Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 28, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FUR | ||
Entity Registrant Name | Winthrop Realty Liquidating Trust | ||
Entity Central Index Key | 0000037008 | ||
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 | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
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, 2018 | Dec. 31, 2017 |
LIABILITIES | ||
Net assets in liquidation | $ 12,425 | $ 264,441 |
Liquidation Value [Member] | ||
ASSETS | ||
Investments in real estate | 9,924 | 32,976 |
Equity investments | 2,184 | 249,568 |
Cash and cash equivalents | 4,769 | 9,111 |
Restricted cash held in escrows | 2,228 | |
Loan receivable | 8,400 | |
Accounts receivable | 132 | 491 |
TOTAL ASSETS | 17,009 | 302,774 |
LIABILITIES | ||
Mortgage loans payable | 3,979 | 19,663 |
Liability for non-controlling interests | 206 | |
Liability for estimated costs in excess of estimated receipts during liquidation | 270 | 16,606 |
Accounts payable, accrued liabilities and other liabilities | 332 | 1,090 |
Related party fees payable | 3 | 768 |
TOTAL LIABILITIES | 4,584 | 38,333 |
COMMITMENTS AND CONTINGENCIES (Note 11) | ||
Net assets in liquidation | $ 12,425 | $ 264,441 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets Liquidation Basis Unaudited - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net assets in liquidation, beginning of year | $ 264,441 | ||
Changes in net assets in liquidation | |||
Change in liquidation value of investments in real estate | (7,114) | $ (1,519) | |
Change in liquidation value of loans receivable | (303) | $ 100 | |
Change in liquidation value of equity investments | (30,910) | (11,049) | |
Remeasurement of assets and liabilities | 6,683 | 2,581 | |
Liquidating distributions to Unitholders/Common shareholders | (220,372) | (54,727) | |
Net assets in liquidation, end of year | 12,425 | 264,441 | |
Liquidation Value [Member] | |||
Net assets in liquidation, beginning of year | 264,441 | 327,927 | |
Changes in net assets in liquidation | |||
Change in liquidation value of investments in real estate | (7,114) | (1,519) | |
Change in liquidation value of loans receivable | (303) | ||
Change in liquidation value of equity investments | (30,910) | (11,049) | |
Remeasurement of assets and liabilities | 6,683 | 3,263 | |
Remeasurement of non-controlling interests | 546 | ||
Net decrease in liquidation value | (31,644) | (8,759) | |
Liquidating distributions to Unitholders/Common shareholders | (220,372) | (54,727) | |
Changes in net assets in liquidation | (252,016) | (63,486) | |
Net assets in liquidation, end of year | $ 12,425 | $ 264,441 | $ 327,927 |
Business
Business | 12 Months Ended |
Dec. 31, 2018 | |
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, except as necessary for the orderly liquidation of the remaining assets. |
Plan of Liquidation
Plan of Liquidation | 12 Months Ended |
Dec. 31, 2018 | |
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 Liquidating Trust will be extended and the liquidation will be completed by December 31, 2019. 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, 2018 | |
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 the Liquidating Trust, the Operating Partnership and all majority-owned subsidiaries and affiliates over which the Liquidating Trust have financial and operating control. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying consolidated financial statements only includes information for the liquidation entities. Going concern information for the periods prior to the approval of the plan of liquidation is available in Winthrop’s prior filings with the SEC. 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 the Liquidating Trust’s assets are presented on an undiscounted basis. Estimated costs to dispose of assets have been presented separately from the related assets. Liabilities are carried at their contractual amounts due or estimated settlement amounts. The Liquidating Trust accrues costs and income it expects to incur and earn through the end of liquidation to the extent it has a reasonable basis for estimation. These amounts are classified as a liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statements of Net Assets. Actual costs and income may differ from amounts reflected in the financial statements because of inherent uncertainty in estimating future events. These differences may be material. See Note 4 for further discussion. Actual costs incurred but unpaid as of December 31, 2018 and 2017 are included in accounts payable, accrued liabilities and other liabilities on the Consolidated Statements of Net Assets. In liquidation, the presentation for joint ventures historically consolidated under going concern accounting is determined based on the Liquidating Trust’s planned exit strategy. Those ventures where the Liquidating Trust intends to sell the property are presented on a gross basis with a payable to the non-controlling 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 and are classified as part of liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statement of Net 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. Loan Receivable Under liquidation accounting, the Liquidating Trust carried its loan receivable at its estimated net realizable value, or liquidation value, which represented the estimated amount of principal payments the Liquidating Trust expected to receive over the hold period of the loan. The liquidation value of the Liquidating Trust’s loan receivable was presented on an undiscounted basis. Interest payments that the Liquidating Trust expected to receive on its loan receivable over the estimated hold period of the loan were accrued and were classified as part of liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statements of Net Assets. As interest was earned, it was reclassified and included in loan receivable on the Consolidated Statements of Net Assets. The Liquidating Trust evaluated the collectability of the interest and principal of its loan. Any changes in collectability were 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. Financial Instruments Financial instruments held by the Liquidating Trust include cash and cash equivalents, 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’s exposure to fluctuations in market interest rates is limited to its equity investment in 450 W 14 th Revenue Recognition Pursuant to the terms of the lease agreement with respect to its net lease property, the tenant at the 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 this tenant defaults under its lease and fails to pay such costs, the Liquidating Trust will record a liability for such obligations. 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 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. Winthrop’s and the Liquidating Trust’s tax returns are subject to audit by taxing authorities. The tax years 2015 – 2018 remain open to examination by major taxing jurisdictions to which Winthrop and the Liquidating Trust were subject. |
Liability for Estimated Costs i
Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information 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, 2018 and 2017, the Liquidating Trust had accrued the following revenues and expenses expected to be earned or incurred during liquidation (in thousands): December 31, December 31, Rents and reimbursements $ 1,225 $ 2,694 Interest income — 513 Property operating expenses (37 ) (36 ) Interest expense (221 ) (1,101 ) General and administrative expenses (939 ) (17,992 ) Sales costs (298 ) (684 ) Liability for estimated costs in excess of estimated receipts during liquidation $ (270 ) $ (16,606 ) The change in the liability for estimated costs in excess of estimated receipts during liquidation as of December 31, 2018 is as follows (in thousands): December 31, Cash Payments Remeasurement December 31, Assets: Estimated net inflows from investments in real estate and loan receivable $ 1,555 $ (1,939 ) $ 1,353 $ 969 Liabilities: Sales costs (684 ) 420 (34 ) (298 ) Corporate expenditures (17,477 ) 11,172 5,364 (941 ) (18,161 ) 11,592 5,330 (1,239 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (16,606 ) $ 9,653 $ 6,683 $ (270 ) The change in the liability for estimated costs in excess of estimated receipts during liquidation as of December 31, 2017 is as follows (in thousands): December 31, Cash Payments Remeasurement December 31, Assets: Estimated net inflows from investments in real estate, loans receivable and secured financing receivable $ 3,392 $ (2,379 ) $ 542 $ 1,555 Liabilities: Sales costs (2,851 ) 2,027 140 (684 ) Corporate expenditures (23,727 ) 3,669 2,581 (17,477 ) (26,578 ) 5,696 2,721 (18,161 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (23,186 ) $ 3,317 $ 3,263 $ (16,606 ) |
Net Assets in Liquidation
Net Assets in Liquidation | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Net Assets in Liquidation | 5. Net Assets in Liquidation Net assets in liquidation decreased by $252,016,000 during the year ended December 31, 2018. The primary reason for the decline in net assets was due to liquidating distributions to holders of Units of $220,372,000, a $30,910,000 net decrease in the liquidation value of equity investments, a $7,114,000 net decrease in the liquidation value of investments in real estate and a $303,000 net decrease in the liquidation value of loans receivable. These decreases were partially offset by a $6,683,000 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. Net assets in liquidation decreased by $63,486,000 during the year ended December 31, 2017. The primary reason for the decline in net assets was due to liquidating distributions to holders of Units of $54,727,000, a $11,049,000 net decrease in the liquidation value of equity investments and a $1,519,000 net decrease in the liquidation value of investments in real estate. These decreases were partially offset by a $2,581,000 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. There were 36,425,084 Units outstanding at December 31, 2018 and 2017. The net assets in liquidation at December 31, 2018 would result in liquidating distributions of approximately $0.34 per Unit. The net assets in liquidation as of December 31, 2018 and 2017 of $12,425,000 and $264,441,000, respectively, plus the cumulative liquidating distributions to holders of Units or Common Shares from August 5, 2014 through December 31, 2018 and 2017 of $612,033,000 ($16.80 per Common Share/Unit) and $391,661,000 ($10.75 per Common Share/Unit), respectively, would result in cumulative liquidating distributions to holders of Units/Common Shares of $17.14 and $18.01 per Unit or Common Share as of December 31, 2018 and 2017, respectively. This estimate of liquidating distributions includes projections of income and expenses to be earned or 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, 2018 | |
Extractive Industries [Abstract] | |
Investment and Disposition Activities | 6. Investment and Disposition Activities 2018 Transactions 701 Seventh Avenue, New York, New York – property sale 1050 Corporetum, Lisle, Illinois – foreclosure – Plantation, Florida – property sale – Jacksonville, Florida – loan sale – Concord Debt Holdings and CDH CDO LLC – loan sales – 2017 Transactions Orlando, Florida – property sale – 550-650 550-650 Summit Pointe Apartments, Oklahoma City, Oklahoma – property sale Mosaic Apartments, Houston, Texas – property sale RE CDO – loan repayment – 701 Seventh Avenue, New York, New York – capital contributions |
Loan Receivable
Loan Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loan Receivable | 7. Loan Receivable The Liquidating Trust had no loans receivable at December 31, 2018. The loan receivable at December 31, 2017 was as follows (in thousands): Description Loan Position Stated Carrying Amount (2) Contratual December 31, December 31, Jacksonville (3) Whole Loan LIBOR + 5 % $ — $ 8,400 07/01/19 $ — $ 8,400 (1) The one-month (2) The carrying amount represented the estimated amount expected to be collected on disposition of the loan plus contractual interest receivable. (3) The loan had an interest rate floor of 6% and an interest rate ceiling of 8%. The carrying amount of the loan receivable at December 31, 2017 represents the estimated amount expected to be collected on disposition of the loan. There was no accrued interest at December 31, 2017. The weighted average coupon as calculated on the par value of the loan receivable was 6.00% at December 31, 2017, and the weighted average yield to maturity as calculated on the carrying value of the loan receivable was 6.00% at December 31, 2017. Loan Receivable Activity Activity related to loans receivable is as follows (in thousands): Year Ended Year Ended Balance at beginning of year $ 8,400 $ 8,400 Purchase and advances — — Interest received, net — — Repayments/sale proceeds (8,097 ) — Change in liquidation value (303 ) — Balance at end of year $ — $ 8,400 Credit Quality of Loan Receivable Under liquidation accounting, the Liquidating Trust carried its loan receivable at the estimated amount of principal payments it expected to receive over the holding period of the loan. The Liquidating Trust utilized 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 to determine the loan’s risk of loss and to provide a determination as to whether the 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 loan receivable. The Liquidating Trust had no loans receivable at December 31, 2018. The table below summarizes the Liquidating Trust’s loan receivable by internal credit rating at December 31, 2017 (in thousands, except for number of loans): December 31, 2017 Internal Credit Quality Number of Liquidation Greater than zero 1 $ 8,400 Equal to zero — — Less than zero — — 1 $ 8,400 |
Equity Investments
Equity Investments | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and December 31, 2017: Venture Partner Equity Investment Nominal % Nominal % Marc Realty Atrium Mall LLC 50.0% 50.0% New Valley/Witkoff (1) 701 Seventh WRT Investor LLC 79.7% 79.7% Serure/C&B High Line 446 High Line LLC 80.0% 83.8% Inland Concord Debt Holdings LLC N/A 66.6% Inland CDH CDO LLC N/A 49.6% (1) The investment in this venture provides the Liquidating Trust with a 0% and 60.08% effective economic ownership interest in the underlying property at December 31, 2018 and 2017, respectively. See Note 6 – “Investment and Disposition Activities” for information relating to 2018 and 2017 activity with respect to equity investments. |
Mortgage Loans Payable
Mortgage Loans Payable | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Mortgage Loans Payable | 9. Mortgage Loans Payable Mortgage loans payable are carried at their contractual amounts due under liquidation accounting. The Liquidating Trust had outstanding mortgage loans payable of $3,979,000 and $19,663,000 at December 31, 2018 and 2017, respectively. The mortgage loan payments of principal and interest are generally due monthly and are collateralized by applicable real estate of the Liquidating Trust. The Liquidating Trust’s mortgage loans payable at December 31, 2018 and 2017 are summarized as follows (in thousands): Location of Collateral Maturity Interest Rate at December 31, December 31, Churchill, PA Aug 2024 5.78 % $ 3,979 $ 4,356 Lisle, IL (1) Mar 2017 — — 5,216 Plantation, FL (2) Apr 2041 — — 10,091 $ 3,979 $ 19,663 (1) The property was foreclosed upon in February 2018. (2) The property was sold in September 2018. The following table summarizes future principal repayments of mortgage loans payable as of December 31, 2018 (in thousands): Year Amount 2019 $ 523 2020 616 2021 715 2022 778 2023 799 Thereafter 548 $ 3,979 |
Federal and State Income Taxes
Federal and State Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Federal and State Income Taxes | 10. Federal and State Income Taxes The Liquidating Trust is 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 2017 and 2016 are considered a return of capital for tax purposes. Unitholders will receive a Schedule K-1 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies 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 12 – Related-Party Transactions for details on potential fees payable to FUR Advisors. In 2011 Winthrop was conveyed title to the land underlying the Churchill, Pennsylvania property. Prior to the conveyance of the land, a Phase II environmental study was performed. The study found that there were certain contaminants at the property all of which were within permitted ranges. In addition, given the nature and use of the property currently and in the past as a laboratory that analyzes components and machinery that were utilized at nuclear power plants, it is possible that there may be contamination that could require remediation. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 12. 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, 2018 the Liquidating Trust has not accrued any base management fees. Incentive Fee / Termination Fee – On May 2, 2018 the Advisor was paid a termination fee of $9,496,000. The termination fee was payable equal to the lesser of (i) the base management fee paid to our Advisor for the twelve month period immediately prior to the approved plan of liquidation or (ii) 20% of any liquidating distributions paid on account of our Units at such time as the threshold amount was reduced to $104,980,000. No additional termination fee payments will be paid. Property Management and Construction Management – The following table sets forth the fees and reimbursements paid or accrued by the Liquidating Trust for the years ended December 31, 2018 and 2017 to FUR Advisors and Winthrop Management (in thousands): For the Years Ended 2018 2017 Base Asset Management Fee (1) $ 964 $ 3,258 Termination Fee 9,496 — Property Management Fee 227 532 Construction Management Fee — 27 $ 10,687 $ 3,817 (1) Includes fees on third party contributions of $0 and $10 for the years ended December 31, 2018 and 2017, respectively. At December 31, 2018 and 2017, $0 and $751,000, respectively, payable to FUR Advisors and $3,000 and $17,000 respectively, payable to Winthrop Management were included in related party fees payable. |
Future Minimum Lease Payments
Future Minimum Lease Payments | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Future Minimum Lease Payments | 13. Future Minimum Lease Payments Future minimum lease payments scheduled to be received under non-cancellable Year Amount 2019 1,225 2020 1,262 2021 1,299 2022 1,338 2023 1,379 Thereafter 11,450 $ 17,953 Westinghouse Electric, the tenant at the property in Churchill, Pennsylvania, represented more than 10% of the base commercial rental revenues of the Liquidating Trust for the year ended December 31, 2018 contributing approximately 53.9%. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. 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, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate and Accumulated Depreciation | SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION At December 31, 2018 (amounts in thousands) Initial Cost to Gross Amounts at Which Carried at Close of Period Location Encumbrance Land Building and Land Building and Accumulated Net Total Date Life Other Churchill, PA 3,979 — 23,834 — 11,705 (4,301 ) 7,404 11/2004 40 yrs Net Liquidation Adjustment (1) 2,520 2,520 Total $ 3,979 $ — $ 23,834 $ — $ 11,705 $ (4,301 ) $ 2,520 $ 9,924 The changes in total real estate for the period January 1, 2018 thru December 31, 2018 are as follows: Balance as of January 1, 2018 $ 32,976,000 Liquidation adjustment, net $ (7,114,000 ) Disposals $ (15,938,000 ) Balance as of December 31, 2018 (liquidation basis) $ 9,924,000 (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. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (amounts in thousands, unaudited) The following is a reconciliation of real estate assets and accumulated depreciation: Year Ended December 31, 2018 2017 2016 Real Estate Balance at beginning of period $ 40,136 $ 200,675 $ 377,446 Additions during the period: Improvements, etc. — (313 ) 3,301 Consolidation of property — — 15,082 Deductions during this period: Cost of real estate sold (18,797 ) (144,923 ) (138,656 ) Asset impairments — (2,861 ) (3,908 ) Liquidation adjustment (7,114 ) (12,442 ) (52,590 ) Balance at end of period $ 14,225 $ 40,136 $ 200,675 Accumulated Depreciation Balance at beginning of period $ 7,160 $ 14,023 $ 23,584 Disposal of properties (2,859 ) (6,863 ) (9,561 ) Balance at end of period $ 4,301 $ 7,160 $ 14,023 |
Schedule IV Mortgage Loans on R
Schedule IV Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule IV Mortgage Loans on Real Estate | Schedule IV Mortgage Loans on Real Estate December 31, 2018 (amounts in thousands, unaudited) Reconciliation of Mortgage Loans on Real Estate: The following table reconciles Mortgage Loans for the years ended December 31, 2018, 2017 and 2016. 2018 2017 2016 Balance at January 1 $ 8,400 $ 8,400 $ 5,280 Purchase and advances — 9,035 Interest received, net — (28 ) Repayments / Sale Proceeds (8,097 ) — (5,987 ) Change in liquidation value (303 ) 100 Balance at December 31 $ — $ 8,400 $ 8,400 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 the Liquidating Trust, the Operating Partnership and all majority-owned subsidiaries and affiliates over which the Liquidating Trust have financial and operating control. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying consolidated financial statements only includes information for the liquidation entities. Going concern information for the periods prior to the approval of the plan of liquidation is available in Winthrop’s prior filings with the SEC. 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 the Liquidating Trust’s assets are presented on an undiscounted basis. Estimated costs to dispose of assets have been presented separately from the related assets. Liabilities are carried at their contractual amounts due or estimated settlement amounts. The Liquidating Trust accrues costs and income it expects to incur and earn through the end of liquidation to the extent it has a reasonable basis for estimation. These amounts are classified as a liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statements of Net Assets. Actual costs and income may differ from amounts reflected in the financial statements because of inherent uncertainty in estimating future events. These differences may be material. See Note 4 for further discussion. Actual costs incurred but unpaid as of December 31, 2018 and 2017 are included in accounts payable, accrued liabilities and other liabilities on the Consolidated Statements of Net Assets. In liquidation, the presentation for joint ventures historically consolidated under going concern accounting is determined based on the Liquidating Trust’s planned exit strategy. Those ventures where the Liquidating Trust intends to sell the property are presented on a gross basis with a payable to the non-controlling 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 and are classified as part of liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statement of Net 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. |
Loan Receivable | Loan Receivable Under liquidation accounting, the Liquidating Trust carried its loan receivable at its estimated net realizable value, or liquidation value, which represented the estimated amount of principal payments the Liquidating Trust expected to receive over the hold period of the loan. The liquidation value of the Liquidating Trust’s loan receivable was presented on an undiscounted basis. Interest payments that the Liquidating Trust expected to receive on its loan receivable over the estimated hold period of the loan were accrued and were classified as part of liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statements of Net Assets. As interest was earned, it was reclassified and included in loan receivable on the Consolidated Statements of Net Assets. The Liquidating Trust evaluated the collectability of the interest and principal of its loan. Any changes in collectability were 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. |
Financial Instruments | Financial Instruments Financial instruments held by the Liquidating Trust include cash and cash equivalents, 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’s exposure to fluctuations in market interest rates is limited to its equity investment in 450 W 14 th |
Revenue Recognition | Revenue Recognition Pursuant to the terms of the lease agreement with respect to its net lease property, the tenant at the 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 this tenant defaults under its lease and fails to pay such costs, the Liquidating Trust will record a liability for such obligations. 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 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. Winthrop’s and the Liquidating Trust’s tax returns are subject to audit by taxing authorities. The tax years 2015 – 2018 remain open to examination by major taxing jurisdictions to which Winthrop and the Liquidating Trust were subject. |
Liability for Estimated Costs_2
Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Summary of Accrued Revenues and Expenses Expected to Incur During Liquidation | As of December 31, 2018 and 2017, the Liquidating Trust had accrued the following revenues and expenses expected to be earned or incurred during liquidation (in thousands): December 31, December 31, Rents and reimbursements $ 1,225 $ 2,694 Interest income — 513 Property operating expenses (37 ) (36 ) Interest expense (221 ) (1,101 ) General and administrative expenses (939 ) (17,992 ) Sales costs (298 ) (684 ) Liability for estimated costs in excess of estimated receipts during liquidation $ (270 ) $ (16,606 ) |
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, 2018 is as follows (in thousands): December 31, Cash Payments Remeasurement December 31, Assets: Estimated net inflows from investments in real estate and loan receivable $ 1,555 $ (1,939 ) $ 1,353 $ 969 Liabilities: Sales costs (684 ) 420 (34 ) (298 ) Corporate expenditures (17,477 ) 11,172 5,364 (941 ) (18,161 ) 11,592 5,330 (1,239 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (16,606 ) $ 9,653 $ 6,683 $ (270 ) The change in the liability for estimated costs in excess of estimated receipts during liquidation as of December 31, 2017 is as follows (in thousands): December 31, Cash Payments Remeasurement December 31, Assets: Estimated net inflows from investments in real estate, loans receivable and secured financing receivable $ 3,392 $ (2,379 ) $ 542 $ 1,555 Liabilities: Sales costs (2,851 ) 2,027 140 (684 ) Corporate expenditures (23,727 ) 3,669 2,581 (17,477 ) (26,578 ) 5,696 2,721 (18,161 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (23,186 ) $ 3,317 $ 3,263 $ (16,606 ) |
Loan Receivable (Tables)
Loan Receivable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Summary of Loan Receivable | The loan receivable at December 31, 2017 was as follows (in thousands): Description Loan Position Stated Carrying Amount (2) Contratual December 31, December 31, Jacksonville (3) Whole Loan LIBOR + 5 % $ — $ 8,400 07/01/19 $ — $ 8,400 (1) The one-month (2) The carrying amount represented the estimated amount expected to be collected on disposition of the loan plus contractual interest receivable. (3) The loan had an interest rate floor of 6% and an interest rate ceiling of 8%. |
Activity Related to Loans Receivable | Activity related to loans receivable is as follows (in thousands): Year Ended Year Ended Balance at beginning of year $ 8,400 $ 8,400 Purchase and advances — — Interest received, net — — Repayments/sale proceeds (8,097 ) — Change in liquidation value (303 ) — Balance at end of year $ — $ 8,400 |
Loan Receivable by Internal Credit Rating | The table below summarizes the Liquidating Trust’s loan receivable by internal credit rating at December 31, 2017 (in thousands, except for number of loans): December 31, 2017 Internal Credit Quality Number of Liquidation Greater than zero 1 $ 8,400 Equal to zero — — Less than zero — — 1 $ 8,400 |
Equity Investments (Tables)
Equity Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and December 31, 2017: Venture Partner Equity Investment Nominal % Nominal % Marc Realty Atrium Mall LLC 50.0% 50.0% New Valley/Witkoff (1) 701 Seventh WRT Investor LLC 79.7% 79.7% Serure/C&B High Line 446 High Line LLC 80.0% 83.8% Inland Concord Debt Holdings LLC N/A 66.6% Inland CDH CDO LLC N/A 49.6% (1) The investment in this venture provides the Liquidating Trust with a 0% and 60.08% effective economic ownership interest in the underlying property at December 31, 2018 and 2017, respectively. |
Mortgage Loans Payable (Tables)
Mortgage Loans Payable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Mortgage Loans Payable | The Liquidating Trust’s mortgage loans payable at December 31, 2018 and 2017 are summarized as follows (in thousands): Location of Collateral Maturity Interest Rate at December 31, December 31, Churchill, PA Aug 2024 5.78 % $ 3,979 $ 4,356 Lisle, IL (1) Mar 2017 — — 5,216 Plantation, FL (2) Apr 2041 — — 10,091 $ 3,979 $ 19,663 (1) The property was foreclosed upon in February 2018. (2) The property was sold in September 2018. |
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, 2018 (in thousands): Year Amount 2019 $ 523 2020 616 2021 715 2022 778 2023 799 Thereafter 548 $ 3,979 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Fees and Reimbursements Paid or Accrued by Liquidating Trust | The following table sets forth the fees and reimbursements paid or accrued by the Liquidating Trust for the years ended December 31, 2018 and 2017 to FUR Advisors and Winthrop Management (in thousands): For the Years Ended 2018 2017 Base Asset Management Fee (1) $ 964 $ 3,258 Termination Fee 9,496 — Property Management Fee 227 532 Construction Management Fee — 27 $ 10,687 $ 3,817 (1) Includes fees on third party contributions of $0 and $10 for the years ended December 31, 2018 and 2017, respectively. |
Future Minimum Lease Payments (
Future Minimum Lease Payments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Future Minimum Lease Payments | Future minimum lease payments scheduled to be received under non-cancellable Year Amount 2019 1,225 2020 1,262 2021 1,299 2022 1,338 2023 1,379 Thereafter 11,450 $ 17,953 |
Plan of Liquidation - Additiona
Plan of Liquidation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
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 Liquidating Trust will be extended and the liquidation will be completed by December 31, 2019. |
Liquidating Trust [Member] | |
Business Acquisition [Line Items] | |
Liquidation date on which disposition of assets completes | Dec. 31, 2018 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Aug. 01, 2014 | |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Original maturity period of highly liquid investments | Three months or less | |
Derivative financial instruments | $ 0 | |
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 Costs_3
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, 2018 | Dec. 31, 2017 | |
Liquidation Basis Of Accounting [Line Items] | ||
Rents and reimbursements | $ 1,225 | $ 2,694 |
Interest income | 513 | |
Property operating expenses | (37) | (36) |
Interest expense | (221) | (1,101) |
General and administrative expenses | (939) | (17,992) |
Sales costs | (298) | (684) |
Liability for estimated costs in excess of estimated receipts during liquidation | $ (270) | $ (16,606) |
Liability for Estimated Costs_4
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, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Remeasurement of Assets and Liabilities | $ (6,683) | $ (2,581) |
Liquidation Value [Member] | ||
Business Acquisition [Line Items] | ||
Total liability for estimated costs in excess of estimated receipts during liquidation, beginning balance | (16,606) | (23,186) |
Cash Payments (Receipts) | (9,653) | (3,317) |
Remeasurement of Assets and Liabilities | (6,683) | (3,263) |
Total liability for estimated costs in excess of estimated receipts during liquidation, ending balance | (270) | (16,606) |
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 | 1,555 | 3,392 |
Cash Payments (Receipts) | (1,939) | (2,379) |
Remeasurement of Assets and Liabilities | 1,353 | 542 |
Estimated net inflows from investments in real estate, loans receivable and secured financing receivable, ending balance | 969 | 1,555 |
Liability [Member] | Liquidation Value [Member] | ||
Business Acquisition [Line Items] | ||
Total liability for estimated costs, beginning balance | (18,161) | (26,578) |
Cash Payments (Receipts) | 11,592 | 5,696 |
Remeasurement of Assets and Liabilities | 5,330 | 2,721 |
Total liability for estimated costs, ending balance | (1,239) | (18,161) |
Liability [Member] | Liquidation Value [Member] | Sales Costs [Member] | ||
Business Acquisition [Line Items] | ||
Total liability for estimated costs, beginning balance | (684) | (2,851) |
Cash Payments (Receipts) | 420 | 2,027 |
Remeasurement of Assets and Liabilities | (34) | 140 |
Total liability for estimated costs, ending balance | (298) | (684) |
Liability [Member] | Liquidation Value [Member] | Corporate Expenditures [Member] | ||
Business Acquisition [Line Items] | ||
Total liability for estimated costs, beginning balance | (17,477) | (23,727) |
Cash Payments (Receipts) | 11,172 | 3,669 |
Remeasurement of Assets and Liabilities | 5,364 | 2,581 |
Total liability for estimated costs, ending balance | $ (941) | $ (17,477) |
Net Assets in Liquidation - Add
Net Assets in Liquidation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reorganizations [Abstract] | |||
Increase (Decrease) in net assets on liquidation | $ (252,016) | $ (63,486) | |
Liquidating distributions to holders of Shares/Units | 220,372 | 54,727 | |
Change in liquidation value of equity investments | (30,910) | (11,049) | |
Change in liquidation value of investments in real estate | (7,114) | (1,519) | |
Change in liquidation value of loans receivable | (303) | $ 100 | |
Remeasurement of assets and liabilities | $ 6,683 | 2,581 | |
Liquidation distribution per unit | $ 0.34 | ||
Net assets in liquidation | $ 12,425 | 264,441 | |
Additional cumulative liquidating distributions to holders of Units or Common Shares | $ 612,033 | $ 391,661 | |
Additional cumulative liquidating distribution per share/unit | $ 16.80 | $ 10.75 | |
Cumulative liquidating distribution per units/share | $ 17.14 | $ 18.01 | |
Common shares, outstanding | 36,425,084 | 36,425,084 |
Investment and Disposition Ac_2
Investment and Disposition Activities - Additional Information (Detail) - USD ($) | Oct. 11, 2018 | Sep. 04, 2018 | May 01, 2018 | Mar. 02, 2018 | Nov. 09, 2017 | Aug. 14, 2017 | Jul. 12, 2017 | Jun. 29, 2017 | Apr. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 20, 2018 | Dec. 31, 2016 |
Concord Debt Holdings and CDH CDO LLC [Member] | |||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||
Liquidation value of property | $ 329,000 | ||||||||||||
Aggregate distributions from venture | $ 812,000 | ||||||||||||
New York, NY [Member] | 701 Seventh WRT Investor LLC [Member] | |||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||
Proceeds from sale of real estate, gross | $ 1,530,000,000 | ||||||||||||
Proceeds placed in escrow | 63,700,000 | ||||||||||||
Proceeds from sale of real estate, net | 200,000,000 | ||||||||||||
New York, NY [Member] | 701 Seventh WRT Investor LLC [Member] | Joint Venture [Member] | |||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||
Proceeds from purchase money note | $ 16,958,000 | $ 75,000,000 | |||||||||||
Additional capital contributions | $ 1,667,000 | 5,834,000 | |||||||||||
Capital contributions | $ 136,003,000 | 134,336,000 | |||||||||||
New York, NY [Member] | 701 Seventh WRT Investor LLC [Member] | Joint Venture [Member] | Maximum [Member] | |||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||
Capital contributions | 137,256,000 | ||||||||||||
Lisle Illinois [Member] | 1050 Corporetum [Member] | |||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||
Ownership percentage in real estate investment | 60.00% | ||||||||||||
Lisle Illinois [Member] | 550 - 650 Corporetum [Member] | |||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||
Proceeds from sale of real estate, gross | $ 9,300,000 | ||||||||||||
Proceeds from sale of real estate, net | $ 7,920,000 | ||||||||||||
Liquidation value of property | $ 8,940,000 | ||||||||||||
Oklahoma [Memebr] | Summit Pointe Apartments [Member] | |||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||
Proceeds from sale of real estate, gross | $ 17,550,000 | ||||||||||||
Proceeds from sale of real estate, net | $ 5,824,000 | ||||||||||||
Ownership percentage in real estate investment | 80.00% | ||||||||||||
Plantation, Florida [Member] | |||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||
Proceeds from sale of real estate, gross | $ 11,250,000 | ||||||||||||
Proceeds from sale of real estate, net | $ 1,074,000 | ||||||||||||
Liquidation value of property | 18,364,000 | ||||||||||||
Jacksonville, Florida [Member] | |||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||
Proceeds from sale of real estate, gross | $ 8,097,000 | ||||||||||||
Proceeds from sale of real estate, net | $ 8,080,000 | ||||||||||||
Liquidation value of property | 8,400,000 | ||||||||||||
Orlando Florida [Member] | |||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||
Proceeds from sale of real estate, gross | $ 34,807,000 | ||||||||||||
Proceeds from sale of real estate, net | $ 62,000 | ||||||||||||
Liquidation value of property | 35,053,000 | ||||||||||||
Houston Texas [Member] | Mosaic Apartments [Member] | |||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||
Proceeds from sale of real estate, gross | $ 90,500,000 | ||||||||||||
Proceeds from sale of real estate, net | $ 37,178,000 | ||||||||||||
Ownership percentage in real estate investment | 83.70% | ||||||||||||
Liquidation value of property | $ 91,200,000 | ||||||||||||
Las Vegas Nevada [Member] | RE CDO [Member] | |||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||
Aggregate distributions from venture | $ 2,118,000 | ||||||||||||
Las Vegas Nevada [Member] | RE CDO [Member] | Mortgage Loans Payable [Member] | |||||||||||||
Investment And Disposition Activities [Line Items] | |||||||||||||
Interest Rate | 5.52% |
Loan Receivable - Additional In
Loan Receivable - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2016 | |
Receivables [Abstract] | |||
Loan receivable, net | $ 8,400,000 | $ 0 | $ 8,400,000 |
Loans receivable, accrued interest | $ 0 | ||
Weighted average coupon rate on loans receivable | 6.00% | ||
Weighted average yield to maturity | 6.00% |
Loan Receivable - Summary of Lo
Loan Receivable - Summary of Loan Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, net | $ 0 | $ 8,400 | $ 8,400 |
Jacksonville, Florida [Member] | Whole Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, net | $ 8,400 | ||
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% |
Loan Receivable - Summary of _2
Loan Receivable - Summary of Loan Receivable (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Jacksonville, Florida [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ceiling rate, percentage | 8.00% | |
Whole Loan [Member] | Jacksonville, Florida [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
LIBOR floor, percentage | 6.00% | |
Mortgage Loans Payable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
LIBOR rate | 1.56425% |
Loan Receivable - Activity Rela
Loan Receivable - Activity Related to Loans Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Receivables [Abstract] | |||
Balance at beginning of year | $ 8,400 | $ 8,400 | |
Purchase and advances | 0 | 0 | |
Interest received, net | 0 | 0 | |
Repayments/sale proceeds | (8,097) | $ (5,987) | |
Change in liquidation value | (303) | 100 | |
Balance at end of year | $ 0 | $ 8,400 | $ 8,400 |
Loan Receivable - Loan Receivab
Loan Receivable - Loan Receivable by Internal Credit Rating (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)SecurityLoan | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($) | |
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Loans | SecurityLoan | 1 | ||
Liquidation Value of Loans Receivable | $ | $ 8,400 | $ 0 | $ 8,400 |
Greater than Zero [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Loans | SecurityLoan | 1 | ||
Liquidation Value of Loans Receivable | $ | $ 8,400 |
Equity Investments - Liquidatin
Equity Investments - Liquidating Trust's Nominal Ownership Percentages in its Equity Investments (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
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 | 79.70% | 79.70% |
446 High Line LLC [Member] | Serure CB High Line [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Nominal % Ownership | 80.00% | 83.80% |
Concord Debt Holdings LLC [Member] | Inland [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Nominal % Ownership | 0.00% | 66.60% |
CDH CDO LLC [Member] | Inland [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Nominal % Ownership | 0.00% | 49.60% |
Equity Investments - Liquidat_2
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, 2018 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||
Effective ownership interest of trust in underlying property | 0.00% | |
Winthrop Realty Trust [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Effective ownership interest of trust in underlying property | 60.08% |
Mortgage Loans Payable - Additi
Mortgage Loans Payable - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Mortgage loans payable | $ 3,979 | $ 19,663 |
Mortgage Loans Payable - Mortga
Mortgage Loans Payable - Mortgage Loans Payable (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Mortgage loans payable | $ 3,979 | $ 19,663 |
Mortgage Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable | $ 3,979 | |
Mortgage Loans Payable [Member] | Winthrop Realty Trust [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable | 19,663 | |
Mortgage Loans Payable [Member] | Lisle IL [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | Mar 2017 | |
Mortgage Loans Payable [Member] | Lisle IL [Member] | Winthrop Realty Trust [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable | 5,216 | |
Mortgage Loans Payable [Member] | Plantation FL [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | Apr 2041 | |
Mortgage Loans Payable [Member] | Plantation FL [Member] | Winthrop Realty Trust [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable | 10,091 | |
Mortgage Loans Payable [Member] | 5.78% Loan Due in Aug 2024 [Member] | Churchill [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | Aug 2024 | |
Interest Rate | 5.78% | |
Mortgage loans payable | $ 3,979 | |
Mortgage Loans Payable [Member] | 5.78% Loan Due in Aug 2024 [Member] | Churchill [Member] | Winthrop Realty Trust [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable | $ 4,356 |
Mortgage Loans Payable - Summar
Mortgage Loans Payable - Summary of the Future Principal Repayments Of Mortgage Loans Payable (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
2019 | $ 523 |
2020 | 616 |
2021 | 715 |
2022 | 778 |
2023 | 799 |
Thereafter | 548 |
Future principal repayments | $ 3,979 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | |
Ground lease commitments, 2019 | $ 1,225,000 |
Ground lease commitments, 2020 | 1,262,000 |
Ground lease commitments, 2021 | 1,299,000 |
Ground lease commitments, 2022 | 1,338,000 |
Ground lease commitments, 2023 | 1,379,000 |
Ground lease commitments, Thereafter | 11,450,000 |
New York, NY [Member] | Ground Lease [Member] | |
Property, Plant and Equipment [Line Items] | |
Ground lease commitments, 2019 | 1,844,000 |
Ground lease commitments, 2020 | 1,900,000 |
Ground lease commitments, 2021 | 1,957,000 |
Ground lease commitments, 2022 | 2,015,000 |
Ground lease commitments, 2023 | 2,076,000 |
Ground lease commitments, Thereafter | $ 97,836,000 |
Expiration date | Jun. 1, 2053 |
Chicago, IL [Member] | Ground Lease [Member] | |
Property, Plant and Equipment [Line Items] | |
Ground lease commitments, 2019 | $ 440,000 |
Ground lease commitments, 2020 | 440,000 |
Ground lease commitments, 2021 | 440,000 |
Ground lease commitments, 2022 | 440,000 |
Ground lease commitments, 2023 | 440,000 |
Ground lease commitments, Thereafter | $ 4,727,000 |
Expiration date | Sep. 19, 2034 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | May 02, 2018 | May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2014 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | |||||
Management fees | $ 0 | ||||
FUR Advisors [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of equity contributions | 1.50% | ||||
Percentage of equity contributions by unaffiliated third parties | 0.25% | ||||
Reduction in liquidating distribution amount paid on equity | $ 0 | ||||
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 | $ 17,391,000 | ||||
Per share Threshold amount required to be distributed | $ 0.49 | ||||
Reduced threshold amount | $ 104,980,000 | ||||
Percentage of dividends paid on disposition | 20.00% | ||||
Termination fees | $ 9,496,000 | ||||
Supplemental fee payment terms, description | Payable equal to the lesser of (i) the base management fee paid to our Advisor for the twelve month period immediately prior to the approved plan of liquidation or (ii) 20% of any liquidating distributions paid on account of our Units at such time as the threshold amount was reduced to $104,980,000. No additional termination fee payments will be paid. | ||||
Payable to related parties included in related party fees payable | $ 0 | $ 751,000 | |||
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 | $ 3,000 | $ 17,000 |
Related-Party Transactions - Fe
Related-Party Transactions - Fees and Reimbursements Paid or Accrued by Liquidating Trust (Detail) - Winthrop Management [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||
Fees and reimbursements paid by the Trust | $ 10,687 | $ 3,817 |
Base Asset Management Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Fees and reimbursements paid by the Trust | 964 | 3,258 |
Property Management Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Fees and reimbursements paid by the Trust | 227 | 532 |
Termination Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Fees and reimbursements paid by the Trust | $ 9,496 | |
Construction Management Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Fees and reimbursements paid by the Trust | $ 27 |
Related-Party Transactions - _2
Related-Party Transactions - Fees and Reimbursements Paid or Accrued by Liquidating Trust (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
FUR Advisors [Member] | ||
Related Party Transaction [Line Items] | ||
Management fee paid | $ 0 | $ 10 |
Future Minimum Lease Payments -
Future Minimum Lease Payments - Future Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 1,225 |
2020 | 1,262 |
2021 | 1,299 |
2022 | 1,338 |
2023 | 1,379 |
Thereafter | 11,450 |
Total | $ 17,953 |
Future Minimum Lease Payments_2
Future Minimum Lease Payments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Westinghouse Electric [Member] | |
Future Minimum Leases Payments Under Leases [Line Items] | |
Total contribution of base commercial rental | 53.90% |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Accumulated Depreciation | $ (4,301) | $ (7,160) | $ (14,023) | $ (23,584) | |
Net Liquidation Adjustment | (7,114,000) | ||||
Total | 14,225 | $ 40,136 | $ 200,675 | $ 377,446 | |
Other [Member] | Churchill [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,979 | ||||
Initial Cost to Company, Land | 0 | ||||
Initial Cost to Company, Building and Improvements | 23,834 | ||||
Land | 0 | ||||
Building and Improvements | 11,705 | ||||
Accumulated Depreciation | [1] | (4,301) | |||
Total | $ 7,404 | ||||
Date Acquired | 2004-11 | ||||
Life | 40 years | ||||
Net Liquidation Adjustment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company, Land | [2] | $ 0 | |||
Land | [2] | 0 | |||
Net Liquidation Adjustment | [2] | 2,520 | |||
Total | [2] | 2,520 | |||
Liquidation Value [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,979 | ||||
Initial Cost to Company, Land | 0 | ||||
Initial Cost to Company, Building and Improvements | 23,834 | ||||
Land | 0 | ||||
Building and Improvements | 11,705 | ||||
Accumulated Depreciation | [1] | (4,301) | |||
Net Liquidation Adjustment | [2] | 2,520 | |||
Total | $ 9,924 | ||||
[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) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Beginning balance | $ 32,976,000 |
Liquidation adjustment, net | (7,114,000) |
Disposals | (15,938,000) |
Ending balance | $ 9,924,000 |
Schedule III - Reconciliation o
Schedule III - Reconciliation of Real Estate Assets and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate | |||
Balance at beginning of period | $ 40,136 | $ 200,675 | $ 377,446 |
Additions during the period: | |||
Improvements, etc. | (313) | 3,301 | |
Consolidation of property | 15,082 | ||
Deductions during this period: | |||
Cost of real estate sold | (18,797) | (144,923) | (138,656) |
Asset impairments | (2,861) | (3,908) | |
Liquidation adjustment | (7,114) | (12,442) | (52,590) |
Balance at end of period | 14,225 | 40,136 | 200,675 |
Accumulated Depreciation | |||
Balance at beginning of period | 7,160 | 14,023 | 23,584 |
Disposal of properties | (2,859) | (6,863) | (9,561) |
Balance at end of period | $ 4,301 | $ 7,160 | $ 14,023 |
Schedule IV Mortgage Loans on_2
Schedule IV Mortgage Loans on Real Estate - Reconciliation of Mortgage Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2016 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | ||
Beginning balance | $ 8,400 | $ 5,280 |
Purchase and advances | 9,035 | |
Interest received, net | (28) | |
Repayments / Sale Proceeds | (8,097) | (5,987) |
Change in liquidation value | $ (303) | 100 |
Ending balance | $ 8,400 |