/16
|
252 | ||||||||||||||||||
Marc Realty - 2000-60 Algonquin, Shaumburg, IL (3) (4)
|
||||||||||||||||||||||||||
Marc Realty - 2205-55 Enterprise, Westchester, IL (3) (4)
|
LIBOR + 2.75%
|
11,292 | 5,646 | 4.25 | % | 133 |
02/20/13
|
5,501 | ||||||||||||||||||
Marc Realty - 3701 Algonquin, Rolling Meadows, IL (4)
|
LIBOR + 2.75%
|
9,864 | 4,932 | 4.25 | % | 159 |
02/22/13
|
4,759 | ||||||||||||||||||
VHH - Vintage at Bend (5)
|
SIFMA + 1.21%
|
5,600 | 4,200 | 1.37 | % | 56 |
12/15/36
|
343 | ||||||||||||||||||
VHH - Vintage at Bremerton (5)
|
SIFMA + 1.44%
|
6,200 | 4,650 | 1.60 | % | 98 |
03/15/33
|
- | ||||||||||||||||||
VHH - Vintage at Burien (5)
|
SIFMA + 1.40%
|
6,885 | 5,164 | 1.56 | % | 87 |
01/15/38
|
- | ||||||||||||||||||
VHH - Vintage at Everett (5)
|
SIFMA + 1.37%
|
16,700 | 12,525 | 1.57 | % | 185 |
01/15/38
|
984 | ||||||||||||||||||
VHH - Forest Creek Apartments (5)
|
SIFMA + 1.41%
|
13,680 | 10,260 | 1.74 | % | 106 |
06/15/40
|
- | ||||||||||||||||||
VHH - Hamilton Place Seniors (5)
|
SIFMA + 1.40%
|
3,590 | 2,693 | 1.65 | % | - |
07/01/33
|
734 | ||||||||||||||||||
VHH - Holly Village Apartments (5)
|
SIFMA + 1.31%
|
7,190 | 5,393 | 1.47 | % | 118 |
07/31/32
|
- | ||||||||||||||||||
VHH - Larkin Place Apartments (5)
|
SIFMA + 1.47%
|
4,825 | 3,619 | 1.63 | % | 29 |
07/01/33
|
956 | ||||||||||||||||||
VHH - Vintage at Richland (5)
|
SIFMA + 1.75%
|
7,535 | 5,651 | 1.97 | % | 77 |
01/15/38
|
505 | ||||||||||||||||||
VHH - Rosecreek Senior Living (5)
|
SIFMA + 0.331%
|
3,382 | 2,537 | 2.04 | % | 42 |
12/31/37
|
1,683 | ||||||||||||||||||
VHH - Vintage at Sequim (5)
|
SIFMA + 2.22%
|
6,379 | 4,784 | 1.51 | % | 55 |
03/01/38
|
1,100 | ||||||||||||||||||
VHH - Silver Creek Apartments (5)
|
SIFMA + 1.59%
|
13,095 | 9,821 | 1.75 | % | 139 |
01/01/18
|
2,837 | ||||||||||||||||||
VHH - Vintage at Spokane (5)
|
SIFMA + 1.38%
|
16,295 | 12,221 | 1.53 | % | 105 |
08/15/40
|
- | ||||||||||||||||||
VHH - Seven Hills/ St Rose (5)
|
SIFMA + 1.51%
|
14,770 | 11,078 | 1.67 | % | 172 |
10/15/35
|
348 | ||||||||||||||||||
VHH - Twin Ponds Apartments (5)
|
SIFMA + 1.385%
|
5,515 | 4,136 | 0.39 | % | - |
01/01/38
|
4,136 | ||||||||||||||||||
VHH - Vintage at Vancouver (5)
|
SIFMA + 2.114%
|
7,725 | 5,794 | 0.40 | % | - |
01/01/35
|
2,415 | ||||||||||||||||||
Total Floating Rate Debt/ Wtd Avg
|
$ | 179,820 | $ | 126,149 | 2.13 | % | $ | 1,730 | $ | 34,480 | 19.9 | |||||||||||||||
Total Joint Venture Debt/Wtd Avg
|
$ | 403,647 | $ | 264,768 | 4.12 | % | $ | 8,134 | 125,231 | 15.6 | ||||||||||||||||
Notes to Floating Rate Debt Schedule:
|
||||||||||||||||||||||||||
(1) LIBOR rate used to determine coupon on floating rate debt at December 31, 2011 was 0.295%.
|
||||||||||||||||||||||||||
(2) SIFMA = Securities Industry and Financial Markets Association Municipal Swap Index. SIFMA rate used to determine coupon on floating rate debt at November 30, 2011 on the Vintage debt was 0.12%. Each of the Vintage floating rate debt instruments is subject to an interest rate cap ranging from 5.50% and 8.25%.
|
||||||||||||||||||||||||||
(3) Both the 2000-60 Algonquin and 2205-55 Enterprise Road Marc Realty properties are cross collateralized by a mortgage of $11,292 and bears interest at LIBOR + 2.75%.
|
||||||||||||||||||||||||||
(4) These loans provide for an interest rate floor of 4.25%.
|
||||||||||||||||||||||||||
(5) Vintage Housing Holdings, designated as VHH above, has elected a one-month reporting lag, therefore VHH balances are recorded as of November 30, 2011.
|
Year of Lease Expirations
|
Net Rentable Square Feet Subject to Expiring Leases
|
Percentage of Leased Square Footage Represented by Expiring Leases (%)
|
Annual Contractual Rent Under Expiring Leases ($)
|
Annual Rent Per Leased Square Foot of Expiring
Leases ($)
|
||||||||||||
Consolidated Multi Tenant Operating Properties:
|
||||||||||||||||
2012
|
148,000 | 16.5 | % | $ | 2,166,000 | $ | 14.64 | |||||||||
2013
|
190,000 | 21.2 | % | 2,354,000 | 12.39 | |||||||||||
2014
|
103,000 | 11.5 | % | 1,786,000 | 17.34 | |||||||||||
2015
|
81,000 | 9.0 | % | 1,401,000 | 17.30 | |||||||||||
2016
|
57,000 | 6.4 | % | 744,000 | 13.05 | |||||||||||
Thereafter
|
318,000 | 35.5 | % | 4,334,000 | 13.63 | |||||||||||
Consolidated Single Tenant Operating Properties:
|
||||||||||||||||
2012
|
- | - | $ | - | $ | - | ||||||||||
2013
|
200,000 | 9.0 | % | 2,016,000 | 10.08 | |||||||||||
2014
|
54,000 | 2.4 | % | 800,000 | 14.81 | |||||||||||
2015
|
696,000 | 31.3 | % | 1,348,000 | 1.94 | |||||||||||
2016
|
61,000 | 2.7 | % | 255,000 | 4.18 | |||||||||||
Thereafter
|
1,211,000 | 54.5 | % | 14,727,000 | 12.16 | |||||||||||
(1) Amounts above do not include month-to-month tenants, multi-family properties which generally have one-year lease terms or the Trust's New York Office property, 450 West 14th Street, which was under development and in its lease up phase during 2011.
|
||||||||||||||||
(2) Annual contractual rent under expiring leases represents base rent charges for the period and does not reflect any straight-line rent adjustments or expense reimbursements.
|
Three Months Ended
|
Three Months Ended
|
Three Months Ended
|
Three Months Ended
|
Three Months Ended
|
||||||||||||||||
Dec 31,
|
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
|
||||||||||||||||
2011
|
2011
|
2011
|
2011
|
2010
|
||||||||||||||||
NOI from consolidated properties (1), (4)
|
$ | 6,726 | $ | 6,197 | $ | 6,160 | $ | 5,686 | $ | 6,452 | ||||||||||
Less:
|
||||||||||||||||||||
Interest expense
|
(3,899 | ) | (3,546 | ) | (3,963 | ) | (4,613 | ) | (4,249 | ) | ||||||||||
Depreciation and amortization
|
(3,561 | ) | (3,185 | ) | (3,312 | ) | (3,481 | ) | (2,906 | ) | ||||||||||
Income attributable to non-controlling interest
|
37 | (318 | ) | (329 | ) | (204 | ) | (293 | ) | |||||||||||
WRT share of income (loss) from consolidated properties (2), (4)
|
(697 | ) | (852 | ) | (1,444 | ) | (2,612 | ) | (996 | ) | ||||||||||
Equity in income (loss) of equity investments (3)
|
(17,259 | ) | 2,820 | 2,875 | (1,355 | ) | (679 | ) | ||||||||||||
Add:
|
||||||||||||||||||||
Earnings from preferred equity investments
|
- | 257 | 158 | 83 | 85 | |||||||||||||||
Interest, dividends and discount accretion
|
5,189 | 5,503 | 5,094 | 9,672 | 5,381 | |||||||||||||||
Settlement income
|
5,868 | - | - | - | - | |||||||||||||||
Gain on consolidation of property
|
818 | - | - | - | - | |||||||||||||||
Gain on Extinguishment of debt
|
744 | 8,514 | - | - | 469 | |||||||||||||||
Unrealized gain on loan securities carried at fair value
|
- | - | 34 | 2,813 | 1,418 | |||||||||||||||
Unrealized gain on securities carried at fair value
|
3,586 | - | - | 886 | - | |||||||||||||||
Gain on loan securities carried at fair value
|
- | - | 7 | 124 | 780 | |||||||||||||||
Gain on sale of equity investment
|
- | 207 | - | - | - | |||||||||||||||
Interest and other income
|
171 | 472 | 443 | 93 | 45 | |||||||||||||||
Income from discontinued operations
|
425 | - | 90 | 47 | 143 | |||||||||||||||
Less:
|
||||||||||||||||||||
Loss from preferred equity investments
|
(160 | ) | - | - | - | - | ||||||||||||||
Series B-1 Preferred interest expense
|
(409 | ) | (59 | ) | (58 | ) | (59 | ) | (58 | ) | ||||||||||
Income attributable to Series D preferred shares
|
(339 | ) | - | - | - | - | ||||||||||||||
General and administrative
|
(3,592 | ) | (2,893 | ) | (2,758 | ) | (2,524 | ) | (2,701 | ) | ||||||||||
State and local tax expense
|
(290 | ) | (12 | ) | (48 | ) | (29 | ) | (27 | ) | ||||||||||
Unrealized loss on securities carried at fair value
|
- | (961 | ) | (723 | ) | - | - | |||||||||||||
Loss on sale of securities carried at fair value
|
- | - | - | - | (30 | ) | ||||||||||||||
Impairment loss on investment in real estate
|
(4,600 | ) | (3,000 | ) | - | - | - | |||||||||||||
Unrealized loss on loan securities carried at fair value
|
(34 | ) | (75 | ) | - | - | - | |||||||||||||
Realized loss on sale of securities carried at fair value
|
(8 | ) | - | - | - | - | ||||||||||||||
Loss on discontinued operations
|
- | (134 | ) | - | - | - | ||||||||||||||
Net income attributable to Common Shares
|
$ | (10,587 | ) | $ | 9,787 | $ | 3,670 | $ | 7,139 | $ | 3,830 | |||||||||
(1) See additional NOI detail on Page 17 of the supplemental package.
|
||||||||||||||||||||
(2) See detail for the year ended December 31, 2011 on Page 25 of the supplemental package.
|
||||||||||||||||||||
(3) See detail for the year ended December 31, 2011 on Page 26 of the supplemental package.
|
||||||||||||||||||||
(4) See definitions for non-GAAP measures on page 32 of the supplemental package.
|
WINTHROP REALTY TRUST
SUPPLEMENTAL DEFINITIONS
|
![]() |
WINTHROP REALTY TRUST
INVESTOR INFORMATION |
![]() |
TRANSFER AGENT
|
INVESTOR RELATIONS
|
|||
Computershare
Written Requests:
P.O. Box 43078
Providence, RI 02940
phone: 800.622.6757 (U.S., Canada and Puerto Rico)
phone: 781.575.4735 (outside U.S.)
Overnight Delivery:
250 Royall Street
Canton, MA 02021
Internet Inquiries :
Investor Centre™ website at www.computershare.com/investor
|
Beverly Bergman , VP of Investor Relations
Winthrop Realty Trust
Beverly Bergman
P.O. Box 9507
7 Bulfinch Place, Suite 500
Boston, MA 02114-9507
phone: 617.570.4614
fax: 617.570.4746
|
ANALYST COVERAGE
|
Analyst
|
Firm
|
Contact Information
|
Joshua A. Barber
|
Stifel Nicolaus
|
(443) 224-1347
jabarber@stifel.com
|
Ross L. Smotrich
|
Barclays Capital
|
(212) 526-2306
ross.smotrich@barcap.com
|
Jordan Sadler
|
KeyBanc
|
(917) 368-2280
jsadler@keybanccm.com
|
Craig Mailman
|
KeyBanc
|
(917) 368-2316
cmailman@keybanccm.com
|
Winthrop Realty Trust is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Winthrop Realty Trust's performance made by the analyst is theirs alone and does not represent opinions forecasts or predictions of Winthrop Realty Trust or its management. Winthrop Realty Trust does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.
|