BOSTON, Nov. 7, 2014 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE:FUR) (the "Company" or "Winthrop"), which is liquidating and winding down pursuant to a plan of liquidation, has revised its estimate of the liquidating distribution of its net assets in liquidation at September 30, 2014 to $18.35 per Common Share instead of the $18.16 per Common Share amount announced yesterday. In addition, the Consolidated Statement of Net Assets which accompanied the earlier releases is revised as provided below.
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. The statements in this release state the Company's and management's hopes, intentions, beliefs, expectations or projections of the future and are forward-looking statements for which the Company claims the protections of the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995. It is important to note that future events and the Company's actual results could differ materially from those described in or contemplated by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, but are not limited to, (i) general economic conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iii) local real estate conditions, (iv) increases in interest rates, (v) increases in operating costs and real estate taxes, (vi) changes in accessibility of debt and equity capital markets, (vii) the timing of asset sale, and (viii) defaults by borrowers on loans. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the Company's filings with the Securities and Exchange Commission, copies of which may be obtained from the Company or the Securities and Exchange Commission. The Company refers you to the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled "Risk Factors" in the Company's most recent Annual Report on Form 10-K, as may be updated or supplemented in the Company's Form 10-Q filings, which discuss these and other factors that could adversely affect the Company's results.
|CONSOLIDATED STATEMENT OF NET ASSETS|
|(unaudited, in thousands)|
|Investments in real estate||$ 700,050|
|Cash and cash equivalents||33,967|
|Restricted cash held in escrows||14,112|
|Secured financing receivable||28,960|
|TOTAL ASSETS||$ 1,234,912|
|Mortgage loans payable||$ 375,335|
|Senior notes payable||75,072|
|Liability for non-controlling interests||49,738|
|Liability for estimated costs in excess of estimated receipts during liquidation||26,100|
|Accounts payable, accrued liabilities and other liabilities||12,776|
|Related party fees payable||2,597|
|COMMITMENTS AND CONTINGENCIES|
|Net assets in liquidation||$ 668,294|
Further details regarding the Company's results of operations, properties, joint ventures and tenants are available in the Company's Form 10-Q for the quarter ended September 30, 2014 which will be filed with the Securities and Exchange Commission and will be available for download at the Company's website www.winthropreit.com or at the Securities and Exchange Commission website www.sec.gov.
CONTACT: AT THE COMPANY John Garilli Chief Financial Officer (617) 570-4614Source:Winthrop Realty Trust