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Winthrop Realty Trust Announces Results For First Quarter 2013

Stocks in this article: FUR

BOSTON, May 2, 2013 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE:FUR), a leading real estate value investor, today announced financial and operating results for the first quarter ended March 31, 2013. All per share amounts are on a diluted basis.

Financial Results

Three Months Ended March 31, 2013

Net income applicable to common shares for the quarter ended March 31, 2013 was $11.0 million, or $0.33 per common share compared with net income of $7.3 million, or $0.22 per common share for the quarter ended March 31, 2012.

For the quarter ended March 31, 2013, Winthrop reported Funds from Operations (FFO) applicable to common shares of $15.9 million, or $0.48 per common share, compared with FFO of $14.0 million, or $0.42 per common share for the quarter ended March 31, 2012.

Carolyn Tiffany, Winthrop's President commented, "We are pleased that this quarter's reported NAV, earnings and FFO all reflect the positive impact of our opportunistic investment approach, which includes both new investments as well as dispositions. Our Company's present liquidity has it well positioned to take advantage of the investment opportunities that present themselves."

Net Asset Value as of March 31, 2013 and Five Year Performance Table

Winthrop's estimated range of net asset value per common share at March 31, 2013 is $12.94 to $15.31 as compared to $12.85 to $15.13 at December 31, 2012. In addition, our quarterly supplement contains an investment performance table that presents the internal rate of return for each investment made and sold or otherwise liquidated during the last five years. The pooled weighted internal rate of return on these investments is 32.5%. Details regarding the methodology used to calculate the internal rate of return and the net asset value as well as financial results, properties and tenants can be accessed in the quarterly supplemental report at in the Investor Relations section.

2013 First Quarter Activity and Subsequent Events

  • Originated a $20.5 million participating mezzanine loan collateralized indirectly by a Class A office campus commonly referred to as Water's Edge at Playa Vista which is located three miles from Los Angeles International Airport. The loan, which is subordinate to an $80.3 million mortgage loan, bears interest at a rate of LIBOR plus 14.25% per annum, requires monthly payments of interest only at a rate of 8.25% per annum with the remaining accrued interest being added to principal and entitles Winthrop to a participation interest equal to 25% of net equity value or sales proceeds of the property or, alternatively, a 25% ownership interest in the property. Subsequent to origination Winthrop sold at par a 50% pari passu participation interest in the loan.  
  • Received full repayment of $8.7 million on its mezzanine loan indirectly collateralized by the property at 127 West 25 th Street, New York, New York.  
  • Sold for $9.0 million, a price equal to Winthrop's cost, a 100% participation in the B-Note collateralized by the Disney Building located in Burbank, California.  
  • Received cash proceeds of approximately $4.4 million on an investment of $1.25 million from the sale of the subordinated interests related to collateralized debt obligation entities and the transfer of a collateral management agreement that were held in a 50/50 joint venture.  
  • Sold for $12.0 million our Andover, Massachusetts office property.  
  • Received full payment of $5.2 million on the loan collateralized by the property located at 180 North Michigan Avenue, Chicago, Illinois.  
  • Acquired control of, and an effective 89% equity interest in, the property owner of 1515 Market Street while retaining its $71.7 million loan secured by the property. Subsequent to quarter end, obtained a new first mortgage loan from a third party in the original principal amount of $43.0 million which bears interest at 2.5% per annum, requires monthly payments of interest only and matures April 2016. Winthrop received $38.5 million of loan proceeds from the financing which reduced Winthrop's investment in the loan receivable to $21.1 million, which investment amount accrues interest at a rate of 19.6%.   
  • With respect to Winthrop's 50/50 joint venture in Sullivan Center, increased the venture's indirect participation in the property by 5% to 70%, which interest is subject to increase to 76% if the venture does not receive a $1.4 million fee from the borrower by November 2013.  
  • Reduced the recourse debt due to KeyBank with respect to the Queensridge Towers loan to $13.65 million at March 31, 2013 by applying approximately $10.1 million of loan proceeds received on the Queensridge Tower loan receivable from condominium sales.  
  • Modified and extended the Advisory Agreement with FUR Advisors LLC for a term of five years, which will now expire on December 31, 2017.

Supplemental Financial Information

Further details regarding financial results, properties and tenants can be accessed at in the Investor Relations section.

Second Quarter 2013 Dividend Declarations

The Company's Board of Trustees is declaring a dividend for the second quarter of 2013 of $0.1625 per Common Share payable on July 15, 2013 to common shareholders of record on June 28, 2013.

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