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

Attached files

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8-K - Winthrop Realty Liquidating Trust	e611516_8k-wrt.htm
EX-99.1 - Winthrop Realty Liquidating Trust	e611516_ex99-1.htm

Winthrop Realty Trust

Supplemental Operating and Financial Data

For the Period Ended September 30, 2013

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
Performance Table	12
Consolidated Statements of Cash Flows	13
Selected Balance Sheet Account Detail	15
Schedule of Capitalization, Dividends and Liquidity	16
Selected Investment Data	17
Schedule of Securities Carried at Fair Value	20
Schedule of Loan Assets	21
Net Operating Income from Consolidated Properties	23
Schedule of Interest, Dividends and Discount Accretion	24
Consolidated Properties – Selected Property Data	25
Equity Investments – Selected Property Data	27
Consolidated Properties – Operating Summary	31
Equity Investments – Operating Summary	32
Consolidated Debt Summary	33
Equity Investments Debt Summary	34
Lease Expiration Summary	36
Reconciliation of Non-GAAP financial measures of income to net income attributable to Common Shares	37
Supplemental Definitions	38
Investor Information	40

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,
	2013			2013			2013			2012			2012
ASSETS
Investments in real estate, at cost
Land	$	56,894		$	59,183		$	60,679		$	43,252		$	37,177
Buildings and improvements		380,240			385,370			395,799			378,737			344,289
		437,134			444,553			456,478			421,989			381,466
Less: accumulated depreciation		(55,195	)		(53,553	)		(52,412	)		(51,553	)		(48,618	)
Investments in real estate, net		381,939			391,000			404,066			370,436			332,848

Cash and cash equivalents		165,762			186,132			131,448			97,682			159,251
Restricted cash held in escrows		19,084			19,422			15,821			13,250			15,273
Loans receivable, net		108,163			113,308			130,212			211,250			138,001
Secured financing receivable		30,395			-			-			-			-
Accounts receivable, net of allowances of $478, $474
$ 458 $374, and $513, respectively		997			1,587			1,325			1,418			1,152
Accrued rental income		19,205			15,801			16,761			17,241			15,032
Securities carried at fair value		7,074			10,360			12,220			19,694			37,191
Loan securities carried at fair value		226			226			11			11			5,756
Preferred equity investments		12,703			12,514			12,358			12,250			5,500
Equity investments		139,061			141,645			134,224			134,859			115,299
Lease intangibles, net		48,774			48,348			52,299			37,744			34,883
Deferred financing costs, net		4,546			4,819			4,755			4,864			4,558
Other assets		28,135			3,440			3,577			2,464			2,193
Assets held for sale		2,421			1,708			-			-			-
TOTAL ASSETS	$	968,485		$	950,310		$	919,077		$	923,163		$	866,937

LIABILITIES
Mortgage loans payable	$	308,049		$	325,026		$	278,824		$	280,576		$	238,097
Senior notes payable		86,250			86,250			86,250			86,250			86,250
Secured Financings		29,150			29,150			42,803			52,920			29,150
Notes payable		1,664			1,645			1,660			1,676			-
Accounts payable and accrued liabilities		21,522			19,202			20,010			21,056			17,219
Related party fees payable		2,693			2,658			2,540			2,664			2,505
Dividends payable		8,804			8,268			8,154			5,366			8,161
Deferred income		995			1,131			1,472			1,136			758
Below market lease intangibles, net		2,280			2,483			2,686			2,255			2,423
TOTAL LIABILITIES		461,407			475,813			444,399			453,899			384,563

COMMITMENTS AND CONTINGENCIES

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 Mar 31,2013, Dec 31,2012 , Sept 30, 2012.		120,500			120,500			120,500			120,500			120,500
Common Shares, $1 par, unlimited shares authorized;
36,397,949, 33,397,949, 33,128,853, 33,018,711 and 33,077,047, issued and outstanding at Sept 30, June 30 and Mar 31,2013, Dec 31, 2012 and Sept 30, 2012, respectively		35,798			33,039			33,029			33,019			33,077
Additional paid-in capital		646,620			618,954			618,626			618,426			617,837
Accumulated distributions in excess of net income		(308,661	)		(311,688	)		(311,793	)		(317,385	)		(307,144	)
Accumulated other comprehensive loss		(70	)		80			(51	)		(50	)		(165	)
Total Winthrop Realty Trust Shareholders’ Equity		494,187			460,885			460,311			454,510			464,105
Non-controlling interests		12,891			13,612			14,367			14,754			18,269
Total Equity		507,078			474,497			474,678			469,264			482,374
TOTAL LIABILITIES AND EQUITY	$	968,485		$	950,310		$	919,077		$	923,163		$	866,937

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,
	2013			2012			2013			2012
Revenue
Rents and reimbursements	$	15,099		$	12,224		$	45,026		$	35,022
Interest, dividends and discount accretion		3,917			3,722			13,545			15,018
		19,016			15,946			58,571			50,040
Expenses
Property operating		5,272			3,335			14,697			10,643
Real estate taxes		1,705			1,160			4,184			3,116
Depreciation and amortization		4,923			4,416			14,703			11,623
Interest		5,435			4,416			18,175			11,560
General and administrative		1,113			782			3,058			2,447
Related party fees		2,309			2,316			6,866			6,641
Transaction costs		106			30			158			335
State and local taxes		85			64			227			211
		20,948			16,519			62,068			46,576
Other income (loss)
Equity in income of equity investments		13,856			12,809			26,249			14,051
Earnings from preferred equity investments		189			-			576			-
Realized gain (loss) on sale of securities carried at fair value		(31	)		-			(133	)		41
Unrealized gain (loss) on securities carried at fair value		-			3,113			(142	)		7,254
Unrealized gain on loan securities carried at fair value		-			371			215			447
Settlement expense		(16	)		-			(150	)		-
Interest income		101			242			286			433
		14,099			16,535			26,901			22,226
Income from continuing operations		12,167			15,962			23,404			25,690
Discontinued operations
(Loss) income from discontinued operations		(1,434	)		85			8,025			594
Net income		10,733			16,047			31,429			26,284
Net loss (income) attributable to non-controlling interest		995			(939	)		2,419			435
Net income attributable to Winthrop Realty Trust		11,728			15,108			33,848			26,719
Preferred dividend of Series D Preferred Shares		(2,787	)		(2,786	)		(8,360	)		(6,498	)
Amount allocated to Restricted Common Shares		(106	)		-			(235	)		-
Net income attributable to Common Shares	$	8,835		$	12,322		$	25,253		$	20,221
Per Common Share data - Basic
Income from continuing operations	$	0.31		$	0.37		$	0.52		$	0.59
Income (loss) from discontinued operations		(0.04	)		-			0.24			0.02
Net income attributable to Winthrop Realty Trust	$	0.27		$	0.37		$	0.76		$	0.61
Per Common Share data - Diluted
Income from continuing operations	$	0.31		$	0.37		$	0.52		$	0.59
Income (loss) from discontinued operations		(0.04	)		-			0.24			0.02
Net income attributable to Winthrop Realty Trust	$	0.27		$	0.37		$	0.76		$	0.61

Basic Weighted-Average Common Shares		33,076			33,075			33,047			33,064
Diluted Weighted-Average Common Shares		33,148			33,076			33,089			33,064
Comprehensive income
Net income	$	10,733		$	16,047		$	31,429		$	26,284
Change in unrealized loss on interest rate derivative		(150	)		(16	)		(20	)		(73	)
Consolidated comprehensive income		10,583			16,031			31,409			26,211

Net loss (income) attributable to non-controlling interest		995			(939	)		2,419			435
Other comprehensive income attributable to non-controlling interest		-			-			-			-
Comprehensive loss (income) attributable to non-controlling interest		995			(939	)		2,419			435
Comprehensive income attributable to Winthrop Realty Trust	$	11,578		$	15,092		$	33,828		$	26,646

Dividend declared per Common Share	$	0.1625		$	0.1625		$	0.4875		$	0.4875

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share data)

(Unaudited)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012
Revenue
Rents and reimbursements	$	15,099		$	15,489		$	14,438		$	12,166		$	12,224
Interest, dividends and discount accretion		3,917			4,308			5,320			6,106			3,722
		19,016			19,797			19,758			18,272			15,946
Expenses
Property operating		5,272			4,764			4,661			3,840			3,335
Real estate taxes		1,705			1,625			854			1,158			1,160
Depreciation and amortization		4,923			4,921			4,859			4,375			4,416
Interest		5,435			6,708			6,032			6,039			4,416
Impairment loss on investment in real estate		-			-			-			1,738			-
General and administrative		1,113			1,098			847			1,100			782
Related party fees		2,309			2,291			2,266			2,312			2,316
Transaction costs		106			46			6			87			30
State and local taxes		85			125			17			20			64
		20,948			21,578			19,542			20,669			16,519
Other income (loss)
Equity in income of equity investments		13,856			4,524			7,869			792			12,809
Earnings from preferred equity investments		189			185			202			-			-
Realized gain (loss) on sale of securities carried at fair value		(31	)		-			(102	)		-			-
Unrealized gain (loss) on securities carried at fair value		-			(1,860	)		1,718			(338	)		3,113
(Loss)Gain on extinguishment of debt, net		-			-			-			(121	)		-
Realized gain on loan securities carried at fair value		-			-			-			614			-
Unrealized gain (loss) on loan securities carried at fair value		-			215			-			-			371
Settlement expense		(16	)		(134	)		-			-			-
Interest and other income		101			115			70			266			242
		14,099			3,045			9,757			1,213			16,535

Income (loss) from continuing operations		12,167			1,264			9,973			(1,184	)		15,962

Discontinued operations
Income (loss) from discontinued operations		(1,434	)		6,481			2,978			(716	)		85

Consolidated net income (loss)		10,733			7,745			12,951			(1,900	)		16,047
Income (loss) attributable to non-controlling interest		995			629			795			(188	)		(939	)
Net income (loss) attributable to Winthrop Realty Trust		11,728			8,374			13,746			(2,088	)		15,108
Preferred dividend on Series D Preferred Shares		(2,787	)		(2,786	)		(2,787	)		(2,787	)		(2,786	)
Amount allocated to restricted shares		(106	)		(98	)		(16	)		-			-
Net income (loss) attributable to Common Shares	$	8,835		$	5,490		$	10,943		$	(4,875	)	$	12,322

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share data)

(Unaudited)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012
Per Common Share data - Basic
Income (loss) from continuing operations	$	0.31		$	(0.03	)	$	0.24		$	(0.13	)	$	0.37
Income (loss) from discontinued operations		(0.04	)		0.20			0.09			(0.02	)		-
Net income (loss) attributable to Winthrop Realty Trust	$	0.27		$	0.17		$	0.33		$	(0.15	)	$	0.37

Per Common Share data - Diluted
Income (loss) from continuing operations	$	0.31		$	(0.03	)	$	0.24		$	(0.13	)	$	0.37
Income (loss) from discontinued operations		(0.04	)		0.20			0.09			(0.02	)		-
Net income (loss) attributable to Winthrop Realty Trust	$	0.27		$	0.17		$	0.33		$	(0.15	)	$	0.37

Basic Weighted-Average Common Shares		33,076			33,037			33,027			33,056			33,075
Diluted Weighted-Average Common Shares		33,148			33,037			33,029			33,056			33,076

Comprehensive income (loss)
Consolidated net income (loss)	$	10,733		$	7,745		$	12,951		$	(1,900	)	$	16,047
Change in unrealized gain (loss) on interest rate derivative		(150	)		131			(1	)		115			(16	)
Comprehensive income (loss)	$	10,583		$	7,876		$	12,950		$	(1,785	)	$	16,031

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 nine months ended September 30, 2013 and 2012:

	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2013			2012			2013			2012
Basic
Net income attributable to Winthrop Realty Trust	$	11,728		$	15,108		$	33,848		$	26,719
Real estate depreciation		3,153			2,903			9,665			8,165
Amortization of capitalized leasing costs		1,791			2,169			5,626			5,106
Trust's share of real estate depreciation and amortization of unconsolidated interests		2,762			2,976			7,471			10,630
Impairment loss on investments in real estate		2,750			698			2,904			698
Gain on sale of real estate		(1,421	)		(945	)		(10,948	)		(945	)
(Gain) loss on sale of equity investments		-			(165	)		110			(271	)
Trust's share of loss on sale of real estate of unconsolidated interests		722			-			722			-
Less: Non-controlling interest share of depreciation and amortization		(1,504	)		(699	)		(3,242	)		(2,144	)
Funds from operations attributable to the Trust		19,981			22,045			46,156			47,958
Preferred dividend on Series D Preferred Shares		(2,787	)		(2,786	)		(8,360	)		(6,498	)
Amount allocated to restricted shares		(129	)		-			(269	)		-
FFO applicable to Common Shares - Basic	$	17,065		$	19,259		$	37,527		$	41,460
Weighted-average Common Shares		33,076			33,075			33,047			33,064
FFO Per Common Share - Basic	$	0.52		$	0.58		$	1.14		$	1.25

Diluted
Funds from operations attributable to the Trust	$	19,981		$	22,045		$	46,156		$	47,958
Preferred dividend on Series D Preferred Shares		(2,787	)		(2,786	)		(8,360	)		(6,498	)
Amount allocated to restricted shares		(129	)		-			(264	)
FFO applicable to Common Shares	$	17,065		$	19,259		$	37,532		$	41,460

Weighted-average Common Shares		33,076			33,075			33,047			33,064
Stock options		2			1			2			-
Restricted shares		70			-			40			-
Diluted weighted-average Common Shares		33,148			33,076			33,089			33,064
FFO Per Common Share - Diluted	$	0.51		$	0.58		$	1.13		$	1.25

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,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012
Basic
Net income (loss) attributable to Winthrop Realty Trust	$	11,728		$	8,374		$	13,746		$	(2,088	)	$	15,108
Real estate depreciation		3,153			3,249			3,263			3,116			2,903
Amortization of capitalized leasing costs		1,791			1,858			1,977			1,679			2,169
Real estate depreciation and amortization of
unconsolidated interests		2,762			2,086			2,623			2,860			2,976
Impairment loss on investments in real estate		2,750			154			-			2,562			698
Gain on sale of real estate		(1,421	)		(6,752	)		(2,775	)		-			(945	)
(Gain) loss on sale of equity investments		-			-			110			73			(165	)
Trust's share of loss on sale of real estate
of unconsolidated interests		722			-			-			-			-
Less: Non-controlling interest share
of depreciation and amortization		(1,504	)		(1,496	)		(242	)		(686	)		(699	)
Funds from operations		19,981			7,473			18,702			7,516			22,045
Preferred dividend on Series D Preferred Shares		(2,787	)		(2,786	)		(2,787	)		(2,787	)		(2,786	)
Amount allocated to restricted shares		(129	)		(98	)		(16	)		-			-
FFO applicable to Common Shares - Basic	$	17,065		$	4,589		$	15,899		$	4,729		$	19,259
Weighted-average Common Shares		33,076			33,037			33,027			33,056			33,075
FFO Per Common Share - Basic	$	0.52		$	0.14		$	0.48		$	0.14		$	0.58

Diluted
Funds from operations	$	19,981		$	7,473		$	18,702		$	7,516		$	22,045
Preferred dividend on Series D Preferred Shares		(2,787	)		(2,786	)		(2,787	)		(2,787	)		(2,786	)
Amount allocated to restricted shares		(129	)		(98	)		(16	)		-			-
FFO applicable to Common Shares	$	17,065		$	4,589		$	15,899		$	4,729		$	19,259

Weighted-average Common Shares		33,076			33,037			33,027			33,056			33,075
Stock options		2			-			2			-			1
Restricted shares		70			-			-			-			-
Diluted weighted-average Common Shares		33,148			33,037			33,029			33,056			33,076
FFO Per Common Share - Diluted	$	0.51		$	0.14		$	0.48		$	0.14		$	0.58

WINTHROP REALTY TRUST

ESTIMATED NET ASSET VALUE

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

See Notes on Pages 10 and 11

Cash, accounts payable and dividends payable:	Trust Ownership			Carrying Amount		Matched Debt		Estimated NAV Range

Cash and cash equivalents and restricted cash		100	%	$	184,846	$	-	$	184,846		to	$	184,846
Accounts payable and dividends payable		100	%		33,019		-		(33,019	)	to		(33,019	)
Subtotal - Corporate Segment Estimated Net Asset Value Range									151,827		to		151,827

REIT Securities:	Trust Ownership			Fair Value Carrying Amount		Matched Debt		Estimated NAV Range
REIT Common shares		100	%	$	7,074	$	-	$	7,074		to	$	7,074
REIT Preferred shares		100	%		-		-		-		to		-
Subtotal - REIT Securities Segment Estimated Net Asset Value Range									7,074		to		7,074

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	%	$	1,130	$	-	$	226		to	$	1,130		[1	]
Mentor Building - Whole Loan		100	%		2,512		-		2,512		to		2,512		[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	%		29,603		15,150		14,453		to		14,453		[1	]
Rockwell - Mezzanine Loan		100	%		1,502		-		180		to		1,502		[1	]
500-512 Seventh Ave - B Note		100	%		10,986		-		10,986		to		10,986		[1	]
Wellington Tower - Mezzanine Loan		100	%		3,515		-		3,515		to		3,515		[1	]
Churchill-Whole Loan		100	%		685		-		-		to		685		[1	]
Pinnacle II - B Note		100	%		5,108		-		5,108		to		5,108		[1	]
The Shops at Wailea - B Note		100	%		7,644		-		7,644		to		7,644		[1	]
Poipu Shopping Village - B Note		100	%		2,844		-		2,844		to		2,844		[1	]
Queensridge - Whole Loan		100	%		8,214		-		8,214		to		8,214		[1	]
Playa Vista - Mezzanine Loan		100	%		10,323				10,323		to		10,323		[1	]

Total Estimated Value of Loans with Expected Repayment									84,852		to		87,763

	Trust Ownership			Par Value Plus Accrued Interest		Matched Debt		Estimated NAV Range
Loan Assets, Loan Securities & Loan Equity Investments, with Potential Equity Participation
Stamford Office - Mezzanine		20	%		47,119		-		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%/49	%		N/A		N/A		11,500		to		14,000		[3	]
RE CDO		50	%		N/A		N/A		500		to		1,000		[4	]
Total Estimated Value of Debt Platforms									12,000		to		15,000
Subtotal - Loan Segment Estimated Net Asset Value Range									106,267		to		112,178

Management’s estimate of net asset value (“NAV”) on pages 7-9 is based on in place assets and liabilities as of September 30, 2013. 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, 2013. Although management believes the values presented reflect current market conditions, the ultimate amount realized on any asset will be based on the timing of such disposition and then market conditions. There can be no assurance that the ultimate realized value upon disposition of an asset will be within the range provided.

(Continued on next page)

WINTHROP REALTY TRUST

ESTIMATED NET ASSET VALUE Continued

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

See Notes on Pages 10 and 11

Description	Trust Owner-ship	Type	Square Feet/ Units	Nine Mos Ended Sept 30, 2013 NOI Annualized		Adjust- ments				Adjusted NOI [18]		Range of Capitalization Rates					Estimated Range of Property Value			Matched Debt Balance	Estimated NAV Range
Operating Properties
Englewood, CO (Crossroads I)	100%	Office	118,000	969		231		[5	]	1,200		8.00	%	to	7.00	%	14,569	to	16,712	-	14,569	to	16,712
Englewood, CO (Crossroads II)	100%	Office	118,000	957		43		[5	]	1,000		8.00	%	to	7.00	%	12,288	to	14,074	-	12,288	to	14,074
Meriden, CT (Newbury Apartments)	100%	Multi-Family	180 Units	1,468						1,468		5.35	%	to	5.30	%	27,439	to	27,698	21,000	6,439	to	6,698
Atlanta, GA	100%	Retail	61,000	259						259		13.00	%	to	12.00	%	1,992	to	2,158	-	1,992	to	2,158
Greensboro, NC	100%	Retail	46,000	220						220		9.00	%	to	8.00	%	2,444	to	2,750	-	2,444	to	2,750
Louisville , KY	100%	Retail	47,000	214						214		11.00	%	to	10.00	%	1,945	to	2,140	-	1,945	to	2,140
Amherst, NY	100%	Office	200,000	2,383		(575	)	[14	]	1,808		7.50	%	to	7.00	%	24,107	to	25,829	-	24,107	to	25,829
Chicago, IL (One East Erie)	100%	Office	126,000	3,211		(47	)	[10	]	3,164		7.50	%	to	6.50	%	42,191	to	48,682	19,941	22,250	to	28,741
Chicago, IL (River City )	60%	Office	253,000	1,189						1,189		8.00	%	to	7.00	%	14,863	to	16,986	8,619	3,746	to	5,020
Houston, TX (Westheimer)	32%	Office	614,000	5,670		(700	)	[7	]	4,970		7.00	%	to	6.00	%	71,000	to	82,833	48,460	7,213	to	10,999
Lisle, IL (550 Corporetum)	100%	Office	169,000	1,027						1,027		9.50	%	to	8.50	%	10,811	to	12,082	5,753	5,058	to	6,329
Lisle, IL (Arboretum)	100%	Office	67,000	(419	)					(419	)	11.00	%	to	9.00	%	2,500	to	2,500	-	2,500	to	2,500
Lisle, IL (1050 Corporetum)	60%	Office	54,000	448						448		9.00	%	to	8.00	%	4,978	to	5,600	5,488	-	to	67
New York, NY	var	Office /Retail	105,000	2,349		3,251		[9	]	5,600		6.00	%	to	5.50	%	93,333	to	101,818	51,982	23,605	to	26,575	[9	]
Orlando, FL	100%	Office	257,000	3,313						3,313		8.50	%	to	7.50	%	38,976	to	44,173	37,138	1,838	to	7,035
Plantation, FL	100%	Office	120,000	1,448						1,448		8.00	%	to	7.00	%	18,100	to	20,686	10,717	7,383	to	9,969
South Burlington, VT	100%	Office	54,000	134		77		[6	]	211		11.00	%	to	9.50	%	1,921	to	2,225	-	1,921	to	2,225
Jacksonville, FL	100%	Warehouse	580,000	862						862		10.00	%	to	8.00	%	8,620	to	10,775	-	8,620	to	10,775
Churchill, PA (Westinghouse )	100%	Mixed Use	52,000	854						854		12.00	%	to	9.00	%	7,117	to	9,489	5,081	2,036	to	4,408
Memphis, TN (Waterford Apartments)	100%	Multi-Family	320 Units	1,581						1,581		6.25	%	to	6.00	%	25,296	to	26,350	13,197	12,099	to	13,153
Cerritos	100%	Office	187,105	1,064		936		[8	]	2,000		7.00	%	to	6.50	%	26,571	to	28,769	23,000	1,786	to	2,885
Lake Brandt	100%	Multi-Family	284 Units	1,050						1,050		6.50	%	to	6.25	%	16,154	to	16,800	13,600	2,554	to	3,200
1515 Market Street	89%	Office	514,000	4,791						4,791		7.50	%	to	7.00	%	63,880	to	68,443	42,683	21,197	to	25,760	[11	]

Management’s estimate of net asset value (“NAV”) on pages 7-9 is based on in place assets and liabilities as of September 30, 2013. 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, 2013. Although management believes the values presented reflect current market conditions, the ultimate amount realized on any asset will be based on the timing of such disposition and then market conditions. There can be no assurance that the ultimate realized value upon disposition of an asset will be within the range provided.

WINTHROP REALTY TRUST

ESTIMATED NET ASSET VALUE Continued

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

See Notes on Pages 10 and 11

Description	Trust Owner-ship	Type	Square Feet/ Units	Nine Mos Ended Sept 30, 2013 NOI Annualized	Adjust- ments				Adjusted Annualized NOI [18]	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	1,453	323		[8	]	1,776	8.50	%	to	7.50	%	18,894	to	21,680	6,820		6,037		to	7,430
4415 West Harrison, Hillside, IL	50%	Office	192,000	679	(235	)	[15	]	444	9.75	%	to	9.00	%	4,554	to	4,933	4,359		97		to	287
1701 E. Woodfield, Shaumburg, IL	50%	Office	175,000	1,386	(600	)	[15	]	786	9.75	%	to	9.00	%	8,062	to	8,733	6,023		1,019		to	1,355
2205-55 Enterprise,Westchester, IL	50%	Office	130,000	909					909	9.50	%	to	8.50	%	9,568	to	10,694	8,812		378		to	941

Sealy Venture
Atlanta, GA (Northwest)	60%	Industrial/ Office	472,000	1,376	(45	)	[10	]	1,331	9.00	%	to	8.00	%	14,785	to	16,633	13,690		657		to	1,766
Atlanta, GA (Newmarket)	68%	Industrial/ Office	470,000	1,214					1,214	9.00	%	to	8.00	%	13,489	to	15,175	37,000		-		to	-
Nashville, TN (Airpark)	50%	Industrial/Office	1,155,000	5,483					5,483	9.50	%	to	9.00	%	57,716	to	60,922	74,000		-		to	-

WRT-Elad / One South State	50%	Retail/Office	942,000	15,269	(1,343	)	[12	]	13,926	6.50	%	to	5.75	%	214,246	to	242,191	108,775		73,297		to	83,078		[12	]

Mentor Retail	50%	Retail	6,571	454					454	8.00	%	to	7.00	%	5,675	to	6,486	2,497		1,586		to	1,990

Atrium	50%	Retail		1,221	(120	)	[10	]	1,101	13.50	%	to	13.00	%	8,156	to	8,469	-		4,078		to	4,235

Vintage
27 Properties	75%	Multifamily	4,655	24,406					24,406	7.50	%	to	7.50	%	325,413	to	325,413	251,506		54,395		to	64,747		[13	]
Tacoma Preferred Equity	75%	Multifamily	Under Construction															17,800		1,500		to	1,500		[16	]
Urban Center Preferred Equity	75%	Multifamily	Under Construction															16,400		5,500		to	5,500		[16	]
Quilceda Preferred Equity	75%	Multifamily	Under Construction															21,020		750		to	750		[16	]

Fenway/Wateridge Pavilion	80%	office	62,152	668					668	8.00	%	to	7.50	%	8,350	to	8,907	-		7,924		to	7,924		[17	]

701 Seventh Ave-Times Sq	75%	Retail/Office	Under Development															376,560		35,881		to	35,881		[16	]
Luxury Residential-Deposit	100%	Multifamily																		25,500		to	25,500

									Subtotal Operating Properties Segment Estimated Value Range											406,190		to	472,884

									All Segments Estimated Net Asset Value Range											671,355		to	743,960

									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										$	464,605			537,210

									Outstaning Common Shares											35,798		to	35,798
									Estimate Net Asset Value per Common Share Range										$	12.98		to	15.01

Management’s estimate of net asset value (“NAV”) on pages 7-9 is based on in place assets and liabilities as of September 30, 2013. 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, 2013. Although management believes the values presented reflect current market conditions, the ultimate amount realized on any asset will be based on the timing of such disposition and then market conditions. There can be no assurance that the ultimate realized value upon disposition of an asset will be within the range provided.

WINTHROP REALTY TRUST

ESTIMATED NET ASSET VALUE Continued

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

Management’s estimate of net asset value (“NAV”) on pages 7-9 is based on in place assets and liabilities as of September 30, 2013. 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, 2013. Although management believes the values presented reflect current market conditions, the ultimate amount realized on any asset will be based on the timing of such disposition and then market conditions. There can be no assurance that the ultimate realized value upon disposition of an asset will be within the range provided.

[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, Rockwell and Churchill 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 potential additional value derived from equity participation.

[3]

Management’s low estimate of value for the Concord Debt Holdings/CDH CDO investment is based on its estimated recovery of the Concord Debt Holdings assets and bases the equity in the CDO on an assumed liquidation. Management’s high end range of estimate is based on the estimated recovery of the Concord Debt Holdings assets plus the discounted cash flow of the CDO payments based on the scheduled maturities.

[4]	Management based its estimate on its estimate of recovery.

[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]	The adjustment is made to increase the annualized NOI for the South Burlington property which is lower than stabilized NOI due to the timing of certain scheduled repairs and maintenance expenses.

[7]

This property is leased to Spectra Energy. The lease, which was set to expire in 2016 was extended until April 2026. Negotiated annual lease payments on the modified lease remain unchanged ($7,974,000 to $8,255,000 annually) through the maturity date of the mortgage debt, then the base rate decreases to $4,260,000 annually, subject to annual increases thereafter up to $5,478,000 annually. The NOI was adjusted to reflect a future decline in rents.

[8]	Properties are currently in a lease up phase. 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.

[9]

Management’s estimated NAV is calculated based on a sale of the property at a range of values using capitalization rates between 5.50% and 6.00% applied to stabilized NOI. The proceeds are then assumed to be distributed based upon the distribution provision of the 450 West 14th 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 $4.6 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.

[10]	The adjustment was made to NOI to reduce the impact of a one-time real estate tax abatement or, in the case of Atrium, a tenant receivable adjustment.

[11]	The Trust owns 89% of 1515 Market, but is entitled to receive 100% of proceeds up to $77,724,000 less the mortgage amount, which was $42,684,000 at September 30, 2013. The Trust in entitled to receive 89% of any excess proceeds

[12]

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, which has an outstanding balance of $56,150,000 at September 30, 2013 and of which the Trust owns 100% and then 70% profits participation by WRT-Elad. The NOI on this property was adjusted downward to reflect that certain scheduled expenses were not yet incurred.

WINTHROP REALTY TRUST

ESTIMATED NET ASSET VALUE Continued

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

[13]	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.

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%.

[14]

This property is net leased to Ingram Micro under a lease which was scheduled to expire in October 2013. The adjustment reflects the rental rate under the terms of a new recently executed 10 year lease. The remaining costs for the lease have been included in accounts payable and accrued expenses. The $14,985,000 loan collateralized by this property was repaid during the third quarter.

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

[16]	Asset is in a development stage. NAV represents cash invested by the Trust at September 30, 2013.

[17]

The Trust has a preferred equity position. Proceeds of a capital transaction are distributed first to the Trust until it receives as a return all of its $7,600,000 investment plus a 12% thereon; second to the Trust’s partner, Fenway, until it has received its $1,500,000 investment plus a 12% return thereon; and thereafter 60% to Fenway and 40% to the Trust.

[18]	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

January 1, 2008 – September 30, 2013 Performance Table

The following table reflects the performance of all investments that were made and sold or otherwise liquidated since January 1, 2008. Management has presented for each investment its internal rate of return (“IRR”), a standard return methodology that calculates the annual effective compounded rate of return. For the purposes of calculating each investment’s IRR, management has assumed that the cash flows for each investment occurred on the last day of the quarter in which the actual cash was invested or received by the Trust. The IRR’s presented are on a gross basis i.e. there has been no allocation of the Trust’s base management fee or other Trust general and administrative costs to reduce an investment’s cash flows used in calculating the IRR. The reported amounts represent only the Trust’s position in each investment.

Segment	Property Type	Initial Investment Date	Initial Investment Amount		Liquidation Date	IRR

REIT Securities
REIT Common shares-LXP	N/A	October-08	$	20,416,142	November-09		18.77	%
REIT Common shares-Various	N/A	November-08		4,543,740	Various		24.57	%
REIT Preferred shares-Various	N/A	October-08		11,745,739	Various		65.35	%
REIT Bonds-Various	N/A	December-08		25,085,220	Various		21.70	%
REIT Common shares-CDR	N/A	October-11		14,870,211	Various		49.11	%

Loan Assets, Loan Securities & Loan Equity Investments
Siete Square - Whole Loan	Office	June-09	$	5,500,000	June-11		15.98	%
160 Spear Street - Whole Loan	Office	June-09		38,318,727	May-12		51.85	%
160 Spear Street - Tenant Improvement Loan	Office	December-09		1,200,000	May-12		15.60	%
Beverly Hills Hilton - B Note	Hotel	December-09		5,250,000	September-11		52.32	%
Metropolitan Tower -B Note	Office	December-09		6,500,000	April-11		139.10	%
Driver Building - B Note	Office	May-10		6,703,325	August-10		17.35	%
1701 Woodfield - Whole Loan	Office	July-10		5,000,000	September-10		8.00	%
Peter Cooper/Stuyvescent Town - Mezzanine Loan	Multi-family	August-10		10,665,000	October-10		-37.56	%
Scripps Center - Rake Bond	Office	July-10		1,200,000	November-10		1221.53	%
Moffet Tower - B Note	Office	October-10		21,557,883	October-11		8.79	%
Westwood - Whole Loan	Office	October-10		3,500,000	December-11		12.62	%
Metropolitan Tower - Rake Bond	Office	December-10		5,259,896	April-11		182.57	%
CDH CDO - Compliance Loan	CDO	December-10		3,497,569	July-11		9.21	%
Concord 2006-1A Class E	CDO	February-11		662,344	April-11		76.22	%
Gotham Hotel - Whole Loan	Hotel	February-11		8,036,658	May-11		33.58	%
Lakeside Eagle - Whole Loan	Retail	March-11		18,093,218	May-11		15.38	%
11 East Adams - Seller Financing Mezzanine Loan	Office	June-11		2,264,770	July-11		4.30	%
8 South Michigan-Seller Financing Mezzanine Loan	Office	June-11		4,909,570	August-11		6.77	%
Sofitel Hotel - Mezzanine Loan	Hotel	June-11		5,759,949	October-11		88.88	%
Sealy Northwest - DPO Bridge Financing	Industrial/office	June-11		20,630,000	September-11		8.72	%
Magazine - Mezzanine Loan	Multi-family	June-11		17,538,478	May-12		15.95	%
Riverside Plaza - B-Note	Retail	June-10		7,800,000	September-12		12.57	%
Broward Financial Center - Whole Loan	Office	May-12		42,771,882	October-12		22.24	%
SoCal Office Portfolio - C-Note	Office	November-11		71,354,090	September-12		26.88	%
HC Cypress Pointe LLC - Preferred Equity	Multi Family	May-11		449,223	November-12		13.22	%
2600 W Olive Series N-Q - Loan Securities	Office	December-09		1,500,000	December-12		68.23	%
Burbank Centre - B-Note	Office	September-12		9,000,000	January-13		4.89	%
127 West 25th - Mezzanine Loan	Mixed Use	May-12		9,000,000	March-13		30.45	%
180 No. Michigan - Seller Financing Mezzanine Loan	Office	November-12		5,200,000	March-13		8.47	%
4545 East Shea Blvd-Whole Loan	Office	April-12		2,250,000	June-13		14.14	%
10 Metrotech - Whole Loan	Office	April-12		10,915,000	July-13		38.13	%

Other
F II Co-Invest LLC - Private Equity Securities	N/A	July-11	$	1,800,000	April-12		17.51	%

Operating Properties
180 No. Michigan - Preferred / Equity Investment	Office	April-08	$	3,923,084	November-12		8.13	%
Deer Valley	Multi Family		$	12,370,485	June-13		13.42	%

Total/Weighted Average			$	447,042,203			30.56	%

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, Unaudited)

	Nine Months Ended September 30,
	2013			2012
Cash flows from operating activities
Net income	$	31,429		$	26,284
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization (including amortization of
deferred financing costs)		10,355			8,552
Amortization of lease intangibles		5,901			5,028
Straight-line rental income		(3,584	)		(2,662	)
Loan discount accretion		(2,283	)		(5,984	)
Discount accretion received in cash		37			14,065
Income from preferred equity investments		(576	)		-
Distributions of income from preferred equity investments		123			97
Income of equity investments		(26,249	)		(14,051	)
Distributions of income from equity investments		19,354			17,097
Restricted cash held in escrows		1,763			(4,063	)
Loss (gain) on sale of securities carried at fair value		133			(41	)
Unrealized loss (gain) on securities carried at fair value		142			(7,254	)
Unrealized gain on loan securities carried at fair value		(215	)		(447	)
Impairment loss on investment in real estate		2,904			698
Tenant leasing costs		(3,365	)		(3,211	)
Gain on sale of real estate investments		(10,948	)		(945	)
Equity compensation expenses		557			-
Bad debt expense (recovery)		104			(116	)
Changes in assets and liabilities:
Interest receivable		58			(293	)
Accounts receivable		450			533
Accounts payable, accrued liabilities and other liabilities		(255	)		4,425
Net cash provided by operating activities		25,835			37,712
Cash flows from investing activities
Investments in real estate		(6,289	)		(29,975	)
Investment in equity investments		(11,982	)		(47,925	)
Investment in preferred equity investments		-			(4,000	)
Proceeds from sale of investments in real estate		36,217			7,024
Proceeds from sale of equity investments		26			2,297
Return of capital distribution from equity investments		14,649			83,736
Purchase of securities carried at fair value		-			(5,654	)
Proceeds from sale of securities carried at fair value		12,345			4,614
Restricted cash held in escrows		(2,677	)		(4,478	)
Issuance and acquisition of loans receivable		(21,437	)		(64,970	)
Collection of loans receivable		47,597			37,126
Proceeds from sale of loans receivable		19,318			-
Cash from consolidation of properties		473			-
Issuance of secured financing receivable		(30,000	)		-
Deposits on real estate		(25,606	)		-
Net cash provided by (used in) investing activities		32,634			(22,205	)

(Continued on next page)

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(In thousands, Unaudited)

	Nine Months Ended September 30,
	2013			2012
Cash flows from financing activities
Proceeds from mortgage loans payable		48,100			15,897
Principal payments of mortgage loans payable		(20,295	)		(8,740	)
Payment of secured financing		(23,770	)		-
Proceeds from issuance of Series D Preferred Shares		-			77,572
Proceeds from issuance of Senior Notes Payable		-			86,250
Repayment of revolving line of credit		-			(40,000	)
Restricted cash held in escrows		(2,921	)		(2,818	)
Deferred financing costs		(789	)		(3,766	)
Contribution from non-controlling interest		861			4,340
Distribution to non-controlling interest		(52	)		(6,115	)
Purchase of non-controlling interests		(150	)		(400	)
Issuance of Common Shares under Dividend Reinvestment Plan		353			397
Issuance of Common Shares through offering		29,960			-
Dividend paid on Common Shares		(16,102	)		(16,113	)
Dividend paid on Series D Preferred Shares		(5,574	)		(3,712	)
Dividend paid on Restricted Shares		(10	)		-
Net cash provided by financing activities		9,611			102,792
Net increase in cash and cash equivalents		68,080			118,299
Cash and cash equivalents at beginning of period		97,682			40,952
Cash and cash equivalents at end of period		165,762			159,251
Supplemental Disclosure of Cash Flow Information
Interest paid	$	17,780		$	11,248
Capitalized interest	$	600		$	-
Taxes paid	$	201		$	317

Supplemental Disclosure on Non-Cash Investing and
Financing Activities
Dividends accrued on Common Shares	$	6,018		$	5,375
Dividends accrued on Series D Preferred Shares	$	2,786		$	2,786
Capital expenditures accrued	$	351		$	2,777
Transfer from loans receivable	$	-		$	(2,938	)
Transfer from preferred equity	$	-		$	(3,923	)
Transfer to equity investment	$	-		$	6,861
Transfer to loan receivable	$	-		$	6,550
Transfer from equity investment	$	-		$	(12,400	)
Transfer to additional paid-in capital	$	-		$	5,487
Transfer to non-controlling interests	$	-		$	363
Contribution to WRT-Elad One South State Equity L.P.	$	897		$	-

WINTHROP REALTY TRUST

SELECTED BALANCE SHEET ACCOUNT DETAIL

(In thousands, Unaudited)

	September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Investments in Real Estate
Land	$	56,894		$	59,183		$	60,679		$	43,252		$	37,177
Buildings and improvements					-
Buildings		341,963			346,723			354,394			337,506			311,956
Building improvements		18,306			18,686			17,877			18,908			13,676
Furniture and Fixtures		2,714			2,661			2,579			2,509			2,226
Tenant improvements		17,257			17,300			20,949			19,814			16,431
		437,134			444,553			456,478			421,989			381,466
Accumulated depreciation and amortization		(55,195	)		(53,553	)		(52,412	)		(51,553	)		(48,618	)
Total Investments in Real Estate	$	381,939		$	391,000		$	404,066		$	370,436		$	332,848

Accounts Receivable
Straight-line rent receivable	$	12,558		$	12,691		$	14,403		$	13,770		$	13,467
Other		7,644			4,697			3,683			4,889			2,717
Total Accounts Receivable	$	20,202		$	17,388		$	18,086		$	18,659		$	16,184

Securities Carried at Fair Value
REIT Common Shares		7,074			10,360			12,220			19,694			37,191
Total Securities Carried at Fair Value	$	7,074		$	10,360		$	12,220		$	19,694		$	37,191

Equity Investments
Vintage Housing Holdings (27 Properties)	$	33,706		$	32,886		$	31,801		$	30,534		$	30,083
Elad / One South State Street (1 Property)		24,518			23,614			23,447			25,104			24,659
Marc Realty Portfolio (4 Properties)		14,705			14,731			14,662			14,880			21,921
10 Metrotech (Office Loan)		11			10,845			10,845			10,845			10,845
Sealy Ventures Properties (3 Properties)		7,741			7,871			7,958			8,104			8,904
Mack-Cali / Stamford (Office Loan)		8,916			8,773			8,636			8,501			8,367
Concord Debt Holdings		982			3,932			3,953			3,974			4,495
CDH CDO		4,181			1,079			652			322			3,698
RE-CDO Management		993			1,061			1,098			1,779			1,792
Mentor Retail (1 Property)		596			584			568			551			523
So-Cal Office Loan Portfolio (31 Loans)		-			-			8			8			12
Lakeside/Eagle		3			10			-			-			-
701 Seventh Avenue		36,989			30,602			29,038			28,735			-
Wateridge		1,816			1,722			1,558			1,522			-
Atrium Mall		3,904			3,935			-			-			-
Total Equity Investments	$	139,061		$	141,645		$	134,224		$	134,859		$	115,299
Preferred Equity Investments
Vintage at Tacoma	$	1,500		$	1,500		$	1,500		$	1,500		$	1,500
Vintage at Urban Center		4,000			4,000			4,000			4,000			4,000
Vintage at Quilceda		750			750			750			750			-
Wateridge		6,453			6,264			6,108			6,000			-
Total Preferred Equity Investments	$	12,703		$	12,514		$	12,358		$	12,250		$	5,500
Non-Controlling Interests
Westheimer (Houston, TX)	$	8,328		$	8,419		$	8,652		$	8,903		$	11,877
River City / Marc Realty (Chicago, IL)		3,865			3,907			3,883			3,857			3,891
1050 Corporetum / Marc Realty (Lisle, IL)		50			52			56			61			83
450 West 14th Street (High Line)		1,895			1,909			1,952			1,912			2,399
So-Cal Office Loan Portfolio		-			-			-			2			19
HC Cypress		-			19			19			19			-
1515 Market		(1,247	)		(694	)		(195	)		-			-
Total Non-Controlling Interests	$	12,891		$	13,612		$	14,367		$	14,754		$	18,269

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, Unaudited)

	Sep 30, 2013		Jun 30, 2013		Mar 31, 2013		Dec 31, 2012		Sep 30 2012
Debt
Mortgage loans payable	$	308,049	$	325,026	$	278,824	$	280,576	$	238,097
Senior notes payable		86,250		86,250		86,250		86,250		86,250
Secured financing		29,150		29,150		42,803		52,920		29,150
KeyBank line of credit		-		-		-		-		-
Total Debt		423,449		440,426		407,877		419,746		353,497


Equity
Series D Cumulative Redeemable Preferred Shares		120,500		120,500		120,500		120,500		120,500
Common Shares		373,087		340,385		339,811		334,010		343,605
Non-controlling ownership interests		12,891		13,612		14,367		14,754		18,269
Total Equity		506,478		474,497		474,678		469,264		482,374

Total Capitalization	$	929,927	$	914,923	$	882,555	$	889,010	$	835,871

Common Dividend Per Share
September 30, 2013	June 30, 2013		March 31, 2013		December 31, 2012		September 30, 2012

$ 0.1625	$	0.1625	$	0.1625	$	0.1625	$	0.1625

Liquidity and Credit Facility
	Sep 30, 2013		June 30, 2013		March 31, 2013		Dec 31, 2012		Sep 30, 2012
Cash and cash equivalents	$	165,762	$	186,132	$	131,448	$	97,682	$	159,251
Securities carried at fair value		7,074		10,360		12,220		19,694		37,191
Available under line of credit (1)		50,000		50,000		50,000		50,000		50,000
Total Liquidity and Credit Facility	$	222,836	$	246,492	$	193,668	$	167,376	$	246,442

(1) subject to borrowing base requirements.

WINTHROP REALTY TRUST

SELECTED INVESTMENT DATA

September 30, 2013

(In thousands, except square footage and cost per square foot/unit, 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 21-22, Consolidated Property Data on pages 25-26, and Equity Investment Property Data on pages 27-29.

Cash	Amount
Cash and cash equivalents	$	165,762

REIT Securities	Cost		Fair Value
REIT Common shares	$	6,318	$	7,074

Loans with Expected Repayment	Position	Type	Interest Rate		Cost, less Principal Repaid		Carrying Amount (before int. receivable)		Par Value				Extended Maturity Date
WBCMT Series 2007 Tranche L	CMBS	Hotel	LIBOR +	1.75%		1,130		226		1,130			09/09/14
The Shops at Wailea	B Note	Retail	Fixed	6.15%		5,047		6,004		7,612			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%		25,343		27,541		29,458			01/01/15
Churchill	Whole	Mixed Use	LIBOR +	3.75%		683		683		683			06/01/15
Hotel Wales	Whole	Hotel	LIBOR +	4.00%		20,000		20,000		20,000			10/05/14
Queensridge	Whole	Multifamily	LIBOR +	11.50%		8,122		8,122		8,122			11/15/15
Playa Vista	Mezz	Office	LIBOR +	14.25%		10,250		10,250		10,250			01/23/16
Rockwell	Mezz	Indust. / Whse.	Fixed	12.00%		225		349		1,487			05/01/16
500-512 Seventh Ave.	B Note	Office	Fixed	7.19%		9,106		9,986		10,943			07/11/16
Pinnacle II	B Note	Office	Fixed	6.31%		4,572		4,626		5,086			09/06/16
Poipu Shopping Village	B Note	Retail	Fixed	6.62%		1,881		2,015		2,831			01/06/17
Wellington Tower	Mezz	Mixed Use	Fixed	6.79%		2,352		2,777		3,502			07/11/17
Mentor Building (39 South St)	Whole	Retail	Fixed	10.00%		2,497		2,497		2,497			09/10/17
1515 Market Street	Whole	Office	Fixed	7.50%		23,690		23,690		35,040			02/01/16


Loans with Potential Equity Participation

Stamford -20% Owned Equity Inv(1)	Mezz	Office	LIBOR +	3.25%	$	40,000	$	43,641	$	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 21 and 22 of Supplement.

Continued on next page

WINTHROP REALTY TRUST

SELECTED INVESTMENT DATA (Continued)

September 30, 2013

(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
Englewood, CO (Crossroads I)	100%	Office	118,000	8,159	69	-	(1	)
Englewood, CO (Crossroads II)	100%	Office	118,000	11,192	95	-	(1	)
Meriden, CT (Newbury Apartments)	100%	Multifamily	180 Units	25,554	141,967	21,000
Memphis, TN, (Waterford Apartments)	100%	Multifamily	320 Units	21,448	67,025	13,197
Cerritos, CA (Cerritos)	100%	Office	187,000	22,909	123	23,000
Philadelphia, PA (1515 Market)	49%	Office	511,000	43,539	85	42,683	(2	)

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	1,958	$	32	$	-	(1	)
Greensboro, NC	100%	Retail	46,000	3,801		83		-	(1	)
Louisville , KY	100%	Retail	47,000	3,098		66		-	(1	)
Amherst, NY	100%	Office	200,000	20,583		103		-
Chicago, IL (One East Erie)	100%	Office	126,000	26,320		209		19,941
Chicago, IL (River City / Marc Realty )	60%	Office	253,000	16,812		66		8,619
Houston, TX (Westheimer)	32%	Office	614,000	69,543		113		48,460
Lisle, IL (550 Corporetum)	100%	Office	169,000	22,606		134		5,753
Lisle, IL (1050 Corporetum / Marc Realty)	60%	Office	54,000	4,272		79		5,488
New York, NY	var	Office / Retail	105,000	60,368		575		51,982
Orlando, FL	100%	Office	257,000	17,290		67		37,138
Plantation, FL	100%	Office	120,000	12,936		108		10,717
South Burlington, VT	100%	Office	54,000	3,407		63		-	(1	)
Jacksonville, FL	100%	Warehouse	588,000	13,087		22		-	(1	)
Churchill, PA	100%	Mixed Use	52,000	9,705		187		5,081
Greensboro, NC (Lake Brandt)	100%	Multifamily	284 Units	18,547		65,306		13,600

(1) These properties collateralize our revolving line of credit.

(2) The Trust holds the mezzanine debt on this property

WINTHROP REALTY TRUST

SELECTED INVESTMENT DATA (Continued)

September 30, 2013

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

Equity Investment Operating Properties Foreclosure Acquired through Direct or Indirect	% Owned	Type	Square Feet/ Units	Equity Investment Carrying Amount

Atrium Mall	50%	Retail	71,000	$	3,904

Equity Investment Operating Properties Acquired through Asset Purchase	% Owned	Type	Square Feet/ Units	Equity Investment Carrying Amount

Marc Realty (4 Equity Investments)	50%	Office	655,000	$	14,705
Sealy Equity Investments (3 Equity Investments)	Var	Industrial/Office	2,097,000		7,741
WRT-Elad / One South State St	50%	Retail / Office	942,000		24,518
Vintage Housing Holdings	Var	Multifamily	4,655 Units		33,706
Mentor Retail LLC	50%	Retail	7,000		596
701 Seventh WRT Investors	71%	Development	120,000		36,989
WRT-Fenway Wateridge	50%	Office	62,000		1,816

Preferred Equity Investment Operating Properties Acquired through Asset Purchase	% Owned	Type	Square Feet/ 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
Vintage Housing Holdings - Quilceda Creek	75%	Multi-Family	204 Units Under contruction		750
WRT-Fenway Wateridge	50%	Office	62,000		6,453

WINTHROP REALTY TRUST

SCHEDULE OF SECURITIES CARRIED AT FAIR VALUE

(In thousands, Unaudited)

	Three Months Ended
	September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Net unrealized gain (loss)	$	-		$	(1,645	)	$	1,718		$	(338	)	$	3,484

Net realized gain (loss)	$	(31	)	$	-		$	(102	)	$	-		$	-

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.

	September 30, 2013				June 30, 2013				March 31, 2013				December 31, 2012				September 30, 2012
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value		Cost		Fair Value		Cost		Fair Value

REIT Common shares	$	6,318	$	7,074	$	8,920	$	10,360	$	8,920	$	12,220	$	15,876	$	19,694	$	26,775	$	37,191
Total securities carried at fair value	$	6,318	$	7,074	$	8,920	$	10,360	$	8,920	$	12,220	$	15,876	$	19,694	$	26,775	$	37,191

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

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, 2013

Par Value

Maturity Date (3)

Senior

Debt (4)

Loans Receivable

Hotel Wales

Oct-11

Hotel

New York

Whole

LIBOR +

4.000%

)

20,097

20,000

10/05/14

The Shops at Wailea

Sep-12

Retail

Maui

B Note

Fixed

6.150%

6,037

7,612

10/06/14

106,562

Legacy Orchard

Oct-10

Corporate Loan

N/A

Whole

Fixed

15.000%

9,750

)

10/31/14

Rennaisance

Dec-11

Retail/ Multi Fam

Atlanta

Mezz

LIBOR +

12.000%

)

3,000

01/01/15

4,000

San Marbeya

Jul-10

Multifamily

Tempe

Whole

Fixed

5.880%

27,686

29,458

01/01/15

Playa Vista

Jan-13

Office

Playa Vista

Mezz

LIBOR +

14.250%

10,323

10,250

01/23/16

80,300

Churchill

May-12

Mixed Use

Churchill

Whole

LIBOR +

3.750%

685

683

06/01/15

Queensridge Towers

Nov-12

Multifamily

Las Vegas

Whole

LIBOR +

11.500%

8,214

8,122

11/15/15

Rockwell

Aug-10

Indust /Whse

Shirley

Mezz

Fixed

12.000%

364

1,487

05/01/16

16,383

500-512 Seventh Ave.

Jul-10

Office

New York

B Note

Fixed

7.190%

10,029

10,943

07/11/16

243,870

Pinnacle II

Sep-12

Office

Burbank

B Note

Fixed

6.313%

4,649

5,086

09/06/16

83,726

Poipu Shopping Village

Sep-12

Retail

Kauai

B Note

Fixed

6.618%

2,028

2,831

01/06/17

28,628

Wellington Tower

Dec-09

Mixed Use

New York

Mezz

Fixed

6.790%

2,790

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

1515 Market Street

Dec-13

Office

Philadelphia

Whole

Fixed

7.500%

23,690

35,040

02/01/16

43,000

Total Loans Receivable

131,853

150,261

Loan Securities Carried at Fair Value

WBCMT 2007

Dec-09

Hotel

Various

CMBS

LIBOR +

1.750%

226

1,130

09/09/14

1,232,004

Total Loan Securities Carried at Fair Value

226

1,130

Equity Investment Loan Assets (8,9)

Stamford Portfolio

Feb-12

Office

Stamford

Mezz

LIBOR +

3.250%

43,718

47,000

)

08/06/14

400,000

Total Loan Assets of Equity Investments

43,718

47,000

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 significantlydifferent than the Trust's effective interest rate on certain loan investments.

(2)	Carrying amount of loans receivable includes accrued interest of $563,000 and cumulative accretion of $ 2,283,000 at September 30, 2013.

(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 in payment to the Trust's loan.

(5)	Libor floor of 3%.

(6)	Par Value represents the borrowers discounted payoff option (DPO) amount.

(7)	Libor floor of 2%.

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

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

WINTHROP REALTY TRUST

NET OPERATING INCOME FROM CONSOLIDATED PROPERTIES

(In thousands)

(Unaudited)

	Three Months Ended
	Sep 30, 2013			Jun 30, 2013			Mar 31, 2013			Dec 31, 2012			Sep 30, 2012
Rents and reimbursements
Minimum rent	$	15,111		$	14,771		$	13,902		$	11,695		$	10,604
Deferred rents (straight-line)		(125	)		133			255			253			384
Recovery income		684			1,097			833			607			1,544
Above and below market rents		(22	)		(22	)		7			119			108
Less:
Lease concessions and abatements		(549	)		(490	)		(559	)		(508	)		(415	)
Total rents and reimbursements		15,099			15,489			14,438			12,166			12,225

Rental property expenses
Property operating		5,272			4,764			4,661			3,840			3,335
Real estate taxes		1,705			1,625			854			1,158			1,160
Total rental property expenses		6,977			6,389			5,515			4,998			4,495

Net operating income (1)
from consolidated properties	$	8,122		$	9,100		$	8,923		$	7,168		$	7,730

(1) See definition of non-GAAP measure of Net Operating Income on page 38 of the supplemental package.

WINTHROP REALTY TRUST

SCHEDULE OF INTEREST, DIVIDENDS AND DISCOUNT ACCRETION

(In thousands)

(Unaudited)

	Three Months Ended
	Sep 30, 2013		Jun 30, 2013		Mar 31, 2013		Dec 31, 2012		Sep 30, 2012
Interest, Dividends and Discount Accretion by Business Segment:
Loan Assets	$	3,817	$	4,208	$	5,170	$	5,955	$	3,410
REIT Securities		100		100		150		150		312
Total Interest, Dividends and Discount Accretion	$	3,917	$	4,308	$	5,320	$	6,105	$	3,722


Interest, Dividends and Discount Accretion Detail:
Interest on loan assets	$	3,011	$	3,447	$	4,454	$	3,607	$	2,985
Accretion of loan discount		806		761		716		2,348		425
Interest and dividends on REIT securities		100		100		150		150		312
Total Interest, Dividends and Discount Accretion	$	3,917	$	4,308	$	5,320	$	6,105	$	3,722

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA

September 30, 2013 (Unaudited)

Description and Location	Year Acquired	Trust’s Owner-ship	Rentable Square Feet	(**) % Leased	Major Tenants (Lease / Options Expiration)	Major Tenant Sq. Ft.		($000's) Depreciated Cost Basis		Cost per Square Foot or Unit		Owner-ship of Land	($000's) Debt Balance			Debt Maturity & Int Rate
Office
Amherst, NY (2)	2005	100%	200,000	100%	Ingram Micro Systems (2023/2033)		200,000	$	16,809	$	84	Fee		(1	)	(1	)
Cerritos, CA	2012	100%	187,000	64%	Marina Medical Billing (2018)		44,000		22,079		118	Fee		23,000		01/2017 5.07%
Chicago, IL (One East Erie)	2005	100%	126,000	97%	The Gettys Group (2012/2016)		13,000		20,735		165	Fee		19,941		03/2016 5.75%
					River North Surgery (2015/ n/a)		15,000
Chicago, IL (River City / Marc Realty)	2007	60%	253,000	49%	ITAV (2024/2029)		35,000		14,414		57	Fee		8,619		04/2015 6.25%
					MFS/Worldcom (2019/2023)		60,000
Englewood, CO Crossroads I	2010	100%	118,000	96%	Hitachi Data (2024 / 2034)		53,000		7,358		62	Fee		(1	)	(1	)
					RGN-Denver LLC (2015/ 2025)		17,000
Englewood, CO Crossroads II	2010	100%	118,000	100%	TIC Holdings (2019 / 2044)		74,000		9,988		85	Fee		(1	)	(1	)
Houston, TX	2004	32%	614,000	100%	Spectra Energy (2026/2036)		614,000		55,748		91	Fee		48,460		04/2016 6.09%
Lisle, IL	2006	100%	169,000	83%	United Healthcare (2014/ n/a)		41,000		19,005		112	Fee		5,753		10/2014 Libor+2.5%
Lisle, IL (Marc Realty)	2006	60%	54,000	100%	Ryerson (2018/2028)		54,000		3,661		68	Fee		5,488		03/2017 5.55%
New York, NY (450 West 14th)	2011	70%	105,000	91%	Alice + Olivia (2021/2031)		27,000		57,067		543	Ground Lease		51,982		05/2016 Libor +2.5%
					Fast Retailing (2026/2036)		23,000
					Access Industries (2021/2031)		14,000
Orlando, FL	2004	100%	257,000	100%	Siemens Real Estate, Inc. (2017/2042)		257,000		13,454		52	Ground Lease		37,138		07/2017 6.40%
Plantation, FL	2004	100%	120,000	100%	AT&T Service, Inc. (2020/2035)		120,000		10,953		91	Fee		10,717		04/2018 6.45%
South Burlington, VT	2005	100%	54,000	100%	Fairpoint Comm. (2014/2029)		54,000		2,760		51	Ground Lease		(1	)	(1	)
1515 Market Street	2012	89%	511,000	77%	Temple University (2022 / na)		128,000		42,950		84			42,683		05/1/2016 2.5%
Subtotal - Office			2,886,000						296,981					253,780

(Continued on next page)

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA

September 30, 2013 (Unaudited, Continued)

Description and Location	Year Acquired	Trust’s Ownership			Rentable Square Feet		(**) % Leased			Major Tenants (Lease /Options Exp)	Major Tenants’ Sq. Feet.	($000's) Depreciated Cost Basis		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	$	1,852	Ground Lease		(1)	(1)
Greensboro, NC	2004		100	%		46,000		100	%	The Kroger Co. (2017/2037)	46,000		2,958	Ground Lease		(1)	(1)
Louisville, KY	2004		100	%		47,000		100	%	The Kroger Co. (2015/2040)	47,000		2,493	Fee		(1)	(1)

Subtotal Retail						154,000							7,303
Residential
Meriden, CT	2010		100	%	180 units			88	%	n/a	n/a		23,023	Fee		21,000	10/2022 3.95%
Memphis, TN	2012		100	%	320 units			94	%	n/a	n/a		20,468	Fee		13,197	8/2014 Libor + 2.5%
Greensboro, NC	2012		100	%	284 units			93	%	n/a	n/a		17,946	Fee		13,600	8/2016 6.22%
Subtotal Residential													61,437
Other
Warehouse
Jacksonville, FL	2004		100	%		588,000		100	%	Fanatics, Inc. (2015/2024)	561,000		10,634	Fee		(1)	(1)
Mixed Use
Churchill, PA	2004		100	%		52,000		100	%	Westinghouse (2024/2039)	52,000		5,584	Fee		5,081	8/2024 3.50%
Subtotal - Other						640,000							16,218
Total Consolidated Properties						3,680,000						$	381,939		$	306,659

(**) 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, which had a balance of $0 at September 30, 2013.

(2)	The Amherst, New York office property represents two separate buildings. The ground underlying the properties is leased to the Trust by the local development authority pursuant to a ground lease which requires no payment. During the fourth quarter legal title to the ground will vest with the Trust.

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - SELECTED PROPERTY DATA (Continued)

September 30, 2013 (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		78	%	No tenants over 10%		-		8,076	Fee		6,820	09/2017 LIBOR + 2.25%
4415 West Harrison, Hillside, IL (High Point)	2005		50	%		192,000		62	%	North American Medical Mgmt (2015/2020)		23,200		2,137	Fee		4,359	12/2015 5.62%
1701 E. Woodfield, Shaumburg, IL	2005		50	%		175,000		89	%	No tenants over 10%		-		2,052	Fee		5,403	09/2015 Libor + 3% (2)
2205-55 Enterprise, Westchester, IL	2005		50	%		130,000		89	%	Consumer Portfolio (2014/2019)		18,900		2,440	Fee		8,812	10/2019 4.30%
										UroPartners LLC (2015/ n/a)		14,500
Total Marc Realty Portfolio						665,000							$	14,705		$	25,394

Sealy Venture Portfolio - Equity Investment Operating Properties
Atlanta, GA (Northwest Atlanta)	2006		60	%		472,000		74	%	Original Mattress (2020/2025)		57,000	$	7,741	Fee	$	13,643	09/2015 Libor +5.35% (3)
Atlanta, GA (Newmarket)	2008		68	%		470,000		57	%	No tenants over 10%		-		-	Fee		37,000	11/2016 6.12%
Nashville, TN (Airpark)	2007		50	%		1,155,000		81	%	No tenants over 10%		-		-	Fee		74,000	05/2012 5.77%

Total - Sealy Venture Portfolio						2,097,000				`			$	7,741		$	124,643

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	$	596	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	%	Target (2038 /2063)		147,000	$	24,518	Fee	$	376,560	10/1/15 libor+ 6.82

										Walgreens(2022/2027)		95,000
										Illinois Dept of Employment (2014/2016)		243,000	$	-
						942,000							$	24,518		$	376,560

(Continued on next page)

WINTHROP REALTY TRUST

EQUITY INVESTMENTS – SELECTED PROPERTY DATA (Continued)

September 30, 2013 (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
701 Seventh WRT Investor-Equtiy Investment Operating Property
701 Seventh Avenue	2012		61	%		120,000		0	%	N/A		$	36,989	Fee	$	376,560	10/1/2015 Libor +10.2(4)
New York, NY
WRT-Fenway Wateridge - Equity Investment in Operating Property
Parkway San Diego, CA	2012		50	%		62,000		92	%	Verint Americas (2018/n/a)	6,500	$	1,816	Fee	$	-
										Flores Lund (2017/n/a)	10,000
										Quidel Corp (2013/n/a)	11,000
										Verizon Wireless (2013/n/a)	15,000
						62,000						$	1,816		$	-
Atrium - Equity Investment in Operating Property
Chicago, ILL	2013		50	%		71,000		77	%	N/A		$	3,904	Ground Lease	$	-

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - SELECTED PROPERTY DATA (Continued)

September 30, 2013 (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		95%	Fee
Bouquet Canyon Seniors	Santa Clarita, CA	2011		264		98%	Fee
Elk Creek Apartments	Sequim, WA	2011		138		97%	Fee
Falls Creek Apartments	Couer d' Alene, ID	2011		170		96%	Fee
Forest Creek Apartments	Spokane, WA	2011		252		94%	Fee
Hamilton Place Seniors	Bellingham, WA	2011		94		97%	Fee
Heritage Place Apartments	St. Ann, MO	2011		113		93%	Fee
Holly Village Apartments	Everett, WA	2011		149		98%	Fee
Larkin Place Apartments	Bellingham, WA	2011		101		97%	Fee
Rosecreek Senior Living	Arlington, WA	2011		100		97%	Fee
Seven Hills/ St Rose	Henderson, NV	2011		244		97%	Fee
Silver Creek Apartments	Pasco, WA	2011		242		98%	Fee
The Bluffs Apartments	Reno, NV	2011		300		95%	Fee
Twin Ponds Apartments	Arlington, WA	2011		134		97%	Fee
Vintage at Bend	Bend, OR	2011		106		98%	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		99%	Fee
Vintage at Everett	Everett, WA	2011		259		98%	Fee
Vintage at Mt. Vernon	Mt. Vernon, WA	2011		154		95%	Fee
Vintage at Napa	Napa, CA	2011		115		96%	Fee
Vintage at Richland	Richland, WA	2011		150		97%	Fee
Vintage at Sequim	Sequim, WA	2011		118		99%	Fee
Vintage at Silverdale	Silverdale, WA	2011		240		97%	Fee
Vintage at Spokane	Spokane, WA	2011		287		96%	Fee
Vintage at Vancouver	Vancouver, WA	2011		154		98%	Fee
Vista Sonoma Seniors Apts	Santa Rosa, CA	2011		189		96%	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
Quilceda Creek		2012		204	under construction		Fee
				830

Total - Vintage Housing Portfolio				5,485	units

(Continued on next page)

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - SELECTED PROPERTY DATA (Continued)

September 30, 2013 (Unaudited)

Description	Year Acquired	Trust’s Ownership		Rentable Square Feet	Equity Investment				Debt Balance (1)
Equity Investment Operating Properties
Marc Realty Portfolio (from Page 27 )	2005			665,000	$	14,705			$	25,394	(6	)
Sealy Portfolio (from Page 27)	2006-2008			2,097,000		7,741				124,642	(6	)
Mentor Retail LLC (from Page 27)	2012			7,000		596				2,497	(6	)
WRT-Elad / One South State Equity (from Page 27)	2012			942,000		24,518				108,775	(6	)
Vintage Portfolio (from page 29)	2011			4,655 units		33,706	(5	)		251,506	(6	)
701 Seventh Avenue (from page 28)	2012			120,000		36,989				376,560	(6	)
Wateridge (from page 28)	2012			62,000		1,816				-
Atrium Mall LLC (from page 28)	2013			71,000		3,904				-
Total Equity Investment Operating Properties						123,975			$	889,374

Loan Asset Equity Investments
WRT-ROIC Lakeside Eagle	2011		50%			3
WRT-Stamford LLC	2012		20%			8,916
10 Metrotech Loan LLC	2012		33%			11


Other Equity Investment
Concord Debt Holdings LLC	2012		67%			982	(7	)
CDH CDO LLC	2012		50%			4,181	(7	)
RE CDO Management LLC	2011		50%			993
Total Equity Investments					$	139,061

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 $5,403,000 effectively converts the interest rate to a fixed rate of 4.78%.

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

(4)	There is a Libor floor of 1%

(5)	The Vintage equity investment of $33,706 represents the Trust's 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 33 and 34.

(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, 2013

(Unaudited)

Description	% Owned	Number of Properties		Square Footage		Rents and Reimburse-ments		Operating Expenses		Real Estate Taxes		Net Operating Income (1)		Interest Expense			Other Income (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%		3		154,000	$	520	$	-	$	-	$	520	$	-			(1	)			$	229	$	-		$	290
Office	100.0%		10		1,349,000		16,713		4,479		1,409		10,825		4,952			(22	)		-		5,375		-			476
Residential	100.0%		3	784 units			6,578		2,566		934		3,078		1,365			(55	)				2,095		-			(437	)
Other	100.0%		2		640,000		1,776		422		68		1,286		52			(150	)				479		-			605
			18		2,143,000		25,587		7,467		2,411		15,709		6,369			(228	)		-		8,178		-			934
Partially Owned Consolidated Properties
Chicago, IL (River City/Marc Realty)	60.0%		1		253,000		2,325		1,035		398		892		384			-			-		488		8			12
Houston, TX (Multiple LP's)	32.0%		1		614,000		4,260		7		-		4,253		2,385			(78	)				2,179		(323	)		(66	)
Lisle, IL (Marc Realty)	60.0%		1		54,000		627		210		81		336		242			1					122		(11	)		(16	)
New York, NY (450 W 14th St)	70.0%		1		105,000		5,288		3,096		430		1,762		1,366			-					1,908		(878	)		(634	)
Philadelphia, , PA 1515 Market (3)	49.0%		1		511,000		6,939		2,882		864		3,193		3,782			(28	)				1,828		(1,247	)		(1,198	)
			5		1,537,000		19,439		7,230		1,773		10,436		8,159			(105	)		-		6,525		(2,451	)		(1,902	)
Total Consolidated Properties			23		3,680,000	$	45,026	$	14,697	$	4,184	$	26,145	$	14,528		$	(333	)	$	-	$	14,703	$	(2,451	)	$	(968	)
Line of Credit interest expense															240
Interest expense related to Senior notes															5,229
Interest expense WRT Lender															962
Reclassified related party interest expense															(2,784	)
Total														$	18,175

(1)	See definition of Net Operating Income and Net Income / (Loss) from Consolidated Properties on page 37 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.

(3)	In addition to its equity ownership, the Trust is entitled to an additional 40% of profits above the debt.

WINTHROP REALTY TRUST

EQUITY INVESTMENTS – OPERATING SUMMARY

Nine Months Ended September 30, 2013

(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		4		665,000			8,048		3,425		1,302		3,321		933		(27	)		2,217		144			72
Sealy Venture Portfolio		3		2,097,000			10,225		2,916		1,254		6,055		9,297		(458	)		4,290		(7,990	)		(363	)
Mentor Retail		1		7,000			417		18		58		341		191		(12	)		47		91			45
WRT-Elad (2)		1		942,000			18,643		3,843		3,349		11,451		14,035		(91	)		7,980		(10,655	)		1,515
Vintage Portfolio (2)		27	4,655 units				31,815		13,119		392		18,304		815		(7,171	)		8,316		2,002			7,142
Wateridge (2)		1		62,000			832		247		71		514				(55	)		697		(238	)		133
Atrium Mall		1		71,000			718		427		87		204		-		(37	)		229		(62	)		(31	)
Total Equity Investment Operating Properties		38		3,844,000		$	70,698	$	23,995	$	6,513	$	40,190	$	25,271	$	(7,851	)	$	23,776	$	(16,646	)		8,513

							Marc Realty Portfolio - Amortization of basis differential (3)																		(89	)
							WRT-ROIC Lakeside Eagle-Winthrop's share of net loss from equity investment																		(22	)
							RE CDO Management - Winthrop's share of net income from equity investment																		3,710
							CDH CDO - Winthrop's share of net income from equity investment																		4,689
							Concord Debt Holdings - Winthrop's share of net income from equity investment																		3,090
							701 7th Avenue																		2,375
							WRT-SoCal Lender - Winthrop's share of net income from equity Investment																		(2	)
							Stamford / Mack-Cali - Winthrop's share of net income from equity investment																		701
							10 Metrotech- Winthrop's share of net income from equity investment																		3,284
					Equity in loss of equity investments																			$	26,249

(1)	See definition of Net Operating Income on page 37 of the supplemental package.

(2)	Operating results lag 30 days.

(3)

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 Sept 30, 2013		Coupon		2013 Repayment		Maturity Date	Amount Due at Maturity		Weighted Average Maturity (in years)
Fixed rate debt
Mortgage loans payable
Chicago, IL / River City		8,619	5.50	%		47	04/2015		8,346
Chicago, IL / Ontario		19,941	5.75	%		84	03/2016		19,073
Houston, TX - Note 1		25,000	5.22	%		-	04/2016		25,000
Houston, TX - Note 2		8,800	6.00	%		-	04/2016		8,800
Houston, TX - Note 3		14,660	7.50	%		1,259	04/2016		-
Philadelphia, PA(1)		42,683	2.50	%		322	02/2016		39,933
Greensboro, NC		13,600	6.22	%		-	08/2016		13,600
Cerritos, CA		23,000	5.07	%		-	01/2017		23,000
Lisle, IL / 1050 Corporetum		5,488	5.55	%		18	03/2017		5,206
Orlando, FL		37,138	6.40	%		155	07/2017		34,567
Plantation, FL		10,717	6.45	%		32	04/2018		10,046
Meriden, CT		21,000	3.95	%		-	11/2022		17,704
Churchill, PA		5,081	3.50	%		33	08/2024		3,399
Total mortgage loans payable /Wtd Avg		235,727	4.67	%		1,950			208,674		3.64

Non-recourse secured financing
San Marbeya A Participation		15,150	4.85	%		-	01/2015		15,150

Senior notes payable		86,250	7.75	%		-	08/2022		86,250
Total Fixed Rate Debt/ Wtd Avg		337,127	5.47	%		1,950			310,074		4.87
Floating rate debt
Mortgage loans payable
Memphis, TN/ Waterford (LIBOR+2.5%, 0.5% LIBOR Floor)		13,197	3.00	%		81	08/2014		12,928
Lisle, IL / 550-560 Corporetum (LIBOR + 2.5%, 1% LIBOR Cap)		5,753	2.70	%		-	10/2014		5,753
New York, NY (450 W 14th St) (LIBOR + 2.5%, 1% LIBOR Floor)		51,982	3.50	%		-	05/2016		51,982
		70,932	3.34	%		81			70,663		2.14

Non-recourse secured financing
Hotel Wales A Note Payable - (LIBOR + 1.25, 3% Libor Floor)		14,000	4.25	%		-	10/2013		14,000

Total Floating Rate Debt/ Wtd Avg		84,932	3.49	%		81			84,663		1.95

Total Consolidated Debt/Wtd Avg	$	422,059	5.07	%	$	2,031		$	394,737		4.28

(1) An interest rate swap agreement with a notional amount of $42,683 effectively converts the interest rate to a fixed rate of 2.5%.

Description	Principal Outstanding Sept 30, 2013			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	(6)
Marc Realty - 4415 West Harrision, Hillside, IL		4,359			5.62	%	12/01/15
Marc Realty - 1701 East Woodfield, Shaumburg, IL (1)		5,403			4.78	%	09/01/15
Marc Realty - 2205-55 Enterprise, Westchester, IL		8,812			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		108,775			11.00	%	02/01/15
VHH - Agave Associates		2,500			3.50	%	12/15/36
VHH - Bouquet Canyon Seniors		10,814			6.38	%	07/01/28
VHH - Vintage at Chehalis (2)		8,190			4.68	%	06/15/40
VHH - Elk Creek Apartments		7,314			6.54	%	11/01/39
VHH - Falls Creek Apartments		8,283			6.26	%	12/01/40
VHH - Hamilton Place Seniors		59			5.88	%	07/01/14
VHH - Heritage Place Apartments		1,743			8.37	%	07/19/15
VHH - Heritage Place Apartments		494			1.00	%	05/01/39
VHH - Vintage at Mt. Vernon (3)		8,540			5.23	%	01/15/37
VHH - Vintage at Napa		5,937			6.21	%	06/01/34
VHH - Vintage at Silverdale (5)		14,880			5.70	%	09/15/39
VHH - The Bluffs Apartments		8			3.00	%	12/15/36
VHH - Twin Ponds Apartments		1,209			6.20	%	01/01/38
VHH - Vintage at Vancouver		567			8.12	%	01/01/35
VHH - Vista Sonoma Seniors Apts		9,848			6.56	%	01/01/32
Total Fixed Rate Debt	$	321,232	Wtd Avg		7.58	%		Wtd Avg		6.6

Notes to Fixed Rate Debt Schedule:
(1) An interest rate swap agreement with a notional amount of $5,403 effectively converts the interest rate to a fixed rate of 4.78%.
(2) An interest rate swap agreement with a notional amount of $7,872 effectively converts the interest rate to a fixed rate of 4.68%.
(3) An interest rate swap agreement with a notional amount of $7,500 effectively converts the interest rate to a fixed rate of 5.23%.
(4) An interest rate swap agreement with a notional amount of $950 effectively converts the interest rate to a fixed rate of 5.98%.
(5) An interest rate swap agreement with a notional amount of $14,301 effectively converts the interest rate to a fixed rate of 5.70%.
(6) Currently negotiating restructure of loan with special servicer.
(7) Lender foreclosed on loan October 7, 2013.
	(Continued on next page)

WINTHROP REALTY TRUST

EQUITY INVESTMENTS – DEBT SUMMARY (Continued)

Nine Months Ended September 30, 2013

(In thousands, Unaudited)

Description	Principal Outstanding Sept 30, 2013		Interest Rate (1), (2)			Coupon			Maturity Date	Weighted Average Maturity (in years)
Floating rate debt
Sealy - Northwest Atlanta, Atlanta, GA		13,643	LIBOR +	5.56	%		5.53	%	09/01/15
Marc Realty - 223 West Jackson, Chicago, IL (3)		6,820	LIBOR +	2.25	%		4.25	%	09/01/17
701 Seventh - 701 Seventh Avenue, New York, NY (4)		237,500	LIBOR +	4.25	%		5.25	%	10/01/15
701 Seventh - 701 Seventh Avenue, New York, NY (4)		137,500	LIBOR +	11.25	%		12.25	%	10/01/15
701 Seventh - 701 Seventh Avenue, New York, NY (4)		1,560	LIBOR +	7.00	%		8.00	%	10/01/15
VHH - Agave Associates		14,600	SIFMA +	1.17	%		1.23	%	10/15/36
VHH - Vintage at Bend		5,500	SIFMA +	1.20	%		1.26	%	12/15/36
VHH - Vintage at Bremerton		6,200	SIFMA +	1.09	%		1.15	%	03/15/33
VHH - Vintage at Burien		6,680	SIFMA +	1.47	%		1.53	%	01/15/38
VHH - Vintage at Everett		16,285	SIFMA +	1.44	%		1.50	%	01/15/38
VHH - Forest Creek Apartments		13,680	SIFMA +	1.62	%		1.68	%	06/15/40
VHH - Hamilton Place Seniors		3,590	SIFMA +	1.43	%		1.49	%	07/01/33
VHH - Holly Village Apartments		6,915	SIFMA +	1.44	%		1.50	%	07/31/32
VHH - Larkin Place Apartments		4,825	SIFMA +	1.40	%		1.46	%	07/01/33
VHH - Vintage at Richland		7,535	SIFMA +	1.76	%		1.82	%	01/15/38
VHH - Rosecreek Senior Living		3,282	SIFMA +	0.43	%		0.49	%	12/31/37
VHH - Vintage at Sequim		6,248	SIFMA +	2.30	%		2.36	%	03/01/38
VHH - Silver Creek Apartments		12,775	SIFMA +	1.66	%		1.72	%	12/15/37
VHH - Vintage at Spokane		16,295	SIFMA +	1.37	%		1.43	%	08/15/40
VHH - Seven Hills/ St Rose		15,070	SIFMA +	1.37	%		1.43	%	10/15/35
VHH - The Bluffs Apartments		18,400	SIFMA +	1.38	%		1.44	%	09/15/34
VHH - Twin Ponds Apartments		5,515	SIFMA +	1.60	%		1.66	%	01/01/38
VHH - Vintage at Vancouver		7,725	SIFMA +	2.16	%		2.22	%	01/01/35
Total Floating Rate Debt		568,143		Wtd Avg			5.83	%	Wtd Avg	8.4
Total Joint Venture Debt	$	889,375		Wtd Avg			6.46	%	Wtd Avg	7.8

Notes to Floating Rate Debt Schedule:

(1)	LIBOR rate used to determine coupon on floating rate debt at September 30, 2013 was .178850%

(2)

SIFMA = Securities Industry and Financial Markets Association Municipal Swap Index. SIFMA rate used to determine coupon on floating rate debt at August 31, 2013 on the Vintage debt was 0.06%. 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%.

(4)	Interest rate floor of 1%

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:
2013		35,000		3	%	$	698,000	$	19.94
2014		138,000		12	%		2,403,000		17.41
2015		89,000		7	%		1,763,000		19.81
2016		68,000		6	%		1,303,000		19.16
Thereafter		866,000		72	%		21,245,000		24.53

Consolidated Single Tenant Operating Properties:
2013		200,000		10	%	$	2,016,000	$	10.08
2014		54,000		3	%		840,000		15.56
2015		660,000		29	%		1,278,000		1.94
2016		88,000		4	%		382,000		4.34
Thereafter		1,143,000		55	%		14,694,000		12.86

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,
	2013			2013			2013			2012			2012

NOI from consolidated properties (1)(4)	$	8,122		$	9,100		$	8,923		$	7,168		$	7,730
Less:
Interest expense		(5,435	)		(6,708	)		(6,032	)		(6,056	)		(4,430	)
Depreciation and amortization		(4,923	)		(4,859	)		(4,921	)		(4,404	)		(4,439	)
(Income) loss attributable to non-controlling interest		995			629			795			(188	)		(939	)
WRT share of income (loss) from consolidated properties (2)(4)		(1,241	)		(1,838	)		(1,235	)		(3,480	)		(2,078	)

Equity in income (loss) of equity investments (3)		13,856			4,524			7,869			792			12,809

Add:
Interest, dividends and discount accretion		3,917			4,308			5,320			6,105			3,722
Gain (loss) on sale of loan securities carried at fair value		-			-			-			614			-
Earnings from preferred equity investments		189			185			202			-			-
Unrealized gain (loss) on loan securities carried at fair value					215			-			-			371
Unrealized gain (loss) on securities carried at fair value		-			(1,860	)		1,718			(338	)		3,113
(Loss) gain on securities carried at fair value		(31	)					(102	)		-			-
Interest and other income		101			115			70			266			242
(Loss) Income from discontinued operations		(1,434	)		6,419			3,040			(668	)		121

Less:
Income attributable to Series D preferred shares		(2,787	)		(2,786	)		(2,787	)		(2,787	)		(2,786	)
Amount allocated to restricted shares		(106	)		(98	)		(16	)		-			-
General and administrative		(1,113	)		(1,098	)		(847	)		(1,100	)		(782	)
Related party fees		(2,309	)		(2,291	)		(2,266	)		(2,312	)		(2,316	)
Transaction costs		(106	)		(46	)		(6	)		(87	)		(30	)
State and local tax expense		(85	)		(125	)		(17	)		(21	)		(64	)
Loss on extinguishment of debt		-			-			-			(121	)		-
Impairment loss on investment in real estate		-			-			-			(1,738	)		-
Settlement expense		(16	)		(134	)		-			-			-
Net income attributable to Common Shares	$	8,835		$	5,490		$	10,943		$	(4,875	)	$	12,322

(1) See additional NOI detail on Page 23 of the supplemental package.
(2) See detail for the Nine months ended September 30, 2013 on Page 31 of the supplemental package.
(3) See detail for the Nine months ended September 30, 2013 on Page 32 of the supplemental package.
(4) See definitions for non-GAAP measures on page 38 of the supplemental package.

WINTHROP REALTY TRUST

SUPPLEMENTAL DEFINITIONS

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.

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

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.

Internal Rate of Return (IRR) – The internal rate of return is the annualized effected compound return rate of an investment. Specifically, it is the discount rate that equates the cost of an investment with the present value of the cash generated by that investment.

LIBOR – London Inter Bank Offer Rate

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.

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.

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.

WINTHROP REALTY TRUST

SUPPLEMENTAL DEFINITIONS (Continued)

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.

SIFMA - Securities Industry and Financial Markets Association Municipal Swap Index

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

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
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

Mitch Germain	JMP Securities	(212) 906-3546 mgermain@jmpsecurities.com

Ryan Meliker	MLV & Co.	(646)-556-9184 rmeliker@mlvco.com

Simon Yarmak	Stifel	(443) 224-1345 yarmaks@stifel.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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