Winthrop Realty Liquidating Trust - FORM 8-K - EX-99.2 - July 28, 2016

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Winthrop Realty Trust
Supplemental Operating and Financial Data
For the Period Ended June 30, 2016
 
 
 
 
 
Winthrop Realty Trust
Remaining Assets
June 30, 2016
 
The projected disposition date is management's current estimate based on information available.
The actual disposition date may be significantly earlier or later than current estimates.
 
The Trust's estimates of cash flow are based on assumptions management believes are reasonable under the circumstances. The actual realized cash flows may differ materially.
 
Assets not sold or paid off by August 5, 2016 will be transferred to the liquidating trust.
 
Operating Property Assets Under Contract
 
                   
Trust's Share of
  
     
Trust
      
Square Feet/
    
Estimated Cash Flow
  
Operating Properties:
Location
  
Ownership
  
Type
  
Units
    
Through Disposition (1)
  
Wholly Owned
                      
One East Erie
Chicago, IL
     100%  
Office
     126,000     $ 48,220,000  
Joint Venture Properties
                            
Mentor
Chicago, IL
     50%  
Retail
     7,000     $ 3,973,000  
 
Loan Assets/Preferred Equity-Expected Repayment (2)
 
                 
Trust's Share of
  
   
Trust
  
Scheduled
  
Par/Equity
    
Estimated Cash Flow
  
Loan Assets/Preferred Equity
  
Ownership
  
Maturity/Payoff
  
Value
    
Through Disposition (1)
  
Pre August 5, 2016 Expected Repayment
                    
   Mentor - Whole Loan
     100%  
Jul-16
   $ 2,497,000     $ 2,560,000  
   Churchill - Whole Loan
     100%  
Aug-16
   $ 333,000     $ 2,000  
   CDH CDO - Computer Associates - Mezzanine Loan
     50%  
Aug-16
   $ 802,000     $ 398,000  
                           
Post August 5, 2016 Expected Repayment
                          
   Concord Debt Holdings - 99 Founders - Mezzanine Loan
     67%  
Oct-16
   $ 1,881,000     $ 365,000  
   Concord Debt Holdings - Waterfront Plaza - Mezzanine Loan
     67%  
Oct-16
   $ 11,000,000     $ 7,529,000  
   Summit Pointe - Preferred Equity
     80%  
Nov-16
   $ 5,780,000     $ 5,780,000  
   Poipu Shopping Village - B Note
     100%  
Jan-17
   $ 2,738,000     $ 2,845,000  
   CDH CDO - JP Morgan - B Note
     50%  
Aug-18
   $ 30,750,000     $ 2,143,000  
Jacksonville - Whole Loan      100%   Dec-18   $ 8,400,000     $ 9,680,000  
 
Operating Properties With Indeterminate Marketing Plan
 
                       
Trust's Share of
    
Disposition Date
         
Trust
      
Square Feet/
    
Estimated Cash Flow
    
Assumed for
Operating Properties:
    
Location
  
Ownership
  
Type
  
Units
    
Through Disposition (1)
    
Liquidation Accounting (3)
Wholly Owned
                              
550 Corporetum
    
Lisle, IL
     100%  
Office
     169,000     $ 4,219,000    
Dec-16
Churchill/Westinghouse
    
Churchill, PA
     100%  
Mixed Use
     52,000     $ 7,782,000    
Dec-16
Orlando
    
Orlando, FL
     100%  
Office
     257,000     $ 932,000    
Jul-17
Plantation
    
Plantation, FL
     100%  
Office
     120,000     $ 11,741,000    
Jan-18
                                     
Joint Venture Properties
                                    
1050 Corporetum
    
Lisle, IL
     60%  
Office
     54,000     $ 35,000    
Mar-17
Mosaic
    
Houston, TX
     84%  
Multi-Family
  
396 units
     $ 42,938,000    
Jun-17
Atrium
    
Chicago, IL
     50%  
Retail
     75,000     $ 8,631,000    
Aug-17
701 7th Ave.
    
New York, NY
     61%  
Retail/Office
  
Under Development
     $ 209,380,000    
Sep-17
RE CDO
    
Las Vegas, NV
     50%  
Land
           $ 2,102,000    
Nov-17
450 West 14th Street
    
New York, NY
  
var
  
Office /Retail
     104,000     $ 32,207,000    
Dec-18
                                   
 
(1)
The Trust’s estimates of cash flow are based on assumptions management believes are reasonable under the circumstances.  The actual realized cash flows may differ materially.
(2) 
Does not include loan assets for which there is no expected cash flow.
(3)
The projected disposition date is management’s current estimate based on information available.  The actual disposition date may be significantly earlier or later than current estimates.
 
 
2
 
 
Winthrop Realty Trust
Comparison of Realized Sales Proceeds to December 31, 2013 Net Asset Value
 
   
December 31, 2013 Reported NAV
 Range
    
Sales Costs
Adjustment [1]
    
December 31, 2013 Modified NAV
 Range
  
Date
Sold/Repaid
  
Actual Proceeds
After Sales Costs [3]
  
Loans Sold/Repaid
                                              
Hotel Wales  - Whole Loan
   $ 6,000  
 to
   $ 6,000     $ -     $ 6,000  
 to
   $ 6,000  
7-Feb-14
   $ 6,002      
San Marbeya - Whole  Loan
     13,810  
 to
     13,810       -       13,810  
 to
     13,810  
7-Feb-14
     13,726      
500-512 Seventh Ave - B Note
     10,373  
 to
     10,373       -       10,373  
 to
     10,373  
7-Feb-14
     10,344      
Wellington Tower - Mezzanine Loan
     3,102  
 to
     3,102       -       3,102  
 to
     3,102  
7-Feb-14
     3,102      
Legacy Orchard - Corporate Loan
     9,750  
 to
     9,750       -       9,750  
 to
     9,750  
11-Feb-14
     9,790      
Queensridge - Whole Loan
     4,600  
 to
     4,600       -       4,600  
 to
     4,600  
31-Mar-14
     4,695      
Stamford - Mezzanine Loan
     9,415  
 to
     9,415       -       9,415  
 to
     9,415  
6-Aug-14
     9,450      
The Shops at Wailea - B Note
     7,644  
 to
     7,644       -       7,644  
 to
     7,644  
7-Aug-14
     7,556      
Pinnacle - B Note
     5,108  
 to
     5,108       -       5,108  
 to
     5,108  
22-Oct-14
     4,970      
Playa Vista - Mezzanine Loan
     12,823  
 to
     14,323       -       12,823  
 to
     14,323  
9-Dec-14
     19,959   [4 ]
Edens Norridge - Mezzanine Loan
     16,000  
 to
     16,000       -       16,000  
 to
     16,000  
9-Oct-15
     19,000   [6 ]
                                                           
Operating Properties Sold
                                                          
Newbury Apartments - Meriden, CT
     5,600  
 to
     5,600       (766 )     4,834  
 to
     4,834  
26-Feb-14
     5,734      
River City - Chicago, IL
     5,493  
 to
     5,493       -       5,493  
 to
     5,493  
5-Mar-14
     5,800      
High Point - Hillside, IL
     -  
 to
     -       -       -  
 to
     -  
5-Mar-14
     -      
1701 E. Woodfield - Shaumburg, IL
     1  
 to
     301       -       1  
 to
     301  
5-Mar-14
     150      
Enterprise - Westchester, IL
     -  
 to
     45       -       -  
 to
     45  
5-Mar-14
     50      
Crossroads I and II - Englewood, CO
     30,175  
 to
     30,175       (466 )     29,709  
 to
     29,709  
1-May-14
     30,634      
Amherst - Amherst, NY
     24,027  
 to
     25,743       (712 )     23,315  
 to
     25,031  
25-Jun-14
     23,788      
Fenway Wateridge - San Diego, CA
     350  
 to
     840       -       350  
 to
     840  
6-Aug-14
     2,383      
223 West Jackson - Chicago, IL
     5,804  
 to
     6,001       -       5,804  
 to
     6,001  
8-Sep-14
     5,769      
5400 Westheimer - Houston, TX
     7,616  
 to
     11,402       -       7,616  
 to
     11,402  
15-Oct-14
     10,750      
Waterford Apartments - Memphis, TN
     15,787  
 to
     16,992       (344 )     15,443  
 to
     16,648  
16-Oct-14
     15,516      
Kroger - Atlanta, GA
     1,992  
 to
     2,158       (112 )     1,880  
 to
     2,046  
20-Oct-14
     1,464      
Kroger - Greensboro, NC
     2,444  
 to
     2,750       (42 )     2,402  
 to
     2,708  
20-Oct-14
     1,708      
San Pedro - San Pedro, CA [2]
     20,290  
 to
     20,290       (481 )     19,809  
 to
     19,809  
24-Oct-14
     23,319   [2 ]
Kroger - Louisville, KY
     1,945  
 to
     2,140       (180 )     1,765  
 to
     1,960  
25-Nov-14
     2,320      
1515 Market Street - Philadelphia, PA
     27,807  
 to
     32,980       (3,433 )     24,374  
 to
     29,547  
2-Dec-14
     40,304      
Sealy Joint Venture - Northwest Atlanta
     2,546  
 to
     3,215       -       2,546  
 to
     3,215  
23-Dec-14
     5,641      
South Burlington, VT
     1,991  
 to
     2,305       (147 )     1,844  
 to
     2,158  
23-Dec-14
     2,552      
Monroe - Phoenix, AZ [2]
     40,579  
 to
     40,579       (578 )     40,001  
 to
     40,001  
14-Apr-15
     50,072   [2 ]
Vintage - Various
     67,625  
 to
     77,145       (1,035 )     66,590  
 to
     76,110  
1-Jun-15
     80,138   [5 ]
Cerritos - Cerritos, CA
     4,271  
 to
     5,397       (436 )     3,835  
 to
     4,961  
16-Sep-15
     6,774      
Sullivan Center - Chicago, IL
     72,820  
 to
     82,633       (128 )     72,692  
 to
     82,505  
27-Apr-16
     88,325   [7 ]
Lake Brandt - Greensboro, NC
     6,292  
 to
     7,088       (103 )     6,189  
 to
     6,985  
12-May-16
     6,296      
Highgrove - Stamford, CT
     81,159  
 to
     81,159       (1,904 )     79,255  
 to
     79,255  
19-May-16
     85,596   [2 ]
Jacksonville - Jacksonville, FL
     10,247  
 to
     10,558       (140 )     10,107  
 to
     10,418  
30-Jun-16
     10,360   [8 ]
                                                           
Totals to Date
   $ 535,486       $ 562,556     $ (11,007 )   $ 524,479       $ 562,107       $ 614,037      
 
Notes
[1]
At December 31, 2013, the Net Asset Value reported did not deduct for any costs estimated to be incurred in connection with a sale of the asset.  In order to present a comparable analysis,management has adjusted the previously reported Net Asset Value to give effect for the actual sales costs incurred.
[2]
The San Pedro, Monroe and Highgrove properties were encumbered by a cross collateralized loan of $150.0 million.  All of the net proceeds were utilized to pay down the $150.0 millionmortgage debt.  The actual proceeds after sales costs are the net proceeds before the paydown of the debt.
[3]
Includes sales costs only and does not include prorations for accrued real estate taxes, other liabilities or cash.  Those amounts were reported in the December 31, 2013 supplementseparately under cash and accounts payable.
[4]
At December 31, 2013 the Trust owned a 50% interest in this loan.  The remaining 50% interest was purchased in 2014, for $14.0 million, which has been deducted from the actual proceeds.
[5]
The Trust contributed an additional $5,645 to the venture on January 2, 2015.  The Trust received $5,740 on the sale of the investment which has been deducted from the actual proceeds.
[6]
The investment was not held at December 31, 2013.  The December 2013 NAV above represents the amount invested which amount was included in cash on the December 31, 2013 NAV.On March 5, 2014 the Trust originated a $15,500,000 mezzanine loan and acquired interests in the collateral for $500,000.  Actual proceeds include repayment of the loan and the participation interest, and the sale of its interests in the collateral.
[7]
The Trust contributed an additional $6,792,000 to the venture from October 2015 through January 2016.  The Trust received $6,945,000 related to this investment, which has beendeducted from the actual proceeds.
[8]
The actual proceeds exclude seller financing of $8,400,000 provided by the Trust.
 
 
3
 
 
CONSOLIDATED STATEMENTS OF NET ASSETS
(Liquidation Basis)
(unaudited, in thousands)
 
   
June 30,
    
December 31,
  
   
2016
    
2015
  
ASSETS
            
Investments in real estate
   $ 222,580     $ 353,862  
Equity investments
     273,154       327,738  
Cash and cash equivalents
     14,221       21,128  
Restricted cash held in escrows
     50,783       6,603  
Loans receivable
     14,304       5,280  
Secured financing receivable
     -       28,928  
Accounts receivable
     2,127       2,090  
      TOTAL ASSETS
     577,169       745,629  
                 
LIABILITIES
                
Mortgage loans payable
     106,014       172,095  
Liability for non-controlling interests
     8,435       17,796  
Liability for estimated costs in excess of estimated receipts during liquidation
     24,570       29,297  
Dividends payable
     45,531       1,822  
Accounts payable, accrued liabilities and other liabilities
     4,628       6,382  
Related party fees payable
     1,394       1,841  
      TOTAL LIABILITIES
     190,572       229,233  
                 
COMMITMENTS AND CONTINGENCIES
                
Net assets in liquidation
   $ 386,597     $ 516,396  
 
 
4
 
 
 
WINTHROP REALTY TRUST
INVESTOR INFORMATION
 
TRANSFER AGENT
INVESTOR RELATIONS
 
Computershare
Written Requests:
P.O. Box 43078
Providence, RI 02940
phone: 800.622.6757 (US, Canada and Puerto Rico)
phone: 781.575.4735 (outside US)
 
Overnight Delivery:
250 Royall Street
Canton, MA 02021
 
Internet Inquiries :
Investor Centre™ website at www.computershare.com/investor
 
Carolyn Tiffany, Investor Relations
Winthrop Realty Trust
P.O. Box 9507
7 Bulfinch Place, Suite 500
Boston, MA 02114-9507
phone: 617.570.4614
fax: 617.570.4746
 
 
 
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