Winthrop Realty lowers earnings figure

Winthrop Realty Trust said today its first-quarter profit will be reduced by 18 percent to address a change in accounting rules.

Winthrop Realty, a Boston real estate investment company, said accounting rules that went into effect at the start of the year will lower its net income for the three months ended March 31 to $8.7 million, or 12 cents per share -- $1.9 million below the figure the company gave Wednesday. In the same period a year ago, Winthrop earned $10.2 million, or 19 cents per share.

Based on new accounting standards adopted earlier this year, the company said it will restate the $1.9 million as a cumulative effect adjustment to shareholders equity.

Winthrop said it will request more time from the Securities and Exchange Commission to file the quarterly report.

Shares of Winthrop Realty Trust Inc. rose 5 cents Friday to $6.56 in morning trading on the New York Stock Exchange.
(AP)