Winthrop Realty TrustNYSE
Mon, Sep. 26, 4:57 PM| Mon, Sep. 26, 4:57 PM | 3 Comments
Thu, Aug. 11, 3:22 PM
- Winthrop Realty (NYSE:FUR) stopped trading last week, and all remaining assets of the company were transferred to the Winthrop Realty Liquidating Trust.
- The Trust today sold its One East Erie office property in Chicago, receiving proceeds of $46.8M - consistent with expectations.
- In addition, the $11M mezzanine loan indirectly secured by Waterfront Plaza in Honolulu was satisfied in full.
- The Trust's trustees have thus approved a distribution of $1.00 per common beneficial interest in the Trust, payable in cash on or about Aug. 23.
Tue, Jul. 5, 9:31 AM
- The 550K square foot warehouse was sold for $10.5M, with Winthrop (NYSE:FUR) holding 8.4M of seller financing at an interest rate of Libor plus 5% (minimum of 6% and capped at 8%). The loan is interest only and matures in three years.
- The sales price is consistent with what the company expected the liquidation value to be.
Wed, Jun. 22, 1:01 PM
Wed, Jun. 22, 12:42 PM
Tue, Jun. 14, 8:19 AM
- The board has declared a liquidating distribution of $1.25 per share payable on July 1 to holders of record on June 24. The money is coming from the recent financing on FUR's Houston apartment JV.
- One East Erie in Chicago is under agreement for sale for $47.9M, with a non-refundable $750K deposit. The sale is expected to close on August 5.
Mon, Jun. 13, 8:14 AM
- The venture in which Winthrop Realty (NYSE:FUR) owns an 83.7% interest secured a $45M mortgage backed by its luxury apartment building in Houston known as Mosaic Apartments. Net proceeds to Winthrop were $37.2M.
- The interest rate is Libor +2.75%, Maturity is in two years, and there's no prepayment penalty after Dec. 9, 2016.
- In other news, the stock will stop trading on the NYSE on August 1, with all remaining assets being transferred to a liquidating trust on August 5.
Fri, May 20, 7:30 AM
- The luxury building known as Highgrove Apartments sold for $87.5M. In addition the owning venture (of which FUR was a part of) retained $2.5M of the deposit provided by a prior potential purchaser, resulting in total gross proceeds of $90M.
- After paying off the debt, and charges relating to the sale, proceeds to Winthrop were about $8.645M, inline with the most recently reported liquidation value the company had attributed to this property.
Fri, May 13, 8:12 AM
- Sold is Lake Brandt Apartments - 284 units in Greensboro, NC - for a gross price of $20M. After paying off the mortgage and closing costs, net proceeds to FUR will be about $6.3M, an amount consistent with the company's previous liquidation estimate.
Thu, May 5, 8:42 AM
- On August 5, any assets not yet sold will be placed into a liquidating trust. Interests in that trust will not be tradable.
- Sold during Q1 was Chicago's Sullivan Center for $95.3M.
- Leased were 701 Seventh Avenue in NYC and Churchill, PA.
- Under contract is Highgrove apartment building in Stamford, CT for $87.5M. A previous buyer pulled out of the deal, leaving the JV which owns the property (of which FUR owns 83.7%) its $5M deposit. The new buyer has deposited $11M.
- Also under contract is Lake Brandt apartments in Greensboro, NC for $20M, and a Jacksonville warehouse for $10.5M.
- Three other properties are on the block.
- A conference call is set for 12 ET
Thu, Apr. 28, 8:16 AM
- The distribution is payable in cash on May 17 to owners of record on May 10. The money is coming from the net proceeds of the recent sale of FUR's Sullivan Center asset. With this $2, the company has made liquidating distributions of $6.50 per share since adopting the liquidation plan.
Mon, Feb. 29, 11:59 AM
- The company now sees future liquidating distributions (as of Dec. 31) of $14.18 per share, up one penny from the estimate three months earlier. The boost is mostly from an increase in the liquidation value of 701 Seventh Ave. Time Square investment to $202.1M. This was offset by cuts at four other projects.
- The conference call starts right about now.
- FUR +1.95% to $13.11
Mon, Jan. 11, 8:18 AM
- Winthrop Realty (NYSE:FUR) agrees to sell both its mezzanine loan and its entire ownership interest in its Sullivan Center venture to its JV partners for roughly $91.6M. WInthrop received a non-refundable $2M deposit in connection with the agreement.
- The deal is expected to close in Q1. No word on whether the price was above, below, or inline with what Winthrop expected to receive for the assets.
Tue, Jan. 5, 7:27 AM
- A report in the San Antonio Business Journal said the company had purchased a multi-family property in that city. WInthrop (NYSE:FUR), of course, is in liquidation mode, and the report has been withdrawn.
Sep. 17, 2015, 8:27 AM
- Winthrop's (NYSE:FUR) Cerritos, CA office property sold for $30.5M, inline with what the company had guided for. Net proceeds to FUR were about $6.7M.
- The sale of its Jacksonville property has fallen through after the potential buyer failed to post a non-refundable deposit, and the asset has been put back on the market.
Jun. 5, 2015, 12:47 PM