Winthrop Realty Trust Announces Sale of Its Luxury Apartment Building in Phoenix, Arizona
BOSTON, April 15, 2015 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE:FUR) ("Winthrop") announced today that the venture in which Winthrop holds an approximately 84% interest, known as the ST Residential Luxury portfolio, sold its 44 Monroe apartment building in Phoenix, Arizona to an unaffiliated third party for a gross sales price of $50,650,000. The entire net proceeds of approximately $50,000,000 were used to pay down the loan secured by the ST Residential Luxury portfolio. As a result of this loan paydown, the outstanding principal balance of the loan is $77,800,000, which is secured by the venture's properties in Stamford, Connecticut and Houston, Texas.
Both the gross sales price and net proceeds are consistent with the portion of Winthrop's liquidation value reported in its Annual Report on Form 10-K for the year ended December 31, 2014 attributable to this asset.
Winthrop also announced today that Fanatics, Inc., the tenant that net leases substantially all of Winthrop's 588,000 square foot property in Jacksonville, Florida, has extended its lease term through July 31, 2018. The lease was scheduled to expire July 31, 2015. In connection with the lease extension, the initial monthly net rent will be $101,411 increasing by 2.2% on August 1, 2016 and August 1, 2017.
About Winthrop Realty Trust
Winthrop, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT). Winthrop's shareholders recently adopted a plan of liquidation pursuant to which Winthrop is liquidating and winding down and, in connection therewith, is seeking to sell its assets in an orderly fashion to maximize shareholder value. For more information, please visit our web-site at www.winthropreit.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. With the exception of the historical information contained in this news release, the matters described herein contain "forward-looking" statements that involve risk and uncertainties that may individually or collectively impact the matters herein described. These are detailed from time to time in the "Risk Factors" section of the Company's SEC reports. Further information relating to the Company's financial position, results of operations, and investor information is contained in the Company's annual and quarterly reports filed with the SEC and available for download at its website www.winthropreit.comor at the SEC website www.sec.gov.
CONTACT: Winthrop Realty Trust Carolyn Tiffany Investor or Media Inquiries Phone: (617) 570-4614; e-mail: firstname.lastname@example.org