Winthrop Realty Liquidating Trust - FORM 8-K - EX-99.2 - SUPPLEMENTAL REPORTING PACKAGE FOR THE QUARTER ENDED SEPTEMBER 30, 2012

Attached files

file	filename
8-K - FORM 8-K - Winthrop Realty Liquidating Trust	d431799d8k.htm
EX-99.1 - PRESS RELEASE DATED NOVEMBER 1, 2012 - Winthrop Realty Liquidating Trust	d431799dex991.htm

Exhibit 99.2

LOGO

Winthrop Realty Trust

Supplemental Operating and Financial Data

For the Period Ended September 30, 2012

WINTHROP REALTY TRUST

SUPPLEMENTAL REPORTING PACKAGE

Table of Contents



Consolidated Balance Sheets			1

Consolidated Statements of Operations and Comprehensive Income			2

Funds from Operations			5

Estimated Net Asset Value			7

Consolidated Statements of Cash Flows			11

Selected Balance Sheet Account Detail			13

Schedule of Capitalization, Dividends and Liquidity			14

Selected Investment Data			15

Schedule of Securities Carried at Fair Value			18

Schedule of Loan Assets			19

Net Operating Income from Consolidated Properties			21

Schedule of Interest, Dividends and Discount Accretion			22

Consolidated Properties – Selected Property Data			23

Equity Investments – Selected Property Data			25

Consolidated Properties – Operating Summary			28

Equity Investments – Operating Summary			29

Consolidated Debt Summary			30

Equity Investments Debt Summary			31

Lease Expiration Summary			33

Reconciliation of Non-GAAP financial measures of income to net income attributable to Common Shares			34

Supplemental Definitions			35

Investor Information			36

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’s (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,			September 30,
	2012			2012			2012			2011			2011
ASSETS
Investments in real estate, at cost
Land	$	37,177		$	39,575		$	36,495		$	36,495		$	36,495
Buildings and improvements		344,289			350,243			328,556			327,337			273,118

		381,466			389,818			365,051			363,832			309,613
Less: accumulated depreciation		(48,618	)		(49,818	)		(47,071	)		(44,556	)		(42,262	)

Investments in real estate, net		332,848			340,000			317,980			319,276			267,351
Cash and cash equivalents		159,251			43,959			79,526			40,952			66,777
Restricted cash held in escrows		15,273			10,678			8,549			3,914			4,916
Loans receivable, net		138,001			123,872			116,399			114,333			115,889
Accounts receivable, net of allowances of $513, $397, $512, $639 and $594, respectively		4,892			5,980			5,914			5,335			2,714
Accrued rental income		13,467			13,281			12,251			10,805			9,666
Securities carried at fair value		37,191			34,079			33,700			28,856			6,652
Loan securities carried at fair value		5,756			5,385			5,473			5,309			5,343
Preferred equity investments		5,500			5,500			1,500			5,520			13,402
Equity investments		115,299			146,221			152,148			162,142			106,156
Lease intangibles, net		34,883			34,678			35,644			36,305			25,394
Deferred financing costs, net		4,558			1,081			1,088			1,180			1,184
Assets held for sale		18			6			6			6			1,491

TOTAL ASSETS	$	866,937		$	764,720		$	770,178		$	733,933		$	626,935

LIABILITIES
Mortgage loans payable	$	238,097		$	229,891		$	230,257		$	230,940		$	185,622
Senior notes payable		86,250			—			—			—			—
Series B-1 Cumulative Convertible Redeemable Preferred Shares, $25 per share liquidation preference; 852,000 shares authorized and outstanding at September 30, 2011		—			—			—			—			21,300
Non-recourse secured financings		29,150			29,150			29,150			29,150			15,150
Revolving line of credit		—			—			—			40,000			—
Accounts payable and accrued liabilities		19,635			16,696			14,672			16,174			12,287
Dividends payable		8,161			5,373			5,371			5,369			5,395
Deferred income		758			1,010			464			502			1,550
Below market lease intangibles, net		2,423			2,602			2,782			2,962			2,137
Liabilities of held for sale assets		89			—			—			—			597

TOTAL LIABILITIES		384,563			284,722			282,696			325,097			244,038

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		—			—			—			—			3,221

Total non-controlling redeemable preferred interest		—			—			—			—			3,221

EQUITY
Winthrop Realty Trust Shareholders’ Equity:
Series D Cumulative Redeemable Preferred Shares $25 per share liquidation preference, 5,060,000 shares authorized and 4,820,000 shares outstanding at Sept 30, June 30, and March 31, 2012 and 1,840,000 shares authorized and 1,600,000 shares outstanding at December 31, 2011		120,500			120,500			120,500			40,000			—
Common Shares, $1 par, unlimited shares authorized; 33,077,047, 33,066,280, 33,053,502, 33,041,034, and 32,958,778 issued and outstanding at Sept 30, June 30, Mar 31, 2012, Dec 31, and Sept 30, 2011, respectively		33,077			33,066			33,053			33,041			32,959
Additional paid-in capital		617,837			617,862			623,284			626,099			627,107
Accumulated distributions in excess of net income		(307,144	)		(314,091	)		(309,289	)		(311,246	)		(295,290	)
Accumulated other comprehensive loss		(165	)		(149	)		(124	)		(92	)		—

Total Winthrop Realty Trust Shareholders’ Equity		464,105			457,188			467,424			387,802			364,776
Non-controlling interests		18,269			22,810			20,058			21,034			14,900

Total Equity		482,374			479,998			487,482			408,836			379,676

TOTAL LIABILITIES AND EQUITY	$	866,937		$	764,720		$	770,178		$	733,933		$	626,935

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share data)

(Unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Revenue
Rents and reimbursements	$	13,335		$	10,370		$	38,225		$	31,696
Interest, dividends and discount accretion		3,722			5,503			15,018			20,269

		17,057			15,873			53,243			51,965

Expenses
Property operating		3,624			3,272			11,535			10,856
Real estate taxes		1,268			1,079			3,481			3,360
Depreciation and amortization		4,842			3,111			12,872			9,751
Interest		4,430			3,480			11,602			11,926
Impairment loss on investment in real estate		—			3,000			—			3,000
General and administrative		3,098			2,691			9,088			7,816
Transaction costs		30			201			335			358
State and local taxes		65			11			213			88

		17,357			16,845			49,126			47,155

Other income (loss)
Earnings from preferred equity investments		—			257			—			498
Equity in income of equity investments		12,644			2,820			13,654			4,340
Realized gain on sale of securities carried at fair value		—			—			41			131
Unrealized gain (loss) on securities carried at fair value		3,113			(961	)		7,254			(798	)
Unrealized gain (loss) on loan securities carried at fair value		371			(75	)		447			2,772
Gain on sale of equity investments		165			207			397			207
Gain on extinguishment of debt		—			8,514			—			8,514
Interest income		242			472			433			1,007

		16,535			11,234			22,226			16,671

Income from continuing operations		16,235			10,262			26,343			21,481
Discontinued operations
Income (loss) from discontinued operations		(188	)		(98	)		(59	)		142

Consolidated net income		16,047			10,164			26,284			21,623
(Income) loss attributable to non-controlling interest		(939	)		(318	)		435			(851	)

Net income attributable to Winthrop Realty Trust		15,108			9,846			26,719			20,772
Preferred dividend of Series C Preferred Shares		—			(59	)		—			(176	)
Preferred dividend of Series D Preferred Shares		(2,786	)		—			(6,498	)		—

Net income attributable to Common Shares	$	12,322		$	9,787		$	20,221		$	20,596

Per Common Share data - Basic
Income from continuing operations	$	0.38		$	0.30		$	0.61		$	0.66
Income (loss) from discontinued operations		(0.01	)		—			—			0.01

Net income attributable to Winthrop Realty Trust	$	0.37		$	0.30		$	0.61		$	0.67

Per Common Share data - Diluted
Income from continuing operations	$	0.38		$	0.30		$	0.61		$	0.66
Income (loss) from discontinued operations		(0.01	)		—			—			0.01

Net income attributable to Winthrop Realty Trust	$	0.37		$	0.30		$	0.61		$	0.67

Basic Weighted-Average Common Shares		33,075			32,949			33,064			30,889

Diluted Weighted-Average Common Shares		33,076			32,949			33,064			30,889

Comprehensive income
Consolidated net income	$	16,047		$	10,164		$	26,284		$	21,623
Change in unrealized gain (loss) on interest rate derivative		(16	)		—			(73	)		63

Comprehensive income	$	16,031		$	10,164		$	26,211		$	21,686

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share data, continued)

(Unaudited)


	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2012			2012			2012			2011			2011
Revenue
Rents and reimbursements	$	13,335		$	12,810		$	12,080		$	11,093		$	10,370
Interest, dividends and discount accretion		3,722			5,778			5,518			5,189			5,503

		17,057			18,588			17,598			16,282			15,873

Expenses
Property operating		3,624			3,561			4,350			3,531			3,272
Real estate taxes		1,268			989			1,224			1,067			1,079
Depreciation and amortization		4,842			4,394			3,636			3,483			3,111
Interest		4,430			3,447			3,725			3,833			3,480
Impairment loss on investment in real estate		—			—			—			4,600			3,000
General and administrative		3,098			3,081			2,910			3,431			2,691
Transaction costs		30			183			121			161			201
State and local taxes		65			142			6			291			11

		17,357			15,797			15,972			20,397			16,845

Other income (loss)
Earnings (loss) from preferred equity investments		—			—			—			(160	)		257
Equity in income (loss) of equity investments		12,644			586			424			(17,259	)		2,820
Gain on sale of equity investments		165			232			—			—			207
Realized gain (loss) on sale of securities carried at fair value		—			15			26			(8	)		—
Unrealized gain (loss) on securities carried at fair value		3,113			(791	)		4,932			3,586			(961	)
Gain on extinguishment of debt, net		—			—			—			744			8,514
Unrealized gain (loss) on loan securities carried at fair value		371			(88	)		164			(35	)		(75	)
Settlement income		—			—			—			5,868			—
Gain on consolidation of property		—			—			—			818			—
Interest and other income		242			89			102			172			472

		16,535			43			5,648			(6,274	)		11,234

Income (loss) from continuing operations		16,235			2,834			7,274			(10,389	)		10,262

Discontinued operations
Income (loss) from discontinued operations		(188	)		51			78			513			(98	)

Consolidated net income (loss)		16,047			2,885			7,352			(9,876	)		10,164
(Income) loss attributable to non-controlling interest		(939	)		473			901			37			(318	)

Net income (loss) attributable to Winthrop Realty Trust		15,108			3,358			8,253			(9,839	)		9,846
Preferred dividend of Series C Preferred Shares		—			—			—			(409	)		(59	)
Preferred dividend of Series D Preferred Shares		(2,786	)		(2,787	)		(925	)		(339	)		—

Net income (loss) attributable to Common Shares	$	12,322		$	571		$	7,328		$	(10,587	)	$	9,787

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share data, continued)

(Unaudited)


	Three Months Ended
	September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011
Per Common Share data - Basic
Income (loss) from continuing operations	$	0.38		$	0.02		$	0.22		$	(0.33	)	$	0.30
Income (loss) from discontinued operations		(0.01	)		—			—			0.01			—

Net income (loss) attributable to Winthrop Realty Trust	$	0.37		$	0.02		$	0.22		$	(0.32	)	$	0.30

Per Common Share data - Diluted
Income (loss) from continuing operations	$	0.38		$	0.02		$	0.22		$	(0.33	)	$	0.30
Income (loss) from discontinued operations		(0.01	)		—			—			0.01			—

Net income (loss) attributable to Winthrop Realty Trust	$	0.37		$	0.02		$	0.22		$	(0.32	)	$	0.30

Basic Weighted-Average Common Shares		33,075			33,064			33,052			33,027			32,949

Diluted Weighted-Average Common Shares		33,076			33,064			33,052			33,027			32,949

Comprehensive income (loss)
Consolidated net income (loss)	$	16,047		$	2,885		$	7,352		$	(2,474	)	$	10,164
Change in unrealized gain (loss) on interest rate derivative		(16	)		(25	)		(32	)		(29	)		—

Comprehensive income (loss)	$	16,031		$	2,860		$	7,320		$	(2,503	)	$	10,164

WINTHROP REALTY TRUST

FUNDS FROM OPERATIONS

(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, 2012 and 2011:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2012			2011			2012			2011
Basic
Net income attributable to Winthrop Realty Trust	$	15,108		$	9,846		$	26,719		$	20,772
Real estate depreciation		2,903			2,094			8,165			6,298
Amortization of capitalized leasing costs		2,169			1,092			5,106			3,683
Trust’s share of real estate depreciation and amortization of unconsolidated interests		2,976			2,996			10,630			7,635
(Gain) loss on sale of real estate		(945	)		58			(945	)		58
Gain on sale of equity investments		(165	)		—			(397	)		—
Impairment loss on investments in real estate		698			3,000			698			3,000
Impairment loss on equity investments		—			—			—			3,800
Less: Non-controlling interest share of depreciation and amortization		(699	)		(790	)		(2,144	)		(2,371	)

Funds from operations attributable to the Trust		22,045			18,296			47,832			42,875
Preferred dividend of Series C Preferred Shares		—			(59	)		—			(176	)
Preferred dividend of Series D Preferred Shares		(2,786	)		—			(6,498	)		—
Allocation of earnings to Series B-1 Preferred Shares		—			(170	)		—			(257	)
Allocation of earnings to Series C Preferred Shares		—			(82	)		—			(176	)

FFO applicable to Common Shares - Basic	$	19,259		$	17,985		$	41,334		$	42,266

Weighted-average Common Shares		33,075			32,949			33,064			30,889

FFO Per Common Share - Basic	$	0.58		$	0.55		$	1.25		$	1.37

Diluted
Funds from operations attributable to the Trust	$	22,045		$	18,296		$	47,832		$	42,875
Preferred dividend of Series C Preferred Shares		—			(59	)		—			(176	)
Preferred dividend of Series D Preferred Shares		(2,786	)		—			(6,498	)		—
Allocation of earnings to Series B-1 Preferred Shares		—			(170	)		—			(257	)
Allocation of earnings to Series C Preferred Shares		—			(82	)		—			(176	)

FFO applicable to Common Shares	$	19,259		$	17,985		$	41,334		$	42,266

Weighted-average Common Shares		33,075			32,949			33,064			30,889
Stock options		1			—			—			—
Series B-1 Preferred Shares		—			—			—			—
Series C Preferred Shares		—			—			—			—

Diluted weighted-average Common Shares		33,076			32,949			33,064			30,889

FFO Per Common Share - Diluted	$	0.58		$	0.55		$	1.25		$	1.37

WINTHROP REALTY TRUST

FUNDS FROM OPERATIONS

(In thousands, except per share data)

(Unaudited)

The following presents a reconciliation of net income to funds from operations for the each of the last five quarterly periods:


	Three Months Ended
	September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011
Basic
Net income (loss) attributable to Winthrop Realty Trust	$	15,108		$	3,358		$	8,253		$	(9,839	)	$	9,846
Real estate depreciation		2,903			2,747			2,515			2,348			2,094
Amortization of capitalized leasing costs		2,169			1,732			1,204			1,213			1,092
(Gain) loss on sale of real estate		(945	)		—			—			(450	)		58
Gain on sale of equity investments		(165	)		(232	)		—			—			—
Gain on consolidation of property		—			—			—			(818	)		—
Trust’s sjare pf real estate depreciation and amortization of unconsolidated interests		2,976			3,992			3,662			3,831			2,996
Impairment loss on investments in real estate		698			—			—			4,600			3,000
Impairment loss on equity investments		—			—			—			17,258			—
Less: Non-controlling interest share of depreciation and amortization		(699	)		(713	)		(732	)		(1,113	)		(790	)

Funds from operations		22,045			10,884			14,902			17,030			18,296
Preferred dividend of Series C Preferred Shares		—			—			—			(409	)		(59	)
Preferred dividend of Series D Preferred Shares		(2,786	)		(2,787	)		(925	)		(339	)		—
Allocation of earnings to Series B-1 Preferred Shares		—			—			—			(61	)		(170	)
Allocation of earnings to Series C Preferred Shares		—			—			—			(35	)		(82	)

FFO applicable to Common Shares - Basic	$	19,259		$	8,097		$	13,977		$	16,186		$	17,985

Weighted-average Common Shares		33,075			33,064			33,052			33,027			32,949

FFO Per Common Share - Basic	$	0.58		$	0.24		$	0.42		$	0.49		$	0.55

Diluted
Funds from operations	$	22,045		$	10,884		$	14,902		$	17,030		$	18,296
Preferred dividend of Series C Preferred Shares		—			—			—			(409	)		(59	)
Preferred dividend of Series D Preferred Shares		(2,786	)		(2,787	)		(925	)		(339	)		—
Allocation of earnings to Series B-1 Preferred Shares		—			—			—			(61	)		(170	)
Allocation of earnings to Series C Preferred Shares		—			—			—			(35	)		(82	)

FFO applicable to Common Shares	$	19,259		$	8,097		$	13,977		$	16,186		$	17,985

Weighted-average Common Shares		33,075			33,064			33,052			33,027			32,949
Stock options		1			—			—			—			—
Convertible Series C Preferred Shares		—			—			—			—			—

Diluted weighted-average Common Shares		33,076			33,064			33,052			33,027			32,949

FFO Per Common Share - Diluted	$	0.58		$	0.24		$	0.42		$	0.49		$	0.55

WINTHROP REALTY TRUST

ESTIMATED NET ASSET VALUE

(In thousands, except per share data)

(Unaudited)


Cash, accounts payable and dividends payable:	Trust Ownership			Carrying Amount		Matched Debt		Estimated NAV Range
Cash and cash equivalents and restricted cash		100	%	$	174,524	$	—	$	174,524		to	$	174,524
Accounts payable and dividends payable		100	%		27,796		—		(27,796	)	to		(27,796	)

Subtotal - Corporate Segment Estimated Net Asset Value Range									146,728		to		146,728


REIT Securities:	Trust Ownership			Fair Value Carrying Amount		Matched Debt		Estimated NAV Range
REIT Common shares		100	%	$	37,191	$	—	$	37,191		to	$	37,191
REIT Preferred shares		100	%		—		—		—		to		—

Subtotal - REIT Securities Segment Estimated Net Asset Value Range									37,191		to		37,191


Loans:	Trust Ownership			Par Value Plus Accrued Interest		Matched Debt		Estimated NAV Range
Loan Assets, Loan Securities & Loan Equity Investments, with *Expected Repayment*
WBCMT Series 2007 Tranche L - *CMBS*		100	%	$	1,267	$	—	$	—		to	$	1,267	[1]
Mentor Building - *Whole Loan*		100	%		2,511		—		2,511		to		2,511	[1]
MetroTech Brooklyn - *B Note*		33	%		40,000		—		13,200		to		13,200	[2]
2600 West Olive - *Rake Bonds*		100	%		6,364		—		6,364		to		6,364	[1]
Hotel Wales - *Whole Loan*		100	%		20,097		14,000		6,097		to		6,097	[1]
Legacy Orchard - *Corporate Loan*		100	%		9,750		—		9,750		to		9,750	[1]
Rennaisance - *Mezzanine Loan*		100	%		3,000		—		3,000		to		3,000	[1]
San Marbeya - *Whole Loan*		100	%		30,194		15,150		15,044		to		15,044	[1]
Rockwell - *Mezzanine Loan*		100	%		1,505		—		1,505		to		1,505	[1]
500-512 Seventh Ave - *B Note*		100	%		11,257		—		11,257		to		11,257	[1]
Wellington Tower - *Mezzanine Loan*		100	%		3,515		—		3,515		to		3,515	[1]
Broward Office Building - *Whole Loan*		100	%		30,246		—		30,246		to		30,246	[1]
127 West 25th - *Mezzanine Loan*		100	%		8,894		—		8,894		to		8,894	[1]
Churchill - *Whole Loan*		100	%		326		—		326		to		326	[1]
4545 East Shea Blvd - *Whole Loan*		100	%		2,250		—		2,250		to		2,250	[1]
Burbank Centre		100	%		10,041		—		10,041		to		10,041	[1]
Pinnacle II		100	%		5,168				5,168		to		5,168	[1]
The Shops at Wailea		100	%		7,751				7,751		to		7,751	[1]
Poipu Shopping Village		100	%		2,875				2,875		to		2,875	[1]

Total Estimated Value of Loans with Expected Repayment									139,795		to		141,062

Loan Assets, Loan Securities & Loan Equity Investments, with *Potential Equity Participation*
Stamford Office - *Mezzanine*		20	%		47,077		—		9,415		to		9,415	[2]

Total Estimated Value of Loans with Potential Equity									9,415		to		9,415

Debt Platforms
Conord Debt Holdings/CDH CDO		67	%		N/A		N/A		14,000		to		18,000	[3]
RE CDO		50	%		N/A		N/A		1,792		to		1,792	[4]

Total Estimated Value of Debt Platforms									15,792		to		19,792

Subtotal-Loan Segment Estimated Net Asset Value Range									165,002		to		170,269

Please refer to Estimated Net Asset Value notes on page 10.

(Continued on next page)

WINTHROP REALTY TRUST

ESTIMATED NET ASSET VALUE Continued

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


Description	Trust Owner- ship			Type	Square Feet/Units		Nine Mos Ended Sept 30, 2012 NOI Annualized			Adjust- ments			Adjusted Annualized NOI [15]		Range of Capitalization Rates						Estimated Range of Property Value					Matched Debt Balance		Estimated NAV Range
Operating Properties
Deer Valley, AZ		100	%	Office		82,000	$	1,467		$	193	[5]	$	1,660		8.74	%	to	8.30	%	$	19,000	to	$	20,000	$	—	$	19,000	to	$	20,000	[12]
Englewood, CO (Crossroads I)		100	%	Office		118,000		223			877	[5]		1,100		8.00	%	to	7.00	%		10,767	to		12,731		—		10,767	to		12,731
Englewood, CO (Crossroads II)		100	%	Office		118,000		552			399	[5]		951		8.00	%	to	7.00	%		11,512	to		13,210		—		11,512	to		13,210
Meriden, CT (Newbury Apartments)		100	%	Multi-Family		180 Units		1,567						1,567		6.50	%	to	6.00	%		24,113	to		26,123		13,590		10,523	to		12,533
Atlanta, GA		100	%	Retail		61,000		259						259		9.00	%	to	8.00	%		2,881	to		3,241		—		2,881	to		3,241
Denton, TX		100	%	Retail		46,000		163						163		10.50	%	to	8.50	%		1,554	to		1,920		—		1,554	to		1,920
Greensboro, NC		100	%	Retail		46,000		220						220		9.00	%	to	8.00	%		2,448	to		2,754		—		2,448	to		2,754
Louisville , KY		100	%	Retail		47,000		214						214		11.00	%	to	10.00	%		1,947	to		2,142		—		1,947	to		2,142
Seabrook, TX		100	%	Retail		52,000		230						230		9.00	%	to	8.00	%		2,552	to		2,871		—		2,552	to		2,871
Amherst, NY		100	%	Office		200,000		2,411			(603	)[14]		1,808		8.00	%	to	7.00	%		18,900	to		22,129		15,343		3,557	to		6,785
Andover, MA		100	%	Office		93,000		964						964		9.00	%	to	8.00	%		10,706	to		12,044		—		10,706	to		12,044
Chicago, IL (One East Erie)		100	%	Office		126,000		2,755						2,755		7.50	%	to	6.50	%		36,729	to		42,379		20,281		16,448	to		22,099
Chicago, IL (River City )		60	%	Office		253,000		3,252			(1,140	)[13]		2,112		8.50	%	to	7.50	%		24,847	to		28,160		8,700		9,688	to		11,676
Houston, TX (Westheimer)		8	%	Office		614,000		7,609						7,609		7.00	%	to	6.00	%		108,707	to		126,824		53,187		4,442	to		5,891
Lisle, IL (550 Corporetum)		100	%	Office		169,000		834			488	[6]		1,323		9.50	%	to	8.50	%		13,923	to		15,560		5,753		6,751	to		8,389
Lisle, IL (Arboretum)		100	%	Office		67,000		(230	)		835	[6]		605		11.00	%	to	9.00	%		5,500	to		6,722		1,657		1,863	to		3,101
Lisle, IL (1050 Corporetum)		60	%	Office		54,000		477						477		9.00	%	to	8.00	%		5,303	to		5,966		5,560		—	to		243
New York, NY		var		Office /Retail		105,000		1,463			4,390	[7]		5,853		6.00	%	to	5.50	%		97,550	to		106,418		51,982		24,924	to		28,028	[7]
Orlando, FL		100	%	Office		257,000		3,313						3,313		8.00	%	to	7.00	%		41,415	to		47,332		37,725		3,691	to		9,607
Plantation, FL		100	%	Office		120,000		1,447						1,447		8.00	%	to	7.00	%		18,094	to		20,678		10,841		7,252	to		9,837
South Burlington, VT		100	%	Office		54,000		163						163		11.00	%	to	9.00	%		1,484	to		1,814		—		1,484	to		1,814
Jacksonville, FL		100	%	Warehouse		580,000		902						902		10.00	%	to	8.00	%		9,018	to		11,273		—		9,018	to		11,273
Churchill, PA (Westinghouse )		100	%	Mixed Use		52,000		(217	)		967	[5]		750		12.00	%	to	9.00	%		6,250	to		8,333		—		6,250	to		7,667
Memphis, TN (Waterford Apartments)		100	%	Multi-Family		320 Units		971			349	[9]		1,320		6.25	%	to	6.00	%		21,120	to		22,000		13,478		7,642	to		8,522

Please refer to Estimated Net Asset Value notes on page 10 .

(Continued on next page)

WINTHROP REALTY TRUST

ESTIMATED NET ASSET VALUE Continued

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


Description	Trust Owner- ship			Type	Square Feet/ Units		Nine Mos Ended Sept 30, 2012 NOI Annualized		Adjust- ments			Adjusted Annualized NOI [15]		Range of Capitalization Rates						Estimated Range of Property Value				Matched Debt Balance		Estimated NAV Range
Operating Properties (continued)

*Marc Realty*
223 West Jackson, Chicago, IL		50	%	Office		168,000		1,204		572	[6]		1,776		8.50	%	to	7.50	%		18,894	to	21,680		7,000		5,947		to		7,340
4415 West Harrison, Hillside, IL		50	%	Office		192,000		573					573		9.50	%	to	8.50	%		6,026	to	6,735		4,455		786		to		1,140
1701 E. Woodfield, Schaumburg, IL		50	%	Office		175,000		1,316		(400	)[15]		916		9.50	%	to	8.50	%		9,645	to	10,780		5,537		2,054		to		2,621

2205-55 Enterprise,Westchester, IL		50	%	Office		130,000		1,068					1,068		9.50	%	to	8.50	%		11,243	to	12,566		9,000		1,121		to		1,783
180 North Michigan, Chicago, IL		70	%	Office		229,000		2,612		(400	)[13]		2,212		8.00	%	to	7.75	%		27,649	to	28,541		17,219		7,301		to		7,926

*Sealy Venture*
Atlanta, GA (Northwest)		60	%	Industrial/ Office		472,000		1,708					1,708		9.00	%	to	8.00	%		18,976	to	21,347		13,819		3,094		to		4,517
Atlanta, GA (Newmarket)		68	%	Industrial/ Office		470,000		1,528					1,528		9.00	%	to	8.00	%		16,982	to	19,104		37,000		—		to		—
Nashville, TN (Airpark)		50	%	Industrial/Office		1,155,000		6,240					6,240		9.00	%	to	8.00	%		69,336	to	78,003		74,000		—		to		2,001

*WRT-Elad / One South State*		50	%	Retail/Office		942,000		8,967		3,362	[10]		12,329		7.50	%	to	6.50	%		164,387	to	189,677		101,722		29,238		to		37,458	[10]

*Mentor Retail*		50	%	Retail		7,000		263		210	[9]		473		8.00	%	to	7.00	%		5,913	to	6,757		2,497		1,704		to		2,126

*Vintage*

27 Properties		75	%	Multifamily		4,655		24,315					24,315		7.50	%		7.50	%		324,197	to	324,197		253,922		50,425		to		60,989	[11]

Tacoma Preferred Equity		75	%	Multifamily		Under Construction																					1,500		to		1,500

Urban Center Preferred Equity		75	%	Multifamily		Under Construction																					5,500		to		5,500

Subtotal Operating Properties Segment Estimated Value Range																											285,569		to		353,277

All Segments Estimated Net Asset Value Range																											634,490		to		707,466

Outstanding Line of Credit																											—		to		—
Outsanding Senior Notes																											(86,250	)	to		(86,250	)
Outsanding Series D Preferred																											(120,500	)	to		(120,500	)

Net Asset Value Attributable to Common Shares																										$	427,740			$	500,716

Outstanding Common Shares																											33,089		to		33,089
Estimate Net Asset Value per Common Share Range																										$	12.93		to	$	15.13

Please refer to Estimated Net Asset Value notes on page 10.

WINTHROP REALTY TRUST

NOTES TO ESTIMATED NET ASSET VALUE

(Unaudited)

Management’s estimate of net asset value (“NAV”) is based on in place assets and liabilities as of September 30, 2012. No adjustments have been made for transaction costs that would be incurred if assets were sold including any prepayment penalty associated with the Trust’s debt. There have been no adjustments made to reflect acquisitions, dispositions or loan repayments subsequent to September 30, 2012.

[1] Management’s estimate of NAV on the Trust’s loans expected to be repaid gives no effect to the above or below market yield earned on certain of the loans. Except for WBCMT, for which full recovery may not be realized, par is utilized as the estimate of value.

[2] Management’s estimate of NAV on the Trust’s loans with potential equity participation gives no effect to the potential value of any equity participation. Par is utilized as the estimate of value.

[3] Management’s low estimate of value for the Concord Debt Holdings/CDH CDO investment is based upon the purchase price recently paid by the Trust for its purchase of Lexington Realty Trust’s 33.33% interest in these ventures, which gave no value to certain of the loans held by the platform. Management’s high end range of estimate is based on low end value plus recovery on certain of the assets valued at $0.

[4] Management based its estimate on the carrying value of the collateral manager and equity of Sorin CDO IV and Sorin CDO III. No value has been given for potential investment opportunities.

[5] Reflects adjustment made for leases in place which rents are not included in prior quarters’ reported earnings due to either the timing of commencement or rent abatement.

[6] Properties are currently in the process of leasing. Accordingly, management estimated the range of property values by applying the range of capitalization rates to an estimated stabilized NOI and then deducted from the property value the estimated costs to achieve the projected stabilized NOI.

[7] Management’s estimated NAV is calculated based on a sale of the property at a range of values using capitalization rates between 5.5.0% and 6.0% applied to stabilized NOI. The proceeds are then assumed to be distributed based upon the distribution provision of the 450 West 14^th Street LLC Agreement which provides that cash is distributed as follows on the Trust’s capital contribution of $15.0 million and other equity holders’ capital of $3.8 million:

to the Trust until it receives an amount equal to a 10% return;

75% to the Trust , 25% to other equity holders until the Trust has received a 15% cumulative annual compounded return on its aggregate investment amount;

90% to the Trust, 10% to other equity holders until the Trust has received a return of its aggregate investment amount;

10% to the Trust, 90% to other equity holders until other equity holders have received a return of any new investment amount and a 15% IRR thereon;

either (x) on or prior to the fifth anniversary of the Trust’s investment, 50% to the Trust and 50% to the other equity holders or (y) following the fifth anniversary of the Trust’s investment, 35% to the Trust and 65% to the other equity holders. Management assumed the 35% for this analysis.

[8] This property currently generates cash flow to the Trust of $500,000 annually, which is expected to continue through 2017. In view of the inability to determine a residual value at the end of the primary term, Management has assumed there is no residual value and as such the value is based on primary term cash flows discounted at 10.00%

[9] Waterford Apartments and the Mentor Equity investment are second quarter acquisitions. The NOI adjustment reflects in place annual budgeted NOI.

[10] Management’s estimate of NAV is calculated based on the post-tax credit compliance period residual distribution provisions set forth in One South State Street LLC agreement which provide for payment of the WRT-Elad mezzanine loan under its terms and then 65% profits participation by WRT-Elad.

[11] Each of the Vintage properties is owned in a partnership which includes outside investors and is subject to its individual partnership agreement Waterfall. The VHH Operating Agreement provides that aggregate properties operating cash flow to VHH is distributed as follows:

to the Trust until it receives a 12% preferred return on its unreturned capital;

to the Trust’s joint venture partner until he receives at 12% return;

the remainder is distributed 50% to the Trust and 50% to the Trust’s partner.

The Trust received $4.159 million in distributions of operating cash flow during the 9 months ended September 30, 2012, which is equal to $5.545 million on an annualized basis.

Capital proceeds from the sale or refinancing of any of the underlying properties are distributed 75% to the Trust and 25% to our joint venture partner until all capital is returned and unpaid returns are paid and any excess after the return of capital is distributed 50%/50%.

Management estimated the range of NAV based on the forecasted distributions to be received on this investment discounted at a range between 9% and 12%. Forecasted residual proceeds were calculated based on sales of the underlying properties using a capitalization rate of 7.5%.

[12] Property value is based on recent marketing efforts.

[13] NOI reported on 180 North Michigan and River City for the nine months ended September 30, 2012 included revenue attributable to a lease termination fee. Accordingly, the annualized NOI was adjusted down to exclude this nonrecurring revenue.

[14] This property is net leased to Ingram Micro under a lease which was scheduled to expire in October 2013. The tenant has executed a letter of intent to extend the term and the lease is being finalized. The adjustment reflects the rental rate per the letter of intent. The property value has been reduced for the costs of the lease.

[15] This property has expected lease turnover. Accordingly an adjustment has been made to NOI to reflect the reduction in asset value.

[16] Net operating income is a non-GAAP measure equal to revenues from all rental property less operating expenses and real estate taxes, exclusive of depreciation, amortization and capital expenditures.

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, Unaudited)


	Nine Months Ended September 30,
	2012			2011
	(unaudited)			(unaudited)
Cash flows from operating activities
Net income	$	26,284		$	21,623
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of of deferred financing costs)		8,552			6,891
Amortization of lease intangibles		5,028			3,316
Straight-lining of rental income		(2,662	)		(937	)
Loan discount accretion		(5,984	)		(11,167	)
Discount accretion received in cash		14,065			13,290
Earnings of preferred equity investments		—			(498	)
Distributions of income from preferred equity investments		97			336
Income of equity investments		(13,654	)		(4,340	)
Distributions of income from equity investments		17,097			8,081
Restricted cash held in escrows		(4,063	)		750
Gain on sale of equity investment		(232	)		—
Gain on sale of securities carried at fair value		(41	)		(131	)
Unrealized gain on securities carried at fair value		(7,254	)		798
Unrealized gain on loan securities carried at fair value		(447	)		(2,772	)
Tenant leasing costs		(3,211	)		(2,448	)
Impairment loss on investments in real estate		698			3,000
Gain on extinguishment of debt		—			(8,514	)
(Gain) loss on sale of real estate held for sale		(945	)		58
Bad debt (recovery) expense		(116	)		332
Net change in interest receivable		(293	)		19
Net change in accounts receivable		533			688
Net change in accounts payable and accrued liabilities		4,260			1,284

Net cash provided by operating activities		37,712			29,659

Cash flows from investing activities
Investments in real estate		(29,975	)		(5,788	)
Investment in equity investments		(47,925	)		(67,901	)
Investment in preferred equity investments		(4,000	)		(7,208	)
Proceeds from sale of investments in real estate		7,024			—
Proceeds from sale of equity investments		2,297			6,000
Proceeds from sale of assets held for sale		—			2,151
Return of capital distribution from equity investments		83,736			26,432
Purchase of securities carried at fair value		(5,654	)		(568	)
Proceeds from sale of securities carried at fair value		4,614			26,281
Proceeds from payoff of loan securities		—			8,748
Restricted cash held in escrows		(7,265	)		2,828
Issuance and acquisition of loans receivable		(64,970	)		(44,512	)
Collection of loans receivable		37,126			43,410

Net cash used in investing activities		(24,992	)		(10,127	)

(Continued on next page)

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, Unaudited, continued)


	Nine Months Ended September 30,
	2012			2011
	(unaudited)			(unaudited)
Cash flows from financing activities
Proceeds from mortgage loans payable		15,897			11,000
Principal payments of mortgage loans payable		(8,740	)		(47,307	)
Proceeds from revolving line of credit		—			27,324
Proceeds from issuance of Series D Preferred Shares		77,572			—
Proceeds from issuance of senior notes payable		86,250			—
Payment of revolving line of credit		(40,000	)		(52,774	)
Proceeds from note payable		—			15,150
Restricted cash held in escrows		(31	)		99
Deferred financing costs		(3,766	)		(611	)
Contribution from non-controlling interest		4,340			300
Distribution to non-controlling interest		(6,115	)		(327	)
Purchase of non-controlling interests		(400	)		—
Issuance of Common Shares through offering		—			61,386
Issuance of Common Shares under Dividend Reinvestment Plan		397			2,064
Dividend paid on Common Shares		(16,113	)		(14,140	)
Dividend paid on Series D Preferred Shares		(3,712	)		—
Dividend paid on Series C Preferred Shares		—			(176	)

Net cash provided by financing activities		105,579			1,988

Net increase in cash and cash equivalents		118,299			21,520
Cash and cash equivalents at beginning of period		40,952			45,257

Cash and cash equivalents at end of period	$	159,251		$	66,777

Supplemental Disclosure of Cash Flow Information
Interest paid	$	11,248		$	12,588

Taxes paid	$	317		$	52

Supplemental Disclosure on Non-Cash Investing and Financing Activities
Dividends accrued on Common Shares	$	5,375		$	5,356

Dividends accrued on Series C Preferred Shares	$	—		$	39

Dividends accrued on Series D Preferred Shares	$	2,786		$	—

Capital expenditures accrued	$	2,277		$	684

Other receivables	$	—		$	—

Transfer to loan securities carried at fair value	$	—		$	662

Transfer from loans receivable	$	(2,938	)	$	(6,534	)

Transfer from preferred equity	$	(3,923	)	$	(2,022	)

Transfer to equity investment	$	6,861		$	4,650

Transfer to loan receivable	$	6,550		$	12,544

Transfer from equity investment	$	(12,400	)	$	—

Transfer to additional paid-in capital	$	5,487		$	—

Transfer to non-controlling interests	$	363		$	—

WINTHROP REALTY TRUST

SELECTED BALANCE SHEET ACCOUNT DETAIL

(In thousands, Unaudited)


	Sept 30, 2012			June 30, 2012			March 31, 2012			Dec 31, 2011			Sept 30, 2011
Investments in Real Estate
Land	$	37,177		$	39,575		$	36,495		$	36,495		$	36,495
Buildings and improvements
Buildings		311,956			313,398			297,112			297,223			249,789
Building improvements		13,676			20,012			14,830			13,679			11,435
Furniture and Fixtures		2,226			2,176			1,857			1,849			1,842
Tenant improvements		16,431			14,657			14,757			14,586			10,052

		381,466			389,818			365,051			363,832			309,613
Accumulated depreciation and amortization		(48,618	)		(49,818	)		(47,071	)		(44,556	)		(42,262	)

Total Investments in Real Estate	$	332,848		$	340,000		$	317,980		$	319,276		$	267,351

Accounts Receivable
Straight-line rent receivable	$	13,467		$	13,281		$	12,251		$	10,805		$	9,666
Other		4,892			5,980			5,914			5,335			2,714

Total Accounts Receivable	$	18,359		$	19,261		$	18,165		$	16,140		$	12,380

Securities Carried at Fair Value
REIT Preferred Shares	$	—		$	—		$	—		$	4,277		$	4,222
REIT Common Shares		37,191			34,079			33,700			24,579			2,430

Total Securities Carried at Fair Value	$	37,191		$	34,079		$	33,700		$	28,856		$	6,652

Equity Investments
Vintage Housing Holdings (27 Properties)	$	30,083		$	30,144		$	28,830		$	29,887		$	30,513
Elad / One South State Street (1 Property)		24,659			24,716			24,743			10,150			—
Marc Realty Portfolio (5 Properties)		21,921			21,768			34,227			27,145			43,419
10 Metrotech (Office Loan)		10,845			56			—			—			—
Sealy Ventures Properties (3 Properties)		8,904			9,717			10,570			11,348			14,382
Mack-Cali / Stamford (Office Loan)		8,367			8,236			8,097
Concord Debt Holdings		4,495			4,529			—			—			—
CDH CDO		3,698			2,978			—			—			—
RE-CDO Management		1,792			1,794			1,812			1,296			1,273
Mentor Retail (1 Property)		523			511			—			—			—
So-Cal Office Loan Portfolio (31 Loans)		12			33,888			34,181			72,626			—
Riverside Plaza (Retail Loan)		—			7,883			7,883			7,883			7,883
Lakeside/Eagle		—			1			5			7			9
FII Co-Invest		—			—			1,800			1,800			1,800
LW SOFI (Sofitel Hotel Loan)		—			—			—			—			6,877

Total Equity Investments	$	115,299		$	146,221		$	152,148		$	162,142		$	106,156

Preferred Equity Investments
Vintage at Tacoma	$	1,500		$	1,500		$	1,500		$	1,500		$	1,500
Vintage at Urban Center		4,000			4,000			—			—			—
180 North Michigan (Marc Realty)		—			—			—			4,020			3,999
450 West 14th Street (High Line)		—			—			—			—			7,903

Total Preferred Equity Investments	$	5,500		$	5,500		$	1,500		$	5,520		$	13,402

Non-Controlling Interests
Westheimer (Houston, TX)	$	11,877		$	11,673		$	11,316		$	10,973		$	10,648
River City / Marc Realty (Chicago, IL)		3,891			3,484			3,404			3,346			3,411
One East Erie/ Marc Realty (Chicago, IL)		—						480			504			461
1050 Corporetum / Marc Realty (Lisle, IL)		83			110			134			171			215
Deer Valley / Fenway (Deer Valley, AZ)		—			—			—			189			165
450 West 14th Street (High Line)		2,399			3,075			3,725			4,847			—
So-Cal Office Loan Portfolio		19			4,468			999			1,004			—

Total Non-Controlling Interests	$	18,269		$	22,810		$	20,058		$	21,034		$	14,900

The listing above provides detail for only certain balance sheet line items presented on Winthrop Realty Trust’s Consolidated Balance Sheets for all periods presented (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)


	Sept 30, 2012		June 30, 2012		Mar 31, 2012		Dec 31, 2011		Sept 30, 2011
Debt
Mortgage loans payable	$	238,097	$	229,891	$	230,257	$	230,940	$	185,622
Senior notes payable		86,250		—		—		—		—
Secured financing		29,150		29,150		29,150		29,150		15,150
KeyBank line of credit		—		—		—		40,000		—
Series B-1 Preferred Shares		—		—		—		—		21,300

Total Debt		353,497		259,041		259,407		300,090		222,072

Preferred Shares
Series C Cumulative Convertible Redeemable Preferred Shares		—		—		—		—		3,221

Equity
Series D Cumulative Redeemable Preferred Shares		120,500		120,500		120,500		40,000		—
Common Shares		343,605		336,688		346,924		347,802		364,776
Non-controlling ownership interests		18,269		22,810		20,058		21,034		14,900

Total Equity		482,374		479,998		487,482		408,836		379,676

Total Capitalization	$	835,871	$	739,039	$	746,889	$	708,926	$	604,969


Common Dividend Per Share
Sept 30, 2012		June 30, 2012		Mar 31, 2012		Dec 31, 2011		Sept 30, 2011
$	0.1625	$	0.1625	$	0.1625	$	0.1625	$	0.1625

Liquidity and Credit Facility


	Sept 30, 2012		June 30, 2012		Mar 31, 2012		Dec 31, 2011		Sept 30, 2011
Cash and cash equivalents	$	159,251	$	43,959	$	79,526	$	40,952	$	66,777
Securities carried at fair value		37,191		34,079		33,700		28,856		6,652
Available under line of credit		50,000		50,000		50,000		10,000		50,000

Total Liquidity and Credit Facility	$	246,442	$	128,038	$	163,226	$	79,808	$	123,429

WINTHROP REALTY TRUST

SELECTED INVESTMENT DATA

September 30, 2012

(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 19-20, Consolidated Property Data on pages 23-24, and Equity Investment Property Data on pages 25-27.


Cash		Amount
Cash and cash equivalents			$159,251

REIT Securities		Cost		Fair Value
REIT Common shares			$ 26,775		$ 37,191

Loans with *Expected Repayment*	Position	Type		Interest Rate			Cost, less Principal Repaid		Carrying Amount (before int. recble)		Par Value			Extended Maturity Date
2600 West Olive	Rake Bonds		Office		LIBOR+	.65% to 1.60%		$1,500		$ 5,742		$ 6,364			02/28/13
Hotel Wales	Whole		Hotel		LIBOR+	4.00%		20,000		20,000		20,000			10/05/13
WBCMT Series 2007 Tranche L	CMBS		Hotel		LIBOR+	1.75%		161		11		1,267			03/09/14
10 Metrotech -33% Owned Equity Inv(1)	Whole		Office		Fixed	9.00%		32,500		32,500		40,000			08/06/14
The Shops at Wailea	B Note		Retail		Fixed	6.15%		5,154		5,154		7,718			10/06/14
Legacy Orchard	Whole		Corporate Loan		Fixed	15.00%		9,750		9,750		9,750	(2)		10/31/14
Rennaisance	Mezz		Retail/Multi Fam		LIBOR+	12.00%		3,000		3,000		3,000			01/01/15
San Marbeya	Whole		Multifamily		Fixed	5.88%		25,932		26,833		30,047			01/01/15
Fenway Shea	Whole		Office		Fixed	12.00%		2,250		2,250		2,250			04/05/15
127 West 25 Street	Mezz		Mixed Use		Fixed	14.00%		8,792		8,792		8,792			04/30/15
Churchill	Whole		Mixed Use		LIBOR+	3.75%		503		503		503			06/01/15
Rockwell	Mezz		Indust. / Whse.		Fixed	12.00%		244		292		1,491			05/01/16
500-512 Seventh Ave.	B Note		Office		Fixed	7.19%		9,376		9,955		11,213			07/11/16
Pinnacle II	B Note		Office		Fixed	6.31%		4,631		4,631		5,145			09/06/16
Poipu Shopping Village	B Note		Retail		Fixed	6.62%		1,911		1,911		2,861			01/06/17
Disney Building / Burbank Centre	B Note		Office		Fixed	5.90%		9,000		9,000		10,000			04/06/17
Wellington Tower	Mezz		Mixed Use		Fixed	6.79%		2,352		2,641		3,502			07/11/17
Mentor Building (39 South St)	Whole		Retail		Fixed	10.00%		2,497		2,497		2,497			09/10/17
Broward Financial Center	Whole		Office/Retail		Fixed	9.84%		30,000		30,000		30,000			repaid Oct 2012

Loans with Potential Equity Participation
Stamford -20% Owned Equity Inv(1)	Mezz		Office		LIBOR+	3.25%		$40,000		$41,610		$47,000	(2)		08/06/14

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

(2)	Par amount represents borrowers discounted payoff option amount.

See Additional Loan Asset Details on Pages 19 and 20 of Supplement.

Continued on next page

WINTHROP REALTY TRUST

SELECTED INVESTMENT DATA (Continued)

September 30, 2012

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


Consolidated Operating Properties *Acquired through Direct or Indirect Foreclosure*	% Owned			Type	Square Feet/ Units		Cost Basis before Accum Depreciation		Cost per Square Foot or Unit		Debt Balance
Deer Valley, AZ		100	%	Office		82,000	$	11,800	$	144	$	—	(1)
Englewood, CO (Crossroads I)		100	%	Office		118,000		8,016		68		—	(1)
Englewood, CO (Crossroads II)		100	%	Office		118,000		10,692		91		—	(1)
Meriden, CT (Newbury Apartments)		100	%	Multifamily		180 Units		25,540		141,889		13,590
Memphis, TN, (Waterford Apartments)		100	%	Multifamily		320 Units		20,873		65,228		13,478

Consolidated Operating Properties *Acquired through Asset Purchase*	% Owned			Type	Square Feet		Cost Basis before Accum Depreciation		Cost per Square Foot		Debt Balance
Atlanta, GA		100	%	Retail		61,000		4,638	$	76	$	—	(1)
Denton, TX		100	%	Retail		46,000		2,938		64		—	(1)
Greensboro, NC		100	%	Retail		46,000		3,801		83		—	(1)
Louisville , KY		100	%	Retail		47,000		3,098		66		—	(1)
Seabrook, TX		100	%	Retail		52,000		2,012		39		—	(1)
Amherst, NY		100	%	Office		200,000		19,622		98		15,343
Andover, MA		100	%	Office		93,000		8,329		90		—	(1)
Chicago, IL (One East Erie)		100	%	Office		126,000		25,748		204		20,281
Chicago, IL (River City / Marc Realty )		60	%	Office		253,000		16,664		66		8,700
Houston, TX (Westheimer)		8	%	Office		614,000		69,543		113		53,187
Lisle, IL (550 Corporetum)		100	%	Office		169,000		21,833		129		5,753
Lisle, IL (Arboretum)		100	%	Office		67,000		6,268		94		1,657
Lisle, IL (1050 Corporetum / Marc Realty)		60	%	Office		54,000		4,072		75		5,560
New York, NY		var		Office /Retail		105,000		60,198		573		51,982
Orlando, FL		100	%	Office		257,000		17,290		67		37,725
Plantation, FL		100	%	Office		120,000		12,935		108		10,841
South Burlington, VT		100	%	Office		54,000		3,407		63		—	(1)
Jacksonville, FL		100	%	Warehouse		580,000		12,629		22		—	(1)
Churchill, PA		100	%	Mixed Use		52,000		9,520		183		—

(1)

These properties collateralize our revolving line of credit.

Continued on next page

WINTHROP REALTY TRUST

SELECTED INVESTMENT DATA (Continued)

September 30, 2012

(In thousands, except square footage / units, Unaudited)


Equity Investment Operating Properties *Acquired through Asset Purchase*	% Owned			Type	Square Feet/Units		Equity Investment Carrying Amount
Marc Realty (5 Equity Investments)		Var		Office		894,000	$	21,921
Sealy Equity Investments (3 Equity Investments)		Var		Industrial/Office		2,097,000		8,904
WRT-Elad / One South State St (1 Equity Investment)		50	%	Retail / Office		942,000		24,659
Vintage Housing Holdings		Var		Multifamily		4,655 Units		30,083
Mentor Retail LLC (1 Equity Investment)		50	%	Retail		7,000		523

Preferred Equity Investment Operating Properties *Acquired through Asset Purchase*	% Owned			Type	Residential Units		Preferred Equity Investment Carrying Amount
Vintage Housing Holdings - Tacoma		75	%	Multi-Family		231 Units Under construction	$	1,500
Vintage Housing Holdings - Urban Center		75	%	Multi-Family		395 Units Under construction		4,000

WINTHROP REALTY TRUST

SCHEDULE OF SECURITIES CARRIED AT FAIR VALUE

(In thousands, Unaudited)


	September 30, 2012				June 30, 2012				March 31, 2012				December 31, 2011				September 30, 2011
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
REIT Preferred shares	$	—	$	—	$	—	$	—	$	—	$	—	$	2,067	$	4,277	$	2,067	$	4,222

REIT Common shares		26,775		37,191		26,775		34,079		25,681		33,700		21,492		24,579		2,935		2,430

Total securities carried at fair value	$	26,775	$	37,191	$	26,775	$	34,079	$	25,681	$	33,700	$	23,559	$	28,856	$	5,002	$	6,652

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, 2012		June 30, 2012			March 31, 2012		December 31, 2011			September 30, 2011
Net unrealized gain (loss)	$	3,484	$	(879	)	$	5,096	$	3,552		$	(1,036	)

Net realized gain (loss)	$	—	$	15		$	26	$	(8	)	$	—

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)

Description

Acquisition
Date

Asset
Type

Location

Position

Interest Rate (1)

Carrying
Amount (2)
Sept 30, 2012

Par
Value

Maturity
Date (3)

Senior
Debt (4)

Loans Receivable

Hotel Wales

Oct-11

Hotel

New York

Whole

LIBOR +

4.000

%(5)

20,097

20,000

10/05/13

—

The Shops at Wailea

Sep-12

Retail

Maui

B Note

Fixed

6.150

5,187

7,718

10/06/14

108,055

Legacy Orchard

Oct-10

Corporate Loan

N/A

Whole

Fixed

15.000

9,750

(6)

10/31/14

—

Rennaisance

Dec-11

Retail/Multi Fam

Atlanta

Mezz

LIBOR +

12.000

%(7)

3,000

01/01/15

4,000

San Marbeya

Jul-10

Multifamily

Tempe

Whole

Fixed

5.880

26,980

30,047

01/01/15

—

Fenway Shea

Apr-12

Office

Phoenix

Whole

Fixed

12.000

2,250

04/05/15

—

127 West 25 Street

May-12

Mixed Use

New York

Mezz

(8)

14.000

8,894

8,792

04/30/15

35,180

Churchill

May-12

Mixed Use

Churchill

Whole

LIBOR +

3.750

507

503

06/01/15

—

Rockwell

Aug-10

Indust /Whse

Shirley

Mezz

Fixed

12.000

307

1,491

05/01/16

16,727

500-512 Seventh Ave.

Jul-10

Office

New York

B Note

Fixed

7.190

10,000

11,213

07/11/16

243,244

Pinnacle II

Sep-12

Office

Burbank

B Note

Fixed

6.313

4,653

5,145

09/06/16

84,701

Poipu Shopping Village

Sep-12

Retail

Kauai

B Note

Fixed

6.618

1,924

2,861

01/06/17

28,932

Disney Building

Sep-12

Office

Burbank

B Note

Fixed

5.897

9,041

10,000

04/06/17

135,000

Wellington Tower

Dec-09

Mixed Use

New York

Mezz

Fixed

6.790

2,654

3,502

07/11/17

22,500

Mentor Bldg (39 South St)

Mar-12

Retail

Chicago

Whole

Fixed

10.000

2,511

2,497

09/10/17

—

Broward Financial Center

May-12

Office/Retail

Ft. Lauderdale

Whole

Fixed

9.840

30,246

30,000

)

—

Total Loans Receivable

138,001

148,769

Loan Securities Carried at Fair Value

WBCMT 2007

Dec-09

Hotel

Various

CMBS

LIBOR +

1.750

1,267

03/09/14

1,232,004

West Olive

Dec-09

Office

Burbank, CA

Rake Bonds

LIBOR +

0.65

to 1.60

5,742

6,364

02/28/13

15,666

Total Loan Securities Carried at Fair Value

5,753

7,631

Equity Investment Loan Assets (10,11)

Stamford Portfolio

Feb-12

Office

Stamford

Mezz

LIBOR +

3.250

8,337

9,400

(6)

08/06/13

400,000

10 Metrotech

Var
2012

Office

Brooklyn

Whole

Fixed

9.000

10,823

13,320

08/06/14

—

Total Loan Assets of Equity Investments

19,160

22,720

Continued on next page

WINTHROP REALTY TRUST

SCHEDULE OF LOAN ASSETS

(unaudited, continued)

Notes to Schedule of Loan Assets

(1)	Represents contractual interest rates without giving effect to loan discount and accretion. The stated interest rate may be significantly different than the Trust's effective interest rate on certain loan investments.

(2)	Carrying amount of loans receivable includes accrued interest of $793,000 and cumulative accretion of $1,833,000 at September 30, 2012.

(3)	Maturity dates presented are after giving effect to all contractual extensions.

(4)	Senior Debt indicates debt which is secured by the underlying property which is senior to our loan.

(5)	Libor floor of 3%.

(6)	Amount of Par Value is presented at the borrowers discounted payoff option (DPO) amount.

(7)	Libor floor of 2%.

(8)	Interest rate is equal to the greater of 14.0% or LIBOR + 10%.

(9)	The loan was satisfied subsequent to September 30, 2012.

(10)	Does not include the Trust's equity interests in Concord and RE CDO Management.

(11)	The loan asset carrying amount presented is at Winthrop's ownership in the loan balance.

WINTHROP REALTY TRUST

NET OPERATING INCOME FROM CONSOLIDATED PROPERTIES

(In thousands)

(Unaudited)


	Three Months Ended
	Sept 30, 2012			June 30, 2012		Mar 31, 2012			Dec 31, 2011			Sept 30, 2011
Rents and reimbursements
Minimum rent	$	11,349		$	10,046	$	9,637		$	8,993		$	9,251
Deferred rents (straight-line)		486			1,030		1,446			1,140			227
Recovery income		1,818			1,152		1,143			967			976
Less:
Above and below market rents		101			102		102			106			113
Lease concessions and abatements		(419	)		480		(248	)		(113	)		(197	)

Total rents and reimbursements		13,335			12,810		12,080			11,093			10,370

Rental property expenses
Property operating		3,624			3,561		4,350			3,531			3,272
Real estate taxes		1,268			989		1,224			1,067			1,079

Total rental property expenses		4,892			4,550		5,574			4,598			4,351

Net operating income (1) from consolidated properties	$	8,443		$	8,260	$	6,506		$	6,495		$	6,019

(1)	See definition of non-GAAP measure of Net Operating Income on page 35 of the supplemental package.

WINTHROP REALTY TRUST

SCHEDULE OF INTEREST, DIVIDENDS AND DISCOUNT ACCRETION

(In thousands)

(Unaudited)


	Three Months Ended
	Sept 30, 2012		June 30, 2012		March 31, 2012		Dec 31, 2011		Sept 30, 2011
Interest, Dividends and Discount Accretion by Business Segment:

Loan Assets	$	3,410	$	5,472	$	5,232	$	4,867	$	5,417

REIT Securities		312		306		286		322		86

Total Interest, Dividends and Discount Accretion	$	3,722	$	5,778	$	5,518	$	5,189	$	5,503

Interest, Dividends and Discount Accretion Detail:

Interest on loan assets	$	2,985	$	2,746	$	2,399	$	2,633	$	3,043

Accretion of loan discount		425		2726		2,833		2,234		2,374

Interest and dividends on REIT securities		312		306		286		322		86

Total Interest, Dividends and Discount Accretion	$	3,722	$	5,778	$	5,518	$	5,189	$	5,503

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA

September 30, 2012 (Unaudited)


Description and Location	Year Acquired		Trust’s Ownership			Rentable Square Feet		(**) % Leased			Major Tenants (Lease /Options Exp)	Major Tenants’ Sq. Feet.		($000’s) Cost Basis Net of Deprec		Ownership of Land	($000’s) Debt Balance			Debt Maturity & Int Rate
Amherst, NY (2)		2005		100	%		200,000		100	%	Ingram Micro Systems (2013/2023)		200,000	$	16,298	Fee	$	15,343		10/2013 5.65%
Andover, MA		2005		100	%		93,000		100	%	PAETEC Comm. (2022/2037)		93,000		6,979	Fee		(1	)	(1)
Chicago, IL (One East Erie)		2005		100	%		126,000		91	%	The Gettys Group (2012/2016)		13,000		20,891	Fee		20,281		03/2016 5.75%
											River North Surgery (2015/ n/a)		15,000
Chicago, IL (River City)		2007		60	%		253,000		50	%	ITAV (2024/2029)		35,000		14,748	Fee		8,700		04/2015 5.50%
											MFS/Worldcom(2019/2023)		61,000
Deer Valley, AZ		2010		100.0	%		82,000		96	%	United Healthcare (2017/2027)		42,000		10,549	Fee		(1	)	(1)
											Premier Research Group (2016/2026)		13,800
											Southwest Desert Cardiology (2022 / 2037)		9,200
Englewood, CO Crossroads I		2010		100	%		118,000		90	%	RGN-Denver LLC (2015/ 2025)		17,000		7,509	Fee		(1	)	(1)
Englewood, CO Crossroads II		2010		100	%		118,000		87	%	TIC Holdings (2019 / 2044)		75,000		10,010	Fee		(1	)	(1)
Houston, TX		2004		8	%		614,000		100	%	Spectra Energy (2026/2036)		614,000		57,310	Fee		53,187		04/2016 6.23%
Lisle, IL		2006		100	%		169,000		79	%	United Healthcare (2014/ n/a)		41,000		18,832	Fee		5,753		10/2014 Libor + 2.5%
Lisle, IL		2006		100	%		67,000		17	%	ABM Janitorial (2012/2014)		11,000		5,282	Fee		1,657		10/2014 Libor + 2.5%
Lisle, IL (Marc Realty)		2006		60	%		54,000		100	%	Ryerson (2018/2028)		54,000		3,554	Fee		5,560		03/2017 5.55%
New York, NY (450 West 14th St)		2011		var			105,000		82	%	Fast Retailing (2026/2036)		23,000		58,700	Ground Lease		51,982		05/2016 Libor + 2.5%
											Alice + Olivia (2021/2031)		22,000
											Access Industries (2021/2031)		14,000
Orlando, FL		2004		100	%		257,000		100	%	Siemens Real Estate, Inc. (2017/2042)		257,000		13,886	Ground Lease		37,725		07/2017 6.40%
Plantation, FL		2004		100	%		120,000		100	%	AT&T Service, Inc. (2020/2035)		120,000		11,176	Fee		10,841		04/2018 6.48%
South Burlington, VT		2005		100	%		54,000		100	%	Fairpoint Comm. (2014/2029)		54,000		2,853	Ground Lease		(1	)	(1)

*Subtotal - Office*							2,430,000								258,577			211,029

(Continued on next page)

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA (Continued)

September 30, 2012 (Unaudited)


Description and Location	Year Acquired	Trust’s Ownership			Rentable Square Feet		() % Leased**	Major Tenants (Lease /Options Exp)	Major Tenants’ Sq. Feet.		($000’s) Cost Basis Net of Deprec		Ownership of Land	($000’s) Debt Balance			Debt Maturity & Int Rate
*Retail*
Atlanta, GA	2004		100	%		61,000	100%	The Kroger Co. (2016/2026)		61,000	$	3,725	Ground Lease		(1	)	(1)
Denton, TX	2004		100	%		46,000	100%	Diesel Fitness (2016) Harbor Freight Tools (2022 / 2037)		29,000 17,000		2,610	Fee		(1	)	(1)
Greensboro, NC	2004		100	%		46,000	100%	The Kroger Co. (2017/2037)		46,000		3,053	Ground Lease		(1	)	(1)
Louisville, KY	2004		100	%		47,000	100%	The Kroger Co. (2015/2040)		47,000		2,562	Fee		(1	)	(1)
Seabrook, TX	2004		100	%		52,000	100%	The Kroger Co. (2015/2040)		52,000		1,737	Fee		(1	)	(1)

*Subtotal Retail*						252,000						13,687

*Residential*
Meriden, CT	2010		100	%		180 units	93%	n/a		n/a		23,877	Fee		13,590		10/2014 Libor + 2.5%
Waterford	2012		100	%		320 units	92%	n/a		n/a		20,574	Fee		13,478		8/2014 Libor + 2.5%

*Subtotal Residential*												44,451

*Other*
Warehouse
Jacksonville, FL	2004		100	%		580,000	100%	Fanatics, Inc. (2015/2024)		558,000		10,519	Fee		(1	)	(1)
Mixed Use
Churchill, PA	2004		100	%		52,000	100%	Westinghouse (2024/2039)		—		5,614	Fee		—		—

*Subtotal - Other*						632,000						16,133

*Total Consolidated Properties*						3,314,000					$	332,848		$	238,097

(**)	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.

WINTHROP REALTY TRUST

EQUITY INVESTMENTS – SELECTED DATA

September 30, 2012

(Unaudited)


Description and Location	Year Acquired	Trust’s Ownership			Rentable Square Feet		() % Leased**			Major Tenants (Lease /Options Exp)	Major Tenants’ Sq. Feet.		($000’s) Equity Investment		Ownership of Land	($000’s) Debt Balance (1)		Debt Maturity & Int Rate
*Marc Realty Portfolio - Equity Investment Operating Properties*
223 West Jackson, Chicago, IL	2005		50	%		168,000		75	%	No tenants over 10%		—		7,950	Fee		7,000	09/2017 LIBOR + 2.25%
4415 West Harrison, Hillside, IL (High Point)	2005		50	%		192,000		60	%	North American Medical Mgmt (2015/2020)		20,400		2,291	Fee		4,455	12/2015 5.62%
1701 E. Woodfield, Shaumburg, IL	2005		50	%		175,000		87	%	No tenants over 10%		—		1,999	Fee		5,537	09/2015 Libor + 3% (2)
2205-55 Enterprise, Westchester, IL	2005		50	%		130,000		90	%	Consumer Portfolio (2014/2019)		18,900		2,531	Fee		9,000	10/2019 4.30%
										UroPartners LLC (2015/ n/a)		14,500
180 North Michigan Chicago, IL (Marc Realty)	2008		70	%		229,000		87	%	No tenants over 10%				7,150	Fee		17,219	03/2013 Libor+1.5% (3)

*Total Marc Realty Portfolio*						894,000							$	21,921		$	43,211

*Sealy Venture Portfolio - Equity Investment Operating Properties*
Atlanta, GA (Northwest Atlanta)	2006		60	%		472,000		72	%	Original Mattress (2020/2025)		57,000	$	8,264	Fee	$	13,819	09/2015 Libor +5.35% (4)
Atlanta, GA (Newmarket)	2008		68	%		470,000		50	%	No tenants over 10%		—		640	Fee		37,000	11/2016 6.12%
Nashville, TN (Airpark)	2007		50	%		1,155,000		86	%	No tenants over 10%		—		—	Fee		74,000	05/2012 5.77%

*Total - Sealy Venture Portfolio*						2,097,000							$	8,904		$	124,819

*Mentor Retail LLC - Equity Investment Operating Property*

39 South State Street Chicago, IL	2012		50	%		7,000		100	%	American Apparel (2022 / n/a)		7,000	$	523	Fee	$	2,497	09/2017 10%

*WRT-Elad / One South State Equity - Equity Investment Operating Property*

One South State Street Chicago, IL (Sullivan Ctr)	2012		50	%		942,000		83	%	School of the Art Institute of Chicago (2018 /2028)		157,000	$	24,659	Fee	$	101,722	02/2015 11%
										State of Illinois (2018 )		243,000
										Target (2027 /2062)		147,000

						942,000							$	24,659		$	101,722

(Continued on next page)

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - SELECTED DATA (Continued)

September 30, 2012

(Unaudited)


Description and Location		Year Acquired		Units		() % Leased**			Ownership of Land
*Vintage Housing Portfolio - Equity Investment Operating Properties*

Agave Associates	Elk Grove, CA		2011		188		96	%		Fee
Bouquet Canyon Seniors	Santa Clarita, CA		2011		264		95	%		Fee
Elk Creek Apartments	Sequim, WA		2011		138		96	%		Fee
Falls Creek Apartments	Couer d’ Alene, ID		2011		170		92	%		Fee
Forest Creek Apartments	Spokane, WA		2011		252		95	%		Fee
Hamilton Place Seniors	Bellingham, WA		2011		94		94	%		Fee
Heritage Place Apartments	St. Ann, MO		2011		113		97	%		Fee
Holly Village Apartments	Everett, WA		2011		149		95	%		Fee
Larkin Place Apartments	Bellingham, WA		2011		101		98	%		Fee
Rosecreek Senior Living	Arlington, WA		2011		100		99	%		Fee
Seven Hills/ St Rose	Henderson, NV		2011		244		98	%		Fee
Silver Creek Apartments	Pasco, WA		2011		242		97	%		Fee
The Bluffs Apartments	Reno, NV		2011		300		93	%		Fee
Twin Ponds Apartments	Arlington, WA		2011		134		97	%		Fee
Vintage at Bend	Bend, OR		2011		106		99	%		Fee
Vintage at Bremerton	Bremerton, WA		2011		143		95	%		Fee
Vintage at Burien	Burien, WA		2011		101		98	%		Ground Lease
Vintage at Chehalis	Chehalis, WA		2011		150		95	%		Fee
Vintage at Everett	Everett, WA		2011		259		94	%		Fee
Vintage at Mt. Vernon	Mt. Vernon, WA		2011		154		96	%		Fee
Vintage at Napa	Napa, CA		2011		115		97	%		Fee
Vintage at Richland	Richland, WA		2011		150		97	%		Fee
Vintage at Sequim	Sequim, WA		2011		118		97	%		Fee
Vintage at Silverdale	Silverdale, WA		2011		240		98	%		Fee
Vintage at Spokane	Spokane, WA		2011		287		96	%		Fee
Vintage at Vancouver	Vancouver, WA		2011		154		95	%		Fee
Vista Sonoma Seniors Apts	Santa Rosa, CA		2011		189		97	%		Fee

					4,655

*Vintage Housing Portfolio - Preferred Equity Investment Operating Properties*
Vintage at Tacoma			2012		231		under construction			Fee
Vintage at Urban Center			2012		395		under construction			Fee

					626

*Total - Vintage Housing Portfolio*					5,281		units

(Continued on Next Page)

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - SELECTED DATA (Continued)

September 30, 2012

(Unaudited)


Description	Year Acquired	Trust’s Ownership			Rentable Square Feet		($000’s) Equity Investment			($000’s) Debt Balance (1)
*Equity Investment Operating Properties*
Marc Realty Portfolio (from Page 25 )	see above					894,000	$	21,921		$	43,211	(6)
Sealy Portfolio (from Page 25)	see above					2,097,000		8,904			124,819	(6)
Mentor Retail LLC (from Page 25)	see above					7,000		523			2,497	(6)
WRT-Elad / One South State Equity (from Page 25)	see above					941,000		24,659			101,722	(6)
Vintage Portfolio (from page 26)	see above					4,655 units		30,083	(5)		253,922	(6)

*Total Equity Investment Operating Properties*								86,090		$	526,171

*Loan Asset Equity Investments*
SoCal Office Portfolio Loan LLC	2011		50	%				12
WRT-Stamford LLC	2012		20	%				8,367
10 Metrotech Loan LLC	2012		33	%				10,845

*Other Equity Investment*
Concord Debt Holdings LLC	2012		67	%				4,495	(7)
CDH CDO LLC	2012		67	%				3,698	(7)
RE CDO Management LLC	2011		50	%				1,792

*Total Equity Investments*							$	115,299

Notes to Equity Investments - Selected Data

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

(1)	Debt balance shown represents 100% of the debt encumbering the properties.

(2)	An interest rate swap agreement with a notional amount of $5,537 effectively converts the interest rate to a fixed rate of 4.78%.

(3)	An interest rate swap agreement with a notional amount of $17,297 effectively converts the interest rate to a fixed rate of 4.55%.

(4)	An interest rate cap was purchased that caps Libor at 1%.

(5)	The Vintage equity investment of $30,083 represents our various interests in Vintage Housing Holdings LLC, an entity which owns the general partnership interest listed above. The investment basis is not specifically allocated among the various lower tier partnerships.

(6)	See Equity Investments debt details on pages 31 and 32.

(7)	Represents the interest acquired from Lexington Realty Trust on May 1, 2012.

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES – OPERATING SUMMARY

Nine Months Ended September 30, 2012

(In thousands, except for Square Footage, Unaudited)


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

Retail		100.0	%		6		296,000		$	930	$	72	$	32	$	826	$	—	$	—	$	286	$	—		$	540
Office		100.0	%		12		1,515,000			16,439		4,200		1,815		10,424		4,204		—		5,556		72	(2)		592
Residential		100.0	%		2		500	units		3,705		1,232		628		1,845		422		—		1,793		—			(370	)
Other		100.0	%		2		632,000			2,278		1,601		163		514		—		—		575		—			(61	)

					22		2,443,000			23,352		7,105		2,638		13,609		4,626		—		8,210		72			701

Partially Owned Consolidated Properties

Chicago, IL (River City/Marc Realty)		60.0	%		1		253,000			3,841		1,082		320		2,439		423		—		653		545			818
Houston, TX (Multiple LP’s)		8.0	%		1		614,000			5,719		12		—		5,707		2,551		—		2,104		904			148
Lisle, IL (Marc Realty)		60.0	%		1		54,000			627		213		57		357		245		—		114		—			(2	)
New York, NY (450 W 14th St)		Var			1		105,000			4,686		3,123		466		1,097		1,426		—		1,791		(3,288	)		1,168

					4		1,026,000			14,873		4,430		843		9,600		4,645		—		4,662		(1,839	)		2,132

Total Consolidated Properties					26		3,469,000		$	38,225	$	11,535	$	3,481	$	23,209	$	9,271	$	—	$	12,872	$	(1,767	)	$	2,833

Line of Credit interest expense																		453
Interest expense related to Senior notes																		874
Interest expense WRT Lender																		1,004

Total																	$	11,602

(1)	See definition of Net Operating Income and Net Income / (Loss) from Consolidated Properties on page 35 of the supplemental package.

(2)	The amounts attributable to non-controlling interests for 100% owned properties are from Deer Valley and One East Erie properties prior to the Trust's 2012 acquisitions of the non-controlling interests in these properties.

WINTHROP REALTY TRUST

EQUITY INVESTMENTS – OPERATING SUMMARY

Nine Months Ended September 30, 2012

(In thousands, except for Square Footage, Unaudited)


Venture	Number of Properties			Square Footage			Total Revenue		Operating Expenses		Real Estate Taxes		Net Operating Income (1)		Interest Expense		Other Income (Expense)			Deprec & Amort		Net Income / (Loss) from Equity Invest- ments			WRT’s Share of Net Income / (Loss) from Equity Investments
Marc Realty Portfolio		5	(2)		894,000			17,098		7,670		2,620		6,808		2,018		(170	)		4,683		(63	)		20
Sealy Venture Portfolio		3			2,097,000			10,300		2,010		1,182		7,108		8,389		(627	)		4,457		(6,365	)		(2,444	)
Mentor Retail (3)		1			7,000			237		9		31		197		105		(11	)		45		36			18
WRT-Elad (4)		1			942,000			10,741		2,437		1,579		6,725		8,806		5,206			4,458		(1,333	)		458
Vintage Portfolio (5)		27			4,655	units		30,928		12,250		442		18,236		4,825		(4,048	)		6,605		2,758			2,326

Total Equity Investment Operating Properties		37			3,940,000		$	69,304	$	24,376	$	5,854	$	39,074	$	24,143	$	350		$	20,248	$	(4,967	)		378

Marc Realty Portfolio -Amortization of basis differential (6)																										(152	)
WRT-ROIC Riverside - Winthrop’s share of net income from equity investment																										706
WRT-ROIC Lakeside Eagle-Winthrop’s share of net loss from equity investment																										(32	)
RE CDO Management - Winthrop’s share of net income from equity investment																										46
CDH CDO - Winthrop’s share of net income from equity investment																										2,003
Concord Debt Holdings - Winthrop’s share of net income from equity investment																										416
WRT-SoCal Lender - Winthrop’s share of net income from equity Investment																										9,710
Stamford / Mack-Cali - Winthrop’s share of net income from equity investment																										548
10 Metrotech- Winthrop’s share of net income from equity investment																										31

Equity in loss of equity investments																									$	13,654

(1)	See definition of Net Operating Income on page 35 of the supplemental package.

(2)	Marc Realty Portfolio opeerating results includes nine months of activity for five active properties, plus partial year results for four properties for which Winthrop sold its interest on May 31, 2012 and one property for which Winthrop solid its interest on March 1, 2012.

(3)	Operating results reflect results for the period May 5, 2012 to September 30, 2012.

(4)	Operating results reflect results for the period February 1, 2012 to August 31, 2012.

(5)	Operating results reflect results for the period December 1, 2011 to August 31, 2012.

(6)

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.

WINTHROP REALTY TRUST

CONSOLIDATED DEBT SUMMARY

(In thousands, Unaudited)


Description	Principal Outstanding September 30, 2012		Coupon			Remaining 2012 Repayment		Maturity Date		Amount Due at Maturity		Weighted Average Maturity (in years)
Fixed rate debt
*Mortgage loans payable*
Amherst, NY		15,343		5.650	%		118		10/2013		14,822
Chicago, IL / River City		8,700		5.500	%		—		04/2015		8,331
Chicago, IL / Ontario		20,281		5.750	%		81		03/2016		19,073
Houston, TX - Note 1		25,000		5.220	%		—		04/2016		25,000
Houston, TX - Note 2		8,800		6.000	%		—		04/2016		8,800
Houston, TX - Note 3		19,387		7.500	%		1,135		04/2016		—
Lisle, IL / 1050 Corporetum		5,560		5.550	%		16		03/2017		5,189
Orlando, FL		37,725		6.400	%		146		07/2017		34,567
Plantation, FL		10,841		6.483	%		30		04/2018		10,046

Total mortgage loans payable /Wtd Avg		151,637		6.084	%		1,526				125,828		3.67

*Non-recourse secured financing*
San Marbeya A Participation		15,150		4.850	%		—		01/2015		15,150

*Senior notes payable*		86,250		7.750	%		—		08/2022		86,250

Total Fixed Rate Debt/ Wtd Avg		253,037		6.578	%		1,526				227,228		5.70

Floating rate debt
*Mortgage loans payable*
Memphis, TN/ Waterford (LIBOR+2.5%, 0.5% LIBOR Floor)		13,478		2.71	%		70		08/2014		13,478
Meriden, CT / Newbury (LIBOR + 2.5%, 1% LIBOR Cap)		13,590		2.71	%		—		10/2014		13,590
Lisle, IL / 550-560 Corporetum (LIBOR + 2.5%, 1% LIBOR Cap)		5,753		2.71	%		—		10/2014		5,753
Lisle, IL / 701 Arboretum (LIBOR + 2.5%, 1% LIBOR Cap)		1,657		2.71	%		—		10/2014		1,657
New York, NY (450 W 14th St) (LIBOR + 2.5%, 1% LIBOR Floor)		51,982		3.50	%		—		05/2016		51,982

		86,460		3.186	%		70				86,460		2.93

*Non-recourse secured financing*
Hotel Wales A Note Payable - (LIBOR + 1.25, 3% Libor Floor)		14,000		4.250	%		—		10/2013		14,000

Total Floating Rate Debt/ Wtd Avg		100,460		3.335	%		70				100,460		2.67

Total Consolidated Debt/Wtd Avg	$	353,497		5.656	%	$	1,596			$	327,688		4.84

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - DEBT SUMMARY

(In thousands, Unaudited)


Description	Total Principal Outstanding September 30, 2012			Interest Rate			Maturity Date			Weighted Average Maturity (in years)
Fixed rate debt
Sealy - Airpark, Nashville, TN		74,000			5.77	%		05/01/12	(7)
Sealy - Newmarket, Atlanta, GA		37,000			6.12	%		11/01/16
Marc Realty - 180 North Michigan, Chicago, IL (1)		17,219			4.55	%		03/28/13
Marc Realty - 4415 West Harrision, Hillside, IL		4,455			5.62	%		12/01/15
Marc Realty - 1701 East Woodfield, Shaumburg, IL (2)		5,537			4.78	%		09/01/15
Marc Realty - 2205-55 Enterprise, Westchester, IL		9,000			4.30	%		10/01/19
Mentor Retail - 39 South Street, Chicago, IL		2,497			10.00	%		09/10/17
WRT-Elad - One South State Street		101,722			11.00	%		02/01/15
VHH - Agave Associates		2,500			3.50	%		12/15/36
VHH - Bouquet Canyon Seniors		11,142			6.38	%		07/01/28
VHH - Vintage at Chehalis (3)		8,190			4.62	%		06/15/40
VHH - Elk Creek Apartments		7,365			6.46	%		11/01/39
VHH - Falls Creek Apartments		8,345			6.24	%		12/01/40
VHH - Hamilton Place Seniors		120			5.88	%		07/01/14
VHH - Heritage Place Apartments		1,783			8.37	%		07/19/15
VHH - Heritage Place Apartments		510			1.00	%		05/01/39
VHH - Vintage at Mt. Vernon (4)		7,500			5.11	%		01/15/37
VHH - Vintage at Mt. Vernon (5)		1,145			5.86	%		01/15/37
VHH - Vintage at Napa		6,078			6.16	%		06/01/34
VHH - Vintage at Silverdale (6)		14,880			5.62	%		09/15/39
VHH - The Bluffs Apartments		8			3.00	%		12/15/36
VHH - Twin Ponds Apartments		1,325			6.20	%		01/01/38
VHH - Vintage at Vancouver		671			8.12	%		01/01/35
VHH - Vista Sonoma Seniors Apts		10,115			6.56	%		01/01/32

Total Fixed Rate Debt	$	333,107	Wtd Avg		7.37	%		Wtd Avg			7.2

Notes to Fixed Rate Debt Schedule:

(1)	An interest rate swap agreement with a notional amount of $17,297 effectively converts the interest rate to a fixed rate of 4.55%.

(2)	An interest rate swap agreement with a notional amount of $5,537 effectively converts the interest rate to a fixed rate of 4.78%.

(3)	An interest rate swap agreement with a notional amount of $7,986 effectively converts the interest rate to a fixed rate of 4.62%.

(4)	An interest rate swap agreement with a notional amount of $7,500 effectively converts the interest rate to a fixed rate of 5.106%.

(5)	An interest rate swap agreement with a notional amount of $1,068 effectively converts the interest rate to a fixed rate of 5.857%.

(6)	An interest rate swap agreement with a notional amount of $14,516 effectively converts the interest rate to a fixed rate of 5.615%.

(7)	Currently negotiating restructure of loan with special servicer.

(Continued on next page)

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - DEBT SUMMARY (Continued)

(In thousands, Unaudited)


Description	Total Principal Outstanding September 30, 2012		Interest Rate (1), (2)			Coupon			Maturity Date		Weighted Average Maturity (in years)
Floating rate debt
Sealy - Northwest Atlanta, Atlanta, GA		13,819		LIBOR + 5.56	%		5.56	%		09/01/15
Marc Realty - 223 West Jackson, Chicago, IL (3)		7,000		LIBOR + 2.25	%		4.25	%		09/01/17
VHH - Agave Associates		14,600		SIFMA + 0.85	%		1.02	%		10/15/36
VHH - Vintage at Bend		5,600		SIFMA + 1.19	%		1.36	%		12/15/36
VHH - Vintage at Bremerton		6,200		SIFMA + 1.39	%		1.56	%		03/15/33
VHH - Vintage at Burien		6,885		SIFMA + 1.38	%		1.55	%		01/15/38
VHH - Vintage at Everett		16,500		SIFMA + 1.35	%		1.52	%		01/15/38
VHH - Forest Creek Apartments		13,680		SIFMA + 1.54	%		1.71	%		06/15/40
VHH - Hamilton Place Seniors		3,590		SIFMA + 1.42	%		1.59	%		07/01/33
VHH - Holly Village Apartments		7,075		SIFMA + 1.42	%		1.59	%		07/31/32
VHH - Larkin Place Apartments		4,825		SIFMA + 1.40	%		1.57	%		07/01/33
VHH - Vintage at Richland		7,535		SIFMA + 1.67	%		1.84	%		01/15/38
VHH - Rosecreek Senior Living		3,341		SIFMA + 0.32	%		0.49	%		12/31/37
VHH - Vintage at Sequim		6,324		SIFMA + 2.22	%		2.39	%		03/01/38
VHH - Silver Creek Apartments		12,985		SIFMA + 1.57	%		1.74	%		12/15/37
VHH - Vintage at Spokane		16,295		SIFMA + 1.35	%		1.52	%		08/15/40
VHH - Seven Hills/ St Rose		14,770		SIFMA + 0.98	%		1.15	%		10/15/35
VHH - The Bluffs Apartments		18,800		SIFMA + 0.84	%		1.01	%		09/15/34
VHH - Twin Ponds Apartments		5,515		SIFMA + 1.37	%		1.54	%		01/01/38
VHH - Vintage at Vancouver		7,725		SIFMA + 2.03	%		2.20	%		01/01/35

Total Floating Rate Debt		193,064		Wtd Avg			1.88	%		Wtd Avg		22.1

Total Joint Venture Debt	$	526,171		Wtd Avg			5.35	%		Wtd Avg		12.6

Notes to Floating Rate Debt Schedule:

(1)	LIBOR rate used to determine coupon on floating rate debt at September 30, 2012 was 0.21425%

(2)

SIFMA = Securities Industry and Financial Markets Association Municipal Swap Index. SIFMA rate used to determine coupon on floating rate debt at August 31, 2012 on the Vintage debt was 0.17%. Each of the Vintage floating rate debt instruments is subject to an interest rate cap ranging from 5.50% and 8.25%.

(3)	Interest rate floor of 4.25%.

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES LEASE EXPIRATIONS SUMMARY

(Unaudited)


Year of Lease Expirations	Net Rentable Square Feet Subject to Expiring Leases		Percentage of Leased Square Footage Represented by Expiring Leases (%)			Annual Contractual Rent Under Expiring Leases ($)		Annual Rent Per Leased Square Foot of Expiring Leases ($)
*Consolidated Multi Tenant Operating Properties:*
2012		41,500		5.4	%	$	684,200	$	16.49
2013		32,200		4.2	%		495,500		15.39
2014		103,600		13.4	%		1,817,900		17.55
2015		63,700		8.3	%		1,199,200		18.83
2016		82,200		10.6	%		1,263,500		15.37
Thereafter		448,800		58.1	%		9,835,000		21.91

*Consolidated Single Tenant Operating Properties:*
2012		—		—		$	—	$	—
2013		252,000		11.3	%		2,599,300		10.31
2014		54,000		2.4	%		820,000		15.19
2015		659,900		29.5	%		1,163,000		1.76
2016		61,000		2.7	%		259,000		4.25
Thereafter		1,211,600		54.1	%		15,003,700		12.38

Annual contractual rent under expiring leases represents base rent charges for the period and does not reflect any straight-line rent adjustments or expense reimbursements.

WINTHROP REALTY TRUST

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES OF INCOME TO

NET INCOME ATTRIBUTABLE TO COMMON SHARES

(In thousands)


	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2012			2012			2012			2011			2011
NOI from consolidated properties (1), (4)	$	8,443		$	8,260		$	6,506		$	6,495		$	6,019

Less:
Interest expense		(4,430	)		(3,447	)		(3,725	)		(3,833	)		(3,480	)
Depreciation and amortization		(4,842	)		(4,394	)		(3,636	)		(3,483	)		(3,111	)
(Income) loss attributable to non-controlling interest		(939	)		473			901			37			(318	)

WRT share of income (loss) from consolidated properties (2), (4)		(1,768	)		892			46			(784	)		(890	)

Equity in income (loss) of equity investments (3)		12,644			586			424			(17,259	)		2,820

Add:
Earnings from preferred equity investments		—			—			—			—			257
Interest, dividends and discount accretion		3,722			5,778			5,518			5,189			5,503
Settlement income		—			—			—			5,868			—
Gain on consolidation of property		—			—			—			818			—
Gain on Extinguishment of debt		—			—			—			744			8,514
Unrealized gain (loss) on loan securities carried at fair value		371			(88	)		164			—			—
Unrealized gain (loss) on securities carried at fair value		3,113			(791	)		4,932			3,586			—
Gain on loan securities carried at fair value		—			15			26			—			—
Gain on sale of equity investment		165			232			—			—			207
Interest and other income		242			90			102			171			472
Income from discontinued operations		(188	)		51			78			513			—

Less:
Loss from preferred equity investments		—			—			—			(160	)		—
Series B-1 Preferred interest expense		—			—			—			(409	)		(59	)
Income attributable to Series D preferred shares		(2,786	)		(2,787	)		(925	)		(339	)		—
General and administrative		(3,098	)		(3,081	)		(2,910	)		(3,431	)		(2,691	)
Transaction costs		(30	)		(183	)		(121	)		(161	)		(201	)
State and local tax expense		(65	)		(143	)		(6	)		(291	)		(11	)
Unrealized loss on securities carried at fair value		—			—			—			—			(961	)
Loss on sale of securities carried at fair value		—			—			—			—			—
Impairment loss on investment in real estate		—			—			—			(4,600	)		(3,000	)
Unrealized loss on loan securities carried at fair value		—			—			—			(34	)		(75	)
Realized loss on sale of securities carried at fair value		—			—			—			(8	)		—
Loss on discontinued operations		—			—			—			—			(98	)

Net income attributable to Common Shares	$	12,322		$	571		$	7,328		$	(10,587	)	$	9,787

(1)	See additional NOI detail on Page 22 of the supplemental package.

(2)	See detail for the nine months ended September 30, 2012 on Page 28 of the supplemental package.

(3)	See detail for the nine months ended September 30, 2012 on Page 29 of the supplemental package.

(4)	See definitions for non-GAAP measures on page 35 of the supplemental package.

WINTHROP REALTY TRUST

SUPPLEMENTAL DEFINITIONS

Funds From Operations - We have adopted the revised definition of Funds from Operations (“FFO”), adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). Management considers FFO to be an appropriate measure of performance of a REIT. We calculate FFO by adjusting net income (loss) (computed in accordance with GAAP, including non-recurring items), for gains (or losses) from sales of properties, real estate related depreciation and amortization, and adjustment for unconsolidated partnerships and ventures. Management believes that in order to facilitate a clear understanding of our historical operating results, FFO should be considered in conjunction with net income as presented in the consolidated financial statements included elsewhere herein. Management considers FFO to be a useful measure for reviewing our comparative operating and financial performance because, by excluding gains and losses related to sales of previously depreciated operating real estate assets and excluding real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO can help one compare the operating performance of a company’s real estate between periods or as compared to different companies.

Our calculation of FFO may not be directly comparable to FFO reported by other REITs or similar real estate companies that have not adopted the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. FFO is not a GAAP financial measure and should not be considered as an alternative to net income (loss), the most directly comparable financial measure of our performance calculated and presented in accordance with GAAP, as an indication of our performance. FFO does not represent cash generated from operating activities determined in accordance with GAAP and is not a measure of liquidity or an indicator of our ability to make cash distributions. We believe that to further understand our performance; FFO should be compared with our reported net income and considered in addition to cash flows in accordance with GAAP, as presented in our consolidated financial statements.

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, exclusive of depreciation, amortization and capital expenditures. 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

Ryan Bennett	Barclays Capital	(212) 526-5309 ryan.bennett@barclayscapital.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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