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

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8-K - Winthrop Realty Liquidating Trust	e609905_8k-wrt.htm
EX-99.1 - Winthrop Realty Liquidating Trust	e609905_ex99-1.htm

Winthrop Realty Trust

Supplemental Operating and Financial Data

For the Period Ended June 30, 2012

WINTHROP REALTY TRUST

SUPPLEMENTAL REPORTING PACKAGE

Table of Contents

Consolidated Balance Sheets	1

Consolidated Statements of Operations and Comprehensive Income	2

Funds from Operations	5

Estimated Net Asset Value	7

Consolidated Statements of Cash Flows	11

Selected Balance Sheet Account Detail	13

Schedule of Capitalization, Dividends and Liquidity	14

Selected Investment Data	15

Schedule of Securities Carried at Fair Value	18

Schedule of Loan Assets	19

Net Operating Income from Consolidated Properties	21

Schedule of Interest, Dividends and Discount Accretion	22

Consolidated Properties – Selected Property Data	23

Equity Investments – Selected Property Data	25

Consolidated Properties – Operating Summary	28

Equity Investments – Operating Summary	29

Consolidated Debt Summary	30

Equity Investments Debt Summary	31

Lease Expiration Summary	33

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

Supplemental Definitions	35

Investor Information	36

Forward-Looking Statements - This supplemental reporting package contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words "assumes," "believes," "estimates," "expects," "guidance," "intends," “plans,” “projects,” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Winthrop Realty Trust (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,
	2012			2012			2011			2011			2011

ASSETS
Investments in real estate, at cost
Land	$	39,575		$	36,495		$	36,495		$	36,495		$	36,495
Buildings and improvements		350,243			328,556			327,337			273,118			273,964
		389,818			365,051			363,832			309,613			310,459
Less: accumulated depreciation		(49,818	)		(47,071	)		(44,556	)		(42,262	)		(40,168	)
Investments in real estate, net		340,000			317,980			319,276			267,351			270,291

Cash and cash equivalents		43,959			79,526			40,952			66,777			51,344
Restricted cash held in escrows		10,678			8,549			3,914			4,916			9,152
Loans receivable, net		123,872			116,399			114,333			115,889			153,437
Accounts receivable, net of allowances of $397, $512,
$639, $594 and $453, respectively		19,261			18,165			16,140			12,380			14,110
Securities carried at fair value		34,079			33,700			28,856			6,652			7,613
Loan securities carried at fair value		5,385			5,473			5,309			5,343			5,418
Preferred equity investments		5,500			1,500			5,520			13,402			10,155
Equity investments		146,221			152,148			162,142			106,156			95,169
Lease intangibles, net		34,678			35,644			36,305			25,394			24,681
Deferred financing costs, net		1,081			1,088			1,180			1,184			1,346
Assets held for sale		6			6			6			1,491			3,702
TOTAL ASSETS	$	764,720		$	770,178		$	733,933		$	626,935		$	646,418

LIABILITIES
Mortgage loans payable	$	229,891		$	230,257		$	230,940		$	185,622		$	210,751
Series B-1 Cumulative Convertible Redeemable Preferred
Shares, $25 per share liquidation preference; 852,000 shares authorized and outstanding at September 30, and June 30, 2011		-			-			-			21,300			21,300
Non-recourse secured financings		29,150			29,150			29,150			15,150			15,150
Revolving line of credit		-			-			40,000			-			-
Accounts payable and accrued liabilities		16,696			14,672			16,174			12,287			12,322
Dividends payable		5,373			5,371			5,369			5,395			5,385
Deferred income		1,010			464			502			1,550			1,016
Below market lease intangibles, net		2,602			2,782			2,962			2,137			2,312
Liabilities of held for sale assets		-			-			-			597			620
TOTAL LIABILITIES		284,722			282,696			325,097			244,038			268,856

COMMITMENTS AND CONTINGENCIES

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

EQUITY
Winthrop Realty Trust Shareholders’ Equity:
Series D Cumulative Redeemable Preferred Shares
$25 per share liquidation preference, 5,060,000 shares authorized and 4,820,000 shares outstanding at June 30, 2012 and March 31, 2012 and 1,840,000 shares authorized and 1,600,000 shares outstanding at December 31, 2011		120,500			120,500			40,000			-			-
Common Shares, $1 par, unlimited shares authorized;
33,066,280, 33,053,502, 33,041,034, 32,958,778, and 32,897,554 issued and outstanding at June 30, Mar 31, 2012, Dec 31, Sept 30, and June 30, 2011, respectively		33,066			33,053			33,041			32,959			32,898
Additional paid-in capital		617,862			623,284			626,099			627,107			626,472
Accumulated distributions in excess of net income		(314,091	)		(309,289	)		(311,246	)		(295,290	)		(299,721	)
Accumulated other comprehensive loss		(149	)		(124	)		(92	)		-			-
Total Winthrop Realty Trust Shareholders’ Equity		457,188			467,424			387,802			364,776			359,649
Non-controlling interests		22,810			20,058			21,034			14,900			14,692
Total Equity		479,998			487,482			408,836			379,676			374,341
TOTAL LIABILITIES AND EQUITY	$	764,720		$	770,178		$	733,933		$	626,935		$	646,418

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share data)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Revenue
Rents and reimbursements	$	13,257		$	11,234		$	25,797		$	22,220
Interest, dividends and discount accretion		5,778			5,094			11,296			14,766
		19,035			16,328			37,093			36,986
Expenses
Property operating		3,779			3,987			8,331			8,032
Real estate taxes		1,017			1,087			2,271			2,342
Depreciation and amortization		4,479			3,312			8,198			6,793
Interest		3,512			3,963			7,301			8,576
General and administrative		3,264			2,758			6,295			5,282
State and local taxes		143			48			149			77
		16,194			15,155			32,545			31,102
Other income (loss)
Earnings from preferred equity investments		-			158			-			241
Equity in income of equity investments		586			2,875			1,010			1,520
Realized gain on sale of securities carried at fair value		15			7			41			131
Unrealized (loss) gain on securities carried at fair value		(791	)		(723	)		4,141			163
Unrealized (loss) gain on loan securities carried at fair value		(88	)		34			76			2,847
Gain on sale of equity investment		232			-			232			-
Interest income		90			443			192			536
		44			2,794			5,692			5,438
Income from continuing operations		2,885			3,967			10,240			11,322

Discontinued operations
Income (loss) from discontinued operations		-			90			(3	)		137
Consolidated net income		2,885			4,057			10,237			11,459
(Income) loss attributable to non-controlling interest		473			(329	)		1,374			(533	)
Net income attributable to Winthrop Realty Trust		3,358			3,728			11,611			10,926
Income attributable to non-controlling redeemable preferred interest		-			(58	)		-			(117	)
Income attributable to Series D Preferred Shares		(2,787	)		-			(3,712	)		-
Net income attributable to Common Shares	$	571		$	3,670		$	7,899		$	10,809

Per Common Share data - Basic
Income from continuing operations	$	0.02		$	0.11		$	0.24		$	0.36
Income from discontinued operations		-			-			-			-
Net income attributable to Winthrop Realty Trust	$	0.02		$	0.11		$	0.24		$	0.36

Per Common Share data - Diluted
Income from continuing operations	$	0.02		$	0.11		$	0.24		$	0.36
Income from discontinued operations		-			-			-			-
Net income attributable to Winthrop Realty Trust	$	0.02		$	0.11		$	0.24		$	0.36
Basic Weighted-Average Common Shares		33,064			32,573			33,058			29,841
Diluted Weighted-Average Common Shares		33,064			32,574			33,058			29,842
Comprehensive income
Consolidated net income	$	2,885		$	4,057		$	10,237		$	11,459
Change in unrealized gain on interest rate derivative		(25	)		-			(57	)		63
Comprehensive income	$	2,860		$	4,057		$	10,180		$	11,522

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share data, continued)

(Unaudited)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2012			2012			2011			2011			2011
Revenue
Rents and reimbursements	$	13,257		$	12,540		$	22,561		$	10,841		$	11,234
Interest, dividends and discount accretion		5,778			5,518			14,861			5,503			5,094
		19,035			18,058			37,422			16,344			16,328
Expenses
Property operating		3,779			4,552			7,799			3,535			3,987
Real estate taxes		1,017			1,254			2,351			1,108			1,087
Depreciation and amortization		4,479			3,719			7,042			3,185			3,312
Interest		3,512			3,789			8,511			3,547			3,963
Impairment loss on investment in real estate		-			-			4,600			3,000			-
General and administrative		3,264			3,031			6,116			2,893			2,758
State and local taxes		143			6			320			11			48
		16,194			16,351			36,739			17,279			15,155
Other income (loss)
Earnings (loss) from preferred equity investments		-			-			(77	)		257			158
Equity in income (loss) of equity investments		586			424			(18,614	)		2,820			2,875
Gain on sale of equity investments		232			-			-			207			-
Realized gain (loss) on sale of securities carried at fair value		15			26			116			-			7
Unrealized gain (loss) on securities carried at fair value		(791	)		4,932			4,472			(961	)		(723	)
Gain (loss) on extinguishment of debt, net		-			-			744			8,514			-
Unrealized gain (loss) on loan securities carried at fair value		(88	)		164			2,779			(75	)		34
Settlement income		-			-			5,868			-			-
Gain on consolidation of property		-			-			818			-			-
Interest and other income		90			102			264			472			443
		44			5,648			(3,630	)		11,234			2,794

Income (loss) from continuing operations		2,885			7,355			(2,947	)		10,299			3,967

Discontinued operations
Income (loss) from discontinued operations		-			(3	)		473			(135	)		90

Consolidated net income (loss)		2,885			7,352			(2,474	)		10,164			4,057
(Income) loss attributable to non-controlling interest		473			901			(167	)		(318	)		(329	)

Net income (loss) attributable to Winthrop Realty Trust		3,358			8,253			(2,641	)		9,846			3,728
Income attributable to non-controlling redeemable preferred interest		-			-			(468	)		(59	)		(58	)
Income attributable to Series D preferred shares		(2,787	)		(925	)		(339	)		-			-
Net income (loss) attributable to Common Shares	$	571		$	7,328		$	(3,448	)	$	9,787		$	3,670

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share data, continued)

(Unaudited)

	Three Months Ended
		June 30,			March 31,			December 31,			September 30,		June 30,
		2012			2012			2011			2011		2011
Per Common Share data - Basic
Income (loss) from continuing operations		$	0.02		$	0.22		$	(0.33	)	$	0.30	$	0.11
Income (loss) from discontinued operations			-			-			0.01			-		-
Net income (loss) attributable to Winthrop Realty Trust		$	0.02		$	0.22		$	(0.32	)	$	0.30	$	0.11

Per Common Share data - Diluted
Income (loss) from continuing operations		$	0.02		$	0.22		$	(0.33	)	$	0.30	$	0.11
Income (loss) from discontinued operations			-			-			0.01			-		-
Net income (loss) attributable to Winthrop Realty Trust		$	0.02		$	0.22		$	(0.32	)	$	0.30	$	0.11

Basic Weighted-Average Common Shares			33,064			33,052			33,027			32,949		32,573
Diluted Weighted-Average Common Shares			33,064			33,052			33,027			32,949		32,574

Comprehensive income (loss)
Consolidated net income (loss)		$	2,885		$	7,352		$	(2,474	)	$	10,164	$	4,057
Change in unrealized gain (loss) on interest rate derivative			(25	)		(32	)		(29	)		-		-
Comprehensive income (loss)		$	2,860		$	7,320		$	(2,503	)	$	10,164	$	4,057

WINTHROP REALTY TRUST

FUNDS FROM OPERATIONS

(In thousands, except per share data)

(Unaudited)

The following presents a reconciliation of net income to funds from operations for the three and six months ended June 30, 2012 and 2011:

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Basic
Net income attributable to Winthrop Realty Trust	$	3,358		$	3,728		$	11,611		$	10,926
Real estate depreciation		2,747			2,086			5,261			4,204
Amortization of capitalized leasing costs		1,732			1,226			2,937			2,591
Real estate depreciation and amortization of unconsolidated interests		3,992			2,376			7,654			4,639
Gain on sale of equity investments		(232	)		-			(232	)		-
Impairment loss on equity investments		-			3,800			-			3,800
Less: Non-controlling interest share of depreciation and amortization		(713	)		(789	)		(1,445	)		(1,581	)
Funds from operations		10,884			12,427			25,786			24,579
Preferred dividend of Series C Preferred Shares		-			(58	)		-			(117	)
Preferred dividend of Series D Preferred Shares		(2,787	)		-			(3,712	)		-
Allocation of earnings to Series B-1 Preferred Shares		-			(11	)		-			(78	)
Allocation of earnings to Series C Preferred Shares		-			(39	)		-			(92	)
FFO applicable to Common Shares - Basic	$	8,097		$	12,319		$	22,074		$	24,292
Weighted-average Common Shares		33,064			32,573			33,058			29,841
FFO Per Common Share - Basic	$	0.24		$	0.38		$	0.67		$	0.81

Diluted
Funds from operations	$	10,884		$	12,427		$	25,786		$	24,579
Preferred dividend of Series C Preferred Shares		-			(58	)		-			(117	)
Preferred dividend of Series D Preferred Shares		(2,787	)		-			(3,712	)		-
Allocation of earnings to Series B-1 Preferred Shares		-			(11	)		-			(78	)
Allocation of earnings to Series C Preferred Shares		-			(39	)		-			(92	)
FFO applicable to Common Shares	$	8,097		$	12,319		$	22,074		$	24,292

Weighted-average Common Shares		33,064			32,573			33,058			29,841
Stock options		-			1			-			1
Series B-1 Preferred Shares		-			-			-			-
Series C Preferred Shares		-			-			-			-
Diluted weighted-average Common Shares		33,064			32,574			33,058			29,842
FFO Per Common Share - Diluted	$	0.24		$	0.38		$	0.67		$	0.81

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
	June 30,			March 31,			December 31,			September 30,			June 30,
	2012			2012			2011			2011			2011
Basic
Net income (loss) attributable to Winthrop Realty Trust	$	3,358		$	8,253		$	(9,839	)	$	9,846		$	3,728
Real estate depreciation		2,747			2,515			2,348			2,094			2,086
Amortization of capitalized leasing costs		1,732			1,204			1,213			1,092			1,226
(Gain) loss on sale of real estate		-			-			(450	)		58			-
Gain on sale of equity investments		(232	)		-			-			(207	)		-
Gain on consolidation of property		-			-			(818	)		-			-
Real estate depreciation and amortization
of unconsolidated interests		3,992			3,662			3,831			2,996			2,376
Impairment loss on investments in real estate		-			-			4,600			3,000			3,800
Impairment loss on equity investments		-			-			17,258			-			-
Less: Non-controlling interest share
of depreciation and amortization		(713	)		(732	)		(1,113	)		(790	)		(789	)
Funds from operations		10,884			14,902			17,030			18,089			12,427
Preferred dividend of Series C Preferred Shares		-			-			(409	)		(59	)		(58	)
Preferred dividend of Series D Preferred Shares		(2,787	)		(925	)		(339	)		-			-
Allocation of earnings to Series B-1 Preferred Shares		-			-			(61	)		(170	)		(11	)
Allocation of earnings to Series C Preferred Shares		-			-			(35	)		(82	)		(39	)
FFO applicable to Common Shares - Basic	$	8,097		$	13,977		$	16,186		$	17,778		$	12,319
Weighted-average Common Shares		33,064			33,052			33,027			32,949			32,573
FFO Per Common Share - Basic	$	0.24		$	0.42		$	0.49		$	0.54		$	0.38

Diluted
Funds from operations	$	10,884		$	14,902		$	17,030		$	18,089		$	12,427
Preferred dividend of Series C Preferred Shares		-			-			(409	)		(59	)		(58	)
Preferred dividend of Series D Preferred Shares		(2,787	)		(925	)		(339	)		-			-
Allocation of earnings to Series B-1 Preferred Shares		-			-			(61	)		(170	)		(11	)
Allocation of earnings to Series C Preferred Shares		-			-			(35	)		(82	)		(39	)
FFO applicable to Common Shares	$	8,097		$	13,977		$	16,186		$	17,778		$	12,319

Weighted-average Common Shares		33,064			33,052			33,027			32,949			32,573
Stock options		-			-			-			-			1
Convertible Series C Preferred Shares		-			-			-			-			-
Diluted weighted-average Common Shares		33,064			33,052			33,027			32,949			32,574
FFO Per Common Share - Diluted	$	0.24		$	0.42		$	0.49		$	0.54		$	0.38

WINTHROP REALTY TRUST

ESTIMATED NET ASSET VALUE

(In thousands, except per share data)

(Unaudited)

Cash, accounts payable and dividends payable:	Trust Ownership			Carrying Amount			Matched Debt		Estimated NAV Range
Cash and cash equivalents and restricted cash		100	%	$	54,637		$	-	$	54,637		to	$	54,637
Accounts payable and dividends payable		100	%		(22,069	)		-		(22,069	)	to		(22,069	)
Subtotal - Corporate Segment Estimated Net Asset Value Range										32,568		to		32,568

REIT Securities:	Trust Ownership			Fair Value Carrying Amount			Matched Debt		Estimated NAV Range
REIT Common shares		100	%	$	34,079		$	-	$	34,079		to	$	34,079
REIT Preferred shares		100	%		-			-		-		to		-
Subtotal - REIT Securities Segment Estimated Net Asset Value Range										34,079		to		34,079

Loans:	Trust Ownership			Par Value Plus Accrued Interest			Matched Debt		Estimated NAV Range
Loan Assets, Loan Securities & Loan Equity Investments, with Expected Repayment
WBCMT Series 2007 Tranche L - CMBS		100	%	$	1,267		$	-	$	-		to	$	1,267		[1	]
Mentor Building - Whole Loan		100	%		2,511			-		2,511		to		2,511		[1	]
Riverside -B Note		50	%		15,756			-		7,878		to		7,878		[1	]
2600 West Olive - Rake Bonds		100	%		6,364			-		6,364		to		6,364		[1	]
Hotel Wales - Whole Loan		100	%		20,097			14,000		6,097		to		6,097		[1	]
Legacy Orchard -Corporate Loan		100	%		9,750			-		9,750		to		9,750		[1	]
Rennaisance - Mezzanine Loan		100	%		3,000			-		3,000		to		3,000		[1	]
San Marbeya - Whole Loan		100	%		30,337			15,150		15,187		to		15,187		[1	]
Rockwell - Mezzanine Loan		100	%		1,506			-		1,506		to		1,506		[1	]
29 East Madison - Mezzanine Loan		100	%		365			-		365		to		365		[1	]
500-512 Seventh Ave - B Note		100	%		11,321			-		11,321		to		11,321		[1	]
Wellington Tower - Mezzanine Loan		100	%		3,515			-		3,515		to		3,515		[1	]
Broward Office Building-Whole Loan		100	%		30,139			-		30,139		to		30,139		[1	]
127 West 25th-Mezzanine Loan		100	%		9,105			-		9,105		to		9,105		[1	]
30 North Michigan-Mezzanine Loan		100	%		6,606					6,606		to		6,606		[1	]
Churchill-Whole Loan		100	%		326			-		326		to		326		[1	]
4545 East Shea Blvd-Whole Loan		100	%		2,250			-		2,250		to		2,250		[1	]
Total Estimated Value of Loans with Expected Repayment										115,919		to		117,186

Loan Assets, Loan Securities & Loan Equity Investments, with Potential Equity Participation
So-Cal Office - C Note		50	%		118,126			40,000		39,219		to		39,219		[2	]
Stamford Office - Mezzanine		20	%		47,078			-		9,416		to		9,416		[2	]
MetroTech Brooklyn-B Note		33	%		21,111			-		-		to		75		[2	]
Total Estimated Value of Loans with Potential Equity										48,635		to		48,710

Debt Platforms
Conord Debt Holdings/CDH CDO		67	%		N/A			N/A		14,000		to		18,000		[3	]
RE CDO		50	%		N/A			N/A		1,794		to		1,794		[4	]
Total Estimated Value of Debt Platforms										15,794		to		19,794
Subtotal - Loan Segment Estimated Net Asset Value Range										180,348		to		185,690

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

(Continued on next page)

WINTHROP REALTY TRUST

ESTIMATED NET ASSET VALUE Continued

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

Description	Trust Owner-ship			Type	Square Feet/ Units		Six Mos Ended June 30, 2012 NOI Annualized			Adjust- ments				Adjusted Annualized NOI [15]		Range of Capitalization Rates						Estimated Range of Property Value					Matched Debt Balance		Estimated NAV Range
Operating Properties
Deer Valley, AZ		100	%	Office		82,000	$	1,413		$	247	[5	]	$	1,660		8.74	%	to	8.30	%	$	19,000	to	$	20,000	$	-	$	19,000	to	$	20,000	[12	]
Englewood, CO (Crossroads I)		100	%	Office		118,000		342			924	[6	]		1,266		8.50	%	to	7.50	%		10,510	to		12,116		-		10,510	to		12,116
Englewood, CO (Crossroads II)		100	%	Office		118,000		514			417	[6	]		931		8.50	%	to	7.50	%		10,643	to		12,103		-		10,643	to		12,103
Meriden, CT (Newbury Apartments)		100	%	Multi-Family	180 Units			1,784							1,784		6.50	%	to	6.00	%		27,444	to		29,731		13,590		13,854	to		16,141
Atlanta, GA		100	%	Retail		61,000		259							259		9.00	%	to	8.00	%		2,881	to		3,241		-		2,881	to		3,241
Denton, TX		100	%	Retail		46,000		145							145		10.50	%	to	8.50	%		1,378	to		1,703		-		1,378	to		1,703
Greensboro, NC		100	%	Retail		46,000		220							220		9.00	%	to	8.00	%		2,448	to		2,754		-		2,448	to		2,754
Louisville , KY		100	%	Retail		47,000		214							214		11.00	%	to	10.00	%		1,948	to		2,142		-		1,948	to		2,142
Memphis, TN		100	%	Retail		44,000		239							239		9.00	%	to	8.00	%		2,654	to		2,986		-		2,654	to		2,986
Seabrook, TX		100	%	Retail		52,000		230							230		9.00	%	to	8.00	%		2,552	to		2,871		-		2,552	to		2,871
Amherst, NY		100	%	Office		200,000		2,411							2,411		[14	]	to	8.50	%		15,457	to		28,361		15,457		-	to		12,904	[14	]
Andover, MA		100	%	Office		93,000		957							957		9.00	%	to	8.00	%		10,635	to		11,964		-		10,635	to		11,964
Chicago, IL (One East Erie)		100	%	Office		126,000		2,729							2,729		7.50	%	to	6.50	%		36,386	to		41,984		20,360		16,026	to		21,624
Chicago, IL (River City )		60	%	Office		253,000		2,112							2,112		8.50	%	to	7.50	%		24,851	to		28,165		8,700		9,691	to		11,679
Houston, TX (Westheimer)		8	%	Office		614,000		7,879							7,879		7.00	%	to	6.00	%		112,560	to		131,320		54,301		4,661	to		6,162
Indianapolis, IN (Circle Tower)		100	%	Office		111,000		618							618		11.00	%	to	10.00	%		5,622	to		6,184		4,129		1,493	to		2,055	[12	]
Lisle, IL (550 Corporetum)		100	%	Office		169,000		707			615	[6	]		1,323		9.50	%	to	8.50	%		12,504	to		14,142		5,753		6,751	to		8,389
Lisle, IL (Arboretum)		100	%	Office		67,000		(279	)		884	[6	]		605		11.00	%	to	9.00	%		3,521	to		4,759		1,658		1,863	to		3,101
Lisle, IL (1050 Corporetum)		60	%	Office		54,000		471							471		9.00	%	to	8.00	%		5,234	to		5,888		5,577		-	to		311
New York, NY	var			Office /Retail		105,000		1,249			4,604	[7	]		5,853		6.50	%	to	6.00	%		90,046	to		97,550		51,636		20,127	to		22,753	[7	]
Orlando, FL		100	%	Office		257,000		3,313							3,313		9.50	%	to	8.50	%		34,876	to		38,979		37,860		2,064	to		2,064	[8	]
Plantation, FL		100	%	Office		120,000		1,448							1,448		9.50	%	to	8.50	%		15,237	to		17,030		10,870		4,367	to		6,160
South Burlington, VT		100	%	Office		54,000		157							157		11.00	%	to	9.00	%		1,425	to		1,741		-		1,425	to		1,741
Jacksonville, FL		100	%	Warehouse		580,000		824							824		10.00	%	to	8.00	%		8,245	to		10,306		-		8,245	to		10,306
Churchill, PA (Westinghouse )		100	%	Mixed Use		52,000		(337	)		1,087	[5	]		750		12.00	%	to	9.00	%		6,250	to		8,333		-		6,250	to		7,667
Memphis, TN (Waterford Apartments)		100	%	Multi-Family	320 Units			745			575	[9	]		1,320		6.25	%	to	6.00	%		21,120	to		22,000		-		21,120	to		22,000
Please refer to Estimated Net Asset Value notes on page 10 .

(Continued on next page)

WINTHROP REALTY TRUST

ESTIMATED NET ASSET VALUE Continued

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

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

Marc Realty
223 West Jackson, Chicago, IL		50	%	Office		168,000		1,076		700		[6	]		1,776		8.50	%	to	7.50	%		18,898	to	21,685		7,126		5,886		to		7,279
4415 West Harrison, Hillside, IL		50	%	Office		192,000		589							589		9.50	%	to	8.50	%		6,197	to	6,927		4,471		863		to		1,228
1701 E. Woodfield, Shaumburg, IL		50	%	Office		175,000		1,378							1,378		9.50	%	to	8.50	%		14,501	to	16,207		5,569		4,466		to		5,319
2205-55 Enterprise,Westchester, IL		50	%	Office		130,000		1,307							1,307		9.50	%	to	8.50	%		13,755	to	15,373		9,147		2,304		to		3,113
180 North Michigan, Chicago, IL		70	%	Office		229,000		3,214		(800	)	[13	]		2,414		8.50	%	to	7.50	%		28,394	to	32,180		17,347		7,733		to		10,383

Sealy Venture
Atlanta, GA (Northwest)		60	%	Industrial/ Office		472,000		1,788							1,788		9.00	%	to	8.00	%		19,868	to	22,352		13,880		3,593		to		5,083
Atlanta, GA (Newmarket)		68	%	Industrial/ Office		470,000		1,548							1,548		9.00	%	to	8.00	%		17,205	to	19,356		37,000		-		to		-
Nashville, TN (Airpark)		50	%	Industrial/Office		1,155,000		6,079							6,079		9.00	%	to	8.00	%		67,549	to	75,993		74,000		-		to		997

WRT-Elad / One South State		50	%	Retail/Office		942,000				12,329					12,329		7.50	%	to	6.50	%		164,387	to	189,677		100,000		29,238		to		37,458	[10]

Mentor Retail		50	%	Retail		6,571		138		278		[9	]		416		8.00	%	to	7.00	%		5,200	to	5,943		2,500		1,347		to		1,718

Vintage
27 Properties		75	%	Multifamily		4,655		24,602							24,602		7.50	%		7.50	%		328,027	to	328,027		247,504		50,425		to		60,989	[11]
Tacoma Preferred Equity		75	%	Multifamily	Under Construction																								1,500		to		1,500
Urban Center Preferred Equity		75	%	Multifamily	Under Construction																								5,500		to		5,500
								Subtotal Operating Properties SegmentEstimated Value Range																					295,441		to		367,503

								All Segments Estimated Net Asset Value Range																					542,436		to		619,840

								Outstanding Line of Credit																					-		to		-
								Outsanding Series D Preferred																					(120,500	)	to		(120,500	)

								Net Asset Value Attributable to Common Shares																				$	421,936			$	499,340

								Outstaning Common Shares																					33,066		to		33,066
								Estimate Net Asset Value per Common Share Range																				$	12.76		to	$	15.10

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

WINTHROP REALTY TRUST

NOTES TO ESTIMATED NET ASSET VALUE

(Unaudited)

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

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

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

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

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

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

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

[7] Management’s estimated NAV is calculated based on a sale of the property at a range of values using capitalization rates between 6.0% and 6.5% 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 $3.0 million:

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

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

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

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

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

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

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

[10] Management’s estimate of NAV is calculated based on the post-tax credit compliance period residual distribution provisions set forth in One South State Street LLC agreement which provide for payment of the WRT-Elad mezzanine loan under its terms and then 65% profits participation by WRT-Elad. The range of capitalization rates reflects a range applicable to the retail portion of the property of 6.0%-7.0% and a range applicable to the office portion of 7.0%-8.0%. The capitalization rates are applied to an in place NOI of $6.0 million attributable to the retail space and $6.35 million attributable to the office space.

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

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

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

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

The Trust received $2.706 million in distributions of operating cash flow during the 6 months ended June 30, 2012, which is equal to $5.4 million on an annualized basis.

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

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

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

[13] NOI reported on 180 North Michigan for the six months ended June 30, 2012 included revenue attributable to a lease termination fee of $400,000. Accordingly, the annualized NOI was adjusted down to exclude this nonrecurring revenue.

[14] This property is net leased to Ingram Micro under a lease which expires in October 2013. Management is currently negotiating a renewal of this lease, but there has been no agreement reached. Until a lease renewal is negotiated or the building is leased to a new tenant, we will consider the low end of the value to be equal to the debt.

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

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, Unaudited)

	Six Months Ended June 30,
	2012			2011
	(unaudited)			(unaudited)
Cash flows from operating activities
Net income	$	10,237		$	11,459
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization (including amortization of
of deferred financing costs)		5,460			4,629
Amortization of lease intangibles		2,884			2,337
Straight-lining of rental income		(2,476	)		(709	)
Loan discount accretion		(5,559	)		(8,793	)
Discount accretion received in cash		14,065			8,540
Earnings of preferred equity investments		-			(241	)
Distributions of income from preferred equity investments		-			60
Income of equity investments		(1,010	)		(1,520	)
Distributions of income from equity investments		4,885			3,813
Restricted cash held in escrows		(2,312	)		1,359
Gain on sale of equity investment		(232	)		-
Gain on sale of securities carried at fair value		(41	)		(131	)
Unrealized gain on securities carried at fair value		(4,141	)		(163	)
Unrealized gain on loan securities carried at fair value		(76	)		(2,847	)
Tenant leasing costs		(683	)		(581	)
Bad debt (recovery) expense		(242	)		191
Net change in interest receivable		(135	)		(161	)
Net change in accounts receivable		(418	)		(1,131	)
Net change in accounts payable and accrued liabilities		2,303			1,068

Net cash provided by operating activities		22,509			17,179

Cash flows from investing activities
Investments in real estate		(28,882	)		(4,139	)
Investment in equity investments		(33,546	)		(59,562	)
Investment in preferred equity investments		(4,000	)		(3,942	)
Proceeds from sale of investments in real estate		632			-
Proceeds from sale of equity investments		2,297			6,000
Return of capital distribution from equity investments		38,100			26,130
Purchase of securities carried at fair value		(5,655	)		(568	)
Proceeds from sale of securities carried at fair value		4,614			26,281
Proceeds from payoff of loan securities		-			8,748
Restricted cash held in escrows		(4,431	)		(1,417	)
Issuance and acquisition of loans receivable		(44,096	)		(44,161	)
Collection of loans receivable		29,798			12,717
Net cash used in investing activities		(45,169	)		(33,913	)

(Continued on next page)

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, Unaudited, continued)

	Six Months Ended June 30,
	2012			2011
	(unaudited)			(unaudited)
Cash flows from financing activities
Proceeds from mortgage loans payable		2,051			11,000
Principal payments of mortgage loans payable		(3,100	)		(30,692	)
Proceeds from revolving line of credit		-			27,324
Proceeds from issuance of Series D Preferred Shares		77,715			-
Payment of revolving line of credit		(40,000	)		(52,774	)
Proceeds from note payable		-			15,150
Restricted cash held in escrows		(21	)		(501	)
Deferred financing costs		(99	)		(612	)
Contribution from non-controlling interest		3,975			277
Distribution to non-controlling interest		(270	)		(194	)
Purchase of non-controlling interests		(400	)		-
Issuance of Common Shares through offering		-			61,386
Issuance of Common Shares under Dividend Reinvestment Plan		268			1,368
Dividend paid on Common Shares		(10,740	)		(8,794	)
Dividend paid on Series D Preferred Shares		(3,712	)		-
Dividend paid on Series C Preferred Shares		-			(117	)
Net cash provided by financing activities		25,667			22,821
Net increase in cash and cash equivalents		3,007			6,087
Cash and cash equivalents at beginning of period		40,952			45,257
Cash and cash equivalents at end of period	$	43,959		$	51,344

Supplemental Disclosure of Cash Flow Information

Interest paid	$	7,072		$	8,865
Taxes paid	$	242		$	47

Supplemental Disclosure on Non-Cash Investing and
Financing Activities

Dividends accrued on Common Shares	$	5,373		$	5,346
Dividends accrued on Series C Preferred Shares	$	-		$	39
Capital expenditures accrued	$	1,474		$	172
Other receivables	$	-		$	-
Transfer to loan securities carried at fair value	$	-		$	662
Transfer from loans receivable	$	(2,938	)	$	(11,184	)
Transfer from preferred equity	$	(3,923	)	$	(2,022	)
Transfer to equity investment	$	6,861		$	12,544
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		$	-

WINTHROP REALTY TRUST

SELECTED BALANCE SHEET ACCOUNT DETAIL

(In thousands, Unaudited)

	June 30, 2012			March 31, 2012			Dec 31, 2011			Sept 30, 2011			June 30, 2011
Investments in Real Estate
Land	$	39,575		$	36,495		$	36,495		$	36,495		$	36,495
Buildings and improvements
Buildings		313,398			297,112			297,223			249,789			251,632
Building improvements		20,012			14,830			13,679			11,435			12,824
Furniture and Fixtures		2,176			1,857			1,849			1,842			827
Tenant improvements		14,657			14,757			14,586			10,052			8,681
		389,818			365,051			363,832			309,613			310,459
Accumulated depreciation and amortization		(49,818	)		(47,071	)		(44,556	)		(42,262	)		(40,168	)
Total Investments in Real Estate	$	340,000		$	317,980		$	319,276		$	267,351		$	270,291

Accounts Receivable
Straight-line rent receivable	$	13,281		$	12,251		$	10,805		$	9,666		$	9,438
Other		5,980			5,914			5,335			2,714			4,672
Total Accounts Receivable	$	19,261		$	18,165		$	16,140		$	12,380		$	14,110

Securities Carried at Fair Value
REIT Preferred Shares	$	-		$	-		$	4,277		$	4,222		$	4,333
REIT Common Shares		34,079			33,700			24,579			2,430			3,280
Total Securities Carried at Fair Value	$	34,079		$	33,700		$	28,856		$	6,652		$	7,613

Equity Investments
So-Cal Office Loan Portfolio (31 Loans)	$	33,888		$	34,181		$	72,626		$	-		$	-
Vintage Housing Holdings (27 Properties)		30,144			28,830			29,887			30,513			25,452
Elad / One South State Street (1 Property)		24,716			24,743			10,150			-			-
Marc Realty Portfolio (5 Properties)		21,768			34,227			27,145			43,419			43,735
Sealy Ventures Properties (3 Properties)		9,717			10,570			11,348			14,382			10,798
Mack-Cali / Stamford (Office Loan)		8,236			8,097
Riverside Plaza (Retail Loan)		7,883			7,883			7,883			7,883			7,883
Concord Debt Holdings		4,529			-			-			-			-
CDH CDO		2,978			-			-			-			-
RE-CDO Management		1,794			1,812			1,296			1,273			1,250
Mentor Retail (1 Property)		511
10 Metrotech (Office Loan)		56			-			-			-			-
Lakeside/Eagle		1			5			7			9			9
FII Co-Invest		-			1,800			1,800			1,800			-
LW SOFI (Sofitel Hotel Loan)		-			-			-			6,877			6,022
Total Equity Investments	$	146,221		$	152,148		$	162,142		$	99,279		$	89,127

Preferred Equity Investments
Vintage at Tacoma	$	1,500		$	1,500		$	1,500		$	1,500		$	-
Vintage at Urban Center		4,000			-			-			-			-
180 North Michigan (Marc Realty)		-			-			4,020			3,999			4,118
450 West 14th Street (High Line)		-			-			-			7,903			6,037
Total Preferred Equity Investments	$	5,500		$	1,500		$	5,520		$	13,402		$	10,155

Non-Controlling Interests
Westheimer (Houston, TX)	$	11,673		$	11,316		$	10,973		$	10,648		$	10,340
River City / Marc Realty (Chicago, IL)		3,484			3,404			3,346			3,411			3,442
One East Erie/ Marc Realty (Chicago, IL)					480			504			461			503
1050 Corporetum / Marc Realty (Lisle, IL)		110			134			171			215			253
Deer Valley / Fenway (Deer Valley, AZ)		-			-			189			165			154
450 West 14th Street (High Line)		3,075			3,725			4,847			-			-
So-Cal Office Loan Portfolio		4,468			999			1,004			-			-
Total Non-Controlling Interests	$	22,810		$	20,058		$	21,034		$	14,900		$	14,692

The listing above provides detail for only certain balance sheet line items presented on Winthrop Realty Trust's Consolidated Balance Sheets for all periods presented (the "Balance Sheet"). See page 1 of this supplement for all Balance Sheet line items.

WINTHROP REALTY TRUST

SCHEDULE OF CAPITALIZATION, DIVIDENDS AND LIQUIDITY

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

	June 30, 2012		March 31, 2012		December 31, 2011		September 30, 2011		June 30, 2011
Debt
Mortgage loans payable	$	229,891	$	230,257	$	230,940	$	185,622	$	210,751
Series B-1 Preferred Shares		-		-		-		21,300		21,300
KeyBank line of credit		-		-		40,000		-		-
Secured financing		29,150		29,150		29,150		15,150		15,150
Total Debt		259,041		259,407		300,090		222,072		247,201

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


Equity
Series D Cumulative Redeemable Preferred Shares		120,500		120,500		40,000		-		-
Common Shares		336,688		346,924		347,802		364,776		359,649
Non-controlling ownership interests		22,810		20,058		21,034		14,900		14,692
Total Equity		479,998		487,482		408,836		379,676		374,341

Total Capitalization	$	739,039	$	746,889	$	708,926	$	604,969	$	624,763

Common Dividend Per Share
June 30, 2012		March 31, 2012		December 31, 2011		September 30, 2011		June 30, 2011

$	0.1625	$	0.1625	$	0.1625	$	0.1625	$	0.1625

Liquidity and Credit Facility
	June 30, 2012		March 31, 2012		December 31, 2011		September 30, 2011		June 30, 2011
Cash and cash equivalents	$	43,959	$	79,526	$	40,952	$	66,777	$	51,344
Securities carried at fair value		34,079		33,700		28,856		6,652		7,613
Available under line of credit		50,000		50,000		10,000		50,000		50,000
Total Liquidity and Credit Facility	$	128,038	$	163,226	$	79,808	$	123,429	$	108,957

WINTHROP REALTY TRUST

SELECTED INVESTMENT DATA

June 30, 2012

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

The following pages of investment data are presented to provide additional information relating to management’s expectations on selected assets within its business segments. For more detail on these assets within this Supplement please reference Schedule of Loan Assets on pages 19-20, Consolidated Property Data on pages 23-24, and Equity Investment Property Data on pages 25-27.

Cash	Amount

Cash and cash equivalents	$	43,959

REIT Securities	Cost		Fair Value

REIT Common shares	$	26,775	$ 34,079

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
Broward Financial Ctr - Whole Loan	Office /Retail		9.84	%		30,000		30,000		30,000			10/15/12
Riverside -B Note - 50 % Owned Equity Inv*	Retail		12.00	%		15,600		15,600		15,600			12/01/12
2600 West Olive - Rake Bonds	Office	Libor+0.65% to 1.60		%		1,500		5,374		6,364			02/28/13
Hotel Wales - Whole Loan	Hotel	Libor + 4		%		20,000		20,000		20,000			10/05/13
WBCMT Series 2007 Tranche L - CMBS	Hotel	Libor + 1.75		%		161		11		1,267			03/09/14
Legacy Orchard -Corporate Loan	Corporate Loan		15.00	%		9,750		9,750		9,750	(1	)	10/31/14
Rennaisance - Mezzanine Loan	Retail / Multifamily	Libor + 12		%		3,000		3,000		3,000			01/01/15
San Marbeya - Whole Loan	Multifamily		5.88	%		26,073		26,668		30,189			01/01/15
Fenway Shea - Whole Loan	Office		12.00	%		2,250		2,250		2,250			04/05/15
127 West 25th Street - Mezzanine Loan	Mixed Use		14.00	%		9,000		9,000		9,000			04/30/15
Churchill - Whole Loan	Mixed Use	Libor + 3.75		%		324		324		324			05/31/15
30 North Michigan - Mezzanine Loan	Office		10.00	%		6,550		6,550		6,550			06/01/15
Rockwell - Mezzanine Loan	Industrial		12.00	%		244		279		1,491			05/01/16
29 East Madison - Mezzanine Loan	Office		8.00	%		365		365		365			05/31/16
500-512 Seventh Ave - B Note	Office		7.19	%		9,439		9,945		11,276			07/11/16
Wellington Tower - Mezzanine Loan	Mixed use		6.79	%		2,351		2,609		3,501			07/11/17
Mentor Building - Whole Loan	Retail		10.00	%		2,497		2,497		2,497			09/10/17
(1) Amount represents Borrowers Discounted Payoff Option amount.

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
So-Cal Office - C Note - 56% Owned Equity Inv *	Office	Libor + 3.1	%		96,969		96,969		100,292			08/09/12
Stamford Office - Mezzanine - 20% Owned Equity Inv*	Office	Libor + 3.25	%		40,000		41,109		47,000	(1	)	08/06/14
10 Metrotech - B Participation - 33% Owned Equity Inv*	Office	Libor + 2.0	%		105		105		21,000			03/09/10


* Amounts shown represent 100% of the investment at the venture level.

Continued on next page

WINTHROP REALTY TRUST

SELECTED INVESTMENT DATA (Continued)

June 30, 2012

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

Consolidated Operating Properties Acquired through Direct or Indirect Foreclosure	% Owned			Type	Square Feet/ Units		Cost Basis before Accum Depreciation		Cost per Square Foot or Unit		Debt Balance
Deer Valley, AZ		100	%	Office		82,000	$	11,764	$	143	$	-	(1	)
Englewood, CO (Crossroads I)		100	%	Office		118,000		8,193		69		-	(1	)
Englewood, CO (Crossroads II)		100	%	Office		118,000		10,647		90		-	(1	)
Meriden, CT (Newbury Apartments)		100	%	Multifamily	180 Units			25,258		140,322		13,590
Memphis, TN, (Waterford Apartments)		100	%	Multifamily	320 units			20,758		64,869		-

Consolidated Operating Properties Acquired through Asset Purchase	% Owned			Type	Square Feet		Cost Basis before Accum Depreciation		Cost per Square Foot		Debt Balance
Atlanta, GA		100	%	Retail		61,000		4,638	$	76	$	-	(1	)
Denton, TX		100	%	Retail		46,000		2,934		64		-	(1	)
Greensboro, NC		100	%	Retail		46,000		3,801		83		-	(1	)
Louisville , KY		100	%	Retail		47,000		3,098		66		-	(1	)
Memphis, TN		100	%	Retail		44,000		1,397		32		-	(1	)
Seabrook, TX		100	%	Retail		52,000		2,012		39		-	(1	)
Amherst, NY		100	%	Office		200,000		19,618		98		15,457
Andover, MA		100	%	Office		93,000		8,329		90		-	(1	)
Chicago, IL (One East Erie / Marc Realty)		80	%	Office		126,000		25,631		203		20,360
Chicago, IL (River City / Marc Realty )		60	%	Office		253,000		16,375		65		8,700
Houston, TX (Westheimer)		8	%	Office		614,000		69,543		113		54,301
Indianapolis, IN (Circle Tower)		100	%	Office		111,000		8,628		78		4,129
Lisle, IL (550 Corporetum)		100	%	Office		169,000		21,629		128		5,753
Lisle, IL (Arboretum)		100	%	Office		67,000		6,230		93		1,657
Lisle, IL (1050 Corporetum / Marc Realty)		60	%	Office		54,000		4,046		75		5,577
New York, NY	var			Office / Retail		105,000		59,881		570		51,636
Orlando, FL		100	%	Office		257,000		17,290		67		37,861
Plantation, FL		100	%	Office		120,000		12,935		108		10,870
South Burlington, VT		100	%	Office		54,000		3,407		63		-	(1	)
Jacksonville, FL		100	%	Warehouse		580,000		12,344		21		-	(1	)
Churchill, PA		100	%	Mixed Use		52,000		9,431		181		-

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

WINTHROP REALTY TRUST

SELECTED INVESTMENT DATA (Continued)

June 30, 2012

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

Equity Investment Operating Properties Acquired through Asset Purchase	% Owned			Type	Square Feet/ Units		Equity Investment Carrying Amount
Marc Realty (5 Equity Investments)	Var			Office		894,000	$	21,768
Sealy Equity Investments (3 Equity Investments)	Var			Industrial/Office		2,097,000		9,717
WRT-Elad / One South State St (1 Equity Investment)		50	%	Retail / Office		942,000		24,716
Vintage Housing Holdings	Var			Multifamily	4,655 Units			30,144
Mentor Retail LLC (1 Equity Investment)		50	%	Retail		7,000		511

Preferred Equity Investment Operating Properties Acquired through Asset Purchase	% Owned			Type	Residential Units		Preferred Equity Investment Carrying Amount

Vintage Housing Holdings - Tacoma		75	%	Multi-Family	231 Units Under construction		$	1,500
Vintage Housing Holdings - Urban Center		75	%	Multi-Family	395 Units Under construction			4,000

WINTHROP REALTY TRUST

SCHEDULE OF SECURITIES CARRIED AT FAIR VALUE

(In thousands, Unaudited)

	June 30, 2012				March 31, 2012				December 31, 2011				September 30, 2011				June 30, 2011
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value		Cost		Fair Value		Cost		Fair Value

REIT Preferred shares	$	-	$	-	$	-	$	-	$	2,067	$	4,277	$	2,067	$	4,222	$	2,067	$	4,333
REIT Common shares		26,775		34,079		25,681		33,700		21,492		24,579		2,935		2,430		2,935		3,280
Total securities carried at fair value	$	26,775	$	34,079	$	25,681	$	33,700	$	23,559	$	28,856	$	5,002	$	6,652	$	5,002	$	7,613

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

	Three Months Ended
	June 30, 2012			March 31, 2012		December 31, 2011			September 30, 2011			June 30, 2011

Net unrealized gain (loss)	$	(879	)	$	5,096	$	3,552		$	(1,036	)	$	(689	)

Net realized gain (loss)	$	15		$	26	$	(8	)	$	-		$	7

The Trust uses specific identification method for calculating gain or loss on the sale of securities carried at fair value.
Net unrealized gains and losses and realized gains and losses above include amounts generated from securities carried at fair value and loan securities.

WINTHROP REALTY TRUST

SCHEDULE OF LOAN ASSETS

(In thousands, Unaudited)

Description	Acquisition Date	Asset Type	Location	Position		Interest Rate (1)		Carrying Amount (2) June 30, 2012		Par Value			Maturity Date (3)	Senior Debt (4)

Loans Receivable
Broward Financial Ctr	May 2012	Office / Retail	Ft Lauderdale, FL	Whole Loan			9.84%	$	30,139	$	30,000		10/15/12	$	-
Hotel Wales	Oct 2011	Hotel	New York, NY	Whole Loan		Libor + 4.0% (5)			20,097		20,000		10/05/13		-
Legacy Orchard	Oct 2010	Corporate Loan	n/a	Corporate Loan			15.00%		9,750		9,750	(6)	10/31/14		-
Renaissance Walk	Dec 2011	Retail/ Multifamily	Atlanta, GA	Mezzanine		Libor + 12.0% (7)			3,000		3,000		01/01/15		4,000
San Marbeya	Jul 2010	Multifamily	Tempe, AZ	Whole			5.88%		26,816		30,189		01/01/15		-
Fenway Shea	Apr 2012	Office	Phoenix, AZ	Mezzanine			12.00%		2,250		2,250		04/05/15		-
127 West 25th Street	May 2012	Mixed Use	New York, NY	Mezzanine			14.00%		9,105		9,000		04/30/15		35,180
30 N. Michgan	May 2012	Office	Chicago, IL	Mezzanine			10.00%		6,607		6,550		05/31/15
Churchill	May 2012	Mixed Use	Churchill, PA	Whole Loan		Libor + 3.75%			326		324		06/01/15		-
Rockwell	Aug 2010	Industrial	Shirley, NY	Mezzanine			12.00%		294		1,491		05/01/16		16,727
29 East Madison	Jun 2011	Office	Chicago, IL	Mezzanine			8.00%		365		365		05/31/16		10,657
500-512 7th Ave	Jul 2010	Office	New York, NY	B Note			7.19%		9,990		11,276		07/11/16		243,244
Wellington Tower	Dec 2009	Mixed Use	New York, NY	Mezzanine			6.79%		2,622		3,501		07/11/17		22,500
Mentor Building	Mar 2012	Retail	Chicago, IL	Whole Loan			10.00%		2,511		2,497		09/10/17		-
				Total Loans Receivable				$	123,872	$	130,193
Loan Securities Carried at Fair Value
WBCMT 2007	Dec 2009	Hotel	Various	CMBS		Libor + 1.75%		$	11	$	1,267		03/09/14	$	1,324,403
West Olive	Dec 2009	Office	Burbank, CA	Rake Bonds			(8)		5,374		6,364		02/28/13		15,666
			Total Loan Securities Carried at Fair Value					$	5,385	$	7,631
Equity Investment Loan Assets (9)
10 Metrotech	Apr 2012	Office	Brooklyn, NY	B Participation		Libor + 2.0%		$	37	$	6,999		03/09/10	$	39,871
Riverside Plaza	Jun 2010	Retail	Riverside, CA	B Note	(10)		12.00%		7,878		7,800		12/01/12		54,400
So-Cal Office Portfolio	Nov 2011	Office	Southern. CA	C Note	(10)	Libor + 3.10%			48,794		59,184		08/09/12		678,797
Stamford Portfolio	Feb 2012	Office	Stamford, CT	Mezzanine	(10)	Libor + 3.25%			8,206		9,400	(6)	08/06/14		400,000
			Total Loan Assets of Equity Investments					$	64,915	$	83,383

Continued on next page

WINTHROP REALTY TRUST

SCHEDULE OF LOAN ASSETS

(In thousands, Unaudited, Continued)

Notes to Schedule of Loan Assets

(1) Represents contractual interest rates without giving effect to loan discount and accretion. The stated interest rate may be significantly

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

(2) Carrying amount of loans receivable includes accrued interest of $635,000 and cumulative accretion of $1,408,000 at June 30, 2012.

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

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

(5) Libor floor of 3%.

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

(7) Libor floor of 2%.

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

(9) Does not include our equity interests in Concord and RE CDO Management.

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

WINTHROP REALTY TRUST

NET OPERATING INCOME FROM CONSOLIDATED PROPERTIES

(In thousands)

(Unaudited)

	Three Months Ended
	June 30, 2011		March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Rents and reimbursements
Minimum rent	$	10,493	$	10,097		$	9,475		$	9,722		$	9,666
Deferred rents (straight-line)		1,030		1,446			1,140			227			363
Recovery income		1,152		1,143			967			976			1,274
Less:
Above and below market rents		102		102			106			113			126
Lease concessions and abatements		480		(248	)		(113	)		(197	)		(195	)
Total rents and reimbursements	$	13,257		12,540			11,575			10,841			11,234

Rental property expenses
Property operating		3,779		4,552			3,754			3,535			3,987
Real estate taxes		1,017		1,254			1,096			1,108			1,087
Total rental property expenses		4,796		5,806			4,850			4,643			5,074

Net operating income (1)
from consolidated properties		8,461	$	6,734		$	6,725		$	6,198		$	6,160

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

WINTHROP REALTY TRUST

SCHEDULE OF INTEREST, DIVIDENDS AND DISCOUNT ACCRETION

(In thousands)

(Unaudited)

	Three Months Ended
	June 30, 2012		March 31, 2012		December 31, 2011		September 30, 2011		June 30, 2011
Interest, Dividends and Discount Accretion by Business Segment:
Loan Assets		5,472	$	5,232	$	4,867	$	5,417	$	4,976
REIT Securities		305		286		322		86		118
Total Interest, Dividends and Discount Accretion	$	5,777	$	5,518	$	5,189	$	5,503	$	5,094

Interest, Dividends and Discount Accretion Detail:
Interest on loan assets		2746	$	2,399	$	2,633	$	3,043	$	2,687
Accretion of loan discount		2726		2,833		2,234		2,374		2,289
Interest and dividends on REIT securities		305		286		322		86		118
Total Interest, Dividends and Discount Accretion	$	5,777	$	5,518	$	5,189	$	5,503	$	5,094

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA

June 30, 2012 (Unaudited)

Description and Location	Year Acquired	Trust’s Ownership			Rentable Square Feet		(**) % Leased			Major Tenants (Lease /Options Exp)	Major Tenants’ Sq. Feet.		($000's) Cost Basis Net of Deprec		Ownership of Land	($000's) Debt Balance			Debt Maturity & Int Rate
Amherst, NY (2)	2005		100	%		200,000		100	%	Ingram Micro Systems (2013/2023)		200,000	$	16,405	Fee	$	15,457			10/2013 5.65	%
Andover, MA	2005		100	%		93,000		100	%	PAETEC Comm. (2022/2037)		93,000		7,046	Fee		(1	)		(1	)
Chicago, IL (One East Erie / Marc Realty)	2005		100	%		126,000		93	%	The Gettys Group (2012/2016)		13,000		20,961	Fee		20,360			03/2016 5.75	%
										River North Surgery (2015/ n/a)		15,000
Chicago, IL (River City / Marc Realty)	2007		60	%		253,000		72	%	Bally Total Fitness (2013/2021)		55,000		14,579	Fee		8,700			04/2015 6.25	%
										ITAV (2024/2029)		35,000
										MFS/Worldcom(2019/2023)		61,000
Deer Valley, AZ	2010		100.0	%		82,000		96	%	United Healthcare (2017/2027)		42,000		10,709	Fee		(1	)		(1	)
										Premier Research Group (2016/2026)		13,800
										Southwest Desert Cardiology (2022 / 2037)		9,200
Englewood, CO Crossroads I	2010		100	%		118,000		57	%	RGN-Denver LLC (2015/ 2025)		17,000		7,677	Fee		(1	)		(1	)
Englewood, CO Crossroads II	2010		100	%		118,000		87	%	TIC Holdings (2019 / 2044)		75,000		10,087	Fee		(1	)		(1	)
Houston, TX	2004		8	%		614,000		100	%	Spectra Energy (2018/2028)		614,000		57,700	Fee		54,301			04/2016 6.23	%
Indianapolis, IN (Circle Tower)	1974		100	%		111,000		81	%	No Tenants Over 10%		-		4,936	Fee		4,129			04/2015 5.82	%
Lisle, IL	2006		100	%		169,000		77	%	United Healthcare (2014/ n/a)		41,000		18,789	Fee		5,753		10/2014 Libor + 2.5%
Lisle, IL	2006		100	%		67,000		17	%	ABM Janitorial (2012/2014)		11,000		5,265	Fee		1,658		10/2014 Libor + 2.5%
Lisle, IL (Marc Realty)	2006		60	%		54,000		100	%	Ryerson (2018/2028)		54,000		3,548	Fee		5,577			03/2017 5.55	%
New York, NY (450 West 14th St)	2011	var				105,000		91	%	Fast Retailing (2026/2036)		23,000		58,818	Ground Lease		51,636		05/2016 Libor + 2.5%
										Alice + Olivia (2021/2031)		22,000
										Access Industries (2021/2031)		14,000
Orlando, FL	2004		100	%		257,000		100	%	Siemens Real Estate, Inc. (2017/2042)		257,000		13,994	Ground Lease		37,860			07/2017 6.40	%
Plantation, FL	2004		100	%		120,000		100	%	AT&T Service, Inc. (2020/2035)		120,000		11,232	Fee		10,870			04/2018 6.48	%
South Burlington, VT	2005		100	%		54,000		100	%	Fairpoint Comm. (2014/2029)		54,000		2,876	Ground Lease		(1	)		(1	)
Subtotal - Office						2,541,000								264,622			216,301

(Continued on next page)

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA (Continued)

June 30, 2012 (Unaudited)

Description and Location	Year Acquired	Trust’s Ownership			Rentable Square Feet		(**) % Leased			Major Tenants (Lease /Options Exp)		Major Tenants’ Sq. Feet.		($000's) Cost Basis Net of Deprec		Ownership of Land	($000's) Debt Balance			Debt Maturity & Int Rate
Retail
Atlanta, GA	2004		100	%		61,000		100	%	The Kroger Co. (2016/2026)			61,000	$	3,754	Ground Lease		(1	)		(1	)
Denton, TX	2004		100	%		46,000		100	%	Diesel Fitness (2012) Harbor Freight Tools (2022 / 2037)			29,000 17,000		2,624	Fee		(1	)		(1	)
Greensboro, NC	2004		100	%		46,000		100	%	The Kroger Co. (2017/2037)			46,000		3,077	Ground Lease		(1	)		(1	)
Louisville, KY	2004		100	%		47,000		100	%	The Kroger Co. (2015/2040)			47,000		2,579	Fee		(1	)		(1	)
Memphis, TN	2004		100	%		44,000		100	%	The Kroger Co. (2015/2040)			44,000		1,252	Fee		(1	)		(1	)
Seabrook, TX	2004		100	%		52,000		100	%	The Kroger Co. (2015/2040)			52,000		1,746	Fee		(1	)		(1	)

Subtotal Retail						296,000									15,032
Residential
Meriden, CT	2010		100	%	180 units			96	%		n/a		n/a		23,828	Fee		13,590		10/2014 Libor + 2.5%
Waterford	2012		100	%	320 units			93	%		n/a		n/a		20,624	Fee
Subtotal Retsidential															44,452
Other
Warehouse
Jacksonville, FL	2004		100	%		580,000		100	%	Fanatics, Inc. (2015/2024)			558,000		10,319	Fee		(1	)		(1	)
Mixed Use
Churchill, PA	2004		100	%		52,000		100	%	Westinghouse (2013)			-		5,575	Fee		-			-
Subtotal - Other						632,000									15,894
Total Consolidated Properties						3,469,000								$	340,000		$	229,891

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

Notes to Consolidated Properties - Selected Data

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

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

WINTHROP REALTY TRUST

EQUITY INVESTMENTS – SELECTED DATA

June 30, 2012

(Unaudited)

Description and Location	Year Acquired	Trust’s Ownership			Rentable Square Feet		(**) % Leased			Major Tenants (Lease /Options Exp)	Major Tenants’ Sq. Feet.		($000's) Equity Investment		Ownership of Land	($000's) Debt Balance(1)		Debt Maturity & Int Rate
Marc Realty Portfolio - Equity Investment Operating Properties
223 West Jackson, Chicago, IL	2005		50	%		168,000		75	%	No tenants over 10%		-		7,930	Fee		7,126		06/2012 6.92	%
4415 West Harrison, Hillside, IL (High Point)	2005		50	%		192,000		58	%	North American Medical Mgmt (2015/2020)		20,400		2,330	Fee		4,471		12/2015 5.62	%
1701 E. Woodfield, Shaumburg, IL	2005		50	%		175,000		87	%	No tenants over 10%		-		1,979	Fee		5,569	09/2015 Libor + 3% (2)
2205-55 Enterprise, Westchester, IL	2005		50	%		130,000		90	%	Consumer Portfolio (2014/2019)		18,900		2,579	Fee		9,146	02/2013 Libor + 2.75%
										UroPartners LLC (2015/ n/a)		14,500
180 North Michigan Chicago, IL (Marc Realty)	2008		70	%		229,000		83	%	No tenants over 10%				6,950	Fee		17,347	03/2013 Libor+1.5% (3)
Total Marc Realty Portfolio						894,000							$	21,768		$	43,659
Sealy Venture Portfolio - Equity Investment Operating Properties
Atlanta, GA (Northwest Atlanta)	2006		60	%		472,000		70	%	Original Mattress (2020/2025)		57,000	$	8,373	Fee	$	13,880	09/2015 Libor +5.35% (4)
Atlanta, GA (Newmarket)	2008		68	%		470,000		52	%	No tenants over 10%		-		1,344	Fee		37,000		11/2016 6.12	%
Nashville, TN (Airpark)	2007		50	%		1,155,000		86	%	No tenants over 10%		-		-	Fee		74,000		05/2012 5.77	%
Total - Sealy Venture Portfolio						2,097,000							$	9,717		$	124,880
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	$	511	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		84	%	School of the Art Institute of Chicago (2018 /2028)		157,000	$	24,716	Fee	$	100,292		02/2015 11	%
										State of Illinois (2018 )		243,000
										Target (2027 /2062)		147,000
						942,000							$	24,716		$	100,292

															(Continued on next page)

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - SELECTED DATA (Continued)

June 30, 2012

(Unaudited)

Description and Location		Year Acquired	Units		(**) % Leased			Ownership of Land
Vintage Housing Portfolio - Equity Investment Operating Properties
Agave Associates	Elk Grove, CA	2011		188		93	%	Fee
Bouquet Canyon Seniors	Santa Clarita, CA	2011		264		97	%	Fee
Elk Creek Apartments	Sequim, WA	2011		138		93	%	Fee
Falls Creek Apartments	Couer d' Alene, ID	2011		170		95	%	Fee
Forest Creek Apartments	Spokane, WA	2011		252		94	%	Fee
Hamilton Place Seniors	Bellingham, WA	2011		94		99	%	Fee
Heritage Place Apartments	St. Ann, MO	2011		113		98	%	Fee
Holly Village Apartments	Everett, WA	2011		149		92	%	Fee
Larkin Place Apartments	Bellingham, WA	2011		101		97	%	Fee
Rosecreek Senior Living	Arlington, WA	2011		100		99	%	Fee
Seven Hills/ St Rose	Henderson, NV	2011		244		99	%	Fee
Silver Creek Apartments	Pasco, WA	2011		242		98	%	Fee
The Bluffs Apartments	Reno, NV	2011		300		93	%	Fee
Twin Ponds Apartments	Arlington, WA	2011		134		95	%	Fee
Vintage at Bend	Bend, OR	2011		106		96	%	Fee
Vintage at Bremerton	Bremerton, WA	2011		143		95	%	Fee
Vintage at Burien	Burien, WA	2011		101		98	%	Ground Lease
Vintage at Chehalis	Chehalis, WA	2011		150		95	%	Fee
Vintage at Everett	Everett, WA	2011		259		93	%	Fee
Vintage at Mt. Vernon	Mt. Vernon, WA	2011		154		99	%	Fee
Vintage at Napa	Napa, CA	2011		115		96	%	Fee
Vintage at Richland	Richland, WA	2011		150		95	%	Fee
Vintage at Sequim	Sequim, WA	2011		118		97	%	Fee
Vintage at Silverdale	Silverdale, WA	2011		240		96	%	Fee
Vintage at Spokane	Spokane, WA	2011		287		96	%	Fee
Vintage at Vancouver	Vancouver, WA	2011		154		97	%	Fee
Vista Sonoma Seniors Apts	Santa Rosa, CA	2011		189		92	%	Fee
				4655
Vintage Housing Portfolio - Preferred Equity Investment Operating Properties
Vintage at Tacoma		2012		231	under construction			Fee
Vintage at Urban Center		2012		395	under construction			Fee
				626
Total - Vintage Housing Portfolio				5,281	units

						(Continued on Next Page)

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - SELECTED DATA (Continued)

June 30, 2012

(Unaudited)

Description and Location	Year Acquired	Trust’s Ownership			Rentable Square Feet		($000's) Equity Investment				($000's) Debt Balance (1)
Equity Investment Operating Properties
Marc Realty Portfolio (from Page 25 )	see above					894,000	$	21,768			$	43,659	(6	)
Sealy Portfolio (from Page 25)	see above					2,097,000		9,717				124,880	(6	)
Mentor Retail LLC (from Page 25)	see above					7,000		511				2,497	(6	)
WRT-Elad / One South State Equity (from Page 25)	see above					941,000		24,716				100,292	(6	)
Vintage Portfolio (from page 26)	see above				4,655 units			30,144	(5	)		247,504	(6	)
Total Equity Investment Operating Properties								86,856			$	518,832

Loan Asset Equity Investments
SoCal Office Portfolio Loan LLC	2011		50	%				33,888
WRT-Stamford LLC	2012		20	%				8,236
WRT-ROIC Riverside LLC	2010		50	%				7,883
WRT-ROIC Lakeside Eagle LLC	2011		50	%				1

Other Equity Investment
Concord Debt Holdings LLC	2012		67	%				4,529	(7	)
CDH CDO LLC	2012		67	%				2,978	(7	)
RE CDO Management LLC	2011		50	%				1,794
10 Metrotech	2012		33	%				56
Total Equity Investments							$	146,221

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 $5,579 effectively converts the interest rate to a fixed rate of 4.78%.
(3) An interest rate swap agreement with a notional amount of $17,425 effectively converts the interest rate to a fixed rate of 4.55%.
(4) An interest rate cap was purchased that caps Libor at 1%.
(5) The Vintage equity investment of $30,144 represents a our various interests in Vintage Housing Holdings LLC, an entity which owns the general partnership interest listed above. The investment basis is not specifically allocated among the various lower tier partnerships.
(6) See Equity Investments debt details on pages 31 and 32.
(7) Represents the interest acquired from Lexington Realty Trust on May 1, 2012.

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES – OPERATING SUMMARY

Six Months Ended June 30, 2012

(In thousands, except for Square Footage, Unaudited)

Description	% Owned			Number of Properties		Square Footage		Rents and Reimburse-ments		Operating Expenses		Real Estate Taxes		Net Operating Income (1)		Interest Expense		Impairment		Deprec & Amort		(Income) Loss Attributable to Non-controlling Interest					WRT's share Net Income / (Loss) from Consolidated Properties (1)
100% Owned Consolidated Properties
Retail		100.0	%		6		296,000	$	728	$	54	$	21	$	653	$	-	$	-	$	196	$	-				$	457
Office		100.0	%		12		1,515,000		11,716		3,251		1,289		7,176		2,929		-		3,570		72		(2	)		605
Residential		100.0	%		2	500 units			2,154		626		263		1,265		207		-		941							117
Other		100.0	%		2		632,000		1,691		1,328		118		245		-		-		426		-					(181	)
					22		2,443,000		16,289		5,259		1,691		9,339		3,136		-		5,133		72					998
Partially Owned Consolidated Properties
Chicago, IL (River City/Marc Realty)		60.0	%		1		253,000		2,176		774		346		1,056		293		-		417		138					208
Houston, TX (Multiple LP's)		8.0	%		1		614,000		3,949		9		-		3,940		1,721		-		1,396		700					123
Lisle, IL (Marc Realty)		60.0	%		1		54,000		417		147		35		235		163		-		75		(1	)				(2	)
New York, NY (450 W 14th St)	Var				1		105,000		2,966		2,142		199		625		948		-		1,177		(2,247	)				747
					4		1,026,000		9,508		3,072		580		5,856		3,125		-		3,065		(1,410	)				1,076
Total Consolidated Properties					26		3,469,000	$	25,797	$	8,331	$	2,271	$	15,195	$	6,261	$	-	$	8,198	$	(1,338	)			$	2,074
Line of Credit interest expense																	372						-
Interest expense related to loan assets																	668						-
Loss attributable to Noncontrolling interest related to the Trust's loan segment																	-						(36	)
Total																$	7,301					$	(1,374	)

(1) See definition of Net Operating Income and Net Income / (Loss) from Consolidated Properties on page 36 of the supplemental package.

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

WINTHROP REALTY TRUST

EQUITY INVESTMENTS – OPERATING SUMMARY

Six Months Ended June 30, 2012

(In thousands, except for Square Footage, Unaudited)

Venture	Number of Properties		Square Footage		Total Revenue		Operating Expenses		Real Estate Taxes		Net Operating Income (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		5		894,000		13,250		6,142		2,155		4,953		1,715		(136	)		3,642		(540	)		(230	)
Sealy Venture Portfolio		3		2,097,000		6,842		1,680		771		4,391		5,257		(20	)		2,993		(3,879	)		(1,631	)
Mentor Retail		1		7,000		86		5		12		69		42		-			15		12			6
WRT-Elad		1		942,000		5,715		1,307		738		3,670		3,501		(1,075	)		2,679		(3,585	)		515
Vintage Portfolio (3)		27	4,655 units			20,600		7,995		303		12,302		3,321		(2,726	)		5,627		628			934
Total Equity Investment Operating Properties		37		3,940,000	$	46,493	$	17,129	$	3,979	$	25,385	$	13,836	$	(3,957	)	$	14,956	$	(7,364	)		(406	)

Marc Realty Portfolio - Amortization of basis differential (1)		(114	)
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		(16	)
RE CDO Management - Winthrop's share of net income from equity investment		28
CDH CDO - Winthrop's share of net income from equity investment		1,012
Concord Debt Holdings - Winthrop's share of net income from equity investment		379
WRT-SoCal Lender - Winthrop's share of net income from equity Investment		(638	)
Stamford / Mack-Cali - Winthrop's share of net income from equity investment		316
10 Metrotech- Winthrop's share of net income from equity investment		(19	)

Equity in loss of equity investments	$	1,010

(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 35 of the supplemental package.

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

WINTHROP REALTY TRUST

CONSOLIDATED DEBT SUMMARY

(In thousands, Unaudited)

Description	Principal Outstanding June 30, 2012		Coupon			Remaining 2012 Repayment		Maturity Date		Amount Due at Maturity		Weighted Average Maturity (in years)
Fixed rate debt
Mortgage loans payable
Amherst, NY	$	15,457		5.650	%	$	232		10/2013	$	14,822
Chicago, IL / River City		8,700		5.500	%		-		04/2015		8,331
Indianapolis, IN / Circle Tower		4,129		5.820	%		40		04/2015		3,888
Chicago, IL / Ontario		20,360		5.750	%		160		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		20,501		7.500	%		2,249		04/2016		-
Lisle, IL / 1050 Corporetum		5,577		5.550	%		33		03/2017		5,189
Orlando, FL		37,861		6.400	%		282		07/2017		34,567
Plantation, FL		10,870		6.483	%		59		04/2018		10,046
Total mortgage loans payable /Wtd Avg		157,255		6.087	%		3,055				129,716		3.89

Non-recourse secured financing
San Marbeya A Participation		15,150		4.850	%		-		01/2015		15,150
Total Fixed Rate Debt/ Wtd Avg		172,405		5.978	%		3,055				144,866		3.77
Floating rate debt
Mortgage loans payable
New York, NY (450 W 14th St) (LIBOR + 2.5%, 1% LIBOR Floor)		51,636		3.500	%		-		05/2016		51,636
Meriden, CT / Newbury (LIBOR + 2.5%, 1% LIBOR Cap)		13,590		2.770	%		-		10/2014		13,590
Lisle, IL / 550-560 Corporetum (LIBOR + 2.5%, 1% LIBOR Cap)		5,753		2.770	%		-		10/2014		5,753
Lisle, IL / 701 Arboretum (LIBOR + 2.5%, 1% LIBOR Cap)		1,657		2.770	%		-		10/2014		1,657
		72,636		3.288	%		-				72,636		3.39

Non-recourse secured financing
Hotel Wales A Note Payable - (LIBOR + 1.25, 3% Libor Floor)		14,000		4.250	%		-		10/2013		14,000
Total Floating Rate Debt/ Wtd Avg		86,636		3.443	%		-				86,636		3.04
Total Consolidated Debt/Wtd Avg	$	259,041		5.130	%	$	3,055			$	231,502		3.53

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - DEBT SUMMARY

(In thousands, Unaudited)

Description	Gross Principal Outstanding June 30, 2012		WRT Share Principal Outstanding June 30, 2012		Coupon			WRT Share Remaining 2012 Repayment		Maturity Date			WRT Share Amount Due at Maturity		Weighted Average Maturity (in years)
Fixed rate debt
Sealy - Airpark, Nashville, TN		74,000		37,000		5.77	%		-	05/01/12	(7	)		37,000
Sealy - Newmarket, Atlanta, GA		37,000		25,160		6.12	%		-	11/01/16				25,160
Marc Realty - 223 West Jackson, Chicago, IL		7,126		3,563		6.92	%		3,563	06/01/12	(8	)		3,563
Marc Realty - 180 North Michigan, Chicago, IL (1)		17,347		12,143		4.55	%		323	03/28/13				11,884
Marc Realty - 4415 West Harrision, Hillside, IL		4,471		2,236		5.62	%		24	12/01/15				1,615
Marc Realty - 1701 East Woodfield, Shaumburg, IL (2)		5,569		2,785		4.78	%		33	09/01/15				2,564
Mentor Retail - 39 South Street, Chicago, IL		2,497		1,249		10.00	%		-	09/10/17				1,249
WRT-Elad - One South State Street		100,292		50,146		11.00	%		-	02/01/15				50,146
VHH - Agave Associates		2,500		1,125		3.50	%		-	12/15/36				1,125
VHH - Bouquet Canyon Seniors		11,221		8,416		6.38	%		119	07/01/28				1,781
VHH - Vintage at Chehalis (3)		8,190		6,143		4.62	%		77	06/15/40				1,607
VHH - Elk Creek Apartments		7,377		5,533		6.46	%		19	11/01/39				2,948
VHH - Falls Creek Apartments		8,360		6,270		6.24	%		23	12/01/40				3,207
VHH - Hamilton Place Seniors		134		101		5.88	%		22	07/01/14				-
VHH - Heritage Place Apartments		1,796		1,347		8.37	%		16	07/19/15				1,239
VHH - Heritage Place Apartments		515		386		1.00	%		7	05/01/39				-
VHH - Larkin Place Apartments		6		5		5.92	%		5	06/01/12	(8	)		5
VHH - Vintage at Mt. Vernon (4)		7,500		5,625		5.11	%		-	01/15/37				2,258
VHH - Vintage at Mt. Vernon (5)		1,145		859		5.86	%		-	01/15/37				-
VHH - Vintage at Napa		6,113		4,585		6.16	%		65	06/01/34				-
VHH - Vintage at Silverdale (6)		14,880		11,160		5.62	%		155	09/15/39				753
VHH - The Bluffs Apartments		8		1		3.00	%		1	12/15/36				-
VHH - Twin Ponds Apartments		1,352		1,014		6.20	%		42	01/01/38				-
VHH - Vintage at Vancouver		697		523		8.12	%		38	01/01/35				-
VHH - Vista Sonoma Seniors Apts		10,179		7,634		6.56	%		97	01/01/32				57
Total Fixed Rate Debt/ Wtd Avg	$	330,275	$	195,009		7.18	%	$	4,629				$	148,161	8.7

Notes to Fixed Rate Debt Schedule:

(1) An interest rate swap agreement with a notional amount of $17,553 effectively converts the interest rate to a fixed rate of 4.55%.

(2) An interest rate swap agreement with a notional amount of $5,600 effectively converts the interest rate to a fixed rate of 4.78%.

(3) An interest rate swap agreement with a notional amount of $8,190 effectively converts the interest rate to a fixed rate of 4.62%.

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

(5) An interest rate swap agreement with a notional amount of $1,116 effectively converts the interest rate to a fixed rate of 5.857%.

(6) An interest rate swap agreement with a notional amount of $14,602 effectively converts the interest rate to a fixed rate of 5.615%.

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

(8) Loan paid off subsequent to quarter ended June 30, 2012.

(Continued on next page)

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - DEBT SUMMARY (Continued)

(In thousands, Unaudited)

Description	Interest Rate (1), (2)	Gross Principal Principal Outstanding June 30, 2012		WRT Share Principal Outstanding June 30, 2012		Coupon			WRT Share Remaining 2012 Repayment		Maturity Date	WRT Share Amount Due at Maturity		Weighted Average Maturity (in years)
Floating rate debt
Sealy - Northwest Atlanta, Atlanta, GA	LIBOR + 5.35%		13,880		8,328		5.59	%		67	09/01/15		7,927
Marc Realty - 2205-55 Enterprise, Westchester, IL (3)	LIBOR + 2.75%		9,146		4,573		4.25	%		60	02/20/13		4,501
VHH - Agave Associates	SIFMA + 1.47%		11,323		5,095		1.65	%		68	10/15/36		-
VHH - Vintage at Bend	SIFMA + 1.24%		5,600		4,200		1.42	%		56	12/15/36		343
VHH - Vintage at Bremerton	SIFMA + 1.66%		6,200		4,650		1.84	%		98	03/15/33		-
VHH - Vintage at Burien	SIFMA + 1.35%		6,885		5,164		1.53	%		87	01/15/38		-
VHH - Vintage at Everett	SIFMA + 1.32%		16,600		12,450		1.50	%		110	01/15/38		984
VHH - Forest Creek Apartments	SIFMA + 1.50%		13,680		10,260		1.68	%		106	06/15/40		-
VHH - Hamilton Place Seniors	SIFMA + 1.43%		3,590		2,693		1.61	%		-	07/01/33		734
VHH - Holly Village Apartments	SIFMA + 1.44%		7,115		5,336		1.76	%		62	07/31/32		-
VHH - Larkin Place Apartments	SIFMA + 1.58%		4,825		3,619		1.59	%		29	07/01/33		956
VHH - Vintage at Richland	SIFMA + 1.63%		7,535		5,651		1.81	%		77	01/15/38		505
VHH - Rosecreek Senior Living	SIFMA + 0.33%		3,355		2,516		0.51	%		22	12/31/37		1,683
VHH - Vintage at Sequim	SIFMA + 2.22%		6,343		4,757		2.40	%		28	03/01/38		1,100
VHH - Silver Creek Apartments	SIFMA + 1.53%		13,095		9,821		1.71	%		139	01/01/18		2,837
VHH - Vintage at Spokane	SIFMA + 1.32%		16,295		12,221		1.50	%		105	08/15/40		3,782
VHH - Seven Hills/ St Rose	SIFMA + 1.35%		14,770		7,385		1.53	%		115	10/15/35		232
VHH - The Bluffs Apartments	SIFMA + 1.41%		15,080		4,524		1.59	%		62	09/15/34		-
VHH - Twin Ponds Apartments	SIFMA + 1.38%		5,515		4,136		1.56	%		-	01/01/38		4,136
VHH - Vintage at Vancouver	SIFMA + 2.24%		7,725		5,794		2.42	%		-	01/01/35		2,415
Total Floating Rate Debt/ Wtd Avg			188,557		123,173		2.02	%		1,291			32,135	22.4
Total Joint Venture Debt/Wtd Avg		$	518,832	$	318,182		5.18	%	$	5,920		$	180,296	14.0

Notes to Floating Rate Debt Schedule:

(1)	LIBOR rate used to determine coupon on floating rate debt at June 30, 2012 was 0.24475%

(2)

SIFMA = Securities Industry and Financial Markets Association Municipal Swap Index. SIFMA rate used to determine coupon on floating rate debt at May 31, 2012 on the Vintage debt was 0.18%. Each of the Vintage floating rate debt instruments is subject to an interest rate cap ranging from 5.50% and 8.25%.

(3)	This loans provides for an interest rate floor of 4.25%.

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES LEASE EXPIRATIONS SUMMARY

(Unaudited)

Year of Lease Expirations	Net Rentable Square Feet Subject to Expiring Leases		Percentage of Leased Square Footage Represented by Expiring Leases (%)			Annual Contractual Rent Under Expiring Leases ($)		Annual Rent Per Leased Square Foot of Expiring Leases ($)

Consolidated Multi Tenant Operating Properties:
2012		42,100		4.7	%	$	717,000	$	17.03
2013		134,600		15.0	%		1,808,000		13.43
2014		112,900		12.6	%		1,939,000		17.17
2015		78,900		8.8	%		1,438,000		18.23
2016		87,500		9.7	%		1,342,000		15.34
Thereafter		442,400		49.2	%		9,844,000		22.25

Consolidated Single Tenant Operating Properties:
2012		-		-		$	-	$	-
2013		252,000		11.1	%		2,516,000		9.98
2014		54,000		2.4	%		820,000		15.19
2015		696,000		30.6	%		1,405,000		2.02
2016		61,000		2.7	%		259,000		4.25
Thereafter		1,211,000		53.3	%		15,004,000		12.39

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
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2012			2012			2011			2011			2011

NOI from consolidated properties (1), (4)	$	8,461		$	6,734		$	6,726		$	6,197		$	6,160

Less:
Interest expense		(3,512	)		(3,789	)		(3,899	)		(3,546	)		(3,963	)
Depreciation and amortization		(4,479	)		(3,719	)		(3,561	)		(3,185	)		(3,312	)
(Income) loss attributable to non-controlling interest		473			901			37			(318	)		(329	)
WRT share of income (loss) from consolidated properties (2), (4)		943			127			(697	)		(852	)		(1,444	)

Equity in income (loss) of equity investments (3)		586			424			(17,259	)		2,820			2,875

Add:
Earnings from preferred equity investments		-			-			-			257			158
Interest, dividends and discount accretion		5,778			5,518			5,189			5,503			5,094
Settlement income		-			-			5,868			-			-
Gain on consolidation of property		-			-			818			-			-
Gain on Extinguishment of debt		-			-			744			8,514			-
Unrealized gain (loss) on loan securities carried at fair value		(88	)		164			-			-			34
Unrealized gain (loss) on securities carried at fair value		(791	)		4,932			3,586			-			-
Gain on loan securities carried at fair value		15			26			-			-			7
Gain on sale of equity investment		232			-			-			207			-
Interest and other income		90			102			171			472			443
Income from discontinued operations		-			-			425			-			90

Less:
Loss from preferred equity investments		-			-			(160	)		-			-
Series B-1 Preferred interest expense		-			-			(409	)		(59	)		(58	)
Income attributable to Series D preferred shares		(2,787	)		(925	)		(339	)		-			-
General and administrative		(3,264	)		(3,031	)		(3,592	)		(2,893	)		(2,758	)
State and local tax expense		(143	)		(6	)		(290	)		(12	)		(48	)
Unrealized loss on securities carried at fair value		-			-			-			(961	)		(723	)
Loss on sale of securities carried at fair value		-			-			-			-			-
Impairment loss on investment in real estate		-			-			(4,600	)		(3,000	)		-
Unrealized loss on loan securities carried at fair value		-			-			(34	)		(75	)		-
Realized loss on sale of securities carried at fair value		-			-			(8	)		-			-
Loss on discontinued operations		-			(3	)		-			(134	)		-

Net income attributable to Common Shares	$	571		$	7,328		$	(10,587	)	$	9,787		$	3,670

(1) See additional NOI detail on Page 22 of the supplemental package.
(2) See detail for the Six months ended June 30, 2012 on Page 28 of the supplemental package.
(3) See detail for the Six months ended June 30, 2012 on Page 29 of the supplemental package.
(4) See definitions for non-GAAP measures on page 35 of the supplemental package.

WINTHROP REALTY TRUST

SUPPLEMENTAL DEFINITIONS

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

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

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

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

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

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

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

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

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

SIFMA - Securities Industry and Financial Markets Association Municipal Swap Index

WINTHROP REALTY TRUST

INVESTOR INFORMATION

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

ANALYST COVERAGE

Analyst	Firm	Contact Information

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

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

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

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

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

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

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