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Winthrop Realty Trust Announces Sale of Certain of Its Assets

BOSTON, Oct. 27, 2014 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE:FUR) ("Winthrop") announced today that since September 1, 2014 Winthrop has sold the following assets in separate transactions to unaffiliated third parties:

  • 223 West Jackson – sold its 50% interest in the venture that owns the property located at 223 W. Jackson, Chicago, Illinois and the accompany loan receivable from the venture to its venture partner and received net proceeds from the sale of approximately $5,770,000. The net asset value for this asset at June 30, 2014, the most recent net asset value provided by Winthrop, was $5,827,000.
  • 5400 Westheimer – sold its 32% interest in the venture that owns the property located at 5400 Westheimer Court, Houston, Texas and received net proceeds from the sale, together with the satisfaction of a note payable due Winthrop from the venture, of approximately $10,750,000. The net asset value range for this asset at June 30, 2014, the most recent net asset value provided by Winthrop, was $7,439,000 - $11,060,000.
  • Waterford Place Apartments – sold its Waterford Place apartment building in Memphis, Tennessee and received net proceeds from the sale of approximately $15,290,000. The net asset value range for this asset at June 30, 2014, the most recent net asset value provided by Winthrop, was $13,693,000 - $16,383,000.
  • Kroger-Atlanta, Georgia – sold its property in Atlanta, Georgia that is net leased to The Kroger Company ("Kroger") and received net proceeds from the sale of approximately $1,460,000. The net asset value range for this asset at June 30, 2014, the most recent net asset value provided by Winthrop, was $1,811,000 - $1,952,000.
  • Kroger-Greensboro, North Carolina – sold its property in Greensboro, North Carolina that is net leased to Kroger and received net proceeds from the sale of approximately $1,700,000. The net asset value range for this asset at June 30, 2014, the most recent net asset value provided by Winthrop, was $1,958,000 - $2,397,000.
  • Pinnacle II B-Note – sold the B-Note with an outstanding principal balance of $5,017,302 for net proceeds of $4,970,000. The net asset value for this asset at June 30, 2014, the most recent net asset value provided by Winthrop, was $5,061,000. Since June 30, 2014, Winthrop has received payments on account of this B-Note totaling $128,750 resulting in total payments to Winthrop since June 30, 2014 of $5,103,750.
  • San Pedro Luxury Apartments - the venture in which Winthrop holds an approximately 84% interest, known as the ST Residential Luxury portfolio, sold its San Pedro apartment building in San Pedro, California to an unaffiliated third party. The entire net proceeds of $23,090,000 were used to pay down the $150,000,000 loan made by KeyBank National Association to the venture and secured by the ST Residential Luxury portfolio. Although Winthrop had not provided a separate net asset value for this asset, the property was carried on the books of the venture at $20,000,000.

The aggregate net proceeds received from these sales (excluding San Pedro) was $39,940,000 as compared to an aggregate net asset value range for these assets at June 30, 2014, the most recent net asset value provided by Winthrop, of $35,789,000 - $42,680,000.

In addition to the foregoing sales, the following assets are currently subject to purchase agreements which are no longer subject to the buyer's due diligence review and are expected to close, if at all, prior to year end:

  • 1515 Market Street – this property is subject to a purchase agreement with an independent third party for a price that Winthrop presently expects will generate net proceeds to Winthrop of approximately $35,500,000 which exceeds the $30,065,000 - $35,475,000 net asset value range for this asset at June 30, 2014, the most recent net asset value provided by Winthrop.
  • Sealy Northwest Atlanta – Winthrop's venture partner in these properties has agreed to acquire Winthrop's interest in the venture for a price that Winthrop presently expects will generate net proceeds of approximately $5,500,000 to Winthrop which is within the $4,322,000 - $6,681,000 net asset value range for this asset at June 30, 2014, the most recent net asset value provided by Winthrop.
  • Kroger-Louisville, Kentucky – this property, that is net leased to Kroger, is subject to a purchase agreement with an independent third party for a price that Winthrop presently expects will generate net proceeds to Winthrop of approximately $2,300,000, which exceeds the $2,234,000 net asset value range for this asset at June 30, 2014, the most recent net asset value provided by Winthrop.

About Winthrop Realty Trust

Winthrop, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT). Winthrop's shareholders recently adopted a plan of liquidation pursuant to which Winthrop is liquidating and winding down and, in connection therewith, is seeking to sell its assets in an orderly fashion to maximize shareholder value. For more information, please visit our web-site at www.winthropreit.com.

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

CONTACT: Winthrop Realty Trust Carolyn Tiffany Investor or Media Inquiries Phone: (617) 570-4614; e-mail: ctiffany@firstwinthrop.comSource:Winthrop Realty Trust