BOSTON, June 14, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE:FUR) (“Winthrop” or the “Company”) announced today that its Board of Trustees has declared a liquidating distribution of $1.25 per common share payable in cash on July 1, 2016 to common shareholders of record on June 24, 2016. The liquidating distribution will be paid from the net proceeds of the recent financing of Winthrop’s Houston, Texas joint venture property. After giving effect to this liquidating distribution, Winthrop will have made $7.75 per common share in liquidating distributions since the adoption of its plan of liquidation.
Winthrop also announced that its wholly-owned One East Erie, Chicago, Illinois property is under contract for sale for a purchase price of $47,900,000, with a non-refundable $750,000 deposit. It is expected that the sale will close, if at all, after August 5, 2016, the date on which Winthrop’s assets will be contributed to the liquidating trust.
Company shareholders are reminded that on August 5, 2016 the Company will transfer all of its remaining assets into a liquidating trust. As a result, Company shareholders will receive beneficial interests in the liquidating trust in proportion to shares held in the Company. As previously disclosed, beneficial interests in the liquidating trust will generally not be transferable except by will, intestate succession or operation of law. For a detailed description of the federal income tax and investment considerations relating to such a transfer and its effect on your interests in the Company, reference is made to the proxy statement filed on Form 14-A on June 26, 2014 with the Securities and Exchange Commission, a copy of which is available on the Securities and Exchange Commission website, www.sec.gov as well as the Company’s website www.winthropreit.com under the investor relations tab. Shareholders are strongly advised to contact their investment and tax advisors as to questions which they may have.
About Winthrop Realty Trust
Winthrop, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT). In August 2014, Winthrop’s shareholders 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 website 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.com or at the SEC website www.sec.gov.