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Winthrop Realty Trust Announces Results For Third Quarter 2010 And Declares Fourth Quarter Cash Dividend

BOSTON, Nov. 4, 2010 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE:FUR) announced today financial and operating results for the third quarter ended September 30, 2010. All per share amounts are on a fully diluted basis.

Third Quarter 2010 Financial Highlights

  • Reported net income for the quarter from continuing operations attributable to Common Shares of $5.3 million or $0.25 per Common Share.
  • Retained liquid assets consisting of cash, cash equivalents, restricted cash and marketable securities of $141.7 million at September 30, 2010, inclusive of net proceeds from the public offering.
  • Closed a public offering of 5.75 million Common Shares at a price of $12.25 per Common Share (before underwriter's discounts) resulting in net proceeds of approximately $66.9 million.
  • Declared a regular quarterly cash dividend for the third quarter of 2010 of $0.1625 per Common Share which was paid on October 15, 2010.

Third Quarter 2010 Investment Highlights and Subsequent Events

In addition to the third quarter transactions highlighted in our second quarter 2010 earnings release, the following transactions have occurred:

  • Executed on our strategy by foreclosing on: (i) an 86,000 square foot, class A medical office building known as the Deer Valley Professional Center located in Phoenix, Arizona, in which we held a first mortgage with a carrying amount of $10.3 million; (ii) a 118,000 square foot office building referred to as Crossroads II at Meridian, located in Englewood, Colorado, in which we held a first mortgage with a carrying amount of $8.4 million; and (iii) a 180 unit apartment building located in Meriden, Connecticut, in which we held a mezzanine loan with a carrying amount of $550,000 and which is subject to a first mortgage of approximately $23.9 million.
  • Formed a venture, in which we own 22.5%, that acquired for $45 million the $300 million face amount of Peter Cooper Village/Stuyvesant Town Mezzanine Loans 1, 2, and 3. As an alternative to pursuing further legal remedies with uncertain outcomes and incurring additional costs, the venture sold the Mezzanine Loans to the senior mortgage lenders for $45 million.
  • Received full repayment on a $6.5 million first mortgage loan secured by the Robert F. Driver Building located in San Diego, California for an annualized return of 12.9%.
  • Purchased for $235,000 a $1.5 million performing 12% mezzanine loan indirectly secured by a 130,000 square foot warehouse building net leased to Rockwell Automation located in Shirley, New York.
  • Acquired for $9.75 million an existing $39.0 million performing loan made to a private real estate equity fund and then modified the loan to provide for: (i) an interest rate of 15% on the $9.75 million investment amount; (ii) collateral in the form of a $3 million letter of credit, a first mortgage on entitled land and other assets; and, (iii) a discounted payoff option after one year of $9.75 million.
  • Acquired at par a $3.5 million, 11% first mortgage loan secured by an interest in four class B office buildings, containing 91,100 square feet of office space in Phoenix, Arizona.
  • Acquired at par a $21.4 million 7.98% senior participation in a B Note secured by a first mortgage lien on a 951,000 square foot, recently constructed class A office complex located in Sunnyvale, California.
  • Acquired for $4.2 million the land parcels underlying six of our retail properties previously subject to ground leases.

Third Quarter 2010 Financial Results

Net income applicable to Common Shares for the quarter ended September 30, 2010 was $3.7 million, or $0.18 per Common Share, compared with net income of $14.3 million, or $0.90 per Common Share, for the quarter ended September 30, 2009. The change in net income is primarily the result of a $9.5 million decrease in unrealized gain on securities carried at fair value.

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