EX-99.2
15
e501129_ex99-2.txt
NEWKIRK SHARE ACQUISITION
FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS
AT THE COMPANY
Carolyn Tiffany
Chief Operating Officer
(617) 570-4614
FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS
ANNOUNCES ACQUISITION OF 4,375,000 SHARES OF COMMON STOCK IN
NEWKIRK REALTY TRUST, INC.
FOR IMMEDIATE RELEASE - Boston, Massachusetts- November 7, 2005-First
Union Real Estate Equity and Mortgage Investments (NYSE:FUR) announced today
that it has consummated the acquisition of 3,125,000 shares of common stock in
Newkirk Realty Trust, Inc. (NYSE:NKT) for a purchase price of $50 million. In
addition, First Union also acquired an additional 1,250,000 shares of common
stock in Newkirk in exchange for the assignment by First Union to Newkirk of
certain exclusivity rights held by First Union with respect to the services of
Michael L. Ashner, First Union's Chief Executive Officer, on half of which are
subject to forfeiture over next three year period with such amount subject to
forfeiture decreasing pro rata on a monthly basis. Also as part of the
transaction, First Union will be entitled to receive 80% of all payments made by
Newkirk to its advisor on account of the incentive fee payable to its advisor,
if any. Based on the $1.60 anticipated dividend to be paid by Newkirk as set
forth in Newkirk's Prospectus, the annual cash-on-cash yield on this investment
is expected to be 14%.
-------------------
Certain statements contained in this press release that are
forward-looking are based on current expectations that are subject to a number
of uncertainties and risks, and actual results may differ materially. Further
information about these matters and the risks generally with respect to First
Union can be found in First Union's Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q filed with the Securities and Exchange Commission.
First Union Real Estate Equity and Mortgage Investments is a NYSE-listed
real estate investment trust (REIT) headquartered in Boston, Massachusetts.

EX - 99 . 2 15 e501129 _ ex99 - 2 . txt NEWKIRK SHARE ACQUISITION FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS AT THE COMPANY Carolyn Tiffany Chief Operating Officer ( 617 ) 570 - 4614 FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS ANNOUNCES ACQUISITION OF 4,375,000 SHARES OF COMMON STOCK IN NEWKIRK REALTY TRUST , INC . FOR IMMEDIATE RELEASE - Boston , Massachusetts - November 7 , 2005 - First Union Real Estate Equity and Mortgage Investments ( NYSE : FUR ) announced today that it has consummated the acquisition of 3,125,000 shares of common stock in Newkirk Realty Trust , Inc . ( NYSE : NKT ) for a purchase price of $ 50 million . In addition , First Union also acquired an additional 1,250,000 shares of common stock in Newkirk in exchange for the assignment by First Union to Newkirk of certain exclusivity rights held by First Union with respect to the services of Michael L . Ashner , First Union 's Chief Executive Officer , on half of which are subject to forfeiture over next three year period with such amount subject to forfeiture decreasing pro rata on a monthly basis . Also as part of the transaction , First Union will be entitled to receive 80 % of all payments made by Newkirk to its advisor on account of the incentive fee payable to its advisor , if any . Based on the $ 1.60 anticipated dividend to be paid by Newkirk as set forth in Newkirk 's Prospectus , the annual cash - on - cash yield on this investment is expected to be 14 % . ------------------- Certain statements contained in this press release that are forward - looking are based on current expectations that are subject to a number of uncertainties and risks , and actual results may differ materially . Further information about these matters and the risks generally with respect to First Union can be found in First Union 's Annual Report on Form 10 - K and Quarterly Reports on Form 10 - Q filed with the Securities and Exchange Commission . First Union Real Estate Equity and Mortgage Investments is a NYSE - listed real estate investment trust ( REIT ) headquartered in Boston , Massachusetts .
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