Winthrop Realty Trust Acquires 27% of Its Outstanding Series B-1 Preferred Shares at a Discount
October 29 2008 - 4:06PM
PR Newswire (US)
BOSTON, Oct. 29 /PRNewswire-FirstCall/ -- Winthrop Realty Trust
(NYSE: FUR) today announced that it has acquired 944,000 of its
Series B-1 Cumulative Convertible Redeemable Preferred Shares with
a liquidation value of $23,600,000 at price of $17,051,000 which
represents a 27.75% discount to its liquidation value. Michael L.
Ashner, the Chairman and Chief Executive Officer of Winthrop stated
"given the current uncertainty in the marketplace, we believe that,
as with our recently announced common share repurchase plan, the
acquisition of our preferred shares at a substantial discount is an
accretive deleveraging investment which provides a very low risk
enhancement to net asset value." 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 http://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 Annual Report of Form
10-K/A for the year ended December 31, 2007, as may be updated or
supplemented in the Company's Form 10-Q filings which discuss the
factors that could adversely affect the Company's results. Further
information relating to the Company's financial position, results
of operations, and investor information is also contained in the
Company's reports filed with the SEC, which reports are available
for download at our website http://www.winthropreit.com/ or at the
SEC website http://www.sec.gov/. DATASOURCE: Winthrop Realty Trust
CONTACT: Beverly Bergman, Investor or Media Inquiries, Winthrop
Realty Trust, +1-617-570-4614, Web Site:
http://www.winthropreit.com/
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