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

Attached files

file	filename
8-K - Winthrop Realty Liquidating Trust	e608732_8k-wrt.htm
EX-99.1 - Winthrop Realty Liquidating Trust	e608732_ex99-1.htm
EX-99.3 - Winthrop Realty Liquidating Trust	e608732_ex99-3.htm

Winthrop Realty Trust

Supplemental Operating and Financial Data

For the Period Ended June 30, 2011

WINTHROP REALTY TRUST

SUPPLEMENTAL REPORTING PACKAGE

Table of Contents

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

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

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

WINTHROP REALTY TRUST

CONSOLIDATED BALANCE SHEETS

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

	June 30,			March 31,			December 31,			September 30,			June 30,
	2011			2011			2010			2010			2010
ASSETS
Investments in real estate, at cost
Land	$	36,495		$	36,495		$	37,142		$	21,460		$	20,659
Buildings and improvements		273,964			273,071			271,357			236,500			229,132
		310,459			309,566			308,499			257,960			249,791
Less: accumulated depreciation		(40,168	)		(38,084	)		(36,232	)		(34,416	)		(33,279	)
Investments in real estate, net		270,291			271,482			272,267			223,544			216,512

Cash and cash equivalents		51,344			21,240			45,257			102,919			37,913
Restricted cash held in escrows		9,152			30,648			8,593			8,889			8,574
Loans receivable, net		153,437			105,390			110,395			77,964			53,395
Accounts receivable, net of allowances of $453, $378, $262, $293 and $430, respectively		14,110			12,534			12,402			12,560			11,870
Securities carried at fair value		7,613			14,695			33,032			29,893			43,754
Loan securities carried at fair value		5,418			14,132			11,981			6,454			4,673
Preferred equity investments		10,155			4,034			4,010			3,972			3,951
Equity investments		95,169			106,606			81,937			92,691			82,907
Other receivables, net		-			8,459			-			-			-
Lease intangibles, net		24,681			25,651			26,821			24,496			23,218
Deferred financing costs, net		1,346			1,479			1,158			1,217			1,366
Assets held for sale		3,702			3,710			2,275			3,096			2,180
Deposits		-			-			-			-			4,100
TOTAL ASSETS	$	646,418		$	620,060		$	610,128		$	587,695		$	494,413

LIABILITIES
Mortgage loans payable	$	210,751		$	212,155		$	230,443		$	211,773		$	213,375
Series B-1 Cumulative Convertible Redeemable Preferred Shares, $25 per share liquidation preference; 852,000 shares authorized and outstanding at June 30, 2011, March 31, 2011, December 31, 2010, September 30, 2010, and June 30, 2010		21,300			21,300			21,300			21,300			21,300
Secured financing		15,150			15,150			-			-			-
Revolving line of credit		-			33,875			25,450			25,450			-
Accounts payable and accrued liabilities		12,322			11,982			12,557			9,852			8,670
Dividends payable		5,385			4,441			4,431			4,424			3,481
Deferred income		1,016			1,206			150			33			38
Below market lease intangibles, net		2,312			2,503			2,696			2,348			2,514
Liabilities of held for sale assets		620			537			33			-			-
TOTAL LIABILITIES		268,856			303,149			297,060			275,180			249,378

COMMITMENTS AND CONTINGENCIES

NON-CONTROLLING REDEEMABLE PREFERRED INTEREST
Series C Cumulative Convertible Redeemable Preferred Shares, $25 per share liquidation preference, 144,000 shares authorized and outstanding at June 30, 2011, March 31, 2011, December 31, 2010, September 30, 2010 and June 30, 2010		3,221			3,221			3,221			3,221			3,221
Total non-controlling redeemable preferred interest		3,221			3,221			3,221			3,221			3,221

EQUITY
Winthrop Realty Trust Shareholders’ Equity:
Common Shares, $1 par, unlimited shares authorized; 32,897,554, 27,088,347, 27,030,186, 26,981,888, and 21,181,499 issued and outstanding at June 30, 2011, March 31, 2011, December 31, 2010, September 30, 2010 and June 30, 2010 respectively		32,898			27,088			27,030			26,982			21,181
Additional paid-in capital		626,472			570,208			569,586			569,121			507,440
Accumulated distributions in excess of net income		(299,721	)		(298,045	)		(300,782	)		(300,219	)		(299,584	)
Accumulated other comprehensive loss		-			-			(63	)		(93	)		(73	)
Total Winthrop Realty Trust Shareholders’ Equity		359,649			299,251			295,771			295,791			228,964
Non-controlling interests		14,692			14,439			14,076			13,503			12,850
Total Equity		374,341			313,690			309,847			309,294			241,814
TOTAL LIABILITIES AND EQUITY	$	646,418		$	620,060		$	610,128		$	587,695		$	494,413

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share data)

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Revenue
Rents and reimbursements	$	11,234		$	9,435		$	22,220		$	18,755
Interest, dividends and discount accretion		5,094			3,590			14,766			6,799
		16,328			13,025			36,986			25,554
Expenses
Property operating		3,987			1,818			8,032			3,767
Real estate taxes		1,087			340			2,342			1,060
Depreciation and amortization		3,312			2,371			6,793			4,671
Interest		3,963			3,666			8,576			7,317
General and administrative		2,758			1,916			5,282			3,823
State and local taxes		48			85			77			99
		15,155			10,196			31,102			20,737
Other income (loss)
Earnings from preferred equity investments		158			85			241			168
Equity in income (loss) of equity investments		2,875			(392	)		1,520			(919	)
Realized gain on sale of securities carried at fair value		7			78			131			773
Unrealized (loss) gain on securities carried at fair value		(723	)		(750	)		163			1,790
Unrealized gain on loan securities carried at fair value		34			3,625			2,847			3,012
Interest income		443			40			536			77
		2,794			2,686			5,438			4,901

Income from continuing operations		3,967			5,515			11,322			9,718

Discontinued operations
Income (loss) from discontinued operations		90			(764	)		137			(517	)

Consolidated net income		4,057			4,751			11,459			9,201
Income attributable to non-controlling interest		(329	)		(175	)		(533	)		(420	)
Net income attributable to Winthrop Realty Trust		3,728			4,576			10,926			8,781
Income attributable to non-controlling redeemable preferred interest		(58	)		(58	)		(117	)		(171	)
Net income attributable to Common Shares	$	3,670		$	4,518		$	10,809		$	8,610

Comprehensive income
Consolidated net income	$	4,057		$	4,751		$	11,459		$	9,201
Change in unrealized (loss) gain on available for sale securities		-			(5	)		-			2
Change in unrealized (loss) gain on interest rate derivative		-			(28	)		63			12
Comprehensive income	$	4,057		$	4,718		$	11,522		$	9,215

(Continued on next page)

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share data, continued)

(Unaudited)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2011		2010			2011		2010

Per Common Share data - Basic
Income from continuing operations	$	0.11	$	0.25		$	0.36	$	0.44
Loss from discontinued operations		-		(0.04	)		-		(0.03	)
Net income attributable to Winthrop Realty Trust	$	0.11	$	0.21		$	0.36	$	0.41

Per Common Share data - Diluted
Income from continuing operations	$	0.11	$	0.25		$	0.36	$	0.44
Loss from discontinued operations		-		(0.04	)		-		(0.03	)
Net income attributable to Winthrop Realty Trust	$	0.11	$	0.21		$	0.36	$	0.41

Basic Weighted-Average Common Shares		32,573		21,175			29,841		20,888
Diluted Weighted-Average Common Shares		32,574		21,177			29,842		21,412

WINTHROP REALTY TRUST

FUNDS FROM OPERATIONS ANALYSIS

(In thousands, except per share data)

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Reconciliation of Net Income to Funds from Operations (FFO):

Basic
Net income attributable to Winthrop Realty Trust	$	3,728		$	4,576		$	10,926		$	8,781
Real estate depreciation		2,086			1,508			4,204			3,014
Amortization of capitalized leasing costs		1,226			894			2,591			1,719
Real estate depreciation and amortization of unconsolidated interests		2,376			2,266			4,639			4,400
Less: Non-controlling interest share of depreciation and amortization		(789	)		(799	)		(1,581	)		(1,584	)
Funds from operations		8,627			8,445			20,779			16,330
Series C preferred dividends		(58	)		(58	)		(117	)		(171	)
Allocation of earnings to Series B-1 Preferred Shares		-			(26	)		-			(31	)

Allocation of earnings to Series C Preferred Shares		(9	)		(43	)		(60	)		(162	)
FFO applicable to Common Shares - Basic	$	8,560		$	8,318		$	20,602		$	15,966
Weighted-average Common Shares		32,573			21,175			29,841			20,888
FFO Per Common Share - Basic	$	0.26		$	0.39		$	0.69		$	0.76


Diluted
Funds from operations (per above)	$	8,627		$	8,445		$	20,779		$	16,330
Series C Preferred Shares Dividend		(58	)		-			(117	)		-
Allocation of earnings to Series B-1 Preferred Shares (1)					(26	)		-			(31	)
Allocation of earnings to Series C Preferred Shares		(9	)		-			(60	)		-
FFO applicable to Common Shares	$	8,560		$	8,419		$	20,602		$	16,299

Weighted-average Common Shares (per above)		32,573			21,175			29,841			20,888
Stock options (2)		1			2			1			2
Convertible Series C Preferred Shares (3)		-			257			-			522
Diluted weighted-average Common Shares		32,574			21,434			29,842			21,412
FFO Per Common Share - Diluted	$	0.26		$	0.39		$	0.69		$	0.76

(1)	The Trust's Series B-1 Preferred Shares were considered anti-dilutive for the three and six monthsended June 30, 2011 and 2010.

(2)	The Trust's stock options were considered dilutive for the three and six months ended June 30, 2010.

(3)	The Trust's Series C Preferred Shares were considered anti-dilutive for the three and six months endedJune 30, 2011 and were considered dilutive for the three and six months ended June 30, 2010 .

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Six Months Ended
	June 30,
	2011			2010
	(unaudited)			(unaudited)
Cash flows from operating activities
Net income	$	11,459		$	9,201
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)		4,629			3,307
Amortization of lease intangibles		2,337			1,369
Straight-lining of rental income		(709	)		708
Loan discount accretion		(8,793	)		(3,742	)
Discount accretion received in cash		8,540			-
Earnings of preferred equity investments		(241	)		(168	)
Distributions of income from preferred equity investments		60			229
(Income) losses of equity investments		(1,520	)		919
Distributions of income from equity investments		3,813			2,254
Restricted cash held in escrows		1,359			1,656
Gain on sale of securities carried at fair value		(131	)		(773	)
Unrealized gain on securities carried at fair value		(163	)		(1,790	)
Unrealized gain on loan securities carried at fair value		(2,847	)		(3,012	)
Tenant leasing costs		(581	)		(2,349	)
Impairment loss on real estate held for sale		-			1,000
Bad debt expense (recovery)		191			(250	)
Net change in interest receivable		(161	)		(113	)
Net change in accounts receivable		(1,131	)		2,116
Net change in accounts payable and accrued liabilities		1,068			1,307
Net cash provided by operating activities		17,179			11,869
Cash flows from investing activities
Investments in real estate		(4,139	)		(1,753	)
Investment in equity investments		(59,562	)		(12,873	)
Investment in preferred equity investments		(3,942	)		-
Proceeds from sale of equity investments		6,000			-
Return of capital distribution from equity investments		26,130			-
Purchase of securities carried at fair value		(568	)		(1,856	)
Proceeds from sale of securities carried at fair value		26,281			13,174
Proceeds from sale of available for sale securities		-			205
Proceeds from payoff of loan securities		8,748			-
Restricted cash held in escrows		(1,417	)		(2,171	)
Issuance and acquisition of loans receivable		(44,161	)		(26,451	)
Proceeds from sale of loans receivable		-			3,000
Collection of loans receivable		12,717			12
Deposits on acquisition of loans receivable		-			(4,100	)
Net cash used in investing activities		(33,913	)		(32,813	)
Cash flows from financing activities
Proceeds from mortgage loans payable		11,000			-
Principal payments of mortgage loans payable		(30,692	)		(3,392	)
Proceeds from revolving line of credit		27,324			-
Payment of revolving line of credit		(52,774	)		-
Proceeds from note payable		15,150			-
Restricted cash held in escrows		(501	)		1,446
Deferred financing costs		(612	)		(164	)
Contribution from non-controlling interest		277			519
Distribution to non-controlling interest		(194	)		(200	)
Issuance of Common Shares through offering		61,386			-
Issuance of Common Shares under Dividend Reinvestment Plan		1,368			1,180
Dividend paid on Common Shares		(8,794	)		(6,746	)
Dividend paid on Series C Preferred Shares		(117	)		(279	)
Net cash provided by (used in) financing activities		22,821			(7,636	)

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, continued)

(Unaudited)

	Six Months Ended
	June 30,
	2011			2010
	(unaudited)			(unaudited)

Net increase (decrease) in cash and cash equivalents		6,087			(28,580	)
Cash and cash equivalents at beginning of period		45,257			66,493
Cash and cash equivalents at end of period	$	51,344		$	37,913
Supplemental Disclosure of Cash Flow Information
Interest paid	$	8,865		$	7,216
Taxes paid	$	47		$	98


Supplemental Disclosure on Non-Cash Investing and
Financing Activities
Dividends accrued on Common Shares	$	5,346		$	3,442
Dividends accrued on Series C Preferred Shares	$	39		$	39
Capital expenditures accrued	$	172		$	165
Loan securities carried at fair value	$	662		$	-
Loans receivable	$	(11,184	)	$	-
Preferred equity investments	$	(2,022	)	$	-
Equity investments	$	12,544		$	-

WINTHROP REALTY TRUST

SELECTED BALANCE SHEET ACCOUNT DETAIL

(In thousands, Unaudited)

	June 30,			March 31,			December 31,			September 30,			June 30,
	2011			2011			2010			2010			2010
Operating Real Estate
Land	$	36,495		$	36,495		$	37,142		$	21,460		$	20,659
Buildings and improvements
Buildings		251,632			251,632			252,625			221,761			217,793
Building improvements		12,824			12,358			11,841			11,223			6,995
Furniture and Fixtures		827			815			815			-			-
Tenant improvements		8,681			8,266			6,076			3,516			4,344
		310,459			309,566			308,499			257,960			249,791
Accumulated depreciation and amortization		(40,168	)		(38,084	)		(36,232	)		(34,416	)		(33,279	)
Total Operating Real Estate	$	270,291		$	271,482		$	272,267		$	223,544		$	216,512

Accounts Receivable
Straight-line rent receivable	$	9,438		$	9,075		$	8,729		$	8,563		$	8,234
Other		4,672			3,459			3,673			3,997			3,636
Total Accounts Receivable	$	14,110		$	12,534		$	12,402		$	12,560		$	11,870

Securities Carried at Fair Value
REIT Debentures	$	-		$	-		$	-		$	-		$	15,907
REIT Preferred Shares		4,333			10,547			28,547			28,252			25,922
REIT Common Shares		3,280			4,148			4,485			1,641			1,925
Total Securities Carried at Fair Value	$	7,613		$	14,695		$	33,032		$	29,893		$	43,754

Equity Investments
Marc Realty Portfolio (9 Properties)	$	43,735		$	62,493		$	62,150		$	62,080		$	61,000
Vintage Housing Holdings (25 Properties)		25,452			-			-			-			-
Sealy Ventures Properties (3 Properties)		10,798			10,444			11,904			13,152			14,102
WRT-ROIC Riverside (Retail Loan)		7,883			7,883			7,883			7,883			7,805
LW SOFI (Sofitel Hotel Loan)		6,022			-			-			-			-
RE-CDO Management		1,250			-			-			-			-
46th Street Gotham (Gotham Hotel Loan)		20			7,949			-			-			-
Lakeside/Eagle		9			17,837			-			-			-
PSW-NYC		-			-			-			9,576			-
Total Equity Investments	$	95,169		$	106,606		$	81,937		$	92,691		$	82,907

Preferred Equity Investments
180 North Michigan (Marc Realty)	$	4,118		$	4,034		$	4,010		$	3,972		$	3,951
450 West 14th Street (High Line)		6,037			-			-			-			-
Total Preferred Equity Investments	$	10,155		$	4,034		$	4,010		$	3,972		$	3,951

Non-Controlling Interests
Westheimer (Houston, TX)	$	10,340		$	10,053		$	9,780		$	9,521		$	9,279
River City / Marc Realty (Chicago, IL)		3,442			3,458			3,280			2,870			2,597
One East Erie/ Marc Realty (Chicago, IL)		503			497			557			584			586
1050 Corporetum / Marc Realty (Lisle, IL)		253			278			322			386			388
Deer Valley / Fenway (Deer Valley, AZ)		154			153			137			142			-
Total Non-Controlling Interests	$	14,692		$	14,439		$	14,076		$	13,503		$	12,850

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

WINTHROP REALTY TRUST

SCHEDULE OF CAPITALIZATION, DIVIDENDS AND LIQUIDITY

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

	June 30,		March 31,		December 31,		September 30,		June 30,
	2011		2011		2010		2010		2010
Debt
Mortgage loans payable	$	210,751	$	212,155	$	230,443	$	211,773	$	213,375
Series B-1 Preferred Shares		21,300		21,300		21,300		21,300		21,300
KeyBank line of credit		-		33,875		25,450		25,450		-
Secured financing		15,150		15,150		-		-		-
Total Debt		247,201		282,480		277,193		258,523		234,675

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

Equity
Common Shares		359,649		299,251		295,771		295,791		228,964
Non-controlling ownership interests		14,692		14,439		14,076		13,503		12,850
Total Equity		374,341		313,690		309,847		309,294		241,814

Total Capitalization	$	624,763	$	599,391	$	590,261	$	571,038	$	479,710


Common Dividend Per Share

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

$	0.1625	$	0.1625	$	0.1625	$	0.1625	$	0.1625

Liquidity and Credit Facility
	June 30,		March 31,		December 31,		September 30,		June 30,
	2011		2011		2010		2010		2010
Cash and cash equivalents	$	51,344	$	21,240	$	45,257	$	102,919	$	37,913
Securities carried at fair value		7,613		14,695		33,032		29,893		43,754
Available under line of credit		50,000		16,125		9,550		9,550		35,000
Total Liquidity and Credit Facility	$	108,957	$	52,060	$	87,839	$	142,362	$	116,667

WINTHROP REALTY TRUST

SELECTED INVESTMENT DATA

June 30, 2011

(In thousands, except square footage, Unaudited)

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

Cash	Amount
Cash and cash equivalents	$	51,344

REIT Securities	Cost		Fair Value
REIT Preferred shares	$	1,877	$	4,333
REIT Common shares		2,935		3,280

Loan Assets, Loan Securities & Loan Equity Investments, with Expected Repayment	Type	Stated Interest Rate	Cost, less Principal Repaid	Carrying Amount (before accrued interest)	Par Value		Extended Maturity Date
Beverly Hills Hilton - B Note	Hotel	Libor + 1.74%	$ 5,250	$ 9,578	$ 10,000		08/09/11
Sealy Northwest Atlanta - Whole Loan	Office	8.00%	20,641	20,641	20,641		11/01/11
Sofitel - Mezzanine Loan - Equity Investment (1)	Hotel	Libor + 1.85%	67,610	68,134	71,530		2/1/2012
Westwood - Whole Loan	Office	11.00%	3,604	3,604	3,604		04/30/12
Magazine - Mezzanine	Multi Family	Libor + 1.23%	17,525	17,695	20,000		07/09/12
Moffet Towers - B Note	Office	Libor + 6.48%	22,947	22,947	22,947		07/31/12
160 Spear - B Note	Office	9.75%	3,410	8,578	15,000	(2)	06/09/13
160 Spear - Mezzanine Loan	Office	15.00%	4,800	4,800	4,800		06/09/13
Legacy Orchard -Corporate Loan	Corporate Loan	15.00%	9,750	9,750	9,750	(2)	10/31/14
San Marbeya - Whole Loan	Multi Family	5.88%	26,598	26,598	30,713		01/01/15
CDH CDO LLC - Unsecured Loan	n/a	12.00%	740	740	740	(3)	12/30/15
Rockwell - Mezzanine Loan	Industrial	12.00%	247	247	1,494		05/01/16
8 South Michigan - Mezzanine	Office	8.00%	4,910	4,910	4,910	(4)	05/31/16
11 East Adams - Mezzanine	Office	8.00%	2,265	2,265	2,265	(3)	05/31/16
29 East Madison - Mezzanine	Office	8.00%	5,370	5,370	5,370		05/31/16
500-512 Seventh Ave - B Note	Office	7.19%	9,683	9,916	11,520		07/11/16
180 North Michigan - Mezzanine Loan	Office	8.50%	2,609	2,609	2,609		12/31/16
Wellington Tower - Mezzanine Loan	Mixed use	6.79%	2,352	2,493	3,501		07/11/17
WBCMT Series 2007 Tranche L - CMBS	Hotel	Libor + 1.75%	161	79	1,130		06/09/12
2600 West Olive - Rake Bonds	Office	Libor+0.65% to 1.60%	1,500	5,339	6,364		02/28/13

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

(2) Amount represents Borrowers Discounted Payoff Option amount .

(3) Loan repaid in full by borrower subsequent to June 30, 2011.

(4) Loan partially repaid by approximately $1,800 subsequent to June 30, 2011.

Loan Assets, Loan Securities & Loan Equity Investments, with Potential Equity Participation	Type	Stated Interest Rate	Cost, less Principal Repaid	Carrying Amount (before accrued interest)	Par Value	Extended Maturity Date

Riverside -B Note - 50 % Owned Equity Investment	Retail	12.00%	7,800	7,800	7,800	12/01/12

Continued on next page

WINTHROP REALTY TRUST

SELECTED INVESTMENT DATA (Continued)

June 30, 2011

(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	Cost per Square Foot or Unit		Debt Balance
Deer Valley, AZ	97%	Office	82,000	$ 10,260	$ 125	per sf	$ -	(1)
Englewood, CO (Crossroads I)	100%	Office	118,000	7,811	66	per sf	-	(1)
Englewood, CO (Crossroads II)	100%	Office	118,000	8,353	71	per sf	-	(1)
Meriden, CT (Newbury Apartments)	100%	Multi-Family	180 Units	25,254	140,300	per unit	23,875

Consolidated Operating Properties Acquired through Asset Purchase	% Owned	Type	Square Feet	Cost Basis	Cost per Square Foot		Debt Balance
Atlanta, GA	100%	Retail	61,000	$ 4,638	$ 76	per sf	$ -	(1)
Denton, TX	100%	Retail	46,000	2,699	59	per sf	-	(1)
Greensboro, NC	100%	Retail	47,000	3,801	81	per sf	-	(1)
Louisville , KY	100%	Retail	47,000	3,099	66	per sf	-	(1)
Memphis, TN	100%	Retail	47,000	1,397	30	per sf	-	(1)
Seabrook, TX	100%	Retail	53,000	2,012	38	per sf	-	(1)
Amherst, NY	100%	Office	200,000	19,618	98	per sf	15,901
Andover, MA	100%	Office	93,000	8,328	90	per sf	-	(1)
Chicago, IL (One East Erie / Marc Realty)	80%	Office	126,000	25,453	202	per sf	20,672
Chicago, IL (River City / Marc Realty )	60%	Office	253,000	16,233	64	per sf	8,900
Houston, TX (Westheimer)	8%	Office	614,000	69,543	113	per sf	58,445
Indianapolis, IN (Circle Tower)	100%	Office	111,000	8,198	74	per sf	4,207
Lisle, IL (550 Corporetum)	100%	Office	169,000	20,910	124	per sf	16,879
Lisle, IL (Arboretum)	100%	Office	67,000	8,949	134	per sf	6,894
Lisle, IL (1050 Corporetum / Marc Realty)	60%	Office	54,000	4,045	75	per sf	5,600
Orlando, FL	100%	Office	256,000	17,290	68	per sf	38,396
Plantation, FL	100%	Office	133,000	12,935	97	per sf	10,982
South Burlington, VT	100%	Office	56,000	3,407	61	per sf	-	(1)
Jacksonville, FL	100%	Warehouse	587,000	12,341	21	per sf	-	(1)
Churchill, PA	100%	Mixed Use	1,008,000	13,883	14	per sf	-

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

Equity Investment Operating Properties Acquired through Asset Purchase	% Owned	Type	Square Feet	Equity Investment Carrying Amount
Marc Realty (9 Equity Investments)	Var	Office	1,407,000	$ 43,735
Sealy Equity Investments (3 Equity Investments)	Var	Industrial/Office	2,097,000	10,798
Vintage Housing Holdings	75%	Multi- Family	4,167 Units	25,452

Preferred Equity Investment Operating Properties Acquired through Asset Purchase	% Owned	Type	Square Feet	Equity Investment Carrying Amount
450 West 14th Street	Var	Office	102,000	$ 6,037
180 North Michigan	70%	Office	29,000	4,118

WINTHROP REALTY TRUST

SCHEDULE OF SECURITIES CARRIED AT FAIR VALUE

(In thousands, Unaudited)

	June 30, 2011				March 31, 2011				December 31, 2010				September 30, 2010
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value		Cost		Fair Value

REIT Preferred shares	$	2,067	$	4,333	$	5,646	$	10,547	$	15,757	$	28,547	$	14,867	$	28,252
REIT Common shares		2,935		3,280		2,935		4,148		3,590		4,485		1,223		1,641
Total securities carried at fair value	$	5,002	$	7,613	$	8,581	$	14,695	$	19,347	$	33,032	$	16,090	$	29,893

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

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

Net unrealized gain (loss)	$	(689	)	$	3,699	$	2,198	$	3,071		$	2,875

Net realized gain (loss)	$	7		$	124	$	439	$	(185	)	$	78

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

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

WINTHROP REALTY TRUST

SCHEDULE OF LOAN ASSETS

(In thousands, Unaudited)

Description

Acquisition

Date

Asset

Type

Location

Position

Interest Rate

Carrying

Amount (1)

June 30, 2011

Par Value

Maturity

Date (2)

Senior

Debt (3)

Loans Receivable

Beverly Hilton

Dec 2009

Hotel

Beverly Hills, CA

B Note

Libor + 1.74%

$ 9,590

10,000

08/09/11

$ 166,000

Sealy Northwest Atlanta

Jun 2011

Office

Atlanta, GA

Whole

8.00%

20,678

20,641

11/01/11

Westwood

Oct 2010

Office

Phoenix, AZ

Whole

11.00%

3,637

3,604

04/30/12

Magazine

Jun 2011

Multi Family

Florida

Mezzanine

Libor + 1.23%

17,712

20,000

07/09/12

120,000

Moffett Tower

Oct 2010

Office

Sunnyvale, CA

B Note

Libor + 6.48%

23,099

22,947

07/31/12

116,394

160 Spear

Jun 2009

Office

San Francisco, CA

B Note

(5)

8,662

15,000

(4)

06/09/13

35,000

160 Spear

Various

Office

San Francisco, CA

Mezzanine

15.00%

4,844

4,800

06/09/13

50,000

Corporate

Legacy Orchard

Oct 2010

Corporate Loan

n/a

Loan

15.00%

9,750

(4)

10/31/14

San Marbeya

Jul 2010

Multi Family

Tempe, AZ

Whole

5.88%

26,748

30,713

01/01/15

CDH CDO LLC

Feb 2011

Various

Unsecured

12.00%

742

740

(6)

12/30/15

318,525

Rockwell

Aug 2010

Industrial

Shirley, NY

Mezzanine

12.00%

262

1,494

05/01/16

16,880

8 South Michigan

Jun 2011

Office

Chicago, IL

Mezzanine

8.00%

4,942

4,910

(7)

05/31/16

3,785

11 East Adams

Jun 2011

Office

Chicago, IL

Mezzanine

8.00%

2,280

2,265

(6)

05/31/16

9,999

29 East Madison

Jun 2011

Office

Chicago, IL

Mezzanine

8.00%

5,405

5,370

05/31/16

10,867

500-512 7th Ave

Jul 2010

Office

New York, NY

B Note

7.19%

9,962

11,520

07/11/16

253,673

180 N. Michigan

Various

Office

Chicago, IL

(8)

8.50%

2,617

2,609

12/31/16

17,850

Wellington Tower

Dec 2009

Mixed use

New York, NY

Mezzanine

6.79%

2,507

3,501

07/11/17

22,500

Total Loans Receivable

$ 153,437

$ 169,864

Loan Securities Carried at Fair Value

WBCMT 2007

Dec 2009

Hotel

Various

CMBS

Libor + 1.75%

$ 79

$ 1,130

06/09/12

$ 1,468,066

West Olive

Dec 2009

Office

Burbank, CA

Rake Bonds

(9)

5,339

6,364

02/28/13

15,666

Total Loan Securities Carried at Fair Value

$ 5,418

$ 7,494

Equity Investment Loan Assets

Riverside Plaza

Jun 2010

Retail

Riverside, CA

B Note

12.00%

7,883

7,800

12/01/12

54,400

Sofitel Hotel

Jun 2011

Hotel

New York, NY

Mezzanine

Libor + 1.85%

34,067

35,765

02/01/12

110,000

Total Loan Assets of Equity Investments

$ 41,950

$ 43,565

Continued on next page

WINTHROP REALTY TRUST

SCHEDULE OF LOAN ASSETS

(In thousands, Unaudited, Continued)

Notes to Schedule of Loan Assets

(1)	Carrying amount of loans receivable includes accrued interest of $697 and cumulative discount accretion of $10,056 at June 30, 2011.

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

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

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

(5)

The Trust holds a B note in this loan. Interest on the B note equals the difference between (i) interest on the entire outstanding loan principalbalance ($73,796 at June 30, 2011) at a rate of 6.48215% per annum less (ii) interest payable on the outstanding principal balance of the A note ($35,000 at June 30, 2011) at a rate of 9.75% per annum. As a result, the effective yield on the Trust’s $3,410 cash investment is 40.8%.

(6)	Loan repaid in full by borrower subsequent to June 30, 2011.

(7)	Loan partially repaid by approximately $1,800 subsequent to June 30, 2011.

(8)	Represents tenant improvement and capital expenditure loans on our Marc Realty preferred equity investment in 180 North Michigan.

(9)	Ranges from Libor + 0.65% to Libor + 1.60%.

(10)	The loan asset carrying amount presented is at Winthrop's 50% ownership of its equity investment.

WINTHROP REALTY TRUST

NET OPERATING INCOME FROM CONSOLIDATED PROPERTIES

(In thousands)

(Unaudited)

	Three Months Ended

	June 30,			March 31,			December 31,			September 30,			June 30,
	2011			2011			2010			2010			2010
Rents and reimbursements
Minimum rent	$	9,666		$	9,624		$	9,046		$	8,087		$	8,713
Deferred rents (straight-line)		363			346			166			330			(109	)
Recovery income		1,274			1,147			851			890			745
Less:
Above and below market rents		126			128			155			183			172
Lease concessions and abatements		(195	)		(259	)		(160	)		(247	)		(86	)
Total rents and reimbursements		11,234			10,986			10,058			9,243			9,435

Rental property expenses
Property operating		3,987			4,045			3,086			1,812			1,818
Real estate taxes		1,087			1,255			520			952			340
Total rental property expenses		5,074			5,300			3,606			2,764			2,158

Net operating income (1)
from consolidated properties	$	6,160		$	5,686		$	6,452		$	6,479		$	7,277

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

WINTHROP REALTY TRUST

SCHEDULE OF INTEREST AND DIVIDENDS

(In thousands)

(Unaudited)

	Three Months Ended

	June 30,		March 31,		December 31,		September 30,		June 30,
	2011		2011		2010		2010		2010
Interest and Dividends by Business Segment:
Loan Assets	$	4,976	$	9,214	$	4,989	$	4,185	$	2,836
REIT Securities		118		458		392		763		754
Total Interest and Dividends	$	5,094	$	9,672	$	5,381	$	4,948	$	3,590

Interest and Dividends Detail:
Interest on loan assets	$	2,687	$	2,710	$	2,294	$	1,839	$	835
Accretion of loan discount		2,289		6,504		2,695		2,346		2,001
Interest and dividends on REIT securities		118		458		392		763		754
Total Interest and Dividends	$	5,094	$	9,672	$	5,381	$	4,948	$	3,590

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA

June 30, 2011

(Unaudited)

Description and Location	Year Acquired	Trust’s Ownership	Rentable Square Feet	(**) % Leased	Major Tenants (Lease /Options Exp)	Major Tenants’ Sq. Feet.	($000's) Cost Basis	Cost per Sq Ft	Ownership of Land	($000's) Debt Balance	Debt Maturity & Int Rate
Office
					Ingram Micro Systems						10/2013
Amherst, NY (2)	2005	100%	200,000	100%	(2013/2023)	200,000	$ 19,618	$ 98	Fee	$15,901	5.65%
					PAETEC Comm.
Andover, MA	2005	100%	93,000	100%	(2022/2037)	93,000	8,328	90	Fee	(1)	(1)
Chicago, IL					The Gettys Group						03/2016
(One East Erie / Marc	2005	80%	126,000	82%	(2012/2016)	13,000	25,453	202	Fee	20,672	5.75%
Realty)					River North Surgery (2015/ n/a)	15,000
Chicago, IL					Bally Total Fitness						04/2012
(River City / Marc	2007	60%	253,000	72%	(2013/2021)	55,000	16,233	64	Fee	8,900	6.25%
Realty)					ITAV (2024/2029)	35,000
					MCI d/b/a Verizon (2019/2023)	37,000
					United Healthcare
Deer Valley, AZ	2010	96.5%	82,000	78%	(2017/2027)	42,000	10,260	125	Fee	(1)	(1)
					Premier Research Group
					(2016/2026)	13,800
Englewood, CO					RGN-Denver LLC
Crossroads I	2010	100%	118,000	69%	(2015/ 2025)	17,000	7,811	66	Fee	(1)	(1)
Englewood, CO					Catholic Health
Crossroads II	2010	100%	118,000	58%	Initiatives (2011)	30,000	8,353	71	Fee	(1)	(1)
					Spectra Energy						04/2016
Houston, TX	2004	8%	614,000	100%	(2018/2028)	614,000	69,543	113	Fee	58,445	6.34%
Indianapolis, IN					No Tenants						04/2015
(Circle Tower)	1974	100%	111,000	82%	Over 10%	-	8,198	74	Fee	4,207	5.82%
					United Healthcare						06/2016
Lisle, IL	2006	100%	169,000	57%	(2014/ n/a)	41,000	20,910	124	Fee	16,879	6.26%
					ABM Janitorial						06/2016
Lisle, IL	2006	100%	67,000	32%	(2012/2014)	11,000	8,949	134	Fee	6,894	6.26%
Lisle, IL					Ryerson						03/2017
(Marc Realty)	2006	60%	54,000	100%	(2018/2028)	54,000	4,045	75	Fee	5,600	5.55%
					Siemens Real Estate, Inc.						07/2017
Orlando, FL	2004	100%	256,000	100%	(2017/2042)	256,000	17,290	68	Ground Lease	38,396	6.40%
					BellSouth						04/2018
Plantation, FL	2004	100%	133,000	100%	(2020/2035)	133,000	12,935	97	Fee	10,982	6.48%
					Fairpoint Comm.
South Burlington, VT	2005	100%	56,000	100%	(2014/2029)	56,000	3,407	61	Ground Lease	(1)	(1)

Subtotal - Office			2,450,000				241,333			186,876

(Continued on next page)

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA (Continued)

For the Three Months Ended June 30, 2011

(Unaudited)

Description and Location	Year Acquired	Trust’s Ownership	Rentable Square Feet	(**) % Leased	Major Tenants (Lease /Options Exp)	Major Tenants’ Sq. Feet.	($000's) Cost Basis	Cost per Square Foot or Unit		Ownership of Land	($000's) Debt Balance	Debt Maturity & Int Rate
Retail
					The Kroger Co.
Atlanta, GA	2004	100%	61,000	100%	(2016/2026)	61,000	$ 4,638	$ 76		Ground Lease	(1)	(1)
					Fitness Evolution
Denton, TX	2004	100%	46,000	63%	(2012)	29,000	2,699		59	Fee	(1)	(1)
					The Kroger Co.
Greensboro, NC	2004	100%	47,000	100%	(2017/2037)	47,000	3,801		81	Ground Lease	(1)	(1)
					The Kroger Co.
Louisville, KY	2004	100%	47,000	100%	(2015/2040)	47,000	3,099		66	Fee	(1)	(1)
					The Kroger Co.
Memphis, TN	2004	100%	47,000	100%	(2015/2040)	47,000	1,397		30	Fee	(1)	(1)
					The Kroger Co.
Seabrook, TX	2004	100%	53,000	100%	(2015/2040)	53,000	2,012		38	Fee	(1)	(1)

Subtotal Retail			301,000				17,646
Other
Warehouse
					Football Fanatics
Jacksonville, FL	2004	100%	587,000	100%	(2015/2024)	558,000	12,341	$ 21		Fee	(1)	(1)
Mixed Use

Churchill, PA (3)	2004	100%	1,008,000	19%	n/a	-	13,885		14	Ground Lease	-	-
Residential												02/2014
Meriden, CT	2010	100%	180 units	89%	n/a	n/a	25,254		140,300	Fee	23,875	5.83%
Subtotal - Other			1,595,000				51,480				23,875

Total Consolidated Properties			4,346,000				$ 310,459				$ 210,751

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

Notes to Consolidated Properties - Selected Data

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

(2)	The Amherst, New York office property represents two separate buildings. The ground underlying the properties is leased to us by the local development authority pursuant to a ground lease which requires no payment . Effective October 31, 2013, legal title to the ground will vest with us.

(3)	We currently are in litigation with the former tenant, Viacom, related to the condition of the property .

WINTHROP REALTY TRUST

EQUITY INVESTMENTS – SELECTED DATA

Three Months Ended June 30, 2011

(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 Investments
30 North Michigan,										08/2014
Chicago, IL	2005	50%	221,000	88%	No tenants over 10%	-	12,126	Fee	12,912	5.99%
223 West Jackson,										06/2012
Chicago, IL	2005	50%	168,000	63%	No tenants over 10%	-	7,680	Fee	7,578	6.92%
4415 West Harrison,
Hillside, IL (High Point)					North American Medical					12/2015
	2005	50%	192,000	68%	Mgmt (2015/2020)	20,400	6,244	Fee	4,567	5.62%
2000-60 Algonquin,										02/2013
Shaumburg, IL (Salt Creek)	2005	50%	101,000	65%	No tenants over 10%	-	2,254	Fee	(2)	Libor + 2.75%
1701 E. Woodfield,										09/2015
Shaumburg, IL	2005	50%	175,000	87%	No tenants over 10%	-	4,080	Fee	5,694	Libor + 3% (3)
2720 River Rd,										10/2012
Des Plains, IL	2005	50%	108,000	83%	No tenants over 10%	-	4,074	Fee	2,508	6.095%
3701 Algonquin, Rolling					ISACA					02/2013
Meadows IL	2005	50%	193,000	77%	(2018/2024)	29,600	2,820	Fee	10,067	Libor + 2.75%
					Relational Funding
					(2013/ n/a)	27,400
2205-55 Enterprise,					Consumer Portfolio					02/2013
Westchester, IL	2005	50%	130,000	87%	(2014/2019)	18,900	2,827	Fee	(2)	Libor + 2.75%
900-910 Skokie,
Northbrook, IL					MIT Financial Group					08/2011
(Ridgebrook)	2005	50%	119,000	87%	(2016/ n/a)	12,600	1,630	Fee	5,339	Libor + 2% (4)
Subtotal - Marc Realty Portfolio			1,407,000				43,735		60,126

Sealy Venture Portfolio - Equity Investments

Atlanta, GA (5)					Original Mattress					11/2011
(Northwest Atlanta)	2006	77%	472,000	75%	(2020/2025)	57,000	4,119	Fee	20,641	8.0%
Atlanta, GA (6)										11/2016
(Newmarket)	2008	49%	470,000	64%	No tenants over 10%	-	4,604	Fee	37,000	6.12%
Nashville, TN (7)										05/2012
(Airpark)	2007	83%	1,155,000	86%	No tenants over 10%	-	2,075	Fee	74,000	5.77%

Subtotal - Sealy Venture Portfolio			2,097,000				10,798		131,641

(Continued on Next Page)

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - SELECTED DATA (Continued)

Three Months Ended June 30, 2011

(Unaudited)

Description and Location		Year Acquired	Trust’s Ownership	Units	(**) % Leased	($000's) Equity Investment	Ownership of Land	($000's) Debt Balance(1)	Int Rate	Debt Maturity
Vintage Housing Portfolio
Vintage at Bend	Bend, OR	2011	(8)	106	98%		Fee	5,700	SIFMA + 1.65%	12/15/36
Bouquet Canyon Seniors	Santa Clarita, CA	2011	(8)	264	97%		Fee	11,500	7.050%	07/01/28
Vintage at Bremerton	Bremerton, WA	2011	(8)	143	98%		Fee	6,200	SIFMA + 1.65%	03/15/33
Vintage at Burien	Burien, WA	2011	(8)	101	99%		Ground Lease	6,990	SIFMA + 1.53%	01/15/38
Vintage at Chehalis	Chehalis, WA	2011	(8)	150	97%		Fee	8,190	4.650%	06/15/40
Elk Creek Apartments	Sequim, WA	2011	(8)	138	96%		Fee	7,423	6.240%	11/01/39
Vintage at Everett	Everett, WA	2011	(8)	259	98%		Fee	16,815	SIFMA + 1.65%	01/15/38
Falls Creek Apartments	Couer d' Alene, ID	2011	(8)	170	95%		Fee	8,418	6.080%	12/01/40
Forest Creek Apartments	Spokane, WA	2011	(8)	252	93%		Fee	13,680	SIFMA + 1.56%	06/15/40
Hamilton Place Seniors	Bellingham, WA	2011	(8)	94	100%		Fee	3,776	SIFMA + 1.45%	07/01/33
Heritage Place Apartments	St. Ann, MO	2011	(8)	113	96%		Fee	2,363	8.370%	07/19/15
Holly Village Apartments	Everett, WA	2011	(8)	149	96%		Fee	7,325	SIFMA + 1.65%	07/31/32
Larkin Place Apartments	Bellingham, WA	2011	(8)	101	94%		Fee	4,896	SIFMA + 1.46%	07/01/33
Vintage at Mt. Vernon	Mt. Vernon, WA	2011	(8)	154	95%		Fee	8,770	SIFMA + 1.69%	01/15/37
Vintage at Napa	Napa, CA	2011	(8)	115	99%		Fee	6,220	5.163%	06/01/34
Vintage at Richland	Richland, WA	2011	(8)	150	100%		Fee	7,535	SIFMA + 1.63%	01/15/38
Rosecreek Senior Living	Arlington, WA	2011	(8)	100	96%		Fee	3,404	SIFMA + 1.47%	12/31/37
Vintage at Sequim	Sequim, WA	2011	(8)	118	99%		Fee	6,408	SIFMA + 2.00%	03/01/38
Silver Creek Apartments	Pasco, WA	2011	(8)	242	97%		Fee	13,195	SIFMA + 1.64%	12/15/37
Vintage at Silverdale	Silverdale, WA	2011	(8)	240	97%		Fee	14,880	5.730%	09/15/39
Vintage at Spokane	Spokane, WA	2011	(8)	287	98%		Fee	16,295	SIFMA + 1.57%	08/15/40
Seven Hills/ St Rose	Henderson, NV	2011	(8)	244	98%		Fee	14,770	SIFMA + 1.68%	10/15/35
Twin Ponds Apartments	Arlington, WA	2011	(8)	134	95%		Fee	6,963	SIFMA + 1.48%	01/01/38
Vintage at Vancouver	Vancouver, WA	2011	(8)	154	99%		Fee	8,509	SIFMA + 1.67%	01/01/35
Vista Sonoma Seniors Apts	Santa Rosa, CA	2011		189	95%		Fee	10,405	7.150%	01/01/32
Subtotal - Vintage Housing Portfolio				4,167	units	25,452	(9)	220,630

(Continued on Next Page)

SIFMA = Securities Industry and Financial Markets Association Municipal Swap Index

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - SELECTED DATA (Continued)

Three Months Ended June 30, 2011

(Unaudited)

Description and Location	Year Acquired	Trust’s Ownership	Rentable Square Feet	($000's) Equity Investment	($000's) Debt Balance (1)
Operating Property Equity Investments
Marc Realty Portfolio (from Page 18)	see above		1,047,000	$ 43,735	$ 60,126
Sealy Portfolio (from Page 18)	see above		2,097,000	10,798	131,641
Vintage Portfolio (from page 19)	see above		4,167 units	25,452	220,930
Total Operating Property Equity Investments				79,985	412,697
Loan Asset Equity Investments
WRT-ROIC Riverside LLC	2010	50%		7,883
WRT -ROIC Lakeside Eagle LLC (10)	2011	50%		9
WRT -46th Street Gotham LLC (11)	2011	50%		20
LW SOFI (12)	2011	50%		6,022
Other Equity Investment
RE CDO Management (13)	2011	50%		1,250
Total Equity Investments				$ 95,169

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

Notes to Equity Investments - Selected Data

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

(2) Both the 2000-60 Algonquin and 2205-55 Enterprise Road Marc Realty properties are cross collateralized by a mortgage of $11,461 which is included in total debt balance.

(3) An interest rate swap agreement with a notional amount of $5,724 effectively converts the interest rate to a fixed rate of 4.78%

(4) In July 2011 the loan balance was refinanced for $5,400 bears interest at Libor + 2.75% and matures in July 2016.

(5) Equity investment in Sealy Northwest Atlanta consists of 12 flex/office properties.

(6) Equity investment in Sealy Newmarket consists of six flex/office campus style properties.

(7) Equity investment in Sealy Airpark consists of 13 light distribution and service center properties.

(8) The Trust's ownership consists of developer fees and general partner advances and a 75% LLC interest in a joint venture which owns general partnership interests in 25 multifamily and senior housing properties.

(9) Vintage equity investment represents a single equity investment in Vintage Housing Holdings LLC which owns certain receivables and general partnership interests and the basis is not specifically allocated amoung the various lower tier partnerships.

(10) In May 2011 the Trust received repayments on its two non-performing first mortgage loans acquired on March 22, 2011 which the Trust owned through its Lakeside Eagle LLC joint venture.

(11) On May 24, 2011 the Trust received repayment on its performing first mortgage loan acquired on February 23, 2011 which the Trust owned through its WRT-46th Street Gotham LLC joint venture with Atrium.

(12) On June 2, 2011, the Trust entered into a 50/50 joint venture and on June 3rd the joint venture purchased 100% of the economic rights and obligations in a $71,530,000 mezzanine loan collateralized by an interest in the Sofitel hotel in New York City.

(13) On June 29, 2011, the Trust entered into a new 50/50 joint venture and purchased certain collateral management agreements and subordinated interests related to two collateralized debt obligations.

WINTHROP REALTY TRUST

PREFERRED EQUITY INVESTMENTS – SELECTED DATA

Three Months Ended June 30, 2011

(Unaudited)

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



Preferred Equity Investments

									01/2016
450 West 14th Street									Libor+
New York, NY (High Line)	2011	var	220,000	0%	(3)	$ 6,037	Fee	$ 47,799	2.5%

									03/2013
180 North Michigan									Libor+
Chicago, IL (Marc Realty)	2008	70%	229,000	84%	No tenants over 10%	4,118	Fee	17,850	1.5% (2)

						$ 10,155

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

Notes to Preferred Equity Investments - Selected Data

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

(2) An interest rate swap agreement with a notional amount of $17,515 effectively converts the interest rate to a fixed rate of 4.55%.

(3) Building under construction and approximately 73% pre-leased.

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES – OPERATING SUMMARY

Six Months Ended June 30, 2011

(In thousands, except for Square Footage, Unaudited)

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

100% Owned Consolidated Properties

Retail		100.0	%		6		301,000	$	691	$	16	$	26	$	649 $			-	$	-	$	189	$	-		$	460
Office		100.0	%		10		1,321,000		8,552		2,247		779		5,526			3,107		-		2,885		-			(466	)
Other		100.0	%		3		1,595,000		3,546		3,637		650		(741	)		896		-		999		-			(2,636	)
					19		3,217,000		12,789		5,900		1,455		5,434			4,003		-		4,073		-			(2,642	)
Partially Owned Consolidated Properties
Chicago, IL
(One East Erie/Marc
Realty)		80.0	%		1		126,000		2,454		651		397		1,406			606		-		424		76			300
Chicago, IL
(River City/Marc
Realty)		60.0	%		1		253,000		1,906		1,105		321		480			305		-		418		(97	)		(146	)
Houston, TX
(Multiple LP's)		8.0	%		1		614,000		3,948		9		-		3,939			1,873		-		1,396		560			110
Lisle, IL
(Marc Realty)		60.0	%		1		54,000		429		156		45		228			162		-		76		(4	)		(6	)
Phoenix, Arizona
(Deer Valley / Fenway)		96.5	%		1		82,000		694		211		124		359			-		-		406		(2	)		(45	)
					5		1,129,000		9,431		2,132		887		6,412			2,946		-		2,720		533			213
KeyBank mortgage loan
interest expense (2)					-		-		-		-		-		-			165		-		-		-			(165	)
Total Consolidated Properties					24		4,346,000	$	22,220	$	8,032	$	2,342	$	11,846 $			7,114	$	-	$	6,793	$	533		$	(2,594	)
Series B-1 Preferred interest expense (3)																		782
Other																		680
Total																	$	8,576

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

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

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

WINTHROP REALTY TRUST

EQUITY INVESTMENTS – OPERATING SUMMARY

Six Months Ended June 30, 2011

(In thousands, except for Square Footage, Unaudited)

Venture	Number of Properties		Square Footage		Total Revenue		Operating Expenses		Real Estate Taxes		Net Operating Income (2)		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 (3)		9		1,407,000		18,992		8,653		2,623		7,716		2,138		(131	)		5,400		47		24

Sealy Venture Portfolio		3		2,097,000		7,455		1,823		828		4,804		5,797		9,163			3,192		4,978		2,944

Total Equity
Investment Properties		12	$	3,504,000		26,447	$	10,476	$	3,451	$	12,520	$	7,935	$	9,032		$	8,592	$	5,025		2,968

Amortization of Marc Realty Portfolio basis differential (1)																							(144	)
Other-than-temporary impairment - Sealy Portfolio																							(3,800	)
WRT -ROIC Riverside - Winthrop's share of net income from equity investment																							468
WRT -ROIC Lakeside Eagle-Winthrop's share of net loss from equity investment																							666
WRT -ROIC 46th Street Gotham-Winthrop's share of net loss from equity investment																							621
LW SOFI - Winthrop's share of net income from equity investment																							262
Concord - Winthrop's share of net income from equity investment																							479
Vintage - Winthrop's share of net income from equity investment																							-
Equity in loss of equity investments																						$	1,520

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

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

(3) Operating results reflect 12 properties through May 31, 2011.

WINTHROP REALTY TRUST

CONSOLIDATED - DEBT SUMMARY

(In thousands, Unaudited)

												Weighted
	Principal					Remaining				Amount		Average
	Outstanding					2011		Maturity		Due at		Maturity
Description	June 30, 2011		Coupon (1)			Repayment		Date		Maturity		(in years)
Fixed rate debt
Secured fixed rate mortgage loans payable
Chicago, IL / River City	$	8,900		6.250	%	$	-		04/2012	$	8,900
Amherst, NY		15,901		5.650	%		219		10/2013		14,822
Meriden, CT / Newbury		23,875		5.830	%		-		02/2014		23,875
Indianapolis, IN / Circle Tower		4,207		5.820	%		38		04/2015		3,888
Chicago, IL / Ontario		20,672		5.750	%		151		03/2016		19,073
Houston, TX - Note 1		25,000		5.220	%		-		04/2016		25,000
Houston, TX - Note 2		8,800		6.000	%		-		04/2016		8,800
Houston, TX - Note 3		24,645		7.500	%		2,022		04/2016		-
Lisle, IL / 550 & 701 Corporetum (2)		23,773		6.260	%		23,773		06/2016		-
Lisle, IL / 1050 Corporetum		5,600		5.550	%		-		03/2017		5,600
Orlando, FL		38,396		6.400	%		264		07/2017		34,567
Plantation, FL		10,982		6.483	%		55		04/2018		10,046
Total secured fixed rate mortgage loans payable		210,751		6.059	%		26,522				154,571

Other fixed rate secured financing
San Marbeya Participation A note payable		15,150		4.850	%		-		01/2015		15,150
Total Fixed Rate Debt/ Wtd Avg		225,901					26,522				169,721	3.92
Floating rate debt
KeyBank Revolving Line of Credit (Libor + 3%)		-		3.240	%		-		03/2014		-

Total Consolidated Debt/Wtd Avg	$	225,901				$	26,522			$	169,721	3.92

(1) Libor rate for the quarter used to determine coupon on floating rate debt at June 30, 2011 was 0.19%.

(2) Lisle, IL / 550 & 701 Corporetum Debt was repaid in full in July 2011.

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - DEBT SUMMARY

(In thousands, Unaudited)

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

Fixed rate debt

Sealy:
Northwest Atlanta, Atlanta, GA		20,641		12,385		8.00	%		-	11/01/11		12,385
Airpark, Nashville, TN		74,000		37,000		5.77	%		-	05/01/12		37,000
Newmarket, Atlanta, GA		37,000		25,160		6.12	%		-	11/01/16		25,160

Marc Realty:
223 West Jackson, Chicago, IL		7,578		3,789		6.92	%		111	06/01/12		3,554
2720 River Road, Des Plains, IL		2,508		1,254		6.10	%		37	10/01/12		1,165
30 North Michigan, Chicago, IL		12,912		6,456		5.99	%		94	08/01/14		5,822
4415 West Harrision, Hillside, IL (High Point)		4,567		2,284		5.62	%		22	12/01/15		1,638

Vintage Housing:
Larkin Place Apartments - 2nd Mtg		71		53		5.92	%		26	05/13/12		-
Heritage Place Apartments		1,833		1,375		8.37	%		15	07/19/15		1,239
Bouquet Canyon Seniors		11,500		8,625		7.05	%		113	07/01/28		3,674
Vista Sonoma Seniors Apts		10,405		7,804		7.02	%		91	01/01/32		2,895
Vintage at Napa		6,220		4,665		5.16	%		49	06/01/34		1,886
Vintage at Vancouver - 2nd Mtg		784		588		8.12	%		-	01/01/35		-
Twin Ponds Apartments - Series B		1,448		1,086		6.52	%		58	01/01/38		-
Hamilton Place Seniors - 2nd Mtg		186		140		5.88	%		21	05/01/39		-
Heritage Place Apartments - 2nd Mtg		530		398		1.00	%		6	05/01/39		38
Vintage at Silverdale		14,880		11,160		5.73	%		147	09/15/39		5,705
Elk Creek Apartments		7,423		5,567		6.24	%		17	11/01/39		4,298
Vintage at Chehalis		8,190		6,143		4.65	%		73	06/15/40		3,481
Falls Creek Apartments		8,418		6,314		6.08	%		21	12/01/40		4,675

Total Fixed Rate Debt/ Wtd Avg	$	231,094	$	142,246		6.19	%	$	901		$	114,614	10.73

Continued on next page

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - DEBT SUMMARY (Continued)

(In thousands, Unaudited)

	Gross Principal		WRT Share					WRT Share			WRT Share		Weighted
	Principal		Principal					Remaining			Amount		Average
	Outstanding		Outstanding					2011		Maturity	Due at		Maturity
Description	June 30, 2011		June 30, 2011		Coupon			Repayment		Date	Maturity		(in years)
Floating rate debt
Marc Realty: (1)
900-910 Skokie, Northbrook, IL (Libor +2%) (2)		5,339		2,670		2.24	%		2,664	08/01/11		-
2000-60 Algonquin, Shaumburg, IL (3)										02/01/13
2205-55 Enterprise, Westchester, IL (3) (4)		11,461		5,731		4.25	%		109	02/01/13		5,489
3701 Algonquin, Rolling Meadows, IL (Libor + 2.75%) (4)		10,067		5,034		4.25	%		130	02/01/13		4,759
1701 East Woodfield, Shaumburg, IL (Libor + 3%) (5)		5,694		2,847		4.78	%		46	09/01/15		2,564

Vintage Housing: (6) (7)
Hamilton Place Seniors		3,590		2,693		1.54	%		-	07/19/15		1,607
Holly Village Apartments		7,325		5,494		1.74	%		110	07/31/32		2,263
Vintage at Bremerton		6,200		4,650		1.74	%		92	03/15/33		1,826
Larkin Place Apartments		4,825		3,619		1.55	%		-	07/01/33		2,070
Vintage at Vancouver		7,725		5,794		1.76	%		-	01/01/35		3,882
St Rose /Seven Hills Snr Apts		14,770		11,078		1.77	%		176	10/15/35		4,679
Vintage at Bend		5,700		4,275		1.74	%		53	12/15/36		2,395
Vintage at Mt. Vernon		8,770		6,578		1.78	%		82	01/15/37		3,915
Silver Creek Apartments		13,195		9,896		1.73	%		48	12/15/37		5,306
Rosecreek Senior Living		3,404		2,553		1.56	%		20	12/31/37		1,181
Twin Ponds Apartments - Series A		5,515		4,136		1.57	%		-	01/01/38		2,478
Vintage at Burien		6,990		5,243		1.62	%		85	01/15/38		2,213
Vintage at Everett		16,815		12,611		1.74	%		94	01/15/38		6,417
Vintage at Richland		7,535		5,651		1.72	%		73	01/15/38		3,045
Vintage at Sequim		6,408		4,806		2.09	%		22	03/01/38		2,999
Forest Creek Apartments		13,680		10,260		1.65	%		98	06/15/40		6,170
Vintage at Spokane		16,295		12,221		1.66	%		99	08/15/40		8,304
Total Floating Rate Debt/ Wtd Avg	$	181,303	$	127,839		2.01	%	$	4,001		$	73,562	22.41

Total Joint Venture Debt/Wtd Avg	$	412,697	$	270,309		4.21	%		4,902			188,401	16.25

(1) Libor rate for the quarter used to determine coupon on floating rate debt at June 30, 2011 was 0.19%.

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

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

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

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

(6) SIFMA rate for the quarter used to determine coupon on floating rate debt at June 30, 2011 was 0.09%.

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

WINTHROP REALTY TRUST

Consolidated Properties Lease Expirations Summary

(Unaudited)

		Multi-Tenant		Single-Tenant
	Year	Properties		Properties		Totals

Rental Revenue	2011	$	1,315,000	$	-
Square Feet Expiring			95,200		-

Rental Revenue	2012	$	2,310,000	$	-
Square Feet Expiring			149,100		-

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

Rental Revenue	2014	$	1,708,000	$	800,000
Square Feet Expiring			97,500		56,000

Rental Revenue	2015	$	1,386,000	$	1,348,000
Square Feet Expiring			71,500		706,000

Rental Revenue	2016 & Thereafter	$	4,920,000	$	15,008,000
Square Feet Expiring			258,400		1,285,000

Rental Revenue	TOTALS	$	13,924,000	$	19,172,000	$	33,096,000
Square Feet Expiring			855,000		2,247,000		3,102,500

Weighted Average Base Rent Per Square Foot Expiring		$	16.29	$	8.53	$	10.67

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

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

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

WINTHROP REALTY TRUST

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES OF INCOME TO

NET INCOME ATTRIBUTABLE TO COMMON SHARES

(In thousands)

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

NOI from consolidated properties (1), (4)	$	6,160		$	5,686		$	6,452		$	6,479		$	7,279

Less:
Interest expense		(3,296	)		(3,819	)		(3,597	)		(3,196	)		(3,207	)
Depreciation and amortization		(3,312	)		(3,481	)		(2,916	)		(2,379	)		(2,371	)
Income attributable to non-controlling interest		(329	)		(204	)		(293	)		(175	)		(175	)

WRT share of income (loss) from consolidated properties (2), (4)		(777	)		(1,818	)		(354	)		729			1,526

Equity in loss of equity investments (3)		2,875			(1,355	)		(679	)		(409	)		(392	)

Add:
Earnings from preferred equity investments		158			83			85			85			85
Interest and dividend income		5,094			9,672			5,381			4,948			3,590
Gain on sale of securities carried at fair value		-			-			-						78

Unrealized gain on loan securities carried at fair value		34			2,813			780			581			3,625
Unrealized gain on securities carried at fair value		-			886			1,418			2,490			-
Gain on loan securities carried at fair value		7			124			469
Interest income		443			93			45			17			40
Income from discontinued operations		90			47			163			-			-

Less:
Series B-1 Preferred interest expense		(391	)		(391	)		(391	)		(390	)		(391	)
General and administrative		(2,758	)		(2,524	)		(2,711	)		(2,300	)		(1,916	)
State and local tax expense		(48	)		(29	)		(27	)		(7	)		(85	)
Unrealized loss on securities carried at fair value		(723	)		-			-			-			(750	)
Loss on sale of securities carried at fair value		-			-			(30	)		(185	)		-
Interest expense - other		(276	)		(403	)		(261	)		(223	)		(68	)
Series C Preferred interest		(58	)		(59	)		(58	)		(59	)		(58	)
Loss on discontinued operations		-			-			-			(1,528	)		(766	)

Net income attributable to Common Shares	$	3,670		$	7,139		$	3,830		$	3,749		$	4,518

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

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

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

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

WINTHROP REALTY TRUST SUPPLEMENTAL DEFINITIONS

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

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

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

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

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

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

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

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

SIFMA - Securities Industry and Financial Markets Association Municipal Swap Index.

WINTHROP REALTY TRUST INVESTOR INFORMATION

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

ANALYST COVERAGE

Analyst	Firm	Contact Information

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

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

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

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

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

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