Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FUR | ||
Entity Registrant Name | Winthrop Realty Liquidating Trust | ||
Entity Central Index Key | 37,008 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 36,425,084 | ||
Entity Public Float | $ 0 |
Consolidated Statement of Net A
Consolidated Statement of Net Assets Liquidation Basis - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
LIABILITIES | ||
Net assets in liquidation | $ 327,927 | $ 516,396 |
Liquidation Value [Member] | ||
ASSETS | ||
Investments in real estate | 186,652 | |
Equity investments | 259,268 | |
Cash and cash equivalents | 13,252 | |
Restricted cash held in escrows | 5,240 | |
Loans receivable | 8,400 | |
Accounts receivable | 1,101 | |
TOTAL ASSETS | 473,913 | |
LIABILITIES | ||
Mortgage loans payable | 108,826 | |
Liability for non-controlling interests | 9,498 | |
Liability for estimated costs in excess of estimated receipts during liquidation | 23,186 | |
Accounts payable, accrued liabilities and other liabilities | 3,528 | |
Related party fees payable | 948 | |
TOTAL LIABILITIES | 145,986 | |
COMMITMENTS AND CONTINGENCIES (Note 12) | ||
Net assets in liquidation | $ 327,927 | |
Winthrop Realty Trust [Member] | ||
ASSETS | ||
Investments in real estate | 353,862 | |
Equity investments | 327,738 | |
Cash and cash equivalents | 21,128 | |
Restricted cash held in escrows | 6,603 | |
Loans receivable | 5,280 | |
Secured financing receivable | 28,928 | |
Accounts receivable | 2,090 | |
TOTAL ASSETS | 745,629 | |
LIABILITIES | ||
Mortgage loans payable | 172,095 | |
Liability for non-controlling interests | 17,796 | |
Liability for estimated costs in excess of estimated receipts during liquidation | 29,297 | |
Dividends payable | 1,822 | |
Accounts payable, accrued liabilities and other liabilities | 6,382 | |
Related party fees payable | 1,841 | |
TOTAL LIABILITIES | 229,233 | |
COMMITMENTS AND CONTINGENCIES (Note 12) | ||
Net assets in liquidation | $ 516,396 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets Liquidation Basis Unaudited - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Net assets in liquidation, beginning of year | $ 516,396,000 | |
Changes in net assets in liquidation | ||
Change in liquidation value of investments in real estate | (21,900,000) | $ (3,363,000) |
Change in liquidation value of loans receivable | 100,000 | |
Change in liquidation value of loan securities | (918,000) | |
Change in liquidation value of equity investments | 3,142,000 | 10,343,000 |
Remeasurement of assets and liabilities | 2,141,000 | (3,449,000) |
Remeasurement of non-controlling interests | 1,067,000 | 1,445,000 |
Net (decrease) increase in liquidation value | (15,450,000) | |
Liquidating distributions to Unitholders/Common shareholders | (173,019,000) | (81,956,000) |
Changes in net assets in liquidation | (188,469,000) | |
Net assets in liquidation, end of year | 327,927,000 | 516,396,000 |
Winthrop Realty Trust [Member] | ||
Net assets in liquidation, beginning of year | $ 516,396,000 | 594,704,000 |
Changes in net assets in liquidation | ||
Change in liquidation value of investments in real estate | (3,363,000) | |
Change in liquidation value of loans receivable | (410,000) | |
Change in liquidation value of loan securities | (918,000) | |
Change in liquidation value of equity investments | 10,343,000 | |
Remeasurement of assets and liabilities | (3,449,000) | |
Remeasurement of non-controlling interests | 1,445,000 | |
Net (decrease) increase in liquidation value | 3,648,000 | |
Liquidating distributions to Unitholders/Common shareholders | (81,956,000) | |
Changes in net assets in liquidation | (78,308,000) | |
Net assets in liquidation, end of year | $ 516,396,000 |
Business
Business | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | 1. Business Winthrop Realty Liquidating Trust (the “Liquidating Trust”) was organized on July 28, 2016 as a liquidating trust pursuant to a plan of liquidation of Winthrop Realty Trust, (“Winthrop”). Winthrop, which began operations in 1961 under the name First Union Real Estate Equity and Mortgage Investments and changed its name to Winthrop Realty Trust in 2005, was a real estate investment trust formed under the laws of the State of Ohio. Winthrop conducted its business through its wholly owned operating partnership, WRT Realty L.P., a Delaware limited partnership, (the “Operating Partnership”). From January 1, 2004 through August 5, 2016, Winthrop was externally managed by FUR Advisors LLC, (“FUR Advisors” or the “Advisor”). Since August 5, 2016, FUR Advisors has continued to manage the Liquidating Trust’s assets. The Advisor is majority owned by Winthrop’s former executive officers and senior management, including Michael L. Ashner and Carolyn Tiffany, two of the Liquidating Trust’s trustees. Winthrop’s primary business was owning real property and real estate related assets. On April 28, 2014 Winthrop’s Board of Trustees adopted a plan of liquidation. The plan, which provided for an orderly liquidation of Winthrop’s assets, was approved by holders of a majority of Winthrop’s common shares of beneficial interest (“Common Shares”) at a special meeting of shareholders on August 5, 2014. Under the plan of liquidation, if all of the assets of Winthrop were not disposed of by August 5, 2016, the then remaining assets and liabilities of Winthrop would be assigned to a liquidating trust. On August 5, 2016, in accordance with Winthrop’s plan of liquidation, Winthrop transferred the then remaining assets and liabilities, including its ownership interests in the Operating Partnership, to the Liquidating Trust. The Liquidating Trust is governed by a Liquidating Trust Agreement by and among Winthrop and Michael L. Ashner, Howard Goldberg and Carolyn Tiffany, as trustees. Upon the transfer of the assets and liabilities to the Liquidating Trust, each Common Share on August 5, 2016, was automatically converted into one unit of beneficial interest in the Liquidating Trust, (“Unit”), and each holder of Common Shares become a beneficiary of the Liquidating Trust, (“Beneficiaries”). On October 3, 2016, Winthrop filed a Form 15 with the Securities and Exchange Commission (the “SEC”) to terminate the registration of the Common Shares under the Securities Exchange Act of 1934, as amended, and Winthrop ceased filing reports under that act. The Liquidating Trust will only file with the SEC annual reports on Form 10-K 8-K. The sole purpose of the Liquidating Trust is to wind up the affairs of Winthrop by liquidating its remaining assets, satisfying the assumed liabilities, paying all costs and expenses of the Liquidating Trust and distributing the remaining proceeds to the Beneficiaries. The Liquidating Trust has no objective to continue or engage in the conduct of a trade or business, expect as necessary for the orderly liquidation of the remaining assets. |
Plan of Liquidation
Plan of Liquidation | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Plan of Liquidation | 2. Plan of Liquidation Subsequent to August 5, 2014, Winthrop was not, and under the Liquidating Trust Agreement the Liquidating Trust is not, permitted to make any new investments other than protective acquisitions or advances with respect to its existing assets. Winthrop was, and the Liquidating Trust is, permitted to satisfy any existing contractual obligations including any capital call requirements and acquisitions or dispositions pursuant to buy-sell The Liquidating Trust Agreement enables the Liquidating Trust to sell any and all of its assets without further approval of the unitholders and provides that liquidating distributions be made to the unitholders as determined by the trustees. Pursuant to applicable real estate investment trust (“REIT”) rules, in order to be able to deduct liquidating distributions as dividends, Winthrop was required to complete the disposition of its assets by August 5, 2016, two years after the date the plan of liquidation was adopted by shareholders. Winthrop satisfied this requirement by distributing its unsold assets into the Liquidating Trust on August 5, 2016. In connection with the transfer of assets to, and the assumption of liabilities by, the Liquidating Trust, the stock transfer books of Winthrop were closed as of the close of business on August 1, 2016. All of the outstanding Common Shares were automatically deemed cancelled, and the rights of the Beneficiaries in their Units are not represented by any form of certificate or other instrument. Holders of Common Shares were not required to take any action to receive their Units. On the date of the transfer, the economic value of each Unit was equivalent to the economic value of a Common Share. Holders of the Units should note that unlike Common Shares, which were freely transferable, Units in the Liquidating Trust are generally not transferable except by will, intestate succession or operation of law. Therefore, the Beneficiaries have no ability to realize any value from these interests except from distributions made by the Liquidating Trust, the timing of which will be solely at the discretion of the Liquidating Trust’s trustees. The Liquidating Trust will terminate upon the earlier of (i) the distribution of all of the remaining assets of the Liquidating Trust in accordance with the terms of the Liquidating Trust Agreement, or (ii) August 5, 2019. The Liquidating Trust may be extended beyond August 5, 2019 if the trustees of the Liquidating Trust determine that an extension is reasonably necessary to fulfill the purpose of the Liquidating Trust. Although no assurances can be given, it is anticipated that the plan of liquidation will be completed by December 31, 2018. The dissolution process and the amount and timing of distributions to unitholders involves risks and uncertainties. Accordingly, it is not possible to predict the timing or aggregate amount which will ultimately be distributed to unitholders 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements have been presented on a comparative basis. For periods prior to August 5, 2016, the entity is referred to as Winthrop Realty Trust, and from and after August 5, 2016 the entity is referred to as Winthrop Realty Liquidating Trust (see Note 1). The same basis of accounting have been used to prepare the financial statements for both Winthrop and the Liquidating Trust. The accompanying consolidated financial statements represent the consolidated results of Winthrop and the Liquidating Trust, their wholly-owned taxable REIT subsidiary, WRT-TRS As a result of the approval of the plan of liquidation by the shareholders, Winthrop and the Liquidating Trust have adopted the liquidation basis of accounting as of August 1, 2014 and for the periods subsequent to August 1, 2014 in accordance with accounting principles generally accepted in the United States (“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 Winthrop or the Liquidating Trust will collect on disposal of assets as it carries out its plan of liquidation. The liquidation value of Winthrop’s and the Liquidating 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. Winthrop and the Liquidating Trust accrue costs and income that they expect 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 December 31, 2016 and 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 Winthrop’s and the Liquidating Trust’s planned exit strategy. Those ventures where Winthrop or the Liquidating Trust intends to sell the property are presented on a gross basis with a payable to the non-controlling non-controlling Net assets in liquidation represents the estimated liquidation value available to holders of Units 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, disclosing contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenue and expenses during the reporting period. Under liquidation accounting, the Liquidating 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. Investments in Real Estate As of August 1, 2014 the investments in real estate were adjusted to their estimated net realizable value, or liquidation value, to reflect the change to the liquidation basis of accounting. The liquidation value represents the estimated amount of cash that the Liquidating Trust will collect on disposal of its assets, inclusive of any residual value attributable to lease intangibles, as it carries out its plan of liquidation. The liquidation value of the Liquidating Trust’s investments in real estate are presented on an undiscounted basis and investments in real estate are no longer depreciated. Estimated costs to dispose of these investments are presented separately from the related assets. Subsequent to August 1, 2014, all changes in the estimated liquidation value of the investments in real estate are reflected as a change to the Liquidating Trust’s net assets in liquidation. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments purchased with original maturities of three months or less. The Liquidating Trust maintains cash and cash equivalents in financial institutions in excess of insured limits, but believes this risk is mitigated by only investing in or through major financial institutions. Restricted Cash Restricted cash in escrow accounts include cash reserves for tenant improvements, leasing commissions, real estate taxes and other expenses pursuant to the loan agreements. In addition, certain security deposit accounts are classified as restricted cash. Loans Receivable Under liquidation accounting, the Liquidating Trust carries its loans receivable at their estimated net realizable value, or liquidation value, which represents the estimated amount of principal payments the Liquidating Trust expects to receive over the holding period of the loan. The liquidation value of the Liquidating Trust’s loans receivable are presented on an undiscounted basis. Interest payments that the Liquidating Trust expects to receive on its loans receivable over the estimated holding period of the loan are accrued and are classified as part of liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statements of Net Assets. As interest is earned, it is reclassified and included in loans receivable on the Consolidated Statements of Net Assets. The Liquidating Trust evaluates the collectability of the interest and principal of each of its loans. Any changes in collectability will be reflected as a change to the Liquidating Trust’s net assets in liquidation. Accounts Receivable In accordance with liquidation accounting, as of August 1, 2014, accounts receivable were adjusted to their net realizable value. The Liquidating Trust continues to review its accounts receivable monthly. Past due balances are reviewed individually for collectability. Any changes in the collectability of the receivables are reflected in the net realizable value of the accounts receivable. Accrued rental income is not contemplated under liquidation accounting. The Liquidating Trust accrues rental revenue based on contractual amounts expected to be collected during liquidation. Equity Investments The Liquidating Trust accounts for its investments in entities in which it has the ability to significantly influence, but does not have a controlling interest, by using the equity method of accounting. Factors that are considered in determining whether or not the Liquidating Trust exercises control include (i) the right to remove the general partner or managing member in situations where the Liquidating Trust is not the general partner or managing member, and (ii) substantive participating rights of equity holders in significant business decisions including dispositions and acquisitions of assets, financing, operations and capital budgets, and other contractual rights. Subsequent to the adoption of liquidation accounting, equity investments are recorded at their net realizable value. The Liquidating Trust evaluates the net realizable value of its equity investments at each reporting period. Any changes in net realizable value will be reflected as a change to the Liquidating Trust’s net assets in liquidation. Deferred Financing Costs Prior to the adoption of the plan of liquidation, direct financing costs were deferred and amortized over the terms of the related agreements as a component of interest expense. As deferred financing costs will not be converted to cash or other consideration, these have been valued at $0 as of August 1, 2014 in accordance with liquidation accounting. Financial Instruments Financial instruments held by the Liquidating Trust include cash and cash equivalents, restricted cash, loan securities, loans receivable, interest rate hedge agreements, accounts receivable, accounts payable and long term debt. Under liquidation accounting, all financial instruments are recorded at their net realizable value. Derivative Financial Instruments The Liquidating Trust has exposure to fluctuations in market interest rates. The Liquidating Trust utilizes its interest rate cap agreements to manage interest rate risk and does not intend to enter into derivative transactions for speculative or trading purposes. As these instruments will not be converted into cash or other consideration, derivative financial instruments were valued at $0 as of August 1, 2014 in accordance with liquidation accounting. These financial instruments are still in place as of December 31, 2016. Revenue Recognition Pursuant to the terms of the lease agreements with respect to net lease properties, the tenant at each property is required to pay all costs associated with the property including property taxes, ground rent, maintenance costs and insurance. These costs are not reflected in the consolidated financial statements. To the extent any of these tenants defaults under its lease and fails to pay such costs, the Liquidating Trust will record a liability for such obligations. Tenant leases that are not net leases generally provide for (i) billings of fixed minimum rental and (ii) billings of certain operating costs. Winthrop accrued the recovery of operating costs based on actual costs incurred. Under liquidation accounting, the Liquidating Trust has accrued all income that it expects to earn through the end of liquidation to the extent it has a reasonable basis for estimation. These amounts are classified in liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statements of Net Assets. Income Taxes Winthrop operated in a manner which qualified it as a REIT for tax purposes. In order to qualify as a REIT, Winthrop was generally required each year to distribute to its shareholders at least 90% of its taxable income (excluding any net capital gains). There is also a separate requirement to distribute net capital gains or pay a corporate level tax. Winthrop complied with the foregoing minimum dividend requirements through the date of transfer of its remaining assets and liabilities to the Liquidating Trust. Given the organizational structure, the Liquidating Trust will be treated as a partnership for federal and state income tax purposes. Accordingly, no provision or benefit for income taxes is made in the consolidated financial statements as taxable income or loss passes through to, and is the responsibility of, the unitholders. Winthrop and the Liquidating Trust reviewed its tax positions under accounting guidance which require that a tax position may only be recognized in the financial statements if it is more likely than not that the tax position will prevail if challenged by taxing authorities. Winthrop and the Liquidating Trust believe it is more likely than not that its tax positions will be sustained in any tax examination. Winthrop and the Liquidating Trust had no deferred tax assets or deferred tax liabilities associated with any such uncertain tax positions for the operations of any entity included in the Consolidated Financial Statements. The only provision for federal income taxes relates to the TRS and is included in the liability for estimated costs in excess of estimated receipts during liquidation. Winthrop’s and the Liquidating Trust’s tax returns are subject to audit by taxing authorities. The tax years 2013 – 2016 remain open to examination by major taxing jurisdictions to which Winthrop was subject. The Liquidating Trust’s initial tax return will be filed in 2017. |
Liability for Estimated Costs i
Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation | 12 Months Ended |
Dec. 31, 2016 | |
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 Liquidating Trust to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the plan of liquidation. The Liquidating 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. As of December 31, 2016 and 2015, the Liquidating Trust and Winthrop, respectively, had accrued the following revenues and expenses expected to be earned or incurred during liquidation (in thousands): December 31, 2016 December 31, 2015 Rents and reimbursements $ 14,369 $ 29,636 Interest and dividends 1,036 3,646 Property operating expenses (4,803 ) (10,756 ) Interest expense (4,911 ) (7,546 ) General and administrative expenses (24,866 ) (34,264 ) Capital expenditures (1,159 ) (4,027 ) Sales costs (2,852 ) (5,986 ) Liability for estimated costs in excess of estimated receipts during liquidation $ (23,186 ) $ (29,297 ) The change in the liability for estimated costs in excess of estimated receipts during liquidation as of December 31, 2016 is as follows (in thousands): December 31, 2015 Cash Payments Remeasurement Consolidation (1) December 31, 2016 Assets: Estimated net inflows from investments in real estate, loans receivable and secured financing receivable $ 10,523 $ (4,847 ) $ (978 ) $ (1,306 ) $ 3,392 Liabilities: Sales costs (5,986 ) 3,215 363 (443 ) (2,851 ) Corporate expenditures (33,834 ) 7,351 2,756 — (23,727 ) (39,820 ) 10,566 3,119 (443 ) (26,578 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (29,297 ) $ 5,719 $ 2,141 $ (1,749 ) $ (23,186 ) (1) Due to a change in exit strategy, the venture that owns property in Oklahoma City, Oklahoma is no longer accounted for using the equity method. See Note 3 – Basis of Presentation for the Liquidating Trust’s policy on accounting for joint ventures. The change in the liability for estimated costs in excess of estimated receipts during liquidation as of December 31, 2015 is as follows (in thousands): December 31, 2014 Cash Payments Remeasurement Deconsolidation (1) December 31, 2015 Assets: Estimated net inflows from investments in real estate, loans receivable and secured financing receivable $ 25,169 $ (12,551 ) $ (2,149 ) $ 54 $ 10,523 Liabilities: Sales costs (11,840 ) 1,012 423 4,419 (5,986 ) Corporate expenditures (44,582 ) 12,471 (1,723 ) — (33,834 ) (56,422 ) 13,483 (1,300 ) 4,419 (39,820 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (31,253 ) $ 932 $ (3,449 ) $ 4,473 $ (29,297 ) (1) Due to a change in exit strategy, the venture that owns the property located at 450 W 14 th |
Net Assets in Liquidation
Net Assets in Liquidation | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Net Assets in Liquidation | 5. Net Assets in Liquidation Net assets in liquidation decreased by $188,469,000 during the year ended December 31, 2016. The primary reason for the decline in net assets was due to liquidating distributions to holders of Common Shares of $173,019,000, and a $21,900,000 net decrease in the liquidation value of investments in real estate. These decreases were partially offset by a $3,142,000 net increase in the liquidation value of equity investments, a $2,756,000 decrease in estimated corporate expenditures resulting primarily from decreases in estimated fees payable to FUR Advisors as a result of decreases in liquidation values of certain investments, and a $1,067,000 decrease in the liability for non-controlling Net assets in liquidation decreased by $78,308,000 during the year ended December 31, 2015. The primary reason for the decline in net assets was due to liquidating distributions to holders of Common Shares of $81,956,000 and a $3,363,000 net decrease in the value of investments in real estate, a $1,723,000 increase in estimated corporate expenditures resulting primarily from increases in estimated fees payable to FUR Advisors as a result of increases in liquidation values of certain investments and a $918,000 decrease in the value of the Winthrop’s loan securities. These decreases were partially offset by a $10,343,000 net increase in the liquidation value of equity investments and a $1,445,000 decrease in the liability for non-controlling There were 36,425,084 Units outstanding at December 31, 2016. There were 36,425,084 Common Shares outstanding at December 31, 2015. The net assets in liquidation at December 31, 2016 would result in liquidating distributions of approximately $9.00 per Unit. The net assets in liquidation as of December 31, 2016 and 2015 of $327,927,000 and $516,396,000 respectively, plus the cumulative liquidating distributions to holders of Units or Common Shares through December 31, 2016 and 2015 of $336,934,000 ($9.25 per Common Share/Unit) and $163,915,000 ($4.50 per Common Share/Unit), respectively, would result in cumulative liquidating distributions to holders of Units/Common Shares of $18.25 and $18.68 per Unit or Common Share as of December 31, 2016 and 2015, respectively. 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. |
Investment and Disposition Acti
Investment and Disposition Activities | 12 Months Ended |
Dec. 31, 2016 | |
Extractive Industries [Abstract] | |
Investment and Disposition Activities | 6. Investment and Disposition Activities 2016 Transactions 446 Highline LLC (450 West 14 th Street), New York, New York – refinancing – Sullivan Center, Chicago, Illinois – sale of interest - Lake Brandt, Greensboro, North Carolina – property sale – Highgrove, Stamford, Connecticut – property sale – The property was previously under contract with a different purchaser which contract was terminated on January 21, 2016 due to the prospective purchaser’s inability to timely close. In accordance with the terms of that contract, the venture retained the prospective purchaser’s $5,000,000 deposit. Subsequently, the venture entered into a settlement agreement with the prospective purchaser which provided for a return of a portion of the retained deposit. In February 2016 the venture returned $1,000,000 of the previously retained deposit and, upon the sale of the property, the venture returned an additional $1,500,000 of the previously retained deposit. Jacksonville, Florida – property sale – Mentor Retail, Chicago, Illinois – property sale/loan satisfaction In addition, in connection with the property sale Winthrop received $2,510,000 in full repayment of the Mentor Retail loan receivable plus all accrued and unpaid interest. The liquidation value of the loan receivable was $2,511,000 at December 31, 2015. One East Erie, Chicago, Illinois – property sale – Churchill, Pennsylvania – loan satisfaction – Poipu Shopping Village – loan satisfaction – B-Note 701 Seventh Avenue, New York, New York – capital contributions/refinancing – On November 1, 2016 this venture refinanced a portion of its existing indebtedness with a new $510,000,000 mortgage loan and a new $255,500,000 mezzanine loan. The new loans bear interest at a blended rate of LIBOR plus 6.49% per annum with a LIBOR floor of 0.40%, require payments of interest only and mature November 9, 2018, subject to three six-month EB-5 At closing, $237,500,000 of the mortgage loan and $176,000,000 of the mezzanine loan were drawn down. At December 31, 2016 the outstanding balances on the mortgage loan, mezzanine loan and EB-5 2015 Transactions Vintage Housing Holdings – sale of interest – Edens Center and Norridge Commons – loan satisfaction - In connection with the repayment in full of the loan receivable collateralized by the Edens Center and Norridge Commons properties, Winthrop sold its general partner interests in the two properties for an aggregate price of $493,000 pursuant to the terms of an existing option agreement. The sale price plus aggregate distributions received in 2015 was consistent with the liquidation value at December 31, 2014. 44 Monroe, Phoenix, Arizona – property sale pro-rations, Concord Debt Holdings – loan satisfaction - CDH CDO LLC – loan sale/satisfaction - Cerritos, California – property sale - 701 Seventh Avenue, New York, New York – capital contributions - |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans Receivable | 7. Loans Receivable Loans receivable at December 31, 2016 and 2015 are as follows (in thousands): Carrying Amount (1) Contractual Description Loan Position Stated December 31, December 31, Jacksonville (2) Whole Loan LIBOR + 5% $ 8,400 $ — 07/01/19 Poipu Shopping Village (3) B-Note N/A — 2,769 N/A Mentor Building (3) Whole Loan N/A — 2,511 N/A Rockwell (4) Mezzanine N/A — — N/A Churchill (5) Whole Loan N/A — — N/A $ 8,400 $ 5,280 (1) The carrying amount represents the estimated amount expected to be collected on disposition of the loan plus contractual interest receivable. (2) The loan has an interest rate floor of 6% and an interest rate ceiling of 8%. (3) The loan was repaid in full during 2016. (4) The senior lien holder foreclosed on the property on June 2, 2016. (5) The loan was fully satisfied for a discounted payoff amount of $100 in October 2016. The carrying amount of loans receivable at December 31, 2016 and 2015 represents the estimated amount expected to be collected on disposition of the loans and includes accrued interest of $0 and $28,000, respectively. The weighted average coupon as calculated on the par value of loans receivable was 6.00% and 7.97% at December 31, 2016 and 2015, respectively, and the weighted average yield to maturity as calculated on the carrying value of loans receivable was 6.00% and 13.54% at December 31, 2016 and 2015, respectively. At December 31, 2016 and 2015, none of Winthrop’s or the Liquidating Trust’s loans receivable were directly financed. Loan Receivable Activity Activity related to loans receivable is as follows (in thousands): Year Ended Year Ended December 31, 2016 December 31, 2015 Balance at beginning of year $ 5,280 $ 24,005 Purchase and advances 9,035 — Interest received, net (28 ) (190 ) Repayments/sale proceeds (5,987 ) (18,535 ) Change in liquidation value 100 — Balance at end of year $ 8,400 $ 5,280 Credit Quality of Loans Receivable Under liquidation accounting, the Liquidating Trust carries its loans receivable at the estimated amount of principal payments it expects to receive over the holding period of the loan. The Liquidating Trust utilizes a grading system to assess the collectability of its loan portfolio. Grading categories included debt yield, debt service coverage ratio, length of loan, property type, loan type, and other more subjective variables that included property or collateral location, market conditions, industry conditions, and sponsor’s financial stability. Management reviewed each category and assigned an overall numeric grade for each loan to determine the loan’s risk of loss and to provide a determination as to whether an individual loan required an adjustment to the recorded liquidation value. All loans with a positive score did not require a loan loss allowance. Any loan graded with a neutral score or “zero” was subject to further review of the collectability of the interest and principal based on current conditions and qualitative factors. Any change in the credit quality of the loan receivable that changes the Liquidating Trust’s estimate of the amount it expects to collect will be recorded as a change to the liquidation value of its loans receivable. The table below summarizes the Liquidating Trust’s loans receivable by internal credit rating at December 31, 2016 and 2015 (in thousands, except for number of loans): December 31, 2016 December 31, 2015 Liquidation Liquidation Number of Value of Loans Number of Value of Loans Internal Credit Quality Loans Receivable Loans Receivable Greater than zero 1 $ 8,400 2 $ 5,280 Equal to zero — — 1 — Less than zero — — 1 — 1 $ 8,400 4 $ 5,280 Secured Financing Receivable In August 2013 Winthrop 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, Winthrop entered into an option agreement with Elad granting Elad the right, but not obligation, to repurchase the interest in the venture. The option agreement provided Elad, as the transferor, the option to unilaterally cause the return of the asset 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 was able to retain control of its interest in Lender LP for financial reporting purposes as the exercise of the option was unconditional other than for the passage of time. As a result, for financial reporting purposes, the transfer of the financial asset was accounted for as a secured financing rather than an acquisition. The $30,000,000 acquisition price was recorded as a secured financing receivable. On April 27, 2016 Winthrop sold its interest in the secured financing receivable. See Note 6 – “Investment and Disposition Activities” for further details on the sale. |
Equity Investments
Equity Investments | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | 8. Equity Investments Under liquidation accounting, equity investments are carried at net realizable value. The Liquidating Trust’s nominal ownership percentages in its equity investments consist of the following at December 31, 2016 and December 31, 2015: Venture Partner Equity Investment Nominal % Ownership at Nominal % Ownership at Atrium Holding RE CDO Management LLC 50.0% 50.0% 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 (1) 701 Seventh WRT Investor LLC 80.5% 81.0% Serure/C&B High Line (2) 446 High Line LLC 72.0% 83.6% Elad Canada Ltd (3) WRT One South State Lender LP N/A 50.0% Elad Canada Ltd (3) WRT-Elad N/A 50.0% Freed (3) Mentor Retail LLC N/A 49.9% RS Summit Pointe (4) RS Summit Pointe Apartments LLC N/A 80.0% (1) The investment in this venture provides the Liquidating Trust and Winthrop with a 60.72% and 61.14% effective ownership interest in the underlying property at December 31, 2016 and 2015, respectively. (2) Investment was reclassified as an equity investment as of December 31, 2015 due to a change in exit strategy. The investment was consolidated in previous filings. The nominal ownership percentage is based on the waterfall provision of the partnership. See Note 3 - Basis of Presentation for further discussion. (3) Winthrop’s investment was sold or fully redeemed during the year ended December 31, 2016. (4) Investment was reclassified as an investment in real estate as of November 30, 2016 due to a change in exit strategy. See Note 3 - Basis of Presentation for further discussion. See Note 6 – “Investment and Disposition Activities” for information relating to 2016 and 2015 activity with respect to equity investments. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt Mortgage Loans Payable Mortgage loans payable are carried at their contractual amounts due under liquidation accounting. The Liquidating Trust and Winthrop had outstanding mortgage loans payable of $108,826,000 and $172,095,000 at December 31, 2016 and 2015, 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 Liquidating Trust. The Liquidating Trust’s mortgage loans payable at December 31, 2016 and Winthrop’s mortgage loans payable at December 31, 2015 are summarized as follows (in thousands): Location of Collateral Maturity Spread Over Interest Rate at December 31, December 31, Lisle, IL Mar 2017 — 5.55 % $ 5,230 $ 5,309 Orlando, FL Jul 2017 — 6.40 % 34,950 35,668 Plantation, FL Apr 2018 — 6.48 % 10,255 10,406 Houston, TX (2) Jun 2018 Libor + 2.75% 3.52 % 45,000 — Oklahoma City, OK (3) Feb 2021 — 5.70 % 8,790 — Churchill, PA Aug 2024 — 3.50 % 4,601 4,782 Chicago, IL (4) N/A — N/A — 19,104 Houston, TX (5) N/A — N/A — 44,319 Stamford, CT (5) N/A — N/A — 33,448 Greensboro, NC (6) N/A — N/A — 13,600 Lisle, IL (7) N/A — N/A — 5,459 $ 108,826 $ 172,095 (1) The one-month one-month (2) The property was financed on June 9, 2016. Winthrop purchased an interest rate cap which caps LIBOR at 1.5%. (3) The property was reclassified as an investment in real estate as of November 30, 2016 due to a change in exit strategy. The property was classified as an equity investment in previous filings. See Note 3 – Basis of Presentation. (4) The loan was repaid in full on April 28, 2016. (5) These properties were cross-collateralized. Proceeds from property sales went 100% to repay the mortgage loan. The loan was repaid in full on May 19, 2016. (6) The loan was repaid in full on May 12, 2016. (7) The loan was repaid in full on August 19, 2016. The following table summarizes future principal repayments of mortgage loans payable as of December 31, 2016 (in thousands): Year Amount 2017 40,798 2018 55,644 2019 632 2020 755 2021 8,771 Thereafter 2,226 $ 108,826 |
Senior Notes Payable
Senior Notes Payable | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Senior Notes Payable | 10. Senior Notes Payable In August 2012 Winthrop issued a total $86,250,000 of its 7.75% Senior Notes (the “Senior Notes”) at an issue price of 100% of par value. The Senior Notes matured on August 15, 2022 and bore interest at the rate of 7.75% per year, payable quarterly in arrears. Pursuant to its securities repurchase plan, as of August 15, 2015 Winthrop had acquired $14,995,000 of its outstanding Senior Notes in open market transactions for an aggregate price of $15,707,000. Winthrop 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 Winthrop plus accrued and unpaid interest to, but not including, August 15, 2015. |
Federal and State Income Taxes
Federal and State Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Federal and State Income Taxes | 11. Federal and State Income Taxes Winthrop operated in a manner which qualified it as a REIT under Sections 856-860 Certain states and localities disallow state income taxes as a deduction and exclude interest income from United States obligations when calculating taxable income. Federal and state tax calculations can differ due to differing recognition of net operating losses. The 2016 and 2015 dividends per Common Share from Winthrop for an individual shareholder’s income tax purposes were as follows: Cash Non-Cash Total Ordinary Capital Nontaxable Liquidating Liquidating Dividends Dividends Gains Distribution Distribution Distribution Paid 2016 $ — $ — $ — $ 3.25 $ 9.21 $ 12.46 2015 — — — 4.50 — 4.50 The Liquidating Trust will be treated as a partnership for federal and state income tax purposes. Accordingly, no provision or benefit for income taxes is made in the consolidated financial statements. All distributions from the Liquidating Trust in 2016 are considered a return of capital for tax purposes. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies The Liquidating Trust has future funding commitments attributable to its 701 Seventh Avenue investment which total approximately $8,754,000 at December 31, 2016. The Liquidating Trust’s venture which owns the property located at 450 W 14 th The Liquidating 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 Liquidating 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 Liquidating 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. See Note 13 – Related-Party Transactions for details on potential fees payable to FUR Advisors. Churchill, Pennsylvania - |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 13. Related-Party Transactions The activities of the Liquidating Trust are administered by FUR Advisors pursuant to the terms of the Advisory Agreement between Winthrop and FUR Advisors. FUR Advisors is majority owned by Winthrop’s former executive officers and senior management, including two of the Liquidating Trust’s trustees. Pursuant to the terms of the Advisory Agreement, FUR Advisors is responsible for providing asset management services to the Liquidating Trust and coordinating with the Liquidating Trust’s unitholder transfer agent and property managers. FUR Advisors is entitled to receive a base management fee and a termination fee and/or an incentive fee in accordance with the terms of the Advisory Agreement. In addition, FUR Advisors or its affiliate is entitled to receive property and construction management fees subject to the approval of the trustees. Base Asset Management Fee – In connection with the adoption of the plan of liquidation, the Liquidating Trust accrues costs it expects to incur through the end of the liquidation. In this regard, at December 31, 2016 the Liquidating Trust has accrued, based on its estimates of the timing and amounts of liquidating distributions to be paid to holders of Units, base management fees of $4,914,000 exclusive of the $880,000 included in related party fees payable. This amount is 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 Liquidating Trust or with cause by the Advisor, or (ii) a disposition of all or substantially all of the Liquidating Trust’s assets. The termination fee, if payable, is equal to the lesser of (i) the base management fee paid to the 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 Liquidating 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, 20% of any liquidating distributions paid on account of the Units at such time as the threshold amount is reduced to $104,980,000, which, based on current estimates, will be achieved at such time as additional liquidating distributions of approximately $4.65 per Unit in excess of the Growth Factor have been paid. For example, if all of the Liquidating Trust’s assets were sold and the proceeds therefrom were distributed to holders of Units at January 1, 2017, the termination fee would only have been payable if additional liquidating distributions of approximately $4.65 per Unit 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 additional liquidating distributions paid per Unit equaled approximately $5.69. At December 31, 2016 it is estimated that the Advisor will be entitled to a termination fee of $9,496,000 upon disposition of the remaining assets. 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 - The following table sets forth the fees and reimbursements paid or accrued by Winthrop and the Liquidating Trust for the years ended December 31, 2016 and 2015 to FUR Advisors and Winthrop Management (in thousands): For the Years Ended December 31, 2016 2015 Base Asset Management Fee (1) $ 4,575 $ 6,367 Property Management Fee 633 974 Construction Management Fee 3 130 $ 5,211 $ 7,471 (1) Includes fees on third party contributions of $10 and $27 for the years ended December 31, 2016 and 2015, respectively. At December 31, 2016, $880,000 payable to FUR Advisors and $68,000 payable to Winthrop Management were included in related party fees payable. |
Common Share Options and Restri
Common Share Options and Restricted Share Grants | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Common Share Options and Restricted Share Grants | 14. Common Share Options and Restricted Share Grants In May 2007 Winthrop’s shareholders approved the Winthrop Realty Trust 2007 Long Term Incentive Plan (the “2007 Plan”) pursuant to which Winthrop could issue options to acquire Common Shares and restricted share awards to its trustees, directors and consultants, including those performing services for FUR Advisors. In May 2013 Winthrop’s shareholders approved an amendment to the 2007 Plan increasing the number of shares issuable under the plan to 1,000,000. No stock options were issued. On February 1, 2013 the Board approved the issuance of 600,000 Restricted Shares to FUR Advisors, 500,000 of which were subject to the approval of the shareholders to the increase in the number of shares issuable under 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 shares were issued on May 28, 2013. The Restricted Shares were subject to forfeiture through May 5, 2016 (the “Forfeiture Period”). The Restricted Shares fully vested at the expiration of the Forfeiture Period and all prior dividends that were held in escrow were released and paid to the holders of the Restricted Shares. Upon dissolution of Winthrop in August 2016, the 2007 Plan was terminated. There were no Restricted Shares issued and outstanding at December 31, 2016. |
Future Minimum Lease Payments
Future Minimum Lease Payments | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Future Minimum Lease Payments | 15. Future Minimum Lease Payments Future minimum lease payments scheduled to be received under non-cancellable Year Amount 2017 $ 9,291 2018 4,443 2019 4,044 2020 2,935 2021 2,113 Thereafter 15,081 $ 37,907 Siemens Real Estate, the tenant at the property in Orlando, Florida, represented more than 10% of the base rental revenues of Winthrop and the Liquidating Trust for the year ended December 31, 2016 contributing approximately 37.1%. AT&T Services, the tenant at the property in Plantation, Florida, represented more than 10% of the base rental revenues of Winthrop and the Liquidating Trust for the year ended December 31, 2016 contributing approximately 14.8%. Siemens Real Estate, the tenant at the property in Orlando, Florida, represented more than 10% of the base rental revenues of Winthrop for the year ended December 31, 2015 contributing approximately 24.7%. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events The Liquidating Trust has performed an evaluation of subsequent events through the date of issuance of the consolidated financial statements and noted no items requiring adjustment of the consolidated financial statements or additional disclosures. |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate and Accumulated Depreciation | SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION At December 31, 2016 (amounts in thousands) Initial Cost to Company Gross Amounts at Which Carried at Close of Period Location Encumbrance Land Building and Improvements Land Building and Improvements Accumulated Depreciation (2) Net Liquidation Adjustment (1) Total Date Acquired Life Office Orlando FL $ 34,950 $ — $ 17,248 $ — $ 17,290 $ (4,196 ) $ 13,094 11/2004 40 yrs Office Plantation FL 10,255 — 8,915 4,000 8,935 (2,169 ) 10,766 11/2004 40 yrs Office Lisle IL — 3,774 16,371 3,774 9,751 (806 ) 12,719 2/2006 40 yrs Office Lisle IL 5,230 780 2,803 780 3,521 (690 ) 3,611 2/2006 40 yrs Other Churchill PA 4,601 — 23,834 — 11,705 (4,301 ) 7,404 11/2004 40 yrs Other Houston TX 45,000 16,167 88,769 16,167 86,033 (1,861 ) 100,339 10/2013 40 yrs Other Oklahoma City OK 8,790 1,328 13,351 1,328 13,754 — 15,082 10/2013 40 yrs Net Liquidation Adjustment (1) 23,637 23,637 Total $ 108,826 $ 22,049 $ 171,291 $ 26,049 $ 150,989 $ (14,023 ) $ 23,637 $ 186,652 The changes in total real estate for the period January 1, 2016 thru December 31, 2016 are as follows: Balance as of January 1, 2016 $ 353,862 Capital expenditures 3,301 Consolidations 15,082 Liquidation adjustment, net (52,590 ) Disposals (129,095 ) Impairments (3,908 ) Balance as of December 31, 2016 (liquidation basis) $ 186,652 (1) Under the liquidation basis of accounting, our real estate holding are now carried at their estimated value. As a result, the net liquidation adjustment is the net adjustment that we have made to the carrying value of the property in order to reflect its fair value. (2) Depreciation expense will not be recorded subsequent to July 31, 2014 as a result of the adoption of our plan of liquidation. The aggregate cost is the properties for federal income tax purposes was approximately $311,526. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (amounts in thousands) The following is a reconciliation of real estate assets and accumulated depreciation: Year Ended December 31, 2016 2015 2014 Real Estate Balance at beginning of period $ 377,446 $ 587,952 $ 670,868 Additions during the period: Other acquisitions — — 55,923 Improvements, etc. 3,301 3,632 10,273 Consolidation of property 15,082 — — Liquidation adjustment — — 166,603 Deductions during this period: Cost of real estate sold (138,656 ) (82,793 ) (99,679 ) Asset impairments (3,908 ) — (9,287 ) Deconsolidation of property — (118,765 ) (140,491 ) Liquidation adjustment (52,590 ) (12,580 ) — Disposal of fully amortized assets — — (5,293 ) Transfer of discontinued operations — — (60,965 ) Balance at end of period $ 200,675 $ 377,446 $ 587,952 Accumulated Depreciation Balance at beginning of period $ 23,584 $ 30,627 $ 56,448 Additions charged to operating expenses — — 10,595 Disposal of properties (9,561 ) (2,227 ) (5,268 ) Deconsolidation of property — (4,816 ) (16,017 ) Transfer to discontinued operations, net (1) — — (9,838 ) Disposal of fully amortized assets — — (5,293 ) Balance at end of period $ 14,023 $ 23,584 $ 30,627 (1) In 2014, the Englewood, Colorado; Chicago, Illinois (River City); Louisville, Kentucky; and Amherst, New York properties were placed into discontinued operations. |
Schedule IV Mortgage Loans on R
Schedule IV Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule IV Mortgage Loans on Real Estate | Schedule IV Mortgage Loans on Real Estate December 31, 2016 (amounts in thousands) Type of Loan Location Interest Rate Contractual Periodic Senior Face Value Outstanding Carrying Whole Loan Jacksonville, FL LIBOR + 5% 07/01/19 Interest Only — $ 8,400 $ 8,400 $ 8,400 $ 8,400 $ 8,400 $ 8,400 (1) Carrying amount represents the estimated amount expected to be collected on disposition of the loan, plus contractual interest receivable at December 31, 2016. Reconciliation of Mortgage Loans on Real Estate: The following table reconciles Mortgage Loans for the years ended December 31, 2016, 2015 and 2014. 2016 2015 2014 Balance at January 1 $ 5,280 $ 24,005 $ 101,100 Purchase and advances 9,135 — 35,992 Interest received, net (28 ) (190 ) (283 ) Repayments / Sale Proceeds (5,987 ) (18,535 ) (120,194 ) Loan accretion — — 2,086 Discount accretion received in cash — — (5,865 ) Liquidation adjustment — — 6,071 Change in liquidation value — — 5,098 Balance at December 31 $ 8,400 $ 5,280 $ 24,005 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been presented on a comparative basis. For periods prior to August 5, 2016, the entity is referred to as Winthrop Realty Trust, and from and after August 5, 2016 the entity is referred to as Winthrop Realty Liquidating Trust (see Note 1). The same basis of accounting have been used to prepare the financial statements for both Winthrop and the Liquidating Trust. The accompanying consolidated financial statements represent the consolidated results of Winthrop and the Liquidating Trust, their wholly-owned taxable REIT subsidiary, WRT-TRS As a result of the approval of the plan of liquidation by the shareholders, Winthrop and the Liquidating Trust have adopted the liquidation basis of accounting as of August 1, 2014 and for the periods subsequent to August 1, 2014 in accordance with accounting principles generally accepted in the United States (“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 Winthrop or the Liquidating Trust will collect on disposal of assets as it carries out its plan of liquidation. The liquidation value of Winthrop’s and the Liquidating 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. Winthrop and the Liquidating Trust accrue costs and income that they expect 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 December 31, 2016 and 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 Winthrop’s and the Liquidating Trust’s planned exit strategy. Those ventures where Winthrop or the Liquidating Trust intends to sell the property are presented on a gross basis with a payable to the non-controlling non-controlling Net assets in liquidation represents the estimated liquidation value available to holders of Units 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, disclosing contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenue and expenses during the reporting period. Under liquidation accounting, the Liquidating 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. |
Investments in Real Estate | Investments in Real Estate As of August 1, 2014 the investments in real estate were adjusted to their estimated net realizable value, or liquidation value, to reflect the change to the liquidation basis of accounting. The liquidation value represents the estimated amount of cash that the Liquidating Trust will collect on disposal of its assets, inclusive of any residual value attributable to lease intangibles, as it carries out its plan of liquidation. The liquidation value of the Liquidating Trust’s investments in real estate are presented on an undiscounted basis and investments in real estate are no longer depreciated. Estimated costs to dispose of these investments are presented separately from the related assets. Subsequent to August 1, 2014, all changes in the estimated liquidation value of the investments in real estate are reflected as a change to the Liquidating Trust’s net assets in liquidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments purchased with original maturities of three months or less. The Liquidating Trust maintains cash and cash equivalents in financial institutions in excess of insured limits, but believes this risk is mitigated by only investing in or through major financial institutions. |
Restricted Cash | Restricted Cash Restricted cash in escrow accounts include cash reserves for tenant improvements, leasing commissions, real estate taxes and other expenses pursuant to the loan agreements. In addition, certain security deposit accounts are classified as restricted cash. |
Loans Receivable | Loans Receivable Under liquidation accounting, the Liquidating Trust carries its loans receivable at their estimated net realizable value, or liquidation value, which represents the estimated amount of principal payments the Liquidating Trust expects to receive over the holding period of the loan. The liquidation value of the Liquidating Trust’s loans receivable are presented on an undiscounted basis. Interest payments that the Liquidating Trust expects to receive on its loans receivable over the estimated holding period of the loan are accrued and are classified as part of liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statements of Net Assets. As interest is earned, it is reclassified and included in loans receivable on the Consolidated Statements of Net Assets. The Liquidating Trust evaluates the collectability of the interest and principal of each of its loans. Any changes in collectability will be reflected as a change to the Liquidating Trust’s net assets in liquidation. |
Accounts Receivable | Accounts Receivable In accordance with liquidation accounting, as of August 1, 2014, accounts receivable were adjusted to their net realizable value. The Liquidating Trust continues to review its accounts receivable monthly. Past due balances are reviewed individually for collectability. Any changes in the collectability of the receivables are reflected in the net realizable value of the accounts receivable. Accrued rental income is not contemplated under liquidation accounting. The Liquidating Trust accrues rental revenue based on contractual amounts expected to be collected during liquidation. |
Equity Investments | Equity Investments The Liquidating Trust accounts for its investments in entities in which it has the ability to significantly influence, but does not have a controlling interest, by using the equity method of accounting. Factors that are considered in determining whether or not the Liquidating Trust exercises control include (i) the right to remove the general partner or managing member in situations where the Liquidating Trust is not the general partner or managing member, and (ii) substantive participating rights of equity holders in significant business decisions including dispositions and acquisitions of assets, financing, operations and capital budgets, and other contractual rights. Subsequent to the adoption of liquidation accounting, equity investments are recorded at their net realizable value. The Liquidating Trust evaluates the net realizable value of its equity investments at each reporting period. Any changes in net realizable value will be reflected as a change to the Liquidating Trust’s net assets in liquidation. |
Deferred Financing Costs | Deferred Financing Costs Prior to the adoption of the plan of liquidation, direct financing costs were deferred and amortized over the terms of the related agreements as a component of interest expense. As deferred financing costs will not be converted to cash or other consideration, these have been valued at $0 as of August 1, 2014 in accordance with liquidation accounting. |
Financial Instruments | Financial Instruments Financial instruments held by the Liquidating Trust include cash and cash equivalents, restricted cash, loan securities, loans receivable, interest rate hedge agreements, accounts receivable, accounts payable and long term debt. Under liquidation accounting, all financial instruments are recorded at their net realizable value. |
Derivative Financial Instruments | Derivative Financial Instruments The Liquidating Trust has exposure to fluctuations in market interest rates. The Liquidating Trust utilizes its interest rate cap agreements to manage interest rate risk and does not intend to enter into derivative transactions for speculative or trading purposes. As these instruments will not be converted into cash or other consideration, derivative financial instruments were valued at $0 as of August 1, 2014 in accordance with liquidation accounting. These financial instruments are still in place as of December 31, 2016. |
Revenue Recognition | Revenue Recognition Pursuant to the terms of the lease agreements with respect to net lease properties, the tenant at each property is required to pay all costs associated with the property including property taxes, ground rent, maintenance costs and insurance. These costs are not reflected in the consolidated financial statements. To the extent any of these tenants defaults under its lease and fails to pay such costs, the Liquidating Trust will record a liability for such obligations. Tenant leases that are not net leases generally provide for (i) billings of fixed minimum rental and (ii) billings of certain operating costs. Winthrop accrued the recovery of operating costs based on actual costs incurred. Under liquidation accounting, the Liquidating Trust has accrued all income that it expects to earn through the end of liquidation to the extent it has a reasonable basis for estimation. These amounts are classified in liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statements of Net Assets. |
Income Taxes | Income Taxes Winthrop operated in a manner which qualified it as a REIT for tax purposes. In order to qualify as a REIT, Winthrop was generally required each year to distribute to its shareholders at least 90% of its taxable income (excluding any net capital gains). There is also a separate requirement to distribute net capital gains or pay a corporate level tax. Winthrop complied with the foregoing minimum dividend requirements through the date of transfer of its remaining assets and liabilities to the Liquidating Trust. Given the organizational structure, the Liquidating Trust will be treated as a partnership for federal and state income tax purposes. Accordingly, no provision or benefit for income taxes is made in the consolidated financial statements as taxable income or loss passes through to, and is the responsibility of, the unitholders. Winthrop and the Liquidating Trust reviewed its tax positions under accounting guidance which require that a tax position may only be recognized in the financial statements if it is more likely than not that the tax position will prevail if challenged by taxing authorities. Winthrop and the Liquidating Trust believe it is more likely than not that its tax positions will be sustained in any tax examination. Winthrop and the Liquidating Trust had no deferred tax assets or deferred tax liabilities associated with any such uncertain tax positions for the operations of any entity included in the Consolidated Financial Statements. The only provision for federal income taxes relates to the TRS and is included in the liability for estimated costs in excess of estimated receipts during liquidation. Winthrop’s and the Liquidating Trust’s tax returns are subject to audit by taxing authorities. The tax years 2013 – 2016 remain open to examination by major taxing jurisdictions to which Winthrop was subject. The Liquidating Trust’s initial tax return will be filed in 2017. |
Liability for Estimated Costs23
Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Summary of Accrued Revenues and Expenses Expected to Incur During Liquidation | As of December 31, 2016 and 2015, the Liquidating Trust and Winthrop, respectively, had accrued the following revenues and expenses expected to be earned or incurred during liquidation (in thousands): December 31, 2016 December 31, 2015 Rents and reimbursements $ 14,369 $ 29,636 Interest and dividends 1,036 3,646 Property operating expenses (4,803 ) (10,756 ) Interest expense (4,911 ) (7,546 ) General and administrative expenses (24,866 ) (34,264 ) Capital expenditures (1,159 ) (4,027 ) Sales costs (2,852 ) (5,986 ) Liability for estimated costs in excess of estimated receipts during liquidation $ (23,186 ) $ (29,297 ) |
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 December 31, 2016 is as follows (in thousands): December 31, 2015 Cash Payments Remeasurement Consolidation (1) December 31, 2016 Assets: Estimated net inflows from investments in real estate, loans receivable and secured financing receivable $ 10,523 $ (4,847 ) $ (978 ) $ (1,306 ) $ 3,392 Liabilities: Sales costs (5,986 ) 3,215 363 (443 ) (2,851 ) Corporate expenditures (33,834 ) 7,351 2,756 — (23,727 ) (39,820 ) 10,566 3,119 (443 ) (26,578 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (29,297 ) $ 5,719 $ 2,141 $ (1,749 ) $ (23,186 ) (1) Due to a change in exit strategy, the venture that owns property in Oklahoma City, Oklahoma is no longer accounted for using the equity method. See Note 3 – Basis of Presentation for the Liquidating Trust’s policy on accounting for joint ventures. The change in the liability for estimated costs in excess of estimated receipts during liquidation as of December 31, 2015 is as follows (in thousands): December 31, 2014 Cash Payments Remeasurement Deconsolidation (1) December 31, 2015 Assets: Estimated net inflows from investments in real estate, loans receivable and secured financing receivable $ 25,169 $ (12,551 ) $ (2,149 ) $ 54 $ 10,523 Liabilities: Sales costs (11,840 ) 1,012 423 4,419 (5,986 ) Corporate expenditures (44,582 ) 12,471 (1,723 ) — (33,834 ) (56,422 ) 13,483 (1,300 ) 4,419 (39,820 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (31,253 ) $ 932 $ (3,449 ) $ 4,473 $ (29,297 ) (1) Due to a change in exit strategy, the venture that owns the property located at 450 W 14 th |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Summary of Loans Receivable | Loans receivable at December 31, 2016 and 2015 are as follows (in thousands): Carrying Amount (1) Contractual Description Loan Position Stated December 31, December 31, Jacksonville (2) Whole Loan LIBOR + 5% $ 8,400 $ — 07/01/19 Poipu Shopping Village (3) B-Note N/A — 2,769 N/A Mentor Building (3) Whole Loan N/A — 2,511 N/A Rockwell (4) Mezzanine N/A — — N/A Churchill (5) Whole Loan N/A — — N/A $ 8,400 $ 5,280 (1) The carrying amount represents the estimated amount expected to be collected on disposition of the loan plus contractual interest receivable. (2) The loan has an interest rate floor of 6% and an interest rate ceiling of 8%. (3) The loan was repaid in full during 2016. (4) The senior lien holder foreclosed on the property on June 2, 2016. (5) The loan was fully satisfied for a discounted payoff amount of $100 in October 2016. |
Activity Related to Loans Receivable | Activity related to loans receivable is as follows (in thousands): Year Ended Year Ended December 31, 2016 December 31, 2015 Balance at beginning of year $ 5,280 $ 24,005 Purchase and advances 9,035 — Interest received, net (28 ) (190 ) Repayments/sale proceeds (5,987 ) (18,535 ) Change in liquidation value 100 — Balance at end of year $ 8,400 $ 5,280 |
Loans Receivable by Internal Credit Rating | The table below summarizes the Liquidating Trust’s loans receivable by internal credit rating at December 31, 2016 and 2015 (in thousands, except for number of loans): December 31, 2016 December 31, 2015 Liquidation Liquidation Number of Value of Loans Number of Value of Loans Internal Credit Quality Loans Receivable Loans Receivable Greater than zero 1 $ 8,400 2 $ 5,280 Equal to zero — — 1 — Less than zero — — 1 — 1 $ 8,400 4 $ 5,280 |
Equity Investments (Tables)
Equity Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Liquidating Trust's Nominal Ownership Percentages in its Equity Investments | The Liquidating Trust’s nominal ownership percentages in its equity investments consist of the following at December 31, 2016 and December 31, 2015: Venture Partner Equity Investment Nominal % Ownership at Nominal % Ownership at Atrium Holding RE CDO Management LLC 50.0% 50.0% 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 (1) 701 Seventh WRT Investor LLC 80.5% 81.0% Serure/C&B High Line (2) 446 High Line LLC 72.0% 83.6% Elad Canada Ltd (3) WRT One South State Lender LP N/A 50.0% Elad Canada Ltd (3) WRT-Elad N/A 50.0% Freed (3) Mentor Retail LLC N/A 49.9% RS Summit Pointe (4) RS Summit Pointe Apartments LLC N/A 80.0% (1) The investment in this venture provides the Liquidating Trust and Winthrop with a 60.72% and 61.14% effective ownership interest in the underlying property at December 31, 2016 and 2015, respectively. (2) Investment was reclassified as an equity investment as of December 31, 2015 due to a change in exit strategy. The investment was consolidated in previous filings. The nominal ownership percentage is based on the waterfall provision of the partnership. See Note 3 - Basis of Presentation for further discussion. (3) Winthrop’s investment was sold or fully redeemed during the year ended December 31, 2016. (4) Investment was reclassified as an investment in real estate as of November 30, 2016 due to a change in exit strategy. See Note 3 - Basis of Presentation for further discussion. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Mortgage Loans Payable | The Liquidating Trust’s mortgage loans payable at December 31, 2016 and Winthrop’s mortgage loans payable at December 31, 2015 are summarized as follows (in thousands): Location of Collateral Maturity Spread Over Interest Rate at December 31, December 31, Lisle, IL Mar 2017 — 5.55 % $ 5,230 $ 5,309 Orlando, FL Jul 2017 — 6.40 % 34,950 35,668 Plantation, FL Apr 2018 — 6.48 % 10,255 10,406 Houston, TX (2) Jun 2018 Libor + 2.75% 3.52 % 45,000 — Oklahoma City, OK (3) Feb 2021 — 5.70 % 8,790 — Churchill, PA Aug 2024 — 3.50 % 4,601 4,782 Chicago, IL (4) N/A — N/A — 19,104 Houston, TX (5) N/A — N/A — 44,319 Stamford, CT (5) N/A — N/A — 33,448 Greensboro, NC (6) N/A — N/A — 13,600 Lisle, IL (7) N/A — N/A — 5,459 $ 108,826 $ 172,095 (1) The one-month one-month (2) The property was financed on June 9, 2016. Winthrop purchased an interest rate cap which caps LIBOR at 1.5%. (3) The property was reclassified as an investment in real estate as of November 30, 2016 due to a change in exit strategy. The property was classified as an equity investment in previous filings. See Note 3 – Basis of Presentation. (4) The loan was repaid in full on April 28, 2016. (5) These properties were cross-collateralized. Proceeds from property sales went 100% to repay the mortgage loan. The loan was repaid in full on May 19, 2016. (6) The loan was repaid in full on May 12, 2016. (7) The loan was repaid in full on August 19, 2016. |
Summary of the Future Principal Repayments Of Mortgage Loans Payable | The following table summarizes future principal repayments of mortgage loans payable as of December 31, 2016 (in thousands): Year Amount 2017 40,798 2018 55,644 2019 632 2020 755 2021 8,771 Thereafter 2,226 $ 108,826 |
Federal and State Income Taxes
Federal and State Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Summary Cash Dividends Per Common Share for Individual Shareholder | The 2016 and 2015 dividends per Common Share from Winthrop for an individual shareholder’s income tax purposes were as follows: Cash Non-Cash Total Ordinary Capital Nontaxable Liquidating Liquidating Dividends Dividends Gains Distribution Distribution Distribution Paid 2016 $ — $ — $ — $ 3.25 $ 9.21 $ 12.46 2015 — — — 4.50 — 4.50 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Fees and Reimbursements Paid or Accrued by Winthrop and Liquidating Trust | The following table sets forth the fees and reimbursements paid or accrued by Winthrop and the Liquidating Trust for the years ended December 31, 2016 and 2015 to FUR Advisors and Winthrop Management (in thousands): For the Years Ended December 31, 2016 2015 Base Asset Management Fee (1) $ 4,575 $ 6,367 Property Management Fee 633 974 Construction Management Fee 3 130 $ 5,211 $ 7,471 (1) Includes fees on third party contributions of $10 and $27 for the years ended December 31, 2016 and 2015, respectively. |
Future Minimum Lease Payments (
Future Minimum Lease Payments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Future Minimum Lease Payments | Future minimum lease payments scheduled to be received under non-cancellable Year Amount 2017 $ 9,291 2018 4,443 2019 4,044 2020 2,935 2021 2,113 Thereafter 15,081 $ 37,907 |
Plan of Liquidation - Additiona
Plan of Liquidation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Business Acquisition [Line Items] | |
Liquidation date on which disposition of assets completes | Aug. 5, 2016 |
Description of liquidation plan | The Liquidating Trust will terminate upon the earlier of (i) the distribution of all of the remaining assets of the Liquidating Trust in accordance with the terms of the Liquidating Trust Agreement, or (ii) August 5, 2019. The Liquidating Trust may be extended beyond August 5, 2019 if the trustees of the Liquidating Trust determine that an extension is reasonably necessary to fulfill the purpose of the Liquidating Trust. Although no assurances can be given, it is anticipated that the plan of liquidation will be completed by December 31, 2018. |
Liquidating Trust [Member] | |
Business Acquisition [Line Items] | |
Liquidation date on which disposition of assets completes | Dec. 31, 2018 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Aug. 01, 2014 | |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Original maturity period of highly liquid investments | Three months or less | |
Deferred financing cost | $ 0 | |
Derivative financial instruments | $ 0 | |
Percentage of taxable income distributed to shareholders | 90.00% | |
Deferred tax assets and liabilities, net | $ 0 | |
Liquidation Value [Member] | ||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Provision or benefit for income taxes | $ 0 |
Liability for Estimated Costs32
Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation - Summary of Accrued Revenues and Expenses Expected to Incur During Liquidation (Detail) - Liquidation Value [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Liquidation Basis Of Accounting [Line Items] | ||
Rents and reimbursements | $ 14,369 | |
Interest and dividends | 1,036 | |
Property operating expenses | (4,803) | |
Interest expense | (4,911) | |
General and administrative expenses | (24,866) | |
Capital expenditures | (1,159) | |
Sales costs | (2,852) | |
Liability for estimated costs in excess of estimated receipts during liquidation | $ (23,186) | |
Winthrop Realty Trust [Member] | ||
Liquidation Basis Of Accounting [Line Items] | ||
Rents and reimbursements | $ 29,636 | |
Interest and dividends | 3,646 | |
Property operating expenses | (10,756) | |
Interest expense | (7,546) | |
General and administrative expenses | (34,264) | |
Capital expenditures | (4,027) | |
Sales costs | (5,986) | |
Liability for estimated costs in excess of estimated receipts during liquidation | $ (29,297) |
Liability for Estimated Costs33
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 | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||
Remeasurement of Assets and Liabilities | $ (2,141) | $ 3,449 |
Liquidation Value [Member] | ||
Business Acquisition [Line Items] | ||
Total liability for estimated costs in excess of estimated receipts during liquidation, beginning balance | (29,297) | (31,253) |
Cash Payments (Receipts) | (5,719) | 932 |
Remeasurement of Assets and Liabilities | (2,141) | (3,449) |
Consolidation | 1,749 | |
Deconsolidation | (4,473) | |
Total liability for estimated costs in excess of estimated receipts during liquidation, ending balance | (23,186) | (29,297) |
Liquidation Value [Member] | Assets [Member] | ||
Business Acquisition [Line Items] | ||
Estimated net inflows from investments in real estate, loans receivable and secured financing receivable, beginning balance | 10,523 | 25,169 |
Cash Payments (Receipts) | 4,847 | (12,551) |
Remeasurement of Assets and Liabilities | 978 | (2,149) |
Consolidation | 1,306 | |
Deconsolidation | (54) | |
Estimated net inflows from investments in real estate, loans receivable and secured financing receivable, ending balance | 3,392 | 10,523 |
Liability [Member] | Liquidation Value [Member] | ||
Business Acquisition [Line Items] | ||
Total liability for estimated costs, beginning balance | (39,820) | (56,422) |
Cash Payments (Receipts) | 10,566 | 13,483 |
Remeasurement of Assets and Liabilities | 3,119 | 1,300 |
Consolidation | (443) | |
Deconsolidation | 4,419 | |
Total liability for estimated costs, ending balance | (26,578) | (39,820) |
Liability [Member] | Liquidation Value [Member] | Sales Costs [Member] | ||
Business Acquisition [Line Items] | ||
Total liability for estimated costs, beginning balance | (5,986) | (11,840) |
Cash Payments (Receipts) | 3,215 | 1,012 |
Remeasurement of Assets and Liabilities | 363 | 423 |
Consolidation | (443) | |
Deconsolidation | 4,419 | |
Total liability for estimated costs, ending balance | (2,851) | (5,986) |
Liability [Member] | Liquidation Value [Member] | Corporate Expenditures [Member] | ||
Business Acquisition [Line Items] | ||
Total liability for estimated costs, beginning balance | (33,834) | (44,582) |
Cash Payments (Receipts) | 7,351 | 12,471 |
Remeasurement of Assets and Liabilities | 2,756 | (1,723) |
Total liability for estimated costs, ending balance | $ (23,727) | $ (33,834) |
Net Assets in Liquidation - Add
Net Assets in Liquidation - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Reorganizations [Abstract] | ||
Increase (Decrease) in net assets on liquidation | $ (188,469,000) | $ (78,308,000) |
Liquidating distributions to holders of Common Shares | 173,019,000 | 81,956,000 |
Change in liquidation value of investments in real estate | (21,900,000) | (3,363,000) |
Change in liquidation value of equity investments | 3,142,000 | 10,343,000 |
Remeasurement of assets and liabilities | 2,141,000 | (3,449,000) |
Change in estimated liability for non-controlling interests | $ 1,067,000 | 1,445,000 |
Change in liquidation value of loan securities | (918,000) | |
Liquidation distribution per unit | $ 9 | |
Net assets in liquidation | $ 327,927,000 | 516,396,000 |
Additional cumulative liquidating distributions to holders of Units or Common Shares | $ 336,934,000 | $ 163,915,000 |
Additional cumulative liquidating distribution per share/unit | $ 9.25 | $ 4.50 |
Cumulative liquidating distribution per units/share | $ 18.25 | $ 18.68 |
Common shares, outstanding | 36,425,084 | 36,425,084 |
Investment and Disposition Ac35
Investment and Disposition Activities - Additional Information (Detail) - USD ($) | Nov. 01, 2016 | Oct. 05, 2016 | Aug. 11, 2016 | Jul. 29, 2016 | May 19, 2016 | May 12, 2016 | Apr. 27, 2016 | Apr. 13, 2016 | Jun. 01, 2015 | Mar. 01, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 10, 2016 | Feb. 29, 2016 | Jan. 21, 2016 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Loans receivable, net | $ 8,400,000 | $ 5,280,000 | $ 24,005,000 | ||||||||||||||||
Gross proceeds from sale of equity investments | $ 82,471,000 | ||||||||||||||||||
Outstanding principal balance on loan receivable | 8,400,000 | 5,280,000 | $ 24,005,000 | $ 101,100,000 | |||||||||||||||
Mortgage loans payable | $ 108,826,000 | ||||||||||||||||||
Maturity date | Aug. 15, 2022 | ||||||||||||||||||
Mortgage loans, outstanding balance | [1] | $ 8,400,000 | |||||||||||||||||
Mortgage loans, outstanding balance | 203,466,000 | ||||||||||||||||||
Amount available to be drawn down | 326,993,000 | ||||||||||||||||||
Liquidation Value [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Loans receivable, net | $ 2,756,000 | ||||||||||||||||||
EB5 Mezzanine Loan [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Mortgage loans, outstanding balance | 195,000,000 | ||||||||||||||||||
Mortgage Loans Payable [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Mortgage loans payable | $ 108,826,000 | ||||||||||||||||||
LIBOR floor rate | 0.77167% | 0.4295% | |||||||||||||||||
Drawn down amount of loan | $ 237,500,000 | ||||||||||||||||||
Mortgage loans, outstanding balance | 240,041,000 | ||||||||||||||||||
Mezzanine [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Drawn down amount of loan | 176,000,000 | ||||||||||||||||||
Mentor Retail LLC [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Loans receivable, net | $ 2,510,000 | $ 2,511,000 | |||||||||||||||||
Lake Brandt, Greensboro, North Carolina [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Liquidation value of property | 20,000,000 | ||||||||||||||||||
Proceeds from sale of real estate, net | $ 20,000,000 | ||||||||||||||||||
Proceeds from sale of real estate, gross | $ 6,296,000 | ||||||||||||||||||
446 High Line LLC [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Loans receivable, net | $ 3,175,000 | ||||||||||||||||||
Capital contributions | 2,540,000 | ||||||||||||||||||
Short term loan | $ 635,000 | ||||||||||||||||||
Interest rate on mortgage loans | 12.00% | ||||||||||||||||||
701 Seventh WRT Investor LLC [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Capital contributions | 115,489,000 | ||||||||||||||||||
Additional capital contributions | 8,865,000 | ||||||||||||||||||
Mortgage loans payable | $ 510,000,000 | ||||||||||||||||||
Mezzanine loan payable | $ 255,500,000 | ||||||||||||||||||
LIBOR floor rate | 0.40% | ||||||||||||||||||
Maturity date | Nov. 9, 2018 | ||||||||||||||||||
701 Seventh WRT Investor LLC [Member] | Mortgage and Mezzanine Loans [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Loans payable | $ 615,000,000 | ||||||||||||||||||
701 Seventh WRT Investor LLC [Member] | EB5 Mezzanine Loan [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Mezzanine loan payable | $ 200,000,000 | ||||||||||||||||||
Interest Rate | 5.90% | ||||||||||||||||||
701 Seventh WRT Investor LLC [Member] | LIBOR [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
LIBOR plus rate | 6.49% | ||||||||||||||||||
701 Seventh WRT Investor LLC [Member] | LIBOR [Member] | Mortgage and Mezzanine Loans [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
LIBOR plus rate | 8.00% | ||||||||||||||||||
Stamford, CT [Member] | Highgrove [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Liquidation value of property | 85,000,000 | ||||||||||||||||||
Proceeds from sale of real estate, net | $ 77,767,000 | ||||||||||||||||||
Proceeds from sale of real estate, gross | $ 87,500,000 | ||||||||||||||||||
Ownership percentage in real estate investment | 83.70% | ||||||||||||||||||
Buyer's deposit under the purchase contract | $ 5,000,000 | ||||||||||||||||||
Amount of deposits refunded to prior potential purchaser | $ 1,500,000 | $ 1,000,000 | |||||||||||||||||
Jacksonville, Florida [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Loans receivable, net | $ 8,400,000 | ||||||||||||||||||
Liquidation value of property | 11,432,000 | ||||||||||||||||||
Proceeds from sale of real estate, gross | $ 10,500,000 | ||||||||||||||||||
mortgage loans, ceiling interest rate | 8.00% | ||||||||||||||||||
Contractual Maturity Date | Jul. 1, 2019 | ||||||||||||||||||
Jacksonville, Florida [Member] | LIBOR [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Interest rate spread on mortgage loans | 5.00% | ||||||||||||||||||
mortgage loans, floor interest rate | 6.00% | ||||||||||||||||||
mortgage loans, ceiling interest rate | 8.00% | ||||||||||||||||||
Chicago, Illinois [Member] | One East Erie [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Liquidation value of property | 53,000,000 | ||||||||||||||||||
Proceeds from sale of real estate, net | $ 46,982,000 | ||||||||||||||||||
Proceeds from sale of real estate, gross | $ 47,900,000 | ||||||||||||||||||
Chicago, Illinois [Member] | Mentor Retail LLC [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Liquidation value of property | 2,986,000 | ||||||||||||||||||
Proceeds from sale of real estate, gross | $ 10,450,000 | ||||||||||||||||||
Nominal % Ownership | 49.90% | ||||||||||||||||||
Aggregate distributions from venture | $ 3,906,000 | ||||||||||||||||||
Chicago, Illinois [Member] | WRT One South State Lender LP and WRT Elad One South State Equity LP [Member]] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Gross proceeds from sale of equity investments | $ 95,270,000 | ||||||||||||||||||
Poipu Shopping Village [Member] | B Note [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Loans receivable, net | 2,769,000 | $ 2,741,000 | |||||||||||||||||
Churchill [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Loans receivable, net | $ 100,000 | $ 0 | |||||||||||||||||
Outstanding principal balance on loan receivable | 333,000 | ||||||||||||||||||
Loan discounted payoff amount | $ 100,000 | ||||||||||||||||||
New York, NY [Member] | 701 Seventh WRT Investor LLC [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Capital contributions | 128,502,000 | ||||||||||||||||||
Additional capital contributions | 13,013,000 | ||||||||||||||||||
New York, NY [Member] | 701 Seventh WRT Investor LLC [Member] | Subsequent Event [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Additional capital contributions | $ 0 | ||||||||||||||||||
New York, NY [Member] | 701 Seventh WRT Investor LLC [Member] | Liquidating Trust [Member] | |||||||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||||||
Capital contributions | $ 137,256,000 | ||||||||||||||||||
[1] | Carrying amount represents the estimated amount expected to be collected on disposition of the loan, plus contractual interest receivable at December 31, 2016. |
Investment and Disposition Ac36
Investment and Disposition Activities - 2015 Transactions - Additional Information (Detail) | Sep. 16, 2015USD ($) | Jul. 01, 2015USD ($) | Jun. 25, 2015USD ($)AssetsSecurityLoan | Jun. 01, 2015USD ($) | Apr. 14, 2015USD ($) | Feb. 05, 2015USD ($) | Jan. 02, 2015USD ($) | May 31, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($) | Oct. 09, 2015USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Investment And Disposition Activities [Line Items] | |||||||||||||||
Proceeds from sale of equity investments | $ 82,471,000 | ||||||||||||||
Distributions received | $ 4,959,000 | ||||||||||||||
Outstanding principal balance on loan receivable | $ 8,400,000 | $ 5,280,000 | $ 24,005,000 | $ 101,100,000 | |||||||||||
Edens Center and Norridge Commons [Member] | |||||||||||||||
Investment And Disposition Activities [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, Winthrop 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. | ||||||||||||||
Loan receivable | $ 3,100,000 | ||||||||||||||
Aggregate price in sale of general partnership interest | $ 493,000 | ||||||||||||||
Number of properties sold | Property | 2 | ||||||||||||||
Vintage Housing Holdings [Member] | |||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||
Additional contribution in equity investments | $ 5,645,000 | ||||||||||||||
Liquidation value of investment | 82,928,000 | ||||||||||||||
44 Monroe [Member] | Phoenix AZ [Member] | |||||||||||||||
Investment And Disposition Activities [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 | ||||||||||||||
Concord Debt Holdings LLC [Member] | |||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||
Distributions received | $ 20,173,000 | ||||||||||||||
CDH CDO LLC [Member] | |||||||||||||||
Investment And Disposition Activities [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 | ||||||||||||||
Cerritos [Member] | California [Member] | |||||||||||||||
Investment And Disposition Activities [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 | ||||||||||||||
701 Seventh WRT Investor LLC [Member] | |||||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||||
Additional capital contributions | 8,865,000 | ||||||||||||||
Capital contributions | $ 115,489,000 |
Loans Receivable - Summary of L
Loans Receivable - Summary of Loans Receivable (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 10, 2016 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, net | $ 8,400,000 | $ 5,280,000 | $ 24,005,000 | ||
Jacksonville, Florida [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, net | $ 8,400,000 | ||||
Contractual Maturity Date | Jul. 1, 2019 | ||||
Jacksonville, Florida [Member] | LIBOR [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Interest rate spread on LIBOR based mortgage loans | 5.00% | ||||
Jacksonville, Florida [Member] | Whole Loan [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, net | $ 8,400,000 | ||||
Contractual Maturity Date | Jul. 1, 2019 | ||||
Jacksonville, Florida [Member] | Whole Loan [Member] | LIBOR [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Interest rate spread on LIBOR based mortgage loans | 5.00% | ||||
Poipu Shopping Village [Member] | B Note [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, net | $ 2,769,000 | $ 2,741,000 | |||
Mentor Building [Member] | Whole Loan [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, net | $ 2,511,000 |
Loans Receivable - Summary of38
Loans Receivable - Summary of Loans Receivable (Parenthetical) (Detail) - USD ($) | Oct. 05, 2016 | Dec. 31, 2016 |
Jacksonville, Florida [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ceiling rate, percentage | 8.00% | |
Churchill [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan discounted payoff amount | $ 100,000 | |
Whole Loan [Member] | Jacksonville, Florida [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
LIBOR floor, percentage | 6.00% | |
Whole Loan [Member] | Churchill [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan discounted payoff amount | $ 100,000 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Aug. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, accrued interest | $ 0 | $ 28,000 | |
Weighted average coupon rate on loans receivable | 6.00% | 7.97% | |
Weighted average yield to maturity | 6.00% | 13.54% | |
Period for the return of assets | 2 years | ||
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% |
Loans Receivable - Activity Rel
Loans Receivable - Activity Related to Loans Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | |||
Balance at beginning of year | $ 5,280 | $ 24,005 | |
Purchase and advances | 9,035 | ||
Interest received, net | (28) | (190) | |
Repayments/sale proceeds | (5,987) | (18,535) | $ (120,194) |
Change in liquidation value | 100 | 5,098 | |
Balance at end of year | $ 8,400 | $ 5,280 | $ 24,005 |
Loans Receivable - Loans Receiv
Loans Receivable - Loans Receivable by Internal Credit Rating (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)SecurityLoan | Dec. 31, 2015USD ($)SecurityLoan | Dec. 31, 2014USD ($) | |
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Loans | SecurityLoan | 1 | 4 | |
Liquidation Value of Loans Receivable | $ | $ 8,400 | ||
Liquidation Value of Loans Receivable | $ | $ 8,400 | $ 5,280 | $ 24,005 |
Greater than Zero [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Loans | SecurityLoan | 1 | 2 | |
Liquidation Value of Loans Receivable | $ | $ 8,400 | ||
Liquidation Value of Loans Receivable | $ | $ 5,280 | ||
Equal to Zero [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Loans | SecurityLoan | 1 | ||
Less than Zero [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Loans | SecurityLoan | 1 |
Equity Investments - Liquidatin
Equity Investments - Liquidating Trust's Nominal Ownership Percentages in its Equity Investments (Detail) | Dec. 31, 2016 | Dec. 31, 2015 |
RE CDO Management LLC [Member] | Atrium Holding [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Nominal % Ownership | 50.00% | 50.00% |
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 | 80.50% | 81.00% |
446 High Line LLC [Member] | Serure CB High Line [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Nominal % Ownership | 72.00% | 83.60% |
WRT One South State Lender LP [Member] | Elad Canada Ltd [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Nominal % Ownership | 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% | |
Mentor Retail LLC [Member] | Freed [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Nominal % Ownership | 49.90% | |
RS Summit Pointe [Member] | RS Summit Pointe Apartments LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Nominal % Ownership | 80.00% |
Equity Investments - Liquidat43
Equity Investments - Liquidating Trust's Nominal Ownership Percentages in its Equity Investments (Parenthetical) (Detail) - New Valley/Witkoff [Member] - 701 Seventh WRT Investor LLC [Member] | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Effective ownership interest of trust in underlying property | 60.72% | |
Winthrop Realty Trust [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Effective ownership interest of trust in underlying property | 61.14% |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Mortgage loans payable | $ 108,826 | |
Winthrop Realty Trust [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable | $ 172,095 |
Debt - Mortgage Loans Payable (
Debt - Mortgage Loans Payable (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Mortgage loans payable | $ 108,826 | |
Winthrop Realty Trust [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable | $ 172,095 | |
Mortgage Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable | $ 108,826 | |
Mortgage Loans Payable [Member] | Winthrop Realty Trust [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable | 172,095 | |
Mortgage Loans Payable [Member] | Chicago, IL [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | N/A | |
Loan bears interest, description of variable rate basis | - | |
Mortgage Loans Payable [Member] | Chicago, IL [Member] | Winthrop Realty Trust [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable | 19,104 | |
Mortgage Loans Payable [Member] | Greensboro, North Carolina Sale [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | N/A | |
Loan bears interest, description of variable rate basis | - | |
Mortgage Loans Payable [Member] | Greensboro, North Carolina Sale [Member] | Winthrop Realty Trust [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable | 13,600 | |
Mortgage Loans Payable [Member] | Lisle IL [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | N/A | |
Loan bears interest, description of variable rate basis | - | |
Mortgage Loans Payable [Member] | Lisle IL [Member] | Winthrop Realty Trust [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable | 5,459 | |
Mortgage Loans Payable [Member] | Stamford, CT [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | N/A | |
Loan bears interest, description of variable rate basis | - | |
Mortgage Loans Payable [Member] | Stamford, CT [Member] | Winthrop Realty Trust [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable | 33,448 | |
Mortgage Loans Payable [Member] | Houston TX [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | N/A | |
Loan bears interest, description of variable rate basis | - | |
Mortgage Loans Payable [Member] | Houston TX [Member] | Winthrop Realty Trust [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable | 44,319 | |
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 | $ 5,230 | |
Mortgage Loans Payable [Member] | 5.55% Loan Due in Mar 2017 [Member] | Lisle IL [Member] | Winthrop Realty Trust [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable | 5,309 | |
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 | $ 34,950 | |
Mortgage Loans Payable [Member] | 6.40% Loan Due in Jul 2017 [Member] | Orlando FL [Member] | Winthrop Realty Trust [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable | 35,668 | |
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 | $ 10,255 | |
Mortgage Loans Payable [Member] | 6.48% Loan Due in Apr 2018 [Member] | Plantation FL [Member] | Winthrop Realty Trust [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable | 10,406 | |
Mortgage Loans Payable [Member] | 3.22% Loan Due in Jun 2018 [member] | Houston TX [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | Jun 2,018 | |
Loan bears interest, description of variable rate basis | Libor + 2.75% | |
Interest Rate | 3.52% | |
Mortgage loans payable | $ 45,000 | |
Mortgage Loans Payable [Member] | 5.70% Loan Due in Feb 2021 [Member] | Oklahoma City OK [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | Feb 2,021 | |
Loan bears interest, description of variable rate basis | - | |
Interest Rate | 5.70% | |
Mortgage loans payable | $ 8,790 | |
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 | $ 4,601 | |
Mortgage Loans Payable [Member] | 3.50% Loan Due in Aug 2024 [Member] | Churchill [Member] | Winthrop Realty Trust [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable | $ 4,782 |
Debt - Mortgage Loans Payable46
Debt - Mortgage Loans Payable (Parenthetical) (Detail) - Mortgage Loans Payable [Member] | Aug. 19, 2016 | May 19, 2016 | May 12, 2016 | Apr. 28, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||||
LIBOR rate | 0.77167% | 0.4295% | ||||
Chicago, IL [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Date of loan repayment | Apr. 28, 2016 | |||||
Greensboro, North Carolina Sale [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Date of loan repayment | May 12, 2016 | |||||
Lisle IL [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Date of loan repayment | Aug. 19, 2016 | |||||
Houston, TX and Stamford, CT [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Date of loan repayment | May 19, 2016 | |||||
Percentage of proceeds from sale of property used to repay mortgage | 100.00% | |||||
3.22% Loan Due in Jun 2018 [member] | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage loan, LIBOR rate | 1.50% |
Debt - Summary of the Future Pr
Debt - Summary of the Future Principal Repayments Of Mortgage Loans Payable (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 40,798 |
2,018 | 55,644 |
2,019 | 632 |
2,020 | 755 |
2,021 | 8,771 |
Thereafter | 2,226 |
Future principal repayments | $ 108,826 |
Senior Notes Payable - Addition
Senior Notes Payable - Additional Information (Detail) - USD ($) | Aug. 15, 2015 | Dec. 31, 2016 | Aug. 31, 2012 |
Debt Instrument [Line Items] | |||
Senior notes payable | $ 86,250,000 | ||
Senior notes issue price | 100.00% | ||
Senior notes interest rate | 7.75% | ||
Maturity period of the assumed debt | Aug. 15, 2022 | ||
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 |
Federal and State Income Taxe49
Federal and State Income Taxes - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Auction Market Preferred Securities, Stock Series [Line Items] | |
Percentage of taxable income distributed to shareholders | 90.00% |
Minimum [Member] | |
Auction Market Preferred Securities, Stock Series [Line Items] | |
Percentage of taxable income distributed to shareholders | 90.00% |
Federal and State Income Taxe50
Federal and State Income Taxes - Summary Cash Dividends Per Common Share for Individual Shareholder (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Cash dividends per Common Share | $ 12.46 | $ 4.50 |
Cash Liquidating Distribution [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Cash dividends per Common Share | 3.25 | $ 4.50 |
Non-Cash Liquidating Distribution [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Cash dividends per Common Share | $ 9.21 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Property, Plant and Equipment [Line Items] | |
Ground lease commitments, 2017 | $ 9,291,000 |
Ground lease commitments, 2018 | 4,443,000 |
Ground lease commitments, 2019 | 4,044,000 |
Ground lease commitments, 2020 | 2,935,000 |
Ground lease commitments, 2021 | 2,113,000 |
Ground lease commitments, Thereafter | 15,081,000 |
701 Seventh WRT Investor LLC [Member] | |
Property, Plant and Equipment [Line Items] | |
Future funding commitments | $ 8,754,000 |
FLORIDA | |
Property, Plant and Equipment [Line Items] | |
Expiration date | Dec. 31, 2017 |
Ground lease, rent expense | $ 2 |
New York, NY [Member] | Ground Lease [Member] | |
Property, Plant and Equipment [Line Items] | |
Ground lease commitments, 2017 | 1,656,000 |
Ground lease commitments, 2018 | 1,791,000 |
Ground lease commitments, 2019 | 1,844,000 |
Ground lease commitments, 2020 | 1,900,000 |
Ground lease commitments, 2021 | 1,957,000 |
Ground lease commitments, Thereafter | $ 101,927,000 |
Expiration date | Jun. 1, 2053 |
Chicago, IL [Member] | Ground Lease [Member] | |
Property, Plant and Equipment [Line Items] | |
Ground lease commitments, 2017 | $ 440,000 |
Ground lease commitments, 2018 | 440,000 |
Ground lease commitments, 2019 | 440,000 |
Ground lease commitments, 2020 | 440,000 |
Ground lease commitments, 2021 | 440,000 |
Ground lease commitments, Thereafter | $ 5,607,000 |
Expiration date | Sep. 19, 2034 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Management fees | $ 4,914,000 | |
FUR Advisors [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage of equity contributions | 1.50% | |
Percentage of equity contributions by unaffiliated third parties | 0.25% | |
Percentage of amount available for distribution in excess of threshold amount | 20.00% | |
Threshold amount | $ 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 | $ 271,614,000 | |
Per share Threshold amount required to be distributed | $ 7.58 | |
Incentive fees | $ 8,319,000 | |
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% | |
Additional liquidating distributions per unit | $ 4.65 | |
Base asset management fee | $ 9,496,000 | |
Additional liquidating distributions paid per common share | $ 5.69 | |
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 Liquidating Trust or with cause by the Advisor, or (ii) a disposition of all or substantially all of the Liquidating Trust’s assets. The termination fee, if payable, is equal to the lesser of (i) the base management fee paid to the 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 Liquidating 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, 20% of any liquidating distributions paid on account of the Units at such time as the threshold amount is reduced to $104,980,000, which, based on current estimates, will be achieved at such time as additional liquidating distributions of approximately $4.65 per Unit in excess of the Growth Factor have been paid. | |
Termination fees | $ 9,496,000 | |
Payable to related parties included in related party fees payable | 880,000 | |
FUR Advisors [Member] | US Treasury Bill Securities [Member] | ||
Related Party Transaction [Line Items] | ||
Period for growth factor on incentive | 5 years | |
Winthrop Management LP [Member] | ||
Related Party Transaction [Line Items] | ||
Payable to related parties included in related party fees payable | 68,000 | |
Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Management fees | $ 880,000 |
Related-Party Transactions - Fe
Related-Party Transactions - Fees and Reimbursements Paid or Accrued by Winthrop and Liquidating Trust (Detail) - Winthrop Management [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Fees and reimbursements paid by the Trust | $ 5,211 | $ 7,471 |
Base Asset Management Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Fees and reimbursements paid by the Trust | 4,575 | 6,367 |
Property Management Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Fees and reimbursements paid by the Trust | 633 | 974 |
Construction Management Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Fees and reimbursements paid by the Trust | $ 3 | $ 130 |
Related-Party Transactions - 54
Related-Party Transactions - Fees and Reimbursements Paid or Accrued by Winthrop and Liquidating Trust (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
FUR Advisors [Member] | ||
Related Party Transaction [Line Items] | ||
Management fee paid | $ 10 | $ 27 |
Common Share Options and Rest55
Common Share Options and Restricted Share Grants - Additional Information (Detail) - shares | May 28, 2013 | Feb. 28, 2013 | Dec. 31, 2016 | May 31, 2013 | May 21, 2013 | Feb. 01, 2013 |
Restricted Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued | 0 | |||||
Shares outstanding | 0 | |||||
Long Term Incentive 2007 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized for issuance | 1,000,000 | |||||
Stock options issued | 0 | |||||
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 |
Future Minimum Lease Payments -
Future Minimum Lease Payments - Future Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Leases [Abstract] | |
2,017 | $ 9,291 |
2,018 | 4,443 |
2,019 | 4,044 |
2,020 | 2,935 |
2,021 | 2,113 |
Thereafter | 15,081 |
Total | $ 37,907 |
Future Minimum Lease Payments57
Future Minimum Lease Payments - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Siemens Real Estate [Member] | ||
Future Minimum Leases Payments Under Leases [Line Items] | ||
Total contribution of base rental | 37.10% | 24.70% |
AT&T [Member] | ||
Future Minimum Leases Payments Under Leases [Line Items] | ||
Total contribution of base rental | 14.80% |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Accumulated Depreciation | $ (14,023) | $ (23,584) | $ (30,627) | $ (56,448) | |
Net Liquidation Adjustment | (52,590) | ||||
Total | 200,675 | $ 377,446 | $ 587,952 | $ 670,868 | |
Office [Member] | Orlando [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 34,950 | ||||
Initial Cost to Company, Building and Improvements | 17,248 | ||||
Building and Improvements | 17,290 | ||||
Accumulated Depreciation | [1] | (4,196) | |||
Total | $ 13,094 | ||||
Date Acquired | 2004-11 | ||||
Life | 40 years | ||||
Office [Member] | Plantation [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 10,255 | ||||
Initial Cost to Company, Building and Improvements | 8,915 | ||||
Land | 4,000 | ||||
Building and Improvements | 8,935 | ||||
Accumulated Depreciation | [1] | (2,169) | |||
Total | $ 10,766 | ||||
Date Acquired | 2004-11 | ||||
Life | 40 years | ||||
Office [Member] | Lisle 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company, Land | $ 3,774 | ||||
Initial Cost to Company, Building and Improvements | 16,371 | ||||
Land | 3,774 | ||||
Building and Improvements | 9,751 | ||||
Accumulated Depreciation | [1] | (806) | |||
Total | $ 12,719 | ||||
Date Acquired | 2006-02 | ||||
Life | 40 years | ||||
Office [Member] | Lisle 2 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 5,230 | ||||
Initial Cost to Company, Land | 780 | ||||
Initial Cost to Company, Building and Improvements | 2,803 | ||||
Land | 780 | ||||
Building and Improvements | 3,521 | ||||
Accumulated Depreciation | [1] | (690) | |||
Total | $ 3,611 | ||||
Date Acquired | 2006-02 | ||||
Life | 40 years | ||||
Other [Member] | Churchill [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 4,601 | ||||
Initial Cost to Company, Building and Improvements | 23,834 | ||||
Building and Improvements | 11,705 | ||||
Accumulated Depreciation | [1] | (4,301) | |||
Total | $ 7,404 | ||||
Date Acquired | 2004-11 | ||||
Life | 40 years | ||||
Other [Member] | Houston [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 45,000 | ||||
Initial Cost to Company, Land | 16,167 | ||||
Initial Cost to Company, Building and Improvements | 88,769 | ||||
Land | 16,167 | ||||
Building and Improvements | 86,033 | ||||
Accumulated Depreciation | [1] | (1,861) | |||
Total | $ 100,339 | ||||
Date Acquired | 2013-10 | ||||
Life | 40 years | ||||
Other [Member] | Oklahoma City OK [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 8,790 | ||||
Initial Cost to Company, Land | 1,328 | ||||
Initial Cost to Company, Building and Improvements | 13,351 | ||||
Land | 1,328 | ||||
Building and Improvements | 13,754 | ||||
Total | $ 15,082 | ||||
Date Acquired | 2013-10 | ||||
Life | 40 years | ||||
Net Liquidation Adjustment [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Net Liquidation Adjustment | [2] | $ 23,637 | |||
Total | [2] | 23,637 | |||
Liquidation Value [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 108,826 | ||||
Initial Cost to Company, Land | 22,049 | ||||
Initial Cost to Company, Building and Improvements | 171,291 | ||||
Land | 26,049 | ||||
Building and Improvements | 150,989 | ||||
Accumulated Depreciation | [1] | (14,023) | |||
Net Liquidation Adjustment | [2] | 23,637 | |||
Total | $ 186,652 | ||||
[1] | Depreciation expense will not be recorded subsequent to July 31, 2014 as a result of the adoption of our plan of liquidation. | ||||
[2] | Under the liquidation basis of accounting, our real estate holding are now carried at their estimated value. As a result, the net liquidation adjustment is the net adjustment that we have made to the carrying value of the property in order to reflect its fair value. |
Schedule III - Changes in Real
Schedule III - Changes in Real Estate (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2014 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||
Beginning balance | $ 353,862 | |
Capital expenditures | 3,301 | |
Consolidations | 15,082 | |
Liquidation adjustment, net | (52,590) | |
Disposals | (129,095) | |
Impairments | (3,908) | $ (9,287) |
Ending balance | $ 186,652 |
Schedule III - Reconciliation o
Schedule III - Reconciliation of Real Estate Assets and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Real Estate | ||||
Balance at beginning of period | $ 377,446 | $ 587,952 | $ 670,868 | |
Additions during the period: | ||||
Other acquisitions | 55,923 | |||
Improvements, etc. | 3,301 | 3,632 | 10,273 | |
Consolidation of property | 15,082 | |||
Liquidation adjustment | 166,603 | |||
Deductions during this period: | ||||
Cost of real estate sold | (138,656) | (82,793) | (99,679) | |
Asset impairments | (3,908) | (9,287) | ||
Deconsolidation of property | (118,765) | (140,491) | ||
Liquidation adjustment | (52,590) | (12,580) | ||
Disposal of fully amortized assets | (5,293) | |||
Transfer of discontinued operations | (60,965) | |||
Balance at end of period | 200,675 | 377,446 | 587,952 | |
Accumulated Depreciation | ||||
Balance at beginning of period | 23,584 | 30,627 | 56,448 | |
Additions charged to operating expenses | 10,595 | |||
Disposal of properties | (9,561) | (2,227) | (5,268) | |
Deconsolidation of property | (4,816) | (16,017) | ||
Transfer to discontinued operations, net | [1] | (9,838) | ||
Disposal of fully amortized assets | (5,293) | |||
Balance at end of period | $ 14,023 | $ 23,584 | $ 30,627 | |
[1] | In 2014, the Englewood, Colorado; Chicago, Illinois (River City); Louisville, Kentucky; and Amherst, New York properties were placed into discontinued operations. |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2016 | ||
Mortgage Loans on Real Estate [Line Items] | |||
Senior Liens | $ 0 | ||
Face Value | 8,400 | ||
Outstanding Principal | 8,400 | ||
Carrying Amount | [1] | $ 8,400 | |
Jacksonville, Florida [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Contractual Maturity Date | Jul. 1, 2019 | ||
Whole Loan [Member] | Jacksonville, Florida [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Location | Jacksonville, FL | ||
Contractual Maturity Date | Jul. 1, 2019 | ||
Periodic Payment Terms | Interest Only | ||
Senior Liens | $ 0 | ||
Face Value | 8,400 | ||
Outstanding Principal | 8,400 | ||
Carrying Amount | [1] | $ 8,400 | |
Loan bearing interest, terms | LIBOR + 5% | ||
[1] | Carrying amount represents the estimated amount expected to be collected on disposition of the loan, plus contractual interest receivable at December 31, 2016. |
Schedule IV - Mortgage Loans 62
Schedule IV - Mortgage Loans on Real Estate - Reconciliation of Mortgage Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Abstract] | |||
Beginning balance | $ 5,280 | $ 24,005 | $ 101,100 |
Purchase and advances | 9,135 | 35,992 | |
Interest received, net | (28) | (190) | (283) |
Repayments / Sale Proceeds | (5,987) | (18,535) | (120,194) |
Loan accretion | 2,086 | ||
Discount accretion received in cash | (5,865) | ||
Liquidation adjustment | 6,071 | ||
Change in liquidation value | 100 | 5,098 | |
Ending balance | $ 8,400 | $ 5,280 | $ 24,005 |