BOSTON, MA -- Winthrop Realty Trust (NYSE:FUR) today announced that its 54,000 square foot property located at 1050 Warrenville Road, Lisle, Illinois has been fully leased. The property, which was vacant when acquired in January 2006 by a joint venture 60% owned by Winthrop for a purchase price of $3,500,000, has been leased for an 11 year initial term to Joseph T. Ryerson & Son, Inc., a subsidiary of Ryerson, Inc., a leading distributors and processors of metals. The tenant is obligated to pay annual rent commencing with the second lease year of $768,695 increasing to $1,039,067 in the final lease year of the initial term.
Winthrop also announced that it has entered into a joint venture agreement with Vision Property Services of which Winthrop will participate, to acquire multi-family apartment properties. Vision Property Services, a Denver based company, specializes in the acquisition of value added class B and C garden apartment complexes. Vision currently holds ownership interests in 10 multi-family apartment properties. Pursuant to the joint venture arrangement, Winthrop will acquire 90% of the equity of any future properties acquired by the joint venture. In connection with entering into the joint venture, Winthrop made a $1,250,000 term loan to Vision which bears interest at 15% per annum. Winthrop also made a $1,000,000 line of credit available to Vision to fund working capital, which bears interest at 12% per annum.
Winthrop Realty Trust is a NYSE-listed real estate investment trust (REIT) headquartered in Boston, Massachusetts. Additional information on Winthrop Realty Trust is available on its Web site at www.winthropreit.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: With the exception of the historical information contained in this news release, the matters described herein contain "forward-looking" statements that involve risk and uncertainties that may individually or collectively impact the matters herein described. These are detailed from time to time in the "Risk Factors" section of the Company's SEC reports including the annual report on Form 10-K/A for the year ended December 31, 2005. Further information relating to the Company's financial position, results of operations, and investor information is contained in our annual and quarterly reports filed with the SEC and available for download at our website www.winthropreit.com or at the SEC website www.sec.gov.
Source: Winthrop Realty Trust
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CONTACT: Carolyn Tiffany, Chief Operating Officer of Winthrop Realty
Trust, +1-617-570-4614
Web site: http://www.winthropreit.com/
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