Winthrop Realty Liquidating Trust Announces Results for the Year Ended December 31, 2016
BOSTON, March 08, 2017 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the "Company" or "Winthrop") which was formed to complete the liquidation of the assets previously held by Winthrop Realty Trust, announced today it has filed its Annual Report on Form 10-K for the year ended December 31, 2016.
Shareholders are reminded that on August 5, 2016 Winthrop Realty Trust transferred all of its remaining assets into the Company. As previously disclosed, beneficial interests in the Company ("units") are generally not transferable except by will, intestate succession or operation of law.
Liquidation Basis of Accounting
The Company reported that estimated net assets in liquidation at December 31, 2016 are currently estimated to result in future liquidating distributions of approximately $9.00 per unit. This estimate of future liquidating distributions includes projections of costs and expenses to be incurred during the period required to complete the plan of liquidation. There is inherent uncertainty with these projections and, accordingly, these projections could change materially based on a number of factors both within and outside of Winthrop's control including market conditions, the timing of sales, the performance of underlying assets and any changes in the underlying assumptions of projected cash flows.
After giving effect to the $1.00 per unit liquidating distribution paid on August 23, 2016 and the $0.50 per unit liquidating distribution paid on November 22, 2016, the current estimate represents a decrease in liquidating distributions of $0.11 per unit from the Company's estimate at June 30, 2016. The decrease is primarily the result of (i) a decrease in the liquidation value of the Company's Houston, Texas residential property due to a decrease in property net operating income and (ii) a decrease in the liquidation value of the Company's Lisle, Illinois office property as a result of the loss of a tenant resulting in additional lease up and tenant improvement costs. These decreases were partially offset by a decrease in the estimated fees payable to the Company's advisor due to the reduction in the overall liquidation value.
Properties Currently Being Marketed for Sale
- Plantation, FL — a 120,000 square foot single tenant office property leased to AT&T Services, Inc.
- 550 Corporetum, Lisle, IL — a 169,000 square foot multi-tenanted office property
- Churchill, PA — a 52,000 square foot mixed use facility leased to Westinghouse Electric Company LLC
- Oklahoma City, OK — a 184 unit multi-family residential property
On August 23, 2016 paid a liquidating distribution of $1.00 per unit to holders of record on August 17, 2016.
On November 22, 2016 paid a liquidating distribution of $0.50 per unit to holders of record on November 14, 2016.
For more information about the Company and its assets, please visit the Company's website 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 and (vii) 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, which discuss these and other factors that could adversely affect the Company's results.
AT THE COMPANY John Garilli Chief Financial Officer (617) 570-4614