Boston, MA 05/05/2014 (wallstreetpr) – Winthrop Realty Trust (NYSE:FUR), a diversified real estate investment trust (REIT), declared its financial and operating results for the three year period ended on March 31′ 2014 on Thursday. The company achieved better-than-expected results, both in terms of funds from operations and revenue during the reported period.
First Quarter At Glance
As per the report, Winthrop Realty Trust (NYSE:FUR)’s net loss during the period came in at ($2.2) million, that is $0.06 per share as against the net income of $11 million or $0.33 per share in the previous year’s same quarter.The net loss was due to $9.2 million impairment charge on account of certain wholly owned properties. The Funds From Operation (FFO) for the quarter stood at $10.7 million, which is $0.30 per share as against FFO of $15.3 million or $0.46 per share during the last year. FFO came higher than the analysts’ estimate of $0.28 per share. At the same time, the company’s revenue rose 62% year-over-year to $19.51 million, beating the market consensus target by $0.61 million. The company witnesses favorable market environment during the reported period and the company consider the present market scenario as the best time to realize gains from its investments.
Properties Sold And Loan Asset Portfolio Reduced
Winthrop Realty Trust (NYSE:FUR)’s President Carolyn Tiffany said that it has completed a series of sales of operating properties towards the end of the first quarter. Additionally, the company started marketing certain assets for sales, which includes its Amherst, New York property and Jacksonville Florida property. Tiffany said that the sale of its Denver Crossroads one and two properties, which were scheduled to complete on Thursday, would fetch nearly $30 million in proceeds. In the meanwhile, the company has also been able to reduce its loan asset portfolio from an outstanding carrying value of $110.2 million (14 loans) to $57.9 million, as at the end of the first quarter.
