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))
|
Item 2.02
|
Results of Operations and Financial Condition
|
Item 7.01.
|
Regulation FD Disclosure.
|
Item 8.01.
|
Other Events
|
Item 9.01
|
Financial Statements and Exhibits.
|
|
99.1
|
Press Release dated November 7, 2013
|
|
99.2
|
Supplemental Reporting Package for the three and nine months ended September 30, 2013
|
WINTHROP REALTY TRUST
|
|||
By:
|
/s/ Michael L. Ashner | ||
Michael L. Ashner
|
|||
Chairman and Chief Executive Officer
|
|||
|
99.1
|
Press Release dated November 7, 2013
|
|
99.2
|
Supplemental Reporting Package for the three and nine months ended September 30, 2013
|
|
·
|
Agreed to increase its financial commitment to the 701 Seventh Avenue, New York Times Square venture from $68.0 million up to $120.0 million and to participate in the future hotel development. In connection with this increased commitment, Winthrop contributed an additional $22.1 million to the venture. To date, Winthrop has contributed $52.8 million to the venture, reducing Winthrop’s future funding commitment to $67.2 million.
|
|
·
|
Acquired the 50% interest in the mezzanine loan indirectly secured by the property located at One South State Street, Chicago, Illinois that was held by Winthrop’s venture partner for $30.0 million. Winthrop now holds 100% of the mezzanine loan that has an outstanding balance of principal and accrued interest of approximately $56.2 million and bears interest at 15% per annum. Both Winthrop and its partner, through a joint venture, continue to each hold an approximately 35% equity interest in the venture that holds the property (“Sullivan JV”).
|
|
·
|
Received payments of approximately $5.6 million on its Queensridge Tower loan from the sale of several of the Queensridge condominium units.
|
|
·
|
Sold the One Riverwalk property located in San Antonio, Texas owned by Winthrop’s CDH CDO venture. After satisfying the existing third party debt, Winthrop received net proceeds of approximately $4.4 million.
|
|
·
|
Sold its Seabrook, Texas property to an independent third party for gross sale proceeds of $3.3 million, resulting in net proceeds of approximately $3.2 million, an amount in excess of Winthrop’s most recent net asset value range for the property of $2.556 million to $2.875 million.
|
|
·
|
Sold its Denton, Texas property to an independent third party for a gross sales price of $1.85 million, resulting in net proceeds of approximately $1.7 million. Winthrop’s most recent net asset value range for this property was $1.725 million to $1.913 million.
|
|
·
|
Concord CDO satisfied its leverage ratio tests and, as a result, again began making distributions to Concord CDO’s junior tranches of bonds and its equity holder, CDH CDO LLC, a venture in which Winthrop holds a 49% interest.
|
|
·
|
Extended the triple net lease with Ingram Micro, the tenant occupying all 200,000 square feet of office space at Winthrop’s Amherst, New York property, through October 31, 2023 and repaid the $15.0 million debt collateralized by the property.
|
|
·
|
Received proceeds of $13.3 million on an investment of $10.8 million from the payoff at par of the loan held in its 33.3% owned Metrotech venture, resulting in a 38% IRR.
|
|
·
|
Closed a public offering of 2.75 million common shares at a price of $11.45 per common share, before underwriter’s discounts. Winthrop received net proceeds of approximately $30.0 million after underwriter’s discounts and offering expenses.
|
|
·
|
Acquired four recently constructed Class A luxury high rise apartment buildings containing an aggregate of 761 units for a purchase price of $246.0 million (the “Portfolio Acquisition”). The properties are located in Phoenix, Arizona; San Pedro, California; Stamford, Connecticut; and Houston, Texas. All of the properties were designed and constructed to condominium standards.
|
|
·
|
Subsequent to closing, a subsidiary of New Valley, LLC contributed approximately $16.4 million to the entity that acquired the properties in exchange for an approximately 16.3% interest in such entity. Winthrop retained the remaining 83.7% interest.
|
|
·
|
Obtained in connection with the Portfolio Acquisition a $150.0 million loan that bears interest at a rate of LIBOR plus 200 basis points (subject to adjustment), requires payments of interest only and has an initial term of three years with two, one-year extensions.
|
|
·
|
Refinanced the existing $110.6 million mortgage loan made to the Sullivan JV which was secured by the 942,000 square foot office and retail property located at One South State Street, in downtown Chicago, Illinois that bore interest at 11% per annum. The new $113.5 million loan bears interest at a rate of 3.95% per annum, requires payments of interest only and matures November 2018.
|
|
·
|
Acquired through an 80% owned venture, a 184-unit garden apartment complex originally built in 1984 known as Summit Pointe Apartments located in Oklahoma City, Oklahoma. Winthrop contributed approximately $4.9 million to the venture. Pursuant to the terms of the venture agreement, Winthrop will hold a preferred equity interest which entitles Winthrop to an 8% preferred return from cash flow and, upon disposition of the property, a minimum preferred return equal to a 12% IRR.
|
|
·
|
Received a partial repayment of $6.3 million on its $6.5 million preferred equity investment in the venture that acquired a 62,150 square foot office building in Sorrento Mesa (San Diego), California. Winthrop retains the balance of its preferred investment along with a 50% equity interest in the property.
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Revenue
|
||||||||||||||||
Rents and reimbursements
|
$ | 15,099 | $ | 12,224 | $ | 45,026 | $ | 35,022 | ||||||||
Interest, dividends and discount accretion
|
3,917 | 3,722 | 13,545 | 15,018 | ||||||||||||
19,016 | 15,946 | 58,571 | 50,040 | |||||||||||||
Expenses
|
||||||||||||||||
Property operating
|
5,272 | 3,335 | 14,697 | 10,643 | ||||||||||||
Real estate taxes
|
1,705 | 1,160 | 4,184 | 3,116 | ||||||||||||
Depreciation and amortization
|
4,923 | 4,416 | 14,703 | 11,623 | ||||||||||||
Interest
|
5,435 | 4,416 | 18,175 | 11,560 | ||||||||||||
General and administrative
|
1,113 | 782 | 3,058 | 2,447 | ||||||||||||
Related party fees
|
2,309 | 2,316 | 6,866 | 6,641 | ||||||||||||
Transaction costs
|
106 | 30 | 158 | 335 | ||||||||||||
State and local taxes
|
85 | 64 | 227 | 211 | ||||||||||||
20,948 | 16,519 | 62,068 | 46,576 | |||||||||||||
Other income (loss)
|
||||||||||||||||
Equity in income of equity investments
|
13,856 | 12,809 | 26,249 | 14,051 | ||||||||||||
Earnings from preferred equity investments
|
189 | - | 576 | - | ||||||||||||
Realized gain (loss) on sale of securities carried at
fair value
|
(31 | ) | - | (133 | ) | 41 | ||||||||||
Unrealized gain (loss) on securities carried at
fair value
|
- | 3,113 | (142 | ) | 7,254 | |||||||||||
Unrealized gain on loan securities carried at fair value
|
- | 371 | 215 | 447 | ||||||||||||
Settlement expense
|
(16 | ) | - | (150 | ) | - | ||||||||||
Interest income
|
101 | 242 | 286 | 433 | ||||||||||||
14,099 | 16,535 | 26,901 | 22,226 | |||||||||||||
Income from continuing operations
|
12,167 | 15,962 | 23,404 | 25,690 | ||||||||||||
Discontinued operations
|
||||||||||||||||
(Loss) income from discontinued operations
|
(1,434 | ) | 85 | 8,025 | 594 | |||||||||||
Net income
|
10,733 | 16,047 | 31,429 | 26,284 | ||||||||||||
Net loss (income) attributable to non-controlling
interests
|
995 | (939 | ) | 2,419 | 435 | |||||||||||
Net income attributable to Winthrop Realty Trust
|
11,728 | 15,108 | 33,848 | 26,719 | ||||||||||||
Preferred dividends on Series D Preferred Shares
|
(2,787 | ) | (2,786 | ) | (8,360 | ) | (6,498 | ) | ||||||||
Amount allocated to restricted shares
|
(106 | ) | - | (235 | ) | - | ||||||||||
Net income attributable to Common Shares
|
$ | 8,835 | $ | 12,322 | $ | 25,253 | $ | 20,221 | ||||||||
Per Common Share Data – Basic
|
||||||||||||||||
Income from continuing operations
|
$ | 0.31 | $ | 0.37 | $ | 0.52 | $ | 0.59 | ||||||||
Income (loss) from discontinued operations
|
(0.04 | ) | - | 0.24 | 0.02 | |||||||||||
Net income attributable to Winthrop Realty Trust
|
$ | 0.27 | $ | 0.37 | $ | 0.76 | $ | 0.61 | ||||||||
Per Common Share Data – Diluted
|
||||||||||||||||
Income from continuing operations
|
$ | 0.31 | $ | 0.37 | $ | 0.52 | $ | 0.59 | ||||||||
Income (loss) from discontinued operations
|
(0.04 | ) | - | 0.24 | 0.02 | |||||||||||
Net income attributable to Winthrop Realty Trust
|
$ | 0.27 | $ | 0.37 | $ | 0.76 | $ | 0.61 | ||||||||
Basic Weighted-Average Common Shares
|
33,076 | 33,075 | 33,047 | 33,064 | ||||||||||||
Diluted Weighted-Average Common Shares
|
33,148 | 33,076 | 33,089 | 33,064 | ||||||||||||
Comprehensive income
|
||||||||||||||||
Net income
|
$ | 10,733 | $ | 16,047 | $ | 31,429 | $ | 26,284 | ||||||||
Change in unrealized loss on interest rate derivative
|
(150 | ) | (16 | ) | (20 | ) | (73 | ) | ||||||||
Consolidated comprehensive income
|
10,583 | 16,031 | 31,409 | 26,211 | ||||||||||||
Net loss (income) attributable to non-controlling
interest
|
995 | (939 | ) | 2,419 | 435 | |||||||||||
Other comprehensive income attributable to non-
controlling interest
|
- | - | - | - | ||||||||||||
Comprehensive loss (income) attributable to non-
controlling interest
|
995 | (939 | ) | 2,419 | 435 | |||||||||||
Comprehensive income attributable to Winthrop
Realty Trust
|
$ | 11,578 | $ | 15,092 | $ | 33,828 | $ | 26,646 | ||||||||
Dividend declared per Common Share
|
$ | 0.1625 | $ | 0.1625 | $ | 0.4875 | $ | 0.4875 |
For the Three Months Ended
September 30,
|
For the Nine Months Ended
September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Net income attributable to Winthrop Realty Trust
|
$ | 11,728 | $ | 15,108 | $ | 33,848 | $ | 26,719 | ||||||||
Real estate depreciation
|
3,153 | 2,903 | 9,665 | 8,165 | ||||||||||||
Amortization of capitalized leasing costs
|
1,791 | 2,169 | 5,626 | 5,106 | ||||||||||||
Trust’s share of real estate depreciation and
amortization of unconsolidated interests
|
2,762 | 2,976 | 7,471 | 10,630 | ||||||||||||
Impairment loss on investments in real estate
|
2,750 | 698 | 2,904 | 698 | ||||||||||||
Gain on sale of real estate
|
(1,421 | ) | (945 | ) | (10,948 | ) | (945 | ) | ||||||||
(Gain) loss on sale of equity investments
|
- | (165 | ) | 110 | (271 | ) | ||||||||||
Trust’s share of loss on sale of real estate of
unconsolidated interests
|
722 | - | 722 | - | ||||||||||||
Less: Non-controlling interest share of real
estate depreciation and amortization
|
(1,504 | ) | (699 | ) | (3,242 | ) | (2,144 | ) | ||||||||
Funds from operations attributable to the Trust
|
19,981 | 22,045 | 46,156 | 47,958 | ||||||||||||
Preferred dividends on Series D Preferred Shares
|
(2,787 | ) | (2,786 | ) | (8,360 | ) | (6,498 | ) | ||||||||
Amount allocated to restricted shares
|
(129 | ) | - | (269 | ) | - | ||||||||||
FFO applicable to Common Shares-Basic
|
$ | 17,065 | $ | 19,259 | $ | 37,527 | $ | 41,460 | ||||||||
33,076 | 33,075 | 33,047 | 33,064 | |||||||||||||
FFO Per Common Share-Basic
|
$ | 0.52 | $ | 0.58 | $ | 1.14 | $ | 1.25 | ||||||||
Diluted
|
||||||||||||||||
Funds from operations attributable to the Trust
|
$ | 19,981 | $ | 22,045 | $ | 46,156 | $ | 47,958 | ||||||||
Preferred dividends on Series D Preferred Shares
|
(2,787 | ) | (2,786 | ) | (8,360 | ) | (6,498 | ) | ||||||||
Amount allocated to restricted shares
|
(129 | ) | - | (269 | ) | - | ||||||||||
FFO applicable to Common Shares
|
$ | 17,065 | $ | 19,259 | $ | 37,527 | $ | 41,460 | ||||||||
Weighted-average Common Shares
|
33,076 | 33,075 | 33,047 | 33,064 | ||||||||||||
Stock options
|
2 | 1 | 2 | - | ||||||||||||
Restricted shares
|
70 | - | 40 | - | ||||||||||||
Diluted weighted-average Common Shares
|
33,148 | 33,076 | 33,089 | 33,064 | ||||||||||||
FFO Per Common Share - Diluted
|
$ | 0.51 | $ | 0.58 | $ | 1.13 | $ | 1.25 |
September 30,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
ASSETS
|
||||||||
Investments in real estate, at cost
|
||||||||
Land
|
$ | 56,894 | $ | 43,252 | ||||
Buildings and improvements
|
380,240 | 378,737 | ||||||
437,134 | 421,989 | |||||||
Less: accumulated depreciation
|
(55,195 | ) | (51,553 | ) | ||||
Investments in real estate, net
|
381,939 | 370,436 | ||||||
Cash and cash equivalents
|
165,762 | 97,682 | ||||||
Restricted cash held in escrows
|
19,084 | 13,250 | ||||||
Loans receivable, net
|
108,163 | 211,250 | ||||||
Secured financing receivable
|
30,395 | - | ||||||
Accounts receivable, net of allowances of $478 and $374, respectively
|
997 | 1,418 | ||||||
Accrued rental income
|
19,205 | 17,241 | ||||||
Securities carried at fair value
|
7,074 | 19,694 | ||||||
Loan securities carried at fair value
|
226 | 11 | ||||||
Preferred equity investments
|
12,703 | 12,250 | ||||||
Equity investments
|
139,061 | 134,859 | ||||||
Lease intangibles, net
|
48,774 | 37,744 | ||||||
Deferred financing costs, net
|
4,546 | 4,864 | ||||||
Other Assets
|
28,135 | 2,464 | ||||||
Assets held for sale
|
2,421 | - | ||||||
TOTAL ASSETS
|
$ | 968,485 | $ | 923,163 | ||||
LIABILITIES
|
||||||||
Mortgage loans payable
|
308,049 | 280,576 | ||||||
Senior notes payable
|
86,250 | 86,250 | ||||||
Secured financings
|
29,150 | 52,920 | ||||||
Notes payable
|
1,664 | 1,676 | ||||||
Accounts payable, accrued liabilities and other liabilities
|
21,522 | 21,056 | ||||||
Related party fees payable
|
2,693 | 2,664 | ||||||
Dividends payable
|
8,804 | 5,366 | ||||||
Deferred income
|
995 | 1,136 | ||||||
Below market lease intangibles, net
|
2,280 | 2,255 | ||||||
TOTAL LIABILITIES
|
461,407 | 453,899 | ||||||
COMMITMENTS AND CONTINGENCIES
|
||||||||
EQUITY
|
||||||||
Winthrop Realty Trust Shareholders’ Equity:
|
||||||||
Series D Cumulative Redeemable Preferred Shares, $25 per share liquidation preference; 5,060,000 shares authorized and 4,820,000 shares both issued and outstanding at September 30, 2013 and December 31, 2012
|
120,500 | 120,500 | ||||||
Common Shares, $1 par, unlimited shares authorized;
36,397,949 and 33,018,711 both issued and outstanding at
September 30, 2013 and December 31, 2012, respectively
|
35,798 | 33,019 | ||||||
Additional paid-in capital
|
646,620 | 618,426 | ||||||
Accumulated distributions in excess of net income
|
(308,661 | ) | (317,385 | ) | ||||
Accumulated other comprehensive loss
|
(70 | ) | (50 | ) | ||||
Total Winthrop Realty Trust Shareholders’ Equity
|
494,187 | 454,510 | ||||||
Non-controlling interests
|
12,891 | 14,754 | ||||||
Total Equity
|
507,078 | 469,264 | ||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 968,485 | $ | 923,163 |
Consolidated Balance Sheets
|
1
|
Consolidated Statements of Operations and Comprehensive Income
|
2
|
Funds from Operations
|
5
|
Estimated Net Asset Value
|
7
|
Performance Table
|
12
|
Consolidated Statements of Cash Flows
|
13
|
Selected Balance Sheet Account Detail
|
15
|
Schedule of Capitalization, Dividends and Liquidity
|
16
|
Selected Investment Data
|
17
|
Schedule of Securities Carried at Fair Value
|
20
|
Schedule of Loan Assets
|
21
|
Net Operating Income from Consolidated Properties
|
23
|
Schedule of Interest, Dividends and Discount Accretion
|
24
|
Consolidated Properties – Selected Property Data
|
25
|
Equity Investments – Selected Property Data
|
27
|
Consolidated Properties – Operating Summary
|
31
|
Equity Investments – Operating Summary
|
32
|
Consolidated Debt Summary
|
33
|
Equity Investments Debt Summary
|
34
|
Lease Expiration Summary
|
36
|
Reconciliation of Non-GAAP financial measures of income to net income attributable to Common Shares
|
37
|
Supplemental Definitions
|
38
|
Investor Information
|
40
|
September 30,
|
June 30,
|
March 31,
|
December 31
|
September 30,
|
||||||||||||||||
2013
|
2013
|
2013
|
2012
|
2012
|
||||||||||||||||
ASSETS
|
||||||||||||||||||||
Investments in real estate, at cost
|
||||||||||||||||||||
Land
|
$ | 56,894 | $ | 59,183 | $ | 60,679 | $ | 43,252 | $ | 37,177 | ||||||||||
Buildings and improvements
|
380,240 | 385,370 | 395,799 | 378,737 | 344,289 | |||||||||||||||
437,134 | 444,553 | 456,478 | 421,989 | 381,466 | ||||||||||||||||
Less: accumulated depreciation
|
(55,195 | ) | (53,553 | ) | (52,412 | ) | (51,553 | ) | (48,618 | ) | ||||||||||
Investments in real estate, net
|
381,939 | 391,000 | 404,066 | 370,436 | 332,848 | |||||||||||||||
Cash and cash equivalents
|
165,762 | 186,132 | 131,448 | 97,682 | 159,251 | |||||||||||||||
Restricted cash held in escrows
|
19,084 | 19,422 | 15,821 | 13,250 | 15,273 | |||||||||||||||
Loans receivable, net
|
108,163 | 113,308 | 130,212 | 211,250 | 138,001 | |||||||||||||||
Secured financing receivable
|
30,395 | - | - | - | - | |||||||||||||||
Accounts receivable, net of allowances of $478, $474
|
||||||||||||||||||||
$ 458 $374, and $513, respectively
|
997 | 1,587 | 1,325 | 1,418 | 1,152 | |||||||||||||||
Accrued rental income
|
19,205 | 15,801 | 16,761 | 17,241 | 15,032 | |||||||||||||||
Securities carried at fair value
|
7,074 | 10,360 | 12,220 | 19,694 | 37,191 | |||||||||||||||
Loan securities carried at fair value
|
226 | 226 | 11 | 11 | 5,756 | |||||||||||||||
Preferred equity investments
|
12,703 | 12,514 | 12,358 | 12,250 | 5,500 | |||||||||||||||
Equity investments
|
139,061 | 141,645 | 134,224 | 134,859 | 115,299 | |||||||||||||||
Lease intangibles, net
|
48,774 | 48,348 | 52,299 | 37,744 | 34,883 | |||||||||||||||
Deferred financing costs, net
|
4,546 | 4,819 | 4,755 | 4,864 | 4,558 | |||||||||||||||
Other assets
|
28,135 | 3,440 | 3,577 | 2,464 | 2,193 | |||||||||||||||
Assets held for sale
|
2,421 | 1,708 | - | - | - | |||||||||||||||
TOTAL ASSETS
|
$ | 968,485 | $ | 950,310 | $ | 919,077 | $ | 923,163 | $ | 866,937 | ||||||||||
LIABILITIES
|
||||||||||||||||||||
Mortgage loans payable
|
$ | 308,049 | $ | 325,026 | $ | 278,824 | $ | 280,576 | $ | 238,097 | ||||||||||
Senior notes payable
|
86,250 | 86,250 | 86,250 | 86,250 | 86,250 | |||||||||||||||
Secured Financings
|
29,150 | 29,150 | 42,803 | 52,920 | 29,150 | |||||||||||||||
Notes payable
|
1,664 | 1,645 | 1,660 | 1,676 | - | |||||||||||||||
Accounts payable and accrued liabilities
|
21,522 | 19,202 | 20,010 | 21,056 | 17,219 | |||||||||||||||
Related party fees payable
|
2,693 | 2,658 | 2,540 | 2,664 | 2,505 | |||||||||||||||
Dividends payable
|
8,804 | 8,268 | 8,154 | 5,366 | 8,161 | |||||||||||||||
Deferred income
|
995 | 1,131 | 1,472 | 1,136 | 758 | |||||||||||||||
Below market lease intangibles, net
|
2,280 | 2,483 | 2,686 | 2,255 | 2,423 | |||||||||||||||
TOTAL LIABILITIES
|
461,407 | 475,813 | 444,399 | 453,899 | 384,563 | |||||||||||||||
COMMITMENTS AND CONTINGENCIES
|
||||||||||||||||||||
EQUITY
|
||||||||||||||||||||
Winthrop Realty Trust Shareholders’ Equity:
|
||||||||||||||||||||
Series D Cumulative Redeemable Preferred Shares
|
||||||||||||||||||||
$25 per share liquidation preference, 5,060,000 shares authorized and 4,820,000 shares outstanding at Sept 30, June 30 and Mar 31,2013, Dec 31,2012 , Sept 30, 2012.
|
120,500 | 120,500 | 120,500 | 120,500 | 120,500 | |||||||||||||||
Common Shares, $1 par, unlimited shares authorized;
|
||||||||||||||||||||
36,397,949, 33,397,949, 33,128,853, 33,018,711 and 33,077,047, issued and outstanding at Sept 30, June 30 and Mar 31,2013, Dec 31, 2012 and Sept 30, 2012, respectively
|
35,798 | 33,039 | 33,029 | 33,019 | 33,077 | |||||||||||||||
Additional paid-in capital
|
646,620 | 618,954 | 618,626 | 618,426 | 617,837 | |||||||||||||||
Accumulated distributions in excess of net income
|
(308,661 | ) | (311,688 | ) | (311,793 | ) | (317,385 | ) | (307,144 | ) | ||||||||||
Accumulated other comprehensive loss
|
(70 | ) | 80 | (51 | ) | (50 | ) | (165 | ) | |||||||||||
Total Winthrop Realty Trust Shareholders’ Equity
|
494,187 | 460,885 | 460,311 | 454,510 | 464,105 | |||||||||||||||
Non-controlling interests
|
12,891 | 13,612 | 14,367 | 14,754 | 18,269 | |||||||||||||||
Total Equity
|
507,078 | 474,497 | 474,678 | 469,264 | 482,374 | |||||||||||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 968,485 | $ | 950,310 | $ | 919,077 | $ | 923,163 | $ | 866,937 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30 , | September 30, | |||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Revenue
|
||||||||||||||||
Rents and reimbursements
|
$ | 15,099 | $ | 12,224 | $ | 45,026 | $ | 35,022 | ||||||||
Interest, dividends and discount accretion
|
3,917 | 3,722 | 13,545 | 15,018 | ||||||||||||
19,016 | 15,946 | 58,571 | 50,040 | |||||||||||||
Expenses
|
||||||||||||||||
Property operating
|
5,272 | 3,335 | 14,697 | 10,643 | ||||||||||||
Real estate taxes
|
1,705 | 1,160 | 4,184 | 3,116 | ||||||||||||
Depreciation and amortization
|
4,923 | 4,416 | 14,703 | 11,623 | ||||||||||||
Interest
|
5,435 | 4,416 | 18,175 | 11,560 | ||||||||||||
General and administrative
|
1,113 | 782 | 3,058 | 2,447 | ||||||||||||
Related party fees
|
2,309 | 2,316 | 6,866 | 6,641 | ||||||||||||
Transaction costs
|
106 | 30 | 158 | 335 | ||||||||||||
State and local taxes
|
85 | 64 | 227 | 211 | ||||||||||||
20,948 | 16,519 | 62,068 | 46,576 | |||||||||||||
Other income (loss)
|
||||||||||||||||
Equity in income of equity investments
|
13,856 | 12,809 | 26,249 | 14,051 | ||||||||||||
Earnings from preferred equity investments
|
189 | - | 576 | - | ||||||||||||
Realized gain (loss) on sale of securities carried at fair value
|
(31 | ) | - | (133 | ) | 41 | ||||||||||
Unrealized gain (loss) on securities carried at fair value
|
- | 3,113 | (142 | ) | 7,254 | |||||||||||
Unrealized gain on loan securities carried at fair value
|
- | 371 | 215 | 447 | ||||||||||||
Settlement expense
|
(16 | ) | - | (150 | ) | - | ||||||||||
Interest income
|
101 | 242 | 286 | 433 | ||||||||||||
14,099 | 16,535 | 26,901 | 22,226 | |||||||||||||
Income from continuing operations
|
12,167 | 15,962 | 23,404 | 25,690 | ||||||||||||
Discontinued operations
|
||||||||||||||||
(Loss) income from discontinued operations
|
(1,434 | ) | 85 | 8,025 | 594 | |||||||||||
Net income
|
10,733 | 16,047 | 31,429 | 26,284 | ||||||||||||
Net loss (income) attributable to non-controlling interest
|
995 | (939 | ) | 2,419 | 435 | |||||||||||
Net income attributable to Winthrop Realty Trust
|
11,728 | 15,108 | 33,848 | 26,719 | ||||||||||||
Preferred dividend of Series D Preferred Shares
|
(2,787 | ) | (2,786 | ) | (8,360 | ) | (6,498 | ) | ||||||||
Amount allocated to Restricted Common Shares
|
(106 | ) | - | (235 | ) | - | ||||||||||
Net income attributable to Common Shares
|
$ | 8,835 | $ | 12,322 | $ | 25,253 | $ | 20,221 | ||||||||
Per Common Share data - Basic
|
||||||||||||||||
Income from continuing operations
|
$ | 0.31 | $ | 0.37 | $ | 0.52 | $ | 0.59 | ||||||||
Income (loss) from discontinued operations
|
(0.04 | ) | - | 0.24 | 0.02 | |||||||||||
Net income attributable to Winthrop Realty Trust
|
$ | 0.27 | $ | 0.37 | $ | 0.76 | $ | 0.61 | ||||||||
Per Common Share data - Diluted
|
||||||||||||||||
Income from continuing operations
|
$ | 0.31 | $ | 0.37 | $ | 0.52 | $ | 0.59 | ||||||||
Income (loss) from discontinued operations
|
(0.04 | ) | - | 0.24 | 0.02 | |||||||||||
Net income attributable to Winthrop Realty Trust
|
$ | 0.27 | $ | 0.37 | $ | 0.76 | $ | 0.61 | ||||||||
Basic Weighted-Average Common Shares
|
33,076 | 33,075 | 33,047 | 33,064 | ||||||||||||
Diluted Weighted-Average Common Shares
|
33,148 | 33,076 | 33,089 | 33,064 | ||||||||||||
Comprehensive income
|
||||||||||||||||
Net income
|
$ | 10,733 | $ | 16,047 | $ | 31,429 | $ | 26,284 | ||||||||
Change in unrealized loss on interest rate derivative
|
(150 | ) | (16 | ) | (20 | ) | (73 | ) | ||||||||
Consolidated comprehensive income
|
10,583 | 16,031 | 31,409 | 26,211 | ||||||||||||
Net loss (income) attributable to non-controlling interest
|
995 | (939 | ) | 2,419 | 435 | |||||||||||
Other comprehensive income attributable to non-controlling interest
|
- | - | - | - | ||||||||||||
Comprehensive loss (income) attributable to non-controlling interest
|
995 | (939 | ) | 2,419 | 435 | |||||||||||
Comprehensive income attributable to Winthrop Realty Trust
|
$ | 11,578 | $ | 15,092 | $ | 33,828 | $ | 26,646 | ||||||||
Dividend declared per Common Share
|
$ | 0.1625 | $ | 0.1625 | $ | 0.4875 | $ | 0.4875 |
Three Months Ended
|
||||||||||||||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
||||||||||||||||
2013
|
2013
|
2013
|
2012
|
2012
|
||||||||||||||||
Revenue
|
||||||||||||||||||||
Rents and reimbursements
|
$ | 15,099 | $ | 15,489 | $ | 14,438 | $ | 12,166 | $ | 12,224 | ||||||||||
Interest, dividends and discount accretion
|
3,917 | 4,308 | 5,320 | 6,106 | 3,722 | |||||||||||||||
19,016 | 19,797 | 19,758 | 18,272 | 15,946 | ||||||||||||||||
Expenses
|
||||||||||||||||||||
Property operating
|
5,272 | 4,764 | 4,661 | 3,840 | 3,335 | |||||||||||||||
Real estate taxes
|
1,705 | 1,625 | 854 | 1,158 | 1,160 | |||||||||||||||
Depreciation and amortization
|
4,923 | 4,921 | 4,859 | 4,375 | 4,416 | |||||||||||||||
Interest
|
5,435 | 6,708 | 6,032 | 6,039 | 4,416 | |||||||||||||||
Impairment loss on investment in real estate
|
- | - | - | 1,738 | - | |||||||||||||||
General and administrative
|
1,113 | 1,098 | 847 | 1,100 | 782 | |||||||||||||||
Related party fees
|
2,309 | 2,291 | 2,266 | 2,312 | 2,316 | |||||||||||||||
Transaction costs
|
106 | 46 | 6 | 87 | 30 | |||||||||||||||
State and local taxes
|
85 | 125 | 17 | 20 | 64 | |||||||||||||||
20,948 | 21,578 | 19,542 | 20,669 | 16,519 | ||||||||||||||||
Other income (loss)
|
||||||||||||||||||||
Equity in income of equity investments
|
13,856 | 4,524 | 7,869 | 792 | 12,809 | |||||||||||||||
Earnings from preferred equity investments
|
189 | 185 | 202 | - | - | |||||||||||||||
Realized gain (loss) on sale of securities carried at fair value
|
(31 | ) | - | (102 | ) | - | - | |||||||||||||
Unrealized gain (loss) on securities carried at fair value
|
- | (1,860 | ) | 1,718 | (338 | ) | 3,113 | |||||||||||||
(Loss)Gain on extinguishment of debt, net
|
- | - | - | (121 | ) | - | ||||||||||||||
Realized gain on loan securities carried at fair value
|
- | - | - | 614 | - | |||||||||||||||
Unrealized gain (loss) on loan securities carried at fair value
|
- | 215 | - | - | 371 | |||||||||||||||
Settlement expense
|
(16 | ) | (134 | ) | - | - | - | |||||||||||||
Interest and other income
|
101 | 115 | 70 | 266 | 242 | |||||||||||||||
14,099 | 3,045 | 9,757 | 1,213 | 16,535 | ||||||||||||||||
Income (loss) from continuing operations
|
12,167 | 1,264 | 9,973 | (1,184 | ) | 15,962 | ||||||||||||||
Discontinued operations
|
||||||||||||||||||||
Income (loss) from discontinued operations
|
(1,434 | ) | 6,481 | 2,978 | (716 | ) | 85 | |||||||||||||
Consolidated net income (loss)
|
10,733 | 7,745 | 12,951 | (1,900 | ) | 16,047 | ||||||||||||||
Income (loss) attributable to non-controlling interest
|
995 | 629 | 795 | (188 | ) | (939 | ) | |||||||||||||
Net income (loss) attributable to Winthrop Realty Trust
|
11,728 | 8,374 | 13,746 | (2,088 | ) | 15,108 | ||||||||||||||
Preferred dividend on Series D Preferred Shares
|
(2,787 | ) | (2,786 | ) | (2,787 | ) | (2,787 | ) | (2,786 | ) | ||||||||||
Amount allocated to restricted shares
|
(106 | ) | (98 | ) | (16 | ) | - | - | ||||||||||||
Net income (loss) attributable to Common Shares
|
$ | 8,835 | $ | 5,490 | $ | 10,943 | $ | (4,875 | ) | $ | 12,322 |
Three Months Ended
|
||||||||||||||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
||||||||||||||||
2013
|
2013
|
2013
|
2012
|
2012
|
||||||||||||||||
Per Common Share data - Basic
|
||||||||||||||||||||
Income (loss) from continuing operations
|
$ | 0.31 | $ | (0.03 | ) | $ | 0.24 | $ | (0.13 | ) | $ | 0.37 | ||||||||
Income (loss) from discontinued operations
|
(0.04 | ) | 0.20 | 0.09 | (0.02 | ) | - | |||||||||||||
Net income (loss) attributable to
Winthrop Realty Trust
|
$ | 0.27 | $ | 0.17 | $ | 0.33 | $ | (0.15 | ) | $ | 0.37 | |||||||||
Per Common Share data - Diluted
|
||||||||||||||||||||
Income (loss) from continuing operations
|
$ | 0.31 | $ | (0.03 | ) | $ | 0.24 | $ | (0.13 | ) | $ | 0.37 | ||||||||
Income (loss) from discontinued operations
|
(0.04 | ) | 0.20 | 0.09 | (0.02 | ) | - | |||||||||||||
Net income (loss) attributable to
Winthrop Realty Trust
|
$ | 0.27 | $ | 0.17 | $ | 0.33 | $ | (0.15 | ) | $ | 0.37 | |||||||||
Basic Weighted-Average
Common Shares
|
33,076 | 33,037 | 33,027 | 33,056 | 33,075 | |||||||||||||||
Diluted Weighted-Average
Common Shares
|
33,148 | 33,037 | 33,029 | 33,056 | 33,076 | |||||||||||||||
Comprehensive income (loss)
|
||||||||||||||||||||
Consolidated net income (loss)
|
$ | 10,733 | $ | 7,745 | $ | 12,951 | $ | (1,900 | ) | $ | 16,047 | |||||||||
Change in unrealized gain (loss) on interest rate
derivative
|
(150 | ) | 131 | (1 | ) | 115 | (16 | ) | ||||||||||||
Comprehensive income (loss)
|
$ | 10,583 | $ | 7,876 | $ | 12,950 | $ | (1,785 | ) | $ | 16,031 |
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Basic
|
||||||||||||||||
Net income attributable to Winthrop Realty Trust
|
$ | 11,728 | $ | 15,108 | $ | 33,848 | $ | 26,719 | ||||||||
Real estate depreciation
|
3,153 | 2,903 | 9,665 | 8,165 | ||||||||||||
Amortization of capitalized leasing costs
|
1,791 | 2,169 | 5,626 | 5,106 | ||||||||||||
Trust's share of real estate depreciation and amortization of unconsolidated interests
|
2,762 | 2,976 | 7,471 | 10,630 | ||||||||||||
Impairment loss on investments in real estate
|
2,750 | 698 | 2,904 | 698 | ||||||||||||
Gain on sale of real estate
|
(1,421 | ) | (945 | ) | (10,948 | ) | (945 | ) | ||||||||
(Gain) loss on sale of equity investments
|
- | (165 | ) | 110 | (271 | ) | ||||||||||
Trust's share of loss on sale of real estate of unconsolidated interests
|
722 | - | 722 | - | ||||||||||||
Less: Non-controlling interest share of depreciation and amortization
|
(1,504 | ) | (699 | ) | (3,242 | ) | (2,144 | ) | ||||||||
Funds from operations attributable to the Trust
|
19,981 | 22,045 | 46,156 | 47,958 | ||||||||||||
Preferred dividend on Series D Preferred Shares
|
(2,787 | ) | (2,786 | ) | (8,360 | ) | (6,498 | ) | ||||||||
Amount allocated to restricted shares
|
(129 | ) | - | (269 | ) | - | ||||||||||
FFO applicable to Common Shares - Basic
|
$ | 17,065 | $ | 19,259 | $ | 37,527 | $ | 41,460 | ||||||||
Weighted-average Common Shares
|
33,076 | 33,075 | 33,047 | 33,064 | ||||||||||||
FFO Per Common Share - Basic
|
$ | 0.52 | $ | 0.58 | $ | 1.14 | $ | 1.25 | ||||||||
Diluted
|
||||||||||||||||
Funds from operations attributable to the Trust
|
$ | 19,981 | $ | 22,045 | $ | 46,156 | $ | 47,958 | ||||||||
Preferred dividend on Series D Preferred Shares
|
(2,787 | ) | (2,786 | ) | (8,360 | ) | (6,498 | ) | ||||||||
Amount allocated to restricted shares
|
(129 | ) | - | (264 | ) | |||||||||||
FFO applicable to Common Shares
|
$ | 17,065 | $ | 19,259 | $ | 37,532 | $ | 41,460 | ||||||||
Weighted-average Common Shares
|
33,076 | 33,075 | 33,047 | 33,064 | ||||||||||||
Stock options
|
2 | 1 | 2 | - | ||||||||||||
Restricted shares
|
70 | - | 40 | - | ||||||||||||
Diluted weighted-average Common Shares
|
33,148 | 33,076 | 33,089 | 33,064 | ||||||||||||
FFO Per Common Share - Diluted
|
$ | 0.51 | $ | 0.58 | $ | 1.13 | $ | 1.25 |
Three Months Ended
|
||||||||||||||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
||||||||||||||||
2013
|
2013
|
2013
|
2012
|
2012
|
||||||||||||||||
Basic
|
||||||||||||||||||||
Net income (loss) attributable to
Winthrop Realty Trust
|
$ | 11,728 | $ | 8,374 | $ | 13,746 | $ | (2,088 | ) | $ | 15,108 | |||||||||
Real estate depreciation
|
3,153 | 3,249 | 3,263 | 3,116 | 2,903 | |||||||||||||||
Amortization of capitalized leasing costs
|
1,791 | 1,858 | 1,977 | 1,679 | 2,169 | |||||||||||||||
Real estate depreciation and amortization of
|
||||||||||||||||||||
unconsolidated interests
|
2,762 | 2,086 | 2,623 | 2,860 | 2,976 | |||||||||||||||
Impairment loss on investments in real estate
|
2,750 | 154 | - | 2,562 | 698 | |||||||||||||||
Gain on sale of real estate
|
(1,421 | ) | (6,752 | ) | (2,775 | ) | - | (945 | ) | |||||||||||
(Gain) loss on sale of equity investments
|
- | - | 110 | 73 | (165 | ) | ||||||||||||||
Trust's share of loss on sale of real estate
|
||||||||||||||||||||
of unconsolidated interests
|
722 | - | - | - | - | |||||||||||||||
Less: Non-controlling interest share
|
||||||||||||||||||||
of depreciation and amortization
|
(1,504 | ) | (1,496 | ) | (242 | ) | (686 | ) | (699 | ) | ||||||||||
Funds from operations
|
19,981 | 7,473 | 18,702 | 7,516 | 22,045 | |||||||||||||||
Preferred dividend on Series D Preferred Shares
|
(2,787 | ) | (2,786 | ) | (2,787 | ) | (2,787 | ) | (2,786 | ) | ||||||||||
Amount allocated to restricted shares
|
(129 | ) | (98 | ) | (16 | ) | - | - | ||||||||||||
FFO applicable to Common Shares - Basic
|
$ | 17,065 | $ | 4,589 | $ | 15,899 | $ | 4,729 | $ | 19,259 | ||||||||||
Weighted-average Common Shares
|
33,076 | 33,037 | 33,027 | 33,056 | 33,075 | |||||||||||||||
FFO Per Common Share - Basic
|
$ | 0.52 | $ | 0.14 | $ | 0.48 | $ | 0.14 | $ | 0.58 | ||||||||||
Diluted
|
||||||||||||||||||||
Funds from operations
|
$ | 19,981 | $ | 7,473 | $ | 18,702 | $ | 7,516 | $ | 22,045 | ||||||||||
Preferred dividend on Series D Preferred Shares
|
(2,787 | ) | (2,786 | ) | (2,787 | ) | (2,787 | ) | (2,786 | ) | ||||||||||
Amount allocated to restricted shares
|
(129 | ) | (98 | ) | (16 | ) | - | - | ||||||||||||
FFO applicable to Common Shares
|
$ | 17,065 | $ | 4,589 | $ | 15,899 | $ | 4,729 | $ | 19,259 | ||||||||||
Weighted-average Common Shares
|
33,076 | 33,037 | 33,027 | 33,056 | 33,075 | |||||||||||||||
Stock options
|
2 | - | 2 | - | 1 | |||||||||||||||
Restricted shares
|
70 | - | - | - | - | |||||||||||||||
Diluted weighted-average Common Shares
|
33,148 | 33,037 | 33,029 | 33,056 | 33,076 | |||||||||||||||
FFO Per Common Share - Diluted
|
$ | 0.51 | $ | 0.14 | $ | 0.48 | $ | 0.14 | $ | 0.58 |
Cash, accounts payable and dividends payable:
|
Trust Ownership
|
Carrying Amount
|
Matched Debt
|
Estimated NAV Range
|
|||||||||||||||||||
Cash and cash equivalents and restricted cash
|
100 | % | $ | 184,846 | $ | - | $ | 184,846 |
to
|
$ | 184,846 | ||||||||||||
Accounts payable and dividends payable
|
100 | % | 33,019 | - | (33,019 | ) |
to
|
(33,019 | ) | ||||||||||||||
Subtotal - Corporate Segment Estimated Net Asset Value Range
|
151,827 |
to
|
151,827 | ||||||||||||||||||||
REIT Securities:
|
Trust Ownership
|
Fair Value
Carrying Amount
|
Matched Debt
|
Estimated NAV Range
|
|||||||||||||||||||
REIT Common shares
|
100 | % | $ | 7,074 | $ | - | $ | 7,074 |
to
|
$ | 7,074 | ||||||||||||
REIT Preferred shares
|
100 | % | - | - | - |
to
|
- | ||||||||||||||||
Subtotal - REIT Securities Segment Estimated Net Asset Value Range
|
7,074 |
to
|
7,074 | ||||||||||||||||||||
Loans:
|
Trust Ownership
|
Par Value
Plus Accrued Interest
|
Matched Debt
|
Estimated NAV Range
|
|||||||||||||||||||
Loan Assets, Loan Securities & Loan Equity Investments, with Expected Repayment
|
|||||||||||||||||||||||
WBCMT Series 2007 Tranche L - CMBS
|
100 | % | $ | 1,130 | $ | - | $ | 226 |
to
|
$ | 1,130 | [1 | ] | ||||||||||
Mentor Building - Whole Loan
|
100 | % | 2,512 | - | 2,512 |
to
|
2,512 | [1 | ] | ||||||||||||||
Hotel Wales - Whole Loan
|
100 | % | 20,097 | 14,000 | 6,097 |
to
|
6,097 | [1 | ] | ||||||||||||||
Legacy Orchard -Corporate Loan
|
100 | % | 9,750 | - | 9,750 |
to
|
9,750 | [1 | ] | ||||||||||||||
Rennaisance - Mezzanine Loan
|
100 | % | 3,000 | - | 3,000 |
to
|
3,000 | [1 | ] | ||||||||||||||
San Marbeya - Whole Loan
|
100 | % | 29,603 | 15,150 | 14,453 |
to
|
14,453 | [1 | ] | ||||||||||||||
Rockwell - Mezzanine Loan
|
100 | % | 1,502 | - | 180 |
to
|
1,502 | [1 | ] | ||||||||||||||
500-512 Seventh Ave - B Note
|
100 | % | 10,986 | - | 10,986 |
to
|
10,986 | [1 | ] | ||||||||||||||
Wellington Tower - Mezzanine Loan
|
100 | % | 3,515 | - | 3,515 |
to
|
3,515 | [1 | ] | ||||||||||||||
Churchill-Whole Loan
|
100 | % | 685 | - | - |
to
|
685 | [1 | ] | ||||||||||||||
Pinnacle II - B Note
|
100 | % | 5,108 | - | 5,108 |
to
|
5,108 | [1 | ] | ||||||||||||||
The Shops at Wailea - B Note
|
100 | % | 7,644 | - | 7,644 |
to
|
7,644 | [1 | ] | ||||||||||||||
Poipu Shopping Village - B Note
|
100 | % | 2,844 | - | 2,844 |
to
|
2,844 | [1 | ] | ||||||||||||||
Queensridge - Whole Loan
|
100 | % | 8,214 | - | 8,214 |
to
|
8,214 | [1 | ] | ||||||||||||||
Playa Vista - Mezzanine Loan
|
100 | % | 10,323 | 10,323 |
to
|
10,323 | [1 | ] | |||||||||||||||
Total Estimated Value of Loans with Expected Repayment
|
84,852 |
to
|
87,763 | ||||||||||||||||||||
Trust Ownership
|
Par Value
Plus Accrued Interest
|
Matched Debt
|
Estimated NAV Range
|
||||||||||||||||||||
Loan Assets, Loan Securities & Loan Equity
Investments, with Potential Equity Participation
|
|||||||||||||||||||||||
Stamford Office - Mezzanine
|
20 | % | 47,119 | - | 9,415 |
to
|
9,415 | [2 | ] | ||||||||||||||
Total Estimated Value of Loans with Potential Equity
|
9,415 |
to
|
9,415 | ||||||||||||||||||||
Debt Platforms
|
|||||||||||||||||||||||
Conord Debt Holdings/CDH CDO
|
67%/49 | % | N/A | N/A | 11,500 |
to
|
14,000 | [3 | ] | ||||||||||||||
RE CDO
|
50 | % | N/A | N/A | 500 |
to
|
1,000 | [4 | ] | ||||||||||||||
Total Estimated Value of Debt Platforms
|
12,000 |
to
|
15,000 | ||||||||||||||||||||
Subtotal - Loan Segment Estimated Net Asset Value Range
|
106,267 |
to
|
112,178 |
Description
|
Trust Owner-ship
|
Type
|
Square Feet/ Units
|
Nine Mos Ended
Sept 30,
2013 NOI Annualized
|
Adjust-
ments
|
Adjusted NOI [18]
|
Range of Capitalization Rates
|
Estimated Range of Property Value
|
Matched Debt Balance
|
Estimated NAV Range
|
||||||||||||||||||||||||||||||||||
Operating Properties
|
||||||||||||||||||||||||||||||||||||||||||||
Englewood, CO
(Crossroads I)
|
100% |
Office
|
118,000 | 969 | 231 | [5 | ] | 1,200 | 8.00 | % |
to
|
7.00 | % | 14,569 |
to
|
16,712 | - | 14,569 |
to
|
16,712 | ||||||||||||||||||||||||
Englewood, CO
(Crossroads II)
|
100% |
Office
|
118,000 | 957 | 43 | [5 | ] | 1,000 | 8.00 | % |
to
|
7.00 | % | 12,288 |
to
|
14,074 | - | 12,288 |
to
|
14,074 | ||||||||||||||||||||||||
Meriden, CT
(Newbury Apartments)
|
100% |
Multi-Family
|
180 Units
|
1,468 | 1,468 | 5.35 | % |
to
|
5.30 | % | 27,439 |
to
|
27,698 | 21,000 | 6,439 |
to
|
6,698 | |||||||||||||||||||||||||||
Atlanta, GA
|
100% |
Retail
|
61,000 | 259 | 259 | 13.00 | % |
to
|
12.00 | % | 1,992 |
to
|
2,158 | - | 1,992 |
to
|
2,158 | |||||||||||||||||||||||||||
Greensboro, NC
|
100% |
Retail
|
46,000 | 220 | 220 | 9.00 | % |
to
|
8.00 | % | 2,444 |
to
|
2,750 | - | 2,444 |
to
|
2,750 | |||||||||||||||||||||||||||
Louisville , KY
|
100% |
Retail
|
47,000 | 214 | 214 | 11.00 | % |
to
|
10.00 | % | 1,945 |
to
|
2,140 | - | 1,945 |
to
|
2,140 | |||||||||||||||||||||||||||
Amherst, NY
|
100% |
Office
|
200,000 | 2,383 | (575 | ) | [14 | ] | 1,808 | 7.50 | % |
to
|
7.00 | % | 24,107 |
to
|
25,829 | - | 24,107 |
to
|
25,829 | |||||||||||||||||||||||
Chicago, IL
(One East Erie)
|
100% |
Office
|
126,000 | 3,211 | (47 | ) | [10 | ] | 3,164 | 7.50 | % |
to
|
6.50 | % | 42,191 |
to
|
48,682 | 19,941 | 22,250 |
to
|
28,741 | |||||||||||||||||||||||
Chicago, IL
(River City )
|
60% |
Office
|
253,000 | 1,189 | 1,189 | 8.00 | % |
to
|
7.00 | % | 14,863 |
to
|
16,986 | 8,619 | 3,746 |
to
|
5,020 | |||||||||||||||||||||||||||
Houston, TX
(Westheimer)
|
32% |
Office
|
614,000 | 5,670 | (700 | ) | [7 | ] | 4,970 | 7.00 | % |
to
|
6.00 | % | 71,000 |
to
|
82,833 | 48,460 | 7,213 |
to
|
10,999 | |||||||||||||||||||||||
Lisle, IL
(550 Corporetum)
|
100% |
Office
|
169,000 | 1,027 | 1,027 | 9.50 | % |
to
|
8.50 | % | 10,811 |
to
|
12,082 | 5,753 | 5,058 |
to
|
6,329 | |||||||||||||||||||||||||||
Lisle, IL
(Arboretum)
|
100% |
Office
|
67,000 | (419 | ) | (419 | ) | 11.00 | % |
to
|
9.00 | % | 2,500 |
to
|
2,500 | - | 2,500 |
to
|
2,500 | |||||||||||||||||||||||||
Lisle, IL
(1050 Corporetum)
|
60% |
Office
|
54,000 | 448 | 448 | 9.00 | % |
to
|
8.00 | % | 4,978 |
to
|
5,600 | 5,488 | - |
to
|
67 | |||||||||||||||||||||||||||
New York, NY
|
var
|
Office /Retail
|
105,000 | 2,349 | 3,251 | [9 | ] | 5,600 | 6.00 | % |
to
|
5.50 | % | 93,333 |
to
|
101,818 | 51,982 | 23,605 |
to
|
26,575 | [9 | ] | ||||||||||||||||||||||
Orlando, FL
|
100% |
Office
|
257,000 | 3,313 | 3,313 | 8.50 | % |
to
|
7.50 | % | 38,976 |
to
|
44,173 | 37,138 | 1,838 |
to
|
7,035 | |||||||||||||||||||||||||||
Plantation, FL
|
100% |
Office
|
120,000 | 1,448 | 1,448 | 8.00 | % |
to
|
7.00 | % | 18,100 |
to
|
20,686 | 10,717 | 7,383 |
to
|
9,969 | |||||||||||||||||||||||||||
South Burlington, VT
|
100% |
Office
|
54,000 | 134 | 77 | [6 | ] | 211 | 11.00 | % |
to
|
9.50 | % | 1,921 |
to
|
2,225 | - | 1,921 |
to
|
2,225 | ||||||||||||||||||||||||
Jacksonville, FL
|
100% |
Warehouse
|
580,000 | 862 | 862 | 10.00 | % |
to
|
8.00 | % | 8,620 |
to
|
10,775 | - | 8,620 |
to
|
10,775 | |||||||||||||||||||||||||||
Churchill, PA
(Westinghouse )
|
100% |
Mixed Use
|
52,000 | 854 | 854 | 12.00 | % |
to
|
9.00 | % | 7,117 |
to
|
9,489 | 5,081 | 2,036 |
to
|
4,408 | |||||||||||||||||||||||||||
Memphis, TN
(Waterford Apartments)
|
100% |
Multi-Family
|
320 Units
|
1,581 | 1,581 | 6.25 | % |
to
|
6.00 | % | 25,296 |
to
|
26,350 | 13,197 | 12,099 |
to
|
13,153 | |||||||||||||||||||||||||||
Cerritos
|
100% |
Office
|
187,105 | 1,064 | 936 | [8 | ] | 2,000 | 7.00 | % |
to
|
6.50 | % | 26,571 |
to
|
28,769 | 23,000 | 1,786 |
to
|
2,885 | ||||||||||||||||||||||||
Lake Brandt
|
100% |
Multi-Family
|
284 Units
|
1,050 | 1,050 | 6.50 | % |
to
|
6.25 | % | 16,154 |
to
|
16,800 | 13,600 | 2,554 |
to
|
3,200 | |||||||||||||||||||||||||||
1515 Market Street
|
89% |
Office
|
514,000 | 4,791 | 4,791 | 7.50 | % |
to
|
7.00 | % | 63,880 |
to
|
68,443 | 42,683 | 21,197 |
to
|
25,760 | [11 | ] |
Description
|
Trust Owner-ship
|
Type
|
Square Feet/ Units
|
Nine Mos Ended
Sept 30,
2013 NOI Annualized
|
Adjust-
ments
|
Adjusted
Annualized NOI [18]
|
Range of Capitalization Rates
|
Estimated Range of Property Value
|
Matched Debt
Balance
|
Estimated NAV Range
|
|||||||||||||||||||||||||||||||||||
Operating Properties (continued)
|
|||||||||||||||||||||||||||||||||||||||||||||
Marc Realty
|
|||||||||||||||||||||||||||||||||||||||||||||
223 West Jackson, Chicago, IL
|
50% |
Office
|
168,000 | 1,453 | 323 | [8 | ] | 1,776 | 8.50 | % |
to
|
7.50 | % | 18,894 |
to
|
21,680 | 6,820 | 6,037 |
to
|
7,430 | |||||||||||||||||||||||||
4415 West Harrison, Hillside, IL
|
50% |
Office
|
192,000 | 679 | (235 | ) | [15 | ] | 444 | 9.75 | % |
to
|
9.00 | % | 4,554 |
to
|
4,933 | 4,359 | 97 |
to
|
287 | ||||||||||||||||||||||||
1701 E. Woodfield, Shaumburg, IL
|
50% |
Office
|
175,000 | 1,386 | (600 | ) | [15 | ] | 786 | 9.75 | % |
to
|
9.00 | % | 8,062 |
to
|
8,733 | 6,023 | 1,019 |
to
|
1,355 | ||||||||||||||||||||||||
2205-55 Enterprise,Westchester, IL
|
50% |
Office
|
130,000 | 909 | 909 | 9.50 | % |
to
|
8.50 | % | 9,568 |
to
|
10,694 | 8,812 | 378 |
to
|
941 | ||||||||||||||||||||||||||||
Sealy Venture
|
|||||||||||||||||||||||||||||||||||||||||||||
Atlanta, GA (Northwest)
|
60% |
Industrial/
Office
|
472,000 | 1,376 | (45 | ) | [10 | ] | 1,331 | 9.00 | % |
to
|
8.00 | % | 14,785 |
to
|
16,633 | 13,690 | 657 |
to
|
1,766 | ||||||||||||||||||||||||
Atlanta, GA (Newmarket)
|
68% |
Industrial/
Office
|
470,000 | 1,214 | 1,214 | 9.00 | % |
to
|
8.00 | % | 13,489 |
to
|
15,175 | 37,000 | - |
to
|
- | ||||||||||||||||||||||||||||
Nashville, TN (Airpark)
|
50% |
Industrial/Office
|
1,155,000 | 5,483 | 5,483 | 9.50 | % |
to
|
9.00 | % | 57,716 |
to
|
60,922 | 74,000 | - |
to
|
- | ||||||||||||||||||||||||||||
WRT-Elad / One South State
|
50% |
Retail/Office
|
942,000 | 15,269 | (1,343 | ) | [12 | ] | 13,926 | 6.50 | % |
to
|
5.75 | % | 214,246 |
to
|
242,191 | 108,775 | 73,297 |
to
|
83,078 | [12 | ] | ||||||||||||||||||||||
Mentor Retail
|
50% |
Retail
|
6,571 | 454 | 454 | 8.00 | % |
to
|
7.00 | % | 5,675 |
to
|
6,486 | 2,497 | 1,586 |
to
|
1,990 | ||||||||||||||||||||||||||||
Atrium
|
50% |
Retail
|
1,221 | (120 | ) | [10 | ] | 1,101 | 13.50 | % |
to
|
13.00 | % | 8,156 |
to
|
8,469 | - | 4,078 |
to
|
4,235 | |||||||||||||||||||||||||
Vintage
|
|||||||||||||||||||||||||||||||||||||||||||||
27 Properties
|
75% |
Multifamily
|
4,655 | 24,406 | 24,406 | 7.50 | % |
to
|
7.50 | % | 325,413 |
to
|
325,413 | 251,506 | 54,395 |
to
|
64,747 | [13 | ] | ||||||||||||||||||||||||||
Tacoma Preferred Equity
|
75% |
Multifamily
|
Under Construction
|
17,800 | 1,500 |
to
|
1,500 | [16 | ] | ||||||||||||||||||||||||||||||||||||
Urban Center Preferred Equity
|
75% |
Multifamily
|
Under Construction
|
16,400 | 5,500 |
to
|
5,500 | [16 | ] | ||||||||||||||||||||||||||||||||||||
Quilceda Preferred Equity
|
75% |
Multifamily
|
Under Construction
|
21,020 | 750 |
to
|
750 | [16 | ] | ||||||||||||||||||||||||||||||||||||
Fenway/Wateridge Pavilion
|
80% |
office
|
62,152 | 668 | 668 | 8.00 | % |
to
|
7.50 | % | 8,350 |
to
|
8,907 | - | 7,924 |
to
|
7,924 | [17 | ] | ||||||||||||||||||||||||||
701 Seventh Ave-Times Sq
|
75% |
Retail/Office
|
Under Development
|
376,560 | 35,881 |
to
|
35,881 | [16 | ] | ||||||||||||||||||||||||||||||||||||
Luxury Residential-Deposit
|
100% |
Multifamily
|
25,500 |
to
|
25,500 | ||||||||||||||||||||||||||||||||||||||||
Subtotal Operating Properties Segment Estimated Value Range
|
406,190 |
to
|
472,884 | ||||||||||||||||||||||||||||||||||||||||||
All Segments Estimated Net Asset Value Range
|
671,355 |
to
|
743,960 | ||||||||||||||||||||||||||||||||||||||||||
Outstanding Line of Credit
|
- |
to
|
- | ||||||||||||||||||||||||||||||||||||||||||
Outsanding Senior Notes
|
(86,250 | ) |
to
|
(86,250 | ) | ||||||||||||||||||||||||||||||||||||||||
Outsanding Series D Preferred
|
(120,500 | ) |
to
|
(120,500 | ) | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value Attributable to Common Shares
|
$ | 464,605 | 537,210 | ||||||||||||||||||||||||||||||||||||||||||
Outstaning Common Shares
|
35,798 |
to
|
35,798 | ||||||||||||||||||||||||||||||||||||||||||
Estimate Net Asset Value per Common Share Range
|
$ | 12.98 |
to
|
15.01 |
[1]
|
Management’s estimate of NAV on the Trust’s loans expected to be repaid gives no effect to the above or below market yield earned on certain of the loans. Except for WBCMT, Rockwell and Churchill for which full recovery may not be realized, par is utilized as the estimate of value.
|
[2]
|
Management’s estimate of NAV on the Trust’s loans with potential equity participation gives no effect to the potential value of any potential additional value derived from equity participation.
|
[3]
|
Management’s low estimate of value for the Concord Debt Holdings/CDH CDO investment is based on its estimated recovery of the Concord Debt Holdings assets and bases the equity in the CDO on an assumed liquidation. Management’s high end range of estimate is based on the estimated recovery of the Concord Debt Holdings assets plus the discounted cash flow of the CDO payments based on the scheduled maturities.
|
[4]
|
Management based its estimate on its estimate of recovery.
|
[5]
|
Reflects adjustment made for leases in place which rents are not included in prior quarters’ reported earnings due to either the timing of commencement or rent abatement.
|
[6]
|
The adjustment is made to increase the annualized NOI for the South Burlington property which is lower than stabilized NOI due to the timing of certain scheduled repairs and maintenance expenses.
|
[7]
|
This property is leased to Spectra Energy. The lease, which was set to expire in 2016 was extended until April 2026. Negotiated annual lease payments on the modified lease remain unchanged ($7,974,000 to $8,255,000 annually) through the maturity date of the mortgage debt, then the base rate decreases to $4,260,000 annually, subject to annual increases thereafter up to $5,478,000 annually. The NOI was adjusted to reflect a future decline in rents.
|
[8]
|
Properties are currently in a lease up phase. Accordingly, management estimated the range of property values by applying the range of capitalization rates to an estimated stabilized NOI and then deducted from the property value the estimated costs to achieve the projected stabilized NOI.
|
[9]
|
Management’s estimated NAV is calculated based on a sale of the property at a range of values using capitalization rates between 5.50% and 6.00% applied to stabilized NOI. The proceeds are then assumed to be distributed based upon the distribution provision of the 450 West 14th Street LLC Agreement which provides that cash is distributed as follows on the Trust’s capital contribution of $15.0 million and other equity holders’ capital of $4.6 million:
|
1)
|
to the Trust until it receives an amount equal to a 10% return;
|
2)
|
75% to the Trust, 25% to other equity holders until the Trust has received a 15% cumulative annual compounded return on its aggregate investment amount;
|
3)
|
90% to the Trust, 10% to other equity holders until the Trust has received a return of its aggregate investment amount;
|
4)
|
10% to the Trust, 90% to other equity holders until other equity holders have received a return of any new investment amount and a 15% IRR thereon;
|
5)
|
either (x) on or prior to the fifth anniversary of the Trust’s investment, 50% to the Trust and 50% to the other equity holders or (y) following the fifth anniversary of the Trust’s investment, 35% to the Trust and 65% to the other equity holders. Management assumed the 35% for this analysis.
|
[10]
|
The adjustment was made to NOI to reduce the impact of a one-time real estate tax abatement or, in the case of Atrium, a tenant receivable adjustment.
|
[11]
|
The Trust owns 89% of 1515 Market, but is entitled to receive 100% of proceeds up to $77,724,000 less the mortgage amount, which was $42,684,000 at September 30, 2013. The Trust in entitled to receive 89% of any excess proceeds
|
[12]
|
Management’s estimate of NAV is calculated based on the post-tax credit compliance period residual distribution provisions set forth in One South State Street LLC agreement which provide for payment of the WRT-Elad mezzanine loan under its terms, which has an outstanding balance of $56,150,000 at September 30, 2013 and of which the Trust owns 100% and then 70% profits participation by WRT-Elad. The NOI on this property was adjusted downward to reflect that certain scheduled expenses were not yet incurred.
|
[13]
|
Each of the Vintage properties is owned in a partnership which includes outside investors and is subject to its individual partnership agreement waterfall. The VHH Operating Agreement provides that aggregate properties operating cash flow to VHH is distributed as follows:
|
1)
|
to the Trust until it receives a 12% preferred return on its unreturned capital;
|
2)
|
to the Trust’s joint venture partner until he receives at 12% return;
|
3)
|
the remainder is distributed 50% to the Trust and 50% to the Trust’s partner.
|
[14]
|
This property is net leased to Ingram Micro under a lease which was scheduled to expire in October 2013. The adjustment reflects the rental rate under the terms of a new recently executed 10 year lease. The remaining costs for the lease have been included in accounts payable and accrued expenses. The $14,985,000 loan collateralized by this property was repaid during the third quarter.
|
[15]
|
This property has expected lease turnover. Accordingly an adjustment has been made to NOI to reflect the reduction in asset value.
|
[16]
|
Asset is in a development stage. NAV represents cash invested by the Trust at September 30, 2013.
|
[17]
|
The Trust has a preferred equity position. Proceeds of a capital transaction are distributed first to the Trust until it receives as a return all of its $7,600,000 investment plus a 12% thereon; second to the Trust’s partner, Fenway, until it has received its $1,500,000 investment plus a 12% return thereon; and thereafter 60% to Fenway and 40% to the Trust.
|
[18]
|
Net operating income is a non-GAAP measure equal to revenues from all rental property less operating expenses and real estate taxes, exclusive of depreciation, amortization and capital expenditures.
|
Segment
|
Property Type
|
Initial Investment Date
|
Initial Investment Amount
|
Liquidation Date
|
IRR
|
||||||||
REIT Securities
|
|||||||||||||
REIT Common shares-LXP
|
N/A |
October-08
|
$ | 20,416,142 |
November-09
|
18.77 | % | ||||||
REIT Common shares-Various
|
N/A |
November-08
|
4,543,740 |
Various
|
24.57 | % | |||||||
REIT Preferred shares-Various
|
N/A |
October-08
|
11,745,739 |
Various
|
65.35 | % | |||||||
REIT Bonds-Various
|
N/A |
December-08
|
25,085,220 |
Various
|
21.70 | % | |||||||
REIT Common shares-CDR
|
N/A |
October-11
|
14,870,211 |
Various
|
49.11 | % | |||||||
Loan Assets, Loan Securities & Loan Equity Investments
|
|||||||||||||
Siete Square - Whole Loan
|
Office
|
June-09
|
$ | 5,500,000 |
June-11
|
15.98 | % | ||||||
160 Spear Street - Whole Loan
|
Office
|
June-09
|
38,318,727 |
May-12
|
51.85 | % | |||||||
160 Spear Street - Tenant Improvement Loan
|
Office
|
December-09
|
1,200,000 |
May-12
|
15.60 | % | |||||||
Beverly Hills Hilton - B Note
|
Hotel
|
December-09
|
5,250,000 |
September-11
|
52.32 | % | |||||||
Metropolitan Tower -B Note
|
Office
|
December-09
|
6,500,000 |
April-11
|
139.10 | % | |||||||
Driver Building - B Note
|
Office
|
May-10
|
6,703,325 |
August-10
|
17.35 | % | |||||||
1701 Woodfield - Whole Loan
|
Office
|
July-10
|
5,000,000 |
September-10
|
8.00 | % | |||||||
Peter Cooper/Stuyvescent Town - Mezzanine Loan
|
Multi-family
|
August-10
|
10,665,000 |
October-10
|
-37.56 | % | |||||||
Scripps Center - Rake Bond
|
Office
|
July-10
|
1,200,000 |
November-10
|
1221.53 | % | |||||||
Moffet Tower - B Note
|
Office
|
October-10
|
21,557,883 |
October-11
|
8.79 | % | |||||||
Westwood - Whole Loan
|
Office
|
October-10
|
3,500,000 |
December-11
|
12.62 | % | |||||||
Metropolitan Tower - Rake Bond
|
Office
|
December-10
|
5,259,896 |
April-11
|
182.57 | % | |||||||
CDH CDO - Compliance Loan
|
CDO
|
December-10
|
3,497,569 |
July-11
|
9.21 | % | |||||||
Concord 2006-1A Class E
|
CDO
|
February-11
|
662,344 |
April-11
|
76.22 | % | |||||||
Gotham Hotel - Whole Loan
|
Hotel
|
February-11
|
8,036,658 |
May-11
|
33.58 | % | |||||||
Lakeside Eagle - Whole Loan
|
Retail
|
March-11
|
18,093,218 |
May-11
|
15.38 | % | |||||||
11 East Adams - Seller Financing Mezzanine Loan
|
Office
|
June-11
|
2,264,770 |
July-11
|
4.30 | % | |||||||
8 South Michigan-Seller Financing Mezzanine Loan
|
Office
|
June-11
|
4,909,570 |
August-11
|
6.77 | % | |||||||
Sofitel Hotel - Mezzanine Loan
|
Hotel
|
June-11
|
5,759,949 |
October-11
|
88.88 | % | |||||||
Sealy Northwest - DPO Bridge Financing
|
Industrial/office
|
June-11
|
20,630,000 |
September-11
|
8.72 | % | |||||||
Magazine - Mezzanine Loan
|
Multi-family
|
June-11
|
17,538,478 |
May-12
|
15.95 | % | |||||||
Riverside Plaza - B-Note
|
Retail
|
June-10
|
7,800,000 |
September-12
|
12.57 | % | |||||||
Broward Financial Center - Whole Loan
|
Office
|
May-12
|
42,771,882 |
October-12
|
22.24 | % | |||||||
SoCal Office Portfolio - C-Note
|
Office
|
November-11
|
71,354,090 |
September-12
|
26.88 | % | |||||||
HC Cypress Pointe LLC - Preferred Equity
|
Multi Family
|
May-11
|
449,223 |
November-12
|
13.22 | % | |||||||
2600 W Olive Series N-Q - Loan Securities
|
Office
|
December-09
|
1,500,000 |
December-12
|
68.23 | % | |||||||
Burbank Centre - B-Note
|
Office
|
September-12
|
9,000,000 |
January-13
|
4.89 | % | |||||||
127 West 25th - Mezzanine Loan
|
Mixed Use
|
May-12
|
9,000,000 |
March-13
|
30.45 | % | |||||||
180 No. Michigan - Seller Financing Mezzanine Loan
|
Office
|
November-12
|
5,200,000 |
March-13
|
8.47 | % | |||||||
4545 East Shea Blvd-Whole Loan
|
Office
|
April-12
|
2,250,000 |
June-13
|
14.14 | % | |||||||
10 Metrotech - Whole Loan
|
Office
|
April-12
|
10,915,000 |
July-13
|
38.13 | % | |||||||
Other
|
|||||||||||||
F II Co-Invest LLC - Private Equity Securities
|
N/A |
July-11
|
$ | 1,800,000 |
April-12
|
17.51 | % | ||||||
Operating Properties
|
|||||||||||||
180 No. Michigan - Preferred / Equity Investment
|
Office
|
April-08
|
$ | 3,923,084 |
November-12
|
8.13 | % | ||||||
Deer Valley
|
Multi Family
|
$ | 12,370,485 |
June-13
|
13.42 | % | |||||||
Total/Weighted Average
|
$ | 447,042,203 | 30.56 | % |
Nine Months Ended
September 30,
|
||||||||
2013
|
2012
|
|||||||
Cash flows from operating activities
|
||||||||
Net income
|
$ | 31,429 | $ | 26,284 | ||||
Adjustments to reconcile net income to net cash
|
||||||||
provided by operating activities:
|
||||||||
Depreciation and amortization (including amortization of
|
||||||||
deferred financing costs)
|
10,355 | 8,552 | ||||||
Amortization of lease intangibles
|
5,901 | 5,028 | ||||||
Straight-line rental income
|
(3,584 | ) | (2,662 | ) | ||||
Loan discount accretion
|
(2,283 | ) | (5,984 | ) | ||||
Discount accretion received in cash
|
37 | 14,065 | ||||||
Income from preferred equity investments
|
(576 | ) | - | |||||
Distributions of income from preferred equity investments
|
123 | 97 | ||||||
Income of equity investments
|
(26,249 | ) | (14,051 | ) | ||||
Distributions of income from equity investments
|
19,354 | 17,097 | ||||||
Restricted cash held in escrows
|
1,763 | (4,063 | ) | |||||
Loss (gain) on sale of securities carried at fair value
|
133 | (41 | ) | |||||
Unrealized loss (gain) on securities carried at fair value
|
142 | (7,254 | ) | |||||
Unrealized gain on loan securities carried at fair value
|
(215 | ) | (447 | ) | ||||
Impairment loss on investment in real estate
|
2,904 | 698 | ||||||
Tenant leasing costs
|
(3,365 | ) | (3,211 | ) | ||||
Gain on sale of real estate investments
|
(10,948 | ) | (945 | ) | ||||
Equity compensation expenses
|
557 | - | ||||||
Bad debt expense (recovery)
|
104 | (116 | ) | |||||
Changes in assets and liabilities:
|
||||||||
Interest receivable
|
58 | (293 | ) | |||||
Accounts receivable
|
450 | 533 | ||||||
Accounts payable, accrued liabilities and other liabilities
|
(255 | ) | 4,425 | |||||
Net cash provided by operating activities
|
25,835 | 37,712 | ||||||
Cash flows from investing activities
|
||||||||
Investments in real estate
|
(6,289 | ) | (29,975 | ) | ||||
Investment in equity investments
|
(11,982 | ) | (47,925 | ) | ||||
Investment in preferred equity investments
|
- | (4,000 | ) | |||||
Proceeds from sale of investments in real estate
|
36,217 | 7,024 | ||||||
Proceeds from sale of equity investments
|
26 | 2,297 | ||||||
Return of capital distribution from equity investments
|
14,649 | 83,736 | ||||||
Purchase of securities carried at fair value
|
- | (5,654 | ) | |||||
Proceeds from sale of securities carried at fair value
|
12,345 | 4,614 | ||||||
Restricted cash held in escrows
|
(2,677 | ) | (4,478 | ) | ||||
Issuance and acquisition of loans receivable
|
(21,437 | ) | (64,970 | ) | ||||
Collection of loans receivable
|
47,597 | 37,126 | ||||||
Proceeds from sale of loans receivable
|
19,318 | - | ||||||
Cash from consolidation of properties
|
473 | - | ||||||
Issuance of secured financing receivable
|
(30,000 | ) | - | |||||
Deposits on real estate
|
(25,606 | ) | - | |||||
Net cash provided by (used in) investing activities
|
32,634 | (22,205 | ) |
Nine Months Ended
September 30,
|
||||||||
2013
|
2012
|
|||||||
Cash flows from financing activities
|
||||||||
Proceeds from mortgage loans payable
|
48,100 | 15,897 | ||||||
Principal payments of mortgage loans payable
|
(20,295 | ) | (8,740 | ) | ||||
Payment of secured financing
|
(23,770 | ) | - | |||||
Proceeds from issuance of Series D Preferred Shares
|
- | 77,572 | ||||||
Proceeds from issuance of Senior Notes Payable
|
- | 86,250 | ||||||
Repayment of revolving line of credit
|
- | (40,000 | ) | |||||
Restricted cash held in escrows
|
(2,921 | ) | (2,818 | ) | ||||
Deferred financing costs
|
(789 | ) | (3,766 | ) | ||||
Contribution from non-controlling interest
|
861 | 4,340 | ||||||
Distribution to non-controlling interest
|
(52 | ) | (6,115 | ) | ||||
Purchase of non-controlling interests
|
(150 | ) | (400 | ) | ||||
Issuance of Common Shares under Dividend Reinvestment Plan
|
353 | 397 | ||||||
Issuance of Common Shares through offering
|
29,960 | - | ||||||
Dividend paid on Common Shares
|
(16,102 | ) | (16,113 | ) | ||||
Dividend paid on Series D Preferred Shares
|
(5,574 | ) | (3,712 | ) | ||||
Dividend paid on Restricted Shares
|
(10 | ) | - | |||||
Net cash provided by financing activities
|
9,611 | 102,792 | ||||||
Net increase in cash and cash equivalents
|
68,080 | 118,299 | ||||||
Cash and cash equivalents at beginning of period
|
97,682 | 40,952 | ||||||
Cash and cash equivalents at end of period
|
165,762 | 159,251 | ||||||
Supplemental Disclosure of Cash Flow Information
|
||||||||
Interest paid
|
$ | 17,780 | $ | 11,248 | ||||
Capitalized interest
|
$ | 600 | $ | - | ||||
Taxes paid
|
$ | 201 | $ | 317 | ||||
Supplemental Disclosure on Non-Cash Investing and
|
||||||||
Financing Activities
|
||||||||
Dividends accrued on Common Shares
|
$ | 6,018 | $ | 5,375 | ||||
Dividends accrued on Series D Preferred Shares
|
$ | 2,786 | $ | 2,786 | ||||
Capital expenditures accrued
|
$ | 351 | $ | 2,777 | ||||
Transfer from loans receivable
|
$ | - | $ | (2,938 | ) | |||
Transfer from preferred equity
|
$ | - | $ | (3,923 | ) | |||
Transfer to equity investment
|
$ | - | $ | 6,861 | ||||
Transfer to loan receivable
|
$ | - | $ | 6,550 | ||||
Transfer from equity investment
|
$ | - | $ | (12,400 | ) | |||
Transfer to additional paid-in capital
|
$ | - | $ | 5,487 | ||||
Transfer to non-controlling interests
|
$ | - | $ | 363 | ||||
Contribution to WRT-Elad One South State Equity L.P.
|
$ | 897 | $ | - |
September 30,
2013
|
June 30,
2013
|
March 31,
2013
|
December 31,
2012
|
September 30,
2012
|
||||||||||||||||
Investments in Real Estate
|
|
|
||||||||||||||||||
Land
|
$ | 56,894 | $ | 59,183 | $ | 60,679 | $ | 43,252 | $ | 37,177 | ||||||||||
Buildings and improvements
|
- | |||||||||||||||||||
Buildings
|
341,963 | 346,723 | 354,394 | 337,506 | 311,956 | |||||||||||||||
Building improvements
|
18,306 | 18,686 | 17,877 | 18,908 | 13,676 | |||||||||||||||
Furniture and Fixtures
|
2,714 | 2,661 | 2,579 | 2,509 | 2,226 | |||||||||||||||
Tenant improvements
|
17,257 | 17,300 | 20,949 | 19,814 | 16,431 | |||||||||||||||
437,134 | 444,553 | 456,478 | 421,989 | 381,466 | ||||||||||||||||
Accumulated depreciation and amortization
|
(55,195 | ) | (53,553 | ) | (52,412 | ) | (51,553 | ) | (48,618 | ) | ||||||||||
Total Investments in Real Estate
|
$ | 381,939 | $ | 391,000 | $ | 404,066 | $ | 370,436 | $ | 332,848 | ||||||||||
|
||||||||||||||||||||
Accounts Receivable
|
||||||||||||||||||||
Straight-line rent receivable
|
$ | 12,558 | $ | 12,691 | $ | 14,403 | $ | 13,770 | $ | 13,467 | ||||||||||
Other
|
7,644 | 4,697 | 3,683 | 4,889 | 2,717 | |||||||||||||||
Total Accounts Receivable
|
$ | 20,202 | $ | 17,388 | $ | 18,086 | $ | 18,659 | $ | 16,184 | ||||||||||
Securities Carried at Fair Value
|
||||||||||||||||||||
REIT Common Shares
|
7,074 | 10,360 | 12,220 | 19,694 | 37,191 | |||||||||||||||
Total Securities Carried at Fair Value
|
$ | 7,074 | $ | 10,360 | $ | 12,220 | $ | 19,694 | $ | 37,191 | ||||||||||
Equity Investments
|
||||||||||||||||||||
Vintage Housing Holdings (27 Properties)
|
$ | 33,706 | $ | 32,886 | $ | 31,801 | $ | 30,534 | $ | 30,083 | ||||||||||
Elad / One South State Street (1 Property)
|
24,518 | 23,614 | 23,447 | 25,104 | 24,659 | |||||||||||||||
Marc Realty Portfolio (4 Properties)
|
14,705 | 14,731 | 14,662 | 14,880 | 21,921 | |||||||||||||||
10 Metrotech (Office Loan)
|
11 | 10,845 | 10,845 | 10,845 | 10,845 | |||||||||||||||
Sealy Ventures Properties (3 Properties)
|
7,741 | 7,871 | 7,958 | 8,104 | 8,904 | |||||||||||||||
Mack-Cali / Stamford (Office Loan)
|
8,916 | 8,773 | 8,636 | 8,501 | 8,367 | |||||||||||||||
Concord Debt Holdings
|
982 | 3,932 | 3,953 | 3,974 | 4,495 | |||||||||||||||
CDH CDO
|
4,181 | 1,079 | 652 | 322 | 3,698 | |||||||||||||||
RE-CDO Management
|
993 | 1,061 | 1,098 | 1,779 | 1,792 | |||||||||||||||
Mentor Retail (1 Property)
|
596 | 584 | 568 | 551 | 523 | |||||||||||||||
So-Cal Office Loan Portfolio (31 Loans)
|
- | - | 8 | 8 | 12 | |||||||||||||||
Lakeside/Eagle
|
3 | 10 | - | - | - | |||||||||||||||
701 Seventh Avenue
|
36,989 | 30,602 | 29,038 | 28,735 | - | |||||||||||||||
Wateridge
|
1,816 | 1,722 | 1,558 | 1,522 | - | |||||||||||||||
Atrium Mall
|
3,904 | 3,935 | - | - | - | |||||||||||||||
Total Equity Investments
|
$ | 139,061 | $ | 141,645 | $ | 134,224 | $ | 134,859 | $ | 115,299 | ||||||||||
Preferred Equity Investments
|
||||||||||||||||||||
Vintage at Tacoma
|
$ | 1,500 | $ | 1,500 | $ | 1,500 | $ | 1,500 | $ | 1,500 | ||||||||||
Vintage at Urban Center
|
4,000 | 4,000 | 4,000 | 4,000 | 4,000 | |||||||||||||||
Vintage at Quilceda
|
750 | 750 | 750 | 750 | - | |||||||||||||||
Wateridge
|
6,453 | 6,264 | 6,108 | 6,000 | - | |||||||||||||||
Total Preferred Equity Investments
|
$ | 12,703 | $ | 12,514 | $ | 12,358 | $ | 12,250 | $ | 5,500 | ||||||||||
Non-Controlling Interests
|
||||||||||||||||||||
Westheimer (Houston, TX)
|
$ | 8,328 | $ | 8,419 | $ | 8,652 | $ | 8,903 | $ | 11,877 | ||||||||||
River City / Marc Realty (Chicago, IL)
|
3,865 | 3,907 | 3,883 | 3,857 | 3,891 | |||||||||||||||
1050 Corporetum / Marc Realty (Lisle, IL)
|
50 | 52 | 56 | 61 | 83 | |||||||||||||||
450 West 14th Street (High Line)
|
1,895 | 1,909 | 1,952 | 1,912 | 2,399 | |||||||||||||||
So-Cal Office Loan Portfolio
|
- | - | - | 2 | 19 | |||||||||||||||
HC Cypress
|
- | 19 | 19 | 19 | - | |||||||||||||||
1515 Market
|
(1,247 | ) | (694 | ) | (195 | ) | - | - | ||||||||||||
Total Non-Controlling Interests
|
$ | 12,891 | $ | 13,612 | $ | 14,367 | $ | 14,754 | $ | 18,269 |
Sep 30,
2013
|
Jun 30,
2013
|
Mar 31,
2013
|
Dec 31,
2012
|
Sep 30
2012
|
||||||||||||||||
Debt
|
||||||||||||||||||||
Mortgage loans payable
|
$ | 308,049 | $ | 325,026 | $ | 278,824 | $ | 280,576 | $ | 238,097 | ||||||||||
Senior notes payable
|
86,250 | 86,250 | 86,250 | 86,250 | 86,250 | |||||||||||||||
Secured financing
|
29,150 | 29,150 | 42,803 | 52,920 | 29,150 | |||||||||||||||
KeyBank line of credit
|
- | - | - | - | - | |||||||||||||||
Total Debt
|
423,449 | 440,426 | 407,877 | 419,746 | 353,497 | |||||||||||||||
Equity
|
||||||||||||||||||||
Series D Cumulative Redeemable
Preferred Shares
|
120,500 | 120,500 | 120,500 | 120,500 | 120,500 | |||||||||||||||
Common Shares
|
373,087 | 340,385 | 339,811 | 334,010 | 343,605 | |||||||||||||||
Non-controlling ownership interests
|
12,891 | 13,612 | 14,367 | 14,754 | 18,269 | |||||||||||||||
Total Equity
|
506,478 | 474,497 | 474,678 | 469,264 | 482,374 | |||||||||||||||
Total Capitalization
|
$ | 929,927 | $ | 914,923 | $ | 882,555 | $ | 889,010 | $ | 835,871 |
Common Dividend Per Share
|
||||||||||||||||
September 30,
2013
|
June 30,
2013
|
March 31,
2013
|
December 31,
2012
|
September 30,
2012
|
||||||||||||
$ 0.1625
|
$ | 0.1625 | $ | 0.1625 | $ | 0.1625 | $ | 0.1625 |
Liquidity and Credit Facility
|
||||||||||||||||||||
Sep 30,
2013
|
June 30,
2013
|
March 31,
2013
|
Dec 31,
2012
|
Sep 30,
2012
|
||||||||||||||||
Cash and cash equivalents
|
$ | 165,762 | $ | 186,132 | $ | 131,448 | $ | 97,682 | $ | 159,251 | ||||||||||
Securities carried at fair value
|
7,074 | 10,360 | 12,220 | 19,694 | 37,191 | |||||||||||||||
Available under line of credit (1)
|
50,000 | 50,000 | 50,000 | 50,000 | 50,000 | |||||||||||||||
Total Liquidity and Credit Facility
|
$ | 222,836 | $ | 246,492 | $ | 193,668 | $ | 167,376 | $ | 246,442 |
Cash
|
Amount
|
|||||||
Cash and cash equivalents
|
$ | 165,762 | ||||||
REIT Securities
|
Cost
|
Fair Value
|
||||||
REIT Common shares
|
$ | 6,318 | $ | 7,074 |
Loans with Expected Repayment
|
Position
|
Type
|
Interest Rate
|
Cost, less Principal Repaid
|
Carrying Amount (before int. receivable)
|
Par Value
|
Extended Maturity Date
|
||||||||||||||||||
WBCMT Series 2007 Tranche L
|
CMBS
|
Hotel
|
LIBOR +
|
1.75% | 1,130 | 226 | 1,130 |
09/09/14
|
|||||||||||||||||
The Shops at Wailea
|
B Note
|
Retail
|
Fixed
|
6.15% | 5,047 | 6,004 | 7,612 |
10/06/14
|
|||||||||||||||||
Legacy Orchard
|
Whole
|
Corporate Loan
|
Fixed
|
15.00% | 9,750 | 9,750 | 9,750 | (2 | ) |
10/31/14
|
|||||||||||||||
Rennaisance
|
Mezz
|
Retail/ Multi Fam
|
LIBOR +
|
12.00% | 3,000 | 3,000 | 3,000 |
01/01/15
|
|||||||||||||||||
San Marbeya
|
Whole
|
Multifamily
|
Fixed
|
5.88% | 25,343 | 27,541 | 29,458 |
01/01/15
|
|||||||||||||||||
Churchill
|
Whole
|
Mixed Use
|
LIBOR +
|
3.75% | 683 | 683 | 683 |
06/01/15
|
|||||||||||||||||
Hotel Wales
|
Whole
|
Hotel
|
LIBOR +
|
4.00% | 20,000 | 20,000 | 20,000 |
10/05/14
|
|||||||||||||||||
Queensridge
|
Whole
|
Multifamily
|
LIBOR +
|
11.50% | 8,122 | 8,122 | 8,122 |
11/15/15
|
|||||||||||||||||
Playa Vista
|
Mezz
|
Office
|
LIBOR +
|
14.25% | 10,250 | 10,250 | 10,250 |
01/23/16
|
|||||||||||||||||
Rockwell
|
Mezz
|
Indust. / Whse.
|
Fixed
|
12.00% | 225 | 349 | 1,487 |
05/01/16
|
|||||||||||||||||
500-512 Seventh Ave.
|
B Note
|
Office
|
Fixed
|
7.19% | 9,106 | 9,986 | 10,943 |
07/11/16
|
|||||||||||||||||
Pinnacle II
|
B Note
|
Office
|
Fixed
|
6.31% | 4,572 | 4,626 | 5,086 |
09/06/16
|
|||||||||||||||||
Poipu Shopping Village
|
B Note
|
Retail
|
Fixed
|
6.62% | 1,881 | 2,015 | 2,831 |
01/06/17
|
|||||||||||||||||
Wellington Tower
|
Mezz
|
Mixed Use
|
Fixed
|
6.79% | 2,352 | 2,777 | 3,502 |
07/11/17
|
|||||||||||||||||
Mentor Building (39 South St)
|
Whole
|
Retail
|
Fixed
|
10.00% | 2,497 | 2,497 | 2,497 |
09/10/17
|
|||||||||||||||||
1515 Market Street
|
Whole
|
Office
|
Fixed
|
7.50% | 23,690 | 23,690 | 35,040 |
02/01/16
|
|||||||||||||||||
Loans with Potential Equity Participation
|
|||||||||||||||||||||||||
Stamford -20% Owned Equity Inv(1)
|
Mezz
|
Office
|
LIBOR +
|
3.25% | $ | 40,000 | $ | 43,641 | $ | 47,000 | (2 | ) |
08/06/14
|
(1) Amounts shown represent 100% of the investment at the venture level.
|
|||||||||||||||
(2) Par amount represents borrowers discounted payoff option amount.
|
|||||||||||||||
See Additional Loan Asset Details on Pages 21 and 22 of Supplement.
|
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
|
|||||||||||||
Englewood, CO (Crossroads I)
|
100% |
Office
|
118,000 | 8,159 | 69 | - | (1 | ) | |||||||||||
Englewood, CO (Crossroads II)
|
100% |
Office
|
118,000 | 11,192 | 95 | - | (1 | ) | |||||||||||
Meriden, CT (Newbury Apartments)
|
100% |
Multifamily
|
180 Units
|
25,554 | 141,967 | 21,000 | |||||||||||||
Memphis, TN, (Waterford Apartments)
|
100% |
Multifamily
|
320 Units
|
21,448 | 67,025 | 13,197 | |||||||||||||
Cerritos, CA (Cerritos)
|
100% |
Office
|
187,000 | 22,909 | 123 | 23,000 | |||||||||||||
Philadelphia, PA (1515 Market)
|
49% |
Office
|
511,000 | 43,539 | 85 | 42,683 | (2 | ) |
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 | 1,958 | $ | 32 | $ | - | (1 | ) | ||||||||||||
Greensboro, NC
|
100% |
Retail
|
46,000 | 3,801 | 83 | - | (1 | ) | ||||||||||||||
Louisville , KY
|
100% |
Retail
|
47,000 | 3,098 | 66 | - | (1 | ) | ||||||||||||||
Amherst, NY
|
100% |
Office
|
200,000 | 20,583 | 103 | - | ||||||||||||||||
Chicago, IL (One East Erie)
|
100% |
Office
|
126,000 | 26,320 | 209 | 19,941 | ||||||||||||||||
Chicago, IL (River City / Marc Realty )
|
60% |
Office
|
253,000 | 16,812 | 66 | 8,619 | ||||||||||||||||
Houston, TX (Westheimer)
|
32% |
Office
|
614,000 | 69,543 | 113 | 48,460 | ||||||||||||||||
Lisle, IL (550 Corporetum)
|
100% |
Office
|
169,000 | 22,606 | 134 | 5,753 | ||||||||||||||||
Lisle, IL (1050 Corporetum / Marc Realty)
|
60% |
Office
|
54,000 | 4,272 | 79 | 5,488 | ||||||||||||||||
New York, NY
|
var
|
Office / Retail
|
105,000 | 60,368 | 575 | 51,982 | ||||||||||||||||
Orlando, FL
|
100% |
Office
|
257,000 | 17,290 | 67 | 37,138 | ||||||||||||||||
Plantation, FL
|
100% |
Office
|
120,000 | 12,936 | 108 | 10,717 | ||||||||||||||||
South Burlington, VT
|
100% |
Office
|
54,000 | 3,407 | 63 | - | (1 | ) | ||||||||||||||
Jacksonville, FL
|
100% |
Warehouse
|
588,000 | 13,087 | 22 | - | (1 | ) | ||||||||||||||
Churchill, PA
|
100% |
Mixed Use
|
52,000 | 9,705 | 187 | 5,081 | ||||||||||||||||
Greensboro, NC (Lake Brandt)
|
100% |
Multifamily
|
284 Units
|
18,547 | 65,306 | 13,600 |
Equity Investment Operating Properties Foreclosure
Acquired through Direct or Indirect
|
%
Owned
|
Type
|
Square Feet/ Units
|
Equity Investment
Carrying Amount
|
|||||||
Atrium Mall
|
50% |
Retail
|
71,000 | $ | 3,904 | ||||||
Equity Investment Operating Properties
Acquired through Asset Purchase
|
%
Owned
|
Type
|
Square Feet/ Units
|
Equity Investment
Carrying Amount
|
|||||||
Marc Realty (4 Equity Investments)
|
50% |
Office
|
655,000 | $ | 14,705 | ||||||
Sealy Equity Investments (3 Equity Investments)
|
Var
|
Industrial/Office
|
2,097,000 | 7,741 | |||||||
WRT-Elad / One South State St
|
50% |
Retail / Office
|
942,000 | 24,518 | |||||||
Vintage Housing Holdings
|
Var
|
Multifamily
|
4,655 Units
|
33,706 | |||||||
Mentor Retail LLC
|
50% |
Retail
|
7,000 | 596 | |||||||
701 Seventh WRT Investors
|
71% |
Development
|
120,000 | 36,989 | |||||||
WRT-Fenway Wateridge
|
50% |
Office
|
62,000 | 1,816 | |||||||
Preferred Equity Investment Operating Properties Acquired through Asset Purchase
|
%
Owned
|
Type
|
Square Feet/ Units
|
Preferred Equity Investment
Carrying Amount
|
|||||||
Vintage Housing Holdings - Tacoma
|
75% |
Multi-Family
|
231 Units Under
construction
|
$ | 1,500 | ||||||
Vintage Housing Holdings - Urban Center
|
75% |
Multi-Family
|
395 Units Under construction
|
4,000 | |||||||
Vintage Housing Holdings - Quilceda Creek
|
75% |
Multi-Family
|
204 Units Under contruction
|
750 | |||||||
WRT-Fenway Wateridge
|
50% |
Office
|
62,000 | 6,453 |
Three Months Ended
|
||||||||||||||||||||
September 30,
2013
|
June 30,
2013
|
March 31,
2013
|
December 31,
2012
|
September 30,
2012
|
||||||||||||||||
Net unrealized gain (loss)
|
$ | - | $ | (1,645 | ) | $ | 1,718 | $ | (338 | ) | $ | 3,484 | ||||||||
Net realized gain (loss)
|
$ | (31 | ) | $ | - | $ | (102 | ) | $ | - | $ | - |
September 30, 2013
|
June 30, 2013
|
March 31, 2013
|
December 31, 2012
|
September 30, 2012
|
||||||||||||||||||||||||||||||||||||
Cost
|
Fair Value
|
Cost
|
Fair Value
|
Cost
|
Fair Value
|
Cost
|
Fair Value
|
Cost
|
Fair Value
|
|||||||||||||||||||||||||||||||
REIT Common shares
|
$ | 6,318 | $ | 7,074 | $ | 8,920 | $ | 10,360 | $ | 8,920 | $ | 12,220 | $ | 15,876 | $ | 19,694 | $ | 26,775 | $ | 37,191 | ||||||||||||||||||||
Total securities carried at fair value
|
$ | 6,318 | $ | 7,074 | $ | 8,920 | $ | 10,360 | $ | 8,920 | $ | 12,220 | $ | 15,876 | $ | 19,694 | $ | 26,775 | $ | 37,191 |
Description
|
Acquisition Date
|
Asset
Type
|
Location
|
Position
|
Interest Rate (1)
|
Carrying
Amount (2)
Sept 30, 2013
|
Par Value
|
Maturity Date (3)
|
Senior
Debt (4)
|
||||||||||||||||||||||||
Loans Receivable
|
|||||||||||||||||||||||||||||||||
Hotel Wales
|
Oct-11
|
Hotel
|
New York
|
NY
|
Whole
|
LIBOR +
|
4.000% | (5 | ) | 20,097 | 20,000 |
10/05/14
|
- | ||||||||||||||||||||
The Shops at Wailea
|
Sep-12
|
Retail
|
Maui
|
HI
|
B Note
|
Fixed
|
6.150% | 6,037 | 7,612 |
10/06/14
|
106,562 | ||||||||||||||||||||||
Legacy Orchard
|
Oct-10
|
Corporate Loan
|
N/A | N/A |
Whole
|
Fixed
|
15.000% | 9,750 | 9,750 | (6 | ) |
10/31/14
|
- | ||||||||||||||||||||
Rennaisance
|
Dec-11
|
Retail/ Multi Fam
|
Atlanta
|
GA
|
Mezz
|
LIBOR +
|
12.000% | (7 | ) | 3,000 | 3,000 |
01/01/15
|
4,000 | ||||||||||||||||||||
San Marbeya
|
Jul-10
|
Multifamily
|
Tempe
|
AZ
|
Whole
|
Fixed
|
5.880% | 27,686 | 29,458 |
01/01/15
|
- | ||||||||||||||||||||||
Playa Vista
|
Jan-13
|
Office
|
Playa Vista
|
CA
|
Mezz
|
LIBOR +
|
14.250% | 10,323 | 10,250 |
01/23/16
|
80,300 | ||||||||||||||||||||||
Churchill
|
May-12
|
Mixed Use
|
Churchill
|
PA
|
Whole
|
LIBOR +
|
3.750% | 685 | 683 |
06/01/15
|
- | ||||||||||||||||||||||
Queensridge Towers
|
Nov-12
|
Multifamily
|
Las Vegas
|
NV
|
Whole
|
LIBOR +
|
11.500% | 8,214 | 8,122 |
11/15/15
|
- | ||||||||||||||||||||||
Rockwell
|
Aug-10
|
Indust /Whse
|
Shirley
|
NY
|
Mezz
|
Fixed
|
12.000% | 364 | 1,487 |
05/01/16
|
16,383 | ||||||||||||||||||||||
500-512 Seventh Ave.
|
Jul-10
|
Office
|
New York
|
NY
|
B Note
|
Fixed
|
7.190% | 10,029 | 10,943 |
07/11/16
|
243,870 | ||||||||||||||||||||||
Pinnacle II
|
Sep-12
|
Office
|
Burbank
|
CA
|
B Note
|
Fixed
|
6.313% | 4,649 | 5,086 |
09/06/16
|
83,726 | ||||||||||||||||||||||
Poipu Shopping Village
|
Sep-12
|
Retail
|
Kauai
|
HI
|
B Note
|
Fixed
|
6.618% | 2,028 | 2,831 |
01/06/17
|
28,628 | ||||||||||||||||||||||
Wellington Tower
|
Dec-09
|
Mixed Use
|
New York
|
NY
|
Mezz
|
Fixed
|
6.790% | 2,790 | 3,502 |
07/11/17
|
22,500 | ||||||||||||||||||||||
Mentor Bldg (39 South St)
|
Mar-12
|
Retail
|
Chicago
|
IL
|
Whole
|
Fixed
|
10.000% | 2,511 | 2,497 |
09/10/17
|
- | ||||||||||||||||||||||
1515 Market Street
|
Dec-13
|
Office
|
Philadelphia
|
PA
|
Whole
|
Fixed
|
7.500% | 23,690 | 35,040 |
02/01/16
|
43,000 | ||||||||||||||||||||||
Total Loans Receivable | $ | 131,853 | $ | 150,261 | |||||||||||||||||||||||||||||
Loan Securities Carried at Fair Value
|
|||||||||||||||||||||||||||||||||
WBCMT 2007
|
Dec-09
|
Hotel
|
Various
|
CMBS
|
LIBOR +
|
1.750% | $ | 226 | $ | 1,130 |
09/09/14
|
$ | 1,232,004 | ||||||||||||||||||||
Total Loan Securities Carried at Fair Value | $ | 226 | $ | 1,130 | |||||||||||||||||||||||||||||
Equity Investment Loan Assets (8,9)
|
|||||||||||||||||||||||||||||||||
Stamford Portfolio
|
Feb-12
|
Office
|
Stamford
|
CT
|
Mezz
|
LIBOR +
|
3.250% | $ | 43,718 | $ | 47,000 | (6 | ) |
08/06/14
|
$ | 400,000 | |||||||||||||||||
Total Loan Assets of Equity Investments | $ | 43,718 | $ | 47,000 | |||||||||||||||||||||||||||||
(1)
|
Represents contractual interest rates without giving effect to loan discount and accretion. The stated interest rate may be significantlydifferent than the Trust's effective interest rate on certain loan investments.
|
(2)
|
Carrying amount of loans receivable includes accrued interest of $563,000 and cumulative accretion of $ 2,283,000 at September 30, 2013.
|
(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 in payment to the Trust's loan.
|
(5)
|
Libor floor of 3%.
|
(6)
|
Par Value represents the borrowers discounted payoff option (DPO) amount.
|
(7)
|
Libor floor of 2%.
|
(8)
|
Does not include the Trust's equity interests in Concord and RE CDO Management.
|
(9)
|
The loan asset carrying amount presented is at the Trust's ownership in the loan balance.
|
Three Months Ended
|
||||||||||||||||||||
Sep 30,
2013
|
Jun 30,
2013
|
Mar 31,
2013
|
Dec 31,
2012
|
Sep 30,
2012
|
||||||||||||||||
Rents and reimbursements
|
||||||||||||||||||||
Minimum rent
|
$ | 15,111 | $ | 14,771 | $ | 13,902 | $ | 11,695 | $ | 10,604 | ||||||||||
Deferred rents (straight-line)
|
(125 | ) | 133 | 255 | 253 | 384 | ||||||||||||||
Recovery income
|
684 | 1,097 | 833 | 607 | 1,544 | |||||||||||||||
Above and below market rents
|
(22 | ) | (22 | ) | 7 | 119 | 108 | |||||||||||||
Less:
|
||||||||||||||||||||
Lease concessions and abatements
|
(549 | ) | (490 | ) | (559 | ) | (508 | ) | (415 | ) | ||||||||||
Total rents and reimbursements
|
15,099 | 15,489 | 14,438 | 12,166 | 12,225 | |||||||||||||||
|
||||||||||||||||||||
Rental property expenses
|
||||||||||||||||||||
Property operating
|
5,272 | 4,764 | 4,661 | 3,840 | 3,335 | |||||||||||||||
Real estate taxes
|
1,705 | 1,625 | 854 | 1,158 | 1,160 | |||||||||||||||
Total rental property expenses
|
6,977 | 6,389 | 5,515 | 4,998 | 4,495 | |||||||||||||||
Net operating income (1)
|
||||||||||||||||||||
from consolidated properties
|
$ | 8,122 | $ | 9,100 | $ | 8,923 | $ | 7,168 | $ | 7,730 |
Three Months Ended
|
||||||||||||||||||||
Sep 30,
2013
|
Jun 30,
2013
|
Mar 31,
2013
|
Dec 31,
2012
|
Sep 30,
2012
|
||||||||||||||||
Interest, Dividends and Discount
Accretion by Business Segment:
|
||||||||||||||||||||
Loan Assets
|
$ | 3,817 | $ | 4,208 | $ | 5,170 | $ | 5,955 | $ | 3,410 | ||||||||||
REIT Securities
|
100 | 100 | 150 | 150 | 312 | |||||||||||||||
Total Interest, Dividends and
Discount Accretion
|
$ | 3,917 | $ | 4,308 | $ | 5,320 | $ | 6,105 | $ | 3,722 | ||||||||||
Interest, Dividends and Discount
Accretion Detail:
|
||||||||||||||||||||
Interest on loan assets
|
$ | 3,011 | $ | 3,447 | $ | 4,454 | $ | 3,607 | $ | 2,985 | ||||||||||
Accretion of loan discount
|
806 | 761 | 716 | 2,348 | 425 | |||||||||||||||
Interest and dividends on REIT securities
|
100 | 100 | 150 | 150 | 312 | |||||||||||||||
Total Interest, Dividends and
Discount Accretion
|
$ | 3,917 | $ | 4,308 | $ | 5,320 | $ | 6,105 | $ | 3,722 |
Description and
Location
|
Year
Acquired
|
Trust’s
Owner-ship
|
Rentable
Square Feet
|
(**)
% Leased
|
Major Tenants
(Lease / Options
Expiration)
|
Major Tenant
Sq. Ft.
|
($000's) Depreciated Cost
Basis
|
Cost per Square
Foot or Unit
|
Owner-ship
of Land
|
($000's) Debt
Balance
|
Debt Maturity
& Int
Rate
|
||||||||||||||||||||
Office
|
|
||||||||||||||||||||||||||||||
Amherst, NY (2)
|
2005
|
100% | 200,000 | 100% |
Ingram Micro
Systems
(2023/2033)
|
200,000 | $ | 16,809 | $ | 84 |
Fee
|
(1 | ) | (1 | ) | ||||||||||||||||
Cerritos, CA
|
2012
|
100% | 187,000 | 64% |
Marina Medical
Billing (2018)
|
44,000 | 22,079 | 118 |
Fee
|
23,000 |
01/2017
5.07%
|
||||||||||||||||||||
Chicago, IL
(One East Erie)
|
2005
|
100% | 126,000 | 97% |
The Gettys Group
(2012/2016)
|
13,000 | 20,735 | 165 |
Fee
|
19,941 |
03/2016
5.75%
|
||||||||||||||||||||
River North
Surgery (2015/ n/a)
|
15,000 | ||||||||||||||||||||||||||||||
Chicago, IL
(River City / Marc Realty)
|
2007
|
60% | 253,000 | 49% |
ITAV
(2024/2029)
|
35,000 | 14,414 | 57 |
Fee
|
8,619 |
04/2015
6.25%
|
||||||||||||||||||||
MFS/Worldcom (2019/2023)
|
60,000 | ||||||||||||||||||||||||||||||
Englewood, CO Crossroads I
|
2010
|
100% | 118,000 | 96% |
Hitachi Data
(2024 / 2034)
|
53,000 | 7,358 | 62 |
Fee
|
(1 | ) | (1 | ) | ||||||||||||||||||
RGN-Denver LLC
(2015/ 2025)
|
17,000 | ||||||||||||||||||||||||||||||
Englewood, CO Crossroads II
|
2010
|
100% | 118,000 | 100% |
TIC Holdings
(2019 / 2044)
|
74,000 | 9,988 | 85 |
Fee
|
(1 | ) | (1 | ) | ||||||||||||||||||
Houston, TX
|
2004
|
32% | 614,000 | 100% |
Spectra Energy (2026/2036)
|
614,000 | 55,748 | 91 |
Fee
|
48,460 |
04/2016
6.09%
|
||||||||||||||||||||
Lisle, IL
|
2006
|
100% | 169,000 | 83% |
United Healthcare
(2014/ n/a)
|
41,000 | 19,005 | 112 |
Fee
|
5,753 |
10/2014
Libor+2.5%
|
||||||||||||||||||||
Lisle, IL
(Marc Realty)
|
2006
|
60% | 54,000 | 100% |
Ryerson
(2018/2028)
|
54,000 | 3,661 | 68 |
Fee
|
5,488 |
03/2017
5.55%
|
||||||||||||||||||||
New York, NY
(450 West 14th)
|
2011
|
70% | 105,000 | 91% |
Alice + Olivia (2021/2031)
|
27,000 | 57,067 | 543 |
Ground Lease
|
51,982 |
05/2016
Libor +2.5%
|
||||||||||||||||||||
Fast Retailing (2026/2036)
|
23,000 | ||||||||||||||||||||||||||||||
Access Industries (2021/2031)
|
14,000 | ||||||||||||||||||||||||||||||
Orlando, FL
|
2004
|
100% | 257,000 | 100% |
Siemens Real Estate, Inc. (2017/2042)
|
257,000 | 13,454 | 52 |
Ground Lease
|
37,138 |
07/2017
6.40%
|
||||||||||||||||||||
Plantation, FL
|
2004
|
100% | 120,000 | 100% |
AT&T Service, Inc.
(2020/2035)
|
120,000 | 10,953 | 91 |
Fee
|
10,717 |
04/2018
6.45%
|
||||||||||||||||||||
South Burlington, VT
|
2005
|
100% | 54,000 | 100% |
Fairpoint Comm.
(2014/2029)
|
54,000 | 2,760 | 51 |
Ground Lease
|
(1 | ) | (1 | ) | ||||||||||||||||||
1515 Market Street
|
2012
|
89% | 511,000 | 77% |
Temple University (2022 / na)
|
128,000 | 42,950 | 84 | 42,683 |
05/1/2016
2.5%
|
|||||||||||||||||||||
Subtotal - Office
|
2,886,000 | 296,981 | 253,780 |
Description and
Location
|
Year
Acquired
|
Trust’s
Ownership
|
Rentable
Square Feet
|
(**)
%
Leased
|
Major Tenants
(Lease /Options
Exp)
|
Major
Tenants’
Sq. Feet.
|
($000's) Depreciated Cost
Basis
|
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 | $ | 1,852 |
Ground Lease
|
(1) | (1) | ||||||||||||||||||
Greensboro, NC
|
2004
|
100 | % | 46,000 | 100 | % |
The Kroger Co. (2017/2037)
|
46,000 | 2,958 |
Ground Lease
|
(1) | (1) | |||||||||||||||||||
Louisville, KY
|
2004
|
100 | % | 47,000 | 100 | % |
The Kroger Co.
(2015/2040)
|
47,000 | 2,493 |
Fee
|
(1) | (1) | |||||||||||||||||||
Subtotal Retail
|
154,000 | 7,303 | |||||||||||||||||||||||||||||
Residential
|
|||||||||||||||||||||||||||||||
Meriden, CT
|
2010
|
100 | % |
180 units
|
88 | % | n/a | n/a | 23,023 |
Fee
|
21,000 |
10/2022
3.95%
|
|||||||||||||||||||
Memphis, TN
|
2012
|
100 | % |
320 units
|
94 | % | n/a | n/a | 20,468 |
Fee
|
13,197 |
8/2014
Libor + 2.5%
|
|||||||||||||||||||
Greensboro, NC
|
2012
|
100 | % |
284 units
|
93 | % | n/a | n/a | 17,946 |
Fee
|
13,600 |
8/2016
6.22%
|
|||||||||||||||||||
Subtotal Residential
|
61,437 | ||||||||||||||||||||||||||||||
Other
|
|||||||||||||||||||||||||||||||
Warehouse
|
|||||||||||||||||||||||||||||||
Jacksonville, FL
|
2004
|
100 | % | 588,000 | 100 | % |
Fanatics, Inc.
(2015/2024)
|
561,000 | 10,634 |
Fee
|
(1) | (1) | |||||||||||||||||||
Mixed Use
|
|||||||||||||||||||||||||||||||
Churchill, PA
|
2004
|
100 | % | 52,000 | 100 | % |
Westinghouse
(2024/2039)
|
52,000 | 5,584 |
Fee
|
5,081 |
8/2024
3.50%
|
|||||||||||||||||||
Subtotal - Other
|
640,000 | 16,218 | |||||||||||||||||||||||||||||
Total Consolidated Properties
|
3,680,000 | $ | 381,939 | $ | 306,659 |
(1)
|
These properties collateralize our revolving line of credit, which had a balance of $0 at September 30, 2013.
|
(2)
|
The Amherst, New York office property represents two separate buildings. The ground underlying the properties is leased to the Trust by the local development authority pursuant to a ground lease which requires no payment. During the fourth quarter legal title to the ground will vest with the Trust.
|
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
|
||||||||||||||||||||||||||||||
223 West Jackson, Chicago, IL
|
2005
|
50 | % | 168,000 | 78 | % |
No tenants over 10%
|
- | 8,076 |
Fee
|
6,820 |
09/2017
LIBOR + 2.25%
|
||||||||||||||||||
4415 West Harrison, Hillside, IL
(High Point)
|
2005
|
50 | % | 192,000 | 62 | % |
North American Medical Mgmt (2015/2020)
|
23,200 | 2,137 |
Fee
|
4,359 |
12/2015
5.62%
|
||||||||||||||||||
1701 E. Woodfield, Shaumburg, IL
|
2005
|
50 | % | 175,000 | 89 | % |
No tenants over 10%
|
- | 2,052 |
Fee
|
5,403 |
09/2015
Libor + 3% (2)
|
||||||||||||||||||
2205-55 Enterprise,
Westchester, IL
|
2005
|
50 | % | 130,000 | 89 | % |
Consumer Portfolio
(2014/2019)
|
18,900 | 2,440 |
Fee
|
8,812 |
10/2019
4.30%
|
||||||||||||||||||
UroPartners LLC
(2015/ n/a)
|
14,500 | |||||||||||||||||||||||||||||
Total Marc Realty Portfolio
|
665,000 | $ | 14,705 | $ | 25,394 | |||||||||||||||||||||||||
Sealy Venture Portfolio - Equity Investment Operating Properties
|
||||||||||||||||||||||||||||||
Atlanta, GA
(Northwest Atlanta)
|
2006
|
60 | % | 472,000 | 74 | % |
Original Mattress
(2020/2025)
|
57,000 | $ | 7,741 |
Fee
|
$ | 13,643 |
09/2015
Libor +5.35% (3)
|
||||||||||||||||
Atlanta, GA
(Newmarket)
|
2008
|
68 | % | 470,000 | 57 | % |
No tenants over 10%
|
- | - |
Fee
|
37,000 |
11/2016
6.12%
|
||||||||||||||||||
Nashville, TN
(Airpark)
|
2007
|
50 | % | 1,155,000 | 81 | % |
No tenants over 10%
|
- | - |
Fee
|
74,000 |
05/2012
5.77%
|
||||||||||||||||||
Total - Sealy Venture Portfolio
|
2,097,000 |
`
|
$ | 7,741 | $ | 124,643 | ||||||||||||||||||||||||
Mentor Retail LLC - Equity Investment Operating Property
|
||||||||||||||||||||||||||||||
39 South State Street
Chicago, IL
|
2012
|
50 | % | 7,000 | 100 | % |
American Apparel
(2022 / n/a)
|
7,000 | $ | 596 |
Fee
|
$ | 2,497 |
09/2017
10%
|
||||||||||||||||
WRT-Elad / One South State Equity - Equity Investment Operating Property
|
||||||||||||||||||||||||||||||
One South State Street
Chicago, IL (Sullivan Ctr)
|
2012
|
50 | % | 942,000 | 83 | % |
Target
(2038 /2063)
|
147,000 | $ | 24,518 |
Fee
|
$ | 376,560 |
10/1/15
libor+ 6.82
|
||||||||||||||||
Walgreens(2022/2027)
|
95,000 | |||||||||||||||||||||||||||||
Illinois Dept of Employment (2014/2016)
|
243,000 | $ | - | |||||||||||||||||||||||||||
942,000 | $ | 24,518 | $ | 376,560 |
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
|
|||||||||||||||||||
701 Seventh WRT Investor-Equtiy Investment Operating Property
|
|||||||||||||||||||||||||||||
701 Seventh Avenue
|
2012
|
61 | % | 120,000 | 0 | % | N/A | $ | 36,989 |
Fee
|
$ | 376,560 |
10/1/2015
Libor +10.2(4)
|
||||||||||||||||
New York, NY
|
|||||||||||||||||||||||||||||
WRT-Fenway Wateridge - Equity Investment in Operating Property
|
|||||||||||||||||||||||||||||
Parkway
San Diego, CA
|
2012
|
50 | % | 62,000 | 92 | % |
Verint Americas
(2018/n/a)
|
6,500 | $ | 1,816 |
Fee
|
$ | - | ||||||||||||||||
Flores Lund
(2017/n/a)
|
10,000 | ||||||||||||||||||||||||||||
Quidel Corp
(2013/n/a)
|
11,000 | ||||||||||||||||||||||||||||
Verizon Wireless
(2013/n/a)
|
15,000 | ||||||||||||||||||||||||||||
62,000 | $ | 1,816 | $ | - | |||||||||||||||||||||||||
Atrium - Equity Investment in Operating Property
|
|||||||||||||||||||||||||||||
Chicago, ILL
|
2013
|
50 | % | 71,000 | 77 | % | N/A | $ | 3,904 |
Ground Lease
|
$ | - |
Description and Location
|
Year
Acquired
|
Units
|
(**)
% Leased
|
Ownership
of Land
|
|||||||
Vintage Housing Portfolio - Equity Investment Operating Properties
|
|||||||||||
Agave Associates
|
Elk Grove, CA
|
2011
|
188 | 95% |
Fee
|
||||||
Bouquet Canyon Seniors
|
Santa Clarita, CA
|
2011
|
264 | 98% |
Fee
|
||||||
Elk Creek Apartments
|
Sequim, WA
|
2011
|
138 | 97% |
Fee
|
||||||
Falls Creek Apartments
|
Couer d' Alene, ID
|
2011
|
170 | 96% |
Fee
|
||||||
Forest Creek Apartments
|
Spokane, WA
|
2011
|
252 | 94% |
Fee
|
||||||
Hamilton Place Seniors
|
Bellingham, WA
|
2011
|
94 | 97% |
Fee
|
||||||
Heritage Place Apartments
|
St. Ann, MO
|
2011
|
113 | 93% |
Fee
|
||||||
Holly Village Apartments
|
Everett, WA
|
2011
|
149 | 98% |
Fee
|
||||||
Larkin Place Apartments
|
Bellingham, WA
|
2011
|
101 | 97% |
Fee
|
||||||
Rosecreek Senior Living
|
Arlington, WA
|
2011
|
100 | 97% |
Fee
|
||||||
Seven Hills/ St Rose
|
Henderson, NV
|
2011
|
244 | 97% |
Fee
|
||||||
Silver Creek Apartments
|
Pasco, WA
|
2011
|
242 | 98% |
Fee
|
||||||
The Bluffs Apartments
|
Reno, NV
|
2011
|
300 | 95% |
Fee
|
||||||
Twin Ponds Apartments
|
Arlington, WA
|
2011
|
134 | 97% |
Fee
|
||||||
Vintage at Bend
|
Bend, OR
|
2011
|
106 | 98% |
Fee
|
||||||
Vintage at Bremerton
|
Bremerton, WA
|
2011
|
143 | 95% |
Fee
|
||||||
Vintage at Burien
|
Burien, WA
|
2011
|
101 | 98% |
Ground Lease
|
||||||
Vintage at Chehalis
|
Chehalis, WA
|
2011
|
150 | 99% |
Fee
|
||||||
Vintage at Everett
|
Everett, WA
|
2011
|
259 | 98% |
Fee
|
||||||
Vintage at Mt. Vernon
|
Mt. Vernon, WA
|
2011
|
154 | 95% |
Fee
|
||||||
Vintage at Napa
|
Napa, CA
|
2011
|
115 | 96% |
Fee
|
||||||
Vintage at Richland
|
Richland, WA
|
2011
|
150 | 97% |
Fee
|
||||||
Vintage at Sequim
|
Sequim, WA
|
2011
|
118 | 99% |
Fee
|
||||||
Vintage at Silverdale
|
Silverdale, WA
|
2011
|
240 | 97% |
Fee
|
||||||
Vintage at Spokane
|
Spokane, WA
|
2011
|
287 | 96% |
Fee
|
||||||
Vintage at Vancouver
|
Vancouver, WA
|
2011
|
154 | 98% |
Fee
|
||||||
Vista Sonoma Seniors Apts
|
Santa Rosa, CA
|
2011
|
189 | 96% |
Fee
|
||||||
4,655 | |||||||||||
Vintage Housing Portfolio - Preferred Equity Investment Operating Properties
|
|||||||||||
Vintage at Tacoma
|
2012
|
231 |
under construction
|
Fee
|
|||||||
Vintage at Urban Center
|
2012
|
395 |
under construction
|
Fee
|
|||||||
Quilceda Creek
|
2012
|
204 |
under construction
|
Fee
|
|||||||
830 | |||||||||||
Total - Vintage Housing Portfolio
|
5,485 |
units
|
Description
|
Year
Acquired
|
Trust’s
Ownership
|
Rentable
Square Feet
|
Equity
Investment
|
Debt
Balance (1)
|
|||||||||||||||||
Equity Investment Operating Properties
|
||||||||||||||||||||||
Marc Realty Portfolio (from Page 27 )
|
2005
|
665,000 | $ | 14,705 | $ | 25,394 | (6 | ) | ||||||||||||||
Sealy Portfolio (from Page 27)
|
2006-2008 | 2,097,000 | 7,741 | 124,642 | (6 | ) | ||||||||||||||||
Mentor Retail LLC (from Page 27)
|
2012 | 7,000 | 596 | 2,497 | (6 | ) | ||||||||||||||||
WRT-Elad / One South State Equity (from Page 27)
|
2012 | 942,000 | 24,518 | 108,775 | (6 | ) | ||||||||||||||||
Vintage Portfolio (from page 29)
|
2011 |
4,655 units
|
33,706 | (5 | ) | 251,506 | (6 | ) | ||||||||||||||
701 Seventh Avenue (from page 28)
|
2012 | 120,000 | 36,989 | 376,560 | (6 | ) | ||||||||||||||||
Wateridge (from page 28)
|
2012 | 62,000 | 1,816 | - | ||||||||||||||||||
Atrium Mall LLC (from page 28)
|
2013 | 71,000 | 3,904 | - | ||||||||||||||||||
Total Equity Investment Operating Properties
|
123,975 | $ | 889,374 | |||||||||||||||||||
Loan Asset Equity Investments
|
||||||||||||||||||||||
WRT-ROIC Lakeside Eagle
|
2011 | 50% | 3 | |||||||||||||||||||
WRT-Stamford LLC
|
2012 | 20% | 8,916 | |||||||||||||||||||
10 Metrotech Loan LLC
|
2012 | 33% | 11 | |||||||||||||||||||
Other Equity Investment
|
||||||||||||||||||||||
Concord Debt Holdings LLC
|
2012 | 67% | 982 | (7 | ) | |||||||||||||||||
CDH CDO LLC
|
2012 | 50% | 4,181 | (7 | ) | |||||||||||||||||
RE CDO Management LLC
|
2011 | 50% | 993 | |||||||||||||||||||
Total Equity Investments
|
$ | 139,061 |
(1)
|
Debt balance shown represents 100% of the debt encumbering the properties.
|
(2)
|
An interest rate swap agreement with a notional amount of $5,403,000 effectively converts the interest rate to a fixed rate of 4.78%.
|
(3)
|
An interest rate cap was purchased that caps Libor at 1%.
|
(4)
|
There is a Libor floor of 1%
|
(5)
|
The Vintage equity investment of $33,706 represents the Trust's various interests 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.
|
(6)
|
See Equity Investments debt details on pages 33 and 34.
|
(7)
|
Represents the interest acquired from Lexington Realty Trust on May 1, 2012.
|
Description
|
% Owned
|
Number of
Properties
|
Square Footage
|
Rents and Reimburse-ments
|
Operating Expenses
|
Real Estate Taxes
|
Net
Operating Income (1)
|
Interest Expense
|
Other Income (Expense)
|
Impairment
|
Deprec & Amort
|
(Income) Loss Attributable to Non-controlling Interest
|
WRT's share Net Income / (Loss) from Consolidated Properties (1)
|
|||||||||||||||||||||||||||||||||||||
100% Owned Consolidated Properties
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Retail
|
100.0% | 3 | 154,000 | $ | 520 | $ | - | $ | - | $ | 520 | $ | - | (1 | ) | $ | 229 | $ | - | $ | 290 | |||||||||||||||||||||||||||||
Office
|
100.0% | 10 | 1,349,000 | 16,713 | 4,479 | 1,409 | 10,825 | 4,952 | (22 | ) | - | 5,375 | - | 476 | ||||||||||||||||||||||||||||||||||||
Residential
|
100.0% | 3 |
784 units
|
6,578 | 2,566 | 934 | 3,078 | 1,365 | (55 | ) | 2,095 | - | (437 | ) | ||||||||||||||||||||||||||||||||||||
Other
|
100.0% | 2 | 640,000 | 1,776 | 422 | 68 | 1,286 | 52 | (150 | ) | 479 | - | 605 | |||||||||||||||||||||||||||||||||||||
18 | 2,143,000 | 25,587 | 7,467 | 2,411 | 15,709 | 6,369 | (228 | ) | - | 8,178 | - | 934 | ||||||||||||||||||||||||||||||||||||||
Partially Owned Consolidated Properties
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Chicago, IL
(River City/Marc Realty)
|
60.0% | 1 | 253,000 | 2,325 | 1,035 | 398 | 892 | 384 | - | - | 488 | 8 | 12 | |||||||||||||||||||||||||||||||||||||
Houston, TX
(Multiple LP's)
|
32.0% | 1 | 614,000 | 4,260 | 7 | - | 4,253 | 2,385 | (78 | ) | 2,179 | (323 | ) | (66 | ) | |||||||||||||||||||||||||||||||||||
Lisle, IL
(Marc Realty)
|
60.0% | 1 | 54,000 | 627 | 210 | 81 | 336 | 242 | 1 | 122 | (11 | ) | (16 | ) | ||||||||||||||||||||||||||||||||||||
New York, NY
(450 W 14th St)
|
70.0% | 1 | 105,000 | 5,288 | 3,096 | 430 | 1,762 | 1,366 | - | 1,908 | (878 | ) | (634 | ) | ||||||||||||||||||||||||||||||||||||
Philadelphia, , PA
1515 Market (3)
|
49.0% | 1 | 511,000 | 6,939 | 2,882 | 864 | 3,193 | 3,782 | (28 | ) | 1,828 | (1,247 | ) | (1,198 | ) | |||||||||||||||||||||||||||||||||||
5 | 1,537,000 | 19,439 | 7,230 | 1,773 | 10,436 | 8,159 | (105 | ) | - | 6,525 | (2,451 | ) | (1,902 | ) | ||||||||||||||||||||||||||||||||||||
Total Consolidated Properties
|
23 | 3,680,000 | $ | 45,026 | $ | 14,697 | $ | 4,184 | $ | 26,145 | $ | 14,528 | $ | (333 | ) | $ | - | $ | 14,703 | $ | (2,451 | ) | $ | (968 | ) | |||||||||||||||||||||||||
Line of Credit interest expense
|
240 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense related to Senior notes
|
5,229 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense WRT Lender
|
962 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reclassified related party interest expense
|
(2,784 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total
|
$ | 18,175 |
(1)
|
See definition of Net Operating Income and Net Income / (Loss) from Consolidated Properties on page 37 of the supplemental package.
|
(2)
|
The amounts attributable to non-controlling interests for 100% owned properties are from Deer Valley and One East Erie properties prior to the Trust's 2012 acquisitions of the non-controlling interests in these properties.
|
(3)
|
In addition to its equity ownership, the Trust is entitled to an additional 40% of profits above the debt.
|
Venture
|
Number of Properties
|
Square Footage
|
Total Revenue
|
Operating Expenses
|
Real Estate Taxes
|
Net Operating Income (1)
|
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
|
4 | 665,000 | 8,048 | 3,425 | 1,302 | 3,321 | 933 | (27 | ) | 2,217 | 144 | 72 | ||||||||||||||||||||||||||||||||
Sealy Venture Portfolio
|
3 | 2,097,000 | 10,225 | 2,916 | 1,254 | 6,055 | 9,297 | (458 | ) | 4,290 | (7,990 | ) | (363 | ) | ||||||||||||||||||||||||||||||
Mentor Retail
|
1 | 7,000 | 417 | 18 | 58 | 341 | 191 | (12 | ) | 47 | 91 | 45 | ||||||||||||||||||||||||||||||||
WRT-Elad (2)
|
1 | 942,000 | 18,643 | 3,843 | 3,349 | 11,451 | 14,035 | (91 | ) | 7,980 | (10,655 | ) | 1,515 | |||||||||||||||||||||||||||||||
Vintage Portfolio (2)
|
27 |
4,655 units
|
31,815 | 13,119 | 392 | 18,304 | 815 | (7,171 | ) | 8,316 | 2,002 | 7,142 | ||||||||||||||||||||||||||||||||
Wateridge (2)
|
1 | 62,000 | 832 | 247 | 71 | 514 | (55 | ) | 697 | (238 | ) | 133 | ||||||||||||||||||||||||||||||||
Atrium Mall
|
1 | 71,000 | 718 | 427 | 87 | 204 | - | (37 | ) | 229 | (62 | ) | (31 | ) | ||||||||||||||||||||||||||||||
Total Equity Investment
Operating Properties
|
38 | 3,844,000 | $ | 70,698 | $ | 23,995 | $ | 6,513 | $ | 40,190 | $ | 25,271 | $ | (7,851 | ) | $ | 23,776 | $ | (16,646 | ) | 8,513 | |||||||||||||||||||||||
Marc Realty Portfolio - Amortization of basis differential (3) | (89 | ) | ||||||||||||||||||||||||||||||||||||||||||
WRT-ROIC Lakeside Eagle-Winthrop's share of net loss from equity investment | (22 | ) | ||||||||||||||||||||||||||||||||||||||||||
RE CDO Management - Winthrop's share of net income from equity investment | 3,710 | |||||||||||||||||||||||||||||||||||||||||||
CDH CDO - Winthrop's share of net income from equity investment | 4,689 | |||||||||||||||||||||||||||||||||||||||||||
Concord Debt Holdings - Winthrop's share of net income from equity investment | 3,090 | |||||||||||||||||||||||||||||||||||||||||||
701 7th Avenue | 2,375 | |||||||||||||||||||||||||||||||||||||||||||
WRT-SoCal Lender - Winthrop's share of net income from equity Investment | (2 | ) | ||||||||||||||||||||||||||||||||||||||||||
Stamford / Mack-Cali - Winthrop's share of net income from equity investment | 701 | |||||||||||||||||||||||||||||||||||||||||||
10 Metrotech- Winthrop's share of net income from equity investment | 3,284 | |||||||||||||||||||||||||||||||||||||||||||
Equity in loss of equity investments | $ | 26,249 |
(1)
|
See definition of Net Operating Income on page 37 of the supplemental package.
|
(2)
|
Operating results lag 30 days.
|
(3)
|
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.
|
Description
|
Principal
Outstanding
Sept 30, 2013
|
Coupon
|
2013
Repayment
|
Maturity
Date
|
Amount
Due at
Maturity
|
Weighted
Average
Maturity
(in years)
|
||||||||||||||||
Fixed rate debt
|
||||||||||||||||||||||
Mortgage loans payable
|
||||||||||||||||||||||
Chicago, IL / River City
|
8,619 | 5.50 | % | 47 | 04/2015 | 8,346 | ||||||||||||||||
Chicago, IL / Ontario
|
19,941 | 5.75 | % | 84 | 03/2016 | 19,073 | ||||||||||||||||
Houston, TX - Note 1
|
25,000 | 5.22 | % | - | 04/2016 | 25,000 | ||||||||||||||||
Houston, TX - Note 2
|
8,800 | 6.00 | % | - | 04/2016 | 8,800 | ||||||||||||||||
Houston, TX - Note 3
|
14,660 | 7.50 | % | 1,259 | 04/2016 | - | ||||||||||||||||
Philadelphia, PA(1)
|
42,683 | 2.50 | % | 322 | 02/2016 | 39,933 | ||||||||||||||||
Greensboro, NC
|
13,600 | 6.22 | % | - | 08/2016 | 13,600 | ||||||||||||||||
Cerritos, CA
|
23,000 | 5.07 | % | - | 01/2017 | 23,000 | ||||||||||||||||
Lisle, IL / 1050 Corporetum
|
5,488 | 5.55 | % | 18 | 03/2017 | 5,206 | ||||||||||||||||
Orlando, FL
|
37,138 | 6.40 | % | 155 | 07/2017 | 34,567 | ||||||||||||||||
Plantation, FL
|
10,717 | 6.45 | % | 32 | 04/2018 | 10,046 | ||||||||||||||||
Meriden, CT
|
21,000 | 3.95 | % | - | 11/2022 | 17,704 | ||||||||||||||||
Churchill, PA
|
5,081 | 3.50 | % | 33 | 08/2024 | 3,399 | ||||||||||||||||
Total mortgage loans payable /Wtd Avg
|
235,727 | 4.67 | % | 1,950 | 208,674 | 3.64 | ||||||||||||||||
Non-recourse secured financing
|
||||||||||||||||||||||
San Marbeya A Participation
|
15,150 | 4.85 | % | - | 01/2015 | 15,150 | ||||||||||||||||
Senior notes payable
|
86,250 | 7.75 | % | - | 08/2022 | 86,250 | ||||||||||||||||
Total Fixed Rate Debt/ Wtd Avg
|
337,127 | 5.47 | % | 1,950 | 310,074 | 4.87 | ||||||||||||||||
Floating rate debt
|
||||||||||||||||||||||
Mortgage loans payable
|
||||||||||||||||||||||
Memphis, TN/ Waterford (LIBOR+2.5%, 0.5% LIBOR Floor)
|
13,197 | 3.00 | % | 81 | 08/2014 | 12,928 | ||||||||||||||||
Lisle, IL / 550-560 Corporetum (LIBOR + 2.5%, 1% LIBOR Cap)
|
5,753 | 2.70 | % | - | 10/2014 | 5,753 | ||||||||||||||||
New York, NY (450 W 14th St) (LIBOR + 2.5%, 1% LIBOR Floor)
|
51,982 | 3.50 | % | - | 05/2016 | 51,982 | ||||||||||||||||
70,932 | 3.34 | % | 81 | 70,663 | 2.14 | |||||||||||||||||
Non-recourse secured financing
|
||||||||||||||||||||||
Hotel Wales A Note Payable - (LIBOR + 1.25, 3% Libor Floor)
|
14,000 | 4.25 | % | - | 10/2013 | 14,000 | ||||||||||||||||
Total Floating Rate Debt/ Wtd Avg
|
84,932 | 3.49 | % | 81 | 84,663 | 1.95 | ||||||||||||||||
Total Consolidated Debt/Wtd Avg
|
$ | 422,059 | 5.07 | % | $ | 2,031 | $ | 394,737 | 4.28 |
Description
|
Principal
Outstanding
Sept 30, 2013
|
Interest Rate
|
Maturity
Date
|
Weighted
Average
Maturity
(in years)
|
|||||||||||||
Fixed rate debt
|
|||||||||||||||||
Sealy - Airpark, Nashville, TN
|
$ | 74,000 | 5.77 | % |
05/01/12
|
(7) | |||||||||||
Sealy - Newmarket, Atlanta, GA
|
37,000 | 6.12 | % |
11/01/16
|
(6) | ||||||||||||
Marc Realty - 4415 West Harrision, Hillside, IL
|
4,359 | 5.62 | % |
12/01/15
|
|||||||||||||
Marc Realty - 1701 East Woodfield, Shaumburg, IL (1)
|
5,403 | 4.78 | % |
09/01/15
|
|||||||||||||
Marc Realty - 2205-55 Enterprise, Westchester, IL
|
8,812 | 4.30 | % |
10/01/19
|
|||||||||||||
Mentor Retail - 39 South Street, Chicago, IL
|
2,497 | 10.00 | % |
09/10/17
|
|||||||||||||
WRT-Elad - One South State Street
|
108,775 | 11.00 | % |
02/01/15
|
|||||||||||||
VHH - Agave Associates
|
2,500 | 3.50 | % |
12/15/36
|
|||||||||||||
VHH - Bouquet Canyon Seniors
|
10,814 | 6.38 | % |
07/01/28
|
|||||||||||||
VHH - Vintage at Chehalis (2)
|
8,190 | 4.68 | % |
06/15/40
|
|||||||||||||
VHH - Elk Creek Apartments
|
7,314 | 6.54 | % |
11/01/39
|
|||||||||||||
VHH - Falls Creek Apartments
|
8,283 | 6.26 | % |
12/01/40
|
|||||||||||||
VHH - Hamilton Place Seniors
|
59 | 5.88 | % |
07/01/14
|
|||||||||||||
VHH - Heritage Place Apartments
|
1,743 | 8.37 | % |
07/19/15
|
|||||||||||||
VHH - Heritage Place Apartments
|
494 | 1.00 | % |
05/01/39
|
|||||||||||||
VHH - Vintage at Mt. Vernon (3)
|
8,540 | 5.23 | % |
01/15/37
|
|||||||||||||
VHH - Vintage at Napa
|
5,937 | 6.21 | % |
06/01/34
|
|||||||||||||
VHH - Vintage at Silverdale (5)
|
14,880 | 5.70 | % |
09/15/39
|
|||||||||||||
VHH - The Bluffs Apartments
|
8 | 3.00 | % |
12/15/36
|
|||||||||||||
VHH - Twin Ponds Apartments
|
1,209 | 6.20 | % |
01/01/38
|
|||||||||||||
VHH - Vintage at Vancouver
|
567 | 8.12 | % |
01/01/35
|
|||||||||||||
VHH - Vista Sonoma Seniors Apts
|
9,848 | 6.56 | % |
01/01/32
|
|||||||||||||
Total Fixed Rate Debt
|
$ | 321,232 |
Wtd Avg
|
7.58 | % |
Wtd Avg
|
6.6 |
Notes to Fixed Rate Debt Schedule:
|
||
(1) An interest rate swap agreement with a notional amount of $5,403 effectively converts the interest rate to a fixed rate of 4.78%.
|
||
(2) An interest rate swap agreement with a notional amount of $7,872 effectively converts the interest rate to a fixed rate of 4.68%.
|
||
(3) An interest rate swap agreement with a notional amount of $7,500 effectively converts the interest rate to a fixed rate of 5.23%.
|
||
(4) An interest rate swap agreement with a notional amount of $950 effectively converts the interest rate to a fixed rate of 5.98%.
|
||
(5) An interest rate swap agreement with a notional amount of $14,301 effectively converts the interest rate to a fixed rate of 5.70%.
|
||
(6) Currently negotiating restructure of loan with special servicer.
|
||
(7) Lender foreclosed on loan October 7, 2013.
|
||
(Continued on next page)
|
Description
|
Principal
Outstanding
Sept 30, 2013
|
Interest
Rate (1), (2)
|
Coupon
|
Maturity
Date
|
Weighted
Average
Maturity
(in years)
|
|||||||||||
Floating rate debt
|
||||||||||||||||
Sealy - Northwest Atlanta, Atlanta, GA
|
13,643 |
LIBOR +
|
5.56 | % | 5.53 | % |
09/01/15
|
|||||||||
Marc Realty - 223 West Jackson, Chicago, IL (3)
|
6,820 |
LIBOR +
|
2.25 | % | 4.25 | % |
09/01/17
|
|||||||||
701 Seventh - 701 Seventh Avenue, New York, NY (4)
|
237,500 |
LIBOR +
|
4.25 | % | 5.25 | % |
10/01/15
|
|||||||||
701 Seventh - 701 Seventh Avenue, New York, NY (4)
|
137,500 |
LIBOR +
|
11.25 | % | 12.25 | % |
10/01/15
|
|||||||||
701 Seventh - 701 Seventh Avenue, New York, NY (4)
|
1,560 |
LIBOR +
|
7.00 | % | 8.00 | % |
10/01/15
|
|||||||||
VHH - Agave Associates
|
14,600 |
SIFMA +
|
1.17 | % | 1.23 | % |
10/15/36
|
|||||||||
VHH - Vintage at Bend
|
5,500 |
SIFMA +
|
1.20 | % | 1.26 | % |
12/15/36
|
|||||||||
VHH - Vintage at Bremerton
|
6,200 |
SIFMA +
|
1.09 | % | 1.15 | % |
03/15/33
|
|||||||||
VHH - Vintage at Burien
|
6,680 |
SIFMA +
|
1.47 | % | 1.53 | % |
01/15/38
|
|||||||||
VHH - Vintage at Everett
|
16,285 |
SIFMA +
|
1.44 | % | 1.50 | % |
01/15/38
|
|||||||||
VHH - Forest Creek Apartments
|
13,680 |
SIFMA +
|
1.62 | % | 1.68 | % |
06/15/40
|
|||||||||
VHH - Hamilton Place Seniors
|
3,590 |
SIFMA +
|
1.43 | % | 1.49 | % |
07/01/33
|
|||||||||
VHH - Holly Village Apartments
|
6,915 |
SIFMA +
|
1.44 | % | 1.50 | % |
07/31/32
|
|||||||||
VHH - Larkin Place Apartments
|
4,825 |
SIFMA +
|
1.40 | % | 1.46 | % |
07/01/33
|
|||||||||
VHH - Vintage at Richland
|
7,535 |
SIFMA +
|
1.76 | % | 1.82 | % |
01/15/38
|
|||||||||
VHH - Rosecreek Senior Living
|
3,282 |
SIFMA +
|
0.43 | % | 0.49 | % |
12/31/37
|
|||||||||
VHH - Vintage at Sequim
|
6,248 |
SIFMA +
|
2.30 | % | 2.36 | % |
03/01/38
|
|||||||||
VHH - Silver Creek Apartments
|
12,775 |
SIFMA +
|
1.66 | % | 1.72 | % |
12/15/37
|
|||||||||
VHH - Vintage at Spokane
|
16,295 |
SIFMA +
|
1.37 | % | 1.43 | % |
08/15/40
|
|||||||||
VHH - Seven Hills/ St Rose
|
15,070 |
SIFMA +
|
1.37 | % | 1.43 | % |
10/15/35
|
|||||||||
VHH - The Bluffs Apartments
|
18,400 |
SIFMA +
|
1.38 | % | 1.44 | % |
09/15/34
|
|||||||||
VHH - Twin Ponds Apartments
|
5,515 |
SIFMA +
|
1.60 | % | 1.66 | % |
01/01/38
|
|||||||||
VHH - Vintage at Vancouver
|
7,725 |
SIFMA +
|
2.16 | % | 2.22 | % |
01/01/35
|
|||||||||
Total Floating Rate Debt
|
568,143 |
Wtd Avg
|
5.83 | % |
Wtd Avg
|
8.4
|
||||||||||
Total Joint Venture Debt
|
$ | 889,375 |
Wtd Avg
|
6.46 | % |
Wtd Avg
|
7.8
|
(1)
|
LIBOR rate used to determine coupon on floating rate debt at September 30, 2013 was .178850%
|
(2)
|
SIFMA = Securities Industry and Financial Markets Association Municipal Swap Index. SIFMA rate used to determine coupon on floating rate debt at August 31, 2013 on the Vintage debt was 0.06%. Each of the Vintage floating rate debt instruments is subject to an interest rate cap ranging from 5.50% and 8.25%.
|
(3)
|
Interest rate floor of 4.25%.
|
(4)
|
Interest rate floor of 1%
|
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:
|
||||||||||||||||
2013
|
35,000 | 3 | % | $ | 698,000 | $ | 19.94 | |||||||||
2014
|
138,000 | 12 | % | 2,403,000 | 17.41 | |||||||||||
2015
|
89,000 | 7 | % | 1,763,000 | 19.81 | |||||||||||
2016
|
68,000 | 6 | % | 1,303,000 | 19.16 | |||||||||||
Thereafter
|
866,000 | 72 | % | 21,245,000 | 24.53 | |||||||||||
Consolidated Single Tenant Operating Properties:
|
||||||||||||||||
2013
|
200,000 | 10 | % | $ | 2,016,000 | $ | 10.08 | |||||||||
2014
|
54,000 | 3 | % | 840,000 | 15.56 | |||||||||||
2015
|
660,000 | 29 | % | 1,278,000 | 1.94 | |||||||||||
2016
|
88,000 | 4 | % | 382,000 | 4.34 | |||||||||||
Thereafter
|
1,143,000 | 55 | % | 14,694,000 | 12.86 |
Three Months Ended
|
Three Months Ended
|
Three Months Ended
|
Three Months Ended
|
Three Months Ended
|
||||||||||||||||
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
|
Sep 30,
|
||||||||||||||||
2013
|
2013
|
2013
|
2012
|
2012
|
||||||||||||||||
NOI from consolidated properties (1)(4)
|
$ | 8,122 | $ | 9,100 | $ | 8,923 | $ | 7,168 | $ | 7,730 | ||||||||||
Less:
|
||||||||||||||||||||
Interest expense
|
(5,435 | ) | (6,708 | ) | (6,032 | ) | (6,056 | ) | (4,430 | ) | ||||||||||
Depreciation and amortization
|
(4,923 | ) | (4,859 | ) | (4,921 | ) | (4,404 | ) | (4,439 | ) | ||||||||||
(Income) loss attributable to non-controlling interest
|
995 | 629 | 795 | (188 | ) | (939 | ) | |||||||||||||
WRT share of income (loss) from consolidated properties (2)(4)
|
(1,241 | ) | (1,838 | ) | (1,235 | ) | (3,480 | ) | (2,078 | ) | ||||||||||
Equity in income (loss) of equity investments (3)
|
13,856 | 4,524 | 7,869 | 792 | 12,809 | |||||||||||||||
Add:
|
||||||||||||||||||||
Interest, dividends and discount accretion
|
3,917 | 4,308 | 5,320 | 6,105 | 3,722 | |||||||||||||||
Gain (loss) on sale of loan securities carried at fair value
|
- | - | - | 614 | - | |||||||||||||||
Earnings from preferred equity investments
|
189 | 185 | 202 | - | - | |||||||||||||||
Unrealized gain (loss) on loan securities carried at fair value
|
215 | - | - | 371 | ||||||||||||||||
Unrealized gain (loss) on securities carried at fair value
|
- | (1,860 | ) | 1,718 | (338 | ) | 3,113 | |||||||||||||
(Loss) gain on securities carried at fair value
|
(31 | ) | (102 | ) | - | - | ||||||||||||||
Interest and other income
|
101 | 115 | 70 | 266 | 242 | |||||||||||||||
(Loss) Income from discontinued operations
|
(1,434 | ) | 6,419 | 3,040 | (668 | ) | 121 | |||||||||||||
Less:
|
||||||||||||||||||||
Income attributable to Series D preferred shares
|
(2,787 | ) | (2,786 | ) | (2,787 | ) | (2,787 | ) | (2,786 | ) | ||||||||||
Amount allocated to restricted shares
|
(106 | ) | (98 | ) | (16 | ) | - | - | ||||||||||||
General and administrative
|
(1,113 | ) | (1,098 | ) | (847 | ) | (1,100 | ) | (782 | ) | ||||||||||
Related party fees
|
(2,309 | ) | (2,291 | ) | (2,266 | ) | (2,312 | ) | (2,316 | ) | ||||||||||
Transaction costs
|
(106 | ) | (46 | ) | (6 | ) | (87 | ) | (30 | ) | ||||||||||
State and local tax expense
|
(85 | ) | (125 | ) | (17 | ) | (21 | ) | (64 | ) | ||||||||||
Loss on extinguishment of debt
|
- | - | - | (121 | ) | - | ||||||||||||||
Impairment loss on investment in real estate
|
- | - | - | (1,738 | ) | - | ||||||||||||||
Settlement expense
|
(16 | ) | (134 | ) | - | - | - | |||||||||||||
Net income attributable to Common Shares
|
$ | 8,835 | $ | 5,490 | $ | 10,943 | $ | (4,875 | ) | $ | 12,322 |
(1) See additional NOI detail on Page 23 of the supplemental package.
|
|||||||||
(2) See detail for the Nine months ended September 30, 2013 on Page 31 of the supplemental package.
|
|||||||||
(3) See detail for the Nine months ended September 30, 2013 on Page 32 of the supplemental package.
|
|||||||||
(4) See definitions for non-GAAP measures on page 38 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
|
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
|
Mitch Germain
|
JMP Securities
|
(212) 906-3546
mgermain@jmpsecurities.com
|
Ryan Meliker
|
MLV & Co.
|
(646)-556-9184
rmeliker@mlvco.com
|
Simon Yarmak
|
Stifel
|
(443) 224-1345
yarmaks@stifel.com
|