BOSTON, Jan. 5 /PRNewswire-FirstCall/ -- As a result of the closing price of the common shares of beneficial interest of Winthrop Realty Trust being greater than $5.0824 for 20 trading days within the last 30 trading days including the last day of such period, Winthrop Realty Trust will redeem all of its outstanding Series A Cumulative Convertible Redeemable Preferred Shares . The redemption of the Series A Preferred Shares will occur on February 7, 2006 and each Series A Preferred Share will be redeemed for 4.92 common shares of beneficial interest in Winthrop Realty Trust, with any fractional shares resulting from the redemption being redeemed for cash.
The redemption of the Series A Preferred Shares for Common Shares will increase the total number of outstanding Common Shares from 35,581,479 to approximately 40,418,242. In so doing, the annual fixed charge to Winthrop Realty Trust will be reduced by $2,064,472 on account of the elimination of the Series A Preferred Share dividend which will be $.05 accretive on a per Common Share basis.
Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Winthrop Realty Trust to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors. Further information about these matters and the risks generally with respect to Winthrop can be found in Winthrop's filings with the Securities and Exchange Commission.
Winthrop Realty Trust is a NYSE-listed real estate investment trust (REIT) headquartered in Boston, Massachusetts.
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