SnarkyPuppy Posted June 21, 2016 Share Posted June 21, 2016 Which is immaterial to my overall calculation (I used $51mm return based on napkin calc) Link to comment Share on other sites More sharing options...
smj Posted June 22, 2016 Share Posted June 22, 2016 Have you done any work toward the Mosaic Houston valuation? This property along with Times Square are the real unknowns now that Erie in Chicago is under contract. As of 3/31/16, they used an $86.9MM valuation (which includes cash flow through holding period of 3/31/17). As they own 84% of the property that results in a $103MM overall valuation inclusive of cash flow. They just placed a $45MM mortgage on the property ($37.8MM FUR share) which results in $48MM ($1.32 per share) at NAV based on their most recent valuation and adjusting I/O DS on the new loan @ 3%. They wrote down their valuation $15MM at 12/31/15 so I would think this would be realistic as I don't think the Houston market is much different in the last six months especially as this location is heavily driven by Texas Medical Center and they continue to state operations are performing well its just a valuation adjustment based on Houston related issues. On a worst case basis, I would utilize a $90MM gross valuation (50% LTV on new loan) which results in $37.8MM or just north of $1 per share excluding cash flow for the balance of the holding period. I'm leaning somewhere towards the middle and a $45MM or $1.24 per share. Problem is they don't report NOI on a property by property basis so we can't come to our own valuation conclusion. As this is Class A++ multifamily in any other major market but Houston it would trade in the high 3% to low 4% cap range as FUR Stamford property in the same JV sold for high 3% cap. I'm just not sure how much Houston issues effect cap rates. I'm thinking its somewhere between 100 - 150 bps. Link to comment Share on other sites More sharing options...
SnarkyPuppy Posted June 23, 2016 Share Posted June 23, 2016 Regarding mosaic - is it clear that there is no debt embedded within NAV? They quickly took the proceeds of the recent sales to pay down the initial debt, and then entered into another 45mm mortgage as you referenced (so they could distribute $ to shareholders). I was doing some quick work last night and came across the following link while googling: http://redcapitalgroup.com/wp-content/uploads/2014/07/RCH-TX-004_Houston_4Q13.pdf There's a reference to a "transaction" that was done for the mosaic property in October 2013 (precisely when FUR took ownership) for $106mm price; $236k per unit; 6% cap rate. If you take the $106mm and divided by the $267k per unit, it gives you roughly 396 units (equivalent to the number of residential units at mosaic). And that was back in 2013 - assume they only sell for what they paid, that comes out to $106mm without assigning any value to the 20,065 sq ft ground floor retail space. Since they have NAV at $86mm, I'm relatively skeptical that the debt isn't included in this figure. This site seems to have some decent info as well: http://www.hcad.org/Reappraisal/2016Values/documents/2016_Market_Trends_Report.pdf Link to comment Share on other sites More sharing options...
bargainman Posted August 14, 2016 Share Posted August 14, 2016 Does anybody know the details of what's going on here? http://investor.winthropreit.com/releasedetail.cfm?ReleaseID=983278 It looks like they just transferred everything into the liquidating trust. But then they say things like: "the deemed distribution for tax purposes to holders of Common Shares at the close of business on August 5, 2016 is $9.21 per Common Share. All of the outstanding Common Shares were automatically deemed cancelled, and the rights of beneficiaries in their Units will not be represented by any form of certificate or other instrument. Shareholders of the Company are not required to take any action to receive their Units. Subject to certain exceptions related to transfer by will, intestate succession or operation of law, the Units will not be transferable, nor will a beneficiary have authority or power to sell or in any other manner dispose of any Units." I don't quite understand what this means. Especially for tax purposes. I thought that they would just distribute a cash amount. Any thoughts? Link to comment Share on other sites More sharing options...
BG2008 Posted August 15, 2016 Share Posted August 15, 2016 From my experience, you will get a contracusip in your account that you can't sell. But it tracks how many shares you own. When the cash is paid out, it just hits your account and cash just appears on your account. Link to comment Share on other sites More sharing options...
SnarkyPuppy Posted February 17, 2017 Share Posted February 17, 2017 Has anyone received their K-1 or any notification that it's being prepared? Only thing holding up my return at this point Link to comment Share on other sites More sharing options...
SnarkyPuppy Posted February 17, 2017 Share Posted February 17, 2017 Spoke with IR- they are sending K-1's out at the end of March Link to comment Share on other sites More sharing options...
SnarkyPuppy Posted April 5, 2017 Share Posted April 5, 2017 Has anyone received their K-1? Getting close to 4/15 Link to comment Share on other sites More sharing options...
AJB96 Posted April 5, 2017 Share Posted April 5, 2017 I received the K1 a few days ago. Alex Link to comment Share on other sites More sharing options...
SnarkyPuppy Posted April 5, 2017 Share Posted April 5, 2017 Was it mailed to you by your broker or directly from the company? Link to comment Share on other sites More sharing options...
AJB96 Posted April 5, 2017 Share Posted April 5, 2017 It was sent by the company from this address: Winthrop Realty Liquidating Trust 7 Bulfinch Place Suite 500 PO Box 9507 Boston MA 02114-2904 Link to comment Share on other sites More sharing options...
SnarkyPuppy Posted April 5, 2017 Share Posted April 5, 2017 Thanks, appreciate it Link to comment Share on other sites More sharing options...
bookie71 Posted April 5, 2017 Share Posted April 5, 2017 Go to their website (the trust) and you can get it via email. https://www.taxpackagesupport.com/Winthrop Link to comment Share on other sites More sharing options...
SnarkyPuppy Posted April 8, 2017 Share Posted April 8, 2017 Probably shouldn't have been stubborn enough to try to do these taxes myself. Has anyone figured out if nonresident state tax filings are required for each of these states? Florida looks like no. Illinois is confusing... "NOTE: If you are a nonresident and your only income in Illinois is from one or more partnerships, S corporations, or trusts that withheld enough Illinois Income Tax to pay your liability, you are not required to file a Form IL-1040." Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now