Winthrop Realty Liquidating Trust 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 01, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	FUR
Entity Registrant Name	Winthrop Realty Trust
Entity Central Index Key	37,008
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		36,425,084

Consolidated Statement of Net A

Consolidated Statement of Net Assets Liquidation Basis - USD ($)	Sep. 30, 2015	Dec. 31, 2014
LIABILITIES
Net assets in liquidation	$ 552,592,000	$ 594,704,000
Liquidation Value [Member]
ASSETS
Investments in real estate	480,898,000	557,325,000
Equity investments	280,617,000	389,921,000
Cash and cash equivalents	56,716,000	127,583,000
Restricted cash held in escrows	8,269,000	5,831,000
Loans receivable	8,386,000	24,005,000
Secured financing receivable	29,197,000	29,210,000
Accounts receivable	1,327,000	1,468,000
Loan securities		918,000
TOTAL ASSETS	865,410,000	1,136,261,000
LIABILITIES
Mortgage loans payable	223,174,000	296,954,000
Senior notes payable		71,265,000
Liability for non-controlling interests	45,886,000	46,564,000
Liability for estimated costs in excess of estimated receipts during liquidation	30,881,000	31,253,000
Dividends payable	1,550,000	82,353,000
Accounts payable, accrued liabilities and other liabilities	9,490,000	10,794,000
Related party fees payable	1,837,000	2,374,000
TOTAL LIABILITIES	$ 312,818,000	$ 541,557,000
COMMITMENTS AND CONTINGENCIES (Note 12)
Net assets in liquidation	$ 552,592,000	$ 594,704,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	2 Months Ended	7 Months Ended	9 Months Ended
	Jul. 31, 2014	Sep. 30, 2014	Jul. 31, 2014	Sep. 30, 2015
Net assets in liquidation, beginning of period		$ 786,915		$ 594,704
Changes in net assets in liquidation
Change in liquidation value of investments in real estate		(1,250)		4,723
Change in liquidation value of loans receivable		4,750
Change in liquidation value of loan securities				(918)
Change in liquidation value of equity investments				499
Remeasurement of assets and liabilities		(231)		(1,285)
Remeasurement of non-controlling interests				400
Net increase in liquidation value		3,269		3,419
Liquidating distributions to holders of Common Shares				(45,531)
Changes in net assets in liquidation		(118,621)		(42,112)
Net assets in liquidation, end of period	$ 786,915	668,294	$ 786,915	$ 552,592
Revenue
Rents and reimbursements	7,085		46,313
Interest and discount accretion	1,394		9,643
Total Revenue	8,479		55,956
Expenses
Property operating	2,546		17,127
Real estate taxes	764		5,379
Depreciation and amortization	2,074		15,957
Interest	1,870		13,394
Impairment loss on investments in real estate			9,200
General and administrative	497		4,283
Related party fees	774		5,548
Transaction costs	17		586
Federal, state and local taxes	(165)		(60)
Total expenses	8,377		71,414
Other income (loss)
Equity in income of equity investments	2,250		12,622
Earnings from preferred equity investments	11		582
Loss of extinguishment of debt, net			(564)
Realized gain on sale of securities carried at fair value			2
Interest and other income	37		244
Total other income (loss)	2,298		12,886
Income (loss) from continuing operations	2,400		(2,572)
Discontinued operations
Income from discontinued operations	84		11,235
Net income	2,484		8,663
Net loss attributable to non-controlling interests	395		3,818
Net income attributable to Winthrop Realty Trust	2,879		12,481
Preferred dividend of Series D Preferred Shares	(929)		(6,502)
Amount allocated to Restricted Common Shares	(11)		(192)
Net income attributable to Common Shares	$ 1,939		$ 5,787
Per Common Share data - Basic
Income (loss) from continuing operations	$ 0.05		$ (0.15)
Income from discontinued operations			0.31
Net income attributable to Common Shares	0.05		0.16
Per Common Share data - Diluted
Income (loss) from continuing operations	0.05		(0.15)
Income from discontinued operations			0.31
Net income attributable to Common Shares	$ 0.05		$ 0.16
Basic Weighted-Average Common Shares	35,825		35,821
Diluted Weighted-Average Common Shares	35,975		35,821
Comprehensive income
Net income	$ 2,484		$ 8,663
Change in unrealized gain (loss) on interest rate derivative	445		(193)
Consolidated comprehensive income	2,929		8,470
Net loss attributable to non-controlling interests	395		3,818
Comprehensive loss attributable to non-controlling interests	395		3,818
Comprehensive income attributable to Winthrop Realty Trust	$ 3,324		12,288
Series D Preferred Shares of Beneficial Interest [Member]
Changes in net assets in liquidation
Liquidating distributions to Series D Preferred Shareholders		$ (121,890)
Discontinued operations
Preferred dividend of Series D Preferred Shares			$ (6,502)

Consolidated Statement of Equit

Consolidated Statement of Equity - 7 months ended Jul. 31, 2014 - USD ($) shares in Thousands, $ in Thousands	Total	Series D Preferred Shares of Beneficial Interest [Member]	Series D Preferred Shares of Beneficial Interest [Member]	Common Shares of Beneficial Interest [Member]	Additional Paid-In Capital [Member]	Accumulated Distributions in Excess of Net Income [Member]	Accumulated Distributions in Excess of Net Income [Member]Series D Preferred Shares of Beneficial Interest [Member]	Accumulated Other Comprehensive Income (loss) [Member]	Non-Controlling Interests [Member]
Beginning balance at Dec. 31, 2013	$ 509,663		$ 120,500	$ 35,809	$ 647,121	$ (322,432)		$ (124)	$ 28,789
Beginning balance, shares at Dec. 31, 2013			4,820	36,401
Net income attributable to Winthrop Realty Trust	12,481					12,481
Net loss attributable to non-controlling interests	(3,818)								(3,818)
Distributions to non-controlling interests	(711)								(711)
Contributions from non-controlling interests	873								873
Increase in non-controlling interest due to consolidation of property	16,391								16,391
Decrease in non-controlling interest due to property sale	(3,764)								(3,764)
Dividends declared on Common Shares of Beneficial Interest ($0.325 per share)	(11,642)					(11,642)
Dividends declared on Series D Preferred Shares ($1.348963 per share)	(6,502)	$ (6,502)					$ (6,502)
Dividends declared on Restricted Shares	(192)					(192)
Change in unrealized loss on interest rate derivatives	(193)							(193)
Stock issued pursuant to Dividend Reinvestment Plan	178			$ 16	162
Stock issued pursuant to Dividend Reinvestment Plan, shares				16
Amortization of Restricted Shares	1,450				1,450
Ending balance at Jul. 31, 2014	$ 514,214		$ 120,500	$ 35,825	$ 648,733	$ (328,287)		$ (317)	$ 37,760
Ending balance, shares at Jul. 31, 2014			4,820	36,417

Consolidated Statement of Equi5

Consolidated Statement of Equity (Parenthetical) - Accumulated Distributions in Excess of Net Income [Member]	7 Months Ended
	Jul. 31, 2014$ / shares
Dividends declared on Common Shares of Beneficial Interest	$ 0.325
Series D Preferred Shares of Beneficial Interest [Member]
Dividends declared on Series D Preferred Shares	$ 1.348963

Consolidated Statement of Cash

Consolidated Statement of Cash Flows	7 Months Ended
	Jul. 31, 2014USD ($)
Cash flows from operating activities
Net income	$ 8,663,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs and fair value of debt)	11,331,000
Amortization of lease intangibles	6,462,000
Straight-line rental income	1,121,000
Loan discount accretion	(2,086,000)
Discount accretion received in cash	5,865,000
Earnings of preferred equity investments	(582,000)
Distributions of income from preferred equity investments	565,000
Income of equity investments	(12,622,000)
Distributions of income from equity investments	8,755,000
Restricted cash held in escrows	(27,000)
Gain on sale of securities carried at fair value	(2,000)
Gain on sale of real estate investments	(11,073,000)
Impairment loss on investments in real estate	9,287,000
Tenant leasing costs	(1,046,000)
Equity compensation expenses	1,450,000
Bad debt recovery	(229,000)
Changes in assets and liabilities:
Interest receivable	(64,000)
Accounts receivable and other assets	665,000
Accounts payable, accrued liabilities and other liabilities	(8,234,000)
Net cash provided by operating activities	18,199,000
Cash flows from investing activities
Issuance and acquisition of loans receivable	(31,492,000)
Investments in real estate	(5,575,000)
Investment in equity investments	(48,154,000)
Proceeds from sale of investments in real estate	56,423,000
Proceeds from sale of equity investments	200,000
Return of capital distribution from equity investments	705,000
Return of capital distribution from preferred equity investments	643,000
Purchase of securities carried at fair value	(73,000)
Proceeds from sale of securities carried at fair value	75,000
Proceeds from payoff of loan securities	0
Restricted cash held in escrows	2,127,000
Collection of loans receivable	7,784,000
Proceeds from sale of loans receivable	37,052,000
Cash from consolidation of properties	332,000
Net cash provided by investing activities	20,047,000
Cash flows from financing activities
Principal payments of mortgage loans payable	(5,412,000)
Repurchase of senior notes payable	(11,178,000)
Restricted cash held in escrows	(239,000)
Deferred financing costs	(68,000)
Contribution from non-controlling interest	873,000
Distribution to non-controlling interest	(711,000)
Proceeds from issuance of Common Shares under Dividend Reinvestment Plan	178,000
Dividend paid on Common Shares	(17,461,000)
Dividend paid on Series D Preferred Shares	(5,573,000)
Dividend paid on Restricted Shares	(71,000)
Net cash used in financing activities	(39,662,000)
Net decrease in cash and cash equivalents	(1,416,000)
Cash and cash equivalents at beginning of period	112,512,000
Cash and cash equivalents at end of period	111,096,000
Supplemental Disclosure of Cash Flow Information
Interest paid	15,280,000
Capitalized interest	2,457,000
Taxes paid	147,000
Supplemental Disclosure on Non-Cash Investing and Financing Activities
Dividends accrued on Common Shares and Restricted Shares	401,000
Dividends accrued on Series D Preferred Shares	929,000
Capital expenditures accrued	1,736,000
Conveyance of secured financing in settlement of loans receivable	(29,150,000)
Forgiveness of loan receivable	190,000
Fair value of liabilities assumed	52,687,000
Contribution to Vintage Housing Holdings LLC	450,000
Vintage Housing Holdings, LLC [Member]
Supplemental Disclosure on Non-Cash Investing and Financing Activities
Fair value of assets acquired	$ 69,140,000

Organization

Organization	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Winthrop Realty Trust (“Winthrop”), a real estate investment trust (“REIT”) under Sections 856-860 of the Internal Revenue Code, is an unincorporated association in the form of a business trust organized in Ohio under a Declaration of Trust dated August 1, 1961, as amended and restated on May 21, 2009, which has as its stated principal business activity the ownership and management of, and lending to, real estate and related investments. Winthrop conducts its business through WRT Realty L.P., a Delaware limited partnership (the “Operating Partnership”). Winthrop is the sole general partner of, and owns directly and indirectly, 100% of the limited partnership interest in the Operating Partnership. All references to the “Trust” refer to Winthrop and its consolidated subsidiaries, including the Operating Partnership. On April 28, 2014 the Trust’s Board of Trustees (the “Board”) adopted a plan of liquidation which was subject to approval by the holders of a majority of the Trust’s common shares of beneficial interest (“Common Shares”). The plan was approved at a special meeting of shareholders on August 5, 2014 and the Trust adopted the liquidation basis of accounting as of August 1, 2014. Prior to the plan of liquidation, the Trust was engaged in the business of owning real property and real estate related assets which it categorized into three segments: (i) ownership of investment properties including wholly owned properties and investments in joint ventures which own investment properties (“operating properties”); (ii) origination and acquisition of loans collateralized directly or indirectly by commercial and multi-family real property, (collectively “loan assets”); and (iii) equity and debt interests in other real estate investment trusts (“REIT securities”). Subsequent to the adoption of the plan of liquidation discussed below, the Trust no longer makes operating decisions or assesses performance in separate segments. Accordingly, the Trust has only one reporting and operating segment subsequent to July 31, 2014.

Plan of Liquidation

Plan of Liquidation	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Plan of Liquidation	2. Plan of Liquidation The plan of liquidation provides for an orderly sale of the Trust’s assets, payment of the Trust’s liabilities and other obligations and the winding up of operations and dissolution of the Trust. The Trust is not permitted to make any new investments other than protective acquisitions or advances with respect to the Trust’s existing assets. The Trust is permitted to satisfy any existing contractual obligations including any capital call requirements and acquisitions or dispositions pursuant to buy-sell provisions under existing joint venture documentation, pay for required tenant improvements and capital expenditures at its real estate properties, and repurchase its existing Common Shares. The Trust is also permitted to invest its cash reserves in short-term U.S. Treasuries or other short-term obligations. The plan of liquidation enables the Trust to sell any and all of its assets without further approval of the shareholders and provides that liquidating distributions be made to the shareholders as determined by the Board. Pursuant to applicable REIT rules, in order to be able to deduct liquidating distributions as dividends, the Trust must complete the disposition of its assets by August 5, 2016, two years after the date the plan of liquidation was adopted by shareholders. To the extent that all of the Trust’s assets are not sold by such date, the Trust intends to satisfy this requirement by distributing its unsold assets into a liquidating trust at the end of such two-year period, and the holders of interests in the Trust at such time will be beneficiaries of such liquidating trust. Interests in the liquidating trust will not be registered and will not be freely transferable. The dissolution process and the amount and timing of distributions to shareholders involves risks and uncertainties. Accordingly, it is not possible to predict the timing or aggregate amount which will ultimately be distributed to shareholders and no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in the Consolidated Statements of Net Assets. The Trust expects to continue to qualify as a REIT throughout the liquidation until such time as any remaining assets, if any, are transferred into a liquidating trust. The Board shall use commercially reasonable efforts to continue to cause the Trust to maintain its REIT status, provided however, the Board may elect to terminate the Trust’s status as a REIT if it determines that such termination would be in the best interest of the shareholders.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies Basis of Presentation Pre Plan of Liquidation The accompanying unaudited consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements, although management believes that the disclosures presented herein are adequate to make the accompanying unaudited consolidated interim financial statements not misleading. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated annual financial statements and the notes thereto included in Winthrop’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC. In the opinion of management, all adjustments considered necessary for fair statements have been included, and all such adjustments were of a normal recurring nature. The results of operations for the interim periods were not necessarily indicative of the operating results for the full year. The accompanying unaudited consolidated interim financial statements represent the consolidated results of Winthrop, its wholly-owned taxable REIT subsidiary, WRT-TRS Management Corp., the Operating Partnership and all majority-owned subsidiaries and affiliates over which the Trust has financial and operating control and variable interest entities (“VIE”s) in which the Trust has determined it is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation. Prior to the adoption of the plan of liquidation, the Trust accounted for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Trust’s share of the earnings of these joint ventures and companies was included in consolidated net income. The consolidated financial statements for the periods ended July 31, 2014 were prepared on the going concern basis of accounting, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Post Plan of Liquidation Liquidation Basis of Accounting As a result of the approval of the plan of liquidation by the shareholders, the Trust has adopted the liquidation basis of accounting as of August 1, 2014 and for the periods subsequent to August 1, 2014 in accordance with GAAP. Accordingly, on August 1, 2014 assets were adjusted to their estimated net realizable value, or liquidation value, which represents the estimated amount of cash that the Trust will collect on disposal of assets as it carries out its plan of liquidation. The liquidation value of the Trust’s operating properties and loan assets are presented on an undiscounted basis. Estimated costs to dispose of assets have been presented separately from the related assets. Liabilities are carried at their contractual amounts due or estimated settlement amounts. The Trust accrues costs and income that it expects to incur and earn through the end of liquidation to the extent it has a reasonable basis for estimation. These amounts are classified as a liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statements of Net Assets. Actual costs and income may differ from amounts reflected in the financial statements because of inherent uncertainty in estimating future events. These differences may be material. See Note 4 for further discussion. Actual costs incurred but unpaid as of September 30, 2015 are included in accounts payable, accrued liabilities and other liabilities on the Consolidated Statements of Net Assets. In liquidation, the presentation for joint ventures historically consolidated under going concern accounting is determined based on the Trust’s planned exit strategy. Those ventures where the Trust intends to sell the property are presented on a gross basis with a payable to the non-controlling interest holder. Those ventures where the Trust intends to sell its interest in the venture, rather than the property, are presented on a net basis and are included in equity investments on the Consolidated Statements of Net Assets. Amounts due to non-controlling interests in connection with the disposition of consolidated joint ventures have been accrued and are recorded as liability for non-controlling interests. Net assets in liquidation represents the estimated liquidation value available to holders of Common Shares upon liquidation. Due to the uncertainty in the timing of the anticipated sale dates and the estimated cash flows, actual operating results and sale proceeds may differ materially from the amounts estimated. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in determining the values of assets and liabilities, disclose contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenue and expenses during the reporting period. Under going concern accounting, the estimates that were particularly susceptible to management’s judgment include, but are not limited to, the impairment of real estate, loans and investments in ventures and real estate securities carried at fair value. In addition, estimates were used in accounting for the allowance for doubtful accounts. Under liquidation accounting, the Trust is required to estimate all costs and income that it expects to incur and earn through the end of liquidation including the estimated amount of cash it will collect on disposal of its assets and estimated costs incurred to dispose of assets. All of the estimates and evaluations are susceptible to change and actual results could differ materially from the estimates and evaluations. Earnings Per Share Prior to the adoption of the plan of liquidation, the Trust determined basic earnings per share on the weighted average number of Common Shares outstanding during the period and reflected the impact of participating securities. The Trust computed diluted earnings per share based on the weighted average number of Common Shares outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments. The Trust calculated earnings per share in accordance with relevant accounting guidance for participating securities and the two class method. The reconciliation of earnings attributable to Common Shares outstanding for the basic and diluted earnings per share calculation is as follows (in thousands, except per share data): One Month Ended Seven Months Ended Basic Income (loss) from continuing operations $ 2,400 $ (2,572 ) Loss attributable to non-controlling interest 395 3,764 Preferred dividend of Series D Preferred Shares (929 ) (6,502 ) Amount allocated to Restricted Common Shares (11 ) (192 ) Income (loss) from continuing operations applicable to Common Shares 1,855 (5,502 ) Income from discontinued operations 84 11,235 Loss attributable to non-controlling interests from discontinued operations — 54 Net income applicable to Common Shares for earnings per share purposes $ 1,939 $ 5,787 Basic weighted-average Common Shares 35,825 35,821 Income (loss) from continuing operations $ 0.05 $ (0.15 ) Income from discontinued operations — 0.31 Net income per Common Share - Basic $ 0.05 $ 0.16 Diluted Income (loss) from continuing operations $ 2,400 $ (2,572 ) Loss attributable to non-controlling interest 395 3,764 Preferred dividend of Series D Preferred Shares (929 ) (6,502 ) Amount allocated to Restricted Common Shares (11 ) (192 ) Income (loss) from continuing operations applicable to Common Shares 1,855 (5,502 ) Income from discontinued operations 84 11,235 Loss attributable to non-controlling interests from discontinued operations — 54 Net income applicable to Common Shares for earnings per share purposes $ 1,939 $ 5,787 Basic weighted-average Common Shares 35,825 35,821 Restricted Common Shares (1) 150 — Diluted weighted-average Common Shares 35,975 35,821 Income (loss) from continuing operations $ 0.05 $ (0.15 ) Income from discontinued operations — 0.31 Net income per Common Share - Diluted $ 0.05 $ 0.16 (1) The Trust’s Restricted Common Shares were anti-dilutive for the seven months ended July 31, 2014 and are not included in the weighted-average shares outstanding for the calculation of diluted earnings per Common Share. The Trust’s Restricted Common Shares were dilutive for the one month ended July 31, 2014. The amendments to the Restricted Common Shares discussed in Note 14 had no impact on the calculation of earnings per share for the period presented. No dividend was paid for the quarter ended September 30, 2014. On September 15, 2014 the Trust made the full liquidating distribution on its Series D Cumulative Redeemable Preferred Shares (the “Series D Preferred Shares”) of $25.4815 per Series D Preferred Share, which amount consisted of the $25.00 liquidation preference plus accrued and unpaid dividends to, but excluding, the date of payment. A liquidating distribution of $2.25 per Common Share was paid on January 15, 2015 to common shareholders of record on January 5, 2015. A liquidating distribution of $1.25 per Common Share was paid on June 16, 2015 to common shareholders of record on June 9, 2015.

Liability for Estimated Costs i

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation	9 Months Ended
	Sep. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation	4. Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation The liquidation basis of accounting requires the Trust to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the plan of liquidation. The Trust currently estimates that it will have costs in excess of estimated receipts during the liquidation. These amounts can vary significantly due to, among other things, the timing and estimates for executing and renewing leases, estimates of tenant improvement costs, the timing of property sales, direct costs incurred to complete the sales, the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding up of operations. These costs are estimated and are anticipated to be paid out over the liquidation period. The change in the liability for estimated costs in excess of estimated receipts during liquidation as of September 30, 2015 is as follows (in thousands): December 31, 2014 Cash Payments Remeasurement September 30, 2015 Assets: Estimated net inflows from investments in real estate, loans receivable and secured financing receivable $ 25,169 $ (9,967 ) $ 276 $ 15,478 Liabilities: Sales costs (11,840 ) 1,012 (4 ) (10,832 ) Corporate expenditures (44,582 ) 10,612 (1,557 ) (35,527 ) (56,422 ) 11,624 (1,561 ) (46,359 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (31,253 ) $ 1,657 $ (1,285 ) ($ 30,881 )

Net Assets in Liquidation

Net Assets in Liquidation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Assets in Liquidation	5. Net Assets in Liquidation Net assets in liquidation decreased by $42,112,000 during the nine months ended September 30, 2015. The primary reason for the decrease in net assets was due to liquidating distributions to holders of Common Shares of $45,531,000, a $1,557,000 increase in estimated corporate expenditures resulting primarily from increases in estimated fees payable to the advisor as a result of increases in liquidation values of certain investments and a $918,000 decrease in the value of the Trust’s loan securities resulting from a new appraisal of the collateral underlying the security. These decreases were offset by a $4,723,000 net increase in investments in real estate, a $499,000 net increase in the liquidation value of equity investments and a $400,000 decrease in the liability for non-controlling interests. The net assets in liquidation at September 30, 2015 would result in liquidating distributions of approximately $15.17 per Common Share. This estimate of 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 they could change materially based on the timing of sales, the performance of underlying assets and any changes in the underlying assumptions of the projected cash flows.

Property Dispositions

Property Dispositions	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Property Dispositions	6. Property Dispositions 44 Monroe, Phoenix, Arizona – property sale Cerritos, California – property sale - Highgrove, Stamford, Connecticut – contract for sale –

Loans Receivable

Loans Receivable	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Loans Receivable	7. Loans Receivable The Trust’s loans receivable at September 30, 2015 and December 31, 2014 are as follows (in thousands): Carrying Amount (1) Description Loan Position Stated September 30, December 31, Contractual Rockwell Mezzanine 12.0% $ — $ — 05/01/16 Churchill Whole Loan LIBOR + 3.75% — — 08/01/16 Popiu Shopping Village B-Note 6.62% 2,778 2,804 01/06/17 Edens Center and Norridge Commons (2) Mezzanine LIBOR + 12% (3) 3,098 18,690 03/09/17 Mentor Building Whole Loan 10.0% 2,510 2,511 09/10/17 $ 8,386 $ 24,005 (1) The carrying amount represents the estimated amount expected to be collected on disposition of the loan plus contractual interest receivable. (2) Carrying amount includes the par amount plus the estimated amount to be collected on the participation interest of $3,000 and accrued interest of $1. The loan was repaid in full on October 9, 2015. (3) LIBOR floor of 0.5%. Edens Center and Norridge Commons The carrying amount of loans receivable at September 30, 2015 and December 31, 2014 includes accrued interest of $27,000 and $218,000, respectively. The weighted average coupon as calculated on the par value of the Trust’s loans receivable was 8.05% and 10.55% at September 30, 2015 and December 31, 2014, respectively and the weighted average yield to maturity as calculated on the carrying value of the Trust’s loan receivable was 13.73% and 12.78% at September 30, 2015 and December 31, 2014, respectively. Loan Receivable Activity Activity related to loans receivable is as follows (in thousands): Nine Months Ended Nine Months Ended Balance at beginning of period $ 24,005 $ 101,100 Purchase and advances — 35,992 Interest received, net (191 ) (81 ) Repayments/sale proceeds/forgiveness (15,428 ) (81,739 ) Loan discount accretion — 2,086 Discount accretion received in cash — (5,865 ) Adjustment for conversion to liquidation basis — 6,071 Change in liquidation value — 4,750 Balance at end of period $ 8,386 $ 62,314 The following table summarizes the Trust’s interest and discount accretion income for the one and seven months ended July 31, 2014 (in thousands): One Month Ended Seven Months Ended Interest on loan assets $ 899 $ 5,770 Exit fee/prepayment penalty — 1,787 Accretion of loan discount 495 2,086 Total interest and discount accretion $ 1,394 $ 9,643 Non-Performing Loans Prior to adopting the liquidation basis of accounting, the Trust considered a loan to be non-performing and placed loans on non-accrual status at such time as management determined it was probable that it would be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Trust’s judgment as to collectability of principal, loans were either accounted for on a cash basis, where interest income was recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduced a loan’s carrying value. As of July 31, 2014, there was one non-performing loan with past due payments. The Trust did not record any provision for loan loss for the one and seven months ended July 31, 2014. Secured Financing Receivable In August 2013 the Trust closed on an agreement to acquire its venture partner’s (“Elad”) 50% interest in the mezzanine lender with respect to the One South State Street, Chicago, Illinois property (“Lender LP”) for $30,000,000. In connection with the transaction, the Trust entered into an option agreement with Elad granting Elad the right, but not obligation, to repurchase the interest in the venture. The option agreement provides Elad, as the transferor, the option to unilaterally cause the return of the asset at any time at the earlier of two years from and after August 21, 2013 or an event of default on Lender LP’s mezzanine debt. As such, Elad is able to retain control of its interest in Lender LP for financial reporting purposes as the exercise of the option is unconditional other than for the passage of time. As a result, for financial reporting purposes, the transfer of the financial asset is accounted for as a secured financing rather than an acquisition. The $30,000,000 acquisition price is recorded as a secured financing receivable. Under the going concern basis of accounting, the Trust recognized interest income on the secured financing receivable on an accrual basis in accordance with GAAP, at an annual interest rate of 15%. The Trust recorded $324,000 and $2,215,000 of interest income during the one and seven months ended July 31, 2014.

Equity Investments

Equity Investments	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments	8. Equity Investments Under liquidation accounting, equity investments are carried at net realizable value. The Trust’s nominal ownership percentages in its equity investments consist of the following at September 30, 2015 and December 31, 2014: Venture Partner Equity Investment Nominal % Ownership Nominal % Ownership Elad Canada Ltd WRT One South State Lender LP 50.0 % 50.0 % Elad Canada Ltd WRT-Elad One South State Equity LP 50.0 % 50.0 % Atrium Holding RE CDO Management LLC 50.0 % 50.0 % Freed Mentor Retail LLC 49.9 % 49.9 % Inland Concord Debt Holdings LLC 66.6 % 66.6 % Inland CDH CDO LLC 49.6 % 49.6 % Marc Realty Atrium Mall LLC 50.0 % 50.0 % New Valley/Witkoff 701 Seventh WRT Investor LLC 81.0 % 81.0 % RS Summit Pointe (1) RS Summit Pointe Apartments LLC 80.0 % 80.0 % Freed (3) Edens Plaza Associates LLC <1 % <1 % Freed (1) (3) Irving-Harlem Venture Limited <1 % <1 % Gancar Trust (2) Vintage Housing Holdings LLC n/a 75.0 % (1) Investment was previously consolidated under going concern accounting. See Note 3 “Liquidation Basis of Accounting” for further discussion. (2) The Trust’s investment was sold during the nine months ended September 30, 2015. (3) The Trust’s investment was sold during the fourth quarter of 2015. Vintage Housing Holdings – Concord Debt Holdings – 701 Seventh Avenue – CDH CDO LLC Edens Center and Norridge Commons –

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	9. Debt Mortgage Loans Payable Mortgage loans payable are carried at their contractual amounts due under liquidation accounting. The Trust had outstanding mortgage loans payable of $223,174,000 and $296,954,000 at September 30, 2015 and December 31, 2014, respectively. The mortgage loan payments of principal and interest are generally due monthly, quarterly or semi-annually and are collateralized by applicable real estate of the Trust. The Trust’s mortgage loans payable at September 30, 2015 and December 31, 2014 are summarized as follows (in thousands): Location of Collateral Maturity Spread Over Interest Rate at September 30, 2015 December 31, 2014 Chicago, IL Mar 2016 — 5.75 % $ 19,201 $ 19,491 New York, NY May 2016 Libor + 2.5% (2) 3.50 % 50,674 51,034 Greensboro, NC Aug 2016 — 6.22 % 13,600 13,600 Lisle, IL Oct 2016 Libor + 2.5% 2.69 % 5,500 5,713 Stamford, CT (4)(5) Oct 2016 Libor + 2.0% (3) 2.69 % 33,448 44,923 Houston, TX (4)(5) Oct 2016 Libor + 2.0% (3) 2.69 % 44,319 59,524 Lisle, IL Mar 2017 — 5.55 % 5,330 5,392 Orlando, FL Jul 2017 — 6.40 % 35,843 36,347 Plantation, FL Apr 2018 — 6.48 % 10,443 10,550 Churchill, PA Aug 2024 — 3.50 % 4,816 4,918 Phoenix, AZ (4)(5) n/a — n/a — 22,462 Cerritos, CA (6) n/a — n/a — 23,000 $ 223,174 $ 296,954 (1) The one-month LIBOR rate at September 30, 2015 was 0.1930%. The one-month LIBOR rate at December 31, 2014 was 0.17125%. (2) The loan has a LIBOR floor of 1%. (3) The loan has an interest rate swap which effectively fixes LIBOR at 0.69%. (4) These properties are cross-collateralized. Proceeds from property sales go 100% to repay the mortgage loan. (5) A portion of the loan was satisfied during 2015 in connection with the sale of a property. (6) The loan was satisfied during 2015 in connection with the sale of the property. Notes Payable In conjunction with the 2012 loan modification on the property located in Cerritos, California the Trust assumed a $14,500,000 B Note that bore interest at 6.6996% per annum and required monthly interest payments of approximately $12,000 with the balance of the interest accruing. The loan modification agreement provided for a participation feature whereby the B Note could be fully satisfied with proceeds from the sale of the property after the Trust received a 9.0% priority return on its capital, during a specified time period as defined in the loan modification document. As a result of the loan modification, the B Note did not have a contractually specified settlement amount. As such, the B Note was recorded at the estimated settlement amount based on an estimated sale of the property. As discussed in Note 6 – Property Dispositions, the property was sold on September 16, 2015. No payment was due to the holder of the B Note in connection with the sale. The liquidation value of the B Note was $0 at December 31, 2014.

Senior Notes Payable

Senior Notes Payable	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Senior Notes Payable	10. Senior Notes Payable In August 2012 the Trust issued a total $86,250,000 of its 7.75% Senior Notes (the “Senior Notes”) at an issue price of 100% of par value. Pursuant to its securities repurchase plan, as of August 15, 2015 the Trust had acquired $14,995,000 of its outstanding Senior Notes in open market transactions for an aggregate price of $15,707,000. The Trust redeemed the Senior Notes in full effective August 15, 2015. The aggregate redemption price paid was $72,635,000 (or $25.484375 per $25.00 face amount Senior Note) which represents the face amount of the Senior Notes not owned by the Trust plus accrued and unpaid interest to, but not including, August 15, 2015.

Non-controlling Interests

Non-controlling Interests	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
Non-controlling Interests	11. Non-controlling Interests Under going concern accounting, consolidated joint ventures are recorded on a gross basis with an allocation of equity to non-controlling

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies In addition to the initial purchase price of certain loans and operating properties, the Trust has future funding commitments attributable to its 701 Seventh Avenue investment which total approximately $13,118,000 at September 30, 2015 with the option to fund additional capital calls in excess of the Trust’s $125,000,000 commitment. The Trust’s venture which owns the property located at 450 W 14 th The Trust is involved from time to time in litigation on various matters, including disputes with tenants and disputes arising out of agreements to purchase or sell properties. Given the nature of the Trust’s business activities, these lawsuits are considered routine to the conduct of its business. The result of any particular lawsuit cannot be predicted because of the very nature of litigation, the litigation process and its adversarial nature, and the jury system. The Trust does not expect that the liabilities, if any, that may ultimately result from such legal actions will have a material adverse effect on its financial condition or results of operations. Churchill, Pennsylvania -

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related-Party Transactions	13. Related-Party Transactions FUR Advisors - The following table sets forth the fees and reimbursements paid by the Trust for the three and nine months ended September 30, 2015 and 2014 to FUR Advisors and Winthrop Management LP (“Winthrop Management”) (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, Base Asset Management Fee (1) $ 1,540 $ 2,296 $ 4,859 $ 7,070 Property Management Fee 248 381 793 1,038 Construction Management Fee 10 38 107 227 $ 1,798 $ 2,715 $ 5,759 $ 8,335 (1) Includes fees on third party contributions of $7 and $7 for the three months ended September 30, 2015 and 2014, respectively, and of $20 and $14 for the nine months ended September 30, 2015 and 2014, respectively. Base Asset Management Fee – In connection with the adoption of the plan of liquidation, the Trust accrues costs it expects to incur through the end of the liquidation. In this regard, at September 30, 2015 the Trust has accrued, based on its estimates of the timing and amounts of liquidating distributions to be paid to Common Shareholders, base management fees of $7,650,000, exclusive of the $1,540,000 included in related party fees payable, termination fees of $9,496,000 and incentive fees of $15,334,000. These amounts are included in liabilities for estimated costs in excess of estimated receipts during liquidation. Actual fees incurred may differ significantly from these estimates due to inherent uncertainty in estimating future events. Incentive Fee / Termination Fee - With respect to the termination fee, it is only payable if there is (i) a termination of the Advisory Agreement for any reason other than for cause (as defined) by the Trust or with cause by the Trust’s Advisor, (ii) a disposition of all or substantially all of the Trust’s assets, or (iii) an election by the Trust to orderly liquidate the Trust’s assets. The termination fee, if payable, is equal to the lesser of (i) the base management fee paid to the Trust’s Advisor for the prior twelve month period or (ii) either (x) in the case of a termination of the Advisory Agreement, 20% of the positive difference, if any between (A) the appraised net asset value of the Trust’s assets at the date of termination and (B) the threshold amount less $104,980,000, or (y) in the case of a disposition or liquidation, 20% of any dividends paid on account of the Trust’s Common Shares at such time as the threshold amount is reduced to $104,980,000, which will be achieved at such time as aggregate distributions of approximately $9.89 per Common Share in excess of the Growth Factor have been paid. For example, if the Trust had been liquidated at September 30, 2015, the termination fee would only have been payable if total dividends of approximately $9.89 per Common Share had been paid, and then only until the total termination fee paid would have equaled $9,496,000 (the base management fee for the twelve months prior to the approved plan of liquidation), which amount would be achieved when total dividends paid per Common Share equaled approximately $10.93. At September 30, 2015 it is estimated that the Advisor will be entitled to a termination fee of $9,496,000 in connection with the liquidation. This amount has been accrued and is included in liabilities for estimated costs in excess of estimated receipts during liquidation. Property Management and Construction Management - On September 1, 2015 the Operating Partnership entered into a services agreement with Winthrop Management whereby the Operating Partnership will now perform leasing services to certain properties. The agreement will result in a net reduction in the property management fees paid by the Trust. At September 30, 2015 $1,540,000 payable to FUR Advisors and $297,000 payable to Winthrop Management were included in related party fees payable.

Restricted Share Grants

Restricted Share Grants	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Restricted Share Grants	14. Restricted Share Grants On February 1, 2013 the Board approved the issuance of 600,000 shares of Restricted Common Shares (“Restricted Shares”) to the Trust’s Advisor, 500,000 of which were subject to the approval of the shareholders to the increase in the number of shares issuable under the Trust’s 2007 Stock Option Plan (the “2007 Plan”). The initial 100,000 Restricted Shares were issued on February 28, 2013. At the May 21, 2013 annual shareholders meeting the increase in shares issuable under the 2007 Plan from 100,000 to 1,000,000 was approved by the requisite number of shareholders and the remaining 500,000 Restricted Shares were issued on May 28, 2013. The Restricted Shares are subject to forfeiture through May 5, 2016 (the “Forfeiture Period”). Except in limited circumstances, if the holder of the Restricted Shares does not remain in continuous employment with FUR Advisors or its affiliate through the Forfeiture Period, all of their rights to the Restricted Shares and the associated dividends held in escrow will be forfeited. Dividends will be paid on the issued Restricted Shares in conjunction with dividends on Common Shares not issued under the 2007 Plan. However, the recipients of the Restricted Shares will only receive dividends as if the shares vested quarterly over the Forfeiture Period, with the remaining dividends to be placed into escrow and paid to the holders at the expiration of the Forfeiture Period. Under going concern accounting, until the awards were no longer subject to forfeiture, the Trust measured stock-based compensation expense at each reporting date for any changes in fair value and recognized the expense prorated for the portion of the requisite service period completed. Accordingly, the Trust recognized $120,000 and $1,450,000 in non-cash compensation expense for the one and seven months ended July 31, 2014. Under liquidation accounting, compensation expense is no longer recorded as the vesting of the Restricted Shares does not result in cash outflow for the Trust. In connection with the adoption of the plan of liquidation, the Trust’s compensation committee authorized amendments to the grant agreements to provide for an early expiration of the Forfeiture Period which now expires on May 5, 2016 and the reissuance of forfeited shares. In this regard, 10,000 Restricted Shares, which had previously been forfeited, were issued on September 5, 2014. Additionally, the Trust’s compensation committee agreed to fully vest 8,750 Restricted Shares held by non-executive officers whose employment was terminated in connection with the plan of liquidation. As a result, there were 591,250 Restricted Shares issued and outstanding at September 30, 2015.

Reportable Segments

Reportable Segments	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Reportable Segments	15. Reportable Segments The FASB guidance on segment reporting establishes standards for the way that public business enterprises report information about operating segments in financial statements and requires that those enterprises report selected financial information about reportable segments in interim financial reports issued to shareholders. Prior to the approval of the plan of liquidation, based on the Trust’s method of internal reporting, management determined that it had three reportable segments: (i) the ownership of operating properties; (ii) the origination and acquisition of loans and debt securities secured directly or indirectly by commercial and multi-family real property – collectively, loan assets; and (iii) the ownership of equity and debt securities in other REITs – REIT securities. Subsequent to the adoption of the plan of liquidation, the Trust no longer makes operating decisions or assesses performance in separate segments. Accordingly, the Trust has only one reporting and operating segment subsequent to July 31, 2014.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	16. Variable Interest Entities Consolidated Variable Interest Entities Under going concern accounting, consolidated variable interest entities are those where the Trust is the primary beneficiary of a variable interest entity. The primary beneficiary is the party that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: 1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance, and 2) the obligation to absorb losses and right to receive the returns from the VIE that could be significant to the VIE. At July 31, 2014, the Trust had identified two consolidated variable interest entities; its Cerritos, California office property and 1515 Market Street, its office property located in Philadelphia, Pennsylvania. The 1515 Market Street property was sold on December 2, 2014. The Cerritos, California property was sold on September 16, 2015. Variable Interest Entities Not Consolidated Equity Method and Preferred Equity Investments Loans Receivable and Loan Securities – Certain loans receivable and loan securities which had been determined to be VIEs were performing assets, meeting their debt service requirements. In those cases the borrower held legal title to the real estate collateral and had the power to direct the activities that most significantly impacted the economic performance of the VIE, including management and leasing activities. In the event of default under those loans, the Trust only had protective rights and its obligation to absorb losses was limited to the extent of its loan investment. The borrower was determined to be the primary beneficiary for those performing assets. The Trust determined that it did not have the power to direct the activities of the properties collateralizing any of its loans receivable and loan securities. For this reason, management believed that it did not control, nor was it the primary beneficiary of these properties. Accordingly, the Trust accounted for these investments under the guidance for loans receivable and real estate debt investments.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events Edens Center and Norridge Commons – On October 9, 2015 the Trust received repayment in full of the loan receivable collateralized by the Edens Center and Norridge Commons properties and sold its general partner interests in the two properties immediately following the loan repayment. See Note 7 – Loans Receivable for details on the loan repayment and Note 8 – Equity Investments for details on the sale of the general partner interests.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Pre Plan of Liquidation The accompanying unaudited consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements, although management believes that the disclosures presented herein are adequate to make the accompanying unaudited consolidated interim financial statements not misleading. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated annual financial statements and the notes thereto included in Winthrop’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC. In the opinion of management, all adjustments considered necessary for fair statements have been included, and all such adjustments were of a normal recurring nature. The results of operations for the interim periods were not necessarily indicative of the operating results for the full year. The accompanying unaudited consolidated interim financial statements represent the consolidated results of Winthrop, its wholly-owned taxable REIT subsidiary, WRT-TRS Management Corp., the Operating Partnership and all majority-owned subsidiaries and affiliates over which the Trust has financial and operating control and variable interest entities (“VIE”s) in which the Trust has determined it is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation. Prior to the adoption of the plan of liquidation, the Trust accounted for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Trust’s share of the earnings of these joint ventures and companies was included in consolidated net income. The consolidated financial statements for the periods ended July 31, 2014 were prepared on the going concern basis of accounting, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Post Plan of Liquidation
Liquidation Basis of Accounting	Liquidation Basis of Accounting As a result of the approval of the plan of liquidation by the shareholders, the Trust has adopted the liquidation basis of accounting as of August 1, 2014 and for the periods subsequent to August 1, 2014 in accordance with GAAP. Accordingly, on August 1, 2014 assets were adjusted to their estimated net realizable value, or liquidation value, which represents the estimated amount of cash that the Trust will collect on disposal of assets as it carries out its plan of liquidation. The liquidation value of the Trust’s operating properties and loan assets are presented on an undiscounted basis. Estimated costs to dispose of assets have been presented separately from the related assets. Liabilities are carried at their contractual amounts due or estimated settlement amounts. The Trust accrues costs and income that it expects to incur and earn through the end of liquidation to the extent it has a reasonable basis for estimation. These amounts are classified as a liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statements of Net Assets. Actual costs and income may differ from amounts reflected in the financial statements because of inherent uncertainty in estimating future events. These differences may be material. See Note 4 for further discussion. Actual costs incurred but unpaid as of September 30, 2015 are included in accounts payable, accrued liabilities and other liabilities on the Consolidated Statements of Net Assets. In liquidation, the presentation for joint ventures historically consolidated under going concern accounting is determined based on the Trust’s planned exit strategy. Those ventures where the Trust intends to sell the property are presented on a gross basis with a payable to the non-controlling interest holder. Those ventures where the Trust intends to sell its interest in the venture, rather than the property, are presented on a net basis and are included in equity investments on the Consolidated Statements of Net Assets. Amounts due to non-controlling interests in connection with the disposition of consolidated joint ventures have been accrued and are recorded as liability for non-controlling interests. Net assets in liquidation represents the estimated liquidation value available to holders of Common Shares upon liquidation. Due to the uncertainty in the timing of the anticipated sale dates and the estimated cash flows, actual operating results and sale proceeds may differ materially from the amounts estimated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in determining the values of assets and liabilities, disclose contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenue and expenses during the reporting period. Under going concern accounting, the estimates that were particularly susceptible to management’s judgment include, but are not limited to, the impairment of real estate, loans and investments in ventures and real estate securities carried at fair value. In addition, estimates were used in accounting for the allowance for doubtful accounts. Under liquidation accounting, the Trust is required to estimate all costs and income that it expects to incur and earn through the end of liquidation including the estimated amount of cash it will collect on disposal of its assets and estimated costs incurred to dispose of assets. All of the estimates and evaluations are susceptible to change and actual results could differ materially from the estimates and evaluations.
Earnings Per Share	Earnings Per Share Prior to the adoption of the plan of liquidation, the Trust determined basic earnings per share on the weighted average number of Common Shares outstanding during the period and reflected the impact of participating securities. The Trust computed diluted earnings per share based on the weighted average number of Common Shares outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments. The Trust calculated earnings per share in accordance with relevant accounting guidance for participating securities and the two class method. The reconciliation of earnings attributable to Common Shares outstanding for the basic and diluted earnings per share calculation is as follows (in thousands, except per share data): One Month Ended Seven Months Ended Basic Income (loss) from continuing operations $ 2,400 $ (2,572 ) Loss attributable to non-controlling interest 395 3,764 Preferred dividend of Series D Preferred Shares (929 ) (6,502 ) Amount allocated to Restricted Common Shares (11 ) (192 ) Income (loss) from continuing operations applicable to Common Shares 1,855 (5,502 ) Income from discontinued operations 84 11,235 Loss attributable to non-controlling interests from discontinued operations — 54 Net income applicable to Common Shares for earnings per share purposes $ 1,939 $ 5,787 Basic weighted-average Common Shares 35,825 35,821 Income (loss) from continuing operations $ 0.05 $ (0.15 ) Income from discontinued operations — 0.31 Net income per Common Share - Basic $ 0.05 $ 0.16 Diluted Income (loss) from continuing operations $ 2,400 $ (2,572 ) Loss attributable to non-controlling interest 395 3,764 Preferred dividend of Series D Preferred Shares (929 ) (6,502 ) Amount allocated to Restricted Common Shares (11 ) (192 ) Income (loss) from continuing operations applicable to Common Shares 1,855 (5,502 ) Income from discontinued operations 84 11,235 Loss attributable to non-controlling interests from discontinued operations — 54 Net income applicable to Common Shares for earnings per share purposes $ 1,939 $ 5,787 Basic weighted-average Common Shares 35,825 35,821 Restricted Common Shares (1) 150 — Diluted weighted-average Common Shares 35,975 35,821 Income (loss) from continuing operations $ 0.05 $ (0.15 ) Income from discontinued operations — 0.31 Net income per Common Share - Diluted $ 0.05 $ 0.16 (1) The Trust’s Restricted Common Shares were anti-dilutive for the seven months ended July 31, 2014 and are not included in the weighted-average shares outstanding for the calculation of diluted earnings per Common Share. The Trust’s Restricted Common Shares were dilutive for the one month ended July 31, 2014. The amendments to the Restricted Common Shares discussed in Note 14 had no impact on the calculation of earnings per share for the period presented. No dividend was paid for the quarter ended September 30, 2014. On September 15, 2014 the Trust made the full liquidating distribution on its Series D Cumulative Redeemable Preferred Shares (the “Series D Preferred Shares”) of $25.4815 per Series D Preferred Share, which amount consisted of the $25.00 liquidation preference plus accrued and unpaid dividends to, but excluding, the date of payment. A liquidating distribution of $2.25 per Common Share was paid on January 15, 2015 to common shareholders of record on January 5, 2015. A liquidating distribution of $1.25 per Common Share was paid on June 16, 2015 to common shareholders of record on June 9, 2015.

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Reconciliation of Earnings Attributable to Common Shares Outstanding for the Basic and Diluted EPS	The reconciliation of earnings attributable to Common Shares outstanding for the basic and diluted earnings per share calculation is as follows (in thousands, except per share data): One Month Ended Seven Months Ended Basic Income (loss) from continuing operations $ 2,400 $ (2,572 ) Loss attributable to non-controlling interest 395 3,764 Preferred dividend of Series D Preferred Shares (929 ) (6,502 ) Amount allocated to Restricted Common Shares (11 ) (192 ) Income (loss) from continuing operations applicable to Common Shares 1,855 (5,502 ) Income from discontinued operations 84 11,235 Loss attributable to non-controlling interests from discontinued operations — 54 Net income applicable to Common Shares for earnings per share purposes $ 1,939 $ 5,787 Basic weighted-average Common Shares 35,825 35,821 Income (loss) from continuing operations $ 0.05 $ (0.15 ) Income from discontinued operations — 0.31 Net income per Common Share - Basic $ 0.05 $ 0.16 Diluted Income (loss) from continuing operations $ 2,400 $ (2,572 ) Loss attributable to non-controlling interest 395 3,764 Preferred dividend of Series D Preferred Shares (929 ) (6,502 ) Amount allocated to Restricted Common Shares (11 ) (192 ) Income (loss) from continuing operations applicable to Common Shares 1,855 (5,502 ) Income from discontinued operations 84 11,235 Loss attributable to non-controlling interests from discontinued operations — 54 Net income applicable to Common Shares for earnings per share purposes $ 1,939 $ 5,787 Basic weighted-average Common Shares 35,825 35,821 Restricted Common Shares (1) 150 — Diluted weighted-average Common Shares 35,975 35,821 Income (loss) from continuing operations $ 0.05 $ (0.15 ) Income from discontinued operations — 0.31 Net income per Common Share - Diluted $ 0.05 $ 0.16 (1) The Trust’s Restricted Common Shares were anti-dilutive for the seven months ended July 31, 2014 and are not included in the weighted-average shares outstanding for the calculation of diluted earnings per Common Share. The Trust’s Restricted Common Shares were dilutive for the one month ended July 31, 2014. The amendments to the Restricted Common Shares discussed in Note 14 had no impact on the calculation of earnings per share for the period presented.

Liability for Estimated Costs26

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Tables)	9 Months Ended
	Sep. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Schedule of Changes in Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation	The change in the liability for estimated costs in excess of estimated receipts during liquidation as of September 30, 2015 is as follows (in thousands): December 31, 2014 Cash Payments Remeasurement September 30, 2015 Assets: Estimated net inflows from investments in real estate, loans receivable and secured financing receivable $ 25,169 $ (9,967 ) $ 276 $ 15,478 Liabilities: Sales costs (11,840 ) 1,012 (4 ) (10,832 ) Corporate expenditures (44,582 ) 10,612 (1,557 ) (35,527 ) (56,422 ) 11,624 (1,561 ) (46,359 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (31,253 ) $ 1,657 $ (1,285 ) ($ 30,881 )

Loans Receivable (Tables)

Loans Receivable (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Summary of Trust's Loans Receivable	The Trust’s loans receivable at September 30, 2015 and December 31, 2014 are as follows (in thousands): Carrying Amount (1) Description Loan Position Stated September 30, December 31, Contractual Rockwell Mezzanine 12.0% $ — $ — 05/01/16 Churchill Whole Loan LIBOR + 3.75% — — 08/01/16 Popiu Shopping Village B-Note 6.62% 2,778 2,804 01/06/17 Edens Center and Norridge Commons (2) Mezzanine LIBOR + 12% (3) 3,098 18,690 03/09/17 Mentor Building Whole Loan 10.0% 2,510 2,511 09/10/17 $ 8,386 $ 24,005 (1) The carrying amount represents the estimated amount expected to be collected on disposition of the loan plus contractual interest receivable. (2) Carrying amount includes the par amount plus the estimated amount to be collected on the participation interest of $3,000 and accrued interest of $1. The loan was repaid in full on October 9, 2015. (3) LIBOR floor of 0.5%.
Activity Related to Loans Receivable	Activity related to loans receivable is as follows (in thousands): Nine Months Ended Nine Months Ended Balance at beginning of period $ 24,005 $ 101,100 Purchase and advances — 35,992 Interest received, net (191 ) (81 ) Repayments/sale proceeds/forgiveness (15,428 ) (81,739 ) Loan discount accretion — 2,086 Discount accretion received in cash — (5,865 ) Adjustment for conversion to liquidation basis — 6,071 Change in liquidation value — 4,750 Balance at end of period $ 8,386 $ 62,314
Interest and Discount Accretion Income	The following table summarizes the Trust’s interest and discount accretion income for the one and seven months ended July 31, 2014 (in thousands): One Month Ended Seven Months Ended Interest on loan assets $ 899 $ 5,770 Exit fee/prepayment penalty — 1,787 Accretion of loan discount 495 2,086 Total interest and discount accretion $ 1,394 $ 9,643

Equity Investments (Tables)

Equity Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Trust's Nominal Ownership Percentages in its Equity Investments	The Trust’s nominal ownership percentages in its equity investments consist of the following at September 30, 2015 and December 31, 2014: Venture Partner Equity Investment Nominal % Ownership Nominal % Ownership Elad Canada Ltd WRT One South State Lender LP 50.0 % 50.0 % Elad Canada Ltd WRT-Elad One South State Equity LP 50.0 % 50.0 % Atrium Holding RE CDO Management LLC 50.0 % 50.0 % Freed Mentor Retail LLC 49.9 % 49.9 % Inland Concord Debt Holdings LLC 66.6 % 66.6 % Inland CDH CDO LLC 49.6 % 49.6 % Marc Realty Atrium Mall LLC 50.0 % 50.0 % New Valley/Witkoff 701 Seventh WRT Investor LLC 81.0 % 81.0 % RS Summit Pointe (1) RS Summit Pointe Apartments LLC 80.0 % 80.0 % Freed (3) Edens Plaza Associates LLC <1 % <1 % Freed (1) (3) Irving-Harlem Venture Limited <1 % <1 % Gancar Trust (2) Vintage Housing Holdings LLC n/a 75.0 % (1) Investment was previously consolidated under going concern accounting. See Note 3 “Liquidation Basis of Accounting” for further discussion. (2) The Trust’s investment was sold during the nine months ended September 30, 2015. (3) The Trust’s investment was sold during the fourth quarter of 2015.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Mortgage Loans Payable	The Trust’s mortgage loans payable at September 30, 2015 and December 31, 2014 are summarized as follows (in thousands): Location of Collateral Maturity Spread Over Interest Rate at September 30, 2015 December 31, 2014 Chicago, IL Mar 2016 — 5.75 % $ 19,201 $ 19,491 New York, NY May 2016 Libor + 2.5% (2) 3.50 % 50,674 51,034 Greensboro, NC Aug 2016 — 6.22 % 13,600 13,600 Lisle, IL Oct 2016 Libor + 2.5% 2.69 % 5,500 5,713 Stamford, CT (4)(5) Oct 2016 Libor + 2.0% (3) 2.69 % 33,448 44,923 Houston, TX (4)(5) Oct 2016 Libor + 2.0% (3) 2.69 % 44,319 59,524 Lisle, IL Mar 2017 — 5.55 % 5,330 5,392 Orlando, FL Jul 2017 — 6.40 % 35,843 36,347 Plantation, FL Apr 2018 — 6.48 % 10,443 10,550 Churchill, PA Aug 2024 — 3.50 % 4,816 4,918 Phoenix, AZ (4)(5) n/a — n/a — 22,462 Cerritos, CA (6) n/a — n/a — 23,000 $ 223,174 $ 296,954 (1) The one-month LIBOR rate at September 30, 2015 was 0.1930%. The one-month LIBOR rate at December 31, 2014 was 0.17125%. (2) The loan has a LIBOR floor of 1%. (3) The loan has an interest rate swap which effectively fixes LIBOR at 0.69%. (4) These properties are cross-collateralized. Proceeds from property sales go 100% to repay the mortgage loan. (5) A portion of the loan was satisfied during 2015 in connection with the sale of a property. (6) The loan was satisfied during 2015 in connection with the sale of the property.

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Fees and Reimbursements Paid by the Trust	The following table sets forth the fees and reimbursements paid by the Trust for the three and nine months ended September 30, 2015 and 2014 to FUR Advisors and Winthrop Management LP (“Winthrop Management”) (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, Base Asset Management Fee (1) $ 1,540 $ 2,296 $ 4,859 $ 7,070 Property Management Fee 248 381 793 1,038 Construction Management Fee 10 38 107 227 $ 1,798 $ 2,715 $ 5,759 $ 8,335 (1) Includes fees on third party contributions of $7 and $7 for the three months ended September 30, 2015 and 2014, respectively, and of $20 and $14 for the nine months ended September 30, 2015 and 2014, respectively.

Organization - Additional Infor

Organization - Additional Information (Detail) - Segment	7 Months Ended	9 Months Ended	14 Months Ended
	Jul. 31, 2014	Sep. 30, 2015	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Percentage of limited partnership interest in Operating Partnership		100.00%
Number of operating segments	3		1
Number of reportable segments	3		1

Plan of Liquidation - Additiona

Plan of Liquidation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015
Business Acquisition [Line Items]
Liquidation date on which disposition of assets completes	Sep. 30, 2015
Liquidation Value [Member]
Business Acquisition [Line Items]
Liquidation date on which disposition of assets completes	Aug. 5, 2016

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Reconciliation of Earnings Attributable to Common Shares Outstanding for the Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	7 Months Ended
	Jul. 31, 2014	Jul. 31, 2014
Per Common Share data - Basic
Income (loss) from continuing operations	$ 2,400	$ (2,572)
Loss attributable to non-controlling interest	395	3,764
Preferred dividend of Series D Preferred Shares	(929)	(6,502)
Amount allocated to Restricted Common Shares	(11)	(192)
Income (loss) from continuing operations applicable to Common Shares	1,855	(5,502)
Income from discontinued operations	84	11,235
Loss attributable to non-controlling interests from discontinued operations		54
Net income attributable to Common Shares	$ 1,939	$ 5,787
Basic Weighted-Average Common Shares	35,825	35,821
Income (loss) from continuing operations	$ 0.05	$ (0.15)
Income from discontinued operations		0.31
Net income per Common Share - Basic	$ 0.05	$ 0.16
Diluted
Income (loss) from continuing operations	$ 2,400	$ (2,572)
Loss attributable to non-controlling interest	395	3,764
Preferred dividend of Series D Preferred Shares	(929)	(6,502)
Amount allocated to Restricted Common Shares	(11)	(192)
Income (loss) from continuing operations applicable to Common Shares	1,855	(5,502)
Income from discontinued operations	84	11,235
Loss attributable to non-controlling interests from discontinued operations		54
Net income attributable to Common Shares	$ 1,939	$ 5,787
Basic weighted-average Common Shares	35,825	35,821
Diluted weighted-average Common Shares	35,975	35,821
Income (loss) from continuing operations	$ 0.05	$ (0.15)
Income from discontinued operations		0.31
Net income per Common Share - Diluted	$ 0.05	$ 0.16
Restricted Shares [Member]
Per Common Share data - Basic
Amount allocated to Restricted Common Shares	$ (11)	$ (192)
Diluted
Amount allocated to Restricted Common Shares	$ (11)	$ (192)
Restricted Common Shares	150

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	Jun. 16, 2015	Jan. 15, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 15, 2015
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Liquidation distribution per share	$ 1.25	$ 2.25		$ 15.17
Liquidation preference plus accrued and unpaid dividends					$ 25
Dividend paid			$ 0
Series D Preferred Shares of Beneficial Interest [Member]
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Liquidating distribution per preferred share					$ 25.4815

Liability for Estimated Costs35

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation - Schedule of Changes in Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Detail) - USD ($) $ in Thousands	2 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2015
Business Acquisition [Line Items]
Total liability for estimated costs in excess of estimated receipts during liquidation, beginning balance		$ (31,253)
Cash Payments (Receipts)		(1,657)
Remeasurement of Assets and Liabilities	$ 231	1,285
Total liability for estimated costs in excess of estimated receipts during liquidation, ending balance		(30,881)
Assets [Member]
Business Acquisition [Line Items]
Estimated net inflows from investments in real estate, loans receivable and secured financing receivable, beginning balance		25,169
Cash Payments (Receipts)		9,967
Remeasurement of Assets and Liabilities		(276)
Estimated net inflows from investments in real estate, loans receivable and secured financing receivable, ending balance		15,478
Liability [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance		(56,422)
Cash Payments (Receipts)		11,624
Remeasurement of Assets and Liabilities		(1,561)
Total liability for estimated costs, ending balance		(46,359)
Liability [Member] | Sales Costs [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance		(11,840)
Cash Payments (Receipts)		1,012
Remeasurement of Assets and Liabilities		(4)
Total liability for estimated costs, ending balance		(10,832)
Liability [Member] | Corporate Expenditures [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance		(44,582)
Cash Payments (Receipts)		10,612
Remeasurement of Assets and Liabilities		(1,557)
Total liability for estimated costs, ending balance		$ (35,527)

Net Assets in Liquidation - Add

Net Assets in Liquidation - Additional Information (Detail) - USD ($)	Jun. 16, 2015	Jan. 15, 2015	Sep. 30, 2014	Sep. 30, 2015
Business Acquisition [Line Items]
Decreased in net assets on liquidation				$ 42,112,000
Liquidating distributions to holders of Common Shares				45,531,000
Remeasurement of non-controlling interests				400,000
Change in liquidation value of investments in real estate			$ (1,250,000)	4,723,000
Change in liquidation value of equity investments				$ 499,000
Liquidation distribution per share	$ 1.25	$ 2.25		$ 15.17
Liquidation date, expected completion				Sep. 30, 2015
Corporate Expenditures [Member]
Business Acquisition [Line Items]
Remeasurement of Assets and Liabilities				$ 1,557,000

Property Dispositions - Additio

Property Dispositions - Additional Information (Detail) - USD ($)	Sep. 16, 2015	Jun. 26, 2015	Apr. 14, 2015	Oct. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Phoenix Az [Member] | 44 Monroe [Member]
Property Dispositions (Line Items)
Ownership percentage in real estate investment			83.70%
Proceeds from sale of real estate, gross			$ 50,650,000
Proceeds from sale of real estate, net			$ 49,143,000
Liquidation value of property						$ 50,650,000
California [Member] | Cerritos [Member]
Property Dispositions (Line Items)
Proceeds from sale of real estate, gross	$ 30,500,000
Proceeds from sale of real estate, net	$ 6,174,000
Liquidation value of property						29,916,000
Stamford, CT [Member] | Highgrove [Member]
Property Dispositions (Line Items)
Ownership percentage in real estate investment		83.70%
Proceeds from sale of real estate, gross		$ 90,000,000
Liquidation value of property					$ 90,000,000	$ 84,867,000
Buyer's deposit under the purchase contract					$ 2,000,000
Stamford, CT [Member] | Highgrove [Member] | Subsequent Event [Member]
Property Dispositions (Line Items)
Buyer's deposit under the purchase contract				$ 2,000,000

Loans Receivable - Summary of T

Loans Receivable - Summary of Trust's Loans Receivable (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 8,386	$ 24,005	$ 62,314	$ 101,100
Rockwell [Member] | Mezzanine [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Stated Interest Rate, Variable Rate Basis	12
Interest rate on mortgage loans	12.00%
Contractual Maturity Date	May 1, 2016
Churchill [Member] | Whole Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Stated Interest Rate, Variable Rate Basis	LIBOR + 3.75%
Interest rate on mortgage loans	3.75%
Contractual Maturity Date	Aug. 1, 2016
Popiu Shopping Village [Member] | B Note [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Stated Interest Rate, Variable Rate Basis	6.62
Interest rate on mortgage loans	6.62%
Loans receivable, net	$ 2,778	2,804
Contractual Maturity Date	Jan. 6, 2017
Edens Center and Norridge Commons [Member] | Mezzanine [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Stated Interest Rate, Variable Rate Basis	LIBOR + 12%
Interest rate on mortgage loans	12.00%
Loans receivable, net	$ 3,098	18,690
Contractual Maturity Date	Mar. 9, 2017
Mentor Building [Member] | Whole Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Stated Interest Rate, Variable Rate Basis	10
Interest rate on mortgage loans	10.00%
Loans receivable, net	$ 2,510	$ 2,511
Contractual Maturity Date	Sep. 10, 2017

Loans Receivable - Summary of39

Loans Receivable - Summary of Trust's Loans Receivable (Parenthetical) (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, accrued interest	$ 27,000	$ 218,000
Edens Center and Norridge Commons [Member] | Mezzanine [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount to be collected on participating interest of loans	3,000,000	3,000,000
Loans receivable, accrued interest	$ 1,000	$ 1,000
LIBOR floor, percentage	0.50%

Loans Receivable - Additional I

Loans Receivable - Additional Information (Detail)	Feb. 05, 2015USD ($)	Jul. 31, 2014USD ($)Loans	Aug. 31, 2013USD ($)	Jul. 31, 2014USD ($)Loans	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Oct. 09, 2015USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, accrued interest					$ 27,000	$ 218,000
Weighted average coupon rate on loans receivable					8.05%	10.55%
Weighted average yield to maturity					13.73%	12.78%
Provision for loan loss		$ 0		$ 0
Number of non-performing loans with past due payments | Loans		1		1
Period for the return of assets					2 years
Annual interest rate			15.00%
Edens Center and Norridge Commons [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal payment of loans	$ 15,275,000
Outstanding principal balance on loan receivable					$ 97,000
Loan participation interest percentage					30.00%
Minimum value of properties for entitlement to loan participation interest					$ 115,000,000
Description of Trust's participation interest in loan					Upon satisfaction of the loan, the Trust was entitled to a participation interest equal to 30% of the value of both of the properties which collateralized the loan in excess of $115,000,000.
Edens Center and Norridge Commons [Member] | Subsequent Event [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan receivable							$ 3,100,000
Lender LP [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured financing receivable			$ 30,000,000
Elad Canada Ltd [Member] | Lender LP [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Rate of interest for acquisition			50.00%
Secured Financing Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income		$ 324,000		$ 2,215,000

Loans Receivable - Activity Rel

Loans Receivable - Activity Related to Loans Receivable (Detail) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	7 Months Ended	9 Months Ended
	Jul. 31, 2014	Sep. 30, 2014	Jul. 31, 2014	Sep. 30, 2015	Sep. 30, 2014
Receivables [Abstract]
Balance at beginning of period			$ 101,100	$ 24,005	$ 101,100
Purchase and advances					35,992
Interest received, net				(191)	(81)
Repayments/sale proceeds/forgiveness				(15,428)	(81,739)
Loan discount accretion	$ 495		2,086		2,086
Discount accretion received in cash			$ (5,865)		(5,865)
Adjustment for conversion to liquidation basis					6,071
Change in liquidation value		$ 4,750			4,750
Balance at end of period		$ 62,314		$ 8,386	$ 62,314

Loans Receivable - Interest and

Loans Receivable - Interest and Discount Accretion Income (Detail) - USD ($) $ in Thousands	1 Months Ended	7 Months Ended	9 Months Ended
	Jul. 31, 2014	Jul. 31, 2014	Sep. 30, 2014
Receivables [Abstract]
Interest on loan assets	$ 899	$ 5,770
Exit fee/prepayment penalty		1,787
Accretion of loan discount	495	2,086	$ 2,086
Total interest and discount accretion	$ 1,394	$ 9,643

Equity Investments - Trust's No

Equity Investments - Trust's Nominal Ownership Percentages in its Equity Investments (Detail)	Sep. 30, 2015	Dec. 31, 2014
WRT One South State Lender LP [Member] | Elad Canada Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	50.00%	50.00%
WRT-Elad One South State Equity LP [Member] | Elad Canada Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	50.00%	50.00%
RE CDO Management LLC [Member] | Atrium Holding [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	50.00%	50.00%
Mentor Retail LLC [Member] | Freed [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	49.90%	49.90%
Concord Debt Holdings LLC [Member] | Inland [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	66.60%	66.60%
CDH CDO LLC [Member] | Inland [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	49.60%	49.60%
Atrium Mall LLC [Member] | Marc Realty [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	50.00%	50.00%
701 Seventh WRT Investor LLC [Member] | New Valley/Witkoff [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	81.00%	81.00%
RS Summit Pointe [Member] | RS Summit Pointe Apartments LLC [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	80.00%	80.00%
Edens Plaza Associates LLC [Member] | Freed [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	1.00%	1.00%
Irving-Harlem Venture Limited [Member] | Freed [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	1.00%	1.00%
Vintage Housing Holdings, LLC [Member] | Gancar Trust [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership		75.00%

Equity Investments - Additional

Equity Investments - Additional Information (Detail)	Oct. 09, 2015USD ($)Property	Jul. 01, 2015USD ($)	Jun. 25, 2015USD ($)AssetsSecurityLoan	Jun. 01, 2015USD ($)	Jan. 02, 2015USD ($)	Oct. 31, 2015USD ($)	May. 31, 2015USD ($)	Jun. 30, 2015USD ($)	Jul. 31, 2014USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investments				$ 82,471,000					$ 200,000
Distributions received								$ 4,959,000	$ 705,000
Subsequent Event [Member] | Edens Center and Norridge Commons [Member]
Schedule of Equity Method Investments [Line Items]
Aggregate price in sale of general partnership interest	$ 493,000
Number of properties sold | Property	2
Vintage Housing Holdings [Member]
Schedule of Equity Method Investments [Line Items]
Additional contribution in equity investments					$ 5,645,000
Liquidation value of investment											$ 82,928,000
Concord Debt Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Distributions received							$ 20,173,000
701 Seventh WRT Investor LLC [Member]
Schedule of Equity Method Investments [Line Items]
Additional capital contributions										$ 5,258,000
Capital contributions										$ 111,882,000
701 Seventh WRT Investor LLC [Member] | Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Additional capital contributions						$ 1,039,000
Capital contributions						$ 112,921,000
CDH CDO LLC [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investments			$ 54,122,000
Number of bond assets sold | Assets			4
Number of loan asset sold | SecurityLoan			1
Amount received from the venture		$ 6,200,000

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Sep. 16, 2015	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Mortgage loans payable		$ 223,174,000	$ 296,954,000
B Note [Member] | Cerritos, CA [Member]
Debt Instrument [Line Items]
Interest rate of B Note		6.6996%
Percentage on return on capital		9.00%
B Note [Member] | Cerritos, CA [Member] | Six Point Six Nine Nine Six Percent Notes Payable [Member]
Debt Instrument [Line Items]
Note issued		$ 14,500,000
Amount payable on notes for interest accruing	$ 0	$ 12,000
Liquidation value of loan			$ 0

Debt - Mortgage Loans Payable (

Debt - Mortgage Loans Payable (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Mortgage loans payable	$ 223,174	$ 296,954
Mortgage Loans Payable [Member] | Phoenix Az [Member]
Debt Instrument [Line Items]
Loan bears interest, description of variable rate basis	-
Mortgage loans payable		22,462
Mortgage Loans Payable [Member] | Cerritos, CA [Member]
Debt Instrument [Line Items]
Loan bears interest, description of variable rate basis	-
Mortgage loans payable		23,000
Mortgage Loans Payable [Member] | 5.75% Loan Due in Mar 2016 [Member] | Chicago, IL [Member]
Debt Instrument [Line Items]
Maturity	Mar 2,016
Loan bears interest, description of variable rate basis	-
Interest Rate	5.75%
Mortgage loans payable	$ 19,201	19,491
Mortgage Loans Payable [Member] | 3.50% Loan Due in May 2016 [Member] | New York, NY [Member]
Debt Instrument [Line Items]
Maturity	May 2,016
Loan bears interest, description of variable rate basis	Libor + 2.5%
Interest Rate	3.50%
Mortgage loans payable	$ 50,674	51,034
Mortgage Loans Payable [Member] | 6.22% Loan Due in Aug 2016 [Member] | Greensboro, North Carolina Sale [Member]
Debt Instrument [Line Items]
Maturity	Aug 2,016
Loan bears interest, description of variable rate basis	-
Interest Rate	6.22%
Mortgage loans payable	$ 13,600	13,600
Mortgage Loans Payable [Member] | 2.69% Loan Due in Oct 2016 [Member] | Lisle, IL [Member]
Debt Instrument [Line Items]
Maturity	Oct 2,016
Loan bears interest, description of variable rate basis	Libor + 2.5%
Interest Rate	2.69%
Mortgage loans payable	$ 5,500	5,713
Mortgage Loans Payable [Member] | 2.69% Loan Due in Oct 2016 [Member] | Stamford, CT [Member]
Debt Instrument [Line Items]
Maturity	Oct 2,016
Loan bears interest, description of variable rate basis	Libor + 2.0%
Interest Rate	2.69%
Mortgage loans payable	$ 33,448	44,923
Mortgage Loans Payable [Member] | 2.69% Loan Due in Oct 2016 [Member] | Houston, TX [Member]
Debt Instrument [Line Items]
Maturity	Oct 2,016
Loan bears interest, description of variable rate basis	Libor + 2.0%
Interest Rate	2.69%
Mortgage loans payable	$ 44,319	59,524
Mortgage Loans Payable [Member] | 5.55% Loan Due in Mar 2017 [Member] | Lisle, IL [Member]
Debt Instrument [Line Items]
Maturity	Mar 2,017
Loan bears interest, description of variable rate basis	-
Interest Rate	5.55%
Mortgage loans payable	$ 5,330	5,392
Mortgage Loans Payable [Member] | 6.40% Loan Due in Jul 2017 [Member] | Orlando, FL [Member]
Debt Instrument [Line Items]
Maturity	Jul 2,017
Loan bears interest, description of variable rate basis	-
Interest Rate	6.40%
Mortgage loans payable	$ 35,843	36,347
Mortgage Loans Payable [Member] | 6.48% Loan Due in Apr 2018 [Member] | Plantation, FL [Member]
Debt Instrument [Line Items]
Maturity	Apr 2,018
Loan bears interest, description of variable rate basis	-
Interest Rate	6.48%
Mortgage loans payable	$ 10,443	10,550
Mortgage Loans Payable [Member] | 3.50% Loan Due in Aug 2024 [Member] | Churchill [Member]
Debt Instrument [Line Items]
Maturity	Aug 2,024
Loan bears interest, description of variable rate basis	-
Interest Rate	3.50%
Mortgage loans payable	$ 4,816	$ 4,918

Debt - Mortgage Loans Payable47

Debt - Mortgage Loans Payable (Parenthetical) (Detail) - Mortgage Loans Payable [Member]	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
LIBOR rate	0.193%	0.17125%
Phoenix Az [Member]
Debt Instrument [Line Items]
Percentage of proceeds from sale of property used to repay mortgage	100.00%
3.50% Loan Due in May 2016 [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on floor rate	1.00%
2.69% Loan Due in Oct 2016 [Member]
Debt Instrument [Line Items]
Mortgage loan, LIBOR rate	0.69%

Senior Notes Payable - Addition

Senior Notes Payable - Additional Information (Detail) - USD ($)	Aug. 15, 2015	Sep. 30, 2015	Aug. 31, 2015
Debt Instrument [Line Items]
Senior notes payable			$ 86,250,000
Senior notes issue price			100.00%
Senior notes interest rate		7.75%
Aggregate redemption price paid	$ 72,635,000
Redemption price of Senior Note per $25 face amount	$ 25.484375
Face amount of Senior Note redeemed	$ 25
Securities Repurchase Plan [Member]
Debt Instrument [Line Items]
Senior notes payable	$ 14,995,000
Aggregate price of outstanding notes	$ 15,707,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)
Property, Plant and Equipment [Line Items]
Future funding commitments	$ 13,118,000
Additional capital calls funded	125,000,000
Ground Lease [Member]
Property, Plant and Equipment [Line Items]
Ground lease commitments, 2015	383,000
Ground lease commitments, 2016	1,592,000
Ground lease commitments, 2017	1,656,000
Ground lease commitments, 2018	1,791,000
Ground lease commitments, 2019	1,844,000
Ground lease commitments, Thereafter	$ 105,784,000
Expiration date	Jun. 1, 2053

Related-Party Transactions - Fe

Related-Party Transactions - Fees and Reimbursements Paid by the Trust (Detail) - Winthrop Management [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Fees and reimbursements paid by the Trust	$ 1,798	$ 2,715	$ 5,759	$ 8,335
Base Asset Management Fee [Member]
Related Party Transaction [Line Items]
Fees and reimbursements paid by the Trust	1,540	2,296	4,859	7,070
Property Management Fee [Member]
Related Party Transaction [Line Items]
Fees and reimbursements paid by the Trust	248	381	793	1,038
Construction Management Fee [Member]
Related Party Transaction [Line Items]
Fees and reimbursements paid by the Trust	$ 10	$ 38	$ 107	$ 227

Related-Party Transactions - 51

Related-Party Transactions - Fees and Reimbursements Paid by the Trust (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
FUR Advisors [Member]
Related Party Transaction [Line Items]
Management fee paid	$ 7	$ 7	$ 20	$ 14

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail)	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)$ / shares	Sep. 30, 2015USD ($)$ / shares
Related Party Transaction [Line Items]
Management fees		$ 7,650,000
Termination fees		9,496,000
Incentive fees		$ 15,334,000
FUR Advisors [Member]
Related Party Transaction [Line Items]
Percentage of equity contributions		1.50%
Percentage of equity contributions by unaffiliated third parties		0.25%
Termination fees		$ 9,496,000
Incentive fees		$ 15,334,000
Percentage of amount available for distribution in excess of threshold amount		20.00%
Threshold amount	$ 569,963,000	$ 569,963,000
Percentage of growth rate on incentive fee		4.00%
Yield plus percentage		2.50%
Threshold amount required to be distributed before incentive fee	$ 459,143,000	$ 459,143,000
Per share Threshold amount required to be distributed | $ / shares	$ 12.82	$ 12.82
Equated annual rate of return	4.00%
Percentage of positive difference between appraised net asset value and threshold amount on termination		20.00%
Reduced threshold amount		$ 104,980,000
Percentage of dividends paid on disposition		20.00%
Aggregate distributions paid per Common Share | $ / shares		$ 9.89
Base asset management fee		$ 9,496,000
Aggregate dividend paid | $ / shares		$ 10.93
Supplemental fee payment terms, description		payable if there is (i) a termination of the Advisory Agreement for any reason other than for cause (as defined) by the Trust or with cause by the Trust’s Advisor, (ii) a disposition of all or substantially all of the Trust’s assets, or (iii) an election by the Trust to orderly liquidate the Trust’s assets. The termination fee, if payable, is equal to the lesser of (i) the base management fee paid to the Trust’s Advisor for the prior twelve month period or (ii) either (x) in the case of a termination of the Advisory Agreement, 20% of the positive difference, if any between (A) the appraised net asset value of the Trust’s assets at the date of termination and (B) the threshold amount less $104,980,000, or (y) in the case of a disposition or liquidation, 20% of any dividends paid on account of the Trust’s Common Shares at such time as the threshold amount is reduced to $104,980,000, which will be achieved at such time as aggregate distributions of approximately $9.76 per Common Share in excess of the Growth Factor have been paid.
Payable to related parties included in related party fees payable	$ 1,540,000	$ 1,540,000
FUR Advisors [Member] | US Treasury Bill Securities [Member]
Related Party Transaction [Line Items]
Period for growth factor on incentive		5 years
Related Party [Member]
Related Party Transaction [Line Items]
Management fees		$ 1,540,000
Winthrop Management LP [Member]
Related Party Transaction [Line Items]
Payable to related parties included in related party fees payable	$ 297,000	$ 297,000

Restricted Share Grants - Addit

Restricted Share Grants - Additional Information (Detail) - USD ($)	Sep. 05, 2014	May. 28, 2013	Feb. 28, 2013	Jul. 31, 2014	Jul. 31, 2014	Sep. 30, 2015	May. 21, 2013	Feb. 01, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash compensation expense					$ 1,450,000
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash compensation expense				$ 120,000	$ 1,450,000
Shares issued	10,000					591,250
Shares outstanding						591,250
Shares vested						8,750
Long Term Incentive 2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial restricted shares issued		500,000	100,000
Long Term Incentive 2007 Plan [Member] | Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance							1,000,000	600,000
Increase in shares issuable by shareholders								500,000

Reportable Segments - Additiona

Reportable Segments - Additional Information (Detail) - Segment	7 Months Ended	14 Months Ended
	Jul. 31, 2014	Sep. 30, 2015
Segment Reporting [Abstract]
Number of reportable segments	3	1
Number of operating segments	3	1

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail)	Sep. 30, 2014AssetsInvestmentEntity	Jul. 31, 2014VIE
Variable Interest Entity or Potential VIE, Information Unavailability, Disclosures [Abstract]
Number of identified consolidated variable interest entities | VIE		2
Identified investments	6
Investments with no equity at risk	2
Number of additional entities | Entity	4
Number of assets identified as variable interests in variable interest entities | Assets	2
Investments lacking the right to receive returns	1

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Oct. 09, 2015Property
Subsequent Event [Member] | Edens Center and Norridge Commons [Member]
Subsequent Event [Line Items]
Number of properties sold	2