Boston, MA 03/06/2014 (wallstreetpr) – Winthrop Reality Trust (NYSE:FUR) which is a leading opportunistic real estate investment company has posted fourth quarter and full year results for the period ending December 31, 2013. The results fell below analyst’s expectation as the quarter was mired by an increase in net loss.
Fourth quarter financial results
Winthrop Reality Trust (NYSE:FUR) fourth quarter was mired by an increase in net loss which reached highs of $8 million compared to a net loss of $4.9 million reported for the same quarter a year ago. The rise in net loss was as a result of impairment charges incurred in the quarter which amounted to $7.7 million. Funds from operation for the quarter also surged in the quarter to highs of $7.8 million compared to lows of $5.0 million reported for the same quarter a year ago.
Full year results
Winthrop Reality Trust (NYSE:FUR) full year net income applicable to common shares for the period ending December 31, 2013 came in at highs of $17.3 million an improvement when compared to a net income of $15.3 million reported in F2012. Funds from operation for the full year slightly fell to lows of $45.8 million when compared to highs of $46.4 million reported in F2012. Winthrop’s net asset value range per common share as of December 31, 2013 stood at $13.80 to $15.83 compared to $1.98 to$15.01 reported in the third quarter of the same fiscal year.
Winthrop main activities in the fourth quarter
Winthrop Reality Trust (NYSE:FUR) was able to complete acquisition of a Class A apartment made up of 761 units for a purchase price of $246 million. The company financed part of the acquisition with a loan worth $150 million that has an interest rate of LIBOR plus 200 basis points.
The fourth quarter also saw the company acquiring though an 80% owned venture, a 184 unit garden apartment in Oklahoma City forapproximately $5.0 million. As part of the purchase agreement, Winthrop will be entitled to an 8% preferred return from cash flow.
Winthrop Fourth quarter Dividend
Winthrop Reality Trust (NYSE:FUR)’s board of trustees has announced a regular cash dividend for the first quarter in which shareholders will be entitled to earnings of $0.1625 per common share and payable on April 15, 2014. The dividends will be payable to shareholders on record as of March 21, 2014
