Winthrop Realty Liquidating Trust - FORM 8-K - EX-99.2

Attached files

file	filename
EX-99.1 - Winthrop Realty Liquidating Trust	e609040_ex99-1.htm
EX-99.3 - Winthrop Realty Liquidating Trust	e609040_ex99-3.htm
8-K - Winthrop Realty Liquidating Trust	e609040_8k-wrt.htm

Winthrop Realty Trust

Supplemental Operating and Financial Data

For the Period Ended September 30, 2011

WINTHROP REALTY TRUST

SUPPLEMENTAL REPORTING PACKAGE

Table of Contents

Consolidated Balance Sheets	1
Consolidated Statements of Operations and Comprehensive Income	2
Funds from Operations Analysis	4
Consolidated Statements of Cash Flows	5
Selected Balance Sheet Account Detail	7
Schedule of Capitalization, Dividends and Liquidity	8
Selected Investment Data	9
Schedule of Securities Carried at Fair Value	11
Schedule of Loan Assets	12
Net Operating Income from Consolidated Properties	14
Schedule of Interest and Dividends	15
Consolidated Properties – Selected Property Data	16
Equity Investments – Selected Property Data	18
Preferred Equity Investments – Selected Property Data	21
Consolidated Properties – Operating Summary	22
Equity Investments – Operating Summary	23
Consolidated Debt Summary	24
Equity Investments Debt Summary	25
Lease Expiration Summary	27
Reconciliation of Non-GAAP financial measures of income to net income attributable to Common Shares	28
Supplemental Definitions	29
Investor Information	30

Forward-Looking Statements - This supplemental reporting package contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words "assumes," "believes," "estimates," "expects," "guidance," "intends," “plans,” projects,” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Winthrop Realty Trust (the “Trust”) control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the ability of our joint venture partners to satisfy their obligations, the costs and availability of financing, the effects of local economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Trust's accounting policies and on period-to-period comparisons of financial results, regulatory changes and other risks and uncertainties detailed from time to time in the Trust’s filings with the Securities and Exchange Commission. The Trust does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures - It is important to note that throughout this presentation management makes references to non-GAAP financial measures, an example of which is Funds from Operations (“FFO”). Reconciliations and definitions for these non-GAAP financial measures are provided within this document.

WINTHROP REALTY TRUST

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data, Unaudited)

	September 30,			June 30,			March 31,			December 31,
	2011			2011			2011				2010
ASSETS
Investments in real estate, at cost
Land	$	36,495		$	36,495		$	36,495			$	37,142
Buildings and improvements		273,118			273,964			273,071				271,357
		309,613			310,459			309,566				308,499
Less: accumulated depreciation		(42,262	)		(40,168	)		(38,084	)			(36,232	)
Investments in real estate, net		267,351			270,291			271,482				272,267
Cash and cash equivalents		66,777			51,344			21,240				45,257
Restricted cash held in escrows		4,916			9,152			30,648				8,593
Loans receivable, net		115,889			153,437			105,390				110,395
Accounts receivable, net of allowances of $ 594, $453, $378
and $262, respectively		12,380			14,110			12,534				12,402
Securities carried at fair value		6,652			7,613			14,695				33,032
Loan securities carried at fair value		5,343			5,418			14,132				11,981
Preferred equity investments		13,402			10,155			4,034				4,010
Equity investments		106,156			95,169			106,606				81,937
Other receivables, net		-			-			8,459				-
Lease intangibles, net		25,394			24,681			25,651				26,821
Deferred financing costs, net		1,184			1,346			1,479				1,158
Assets held for sale		1,491			3,702			3,710				2,275
TOTAL ASSETS	$	626,935		$	646,418		$	620,060			$	610,128

LIABILITIES
Mortgage loans payable	$	185,622		$	210,751		$	212,155			$	230,443
Series B-1 Cumulative Convertible Redeemable Preferred Shares,
$25 per share liquidation preference; 852,000 shares authorized
and outstanding at September 30, 2011, June 30, 2011, March 31,
2011, and December 31, 2010		21,300			21,300			21,300				21,300
Secured financing		15,150			15,150			15,150				-
Revolving line of credit		-			-			33,875				25,450
Accounts payable and accrued liabilities		12,287			12,322			11,982				12,557
Dividends payable		5,395			5,385			4,441				4,431
Deferred income		1,550			1,016			1,206				150
Below market lease intangibles, net		2,137			2,312			2,503				2,696
Liabilities of held for sale assets		597			620			537				33
TOTAL LIABILITIES		244,038			268,856			303,149				297,060

COMMITMENTS AND CONTINGENCIES
NON-CONTROLLING REDEEMABLE PREFERRED
INTEREST
Series C Cumulative Convertible Redeemable Preferred Shares,
$25 per share liquidation preference, 144,000 shares authorized
and outstanding at September 30, 2011, June 30, 2011, March 31,
2011, and December 31, 2010		3,221			3,221			3,221				3,221
Total non-controlling redeemable preferred interest		3,221			3,221			3,221				3,221
EQUITY
Winthrop Realty Trust Shareholders’ Equity:
Common Shares, $1 par, unlimited shares authorized;
32,958,778, 32,897,554, 27,088,347, and 27,030,186 issued and
outstanding at September 30, 2011, June 30, 2011, March 31,
2011, and December 31, 2010, respectively		32,959			32,898			27,088				27,030
Additional paid-in capital		627,107			626,472			570,208				569,586
Accumulated distributions in excess of net income		(295,290	)		(299,721	)		(298,045	)			(300,782	)
Accumulated other comprehensive loss		-			-			-				(63	)
Total Winthrop Realty Trust Shareholders’ Equity		364,776			359,649			299,251				295,771
Non-controlling interests		14,900			14,692			14,439				14,076
Total Equity		379,676			374,341			313,690				309,847
TOTAL LIABILITIES AND EQUITY	$	626,935		$	646,418		$	620,060			$	610,128

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share data)

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Revenue
Rents and reimbursements	$	10,840		$	9,243		$	33,061		$	27,999
Interest, dividends and discount accretion		5,503			4,948			20,269			11,747
		16,343			14,191			53,330			39,746
Expenses
Property operating		3,536			1,812			11,567			5,579
Real estate taxes		1,107			952			3,450			2,012
Depreciation and amortization		3,185			2,378			9,978			7,050
Interest		3,546			3,809			12,123			11,126
Impairment loss on investment in real estate		3,000			-			3,000			-
General and administrative		2,893			2,300			8,175			6,123
State and local taxes		12			7			88			107
		17,279			11,258			48,381			31,997
Other income (loss)
Earnings from preferred equity investments		257			85			498			253
Equity in income (loss) of equity investments		2,820			(409	)		4,340			(1,328	)
Gain on sale of equity investments		207			-			207			-
Realized gain (loss) on sale of securities carried at
fair value		-			(185	)		131			588
Unrealized gain (loss) on securities carried at fair value		(961	)		2,490			(798	)		4,280
Gain on extinguishment of debt		8,514			-			8,514			-
Unrealized gain (loss) on loan securities carried
at fair value		(75	)		581			2,772			3,593
Interest and other income		472			17			1,008			94
		11,234			2,579			16,672			7,480

Income from continuing operations		10,298			5,512			21,621			15,229

Discontinued operations
Income (loss) from discontinued operations		(134	)		(1,529	)		2			(2,045	)

Consolidated net income		10,164			3,983			21,623			13,184
Income attributable to non-controlling interest		(318	)		(175	)		(851	)		(595	)
Net income attributable to Winthrop Realty Trust		9,846			3,808			20,772			12,589
Income attributable to non-controlling redeemable
preferred interest		(59	)		(59	)		(176	)		(230	)
Net income attributable to Common Shares	$	9,787		$	3,749		$	20,596		$	12,359

Comprehensive income
Consolidated net income	$	10,164		$	3,983		$	21,623		$	13,184
Change in unrealized gain on available for
sale securities		-			-			-			2
Change in unrealized gain on interest rate
derivative		-			(20	)		63			(8	)
Comprehensive income	$	10,164		$	3,963		$	21,686		$	13,178

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share data, continued)

(Unaudited)

	Three Months Ended					Nine Months Ended
	September 30,					June 30,
	2011		2010			2011		2010

Per Common Share data - Basic
Income from continuing operations	$	0.30	$	0.22		$	0.67	$	0.68
Loss from discontinued operations		-		(0.04	)		-		(0.09	)
Net income attributable to Winthrop Realty Trust	$	0.30	$	0.18		$	0.67	$	0.59

Per Common Share data - Diluted
Income from continuing operations	$	0.30	$	0.25		$	0.67	$	0.68
Loss from discontinued operations		-		(0.07	)		-		(0.09	)
Net income attributable to Winthrop Realty Trust	$	0.30	$	0.18		$	0.67	$	0.59

Basic Weighted-Average Common Shares		32,949		21,412			30,889		21,064
Diluted Weighted-Average Common Shares		32,949		21,414			30,889		21,499

WINTHROP REALTY TRUST

FUNDS FROM OPERATIONS ANALYSIS

(In thousands, except per share data)

(Unaudited)

The following presents a reconciliation of net income to funds from operations for the three and nine months ended September 30, 2011 and 2010 (in thousands, except per share amounts):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Basic
Net income attributable to
Winthrop Realty Trust	$	9,846		$	3,808		$	20,772		$	12,589
Real estate depreciation		2,094			1,569			6,298			4,583
Amortization of capitalized leasing costs		1,092			872			3,683			2,591
Loss on sale of real estate		58			-			58			-
Real estate depreciation and amortization
of unconsolidated interests		2,996			2,245			7,635			6,646
Impairment loss on investments in real estate		3,000			1,720			3,000			2,720
Impairment loss on equity investments		-			-			3,800			-
Less: Non-controlling interest share
of depreciation and amortization		(790	)		(787	)		(2,371	)		(2,371	)
Funds from operations		18,296			9,427			42,875			26,758
Series C preferred dividends		(59	)		(59	)		(176	)		(230	)

Allocation of earnings to Series
B-1 Preferred Shares		(170	)		(63	)		(257	)		(137	)

Allocation of earnings to Series
C Preferred Shares		(82	)		(53	)		(176	)		(242	)
FFO applicable to Common Shares - Basic	$	17,985		$	9,252		$	42,266		$	26,149
Weighted-average Common Shares		32,949			21,412			30,889			21,064
FFO Per Common Share - Basic	$	0.55		$	0.43		$	1.37		$	1.24

Diluted
Funds from operations	$	18,296		$	9,427		$	42,875		$	26,758
Series C Preferred Shares Dividend		(59	)		(59	)		(176	)		(230	)
Allocation of earnings to Series
B-1 Preferred Shares (1)		(170	)		(63	)		(257	)		(137	)
Allocation of earnings to Series
C Preferred Shares		(82	)		(53	)		(176	)		(242	)
FFO applicable to Common Shares	$	17,985		$	9,252		$	42,266		$	26,149

Weighted-average Common Shares		32,949			21,412			30,889			21,064
Stock options (2)		-			2			-			2
Convertible Series C Preferred Shares (3)		-			-			-			-
Diluted weighted-average Common Shares		32,949			21,414			30,889			21,066
FFO Per Common Share - Diluted	$	0.55		$	0.43		$	1.37		$	1.24

(1)	The Trust’s Series B-1 Preferred Shares were anti-dilutive for the three and nine months ended September 30, 2011 and 2010.

(2)	The Trust’s stock options were dilutive for the three and nine months ended September 30, 2010 and anti-dilutive for the three and nine months ended September 30, 2011.

(3)	The Trust’s Series C Preferred Shares were dilutive for the three and nine months ended September 30, 2010 and anti- dilutive for the three and nine months ended September 30, 2011.

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Nine Months Ended
	September 30,
	2011				2010
	(unaudited)			(unaudited)
Cash flows from operating activities
Net income	$	21,623			$	13,184
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization (including amortization
of deferred financing costs)		6,891				5,026
Amortization of lease intangibles		3,316				2,064
Straight-lining of rental income		(937	)			378
Loan discount accretion		(11,167	)			(6,087	)
Discount accretion received in cash		13,290				-
Earnings of preferred equity investments		(498	)			(253	)
Distributions of income from preferred equity investments		336				293
(Income) losses of equity investments		(4,340	)			1,328
Distributions of income from equity investments		8,081				3,793
Restricted cash held in escrows		750				1,207
Gain on sale of securities carried at fair value		(131	)			(588	)
Unrealized loss (gain) on securities carried at fair value		798				(4,280	)
Unrealized gain on loan securities carried at fair value		(2,772	)			(3,593	)
Tenant leasing costs		(2,448	)			(2,477	)
Impairment loss on assets held for sale		-				2,720
Impairment loss on investments in real estate		3,000				-
Gain on extinguishment of debt		(8,514	)			-
Loss on sale of real estate held for sale		58				-
Bad debt expense (recovery)		332				(612	)
Net change in interest receivable		19				(236	)
Net change in accounts receivable		688				1,844
Net change in accounts payable and accrued liabilities		1,284				771
Net cash provided by operating activities		29,659				14,482

Cash flows from investing activities
Investments in real estate		(5,788	)			(3,003	)
Proceeds from sale of real estate held for sale		2,151				-
Investment in equity investments		(67,901	)			(24,605	)
Investment in preferred equity investments		(7,208	)			-
Proceeds from sale of equity investments		6,000				-
Return of capital distribution from equity investments		26,432				-
Purchase of securities carried at fair value		(568	)			(3,056	)
Proceeds from sale of securities carried at fair value		26,281				29,565
Proceeds from sale of available for sale securities		-				205
Proceeds from payoff of loan securities		8,748				-
Restricted cash held in escrows		2,828				(2,073	)
Issuance and acquisition of loans receivable		(44,512	)			(83,572	)
Proceeds from sale of loans receivable		-				12,876
Collection of loans receivable		43,410				14,900
Net cash used in investing activities		(10,127	)			(58,763	)

	(Continued on next page)

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, continued)

		2011				2010
	(unaudited)				(unaudited)
Cash flows from financing activities
Proceeds from mortgage loans payable			11,000				-
Principal payments of mortgage loans payable			(47,307	)			(4,994	)
Proceeds from revolving line of credit			27,324				25,450
Payment of revolving line of credit			(52,774	)			-
Proceeds from note payable			15,150				-
Restricted cash held in escrows			99				1,482
Deferred financing costs			(611	)			(165	)
Contribution from non-controlling interest			300				1,037
Distribution to non-controlling interest			(327	)			(240	)
Issuance of Common Shares through offering			61,386				66,867
Issuance of Common Shares under Dividend Reinvestment			2,064				1,795
Dividend paid on Common Shares			(14,140	)			(10,187	)
Dividend paid on Series C Preferred Shares			(176	)			(338	)
Net cash provided by financing activities			1,988				80,707

Net increase in cash and cash equivalents			21,520				36,426
Cash and cash equivalents at beginning of period			45,257				66,493
Cash and cash equivalents at end of period		$	66,777			$	102,919

Supplemental Disclosure of Cash Flow Information
Interest paid		$	12,588			$	10,772
Taxes paid		$	52			$	98

Supplemental Disclosure on Non-Cash Investing and Financing Activities
Dividends accrued on Common Shares		$	5,356			$	4,385
Dividends accrued on Series C Preferred Shares		$	39			$	39
Capital expenditures accrued		$	684			$	1,643
Transfer from loan securities		$	662			$	-
Loan receivable		$	(6,534	)		$	(10,220	)
Transfer bridge loan to preferred equity investments		$	(2,022	)		$	-
Transfer Marc Realty equity investments to loans receivable		$	12,544			$	-
Transfer Sealy loan receivable to equity investment		$	4,650			$	-
Transfer of loan assets to investments in real estate		$	-			$	8,188
Transfer of loan assets to invetments in lease intangibles		$	-			$	2,032

WINTHROP REALTY TRUST

SELECTED BALANCE SHEET ACCOUNT DETAIL

(In thousands, Unaudited)

	September 30,				June 30,			March 31,			December 31,
		2011			2011			2011				2010
Operating Real Estate
Land		$	36,495		$	36,495		$	36,495			$	37,142
Buildings and improvements
Buildings			249,789			251,632			251,632				252,625
Building improvements			11,435			12,824			12,358				11,841
Furniture and Fixtures			1,842			827			815				815
Tenant improvements			10,052			8,681			8,266				6,076
			309,613			310,459			309,566				308,499
Accumulated depreciation and amortization			(42,262	)		(40,168	)		(38,084	)			(36,232	)
Total Operating Real Estate		$	267,351		$	270,291		$	271,482			$	272,267

Accounts Receivable
Straight-line rent receivable		$	9,666		$	9,438		$	9,075			$	8,729
Other			2,714			4,672			3,459				3,673
Total Accounts Receivable		$	12,380		$	14,110		$	12,534			$	12,402

Securities Carried at Fair Value
REIT Preferred Shares		$	4,222		$	4,333		$	10,547			$	28,547
REIT Common Shares			2,430			3,280			4,148				4,485
Total Securities Carried at Fair Value		$	6,652		$	7,613		$	14,695			$	33,032

Equity Investments
Marc Realty Portfolio (9 Properties)		$	43,419		$	43,735		$	62,493			$	62,150
Vintage Housing Holdings (25 Properties)			30,513			25,452			-				-
Sealy Ventures Properties (3 Properties)			14,382			10,798			10,444				11,904
WRT-ROIC Riverside (Retail Loan)			7,883			7,883			7,883				7,883
LW SOFI (Sofitel Hotel Loan)			6,877			6,022			-				-
RE-CDO Management			1,273			1,250			-				-
46th Street Gotham (Gotham Hotel Loan)			-			20			7,949				-
Lakeside/Eagle			9			9			17,837				-
FII Co-Invest			1,800			-			-				-
Total Equity Investments		$	106,156		$	95,169		$	106,606			$	81,937

Preferred Equity Investments
180 North Michigan (Marc Realty)		$	3,999		$	4,118		$	4,034			$	4,010
450 West 14th Street (High Line)			7,903			6,037			-				-
Vintage at Tacoma			1,500			-			-				-
Total Preferred Equity Investments		$	13,402		$	10,155		$	4,034			$	4,010

Non-Controlling Interests
Westheimer (Houston, TX)		$	10,648		$	10,340		$	10,053			$	9,780
River City / Marc Realty (Chicago, IL)			3,411			3,442			3,458				3,280
One East Erie/ Marc Realty (Chicago, IL)			461			503			497				557
1050 Corporetum / Marc Realty (Lisle, IL)			215			253			278				322
Deer Valley / Fenway (Deer Valley, AZ)			165			154			153				137
Total Non-Controlling Interests		$	14,900		$	14,692		$	14,439			$	14,076

The listing above provides detail for only certain balance sheet line items presented on Winthrop Realty Trust's Consolidated Balance Sheets as of September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010 (the "Balance Sheet"). See page 1 of this supplement for all Balance Sheet line items.

WINTHROP REALTY TRUST

SCHEDULE OF CAPITALIZATION, DIVIDENDS AND LIQUIDITY

(In thousands, except for per share data, Unaudited)

	September 30,			June 30,		March 31,		December 31,
		2011		2011		2011			2010
Debt
Mortgage loans payable		$	185,622	$	210,751	$	212,155		$	230,443
Series B-1 Preferred Shares			21,300		21,300		21,300			21,300
KeyBank line of credit			-		-		33,875			25,450
Secured financing			15,150		15,150		15,150			-
Total Debt			222,072		247,201		282,480			277,193

Non-Controlling Redeemable Preferred Interest
Series C Preferred Shares			3,221		3,221		3,221			3,221

Equity
Common Shares			364,776		359,649		299,251			295,771
Non-controlling ownership interests			14,900		14,692		14,439			14,076
Total Equity			379,676		374,341		313,690			309,847

Total Capitalization		$	604,969	$	624,763	$	599,391		$	590,261


Common Dividend Per Share

September 30,		June 30,		March 31,		December 31,
2011		2011		2011		2010
$	0.1625	$	0.1625	$	0.1625	$	0.1625

Liquidity and Credit Facility
	September 30,			June 30,		March 31,		December 31,
		2011		2011		2011			2010
Cash and cash equivalents		$	66,777	$	51,344	$	21,240		$	45,257
Securities carried at fair value			6,652		7,613		14,695			33,032
Available under line of credit			50,000		50,000		16,125			9,550
Total Liquidity and Credit Facility		$	123,429	$	108,957	$	52,060		$	87,839

WINTHROP REALTY TRUST

SELECTED INVESTMENT DATA

September 30, 2011

(In thousands, except square footage, Unaudited)

The following pages of investment data are presented to provide additional information relating to management’s expectations on selected assets within its business segments. For more detail on these assets within this Supplement please reference Schedule of Loan Assets on pages 12-13, Consolidated Property Data on pages 16-17, and Equity Investment Property Data on pages 18-20.

Cash	Amount

Cash and cash equivalents	$	66,777

REIT Securities	Cost		Fair Value

REIT Preferred shares	$	2,067	$	4,222
REIT Common shares		2,935		2,430

							Carrying Amount
Loan Assets, Loan Securities & Loan Equity			Stated Interest		Cost, less Principal		(before accrued					Extended
Investments, with Expected Repayment	Type		Rate		Repaid		interest)		Par Value			Maturity Date
Sofitel - Mezzanine Loan - Equity Investment (1) (3)	Hotel		Libor + 1.85%			67,610		69,475		71,530		2/1/2012
Westwood - Whole Loan	Office		11.00%			3,542		3,646		3,646		04/30/12
Magazine - Mezzanine	Multi Family		Libor + 1.23%			17,525		18,231		20,000		07/09/12
Moffet Towers - B Note (3)	Office		Libor + 6.48%			22,517		23,034		22,947		07/31/12
160 Spear - B Note	Office		9.75%			3,410		9,893		15,000	(2)	06/09/13
160 Spear - Mezzanine Loan	Office		15.00%			4,800		4,800		4,800		06/09/13
Legacy Orchard -Corporate Loan	Corporate Loan		15.00%			9,750		9,750		9,750	(2)	10/31/14
San Marbeya - Whole Loan	Multi Family		5.88%			26,596		26,487		30,602		01/01/15
Rockwell - Mezzanine Loan	Industrial		12.00%			233		253		1,494		05/01/16
29 East Madison - Mezzanine	Office		8.00%			4,019		4,019		4,000		05/31/16
500-512 Seventh Ave - B Note	Office		7.19%			9,682		9,924		11,520		07/11/16
180 North Michigan - Mezzanine Loan	Office		8.50%			2,807		2,807		2,807		12/31/16
Wellington Tower - Mezzanine Loan	Mixed use		6.79%			2,353		2,521		3,501		07/11/17
WBCMT Series 2007 Tranche L - CMBS	Hotel		Libor + 1.75%			161		68		1,130		06/09/12
2600 West Olive - Rake Bonds	Office		Libor+0.65% to 1.60%			1,500		5,275		6,364		02/28/13

(1) Amounts shown represent 100% of the investment balance at the venture level.

(2) Amount represents Borrowers Discounted Payoff Option amount .

(3) Loan repaid in full subsequent to September 30, 2011.

Carrying Amount

Loan Assets, Loan Securities & Loan Equity Investments,

Stated Interest

Cost, less

(before accrue d

Extended

with Potential Equity Participation

Type

Rate

Principal Repaid

interest)

Par Value

Maturity Date

Riverside -B Note - 50 % Owned Equity Investment

Retail

12.00

7,800

12/01/12

Continued on next page

WINTHROP REALTY TRUST

SELECTED INVESTMENT DATA (Continued)

September 30, 2011

(In thousands, except square footage and cost per square foot/unit, Unaudited)

Consolidated Operating Properties	%			Square Feet/				Cost per Square
Acquired through Direct or Indirect Foreclosure	Owned		Type	Units		Cost Basis		Foot or Unit			Debt Balance
Deer Valley, AZ		97%	Office		82,000	$	11,241	$	137	per sf	$	-	(1)
Englewood, CO (Crossroads I)		100%	Office		118,000		7,926		67	per sf		-	(1)
Englewood, CO (Crossroads II)		100%	Office		118,000		8,650		73	per sf		-	(1)
Meriden, CT (Newbury Apartments)		100%	Multi-Family	180 Units			25,254		140,300	per unit		23,875

Consolidated Operating Properties	%							Cost per Square
Acquired through Asset Purchase	Owned		Type	Square Feet		Cost Basis		Foot			Debt Balance
Atlanta, GA		100%	Retail		61,000	$	4,638	$	76	per sf	$	-	(1)
Denton, TX		100%	Retail		46,000		2,730		59	per sf		-	(1)
Greensboro, NC		100%	Retail		47,000		3,801		81	per sf		-	(1)
Louisville , KY		100%	Retail		47,000		3,099		66	per sf		-	(1)
Memphis, TN		100%	Retail		47,000		1,397		30	per sf		-	(1)
Seabrook, TX		100%	Retail		53,000		2,012		38	per sf		-	(1)
Amherst, NY		100%	Office		200,000		19,618		98	per sf		15,794
Andover, MA		100%	Office		93,000		8,328		90	per sf		-	(1)
Chicago, IL (One East Erie / Marc Realty)		80%	Office		126,000		25,385		201	per sf		20,598
Chicago, IL (River City / Marc Realty )		60%	Office		253,000		16,259		64	per sf		8,900
Houston, TX (Westheimer)		8%	Office		614,000		69,543		113	per sf		57,443
Indianapolis, IN (Circle Tower)		100%	Office		111,000		8,204		74	per sf		4,188
Lisle, IL (550 Corporetum)		100%	Office		169,000		21,270		126	per sf		-
Lisle, IL (Arboretum)		100%	Office		67,000		6,356		95	per sf		-
Lisle, IL (1050 Corporetum / Marc Realty)		60%	Office		54,000		4,045		75	per sf		5,600
Orlando, FL		100%	Office		256,000		17,290		68	per sf		38,268
Plantation, FL		100%	Office		133,000		12,935		97	per sf		10,956
South Burlington, VT		100%	Office		56,000		3,407		61	per sf		-	(1)
Jacksonville, FL		100%	Warehouse		587,000		12,341		21	per sf		-	(1)
Churchill, PA		100%	Mixed Use		1,008,000		13,883		14	per sf		-
(1) These properties collateralize our revolving line of credit.

Equity Investment Operating Properties Acquired

Equity Investment

through Asset Purchase

Owned

Type

Square Feet

Carrying Amount

Marc Realty (9 Equity Investments)

Var

Office

1,407,000

43,419

Sealy Equity Investments (3 Equity Investments)

Var

Industrial/Office

2,097,000

14,382

Vintage Housing Holdings

75%

Multi- Family

4,167 Units

30,513

Preferred Equity Investment Operating Properties

Equity Investment

Acquired through Asset Purchase

Owned

Type

Square Feet

Carrying Amount

450 West 14th Street

Var

Office

102,000

7,903

180 North Michigan

70%

Office

29,000

3,999

Vintage at Tacoma

75%

Multi-Family

Under construction

1,500

WINTHROP REALTY TRUST

SCHEDULE OF SECURITIES CARRIED AT FAIR VALUE

(In thousands, Unaudited)

	September 30, 2011				June 30, 2011				March 31, 2011				December 31, 2010
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
REIT Preferred shares	$	2,067	$	4,222	$	2,067	$	4,333	$	5,646	$	10,547	$	15,757	$	28,547
REIT Common shares		2,935		2,430		2,935		3,280		2,935		4,148		3,590		4,485
Total securities carried at fair value	$	5,002	$	6,652	$	5,002	$	7,613	$	8,581	$	14,695	$	19,347	$	33,032

Securities carried at fair value are comprised of REIT preferred shares and common shares for which the Trust has elected the fair value option.

		Three Months Ended
	September 30,				June 30,			March 31,		December 31,		September 30,
		2011			2011			2011		2010		2010

Net unrealized gain (loss)		$	(1,036	)	$	(689	)	$	3,699	$	2,198	$	3,071
			-
Net realized gain (loss)		$	-		$	7		$	124	$	439	$	(185	)

The Trust uses specific identification method for calculating gain or loss on the sale of securities carried at fair value.

Net unrealized gains and losses and realized gains and losses above include amounts generated from securities carried at fair value and loan securities

WINTHROP REALTY TRUST

SCHEDULE OF LOAN ASSETS

(In thousands, Unaudited)

										Carrying
										Amount (1)
	Acquisition	Asset								September 30,					Maturity	Senior
Description	Date	Type	Location		Position			Interest Rate		2011		Par Value			Date (2)	Debt (3)
Loans Receivable
Westwood	Oct 2010	Office	Phoenix, AZ		Whole				11.00%		3,646		3,646		04/30/12		-
Magazine	Jun 2011	Multi Family	Florida		Mezzanine			Libor + 1.23%			18,249		20,000		07/09/12		120,000
Moffett Tower	Oct 2010	Office	Sunnyvale, CA		B Note			Libor + 6.48%			23,187		22,947	(4)	07/31/12		116,394
160 Spear	Jun 2009	Office	San Francisco, CA		B Note				(5)		9,977		15,000	(6)	06/09/13		35,000
160 Spear	Various	Office	San Francisco, CA		Mezzanine				15.00%		4,844		4,800		06/09/13		50,000
					Corporate
Legacy Orchard	Oct 2010	Corporate Loan		n/a	Loan				15.00%		9,750		9,750	(6)	10/31/14		-
San Marbeya	Jul 2010	Multi Family	Tempe, AZ		Whole				5.88%		26,637		30,602		01/01/15		-
Rockwell	Aug 2010	Industrial	Shirley, NY		Mezzanine				12.00%		268		1,494		05/01/16		16,870
29 East Madison	Jun 2011	Office	Chicago, IL		Mezzanine				8.00%		4,019		4,019		05/31/16		10,656
500-512 7th Ave	Jul 2010	Office	New York, NY		B Note				7.19%		9,970		11,520		07/11/16		258,516
180 N. Michigan	Various	Office	Chicago, IL			(7)			8.50%		2,807		2,807		12/31/16		17,725
Wellington Tower	Dec 2009	Mixed use	New York, NY		Mezzanine				6.79%		2,535		3,501		07/11/17		22,500
					Total Loans Receivable					$	115,889	$	130,086
Loan Securities Carried at Fair Value
WBCMT 2007	Dec 2009	Hotel	Various		CMBS			Libor + 1.75%		$	68	$	1,130		06/09/12	$	1,448,516
West Olive	Dec 2009	Office	Burbank, CA		Rake Bonds				(8)		5,275		6,364		02/28/13		15,666
			Total Loan Securities Carried at Fair Value							$	5,343	$	7,494
Equity Investment Loan Assets
Riverside Plaza	Jun 2010	Retail	Riverside, CA		B Note		(9)		12.00%		7,883		7,800		12/01/12		54,400
Sofitel Hotel	Jun 2011	Hotel	New York, NY		Mezzanine		(9)	Libor + 1.85%			34,801		35,765	(4)	02/01/12		110,000
			Total Loan Assets of Equity Investments							$	42,684	$	43,565
												Continued on next page

WINTHROP REALTY TRUST

SCHEDULE OF LOAN ASSETS

(In thousands, Unaudited, Continued)

Notes to Schedule of Loan Assets

(1)	Carrying amount of loans receivable includes accrued interest of $518,000 and accretion of discount of $7,681,000 at September 30, 2011.
(2)	Maturity dates presented are after giving effect to all contractual extensions.
(3)	Senior Debt indicates debt which is secured by the underlying property which is senior to our loan.
(4)	Loan repaid in full by borrower subsequent to September 30, 2011.
(5)	The Trust holds a B note in this loan. Interest on the B note equals the difference between (i) interest on the entire outstanding loan principal balance ($73,796 at September 30, 2011) at a rate of 6.48215% per annum less (ii) interest payable on the outstanding principal balance of the A note ($35,000 at September 30, 2011) at a rate of 9.75% per annum. As a result, the effective yield on the Trust’s $3,410 cash investment is 40.8%.
(6)	Amount of Par Value is presented at the borrowers discounted payoff option (DPO) amount.
(7)	Represents tenant improvement and capital expenditure loans on our Marc Realty preferred equity investment in 180 North Michigan.
(8)	Ranges from Libor + 0.65% to Libor + 1.60%.
(9)	The loan asset carrying amount presented is at Winthrop's 50% ownership in the loan balance.

WINTHROP REALTY TRUST

NET OPERATING INCOME FROM CONSOLIDATED PROPERTIES

(In thousands)

(Unaudited)

		Three Months Ended

	September 30,				June 30,			March 31,				December 31,
		2011			2011				2011				2010
Rents and reimbursements
Minimum rent		$	9,721		$	9,666			$	9,624			$	9,046
Deferred rents (straight-line)			227			363				346				166
Recovery income			976			1,274				1,147				851
Less:
Above and below market rents			113			126				128				155
Lease concessions and abatements			(197	)		(195	)			(259	)			(160	)
Total rents and reimbursements			10,840			11,234				10,986				10,058

Rental property expenses
Property operating			3,536			3,987				4,045				3,086
Real estate taxes			1,107			1,087				1,255				520
Total rental property expenses			4,643			5,074				5,300				3,606

Net operating income (1)
from consolidated properties		$	6,197		$	6,160			$	5,686			$	6,452

(1) See definition of non-GAAP measure of Net Operating Income on page 29 of the supplemental package.

WINTHROP REALTY TRUST

SCHEDULE OF INTEREST AND DIVIDENDS

(In thousands)

(Unaudited)

		Three Months Ended

	September 30,			June 30,		March 31,		December 31,
		2011		2011		2011			2010
Interest and Dividends by Business Segment:
Loan Assets		$	5,417	$	4,976	$	9,214		$	4,989
REIT Securities			86		118		458			392
Total Interest and Dividends		$	5,503	$	5,094	$	9,672		$	5,381


Interest and Dividends Detail:
Interest on loan assets	$	3,043	$	2,687	$	2,710	$	2,294
Accretion of loan discount		2,374		2,289		6,504		2,695
Interest and dividends on REIT securities		86		118		458		392
Total Interest and Dividends	$	5,503	$	5,094	$	9,672	$	5,381

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA

September 30, 2011

(Unaudited)

																			($000's)
Description and	Year	Trust’s			Rentable			(**)		Major Tenants		Major Tenants’		($000's)		Cost per		Ownership	Debt		Debt Maturity
Location	Acquired	Ownership			Square Feet		% Leased			(Lease /Options Exp)		Sq. Feet.		Cost Basis		Sq Ft		of Land	Balance		& Int Rate
Office
										Ingram Micro Systems												10/2013
Amherst, NY (2)	2005		100	%		200,000		100	%		(2013/2023)		200,000	$	16,745	$	84	Fee	$	15,794		5.65%

										PAETEC Comm.
Andover, MA	2005		100	%		93,000		100	%		(2022/2037)		93,000		7,247		78	Fee		(1)		(1)

Chicago, IL										The Gettys Group												03/2016
(One East Erie / Marc	2005		80	%		126,000		83	%		(2012/2016)		13,000		21,631		172	Fee		20,598		5.75%
Realty)										River North Surgery (2015/ n/a)			15,000

Chicago, IL										Bally Total Fitness												04/2012
(River City / Marc	2007		60	%		253,000		72	%		(2013/2021)		55,000		14,827		59	Fee		8,900		6.25%
Realty)										ITAV (2024/2029)			35,000
										MFS/Worldcom(2019/2023)			61,000
										United Healthcare

Deer Valley, AZ	2010		96.5	%		82,000		89	%		(2017/2027)		42,000		10,735		131	Fee		(1)		(1)
										Premier Research Group
											(2016/2026)		13,800
										Southwest Desert Cardiology
											(2022 / 2037)		9,200

Englewood, CO										RGN-Denver LLC
Crossroads I	2010		100	%		118,000		57	%		(2015/ 2025)		17,000		7,656		65	Fee		(1)		(1)

Englewood, CO										TIC Holdings
Crossroads II	2010		100	%		118,000		87	%		(2019 / 2044)		75,000		8,371		71	Fee		(1)		(1)

										Spectra Energy												04/2016
Houston, TX	2004		8	%		614,000		100	%		(2018/2028)		614,000		58,871		96	Fee		57,443		6.34%

Indianapolis, IN										No Tenants												04/2015
(Circle Tower)	1974		100	%		111,000		83	%	Over 10%			-		4,713		42	Fee		4,188		5.82%

										United Healthcare
Lisle, IL	2006		100	%		169,000		57	%	(2014/ n/a)			41,000		18,867		112	Fee		-

										ABM Janitorial
Lisle, IL	2006		100	%		67,000		17	%		(2012/2014)		11,000		5,049		75	Fee		-

Lisle, IL										Ryerson												03/2017
(Marc Realty)	2006		60	%		54,000		100	%		(2018/2028)		54,000		3,611		67	Fee		5,600		5.55%

										Siemens Real Estate, Inc.												07/2017
Orlando, FL	2004		100	%		256,000		100	%		(2017/2042)		256,000		14,318		56	Ground Lease		38,268		6.40%

										BellSouth												04/2018
Plantation, FL	2004		100	%		133,000		100	%		(2020/2035)		133,000		11,400		86	Fee		10,956		6.48%

										Fairpoint Comm.
South Burlington, VT	2005		100	%		56,000		100	%		(2014/2029)		56,000		2,946		53	Ground Lease		(1)		(1)

Subtotal - Office						2,450,000									206,987					161,747
																			(Continued on next page)

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA (Continued)

September 30, 2011

(Unaudited)

																Cost per					Debt
Description and	Year	Trust’s			Rentable			(**)		Major Tenants		Major Tenants’		($000's)		Square		Ownership	($000's) Debt		Maturity
Location	Acquired	Ownership			Square Feet		% Leased			(Lease /Options Exp)		Sq. Feet.		Cost Basis		Foot or Unit		of Land	Balance		& Int Rate
Retail
										The Kroger Co.
Atlanta, GA	2004		100	%		61,000		100	%		(2016/2026)		61,000	$	3,841	$	63	Ground Lease		(1)		(1)

										Fitness Evolution
Denton, TX	2004		100	%		46,000		64	%		(2012)		29,000		2,457		53	Fee		(1)		(1)

										The Kroger Co.
Greensboro, NC	2004		100	%		47,000		100	%		(2017/2037)		47,000		3,148		67	Ground Lease		(1)		(1)

										The Kroger Co.
Louisville, KY	2004		100	%		47,000		100	%		(2015/2040)		47,000		2,630		56	Fee		(1)		(1)

										The Kroger Co.
Memphis, TN	2004		100	%		47,000		100	%		(2015/2040)		47,000		1,266		27	Fee		(1)		(1)

										The Kroger Co.
Seabrook, TX	2004		100	%		53,000		100	%		(2015/2040)		53,000		1,772		33	Fee		(1)		(1)
Subtotal Retail						301,000									15,114

Other
Warehouse
										Football Fanatics
Jacksonville, FL	2004		100	%		587,000		100	%		(2015/2024)		558,000		10,567	$	18	Fee		(1)		(1)

Mixed Use

Churchill, PA (3)	2004		100	%		1,008,000		19	%		n/a		-		10,216	10		Ground Lease		-		-

Residential																						02/2014
Meriden, CT	2010		100	%	180 units			91	%		n/a		n/a		24,467		135,900	Fee		23,875		5.83	%
Subtotal - Other						1,595,000									45,250					23,875
Total Consolidated Properties						4,346,000								$	267,351				$	185,622

(**) Occupancy rates include all signed leases, including space undergoing tenant improvements.

Notes to Consolidated Properties - Selected Data

(1)	These properties collateralize our revolving line of credit.
(2)	The Amherst, New York office property represents two separate buildings. The ground underlying the properties is leased to us by the local development authority pursuant to a ground lease which requires no payment. Effective October 31, 2013, legal title to the ground will vest with us.
(3)	On September 30, 2011 the Trust entered into a settlement agreement with respect to the pending lawsuit regarding the Churchill, Pennsylvania property. In connection with the settlement the Trust intends to market this property for sale. Accordingly, this property will be classified as discontinued operations effective with the fourth quarter of 2011.

WINTHROP REALTY TRUST

EQUITY INVESTMENTS – SELECTED DATA

September 30, 2011

(Unaudited)

											Major		($000's)
Description and	Year	Trust’s			Rentable			(**)	Major Tenants		Tenants’		Equity		Ownership	($000's) Debt			Debt Maturity
Location	Acquired	Ownership			Square Feet		% Leased		(Lease /Options Exp)		Sq. Feet.		Investment		of Land	Balance(1)			& Int Rate
Marc Realty Portfolio - Equity Investments

30 North Michigan,																				08/2014
Chicago, IL	2005		50	%		221,000		88%	No tenants over 10%			-		12,045	Fee		12,819			5.99%

223 West Jackson,																				06/2012
Chicago, IL	2005		50	%		168,000		67%	No tenants over 10%			-		7,880	Fee		7,469			6.92%

4415 West Harrison,
Hillside, IL (High Point)									North American Medical											12/2015
	2005		50	%		192,000		57%	Mgmt (2015/2020)			20,400		6,198	Fee		4,546			5.62%

2000-60 Algonquin,									Familia Development											02/2013
Shaumburg, IL (Salt Creek)	2005		50	%		101,000		63%		(2015/2020)		10,300		2,266	Fee		(2	)	Libor + 2.75%

1701 E. Woodfield,																				09/2015
Shaumburg, IL	2005		50	%		175,000		87%	No tenants over 10%			-		3,977	Fee		5,664		Libor + 3% (3)

2720 River Rd,																				10/2012
Des Plains, IL	2005		50	%		108,000		84%	No tenants over 10%			-		4,023	Fee		2,471			6.095%

3701 Algonquin, Rolling									ISACA											02/2013
Meadows IL	2005		50	%		193,000		80%		(2018/2024)		29,600		2,694	Fee		9,980		Libor + 2.75%
									Relational Funding
									(2013/ n/a)			27,400

2205-55 Enterprise,									Consumer Portfolio											02/2013
Westchester, IL	2005		50	%		130,000		87%		(2014/2019)		18,900		2,730	Fee		(2	)	Libor + 2.75%

900-910 Skokie,
Northbrook, IL									MIT Financial Group											07/2016
(Ridgebrook)	2005		50	%		119,000		85%	(2016/ n/a)			12,600		1,606	Fee		5,377		Libor + 2.75%

Subtotal - Marc Realty Portfolio						1,407,000								43,419			59,715

Sealy Venture Portfolio - Equity Investments

Atlanta, GA (5)									Original Mattress											09/2015
(Northwest Atlanta)	2006		60	%		472,000		77%		(2020/2025)		57,000		8,651	Fee		14,000		Libor +5.35% (4)

Atlanta, GA (6)																				11/2016
(Newmarket)	2008		68	%		470,000		52%	No tenants over 10%			-		3,932	Fee		37,000			6.12%

Nashville, TN (7)																				05/2012
(Airpark)	2007		50	%		1,155,000		82%	No tenants over 10%			-		1,799	Fee		74,000			5.77%

Subtotal - Sealy Venture Portfolio						2,097,000								14,382			125,000
															(Continued on Next Page)

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - SELECTED DATA (Continued)

September 30, 2011

(Unaudited)

						($000's)
		Year	Trust’s		(**)	Equity	Ownership	($000's) Debt		Debt
Description and Location		Acquired	Ownership	Units	% Leased	Investment	of Land	Balance(1)	Int Rate	Maturity
Vintage Housing Portfolio

Vintage at Bend	Bend, OR	2011	(8)	106	94%		Fee	5,568	SIFMA + 1.21%	12/15/36

Bouquet Canyon Seniors	Santa Clarita, CA	2011	(8)	264	96%		Fee	11,450	8.180%	07/01/28

Vintage at Bremerton	Bremerton, WA	2011	(8)	143	95%		Fee	6,097	SIFMA + 1.44%	03/15/33

Vintage at Burien	Burien, WA	2011	(8)	101	99%		Ground Lease	6,900	SIFMA + 1.40%	01/15/38

Vintage at Chehalis	Chehalis, WA	2011	(8)	150	94%		Fee	8,084	6.250%	06/15/40

Elk Creek Apartments	Sequim, WA	2011	(8)	138	96%		Fee	7,411	6.180%	11/01/39

Vintage at Everett	Everett, WA	2011	(8)	259	95%		Fee	16,677	SIFMA + 1.41%	01/15/38

Falls Creek Apartments	Couer d' Alene, ID	2011	(8)	170	94%		Fee	8,404	6.030%	12/01/40

Forest Creek Apartments	Spokane, WA	2011	(8)	252	94%		Fee	13,445	SIFMA + 1.58%	06/15/40

Hamilton Place Seniors	Bellingham, WA	2011	(8)	94	98%		Fee	3,767	SIFMA + 1.49%	07/01/33

Heritage Place Apartments	St. Ann, MO	2011	(8)	113	94%		Fee	2,353	8.370%	07/19/15

Holly Village Apartments	Everett, WA	2011	(8)	149	99%		Fee	7,214	SIFMA + 1.31%	07/31/32

Larkin Place Apartments	Bellingham, WA	2011	(8)	101	98%		Fee	4,885	SIFMA + 1.47%	07/01/33

Vintage at Mt. Vernon	Mt. Vernon, WA	2011	(8)	154	95%		Fee	8,671	SIFMA + 1.39%	01/15/37

Vintage at Napa	Napa, CA	2011	(8)	115	99%		Fee	6,198	SIFMA + 1.08%	06/01/34

Vintage at Richland	Richland, WA	2011	(8)	150	97%		Fee	7,315	SIFMA + 1.81%	01/15/38

Rosecreek Senior Living	Arlington, WA	2011	(8)	100	94%		Fee	3,391	SIFMA + 1.88%	12/31/37

Vintage at Sequim	Sequim, WA	2011	(8)	118	97%		Fee	6,396	SIFMA + 1.35%	03/01/38

Silver Creek Apartments	Pasco, WA	2011	(8)	242	94%		Fee	13,120	SIFMA + 1.59%	01/01/18

Vintage at Silverdale	Silverdale, WA	2011	(8)	240	97%		Fee	14,703	8.600%	09/15/39

Vintage at Spokane	Spokane, WA	2011	(8)	287	95%		Fee	16,165	SIFMA + 1.53%	08/15/40

Seven Hills/ St Rose	Henderson, NV	2011	(8)	244	99%		Fee	13,995	SIFMA + 0.23%	10/15/35

Twin Ponds Apartments	Arlington, WA	2011	(8)	134	96%		Fee	6,938	SIFMA + 0.24%	01/01/38

Vintage at Vancouver	Vancouver, WA	2011	(8)	154	95%		Fee	8,494	SIFMA + 1.67%	01/01/35

Vista Sonoma Seniors Apts	Santa Rosa, CA	2011	(8)	189	95%		Fee	10,365	7.050%	01/01/32
Subtotal - Vintage Housing Portfolio				4,167	units	30,513	(8)	218,006
							(Continued on Next Page)

Fixed interest rate and spreads listed above includes certain contractual fees associated with the debt.

SIFMA = Securities Industry and Financial Markets Association Municipal Swap Index

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - SELECTED DATA (Continued)

September 30, 2011

(Unaudited)

							($000's)
Description and	Year	Trust’s			Rentable		Equity		($000's) Debt
Location	Acquired	Ownership			Square Feet		Investment		Balance (1)
Operating Property Equity Investments
Marc Realty Portfolio (from Page 18)	see above					1,047,000	$	43,419	$	59,715

Sealy Portfolio (from Page 18)	see above					2,097,000		14,382		125,000

Vintage Portfolio (from page 19)	see above				4,167 units			30,513		218,006

Total Operating Property Equity Investments								88,314		402,721

Loan Asset Equity Investments
WRT-ROIC Riverside LLC	2010		50	%				7,883

WRT -ROIC Lakeside Eagle LLC (9)	2011		50	%				9

LW SOFI (10)	2011		50	%				6,877

FII Co-Invest LLC (11)	2011		28	%				1,800

Other Equity Investment
RE CDO Management (12)	2011		50	%				1,273

Total Equity Investments							$	106,156

(**) Occupancy rates include all signed leases including space undergoing tenant improvements

Notes to Equity Investments - Selected Data

(1)	Debt balance shown represents 100% of the debt encumbering the properties.
(2)	Both the 2000-60 Algonquin and 2205-55 Enterprise Road Marc Realty properties are cross collateralized by a mortgage of $11,389 which is included in total debt balance.
(3)	An interest rate swap agreement with a notional amount of $5,664 effectively converts the interest rate to a fixed rate of 4.78%
(4)	An interest rate cap was purchased that caps Libor at 1%.
(5)	Equity investment in Sealy Northwest Atlanta consists of 12 flex/office properties.
(6)	Equity investment in Sealy Newmarket consists of six flex/office campus style properties.
(7)	Equity investment in Sealy Airpark consists of 13 light distribution and service center properties.
(8)	Vintage equity investment represents a single equity investment, a 75% interest in Vintage Housing Holdings LLC, an entity which owns certain receivables and general partnership interests. The investment basis is not specifically allocated amoung the various lower tier partnerships.
(9)	In May 2011 the Trust received repayments on its two non-performing first mortgage loans acquired on March 22, 2011 which the Trust owned through its Lakeside Eagle LLC joint venture.
(10)	On June 2, 2011, the Trust entered into a 50/50 joint venture and on June 3rd the joint venture purchased 100% of the economic rights and obligations in a $71,530,000 mezzanine loan collateralized by an interest in the Sofitel hotel in New York City. The loan was repaid in full by borrower subsequent to September 30, 2011.
(11)	On July 19, 2011, the Trust invested $1,800,000 in a new joint venture which it owns 28% LLC interest, through which it owns a 1.423% ownership interest in Broadway Partners Real Estate Company II, L.P. a private equity fund.
(12)	On June 29, 2011, the Trust entered into a new 50/50 joint venture and purchased certain collateral management agreements and subordinated interests related to two collateralized debt obligations.

WINTHROP REALTY TRUST

PREFERRED EQUITY INVESTMENTS – SELECTED DATA

September 30, 2011

(Unaudited)

Major Tenants

Major

($000's)

Debt

Description and

Year

Trust’s

Rentable

(**)

(Lease /

Tenants'

Equity

Ownership

($000's) Debt

Maturity

Location

Acquired

Ownership

Square Feet

% Leased

Options Exp)

Sq Footage

Investment

of Land

Balance (1)

& Int Rate

Preferred Equity Investmens

450 West 14th Street

Access Industries

Libor+

New York, NY (High Line)

2011

var

102,000

% (3)

(2021 / 2031)

13,800

7,903

Fee

47,799

2.5$

Alice + Olivia

(2021 / 2026)

21,900

Fast Retailing USA, Inc.

(2027 / 2037)

23,400

180 North Michigan

Libor+

Chicago, IL (Marc Realty)

2008

229,000

No tenants over 10%

3,999

Fee

17,725

1.5% (2)

Vintage at Tacoma

Under

Tacoma, Washington

2011

Construction

1,500

13,402

(**) Occupancy rates include all signed leases including space undergoing tenant improvements

Notes to Preferred Equity Investments - Selected Data

(1)	Debt balance shown represents 100% of the debt encumbering the properties.
(2)	An interest rate swap agreement with a notional amount of $17,725 effectively converts the interest rate to a fixed rate of 4.55%.
(3)	Building under construction and approximately 73% pre-leased.

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES – OPERATING SUMMARY

Nine Months Ended September 30, 2011

(In thousands, except for Square Footage, Unaudited)

																											WRT's share
																											Net Income /
																							(Income)Loss				(Loss) from
								Rents and						Net									Attributable to			Consolidated
	%			Number of				Reimburse -		Operating		Real Estate		Operating			Interest		Impair-		Depreciation &		Non-controlling				Properties
Description	Owned			Properties		Square Footage		ments		Expenses		Taxes		Income (1)			Expense		ment		Amortization		Interest					(1)
100% Owned Consolidated Properties

Retail		100.0	%		6		301,000	$	1,030	$	23	$	38	$	969		$	-	$	-	$	285	$	-			$	684
Office		100.0	%		10		1,321,000		12,570		3,457		1,109		8,004			4,276		-		4,190		-				(462	)
Other		100.0	%		2		1,595,000		5,225		4,886		983		(644	)		1,164		3,000		1,424		-				(6,232	)
					18		3,217,000		18,825		8,366		2,130		8,329			5,440		3,000		5,899		-				(6,010	)
Partially Owned Consolidated Properties
Chicago, IL
(One East Erie/Marc
Realty)		80.0	%		1		126,000		3,782		992		580		2,210			912		-		632		133				533
Chicago, IL
(River City/Marc
Realty)		60.0	%		1		253,000		2,830		1,605		482		743			463		-		627		(139	)			(208	)
Houston, TX
(Multiple LP's)		8.0	%		1		614,000		5,900		12		-		5,888			2,782		-		2,094		868				144
Lisle, IL
(Marc Realty)		60.0	%		1		54,000		643		235		72		336			244		-		113		(9	)			(12	)
Phoenix, Arizona
(Deer Valley / Fenway)		96.5	%		1		82,000		1,081		357		186		538			-		-		613		(2	)			(73	)
					5		1,129,000		14,236		3,201		1,320		9,715			4,401		-		4,079		851				384
KeyBank mortgage loan
interest expense (2)					-		-		-		-		-		-			165		-		-		-				(165	)
Total Consolidated Properties					23		4,346,000	$	33,061	$	11,567	$	3,450	$	18,044		$	10,006	$	3,000	$	9,978	$	851			$	(5,791	)
Series B-1 Preferred interest expense (3)																		1,172
Other																		945
Total																	$	12,123

(1) See definition of Net Operating Income and Net Income / (Loss) from Consolidated Properties on page 29 of the supplemental package.

(2) Represents interest expense on a mortgage loan made by KeyBank collateralized by our various properties.

(3) Represents interest expense (dividends) on our Series B-1 Preferred Shares treated as debt for GAAP purposes.

WINTHROP REALTY TRUST

EQUITY INVESTMENTS – OPERATING SUMMARY

Nine Months Ended September 30, 2011

(In thousands, except for Square Footage, Unaudited)

																								WRT' S Share
																				Net Income /				of Net Income /
											Net				Other					(Loss) from				(Loss) from
	Number of				Total		Operating		Real Estate		Operating		Interest		Income			Deprec &		Equity Invest-				Equity
Venture	Properties		Square Footage		Revenue		Expenses		Taxes		Income (2)		Expense		(Expense)			Amort		ments				Investments


Marc Realty Portfolio (3)		9		1,407,000		25,253		11,548		3,744		9,961		2,977		(179	)		7,029			(224	)		(114	)


Sealy Venture Portfolio		3		2,097,000		10,956		2,777		1,203		6,976		8,168		9,129			4,696			3,241			1,878


Vintage Portfolio (4)		25	4,167 units			5,986		2,424		90		3,472		788		(906	)		3,161			(1,383	)		424

Total Equity
Investment Properties		37		3,504,000	$	42,195	$	16,749	$	5,037	$	20,409	$	11,933	$	8,044		$	14,886		$	1,634			2,188

Amortization of Marc Realty Portfolio basis differential (1)																									(205	)
Other-than-temporary impairment - Sealy Portfolio																									(3,800	)
WRT -ROIC Riverside - Winthrop's share of net income from equity investment																									702
WRT -ROIC Lakeside Eagle-Winthrop's share of net loss from equity investment																									666
WRT -ROIC 46th Street Gotham-Winthrop's share of net loss from equity investment																									621
LW SOFI - Winthrop's share of net income from equity investment																									1,117
RE CDO Management - Winthrop's share of net income from equity investment																									23
CDH CDO - Winthrop's share of net income from equity investment																									307
Concord Debt Holdings - Winthrop's share of net income from equity investment																									2,721
Equity in loss of equity investments																								$	4,340

(1) This amount represents the aggregate difference between the Trust’s historical cost basis and the basis reflected at the equity investment level, which is typically amortized over the life of the related assets and liabilities. The basis differentials are the result of other-than-temporary impairments at the investment level and a reallocation of equity at the venture level as a result of the restructuring.

(2) See definition of Net Operating Income on page 29 of the supplemental package.

(3) Operating results reflect 12 properties results through May 31, 2011 and 9 properties from June 1, 2011 through September 30, 2011.

(4) Operating results reflect 25 properties' results for the periodJuly 1, 2011 to August 31, 2011

WINTHROP REALTY TRUST

CONSOLIDATED DEBT SUMMARY

(In thousands, Unaudited)

												Weighted
	Principal					Remaining				Amount		Average
	Outstanding					2011		Maturity		Due at		Maturity
Description	September 30, 2011		Coupon			Repayment		Date		Maturity		(in years)
Fixed rate debt
Secured fixed rate mortgage loans payable
Chicago, IL / River City	$	8,900		6.250	%	$	-		04/2012	$	8,900		0.02
Amherst, NY		15,794		5.650	%		112		10/2013		14,822		0.17
Meriden, CT / Newbury		23,875		5.830	%		-		02/2014		23,875		0.30
Indianapolis, IN / Circle Tower		4,188		5.820	%		19		04/2015		3,888		0.08
Chicago, IL / Ontario		20,598		5.750	%		77		03/2016		19,073		0.49
Houston, TX - Note 1		25,000		5.220	%		-		04/2016		25,000		0.61
Houston, TX - Note 2		8,800		6.000	%		-		04/2016		8,800		0.21
Houston, TX - Note 3		23,643		7.500	%		-		04/2016		-
Lisle, IL / 1050 Corporetum		5,600		5.550	%		-		03/2017		5,600		0.16
Orlando, FL		38,268		6.400	%		136		07/2017		34,567		1.19
Plantation, FL		10,956		6.483	%		29		04/2018		10,046		0.38
Total secured fixed rate mortgage loans payable		185,622		6.112	%		373				154,571		4.20

Other fixed rate secured financing
San Marbeya Participation A note payable		15,150		4.850	%		-		01/2015		15,150
Total Fixed Rate Debt/ Wtd Avg		200,772					373				169,721		3.26
Floating rate debt
KeyBank Revolving Line of Credit (Libor + 3%)		-		3.240	%		-		03/2014		-

Total Consolidated Debt/Wtd Avg	$	200,772				$	373			$	169,721		4.13

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - DEBT SUMMARY

(In thousands, Unaudited)

	Gross Principal			WRT Share					WRT Share			WRT Share			Weighted
		Principal		Principal					Remaining				Amount		Average
		Outstanding		Outstanding					2011		Maturity		Due at		Maturity
Description		September 30, 2011		September 30, 2011		Coupon			Repayment		Date		Maturity		(in years)

Fixed rate debt

Sealy:
Airpark, Nashville, TN			74,000		37,000		5.77	%		-	05/01/12			37,000
Newmarket, Atlanta, GA			37,000		25,160		6.12	%		-	11/01/16			25,160

Marc Realty:
223 West Jackson, Chicago, IL			7,469		3,735		6.92	%		111	06/01/12			3,554
2720 River Road, Des Plains, IL			2,471		1,236		6.10	%		37	10/01/12			1,165
30 North Michigan, Chicago, IL			12,819		6,410		5.99	%		94	08/01/14			5,822
4415 West Harrision, Hillside, IL (High Point)			4,546		2,273		5.62	%		22	12/01/15			1,638

Vintage Housing:
Bouquet Canyon Seniors			11,450		8,588		8.18	%		57	07/01/28			1,781
Vintage at Chehalis			8,084		6,063		4.66	%		25	06/15/40			1,607
Elk Creek Apartments			7,412		5,559		6.18	%		11	11/01/39			2,931
Falls Creek Apartments			8,404		6,303		6.03	%		14	12/01/40			3,207
Heritage Place Apartments			2,353		1,765		8.37	%		4	07/19/15			1,239
Vintage at Mt. Vernon			8,671		6,503		5.07	%		28	01/15/37			2,251
Vintage at Silverdale			14,703		11,027		5.70	%		50	09/15/39			753
Vista Sonoma Seniors Apts			10,365		7,773		7.05	%		46	01/01/32			57

Total Fixed Rate Debt/ Wtd Avg		$	209,747	$	129,395		6.09	%	$	499			$	88,165	11.4

												Continued on next page

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - DEBT SUMMARY (Continued)

(In thousands, Unaudited)

	Gross Principal		WRT Share					WRT Share			WRT Share		Weighted
	Principal		Principal					Remaining			Amount		Average
	Outstanding		Outstanding					2011		Maturity	Due at		Maturity
Description		September 30, 2011	September 30, 2011		Coupon			Repayment		Date	Maturity		(in years)
Floating rate debt
Sealy: (1)
Northwest Atlanta, Atlanta, GA		14,000		8,400		5.59	%		-	09/01/15		8,400

Marc Realty: (1)
900-910 Skokie, Northbrook, IL (Libor +2%) (2)		5,377		2,689		2.24	%		2,664	07/01/16		-
2000-60 Algonquin, Shaumburg, IL (3)		11,389		5,670						02/01/13
2205-55 Enterprise, Westchester, IL (3) (4)						4.25	%		109	02/01/13		5,489
3701 Algonquin, Rolling Meadows, IL (Libor + 2.75%) (4)		9,980		4,990		4.25	%		130	02/01/13		4,759
1701 East Woodfield, Shaumburg, IL (Libor + 3%) (5)		5,664		2,832		4.78	%		46	09/01/15		2,564

Vintage Housing: (6) (7)
Vintage at Bend		5,568		4,176		1.37	%		18	12/15/36		343
Vintage at Bremerton		6,098		4,573		1.60	%		31	03/15/33		-
Vintage at Burien		6,900		5,175		1.56	%		28	01/15/38		-
Vintage at Everett		16,677		12,508		1.57	%		60	01/15/38		984
Forest Creek Apartments		13,445		10,084		1.74	%		33	06/15/40		-
Hamilton Place Seniors		3,767		2,825		1.65	%		-	07/01/33		-
Holly Village Apartments		7,214		5,411		1.47	%		37	07/31/32		-
Larkin Place Apartments		4,885		3,663		1.63	%		-	07/01/33		956
Vintage at Napa		6,198		4,649		1.24	%		32	06/01/34		-
Vintage at Richland		7,315		5,487		1.97	%		25	01/15/38		505
Rosecreek Senior Living		3,391		2,543		2.04	%		13	12/31/37		2,244
Vintage at Sequim		6,396		4,797		1.51	%		18	03/01/38		1,467
Silver Creek Apartments		13,120		9,840		1.75	%		45	01/01/18		3,782
Vintage at Spokane		16,165		12,124		1.53	%		34	08/15/40		-
Seven Hills/ St Rose		13,995		10,496		1.67	%		60	10/15/35		464
Twin Ponds Apartments		6,938		5,203		0.39	%		26	01/01/38		-
Vintage at Vancouver		8,494		6,370		0.40	%		-	01/01/35		2,387
Total Floating Rate Debt/ Wtd Avg	$	192,976	$	134,505		2.05	%	$	3,409		$	34,344	19.9
Total Joint Venture Debt/Wtd Avg	$	402,723	$	262,498		4.03	%	$	3,908			114,109	15.7

(1) Libor rate for the quarter used to determine coupon on floating rate debt at September 30, 2011 was 0.24%.

(2) In July 2011 the loan balance was refinanced to $5,400 bearing interest at Libor + 2.75% and maturing in July 2016.

(3) Both the 2000-60 Algonquin and 2205-55 Enterprise properties are cross collateralized by the mortgage and bear interest at a rate of Libor + 2.75%.

(4) These loans provide for an interest rate floor of 4.25%.

(5) An interest rate swap agreement effectively converts the interest rate to a fixed rate of 4.78%

(6) SIFMA rate for the quarter used to determine coupon on floating rate debt at September 30, 2011 was 0.16%.

(7) Winthrop's (WRT) share is based on effective ownership of Vintage investment of approximately 75%.

WINTHROP REALTY TRUST

Consolidated Properties Lease Expirations Summary

(Unaudited)

		Multi-Tenant			Single-Tenant
	Year		Properties			Properties		Totals

Rental Revenue	2011		$	1,131,000		$	-
Square Feet Expiring				77,700			-

Rental Revenue	2012		$	2,347,000		$	-
Square Feet Expiring				151,700			-

Rental Revenue	2013		$	2,285,000		$	2,016,000
Square Feet Expiring				183,300			200,000

Rental Revenue	2014		$	1,712,000		$	800,000
Square Feet Expiring				98,000			56,000

Rental Revenue	2015		$	1,387,000		$	1,348,000
Square Feet Expiring				71,500			706,000

Rental Revenue	2016 & Thereafter		$	4,906,000		$	15,008,000
Square Feet Expiring				262,700			1,285,000

Rental Revenue	TOTALS		$	13,768,000		$	19,172,000	$	32,940,000
Square Feet Expiring				844,900			2,247,000		3,091,900

Weighted Average Base Rent
Per Square Foot Expiring			$	16.30		$	8.53	$	10.65

(1) Schedule above does not include month-to-month tenants

(2) Schedule above does not include multi-family properties which generally have one-year lease terms

(3) Rental revenue reflects base rent less concessions and abatements or base rent to be billed to our existing tenants in 2011

WINTHROP REALTY TRUST

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES OF INCOME TO NET INCOME ATTRIBUTABLE TO COMMON SHARES

(In thousands)

	Three			Three			Three			Three			Three
	Months			Months			Months			Months			Months
	Ended			Ended			Ended			Ended			Ended
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2011			2011			2011			2010			2010

NOI from consolidated properties (1), (4)	$	6,197		$	6,160		$	5,686		$	6,452		$	6,479

Less:
Interest expense		(2,891	)		(3,296	)		(3,819	)		(3,597	)		(3,196	)
Depreciation and amortization		(3,185	)		(3,312	)		(3,481	)		(2,916	)		(2,379	)
Income attributable to non-controlling interest		(318	)		(329	)		(204	)		(293	)		(175	)

WRT share of income (loss) from consolidated properties (2), (4)		(197	)		(777	)		(1,818	)		(354	)		729

Equity in loss of equity investments (3)		2,820			2,875			(1,355	)		(679	)		(409	)

Add:
Earnings from preferred equity investments		257			158			83			85			85
Interest and dividend income		5,503			5,094			9,672			5,381			4,948
Gain on Extinguishment of debt		8,514			-			-			-
Unrealized gain on loan securities carried at fair value		-			34			2,813			780			581
Unrealized gain on securities carried at fair value		-			-			886			1,418			2,490
Gain on loan securities carried at fair value		-			7			124			469
Gain on sale of equity investment		207			443			93			45			17
Interest and other income		472			90			47			163			-

Less:
Series B-1 Preferred interest expense		(391	)		(391	)		(391	)		(391	)		(390	)
General and administrative		(2,893	)		(2,758	)		(2,524	)		(2,711	)		(2,300	)
State and local tax expense		(12	)		(48	)		(29	)		(27	)		(7	)
Unrealized loss on securities carried at fair value		(961	)		(723	)		-			-			-
Loss on sale of securities carried at fair value		-			-			-			(30	)		(185	)
Interest expense - other		(264	)		(276	)		(403	)		(261	)		(223	)
Series C Preferred interest		(59	)		(58	)		(59	)		(58	)		(59	)
Impairment loss on investment in real estate		(3,000	)		-			-			-			(1,528	)
Unrealized loss on loan securities carried at fair value		(75	)		-			-			-			-
Loss on discontinued operations		(134	)		-			-			-			-

Net income attributable to Common Shares	$	9,787		$	3,670		$	7,139		$	3,830		$	3,749

(1) See additional NOI detail on Page 14 of the supplemental package.

(2) See detail for the nine months ended September 30, 2011 on Page 22 of the supplemental package.

(3) See detail for the nine months ended September 30, 2011 on Page 23 of the supplemental package.

(4) See definitions for non-GAAP measures on page 29 of the supplemental package.

WINTHROP REALTY TRUST
INVESTOR INFORMATION

Funds From Operations FFO - The NAREIT Board of Governors defines FFO as Generally Accepted Accounting Principles (“GAAP”) net income or loss adjusted to exclude net gains from sales of depreciated real estate assets, depreciation and amortization expense from real estate assets, extraordinary items and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements. FFO should not be considered as an alternative to net income as a performance indicator or cash flow as a liquidity measure. FFO may not be comparable to similar measures employed by other companies. FFO should not be considered as an alternative to net income as an indicator of the Company’s operating performance or as an alternative to cash flows as a measure of liquidity. In addition to FFO, the Company also discloses FFO before certain items that affect comparability. Although this non-GAAP measure clearly differs from NAREIT’s definition of FFO, the Company believes it provides a meaningful presentation of operating performance

Net Operating Income (NOI) - Net operating income is a non-GAAP measure equal to revenues from all rental property less operating expenses and real estate taxes. We believe NOI is a useful measure for evaluating operating performance of our real estate assets as well as those held by our unconsolidated equity investments. We believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.

Net Income / (Loss) from Consolidated Properties: Net Income / (Loss) from Consolidated Properties is a non-GAAP measure equal to NOI less interest, depreciation, impairments and other corporate general administrative expenses related to consolidated properties less income attributable to non-controlling interests. We believe Net Income / (Loss) from Consolidated Properties is a useful measure for evaluating operating performance of our consolidated operating properties. Net Income / (Loss) from Consolidated Properties presented by us may not be comparable to Net Income / (Loss) from Consolidated Properties reported by other REITs that define it differently. We believe that in order to facilitate a clear understanding of our operating results, Net Income / (Loss) from Consolidated Properties should be examined in conjunction with net income as presented in our consolidated financial statements. Net Income / (Loss) from Consolidated Properties should not be considered as an alternative to net income as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.

Whole Loan – An investment in an original mortgage loan instead of a loan comprised of one or more lenders.

Mezzanine Loan – A loan secured by an ownership interest of the entity which owns the property and which is subordinate to a first mortgage loan.

B-Note - A structured junior participation that is part of a first mortgage loan.

Rake Bond – A junior interest in a securitized mortgage loan which has been structured in one or more classes of Collateralized Mortgage Backed Securities (“CMBS”). Rake bonds are classes of CMBS issued in a transaction that solely relate to one particular mortgage loan.

Accretion of Discount - The increase in the value of an instrument such as a loan which was acquired for an amount less than face value.

SIFMA - Securities Industry and Financial Markets Association Municipal Swap Index

WINTHROP REALTY TRUST
INVESTOR INFORMATION

TRANSFER AGENT			INVESTOR RELATIONS
Computershare Written Requests: P.O. Box 43078 Providence, RI 02940 phone: 800.622.6757 (U.S., Canada and Puerto Rico) phone: 781.575.4735 (outside U.S.) Overnight Delivery: 250 Royall Street Canton, MA 02021 Internet Inquiries : Investor Centre™ website at www.computershare.com/investor		Beverly Bergman , VP of Investor Relations Winthrop Realty Trust Beverly Bergman P.O. Box 9507 7 Bulfinch Place, Suite 500 Boston, MA 02114-9507 phone: 617.570.4614 fax: 617.570.4746

ANALYST COVERAGE

Analyst	Firm	Contact Information

Joshua A. Barber	Stifel Nicolaus	(443) 224-1347 jabarber@stifel.com

Ross L. Smotrich	Barclays Capital	(212) 526-2306 ross.smotrich@barcap.com

Jordan Sadler	KeyBanc	(917) 368-2280 jsadler@keybanccm.com

Craig Mailman	KeyBanc	(917) 368-2316 cmailman@keybanccm.com

Winthrop Realty Trust is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Winthrop Realty Trust's performance made by the analyst is theirs alone and does not represent opinions forecasts or predictions of Winthrop Realty Trust or its management. Winthrop Realty Trust does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

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