e10vq

0000950123-11-074808.txt : 20110809 0000950123-11-074808.hdr.sgml : 20110809 20110809112252 ACCESSION NUMBER: 0000950123-11-074808 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110809 DATE AS OF CHANGE: 20110809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Winthrop Realty Trust CENTRAL INDEX KEY: 0000037008 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 346513657 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-06249 FILM NUMBER: 111019481 BUSINESS ADDRESS: STREET 1: 7 BULFINCH PLACE STREET 2: SUITE 500 PO BOX 9507 CITY: BOSTON STATE: MA ZIP: 02114 BUSINESS PHONE: 6175704614 MAIL ADDRESS: STREET 1: 7 BULFINCH PLACE STREET 2: SUITE 500 PO BOX 9507 CITY: BOSTON STATE: MA ZIP: 02114 FORMER COMPANY: FORMER CONFORMED NAME: FIRST UNION REAL ESTATE EQUITY & MORTGAGE INVESTMENTS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FIRST UNION REALTY DATE OF NAME CHANGE: 19691012 10-Q 1 c19239e10vq.htm FORM 10-Q e10vq

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


þ		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended: June 30, 2011


o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-6249

WINTHROP REALTY TRUST

(Exact name of Registrant as specified in its certificate of incorporation)


Ohio		34-6513657
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification Number)

7 Bulfinch Place, Suite 500, Boston, Massachusetts		02114
(Address of principal executive offices)		(Zip Code)

(617) 570-4614

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at least the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer o	Accelerated filer þ	Non-accelerated filer o	Smaller reporting company o
		(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule12b-2). Yes o No þ

As of August 1, 2011 there were 32,958,778 Common Shares of Beneficial Interest outstanding.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

INDEX


	Page
Part I. Financial Information

Item 1. Financial Statements (Unaudited):

Consolidated Balance Sheets as of June 30, 2011 and December 31, 2010.		3

Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2011 and June 30, 2010		4

Consolidated Statements of Equity for the Six Months Ended June 30, 2011 and June 30, 2010		5

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2011 and June 30, 2010		6

Notes to Consolidated Financial Statements		8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		29

Item 3. Quantitative and Qualitative Disclosure about Market Risk		47

Item 4. Controls and Procedures		47

Part II. Other Information

Item 6. Exhibits		48

Signatures		49

Exhibit Index		50

EX-31.1
EX-31.2
EX-32.1
EX-32.2
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

Item 1. Financial Information

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)


	June 30,			December 31,
	2011			2010
	(unaudited)			(unaudited)
ASSETS
Investments in real estate, at cost
Land	$	36,495		$	37,142
Buildings and improvements		273,964			271,357

		310,459			308,499
Less: accumulated depreciation		(40,168	)		(36,232	)

Investments in real estate, net		270,291			272,267

Cash and cash equivalents		51,344			45,257
Restricted cash held in escrows		9,152			8,593
Loans receivable, net		153,437			110,395
Accounts receivable, net of allowances of $453 and $262, respectively		14,110			12,402
Securities carried at fair value		7,613			33,032
Loan securities carried at fair value		5,418			11,981
Preferred equity investments		10,155			4,010
Equity investments		95,169			81,937
Lease intangibles, net		24,681			26,821
Deferred financing costs, net		1,346			1,158
Assets held for sale		3,702			2,275

TOTAL ASSETS	$	646,418		$	610,128


LIABILITIES
Mortgage loans payable	$	210,751		$	230,443
Series B-1 Cumulative Convertible Redeemable Preferred Shares, $25 per share liquidation preference; 852,000 shares authorized and outstanding at June 30, 2011 and December 31, 2010		21,300			21,300
Secured financing		15,150			—
Revolving line of credit		—			25,450
Accounts payable and accrued liabilities		12,322			12,557
Dividends payable		5,385			4,431
Deferred income		1,016			150
Below market lease intangibles, net		2,312			2,696
Liabilites of held for sale assets		620			33

TOTAL LIABILITIES		268,856			297,060


COMMITMENTS AND CONTINGENCIES

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

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


EQUITY
Winthrop Realty Trust Shareholders’ Equity:
Common Shares, $1 par, unlimited shares authorized; 32,897,554 and 27,030,186 issued and outstanding at June 30, 2011 and December 31, 2010, respectively		32,898			27,030
Additional paid-in capital		626,472			569,586
Accumulated distributions in excess of net income		(299,721	)		(300,782	)
Accumulated other comprehensive loss		—			(63	)

Total Winthrop Realty Trust Shareholders’ Equity		359,649			295,771
Non-controlling interests		14,692			14,076

Total Equity		374,341			309,847

TOTAL LIABILITIES AND EQUITY	$	646,418		$	610,128

See Notes to Consolidated Financial Statements.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(in thousands, except per share data)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
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 gain on available for sale securities		—			(5	)		—			2
Change in unrealized gain on interest rate derivative		—			(28	)		63			12

Comprehensive income	$	4,057		$	4,718		$	11,522		$	9,215


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

See Notes to Consolidated Financial Statements

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

CONSOLIDATED STATEMENTS OF EQUITY

(unaudited, in thousands, except per share data)


							Accumulated			Accumulated
	Common Shares of				Additional		Distributions			Other			Non-
	Beneficial Interest				Paid-In		in Excess of			Comprehensive			Controlling
	Shares		Amount		Capital		Net Income			Income			Interests			Total
Balance, December 31, 2010		27,030	$	27,030	$	569,586	$	(300,782	)	$	(63	)	$	14,076		$	309,847

Net income attributable to Winthrop Realty Trust		—		—		—		10,926			—			—			10,926
Net income attributable to non-controlling interests		—		—		—		—			—			533			533
Distributions to non-controlling interests		—		—		—		—			—			(194	)		(194	)
Contributions from non-controlling interests		—		—		—		—			—			277			277
Dividends paid or accrued on Common Shares of Beneficial Interest ($0.325 per share)		—		—		—		(9,748	)		—			—			(9,748	)
Dividends paid or accrued on Series C Preferred Shares ($0.8125 per share)		—		—		—		(117	)		—			—			(117	)
Change in unrealized gain on interest rate derivatives		—		—		—		—			63			—			63
Net proceeds from Common Shares offering		5,750		5,750		55,636		—			—			—			61,386
Shares issued pursuant to dividend reinvestment plan		118		118		1,250		—			—			—			1,368


Balance, June 30, 2011		32,898	$	32,898	$	626,472	$	(299,721	)	$	—		$	14,692		$	374,341


Balance, December 31, 2009		20,375	$	20,375	$	498,118	$	(301,317	)	$	(87	)	$	12,111		$	229,200

Net income attributable to Winthrop Realty Trust		—		—		—		8,781			—			—			8,781
Net income attributable to non-controlling interests		—		—		—		—			—			420			420
Distributions to non-controlling interests		—		—		—		—			—			(200	)		(200	)
Contributions from non-controlling interests		—		—		—		—			—			519			519
Dividends paid or accrued on Common Shares of Beneficial Interest ($0.325 per share)		—		—		—		(6,877	)		—			—			(6,877	)
Dividends paid or accrued on Series C Preferred Shares ($0.8125 per share)		—		—		—		(171	)		—			—			(171	)
Change in unrealized gain on available for sale securities		—		—		—		—			2			—			2
Change in unrealized gain on interest rate derivatives		—		—		—		—			12			—			12
Conversion of Series C Preferred Shares to Common Shares		714		714		8,234		—			—			—			8,948
Shares issued pursuant to dividend reinvestment plan		92		92		1,088		—			—			—			1,180


Balance, June 30, 2010		21,181	$	21,181	$	507,440	$	(299,584	)	$	(73	)	$	12,850		$	241,814

See Notes to Consolidated Financial Statements

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)


	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	)

(Continued on next page)

See Notes to Consolidated Financial Statements

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, continued)


	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

Transfer from loan securities	$	662		$	—

Loan receivable	$	(11,184	)	$	—

Transfer bridge loan to preferred equity investments	$	(2,022	)	$	—

Transfer Marc Realty seller financing from equity investments	$	12,544		$	—

See Notes to Consolidated Financial Statements

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Organization

Winthrop Realty Trust (“Winthrop”), a real estate investment trust (“REIT”) under section 856-860 of the Internal Revenue Code is an unincorporated association in the form of a business trust organized in Ohio under a Declaration of Trust dated August 1, 1961, as amended and restated on May 21, 2009, which has as its stated principal business activity the ownership and management of, and lending to, real estate and related investments.

Winthrop conducts its business through WRT Realty L.P., a Delaware limited partnership (the “Operating Partnership”). Winthrop is the sole general partner of, and owns directly and indirectly, 100% of the limited partnership interest in the Operating Partnership. All references to the “Trust” refer to Winthrop and its consolidated subsidiaries, including the Operating Partnership.

The Trust is engaged in the business of owning real property and real estate related assets which it categorizes into three specific areas: (i) ownership of investment properties (“operating properties”); (ii) origination and acquisition of loans and debt securities collaterized directly or indirectly by commercial and multi-family real property, including collateral mortgage-backed securities (collectively “loan assets”); and (iii) equity and debt interests in other real estate investment trusts (“REIT securities”).

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements, although management believes that the disclosures presented herein are adequate to make the accompanying unaudited consolidated interim financial statements not misleading. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated annual financial statements and the notes thereto included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2010 filed with the SEC. In the opinion of management, all adjustments considered necessary for fair statements have been included, and all such adjustments are of a normal recurring nature. The results of operations for the six months ended June 30, 2011 are not necessarily indicative of the operating results for the full year.

The accompanying unaudited consolidated financial statements represent the consolidated results of Winthrop, its wholly-owned taxable REIT subsidiary, WRT TRS Management Corp., and the Operating Partnership. All majority-owned subsidiaries and affiliates over which the Trust has financial and operating control and variable interest entities (“VIE’s”) in which the Trust has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Trust accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Trust’s share of the earnings of these joint ventures and companies is included in consolidated net income.

Reclassifications

Certain prior year balances have been reclassified in order to conform to the current year presentation. Discontinued operations for the three and six month periods ended June 30, 2011 include the Trust’s properties in Lafayette, Louisiana, Knoxville, Tennessee, and St. Louis, Missouri. Discontinued operations for the three and six month periods ended June 30, 2010 also include the Trust’s properties in Athens, Georgia and Sherman, Texas which were disposed of in 2010.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Out of Period Adjustments

During the quarter ended June 30, 2010, the Trust identified an error in its year ended December 31, 2009 allocation of fair value attributable to the building component of its Athens, Georgia property which was assessed for impairment in connection with its reclassification as held for sale and its presentation in discontinued operations. As a result, net loss was understated by approximately $700,000 for the year ended December 31, 2009. The Trust determined that this amount was not material to the year ended December 31, 2009 or to the three and six months ended June 30, 2010. As such, a charge of approximately $700,000 was recorded in the consolidated statement of operations within discontinued operations as an out of period adjustment in the second quarter of 2010. There was no impact on cash flow from operations.

Investments in Real Estate

Real estate assets are stated at historical cost. Expenditures for repairs and maintenance are expensed as incurred. Significant renovations that extend the useful life of the properties are capitalized. Depreciation for financial reporting purposes is computed using the straight-line method.

Upon the acquisition of real estate, the Trust assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles) and acquired liabilities. The Trust allocates purchase price based on these assessments.

Real estate investments and purchased intangibles subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. When evaluating the carrying amount, the Trust considers the future undiscounted cash flows expected to result from the use and the eventual disposition of the property. Undiscounted cash flows are used to assess recoverability and when warranted, discounted cash flows are used to assess fair value. Cash flow assumptions include market rental rates, lease terms, lease up costs and operating expenses during the hold period as well as proceeds expected to result from the disposition of the property.

Earnings Per Share

The Trust determines basic earnings per share on the weighted average number of Common Shares of Beneficial Interest (“Common Shares”) outstanding during the period and reflects the impact of participating securities. The holders of the Trust’s Series B-1 Cumulative Convertible Redeemable Preferred Shares (“Series B-1 Preferred Shares”) and the Series C Cumulative Convertible Redeemable Preferred Shares (“Series C Preferred Shares”) are entitled to receive cumulative preferential dividends on a quarterly basis equal to the greater of (i) $0.40625 per share quarterly (6.5% of the liquidation preference on an annualized basis) or (ii) cash dividends payable on the number of Common Shares into which the Series B-1 Preferred Shares and Series C Preferred Shares (assuming for this purpose that the conversion price of the Series C Preferred Shares equals the conversion price of the Series B-1 Preferred Shares) are convertible. The Trust computes diluted earnings per share based on the weighted average number of Common Shares outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

The Trust has calculated earnings per share in accordance with relevant accounting guidance for participating securities and the two class method. The reconciliation of earnings attributable to Common Shares outstanding for the basic and diluted earnings per share calculation is as follows (in thousands, except per share data):


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Basic
Income from continuing operations	$	3,967		$	5,515		$	11,322		$	9,718
Income attributable to non-controlling interest		(329	)		(175	)		(533	)		(420	)
Preferred dividend of Series C Preferred Shares		(58	)		(58	)		(117	)		(171	)

Income from continuing operations applicable to Common Shares		3,580			5,282			10,672			9,127
Income (loss) from discontinued operations		90			(764	)		137			(517	)

Net income applicable to Common Shares for earnings per share purposes	$	3,670		$	4,518		$	10,809		$	8,610


Basic weighted-average Common Shares		32,573			21,175			29,841			20,888


Income from continuing operations	$	0.11		$	0.25		$	0.36		$	0.44
Income (loss) from discontinued operations		—			(0.04	)		—			(0.03	)

Net income per Common Share	$	0.11		$	0.21		$	0.36		$	0.41


Diluted
Income from continuing operations	$	3,967		$	5,515		$	11,322		$	9,718
Income attributable to non-controlling interest		(329	)		(175	)		(533	)		(420	)
Preferred dividend of Series C Preferred Shares		(58	)		(58	)		(117	)		—

Income from continuing operations applicable to Common Shares		3,580			5,282			10,672			9,298
Income from discontinued operations		90			(764	)		137			(517	)

Net income applicable to Common Shares for earnings per share purposes	$	3,670		$	4,518		$	10,809		$	8,781


Basic weighted-average Common Shares		32,573			21,175			29,841			20,888
Series B-1 Preferred Shares (1)		—			—			—			—
Series C Preferred Shares (2)		—			—			—			522
Stock options (3)		1			2			1			2

Diluted weighted-average Common Shares		32,574			21,177			29,842			21,412


Income from continuing operations	$	0.11		$	0.25		$	0.36		$	0.44
Income from discontinued operations		—			(0.04	)		—			(0.03	)

Net income per Common Share	$	0.11		$	0.21		$	0.36		$	0.41


(1)		The Series B-1 Preferred Shares were anti-dilutive for the three and six months ended June 30, 2011 and 2010 and are not included in the weighted-average shares outstanding for the calculation of diluted earnings per Common Share.

(2)		The Series C Preferred Shares were anti-dilutive for the three and six months ended June 30, 2011 and the three months ended June 30, 2010 and are not included in the weighted-average shares outstanding for the calculation of diluted earnings per Common Share. The Series C Preferred Shares were dilutive for the six months ended June 30, 2010.

(3)		The Trust’s outstanding stock options were dilutive for the three and six months ended June 30, 2011 and 2010.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Recently Issued Accounting Standards

In April 2011 the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (an “Update”) that provides clarification on which loan modifications meet the criteria to be treated as Troubled Debt Restructurings (“TDR’s”) under Topic 310. The guidance is intended to improve financial reporting by creating greater consistency in the way GAAP is applied for various TDRs by reaffirming the requirements and clarifying the criteria that creditors should use in evaluating whether a restructuring constitutes a TDR. The guidance is effective for interim and/or annual periods beginning on or after June 15, 2011, and early application is permitted. The Trust has adopted this standard which did not have a material impact on its consolidated financial statements.

In May 2011 the FASB issued an Update to Topic 820, Fair Value Measurements which results in changes to common fair value measurement and disclosure requirements. Consequently, the amendments change the wording used to describe many of the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. Certain amendments in this update clarify the FASB’s intent about the application of existing fair value measurement requirements. Other amendments change requirements for measuring fair value or for disclosing information about fair value measurements. This amendment will be effective for the Trust beginning with the first reporting period of 2012. The Trust has evaluated this amendment and does not anticipate its adoption will have a material impact on its consolidated financial statements.

In June 2011 the FASB issued an Update that amends Topic 220, Comprehensive Income. In this Update, an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. This update eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity. In addition, it requires consecutive presentation of the statement of net income and other comprehensive income and requires an entity to present reclassification adjustments on the face of the financial statements from other comprehensive income to net income. These changes apply to both annual and interim financial statements and shall be applied retrospectively. This amendment will be effective for the Trust beginning with the first reporting period of 2012. The Trust has evaluated this amendment and does not anticipate its adoption will have a material impact on its consolidated financial statements.

Fair Value Measurements

Cash and cash equivalents, restricted cash in escrows, derivative financial instruments, and certain securities are reported at fair value. The accounting standards establish a framework for measuring fair value as well as disclosures about fair value measurements. They emphasize that fair value is a market based measurement, not an entity-specific measurement. Therefore a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Recurring Measurements

The table below presents the Trust’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2011, according to the level in the fair value hierarchy within which those measurements fall (in thousands):


	Quoted Prices in
	Active Markets		Significant Other		Significant
	for Identical Assets		Observable		Unobservable
	and Liabilities		Inputs		Inputs
Recurring Basis	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Securities carried at fair value	$	7,613	$	—	$	—	$	7,613
Loan securities carried at fair value		—		—		5,418		5,418

	$	7,613	$	—	$	5,418	$	13,031

The table below presents the Trust’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2010, according to the level in the fair value hierarchy within which those measurements fall (in thousands):


	Quoted Prices in
	Active Markets		Significant Other		Significant
	for Identical Assets		Observable		Unobservable
	and Liabilities		Inputs		Inputs
Recurring Basis	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Securities carried at fair value	$	33,032	$	—	$	—	$	33,032
Loan securities carried at fair value		—		—		11,981		11,981

	$	33,032	$	—	$	11,981	$	45,013

Liabilities
Derivative liabilities	$	—	$	63	$	—	$	63

The table below includes a roll forward of the balance sheet amounts from January 1, 2011 to June 30, 2011, including the change in fair value, for financial instruments classified by the Trust within Level 3 of the valuation hierarchy. When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the significance of the unobservable factors to the overall fair value measurement.


	Loan Securities
	Carried at Fair
Six Months Ended June 30, 2011	Value
(in thousands)

Fair value, January 1, 2011	$	11,981
Sales		(662	)
Payoff at par		(8,748	)
Unrealized gain, net		2,847


Fair value, June 30, 2011	$	5,418

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Non-Recurring Measurements

Equity Investments

Equity investments are assessed for other-than-temporary impairment. The determination of fair value of equity investments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each asset as well as the income capitalization approach considering prevailing market capitalization rates. The Trust reviews each investment based on the highest and best use of the investment and market participation assumptions. The significant assumptions used in this analysis include the discount rate and terminal capitalization rate used in the income capitalization valuation. The Trust has determined that the significant inputs used to value its Sealy equity investments fall within Level 3. The Trust recognized other-than-temporary impairment losses of $3,800,000 on these investments during the three and six months ended June 30, 2011.

The table below presents as of June 30, 2011 the Trust’s equity method investments measured at fair value according to the level in the fair value hierarchy within which those measurements fall (in thousands):


	Quoted Prices in
	Active Markets for		Significant Other		Significant
	Identical Assets and		Observable Inputs		Unobservable
Non-Recurring Basis	Liabilities (Level 1)		(Level 2)		Inputs (Level 3)		Total

Equity investments	$	—	$	—	$	8,723	$	8,723

	$	—	$	—	$	8,723	$	8,723

Fair Value Option

The current accounting guidance for fair value measurement provides a fair value option election that allows companies to irrevocably elect fair value as the measurement for certain financial assets and liabilities. Changes in fair value for assets and liabilities for which the election is made are recognized in earnings on a quarterly basis based on the then market price regardless of whether such assets or liabilities have been disposed of at such time. The fair value option guidance permits the fair value option election to be made on an instrument by instrument basis when it is initially recorded or upon an event that gives rise to a new basis of accounting for that asset or liability. The Trust elected the fair value option for all loan securities and REIT securities.

For the three months ended June 30, 2011, the Trust recognized net unrealized losses of $689,000 and for the six months ended June 30, 2011 net unrealized gains of $3,010,000. For the three and six months ended June 30, 2010, the Trust recognized net unrealized gains of $2,875,000 and $4,802,000, respectively. The change in fair value of the securities is recorded as an unrealized gain or loss in the Trust’s statement of operations. Income related to securities carried at fair value is recorded as interest and dividend income.

The following table presents as of June 30, 2011 and December 31, 2010 the Trust’s financial assets for which the fair value option was elected (in thousands):


Financial Instruments at Fair Value	June 30, 2011		December 31, 2010

Assets
Securities carried at fair value:
REIT Preferred shares	$	4,333	$	28,547
REIT Common shares		3,280		4,485

Loan securities carried at fair value		5,418		11,981

	$	13,031	$	45,013

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

The table below presents as of June 30, 2011 the difference between fair values and the aggregate contractual amounts due for which the fair value option has been elected (in thousands):


	Fair Value at		Amount Due
	June 30, 2011		Upon Maturity		Difference
Assets
Loan securities carried at fair value	$	5,418	$	7,494	$	2,076

	$	5,418	$	7,494	$	2,076

Financing, Acquisition and Disposition Activities

Financing Activities

Public Offering — On April 6, 2011, the Trust closed a public offering of 5,750,000 Common Shares at a price of $11.25 per share before underwriters discount and received net proceeds of approximately $61,386,000. A portion of the proceeds were utilized to pay down the Trust’s revolving line of credit.

Sealy Northwest Atlanta Loan - On June 23, 2011 the Trust made a $20,641,000 bridge loan to its Sealy Northwest Atlanta joint venture which holds a 471,952 square foot flex-office complex in Marietta, GA. The Trust’s bridge loan enabled the joint venture to satisfy its $28,750,000 first mortgage loan at a discounted payoff amount of $20,500,000. The bridge loan bears interest at 8% per annum and matures on November 1, 2011. The joint venture is currently negotiating with a third party lender and expects to secure replacement financing prior to November 1, 2011.

Acquisition Activities

450 West 14th Street / 446 High Line LLC Investment — On May 13, 2011, the Trust committed to invest up to $15,000,000 for a preferred equity interest in the entity that holds the leasehold interest in a newly constructed 73% pre-leased 102,000 square foot retail and office property located on the High Line at 450 West 14th Street, New York, New York. The investment is subject to a $54,000,000 first mortgage loan. As of June 30, 2011 the Trust has invested a total of $5,965,000. The Trust accounts for this investment as a preferred equity investment.

Magazine Mezzanine Loan — On June 1, 2011, the Trust acquired from Concord Debt Holdings LLC (“Concord”) for a purchase price of $17,525,000 a $20,000,000 senior mezzanine loan collateralized by a pledge of the equity interest in six cross-collateralized, cross-defaulted apartment communities, totaling 2,106 units located in Orlando, Sarasota, Bradenton and Palm Beach Gardens, Florida. The loan is subordinate to $120,000,000 of senior debt, is currently paying one month LIBOR plus 123 basis points and is scheduled to mature on July 9, 2012. The Trust accounts for this investment as a loan receivable.

Sofitel / LW Sofi LLC Investment — On June 2, 2011, the Trust entered into a 50/50 joint venture with Lexington Realty Trust (“Lexington”) named LW SOFI LLC (“LW SOFI”). The Trust and Lexington each contributed approximately $5,760,000 to LW SOFI. On June 3, LW SOFI acquired from Concord for approximately $11,520,000, 100% of the economic rights and obligations in a $71,530,000 mezzanine loan collateralized by an interest in the Sofitel hotel in New York City. The loan is interest only, bears interest at LIBOR plus 185 basis points and matures on February 1, 2012. The loan is encumbered by a $56,090,000 repurchase obligation that charges interest at a variable interest rate of 1-month LIBOR plus 100 basis points and matures on December 31, 2012. The Trust accounts for this investment using the equity method of accounting.

Vintage Housing Holdings LLC Investment- On March 8, 2011, the first stage of the Vintage Housing Holdings LLC (“Vintage”) transaction closed pursuant to which the Trust acquired developer fees and advances receivable owed by real estate partnerships for a purchase price of $7,000,000. On June 24, 2011, the Trust closed on the second phase of its Vintage transaction to acquire for $18,200,000, plus a contribution of its previously purchased receivables, an effective 75% interest in the Vintage venture entitling the Trust to a 12% preferred return from current cash flow. Vintage owns general partnership interests and certain developer fees and advances receivable from partnerships owning 25 multifamily and senior housing properties comprising approximately 4,200 units located primarily in the Pacific Northwest and California. The Trust accounts for its investment in Vintage using the equity method of accounting.

Sorin / RE CDO Management Investment — On June 29, 2011, the Trust entered into a new joint venture with Gotham Hotel Funding LLC, an affiliate of Atrium Holding Company (“Atrium”), named RE CDO Management LLC (“RE CDO”). The Trust and Atrium each contributed approximately $1,250,000 to RE CDO which purchased certain collateral management agreements and subordinated interests related to two collateralized debt obligation entities that hold loans and loan securities. The Trust accounts for this investment using the equity method of accounting.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Disposition Activity

Marc Realty — On June 1, 2011 the Trust sold to its partner, Marc Realty, for $18,544,000 its equity interest in three properties in its Marc Realty Portfolio (8 South Michigan, 11 East Adams and 29 East Madison). The purchase price was paid $6,000,000 in cash and $12,544,000 in aggregate secured promissory notes which each bear interest at 8% per annum, require payments of interest only and mature on May 31, 2016. Pursuant to the guidance for sales of real estate, the Trust has deferred recognition of the gain of $385,000.

Loan Asset Repayments

Lakeside Eagle Loans — 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 with Retail Opportunity Investments Corporation. The Trust received repayments totaling $18,650,000 on its $18,093,000 investment which represented its pro-rata share of the equity investment.

Gotham Hotel Loan — 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. The Trust received repayment of $8,638,000 on its $8,037,000 investment which represented its pro-rata share of the equity investment.

Siete Square Loan — On June 9, 2011 the borrower on the Trust’s Sub-Participation B Interest with a carrying amount of $2,500,000 exercised its discount payoff option and repaid the loan in full. The performing loan asset was originally acquired in June 2009 for $2,460,000.

CDH CDO LLC — During the quarter ended June 30, 2011 CDH CDO LLC made various repayments satisfying approximately $3,450,000 on its loan payable to the Trust. As of June 30, 2011 the loan had a balance of $742,000.

Foreclosure Activity

Cypress Pointe Apartments — On April 6, 2011, the Trust was admitted as a member in an entity that holds an approximately $2,500,000 non-performing junior mezzanine loan indirectly secured by a 194 unit apartment complex located in Jacksonville, Florida. The loan matured on March 30, 2011 and the venture commenced foreclosure on its collateral. The Trust currently accounts for its participation in the venture on the equity method of accounting. The Trust has not yet funded any amounts to this venture and consequently the investment balance is currently zero.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Loans Receivable

The Trust’s loans receivable at June 30, 2011 and December 31, 2010 are as follows (in thousands):


			Carrying Amount				Contractual
		Stated	June 30,		December 31,		Maturity
Description	Loan Position	Interest Rate	2011		2010		Date

Beverly Hilton (1)	B-Note	Libor + 1.74%	$	9,590	$	7,899	08/09/11
Sealy Northwest Atlanta (1)	Whole Loan	8.0%		20,678		—	11/01/11
Westwood (1)	Whole Loan	11.00%		3,637		3,500	10/31/11
Metropolitan Tower	B-Note	Libor + 1.51%		—		10,312
Moffett Towers (1)	B-Note	Libor + 6.48%		23,099		21,752	01/31/12
Siete Square	B-Note	10.37%		—		2,488
160 Spear	B-Note	9.75% (2)		8,662		6,674	06/09/12
160 Spear	Mezzanine	15.00%		4,844		3,029	06/09/12
Magazine (1)	Mezzanine	Libor + 1.23%		17,712		—	07/09/12
Legacy Orchard (1)	Whole Loan	15.00%		9,750		9,750	10/31/14
San Marbeya (1)	Whole Loan	5.88%		26,748		26,966	01/01/15
CDH CDO LLC	Unsecured	12.00%		742		3,498	12/30/15
Rockwell	Mezzanine	12.00%		262		255	05/01/16
Marc 8 South Michigan (1)	Mezzanine	8.0%		4,942		—	05/31/16
Marc 11 East Adams (1)	Mezzanine	8.0%		2,280		—	05/31/16
Marc 29 East Madison (1)	Mezzanine	8.0%		5,405		—	05/31/16
500-512 7th Ave	B-Note	7.19%		9,962		9,954	07/11/16
180 N. Michigan (1)	Mezzanine	8.50% (3)		2,617		1,862	12/31/16
Wellington Tower	Mezzanine	6.79%		2,507		2,456	07/11/17

			$	153,437	$	110,395


(1)		The Trust determined that certain loans receivable are variable interests in VIEs primarily based on the fact that the underlying entities do not have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support. The Trust does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance and is not required to consolidate the underlying entity.

(2)		The Trust holds a B note in this loan. Interest on the B note equals the difference between (i) interest on the entire outstanding loan principal balance ($73,796 at 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%.

(3)		Represents tenant improvement and capital expenditure loans collateralized by a subordinate mortgage or the ownership interests in the owner of the applicable property.

The carrying amount of loans receivable includes accrued interest of $697,000 and $558,000 at June 30, 2011 and December 31, 2010, respectively, and cumulative accretion of $10,056,000 and $9,803,000 at June 30, 2011 and December 31, 2010, respectively. The fair value of the Trust’s loans receivable, exclusive of interest receivables was approximately $165,527,000 and $114,477,000 at June 30, 2011 and December 31, 2010, respectively.

As of June 30, 2011, the weighted average coupon on our loans receivable was 6.06% and the weighted average yield to maturity was 12.55%.

With the exception of the San Marbeya loan receivable, none of the loans receivable are directly financed. On January 14, 2011, the Trust restructured the San Marbeya first mortgage loan to create a $15,150,000 senior participation which bears interest at 4.85% and a $15,744,000 junior participation which bears interest at 6.4%. The Trust accounts for the loan participation as a secured borrowing.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

The following table summarizes the Trust’s interest, dividend and discount accretion income for the three and six months ended June 30, 2011 and 2010 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Interest, dividends and discount accretion detail:
Interest on loan assets	$	2,687	$	836	$	5,397	$	1,557
Accretion of loan discount		2,289		2,001		8,793		3,742
Interest and dividends on REIT securities		118		753		576		1,500

Total interest, dividends, and discount accretion	$	5,094	$	3,590	$	14,766	$	6,799

At June 30, 2011, the Trust’s loan receivables have accretable discount yet to be recognized as income totaling $13,008,000.

Credit Quality of Loans Receivable and Loan Losses

The Trust evaluates impairment on its loan portfolio on an individual basis and has developed a loan grading system for all of its outstanding loans that are collateralized directly or indirectly by real estate. Grading categories include debt yield, debt service coverage ratio, length of loan, property type, loan type, and other more subjective variables that include property or collateral location, market conditions, industry conditions, and sponsor’s financial stability. Management reviews each category and assigns an overall numeric grade for each loan to determine the loan’s risk of loss and to provide a threshold for the determination of whether a specific allowance analysis is necessary. A loan’s grade of credit quality is determined quarterly.

All loans with a positive score do not require a loan loss allowance. Any loan graded with a neutral score or “zero” is subject to further review of the collectability of the interest and principal based on current conditions and qualitative factors to determine if impairment is warranted. Any loan with a negative score is deemed impaired and management then would measure the specific impairment of each loan separately using the fair value of the collateral less costs to sell.

Management estimates impairment by calculating the estimated fair value less costs to sell of the underlying collateral securing the loan based on the present value of expected future cash flows, and comparing the fair value to the loan’s net carrying value. If the fair value is less than the net carrying value of the loan, an allowance is created with a corresponding charge to the provision for loan losses. The allowance for each loan is maintained at a level the Trust believes is adequate to absorb losses.

The table below summarizes the Trust’s loans receivable by internal credit rating at June 30, 2011 (in thousands, except for number of loans).


			Carrying
			Value of
	# of		Loans		# of		Whole		# of				# of		Mezzanine
Internal Credit Quality	Loans (1)		Receivable		Loans		Loans		Loans		B-Notes		Loans		Loans

Greater than zero		14	$	127,089		4	$	60,813		3	$	28,213		7	$	38,063
Equal to zero		2		25,606				—		1		23,099		1		2,507
Less than zero		—		—				—				—				—

Subtotal		16	$	152,695		4	$	60,813		4	$	51,312		8	$	40,570


(1)		The Trust holds unsecured loans at June 30, 2011 not included above that have a carrying amount of $742. During the three months ended June 30, 2011, the Trust received payments of $3,420 on its unsecured loans and the balance was repaid during the third quarter of 2011.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Non Performing Loans

The Trust considers a loan to be non-performing and places loans on non-accrual status at such time as management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Trust’s judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan’s carrying value. If and when a loan is brought back into compliance with its contractual terms, the Trust will resume accrual of interest. As of June 30, 2011 and December 31, 2010, there were no past due payments. There was no provision for loan loss recorded during the three and six month periods ended June 30, 2011 and 2010.

Loan Receivable Activity

Activity related to loans receivable is as follows (in thousands):


	January 1, 2011 to			January 1, 2010 to
	June 30, 2011			December 31, 2010
Balance at beginning of period	$	110,395		$	26,101
Purchase and advances		44,161			122,301
Proceeds from sale		—			(12,876	)
Interest (received) accrued, net		161			361
Repayments		(12,717	)		(15,064	)
Loan accretion		8,793			8,782
Discount accretion received in cash		(8,540	)		—
Transfer from loan securities		662			—
Transfer foreclosed loans to investment in real estate		—			(19,210	)
Transfer Marc Realty seller financing from equity investments		12,544			—
Transfer 450 W 14th St bridge loan to preferred equity investments		(2,022	)		—

Balance at end of period	$	153,437		$	110,395

In addition to our initial purchase price of certain loans, we have future funding requirements. At June 30, 2011 we had future funding requirements pursuant to two loans receivable totaling approximately $2,783,000.

Securities Carried at Fair Value

Securities carried at fair value are summarized in the table below (in thousands):


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

REIT Preferred shares	$	2,067	$	4,333	$	15,757	$	28,547
REIT Common shares		2,935		3,280		3,590		4,485

		5,002		7,613		19,347		33,032

Loan securities		1,661		5,418		7,574		11,981

	$	6,663	$	13,031	$	26,921	$	45,013

During the three and six months ended June 30, 2011, securities carried at fair value and loan securities carried at fair value were sold or paid off for total proceeds of approximately $15,114,000 and $35,029,000 respectively. The gross realized gains on these sales and payoffs totaled approximately $7,000 and $131,000, in the three and six months ended June 30, 2011, respectively.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

During the three and six months ended June 30, 2010, available for sale securities, securities carried at fair value and loan securities carried at fair value were sold or paid off for total proceeds of approximately $1,767,000 and $13,174,000 respectively. The gross realized gains on these sales and payoffs totaled approximately $78,000 and $773,000, in the three and six months ended June 30, 2010, respectively.

For purpose of determining gross realized gains, the cost of securities is based on specific identification.

For the six months ended June 30, 2011, the Trust recognized net unrealized gains on available for sale securities, securities carried at fair value and loan securities carried at fair value of $3,010,000, as the result of the change in fair value of the financial assets for which the fair value option was elected. For the three months ended June 30, 2011, the Trust recognized net unrealized losses of $689,000.

For the three and six months ended June 30, 2010, the Trust recognized net unrealized gains on available for sale securities, securities carried at fair value and loan securities carried at fair value of $2,875,000, and $4,802,000 respectively, as the result of the change in fair value of the financial assets for which the fair value option was elected.

Equity Investments

The Trust’s equity investments consist of the following at June 30, 2011 and December 31, 2010 (in thousands):


		Nominal % Ownership			June 30,		December 31,
Venture Partner	Equity Investment	at June 30, 2011			2011		2010

Marc Realty (1) (2)	8 South Michigan LLC		N/A		$	—	$	7,087
Marc Realty (1) (2)	11 East Adams Street LLC		N/A			—		3,223
Marc Realty (1) (2)	29 East Madison Street LLC		N/A			—		7,720
Marc Realty (2)	Michigan 30 LLC		50.0	%		12,126		12,080
Marc Realty (2)	Brooks Building LLC		50.0	%		7,680		7,452
Marc Realty (2)	High Point Plaza LLC		50.0	%		6,244		6,275
Marc Realty (2)	Salt Creek LLC		50.0	%		2,254		2,344
Marc Realty (2)	1701 Woodfield LLC		50.0	%		4,080		4,221
Marc Realty (2)	River Road LLC		50.0	%		4,074		4,123
Marc Realty (2)	3701 Algonquin Road LLC		50.0	%		2,820		2,931
Marc Realty (2)	Enterprise Center LLC		50.0	%		2,827		3,018
Marc Realty (2)	900 Ridgebrook LLC		50.0	%		1,630		1,676
Sealy (2)	Northwest Atlanta Partners LP		60.0	%		4,119		2,479
Sealy (2)	Newmarket GP LLC		68.0	%		4,604		6,647
Sealy	Airpark Nashville GP		50.0	%		2,075		2,778
Inland/Lexington	Concord Debt Holdings LLC		33.3	%		—		—
Inland/Lexington	CDH CDO LLC		33.3	%		—		—
ROIC (2)	WRT-ROIC Riverside LLC		50.0	%		7,883		7,883
ROIC	WRT-ROIC Lakeside Eagle LLC		50.0	%		9		—
Atrium Holding	WRT-46th Street Gotham LLC		50.0	%		20		—
Atrium Holding (2)	RE CDO Management LLC		50.0	%		1,250		—
Lexington (2)	LW-SOFI LLC		50.0	%		6,022		—
VHH LLC (2)	Vintage Housing LLC		75.0	%		25,452		—

					$	95,169	$	81,937


(1)		On June 1, 2011, the Trust sold its equity investments in 8 South Michigan LLC, 11 East Adams Street LLC and 29 East Adams Street LLC to affiliates of its venture partner for $18,544,000 resulting in a deferred gain of $385,000.

(2)		The Trust has determined that these equity investments are VIEs. The Trust has determined that it is not the primary beneficiary of these investments since the Trust does not have the power to direct the activities of the investments that most significantly impact the investments’ economic performance.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

The following table reflects the activity of the Trust’s equity investments for the period ended June 30, 2011 (in thousands):


	Balance at				Equity Income									Balance at
Venture Partner	December 31, 2010		Contributions		(loss)			Distributions			Sales			June 30, 2011

Marc Realty	$	62,150	$	1,222	$	(120	)	$	(1,358	)	$	(18,159	)	$	43,735
Sealy		11,904		—		(856	)		(250	)		—			10,798
Inland/Lexington		—		—		479			(479	)		—			—
ROIC		7,883		18,093		1,134			(19,218	)		—			7,892
Atrium		—		9,287		621			(8,638	)		—			1,270
Lexington		—		5,760		262			—			—			6,022
VHH LLC		—		25,452		—			—			—			25,452

Total	$	81,937	$	59,814	$	1,520		$	(29,943	)	$	(18,159	)	$	95,169

On June 23, 2011 the Trust’s Sealy Northwest Atlanta venture fully satisfied its $28,750,000 first mortgage loan plus accrued interest of approximately $1,083,000 (net of escrowed funds) for a negotiated discounted payoff amount of $20,500,000. As a result of the discounted payoff, the venture recognized approximately $9,203,000 of cancellation of debt income of which $5,522,000 was allocated to the Trust. The allocation of income effectively increases the carrying value of the Trust’s investment in the venture.

At June 30, 2011 the Trust determined that, as a result of current market conditions, including current occupancy levels, current rental rates and an increase in terminal capitalization rates, the fair value of its equity investments in Sealy Northwest Atlanta and Sealy Newmarket were below the carrying values. Accordingly, the Trust assessed whether this decline in value was other-than-temporary. In making this determination, the Trust considered the length of time which the decline has occurred, the length of time before an expected recovery and the lack of any comparables in the market. The Trust determined the fair value of its investments utilizing an unleveraged cash flow methodology with a 10 year hold period and an estimated terminal capitalization rate. The cash flows were then discounted using an estimated market rate. Based on the foregoing, all of which requires significant judgement, the Trust concluded that the declines in value were other-than-temporary, and the Trust recorded other-than-temporary impairment charges of $2,900,000 and $900,000 on its investments in Sealy Northwest Atlanta and Sealy Newmarket, respectively, during the three months ended June 30, 2011.

The summarized balance sheets of the Trust’s Sealy Northwest Atlanta investment are as follows (in thousands):


	June 30, 2011			December 31, 2010
ASSETS

Real estate, net	$	31,426		$	31,919
Cash and cash equivalents		166			289
Receivables & other		1,259			1,564

Total assets	$	32,851		$	33,772


LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY

Mortgage and notes payable	$	20,641		$	28,750
Other liabilities		514			892
Members’/partners’ equity		11,696			4,130

Total liabilities and members’/partners’ equity	$	32,851		$	33,772


Trust’s share of equity	$	7,019		$	2,479
Other-than-temporary impairment		(2,900	)		—

Carrying value of Trust’s investment in Sealy Northwest	$	4,119		$	2,479

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

The summarized statements of operations of the Trust’s Sealy Northwest Atlanta investment are as follows (in thousands):


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

Revenue	$	788		$	756		$	1,498		$	1,518
Cancellation of debt income		9,203			—			9,203			—

Total revenue		9,991			756			10,701			1,518

Operating		263			223			440			445
Real estate taxes		91			100			182			200
Interest		781			417			1,911			829
Depreciation/amortortization		303			307			602			626

Total expenses		1,438			1,047			3,135			2,100

Net income(loss)	$	8,553		$	(291	)	$	7,566		$	(582	)


Trust’s share of net income(loss)		5,132			(175	)		4,540			(349	)
Other than temporary impairment		(2,900	)		—			(2,900	)		—

Income(loss) from equity in Northwest Atanta	$	2,232		$	(175	)	$	1,640		$	(349	)

In addition, the Trust has determined that the fair value of certain of its Marc Realty investments each marginally exceed their carrying values. While the ventures continue to aggressively market available space for lease and work with existing tenants for lease renewal, declines in occupancy could cause impairment of certain of the Trust’s Marc Realty ventures that could be material to the Trust’s results of operations.

On June 2, 2011 the Trust contributed approximately $5,760,000 to LW SOFI. On June 3, LW SOFI acquired from Concord for approximately $11,520,000, 100% of the economic rights and obligations in a $71,530,000 mezzanine loan. The loan is interest only, bears interest at LIBOR plus 185 basis points and matures on February 1, 2012. The loan is encumbered by a $56,090,000 repurchase obligation that charges interest at a variable interest rate of 1-month LIBOR plus 100 basis points and matures on December 31, 2012.

On June 24, 2011 the Trust closed on the second phase of its Vintage transaction to acquire an effective 75% interest in Vintage entitling the Trust to a 12% preferred return from current cash flow. Vintage owns general partnership interests and certain developer fees and advances receivable from partnerships owning 25 multifamily and senior housing properties comprising approximately 4,200 units located primarily in the Pacific Northwest and California with assets and liabilities at June 30, 2011 in excess of $310,000,000 and $230,000,000, respectively.

Debt

Mortgage Loans Payable

The Trust had outstanding mortgage loans payable of $210,751,000 and $230,443,000 at June 30, 2011 and December 31, 2010, respectively. The mortgage loan payments of principal and interest are generally due monthly, quarterly or semi-annually and are collateralized by the applicable real estate of the Trust.

The Trust’s mortgage loans payable at June 30, 2011 and December 31, 2010 are as follows (in thousands):


		Spread Over		Interest Rate at			June 30,		December 31,
Location of Collateral	Maturity	LIBOR/Prime		June 30, 2011			2011		2010

Andover, MA	—		—		N/A		$	—	$	6,135
S. Burlington, VT	—		—		N/A			—		2,629
Various	—		—		N/A			—		19,002
Chicago, IL	Apr 2012		—		6.25	%		8,900		9,100
Amherst, NY	Oct 2013		—		5.65	%		15,901		16,116
Meriden, CT	Feb 2014		—		5.83	%		23,875		23,875
Indianapolis, IN	Apr 2015		—		5.82	%		4,207		4,245
Chicago, IL	Mar 2016		—		5.75	%		20,672		20,828
Houston, TX	Apr 2016		—		6.30	%		58,445		60,351
Lisle, IL (1)	Jun 2016		—		6.26	%		23,773		23,905
Lisle, IL	Mar 2017		—		5.55	%		5,600		5,600
Orlando, FL	Jul 2017		—		6.40	%		38,396		38,657
Plantation, FL	Apr 2018		—		6.48	%		10,982		—

							$	210,751	$	230,443


(1)		In July 2011, the Trust negotiated a $14,500,000 discounted payoff of the $23,773,000 first mortgage loan on its Lisle, Illinois properties which was scheduled to mature in June 2016. The payoff occurred on July 13, 2011.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Secured Financing

In January 2011 the Trust restructured the San Marbeya first mortgage loan receivable and transferred the senior participation at par. For financial reporting purposes, the transfer of the financial asset is accounted for as a financing rather than a sale. As of June 30, 2011, the secured financing has a carrying value of $15,150,000, bears interest at a rate of 4.85% and matures on January 1, 2015.

The fair value of the Trust’s mortgage loans payable, secured financing and revolving line of credit are less than their current carrying value by $20,248,000 and $22,042,000 at June 30, 2011 and December 31, 2010, respectively.

Revolving Line of Credit

On March 3, 2011 the Trust amended its existing revolving line of credit with KeyBank. Under the modified terms the Trust can borrow on a revolving basis up to $50,000,000 with, subject to the satisfaction of certain conditions, the ability to increase the line up to $150,000,000. The revolving line of credit bears interest at Libor plus 3% and has a maturity date of March 3, 2014 with a one year option to extend the maturity date to March 3, 2015.

The Trust must comply with financial covenants on an ongoing basis. The covenants are tested as of the end of each quarter based upon results for the most recently ended quarter. The Trust was in compliance of its financial covenants under its revolving line of credit as of June 30, 2011.

The revolving credit line is recourse and as such is effectively collateralized by all of the Trust’s assets. The Trust has pledged certain unencumbered consolidated operating properties and loans receivable as the borrowing base for the revolving line of credit. The revolving credit line requires monthly payments of interest only. To the extent that the amounts outstanding under the facility are in excess of the borrowing base (as calculated), the Trust is required to make a principal payment to reduce such excess. The Trust may prepay from time to time without premium or penalty and re-borrow amounts prepaid.

The outstanding balance under the facility was $0 and $25,450,000 at June 30, 2011 and December 31, 2010. The Trust is required to pay a commitment fee on the unused portion of the line, which amounted to approximately $56,000 and $65,000 for the three and six months ended June 30, 2011, respectively and $22,000 and $44,000 for the three and six months ended June 30, 2010, respectively.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

10.

Common Shares

The following table sets forth information relating to sales of Common Shares during the six months ended June 30, 2011:


	Number of
Date of Issuance	Shares Issued		Price per Share		Type of Offering

January 15, 2011		58,161	$	11.70	DRIP	(1)
April 6, 2011		5,750,000		11.25	Public Offering
April 15, 2011		59,207		11.63	DRIP


(1)		The Trust’s Dividend Reinvestment and Stock Purchase Plan.

11.

Discontinued Operations

In addition to the Trust’s properties in Athens, Georgia; Lafayette, Louisiana; Knoxville, Tennessee; and Sherman, Texas that were previously classified as discontinued operations, in January 2011 another retail property in St. Louis, Missouri has also been classified as discontinued operations. In February 2011 the Trust entered into agreements to sell the St. Louis, Missouri, and Knoxville, Tennessee properties, each subject to the respective buyer’s due diligence.

Results for discontinued operations for the three and six months ended June 30, 2011 and 2010 are as follows (in thousands):


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

Revenues	$	126		$	271		$	265		$	566
Operating expenses		(36	)		(4	)		(126	)		(21	)
Depreciation and amortization		—			(31	)		(2	)		(62	)
Impairment loss		—			(1,000	)		—			(1,000	)

Income from discontinued operations	$	90		$	(764	)	$	137		$	(517	)

12.

Commitments and Contingencies

The Trust is involved from time to time in litigation on various matters, including disputes with tenants and disputes arising out of agreements to purchase or sell properties. Given the nature of the Trust’s business activities, these lawsuits are considered routine to the conduct of its business. The result of any particular lawsuit cannot be predicted because of the very nature of litigation, the litigation process and its adversarial nature, and the jury system. The Trust does not expect that the liabilities, if any, that may ultimately result from such legal actions will have a material adverse effect on its financial condition or results of operations.

Tenant Matters

The lease term with respect to the Trust’s property located in Churchill, Pennsylvania expired on December 31, 2010. CBS Corporation (“CBS”), the lessee of the property, elected not to renew the lease and, in anticipation of this lease termination and surrender of the property, a review of the condition of the property was performed by the Trust. In the Trust’s view, the property is in need of substantial repairs and refurbishing in order for the tenant to comply with the surrender conditions. The Trust advised CBS of these issues and no resolution was reached with CBS after numerous discussions. Accordingly, in May 2010 the Trust brought an action in Pennsylvania State Court, Alleghany County against CBS seeking damages for, among other things, CBS’ failure to restore the property to the condition necessary to comply with its surrender obligations. The case is currently in the discovery phase.

Resolution of the pending litigation matter is uncertain. The Trust continues to actively manage and market the Churchill, Pennsylvania property for lease. The Trust continues to evaluate the property for impairment, which includes ongoing assessments of the recoverability of the Trust’s carrying value and monitoring of the fair value of the property. Currently, the Trust does not believe that the property is impaired. However, the recoverability of the Trust’s investment in the Churchill property could be negatively impacted by continued negative operating results or by the outcome of this litigation matter, resulting in the recognition of impairment charges in the future. Such amounts could be material to the Trust’s results of operations.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

13.

Related-Party Transactions

FUR Advisors

The activities of the Trust are administered by FUR Advisors LLC (“FUR Advisors”) pursuant to the terms of the Advisory Agreement between the Trust and FUR Advisors. FUR Advisors is controlled by and partially owned by the executive officers of the Trust. Pursuant to the terms of the Advisory Agreement, FUR Advisors is responsible for providing asset management services to the Trust and coordinating with the Trust’s shareholder transfer agent and property managers. FUR Advisors is entitled to receive a base management fee and an incentive fee in accordance with the terms of the Advisory Agreement. In addition, FUR Advisors or its affiliate is also entitled to receive property and construction management fees subject to the approval of the independent Trustees of the Trust.

The following table sets forth the fees and reimbursements paid by the Trust for the three and six months ended June 30, 2011 and 2010 to FUR Advisors and Winthrop Management (in thousands):


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

Base Asset Management	$	1,965	$	1,169		$	3,685	$	2,193
WRP Sub-Management LLC Credit		—		(48	)		—		(100	)
Property Management		139		57			271		116
Construction Management		—		1			—		1


	$	2,104	$	1,179		$	3,956	$	2,210

Base Asset Management Fee

Effective January 1, 2010, the Advisory Agreement was amended so that the determination of the issuance price of Common Shares reverted back to the pre 2009 definition such that the quarterly fee is to be calculated as 1.5% of the actual issuance price of Common Shares instead of a fixed price for Common Shares issued prior to January 1, 2009. Additionally, FUR Advisors receives a fee equal to 0.25% of any equity contributions by an unaffiliated third party to a venture managed by the Trust. The management fee paid by the Trust for third party equity contributions amounted to $14,000 and $22,000 for the three and six months ended June 30, 2011, respectively. There was no fee for third party equity contributions in 2010.

Winthrop Management

Winthrop Management L.P. (“Winthrop Management”), an affiliate of FUR Advisors and the Trust’s executive officers, assumed property management responsibilities for various properties owned by the Trust. Winthrop Management receives a property management fee pursuant to the terms of individual property management agreements.

14.

Reportable Segments

The Financial Accounting Standards Board (“FASB”) guidance on segment reporting establishes standards for the way that public business enterprises report information about operating segments in financial statements and requires that those enterprises report selected financial information about operating segments in interim financial reports issued to shareholders.

Based on the Trust’s method of internal reporting, management determined that it has three operating segments: (i) the ownership of operating properties; (ii) the origination and acquisition of loans and debt securities secured directly or indirectly by commercial and multi-family real property — collectively, loan assets; and (iii) the ownership of equity and debt securities in other REITs — REIT securities.

The operating properties segment includes all of the Trust’s wholly and partially owned operating properties. The loan assets segment includes all of the Trust’s activities related to real estate loans including loans receivable, loan securities and equity investments in loan related entities. The REIT securities segment includes all of the Trust’s activities related to the ownership of securities in other publicly traded real estate companies. In addition to its three business segments, the Trust reports non-segment specific income and expense under corporate income (expense).

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

The following table summarizes the Trust’s assets by business segment for the periods ended June 30, 2011 and December 31, 2010 (in thousands):


	June 30,		December 31,
	2011		2010

Operating properties	$	376,207	$	373,142
Loan assets		182,944		134,269
REIT securities		7,613		33,032
Corporate
Cash and cash equivalents		51,344		45,257
Restricted cash		9,152		8,593
Straight line rent receivable		9,438		8,729
Other accounts receivable and prepaids		4,672		3,673
Deferred financing costs		1,346		1,158
Discontinued operations		3,702		2,275

Total Assets	$	646,418	$	610,128

The Trust defines net operating income for each segment presented as all items of income and expense directly derived from or incurred by each business segment before depreciation, amortization and interest expense. Interest on cash reserves, general and administrative expenses and other non-segment specific income and expense items are reported under corporate income (expense).

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

The following table presents a summary of revenues from operating properties, loan assets and REIT securities and expenses incurred by each segment for the three and six months ended June 30, 2011 and June 30, 2010 (in thousands):


	For the Three Months Ended						For the Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2011			2010			2011			2010
Operating Properties
Rents and reimbursements	$	11,234		$	9,435		$	22,220		$	18,755
Operating expenses		(3,987	)		(1,818	)		(8,032	)		(3,767	)
Real estate taxes		(1,087	)		(340	)		(2,342	)		(1,060	)
Equity in income (loss) of Sealy Northwest Atlanta		5,133			(174	)		4,541			(349	)
Equity in loss of Sealy Airpark Nashville		(256	)		(224	)		(453	)		(433	)
Equity in loss of Sealy Newmarket		(633	)		(230	)		(1,144	)		(449	)
Impairment loss on Sealy equity investment		(3,800	)		—			(3,800	)		—
Equity in (loss) income of Marc Realty investments		(175	)		231			(120	)		307

Operating income		6,429			6,880			10,870			13,004
Depreciation and amortization expense		(3,312	)		(2,371	)		(6,793	)		(4,671	)
Interest expense		(3,296	)		(3,207	)		(7,115	)		(6,400	)

Operating properties net income (loss)		(179	)		1,302			(3,038	)		1,933


Loan Assets
Interest and discount accretion		4,976			2,837			14,190			5,299
Equity in earnings of preferred equity investment of Marc Realty		85			85			168			168
Equity in earnings of preferred equity investment of 450 West 14th Street		73			—			73			—
Unrealized gain on loan securities carried at fair value		34			3,625			2,847			3,012
Equity in income of ROIC Riverside		234			5			468			5
Equity in income of ROIC Lakeside Eagle		922			—			666			—
Equity in income of 46th Street Gotham		709			—			621			—
Equity in income of Concord		479			—			479			—
Equity in income of LW SOFI		262			—			262			—

Operating income		7,774			6,552			19,774			8,484
General and administrative expense		(11	)		(26	)		(15	)		(36	)
Interest expense		(184	)		—			(341	)		—

Loan assets net income		7,579			6,526			19,418			8,448


REIT Securities
Interest and dividends		118			753			576			1,500
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

REIT Securities Net operating income (loss)		(598	)		81			870			4,063


Operating Segments Net Income		6,802			7,909			17,250			14,444


Reconciliations to GAAP Net Income:

Corporate Income (Expense)
Interest income		443			40			536			77
Interest expense		(483	)		(459	)		(1,120	)		(917	)
General and administrative		(2,747	)		(1,890	)		(5,267	)		(3,787	)
State and local taxes		(48	)		(85	)		(77	)		(99	)

Income from continuing operations before non-controlling interest		3,967			5,515			11,322			9,718
Non-controlling interest		(329	)		(175	)		(533	)		(420	)

Income from continuing operations attributable to Winthrop Realty Trust		3,638			5,340			10,789			9,298
Income (loss) from discontinued operations attributable to Winthrop Realty Trust		90			(764	)		137			(517	)

Net Income Attributable to Winthrop Realty Trust	$	3,728		$	4,576		$	10,926		$	8,781


Capital Expenditures
Operating properties	$	896		$	1,090		$	3,715		$	1,717

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

15.

Variable Interest Entities

Consolidated Variable Interest Entities

Andover Operating Property — The lease agreement executed in January 2010 on the Andover, Massachusetts property gives the tenant an option to purchase the building for a fixed price of $10,500,000. The option is exercisable at the tenant’s discretion at any point during the lease term prior to January 2013. As a result of the fixed price purchase option contained in this lease agreement, the Trust has determined that its Andover, Massachusetts property is a VIE for which the Trust is the primary beneficiary since it has the power to direct activities that most significantly impact the economics of the property.

The carrying amounts of the Trust’s Andover property include land of $1,200,000, building of $6,114,000 and lease intangibles of $1,456,000. Prior to the execution of the lease agreement, the Andover property was not considered a VIE but it has been consolidated since its acquisition. There is no mortgage debt associated with this property.

Deer Valley Medical Center Operating Property — The Trust has concluded that its venture, WRT-DV LLC (“WRT-DV”), the entity that owns the property, is a VIE. This assessment is primarily based on the fact that the equity investment at risk is not sufficient to finance its activities without additional subordinated financial support.

Pursuant to the terms of WRT-DV’s operating agreement, the Trust receives a priority return on $7,900,000 of its invested capital, with the balance of the capital being allocated 96.5% to the Trust and 3.5% to its joint venture partner, Fenway. The Trust has effectively all control rights with respect to WRT-DV. Therefore the Trust has determined it is the primary beneficiary and consolidates the venture which owns the operating property.

The carrying amounts of the Deer Valley property include land and building of $9,900,000 and lease intangibles of $2,363,000. There is no mortgage debt associated with this property.

Variable Interest Entities Not Consolidated

Equity Method Investments

Marc Realty Equity Investments and Preferred Equity Investment — The Trust has concluded that the nine Marc Realty equity investments and the one preferred equity investment are variable interests in VIEs. This assessment is primarily based on the fact that the underlying entities do not have sufficient equity at risk to permit them to finance their activities without additional subordinated financial support.

While the Trust maintains certain protective rights under the terms of the agreements governing the Marc Realty investments, the power to direct the activities that most significantly impact the economics of the Marc Realty investments is vested in Marc Realty as the managing member. As such, management has concluded that the Trust is not the primary beneficiary of these Marc Realty investments. At June 30, 2011, the Trust’s investment in the Marc Realty equity investments was $43,735,000 and its investment in the preferred equity investment was $4,118,000.

Sealy Northwest Atlanta LP and Sealy Newmarket LP — The Trust has concluded that the Sealy Northwest and Sealy Newmarket equity investments are variable interests in VIEs. This assessment is primarily based on the fact that the underlying investment entities do not have sufficient equity at risk to permit them to finance their activities without additional subordinated financial support. While the Trust maintains certain protective rights under the terms of the agreements governing these investments, the power to direct the activities that most significantly impact the economics is vested in Sealy, the managing member of the joint ventures. As such, management has concluded that the Trust is not the primary beneficiary of the Sealy Northwest or Sealy Newmarket investments.

LW Sofi LLC — The Trust has concluded that the LW Sofi equity investment is a variable interest in a VIE. This assessment is primarily based on the fact that the underlying investment entity does not have sufficient equity at risk to permit them to finance their activities without additional subordinated financial support. The Trust has determined that it is not the primary beneficiary of LW Sofi as it shares equally in the power to make decisions that most effect the economics of the entity.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

446 High Line LLC — The Trust has concluded that the High Line equity investment is a variable interest in a VIE. This assessment is primarily based on the fact that the underlying investment entity does not have sufficient equity at risk to permit them to finance their activities without additional subordinated financial support. While the Trust maintains certain protective rights under the terms of the agreements governing the High Line investment, at present the power to direct the activities that most significantly impact the economics of is vested in the managing member of the joint venture. As such, management has concluded that the Trust is not the primary beneficiary of the High Line investment.

Vintage Housing Holdings LLC — The Trust has concluded that the Vintage equity investment is a variable interest in a VIE. This assessment is primarily based on the fact that the voting rights of the general partner and managing member entities are not proportional to their obligations to absorb expected losses and rights to receive residual returns of the legal entities. While the Trust maintains certain protective rights under the terms of the agreements governing the Vintage investment, the power to direct the activities that most significantly impact the economics of is vested in the managing member of the joint venture. As such, management has concluded that the Trust is not the primary beneficiary of the Vintage investment.

Loans Receivable and Loan Securities — The Trust has reviewed its loans receivable and loan securities and certain of these assets have been identified as variable interests in a VIE because the equity investment at risk at the borrowing entity level is not considered sufficient for the entity to finance its activities without additional subordinated financial support.

Certain loans receivable and loan securities which have been determined to be VIEs are performing assets, meeting their debt service requirements, and the borrowers hold title to the collateral. In these cases the borrower has the power to direct the activities that most significantly impact the economic performance of the VIE, including management and leasing activities. In the event of default under these loans the Trust only has protective rights and has the risk to absorb losses only to the extent of its loan investment. The borrower has been determined to be the primary beneficiary for these performing assets.

The Trust has determined that it does not currently have the power to direct the activities of the ventures collateralizing any of its loans receivable and loan securities. For this reason, management believes that it does not control, nor is it the primary beneficiary of these ventures. Accordingly, the Trust accounts for these investments under the guidance for loans receivable and real estate debt investments.

16.

Subsequent Events

Subsequent to June 30, 2011, the Trust received approximately $4,022,000 of payments to the loans receivable from the sale of three of its Marc Realty equity investments.

On July 13, 2011, the Trust satisfied its $23,773,000 first mortgage loan on its Lisle, Illinois properties for a discounted payoff of $14,500,000.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011


ITEM 2		— MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “would,” “may” or similar expressions in this quarterly report on Form 10-Q. These forward-looking statements are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. Factors that may cause actual results to differ materially from those contemplated by the forward-looking statements include, but are not limited to, those set forth in our annual report on Form 10-K for the year ended December 31, 2010 under “Forward Looking Statements” and “ITEM 1A — Risk Factors,” as well as our other filings with the SEC. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, investors should use caution in relying on forward-looking statements, which are based on information, judgments and estimates at the time they are made, to anticipate future results or trends.

Management’s Discussion and Analysis of Financial Condition and Results of operations include a discussion of our unaudited consolidated financial statements and footnotes thereto for the six months ended June 30, 2011 as compared with the six months ended June 30, 2010. These unaudited financial statements are prepared in conformity with accounting principles generally accepted in the United States of America which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Overview

As a diversified REIT, we operate in three strategic segments: (i) operating properties; (ii) loan assets; and (iii) REIT securities. As such, we have consistently executed on an investment strategy that focuses on a current yield and long-term appreciation total return approach, pursuing value opportunities in real estate asset classes throughout the capital stack. We have demonstrated our ability to adjust our business plan to capitalize on evolving market conditions, both with respect to asset classes and capital structure and our flexibility to underwrite smaller and/or more complicated opportunities overlooked by larger competitors.

Through 2010 and during the first half of 2011 we have targeted loan investments with significant underlying collateral value, future income return potential and in certain cases, non-performing loans with the possibility that our debt position will be converted into equity participation. As evidenced by our investments in Deer Valley, Newbury, and Crossroads II, we have accomplished the successful execution of converting our debt position into equity participation. We have also sought to invest in portfolio transactions whereby we have access to a large portfolio of assets. Examples of this include the Vintage Housing transaction and our investment in a joint venture which acquired collateral debt obligation collateral management agreements. Consistent with these strategies, during the quarter ended June 30, 2011 we invested approximately $70,701,000 in portfolio acquisitions and loan acquisitions either through direct ownership or through joint ventures.

In addition to looking at new investment opportunities, we have continued to address market issues facing certain of our assets. As reported last quarter downward trends in occupancy at our Lisle, Illinois Corporetum properties and the Sealy Atlanta, Georgia properties caused us to reach out to the properties’ lenders, with successful outcomes that resulted in our ability to pay off two loans at significant discounts. The $28,750,000 Sealy Northwest Atlanta debt was satisfied on June 23, 2011 for a discounted payoff amount of $20,500,000. The $23,773,000 debt on the Lisle, Illinois properties was satisfied on July 13, 2011 for a discounted payoff of $14,500,000. In addition, the Sealy Newmarket debt restructuring discussions continue and we anticipate an outcome in the near term that will help stabilize operations for the joint venture.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

We continue to work through our litigation against our tenant at our Churchill, Pennsylvania property. In the interim, the costs associated with carrying that property at 19% occupancy has been a temporary drain in earnings this quarter. The net operating loss at the Churchill property for the six months ended June 30, 2011 was approximately $2,000,000. Of this amount, approximately $1,243,000 relates to costs incurred in connection with litigation matters. The operating losses are projected to continue at least until the litigation concludes.

Finally, the escrowed funds from the Concord CDO investments have been released and the Trust’s compliance loans were paid off subsequent to June 30, 2011. In addition, Concord Debt Holdings assets are now unencumbered and the investment has begun distributing cash flow to us and our partners.

At June 30, 2011, we held $51,344,000 in unrestricted cash and cash equivalents and $7,613,000 in REIT securities. In March 2011 we extended and amended our revolving line of credit, financed our Plantation, Florida property and paid off all of our consolidated debt maturing in 2011. These transactions along with our Common Share offering in April 2011 which raised $61,386,000 through the sale of 5,750,000 Common Shares have considerably strengthened our balance sheet. See “Liquidity and Capital Resources” below.

With respect to our operating results for the second quarter of 2011, net income attributable to Common Shares was $3,670,000 or $0.11 per Common Share as compared to $4,518,000 or $0.21 per Common Share for the second quarter of 2010. The most significant factor in this decrease was the decrease in earnings from our Churchill, Pennsylvania property. See “Results of Operations” below for further information.

Loan Assets

Consistent with our strategy to focus our investing in the segment we believe will generate the greater overall return to us, we continue to focus our acquisition activity on our loan asset segment. Our ability to identify and execute on the acquisition of loan assets has resulted in a considerable growth in the loan portfolio and during the quarter ended June 30, 2011 we made new investments and additional investments in existing loan assets of approximately $51,251,000.

The concentration in this segment was due to our belief that these assets will provide the best means for a current return in the form of interest payments as well as appreciation either through acquiring loan assets at a discount or acquiring loan assets with the expectation of a borrower default that will lead to foreclosure and an equity ownership interest.

Operating Properties

Consolidated Operating Properties — Excluding our Churchill, Pennsylvania property which is discussed more fully in Item 1, Note 12, the average occupancy of our consolidated properties was approximately 89.7% during the six months ended June 30, 2011. As of June 30, 2011, excluding Churchill, Pennsylvania, our consolidated properties were approximately 89.0% leased compared to approximately 93.4% leased at June 30, 2010. At June 30, 2011 our Churchill, Pennsylvania property which contains approximately 830,000 leasable square feet was 19.8% leased.

Increases in our operating income from our new acquisitions have been offset by unfavorable trends in operating income from our existing wholly owned properties. We expect that during 2011 the operating income of our properties on a same-store basis, that is properties that were held during both periods, will continue to decline over 2010 as the result of leasing challenges at our Lisle, Illinois properties, as well as the expiration of the net lease at our Churchill, Pennsylvania property. We expect that the impact of these declines will be partially offset by improved operations at our recently acquired properties.

Occupancy at our Lisle, Illinois property also known as 550-560 Corporetum remains down and is 57% occupied as of June 30, 2011. Various smaller tenants have vacated and one significant tenant representing approximately 13% of the property square footage did not renew its lease at expiration in May 2010. At our other Lisle, Illinois property, referred to as 701 Arboretum, our major tenant vacated their space at the expiration of their lease term on May 31, 2011. As a result, this property is 32% occupied as of June 30, 2011.

With respect to our recently acquired operating properties, our 82,000 square foot Deer Valley Professional Building, located in Phoenix, Arizona is 89% leased at August 4, 2011 compared to 61.0% leased at June 30, 2011 and at our acquisition on August 6, 2010. In the aggregate, our Crossroads I and II buildings, which contain approximately 236,000 square feet, were 63.7% leased at June 30, 2011 and 73.7% leased at August 4, 2011 as compared to 55.9% leased at the date of our acquisition during the fourth quarter of 2010.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Sealy Equity Investments in Operating Properties — As of June 30, 2011 we continue to hold equity interests in three real estate ventures with Sealy & Co. which have an aggregate of approximately 2,097,000 rentable square feet consisting of 18 office flex buildings and 13 light distribution and service center properties. The investment properties are located in Northwest Atlanta, Georgia; Atlanta, Georgia; and Nashville, Tennessee and had occupancies of 77%, 49% and 83%, respectively, at

June 30, 2011 as compared to occupancy of 70%, 80% and 86%, at June 30, 2010. Our Georgia properties continue to have historically low occupancy but are starting to see some leasing activity. Finally, our Nashville, Tennessee property is outperforming the market. The properties continue to be aggressively marketed for lease. We received cash distributions from operations of $90,000 and $250,000 from the Nashville, Tennessee property for the three and six months ended June 30, 2011. We received no cash distribution from the two Atlanta investments for the three and six months ended June 30, 2011.

The Sealy properties have $131,641,000 of mortgage debt at June 30, 2011 with $20,641,000 maturing in 2011, $74,000,000 maturing in 2012 and $37,000,000, maturing in 2016. The debt maturing in 2011 represents our bridge loan to our Sealy Northwest Atlanta venture which has a stated maturity of November 1, 2011. We are currently in negotiations with a third party lender and anticipate having replacement financing in place prior to the November 2011 maturity. We expect that the new first mortgage will be in the $13,000,000-$15,000,000 range and the balance of the bridge loan will be satisfied by additional equity from us and our venture partner. The loan for the Newmarket property, which is $37,000,000, and matures in 2016, is currently in special servicing. We, together with our joint venture partner, are attempting to negotiate a restructuring of the debt with the special servicer. The venture has ceased making their debt service payments until the loan is restructured. There can be no assurance that a restructuring of the loan will be accomplished.

Marc Realty Equity Investments in Operating Properties- On June 1, 2011 we sold three of our downtown Chicago, Illinois equity investments for an aggregate selling price of $18,544,000 to our joint venture partner, Marc Realty. These were the properties located at 8 South Michigan, 11 East Adams, and 29 East Madison. The selling price was paid $6,000,000 in cash and a $12,544,000 secured promissory note which bears interest at 8.0% and matures on May 31, 2016. In addition, we have certain future participating rights if the properties are sold within a specified timeframe for amounts in excess of our sale price. Subsequent to June 30, 2011, the $2,265,000 loan relating to the 11 East Adams property was repaid in full.

As of June 30, 2011, we held equity interests in nine properties with Marc Realty which consist of an aggregate of approximately 1,407,000 rentable square feet of office and retail space which was 78.3% occupied as compared to 81.9% occupied at June 30, 2010.

Of the nine remaining properties, two are downtown Chicago properties which contain approximately 389,000 rentable square feet and accounted for $19,806,000 of our June 30, 2011 carrying value. These two properties had occupancy of 77.0% at June 30, 2011, compared to 85.8% occupancy at June 30, 2010. The decline in occupancy in 2011 is primarily the result of the loss of one major tenant at the 223 West Jackson property.

The balance of the portfolio, located in the Chicago suburbs represents $23,929,000 of our June 30, 2011 carrying value, contains approximately 1,018,000 square feet and was 78.8% occupied at June 30, 2011 compared to 80.4% occupied at June 30, 2010.

At June 30, 2011, the Marc Realty properties are encumbered with $60,126,000 of mortgage debt, with $5,339,000 of mortgage debt maturing in 2011, $10,086,000 maturing in 2012 and the remainder in 2013 or later. The debt balance maturing in 2011 was refinanced on July 28, 2011. The new loan has an outstanding balance of $5,400,000, bears interest at libor + 2.75% and matures in July 2016.

REIT Securities

During the first six months of 2011 we sold a significant portion of our REIT preferred shares and had minimal new investment activity in REIT securities totaling $568,000. We sold REIT securities with an original cost of $14,695,000 and received cash proceeds of $26,281,000. As a result of these dispositions, as of June 30, 2011 our portfolio of REIT securities decreased to $7,613,000. We continue to divest the assets of this portfolio.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Liquidity and Capital Resources

At June 30, 2011, we held $51,344,000 in unrestricted cash and cash equivalents and $7,613,000 in REIT securities. In addition, as of June 30, 2011 we had a $50,000,000 revolving line of credit with no borrowings outstanding.

We believe that cash flow from operations will continue to provide adequate capital to fund our operating and administrative expenses, as well as debt service obligations in the short term. As a REIT, we must distribute annually at least 90% of our REIT taxable income. As a result of this dividend requirement, we, like other REITs, are unable to reinvest all of our operating cash flow and are dependent on raising capital through equity and debt issuances or forming ventures with investors to obtain funds with which to expand our business. Accordingly, we anticipate that capital with which to make future investment and financing activities will be provided from borrowings, the issuance of additional equity and debt securities and proceeds from sales of existing assets.

Our primary sources of funds include:

•

the use of cash and cash equivalents;

•

rents and reimbursements received from our operating properties;

•

payments received under our loan assets;

•

disposition of REIT securities;

•

sale of existing assets;

•

cash distributions from joint ventures;

•

borrowings under our credit facilities;

•

asset specific borrowings; and

•

the issuance of equity and debt securities.

Debt Maturities

We have no mortgage loans for consolidated properties maturing in 2011. At June 30, 2011, our balance sheet contains mortgage debt payable of $210,751,000. We have $8,900,000 of mortgage debt maturing in 2012, $15,901,000 maturing in 2013, and $23,875,000 maturing in 2014 with the remainder maturing in 2015 or later.

In addition, our Series B-1 Preferred Shares and Series C Preferred Shares have a mandatory redemption in February 2012 for an aggregate redemption price of $24,900,000.

Cash Flows

Our level of liquidity based upon cash and cash equivalents increased by approximately $6,087,000 from $45,257,000 at December 31, 2010 to $51,344,000 at June 30, 2011.

Our cash flow activities for the six months ended June 30, 2011 and 2010 are summarized as follows (in thousands):


	For Six Months Ended June 30,
	2011			2010
Net cash flow provided by operating activities	$	17,179		$	11,869
Net cash flow used in investing activities		(33,913	)		(32,813	)
Net cash flow provided by (used in) financing activities		22,821			(7,636	)

Decrease in cash and cash equivalents	$	6,087		$	(28,580	)

Operating Activities

For the six months ended June 30, 2011, our operating activities generated consolidated net income of $11,459,000 and generated cash flow of $17,179,000. Our cash provided by operations reflects our net income adjusted by: (i) an increase for non-cash items of $1,293,000 representing primarily loan discount accretion and unrealized gains on loan securities offset by adding back depreciation and amortization expenses; (ii) $3,873,000 of distributions from non-consolidated interests; and (iii) a net increase due to changes in other operating assets and liabilities of $554,000. See our discussion of Results of Operations below for additional details on our operations.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Investing Activities

Cash flow used in investing activities for the six months ended June 30, 2011 was approximately $33,913,000 as compared to cash flows used in investing activities of approximately $32,813,000 for the comparable period in 2010. The change from 2010 of approximately $1,100,000 resulted primarily from repayments of loans receivable, return of capital distributions from our equity investments, increased proceeds from the sale of REIT securities carried at fair value and decreased investment in REIT security acquisitions.

Net cash used in investing activities of $33,913,000 for the six months ended June 30, 2011 was comprised primarily of the following:

•

$25,200,000 for investment in our Vintage Housing property joint venture;

•

$20,641,000 for a new loan to our Sealy Northwest Atlanta joint venture;

•

$18,093,000 for investment in our Lakeside Eagle loan joint venture;

•

$17,525,000 for the acquisition of a new loan receivable;

•

$8,037,000 for investment in our Gotham loan joint venture;

•

$7,010,000 for investment in our other new joint ventures;

•

$5,995,000 for additional loan advances under existing facilities;

•

$4,139,000 for investment in capital and tenant improvements at our operating properties;

•

$3,942,000 for preferred equity investment in 450 W 14^th St.;

•

$1,223,000 for investment in our Marc Realty equity investments; and

•

$568,000 for purchases of REIT securities carried at fair value.

These uses of cash flow were offset primarily by:

•

$26,281,000 in proceeds from the sale of REIT securities carried at fair value;

•

$26,130,000 in return of capital distributions representing full returns of our investments in Lakeside Eagle and Gotham;

•

$6,500,000 in proceeds from the repayment of our Metropolitan Tower loan receivable;

•

$6,000,000 in proceeds from the sale of three of our Marc Realty investments;

•

$3,420,000 in repayments from Concord on our compliance loan receivable; and

•

$2,500,000 in proceeds from the repayment of our Siete Square loan.

Financing Activities

Cash flow provided by financing activities for the six months ended June 30, 2011 was approximately $22,821,000 as compared to cash flow used in financing activities of approximately $7,636,000 for the comparable period in 2010. This change of approximately $30,457,000 resulted primarily from proceeds from our Common Share offering, proceeds from the issuance of a note payable, and proceeds from a property financing, partially offset by the satisfaction of certain mortgage loans payable, repayments on our revolving line of credit and dividends paid.

Net cash provided by financing activities of $22,821,000 for the six months ended June 30, 2011 was comprised primarily of the following:

•

$61,386,000 of net proceeds from the issuance in April 2011 of 5,750,000 Common Shares;

•

$27,324,000 drawn down on our revolving line of credit;

•

$15,150,000 in proceeds from the issuance of the senior participation in the San Marbeya loan; and

•

$11,000,000 in proceeds from the financing of our Plantation, Florida property.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

These sources of cash flow were offset primarily by:

•

$30,692,000 for mortgage loan repayments which, in addition to scheduled debt amortization, included $8,764,000 for the satisfaction of loans payable on our Andover, Massachusetts and Burlington, Vermont properties which matured in March 2011, and $19,002,000 for the satisfaction of our loan payable which was scheduled to mature in June 2011;

•

$52,774,000 for payments on our revolving line of credit; and

•

$8,794,000 for dividend payments on our Common Shares.

Future Cash Commitments

In addition to our initial purchase price of certain loans and preferred equity investments, we have future funding requirements which total approximately $11,818,000 at June 30, 2011.

Common Share Dividends

During 2011 we paid a quarterly dividend of $0.1625 per Common Share for each of the first and second quarters of 2011. We paid a regular quarterly dividend of $0.40625 per Series B-1 Preferred Share and Series C Preferred Share in each of the first and second quarters of 2011.

Comparability of Financial Data from Period to Period

The comparability of financial data from period to period is affected by several items including (i) the timing of our property acquisitions and leasing activities; (ii) the purchases and sales of assets and investments; (iii) when material other-than-temporary impairment losses on assets in our portfolio are taken; and (iv) the reclassification of assets. In this regard, the comparability of financial results for the periods presented were impacted by the addition of four operating properties (one direct acquisition and three loan foreclosures) in 2010, the acquisition of several loan assets in 2010 and the first quarter of 2011, and the divestiture of several REIT securities in 2010 and 2011.

Results of Operations

Our results are discussed below by business segment:

	•		Operating Properties — our wholly and partially owned operating properties;

	•		Loan Assets — our loans receivable, loan securities carried at fair value, and equity investments in loan assets;

	•		REIT Securities — our ownership of equity and debt securities in other real estate investment trusts; and

	•		Corporate — non-segment specific results which includes interest on cash reserves, general and administrative expenses and other non-segment specific income and expense items.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

The following table summarizes our assets by business segment (in thousands):


	June 30,		December 31,
	2011		2010

Operating properties	$	376,207	$	373,142
Loan assets		182,944		134,269
REIT securities		7,613		33,032
Corporate
Cash and cash equivalents		51,344		45,257
Restricted cash		9,152		8,593
Straight line rent receivable		9,438		8,729
Other accounts receivable and prepaids		4,672		3,673
Deferred financing costs		1,346		1,158
Discontinued Operations		3,702		2,275

Total Assets	$	646,418	$	610,128

The increase in operating property assets was due primarily to our Vintage Housing acquisition partially offset by the sale of three of our Marc Realty equity investments and the classification of our St. Louis, Missouri property to discontinued operations.

The increase in loan assets was due primarily to the acquisition of four new loan assets, for an aggregate investment of $49,868,000, which was partially offset by the full repayment of two loans and the partial repayment of another loan for aggregate collections of $20,920,000.

The decrease in REIT securities assets was primarily the result of our divestiture of these assets. We received proceeds of $26,281,000 from the sale of securities in the first six months of 2011 while only investing $568,000 in acquiring new securities during the same period.

Comparison of Six Months ended June 30, 2011 versus Six Months ended June 30, 2010

The following table summarizes our results from continuing operations before non-controlling interest by business segment for the six months ended June 30, 2011 and 2010 (in thousands):


	2011			2010

Operating properties	$	(3,038	)	$	1,933
Loan assets		19,418			8,448
REIT securities		870			4,063
Corporate expenses		(5,928	)		(4,726	)


Income from continuing operations	$	11,322		$	9,718

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Operating Properties

The following table summarizes our results from continuing operations for our operating properties business segment for the six months ended June 30, 2011 and 2010 (in thousands):


	2011			2010

Rents and reimbursements	$	22,220		$	18,755
Operating expenses		(8,032	)		(3,767	)
Real estate taxes		(2,342	)		(1,060	)
Equity in income (loss) of Marc Realty investments		(120	)		307
Equity in income (loss) of Sealy Northwest Atlanta		1,641			(349	)
Equity in loss of Sealy Airpark Nashville		(453	)		(433	)
Equity in loss of Sealy Newmarket		(2,044	)		(449	)

Operating income		10,870			13,004

Depreciation and amortization expense		(6,793	)		(4,671	)
Interest expense		(7,115	)		(6,400	)

Operating properties net income (loss)	$	(3,038	)	$	1,933

Operating income from our operating properties, which we define as all items of income and expense directly derived from or incurred by this segment before depreciation, amortization and interest expense, decreased by $2,134,000 compared to the prior year period.

Consolidated Operating Properties


	For the Six Months Ended
	June 30,
	2011		2010
	(Dollars in thousands)
Rents and reimbursements
Same store properties	$	18,615	$	18,755
New store properties		3,605		—

		22,220		18,755


Operating expenses
Same store properties		6,665		3,767
New store properties		1,367		—

		8,032		3,767


Real estate taxes
Same store properties		1,645		1,060
New store properties		697		—

		2,342		1,060


Consolidated operating properties operating income
Same store properties		10,305		13,928
New store properties		1,541		—

	$	11,846	$	13,928

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Operating income from consolidated properties was $11,846,000 for the six months ended June 30, 2011 compared to $13,928,000 for the six months ended June 30, 2010. Operating income from same store properties (properties held throughout both the current and prior year reporting periods) was $10,305,000 while new properties contributed $1,541,000 for the six months ended June 30, 2011. The decrease in operating income was primarily the result of higher costs from our Churchill, Pennsylvania property and lower revenues at two of our Lisle, Illinois properties.

•

Rental revenues increased by $3,465,000 due to new store revenues of $3,605,000, while same store revenues declined by $140,000. Declines at our Churchill, Pennsylvania and Lisle, Illinois properties were partially offset by increased revenue at our Andover, Massachusetts property;

•

Operating expenses increased by $4,265,000 due to increased expenses at our same store properties of $2,898,000 and expenses at our new store properties of $1,367,000. The increase in the same store operating expenses relates primarily to operating expenses of $2,839,000 at our Churchill, Pennsylvania property; and

•

Real estate tax expense increased by $1,282,000 due to expenses at our new store properties of $697,000 and increases at our same store properties of $585,000. The increase in the same store real estate tax expense was primarily due to real estate taxes at the Churchill, Pennsylvania property of $406,000.

Depreciation and amortization expense increased by $2,122,000 primarily as a result of our four property acquisitions in 2010. Interest expenses related to our operating properties increased by $715,000 primarily as a result of $895,000 of interest expense on our Connecticut multi-family property acquired in the fourth quarter of 2010.

Non-Consolidated Operating Properties: Equity Investments

Operating results for our equity investments was a net loss of $976,000 for the six months ended June 30, 2011 compared to a net loss of $924,000 for the six months ended June 30, 2010.

•

Operating income from our Sealy Northwest Atlanta investment increased by $1,990,000 due primarily to the discounted payoff of the first mortgage loan in June 2011. The discounted payoff resulted in an allocation of cancellation of debt income to us of approximately $5,522,000. This was partially offset by the recognition of a $2,900,000 other-than-temporary impairment charge in June 2011.

•

Operating income from our Sealy Newmarket investment decreased by $1,595,000 due primarily to a $900,000 other-than-temporary impairment charge recognized in June 2011. In addition, we were allocated approximately $392,000 of additional interest expense during the six months ended June 30, 2011 as a result of the first mortgage loan being in default while it is in special servicing. Rental revenues were also lower at this property during the current periods as a result of the loss of a significant tenant in April 2011.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Loan Assets

The following table summarizes our results from our loan assets business segment for the six months ended June 30, 2011 and 2010 (in thousands):


	2011			2010

Interest	$	5,397		$	1,557
Discount accretion		8,793			3,742
Equity in earnings of preferred equity investment in Marc Realty		168			168
Equity in earnings of preferred equity investment in 450 W 14th St		73			—
Equity in earnings of ROIC-Riverside LLC		468			5
Equity in earnings of WRT-46th Street Gotham LLC		621			—
Equity in earnings of ROIC-Lakeside Eagle LLC		666			—
Equity in earnings of Concord		479			—
Equity in earnings of LW SOFI		262			—
Unrealized gain on loan securities carried at fair value		2,847			3,012

Operating income		19,774			8,484

General and administrative expense		(15	)		(36	)
Interest expense		(341	)		—

Loan assets net income	$	19,418		$	8,448

Operating income from loan assets, which we define as all items of income and expense directly derived from or incurred by this business segment before general and administrative and interest expense, increased by $11,290,000 as compared to the prior year period. The increase was due primarily to:

•

a $5,051,000 increase in discount accretion due primarily to the recognition of $3,504,000 as a result of the early pay off at par of our Metropolitan Tower loan;

•

a $3,840,000 increase in interest income due primarily to the acquisition of new loans throughout 2010; and

•

an aggregate of $2,569,000 in equity in earnings recognized in 2011 on our loan assets held in joint ventures acquired subsequent to June 30, 2010.

These increases were partially offset by a slight decrease in unrealized gain on loan securities in 2011 as compared to the same period in 2010.

Interest expense in 2011 represents interest on our $15,150,000 secured financing of our San Marbeya loan receivable.

REIT Securities

The following table summarizes our results from our REIT securities business segment for the six months ended June 30, 2011 and 2010 (in thousands):


	2011		2010

Interest and dividends	$	576	$	1,500
Gain on sale of securities carried at fair value		131		773
Unrealized gain on securities carried at fair value		163		1,790

Operating income	$	870	$	4,063

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Operating income from REIT securities, which we define as all items of income and expense directly derived from or incurred by this business segment before interest expense, decreased by $3,193,000 as compared to the prior year period. The decrease was due primarily to:

•

a $1,627,000 reduction in unrealized gain on securities carried at fair value primarily as a result of our divestiture of securities;

•

a $642,000 reduction in realized gain on the sale of securities carried at fair value; and

•

a $924,000 decrease in interest and dividend income primarily due to the sale of certain securities.

Corporate

The following table summarizes our results from our corporate business segment for the six months ended June 30, 2011 and 2010 (in thousands):


	2011			2010

Interest income	$	536		$	77
General and administrative		(5,267	)		(3,787	)
Interest expense		(1,120	)		(917	)
State and local taxes		(77	)		(99	)

Operating loss	$	(5,928	)	$	(4,726	)

The increase in corporate operating loss for the comparable periods was due primarily to a $1,480,000 increase in general and administrative expenses due primarily to an increase in the base management fee of $1,592,000 as a result of an increase in the outstanding equity that is subject to the fee and the full impact in 2011 of the 2010 change in the fee structure offset by a $163,000 decrease in professional fees. The decrease in professional fees was primarily the result of $200,000 in costs incurred in 2010 related to pursuing potential investments.

State income taxes were $77,000 and $99,000 for the six months ended June 30, 2011 and 2010, respectively, due primarily to our anticipated taxable income for state purposes, after deductions for dividends paid and after the utilization of net operating loss carryforwards, where applicable.

Discontinued Operations

The increase in income from discontinued operations results primarily from a $1,000,000 impairment recognized on our Athens, Georgia property in the second quarter of 2010. This was partially offset as a result of the 2011 operations consisting of three properties which were fully occupied in 2010 being vacant in 2011. In addition, the 2010 results include the operations of two additional properties that were disposed of during the fourth quarter of 2010.

Comparison of Three Months ended June 30, 2011 versus Three Months ended June 30, 2010

The following table summarizes our results from continuing operations by business segment for the three months ended June 30, 2011 and 2010 (in thousands):


	2011			2010

Operating properties	$	(179	)	$	1,302
Loan assets		7,579			6,526
REIT securities		(598	)		81
Corporate expenses		(2,835	)		(2,394	)


Income from continuing operations	$	3,967		$	5,515

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Operating Properties

The following table summarizes results from continuing operations for our operating properties business segment for the three months ended June 30, 2011 and 2010 (in thousands):


	2011			2010

Rents and reimbursements	$	11,234		$	9,435
Operating expenses		(3,987	)		(1,818	)
Real estate taxes		(1,087	)		(340	)
Equity in income (loss) of Marc Realty investments		(175	)		231
Equity in income (loss) of Sealy Northwest Atlanta		2,233			(174	)
Equity in loss of Sealy Airpark Nashville		(256	)		(224	)
Equity in loss of Sealy Newmarket		(1,533	)		(230	)

Operating income		6,429			6,880

Depreciation and amortization expense		(3,312	)		(2,371	)
Interest expense		(3,296	)		(3,207	)

Operating properties net income (loss)	$	(179	)	$	1,302

Operating income from our operating properties for the three months ended June 30, 2011 decreased by $451,000 over the prior year period.

Consolidated Operating Properties


	For the Three Months Ended
	June 30,
	2011		2010
	(Dollars in thousands)
Rents and reimbursements
Same store properties	$	9,402	$	9,435
New store properties		1,832		—

		11,234		9,435


Operating expenses
Same store properties		3,352		1,818
New store properties		635		—

		3,987		1,818


Real estate taxes
Same store properties		867		340
New store properties		220		—

		1,087		340


Consolidated operating properties operating income
Same store properties		5,183		7,277
New store properties		977		—

	$	6,160	$	7,277

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Operating income from consolidated properties was $6,160,000 for the three months ended June 30, 2011 compared to $7,277,000 for the three months ended June 30, 2010. Operating income from same store properties (properties held throughout both the current and prior year reporting periods) was $5,183,000 while new properties contributed $977,000 for the three months ended June 30, 2011. The decrease in operating income was primarily the result of higher costs from our Churchill, Pennsylvania and Burlington, Vermont properties and lower revenue at our Churchill, Pennsylvania property.

•

Rental revenues increased by $1,799,000 due to new store properties’ revenues of $1,832,000, while same store properties’ revenues declined by $33,000. Declines at our Churchill, Pennsylvania property was partially offset by increased revenue at our One East Erie Chicago, Illinois property;

•

Operating expenses increased by $2,169,000 due to increased expenses at our same store properties of $1,534,000 and expenses at our new store properties of $635,000. The increase in same store operating expenses was primarily the result of a $1,464,000 increase in expenses at our Churchill, Pennsylvania property; and

•

Real estate expense increased by $747,000 due to expenses at our new store properties of $220,000 and increases at our same store properties of $527,000. The increase in the same store real estate tax expense was primarily due to real estate taxes at the Churchill, Pennsylvania property of $264,000.

Depreciation and amortization expense increased by $941,000 primarily as a result of our four property acquisitions in 2010. During 2010 interest expenses related to our operating properties increased by $89,000 primarily as a result of $329,000 of interest expense on our Connecticut multi-family property acquired in the fourth quarter of 2010 which was partially offset by interest savings on our Andover, Massachusetts and Burlington, Vermont properties whose loans were satisfied in the first quarter of 2011.

Tenant Concentration

The Trust seeks to reduce its operating and leasing risks through diversification achieved by the geographic distribution of its properties, avoiding dependence on any single property, and a large tenant base. At June 30, 2011, the Trust’s largest tenant was Spectra Energy, which represented approximately 21.86% of the Trust’s annualized base rental revenues from consolidated commercial operating properties.

Non-Consolidated Operating Properties: Equity Investments

Operating results for our equity investments was net income of $269,000 for the three months ended June 30, 2011 compared to a net loss of $397,000 for the three months ended June 30, 2010.

•

Operating income from our Sealy Northwest Atlanta investment increased by $2,407,000 due primarily to the discounted payoff of the first mortgage loan in June 2011. The discounted payoff resulted in an allocation of cancellation of debt income to us of approximately $5,522,000. This was partially offset by the recognition of a $2,900,000 other-than-temporary impairment charge in June 2011.

•

Operating income from our Sealy Newmarket investment decreased by $1,303,000 due primarily to a $900,000 other-than-temporary impairment charge recognized in June 2011. In addition, we were allocated approximately $196,000 of additional interest expense during the three months ended June 30, 2011 as a result of the first mortgage loan being in default. Rental revenues were also lower at this property during the current period as a result of the loss of a significant tenant in April 2011.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Loan Assets

The following table summarizes results from our loan assets business segment for the three months ended June 30, 2011 and 2010 (in thousands):


	2011			2010

Interest	$	2,687		$	836
Discount accretion		2,289			2,001
Equity in earnings of preferred equity investment in Marc Realty		85			85
Equity in earnings of preferred equity investment in 450 W 14th St		73			—
Equity in earnings of ROIC-Riverside LLC		234			5
Equity in earnings of WRT-46th Street Gotham LLC		709			—
Equity in earnings of ROIC-Lakeside Eagle LLC		922			—
Equity in earnings of Concord		479			—
Equity in earnings of LW SOFI		262			—
Unrealized gain on loan securities carried at fair value		34			3,625

Operating income		7,774			6,552

General and administrative expense		(11	)		(26	)
Interest expense		(184	)		—

Loan assets net income	$	7,579		$	6,526

Operating income from loan assets increased by $1,222,000 from $6,552,000 for the three months ended June 30, 2010 to $7,774,000 for the three months ended June 30, 2011. The increase was due primarily to:

•

a $1,851,000 increase in interest income primarily due to the acquisition of new loans throughout 2010; and

•

an aggregate of $2,679,000 in equity in earnings recognized in 2011 on our loan assets held in joint ventures acquired subsequent to June 30, 2010.

The increases were partially offset by a $3,591,000 decrease in unrealized gain on loan securities.

REIT Securities

The following table summarizes results from our REIT securities business segment for the three months ended June 30, 2011 and 2010 (in thousands):


	2011			2010

Interest and dividends	$	118		$	753
Gain on sale of securities carried at fair value		7			78
Unrealized loss on securities carried at fair value		(723	)		(750	)

Operating income (loss)	$	(598	)	$	81

Operating loss from REIT securities increased by $679,000 from income of $81,000 for the three months ended June 30, 2010 to a loss of $598,000 for the three months ended June 30, 2011. The decrease was due primarily to:

•

a $635,000 decrease in interest and dividend income primarily due to the sale of certain securities; and

•

a $71,000 reduction in realized gain on the sale of securities carried at fair value.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Corporate

The following table summarizes results from our corporate business segment for the three months ended June 30, 2011 and 2010 (in thousands):


	2011			2010

Interest income	$	443		$	40
General and administrative		(2,747	)		(1,890	)
Interest expense		(483	)		(459	)
State and local taxes		(48	)		(85	)

Operating loss	$	(2,835	)	$	(2,394	)

The increase in operating loss from corporate operations for the comparable periods was due primarily to an $857,000 increase in general and administrative expenses due primarily to an increase in the base management fee of $844,000.

State income taxes were $48,000 and $85,000 for the three months ended June 30, 2011 and 2010, respectively, due primarily to our estimate of taxable income for state purposes, after deductions for dividends paid and after the utilization of net operating loss carry forwards, where applicable.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Funds From Operations

The Trust has 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 the historical operating results of the Trust, 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 the comparative operating and financial performance of the Trust 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.

The Trust’s 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.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

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


	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
	(Unaudited)						(Unaudited)
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 real estate depreciation and amortization		(789	)		(799	)		(1,581	)		(1,584	)


Funds from operations		8,627			8,445			20,779			16,330
Series C Preferred Share dividends		(58	)		(58	)		(117	)		(171	)
Allocations of earnings to Series B-1 Preferred Shares		—			(26	)		—			(31	)
Allocations 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			20,808


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 Share dividends		(58	)		—			(117	)		—
Allocation of earnings to Series B-1 Preferred Shares		—			(26	)		—			(31	)
Allocation of earning to Series C Preferred Shares		(9	)		—			(60	)		—

FFO applicable to Common Shares	$	8,560		$	8,419		$	20,602		$	16,299


Weighted-average Common Shares		32,573			21,175			29,841			20,888
Stock options (1)		1			2			1			2
Series B-1 Preferred Shares (2)		—			—			—			—
Series C Preferred Shares (3)		—			257			—			522

Diluted weighted-average Common Shares		32,574			21,434			29,842			21,412

FFO Per Common Share-Fully Diluted	$	0.26		$	0.39		$	0.69		$	0.76


(1)		The Trust’s stock options were dilutive for the three and six months ended June 30, 2011 and 2010.

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

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

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Critical Accounting Policies and Estimates

A summary of our critical accounting policies is included in our Annual Report on Form 10-K for the year ended December 31, 2010.

Recently Issued Accounting Standards

See Item 1. Financial Statements — Note 2.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011


ITEM 3.		QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk

We have exposure to fluctuations in market interest rates. Market interest rates are highly sensitive to many factors beyond our control. Various financial vehicles exist which would allow management to partially mitigate the potential negative effects of interest rate fluctuations on our cash flow and earnings.

The fair value of our debt, based on discounted cash flows at the current rate at which similar loans would be made to borrowers with similar credit ratings for the remaining term of such debt, was less than its carrying value by $20,248,000 and $22,042,000 at June 30, 2011 and December 31, 2010, respectively.

The following table shows what the annual effect a change in the LIBOR rate would have on interest expense based upon the unhedged balances in variable rate debt at June 30, 2011 (in thousands):


	Change in LIBOR(2)
	-0.19%			1%		2%		3%

Change in consolidated interest expense	$	—		$	—	$	—	$	—
Pro-rata share of change in interest expense of debt on non-consolidated entities (1)		(5	)		27		127		262

(Increase) decrease in net income	$	(5	)	$	27	$	127	$	262


(1)		Represents our pro-rata share of a change in interest expense in our Marc Realty equity investment. The amount does not reflect our equity investment in Concord which has been written down to zero.

(2)		The one-month LIBOR rate at June 30, 2011 was 0.19%.

The Trust completed its multi-stage investment in Vintage in June 2011. Vintage holds floating rate debt of approximately $140,000,000 and bears interest at a rate indexed to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA). Based on our effective 75% ownership in Vintage, the annual effect of a change in the SIFMA rate of 1%, 2%, and 3% would increase our pro rata share of interest expense by approximately $1,050,000, $2,100,000, and $3,149,000, respectively.

We may utilize various financial instruments to mitigate the potential negative impact of interest rate fluctuations on our cash flows and earnings, including hedging strategies, depending on our analysis of the interest rate environment and the costs and risks of such strategies. In addition, as of June 30, 2011 and December 31, 2010 our variable rate loan assets with a face value aggregating $60,441,000 and $53,922,000, respectively, partially mitigate our exposure to change in interest rates.


ITEM 4.		CONTROLS AND PROCEDURES

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), as appropriate, to allow timely decisions regarding required disclosure.

As of June 30, 2011, an evaluation was performed under the supervision and with the participation of our management, including the CEO and CFO, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) under the Securities Exchange Act of 1934). Based on that evaluation, our management, including the CEO and CFO, concluded that our disclosure controls and procedures were effective as of June 30, 2011.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

Other Matters

There have been no changes in our internal controls over financial reporting during the most recent quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION


ITEM 6.		EXHIBITS

Exhibits required by Item 601 of Regulation S-K are filed herewith or incorporated herein by reference and are listed in the attached Exhibit Index.

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Trust has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	Winthrop Realty Trust
Date: August 9, 2011	By:	/s/ Michael L. Ashner
		Michael L. Ashner
		Chief Executive Officer

Date: August 9, 2011	By:	/s/ Thomas C. Staples
		Thomas C. Staples
		Chief Financial Officer

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011

EXHIBIT INDEX


			Page
Exhibit		Description	Number

	3.1	Second Amended and Restated Declaration of Trust as of May 21, 2009 — Incorporated by reference to Exhibit 3.1 to the Trust’s Quarterly Report on Form 10-Q for the period ended June 30, 2009.	—

	3.2	By-laws of Winthrop Realty Trust as amended and restated on November 3, 2009 — Incorporated by reference to Exhibit 3.1 to the Trust’s Current Report on Form 8-K filed November 6, 2009.	—

	3.3	Amendment to By-laws — Incorporated by reference to Exhibit 3.1 to the Trust’s Current Report on Form 8-K filed March 6, 2010.	—

	4.1	Form of certificate for Common Shares of Beneficial Interest. Incorporated by reference to Exhibit 4.1 to the Trust’s Annual Report on Form 10-K for the year ended December 31, 2008.	—

	4.2	Warrant to purchase 500,000 shares of Beneficial Interest of Trust — Incorporated by reference to Exhibit 4(l) to the Trust’s Annual Report on Form 10-K for the year ended December 31, 1998.	—

	4.3	Agreement of Limited Partnership of WRT Realty L.P., dated as of January 1, 2005 — Incorporated by reference to Exhibit 4.1 to the Trust’s Form 8-K filed January 4, 2005.	—

	4.4	Amended and Restated Certificate of Designations for Series B-1 Cumulative Convertible Redeemable Preferred Shares of Beneficial Interest (“Series B-1 Certificate of Designations”) — Incorporated by reference to Exhibit 4.1 to the Trust’s Form 8-K filed June 21, 2005.	—

	4.5	Amendment No. 1 to Series B-1 Certificate of Designations — Incorporated by reference to Exhibit 4.1 to the Trust’s Form 8-K filed November 13, 2007.	—

	4.6	Certificate of Designations for Series C Cumulative Convertible Redeemable Preferred Shares of Beneficial Interest — Incorporated by reference to Exhibit 4.1 to the Trust’s Form 8-K filed November 2, 2009.	—

	10.1	Stock Purchase Agreement between the Trust and FUR Investors, LLC, dated as of November 26, 2003, including Annex A thereto, being the list of Conditions to the Offer — Incorporated by reference to Exhibit 10.1 to the Trust’s Form 8-K filed December 1, 2003.	—

	10.2	Second Amended and Restated Advisory Agreement dated March 5, 2009, between the Trust, WRT Realty L.P. and FUR Advisors LLC. Incorporated by reference to Exhibit 10.3 to the Trust’s Annual Report on Form 10-K for the year ended December 31, 2008.	—

	10.3	Amendment No. 1 to Second Amended and Restated Advisory Agreement — Incorporated by reference to Exhibit 10.30 to the Trust’s Quarterly Report on Form 10-Q for the period ended March 31, 2009.	—

	10.4	Amendment No. 2 to Second Amended and Restated Advisory Agreement — Incorporated by reference to Exhibit 10.1 to the Trust’s Form 8-K filed January 29, 2010.	—

	10.5	Exclusivity Services Agreement between the Trust and Michael L. Ashner — Incorporated by reference to Exhibit 10.4 to the Trust’s Form 8-K filed December 1, 2003.	—

	10.6	Amendment No. 1 to Exclusivity Agreement, dated November 7, 2005 — Incorporated by reference to Exhibit 10.7 to the Trust’s Form 8-K filed November 10, 2005.	—

WINTHROP REALTY TRUST
FORM 10-Q JUNE 30, 2011


			Page
Exhibit		Description	Number

	10.7	Covenant Agreement between the Trust and FUR Investors, LLC — Incorporated by reference to Exhibit 10.5 to the Trust’s Form 8-K filed December 1, 2003.	—

	10.8	Amended and Restated Omnibus Agreement, dated March 16, 2005, among Gerald Nudo, Laurence Weiner and WRT Realty L.P. — Incorporated by reference to Exhibit 10.1 to the Trust’s Form 8-K filed March 18, 2005.	—

	10.9	Agreement, dated as of July 1, 2009, among Gerald Nudo, Laurence Weiner and WRT Realty L.P. Incorporated by reference to Exhibit 10.14 to the Trust’s Form 10-Q for the period ended June 30, 2009 filed August 10, 2009.	—

	10.10	Securities Purchase Agreement, dated February 25, 2005, between First Union Real Estate Equity and Mortgage Investments, Perrin Holden & Davenport Capital Corp. and the Investors named therein — Incorporated by reference to Exhibit 10.1 to the Trust’s Form 8-K filed March 3, 2005.	—

	10.11	Securities Purchase Agreement, dated June 15, 2005, between First Union Real Estate Equity and Mortgage Investments, Perrin Holden & Davenport Capital Corp. and the Investors named therein — Incorporated by reference to Exhibit 10.1 to the Trust’s Form 8-K filed June 21, 2005.	—

	10.12	Amended and Restated Registration Rights Agreement, dated June 20, 2005, between First Union Real Estate Equity and Mortgage Investments and the Investors named therein — Incorporated by reference to Exhibit 10.2 to the Trust’s Form 8-K filed June 21, 2005.	—

	10.13	Amended and Restated Investor Rights Agreement, dated June 20, 2005, between First Union Real Estate Equity and Mortgage Investments and the Investors named therein — Incorporated by reference to Exhibit 10.3 to the Trust’s Form 8-K filed June 21, 2005.	—

	10.14	Securities Purchase Agreement, dated November 7, 2005, between the Trust and Vornado Investments L.L.C. (“Vornado”) — Incorporated by reference to Exhibit 10.1 to the Trust’s Form 8-K filed November 10, 2005.	—

	10.15	Agreement between Michael L. Ashner and Winthrop Realty Trust dated July 23, 2006 — Incorporated by reference to Exhibit 10.2 to the Trust’s Form 8-K filed July 25, 2006.	—

	10.16	Winthrop Realty Trust 2007 Long Term Stock Incentive Plan — Incorporated by reference to the Trust’s Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on March 30, 2007.	—

	10.17	Form of Series B-1 and Series C Preferred Share Purchase Agreement, dated November 1, 2009 — Incorporated by reference to Exhibit 10.1 to the Trust’s Form 8-K filed November 2, 2009.	—

	10.18	Investor Rights Agreement (Series C Preferred Shares), dated November 1, 2009, between Winthrop Realty Trust and the investors party thereto - Incorporated by reference to Exhibit 10.2 to the Trust’s Form 8-K filed November 2, 2009.	—

	10.19	Amended and Restated Loan Agreement, dated as of March 3, 2011, between WRT Realty L.P. and KeyBank, National Association. — Incorporated by reference to Exhibit 10.19 to the Trust’s 10-K filed March 16, 2011.	—

	10.20	Guaranty from Winthrop Realty Trust and certain of its Subsidiaries in favor of KeyBank, National Association. — Incorporated by reference to Exhibit 10.20 to the Trust’s 10-K filed March 16, 2011.	—

	31	Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	*

	32	Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	*


*		filed herewith

EX-31.1 2 c19239exv31w1.htm EX-31.1 exv31w1

Exhibit 31.1

CERTIFICATION

I, Michael L. Ashner, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Winthrop Realty Trust;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial reports for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report), that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: August 9, 2011


	/s/ Michael L. Ashner
	Michael L. Ashner
	Chief Executive Officer

EX-31.2 3 c19239exv31w2.htm EX-31.2 exv31w2

Exhibit 31.2

CERTIFICATION

I, Thomas C. Staples , certify that:

I have reviewed this Quarterly Report on Form 10-Q of Winthrop Realty Trust;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: August 9, 2011


	/s/ Thomas C. Staples
	Thomas C. Staples
	Chief Financial Officer

EX-32.1 4 c19239exv32w1.htm EX-32.1 exv32w1

Exhibit 32.1

CERTIFICATION PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Winthrop Realty Trust (“the Company”) for the six months ended June 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael L. Ashner, Chief Executive Officer, certify, pursuant to 18 U.S.C. section 1350, as adopted, pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


By:	/s/ Michael L. Ashner
	Name:	Michael L. Ashner
	Chief Executive Officer

August 9, 2011

EX-32.2 5 c19239exv32w2.htm EX-32.2 exv32w2

Exhibit 32.2

CERTIFICATION PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Winthrop Realty Trust (“the Company”) for the six months ended June 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Thomas C. Staples, Chief Financial Officer, certify, pursuant to 18 U.S.C. section 1350, as adopted, pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


By:	/s/ Thomas C. Staples
	Name:	Thomas C. Staples
	Chief Financial Officer

August 9, 2011

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<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="left"> </div> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"><b>1.</b></td> <td width="1%"> </td> <td> <div style="text-align: justify"><b>Organization</b> </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Winthrop Realty Trust (“Winthrop”), a real estate investment trust (“REIT”) under section 856-860 of the Internal Revenue Code is an unincorporated association in the form of a business trust organized in Ohio under a Declaration of Trust dated August 1, 1961, as amended and restated on May 21, 2009, which has as its stated principal business activity the ownership and management of, and lending to, real estate and related investments. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Winthrop conducts its business through WRT Realty L.P., a Delaware limited partnership (the “Operating Partnership”). Winthrop is the sole general partner of, and owns directly and indirectly, 100% of the limited partnership interest in the Operating Partnership. All references to the “Trust” refer to Winthrop and its consolidated subsidiaries, including the Operating Partnership. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Trust is engaged in the business of owning real property and real estate related assets which it categorizes into three specific areas: (i) ownership of investment properties (“operating properties”); (ii) origination and acquisition of loans and debt securities collaterized directly or indirectly by commercial and multi-family real property, including collateral mortgage-backed securities (collectively “loan assets”); and (iii) equity and debt interests in other real estate investment trusts (“REIT securities”). </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"><b>2.</b></td> <td width="1%"> </td> <td> <div style="text-align: justify"><b>Summary of Significant Accounting Policies</b> </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><u>Basis of Presentation</u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The accompanying unaudited consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements, although management believes that the disclosures presented herein are adequate to make the accompanying unaudited consolidated interim financial statements not misleading. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated annual financial statements and the notes thereto included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2010 filed with the SEC. In the opinion of management, all adjustments considered necessary for fair statements have been included, and all such adjustments are of a normal recurring nature. The results of operations for the six months ended June 30, 2011 are not necessarily indicative of the operating results for the full year. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The accompanying unaudited consolidated financial statements represent the consolidated results of Winthrop, its wholly-owned taxable REIT subsidiary, WRT TRS Management Corp., and the Operating Partnership. All majority-owned subsidiaries and affiliates over which the Trust has financial and operating control and variable interest entities (“VIE’s”) in which the Trust has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Trust accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Trust’s share of the earnings of these joint ventures and companies is included in consolidated net income. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><u>Reclassifications</u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Certain prior year balances have been reclassified in order to conform to the current year presentation. Discontinued operations for the three and six month periods ended June 30, 2011 include the Trust’s properties in Lafayette, Louisiana, Knoxville, Tennessee, and St. Louis, Missouri. Discontinued operations for the three and six month periods ended June 30, 2010 also include the Trust’s properties in Athens, Georgia and Sherman, Texas which were disposed of in 2010. </div> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><u>Out of Period Adjustments</u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">During the quarter ended June 30, 2010, the Trust identified an error in its year ended December 31, 2009 allocation of fair value attributable to the building component of its Athens, Georgia property which was assessed for impairment in connection with its reclassification as held for sale and its presentation in discontinued operations. As a result, net loss was understated by approximately $700,000 for the year ended December 31, 2009. The Trust determined that this amount was not material to the year ended December 31, 2009 or to the three and six months ended June 30, 2010. As such, a charge of approximately $700,000 was recorded in the consolidated statement of operations within discontinued operations as an out of period adjustment in the second quarter of 2010. There was no impact on cash flow from operations. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><u>Investments in Real Estate</u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Real estate assets are stated at historical cost. Expenditures for repairs and maintenance are expensed as incurred. Significant renovations that extend the useful life of the properties are capitalized. Depreciation for financial reporting purposes is computed using the straight-line method. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Upon the acquisition of real estate, the Trust assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles) and acquired liabilities. The Trust allocates purchase price based on these assessments. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Real estate investments and purchased intangibles subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. When evaluating the carrying amount, the Trust considers the future undiscounted cash flows expected to result from the use and the eventual disposition of the property. Undiscounted cash flows are used to assess recoverability and when warranted, discounted cash flows are used to assess fair value. Cash flow assumptions include market rental rates, lease terms, lease up costs and operating expenses during the hold period as well as proceeds expected to result from the disposition of the property. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><u>Earnings Per Share</u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Trust determines basic earnings per share on the weighted average number of Common Shares of Beneficial Interest (“Common Shares”) outstanding during the period and reflects the impact of participating securities. The holders of the Trust’s Series B-1 Cumulative Convertible Redeemable Preferred Shares (“Series B-1 Preferred Shares”) and the Series C Cumulative Convertible Redeemable Preferred Shares (“Series C Preferred Shares”) are entitled to receive cumulative preferential dividends on a quarterly basis equal to the greater of (i) $0.40625 per share quarterly (6.5% of the liquidation preference on an annualized basis) or (ii) cash dividends payable on the number of Common Shares into which the Series B-1 Preferred Shares and Series C Preferred Shares (assuming for this purpose that the conversion price of the Series C Preferred Shares equals the conversion price of the Series B-1 Preferred Shares) are convertible. The Trust computes diluted earnings per share based on the weighted average number of Common Shares outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments. </div> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Trust has calculated earnings per share in accordance with relevant accounting guidance for participating securities and the two class method. The reconciliation of earnings attributable to Common Shares outstanding for the basic and diluted earnings per share calculation is as follows (in thousands, except per share data): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6">Three Months Ended</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6">Six Months Ended</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">June 30,</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">June 30,</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Basic </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Income from continuing operations </div></td> <td> </td> <td align="left">$</td> <td align="right">3,967</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">5,515</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">11,322</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">9,718</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Income attributable to non-controlling interest </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(329</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(175</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(533</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(420</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Preferred dividend of Series C Preferred Shares </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(58</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(58</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(117</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(171</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Income from continuing operations applicable to Common Shares </div></td> <td> </td> <td> </td> <td align="right">3,580</td> <td> </td> <td> </td> <td> </td> <td align="right">5,282</td> <td> </td> <td> </td> <td> </td> <td align="right">10,672</td> <td> </td> <td> </td> <td> </td> <td align="right">9,127</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Income (loss) from discontinued operations </div></td> <td> </td> <td> </td> <td align="right">90</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(764</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">137</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(517</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net income applicable to Common Shares for earnings per share purposes </div></td> <td> </td> <td align="left">$</td> <td align="right">3,670</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">4,518</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">10,809</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">8,610</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Basic weighted-average Common Shares </div></td> <td> </td> <td> </td> <td align="right">32,573</td> <td> </td> <td> </td> <td> </td> <td align="right">21,175</td> <td> </td> <td> </td> <td> </td> <td align="right">29,841</td> <td> </td> <td> </td> <td> </td> <td align="right">20,888</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Income from continuing operations </div></td> <td> </td> <td align="left">$</td> <td align="right">0.11</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.25</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.36</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.44</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Income (loss) from discontinued operations </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(0.04</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(0.03</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net income per Common Share </div></td> <td> </td> <td align="left">$</td> <td align="right">0.11</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.21</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.36</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.41</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Diluted </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Income from continuing operations </div></td> <td> </td> <td align="left">$</td> <td align="right">3,967</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">5,515</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">11,322</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">9,718</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Income attributable to non-controlling interest </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(329</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(175</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(533</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(420</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Preferred dividend of Series C Preferred Shares </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(58</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(58</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(117</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">—</td> <td nowrap="nowrap"> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Income from continuing operations applicable to Common Shares </div></td> <td> </td> <td> </td> <td align="right">3,580</td> <td> </td> <td> </td> <td> </td> <td align="right">5,282</td> <td> </td> <td> </td> <td> </td> <td align="right">10,672</td> <td> </td> <td> </td> <td> </td> <td align="right">9,298</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Income from discontinued operations </div></td> <td> </td> <td> </td> <td align="right">90</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(764</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">137</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(517</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Net income applicable to Common Shares for earnings per share purposes </div></td> <td> </td> <td align="left">$</td> <td align="right">3,670</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">4,518</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">10,809</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">8,781</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Basic weighted-average Common Shares </div></td> <td> </td> <td> </td> <td align="right">32,573</td> <td> </td> <td> </td> <td> </td> <td align="right">21,175</td> <td> </td> <td> </td> <td> </td> <td align="right">29,841</td> <td> </td> <td> </td> <td> </td> <td align="right">20,888</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Series B-1 Preferred Shares (1) </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Series C Preferred Shares (2) </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">522</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Stock options (3) </div></td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> <td> </td> <td> </td> <td align="right">2</td> <td> </td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> <td> </td> <td> </td> <td align="right">2</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Diluted weighted-average Common Shares </div></td> <td> </td> <td> </td> <td align="right">32,574</td> <td> </td> <td> </td> <td> </td> <td align="right">21,177</td> <td> </td> <td> </td> <td> </td> <td align="right">29,842</td> <td> </td> <td> </td> <td> </td> <td align="right">21,412</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Income from continuing operations </div></td> <td> </td> <td align="left">$</td> <td align="right">0.11</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.25</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.36</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.44</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Income from discontinued operations </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(0.04</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(0.03</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Net income per Common Share </div></td> <td> </td> <td align="left">$</td> <td align="right">0.11</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.21</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.36</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.41</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr style="font-size: 6pt"> <td width="3%"> </td> <td width="1%"> </td> <td width="96%"> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(1)</td> <td> </td> <td> <div style="text-align: justify">The Series B-1 Preferred Shares were anti-dilutive for the three and six months ended June 30, 2011 and 2010 and are not included in the weighted-average shares outstanding for the calculation of diluted earnings per Common Share. </div></td> </tr> <tr style="font-size: 3pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(2)</td> <td> </td> <td> <div style="text-align: justify">The Series C Preferred Shares were anti-dilutive for the three and six months ended June 30, 2011 and the three months ended June 30, 2010 and are not included in the weighted-average shares outstanding for the calculation of diluted earnings per Common Share. The Series C Preferred Shares were dilutive for the six months ended June 30, 2010. </div></td> </tr> <tr style="font-size: 3pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(3)</td> <td> </td> <td> <div style="text-align: justify">The Trust’s outstanding stock options were dilutive for the three and six months ended June 30, 2011 and 2010. </div></td> </tr> </table> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><u>Recently Issued Accounting Standards</u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In April 2011 the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (an “Update”) that provides clarification on which loan modifications meet the criteria to be treated as Troubled Debt Restructurings (“TDR’s”) under Topic 310. The guidance is intended to improve financial reporting by creating greater consistency in the way GAAP is applied for various TDRs by reaffirming the requirements and clarifying the criteria that creditors should use in evaluating whether a restructuring constitutes a TDR. The guidance is effective for interim and/or annual periods beginning on or after June 15, 2011, and early application is permitted. The Trust has adopted this standard which did not have a material impact on its consolidated financial statements. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In May 2011 the FASB issued an Update to Topic 820, Fair Value Measurements which results in changes to common fair value measurement and disclosure requirements. Consequently, the amendments change the wording used to describe many of the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. Certain amendments in this update clarify the FASB’s intent about the application of existing fair value measurement requirements. Other amendments change requirements for measuring fair value or for disclosing information about fair value measurements. This amendment will be effective for the Trust beginning with the first reporting period of 2012. The Trust has evaluated this amendment and does not anticipate its adoption will have a material impact on its consolidated financial statements. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In June 2011 the FASB issued an Update that amends Topic 220, Comprehensive Income. In this Update, an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. This update eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity. In addition, it requires consecutive presentation of the statement of net income and other comprehensive income and requires an entity to present reclassification adjustments on the face of the financial statements from other comprehensive income to net income. These changes apply to both annual and interim financial statements and shall be applied retrospectively. This amendment will be effective for the Trust beginning with the first reporting period of 2012. The Trust has evaluated this amendment and does not anticipate its adoption will have a material impact on its consolidated financial statements. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"><b>3.</b></td> <td width="1%"> </td> <td> <div style="text-align: justify"><b>Fair Value Measurements</b> </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Cash and cash equivalents, restricted cash in escrows, derivative financial instruments, and certain securities are reported at fair value. The accounting standards establish a framework for measuring fair value as well as disclosures about fair value measurements. They emphasize that fair value is a market based measurement, not an entity-specific measurement. Therefore a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). </div> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><u>Recurring Measurements</u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The table below presents the Trust’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2011, according to the level in the fair value hierarchy within which those measurements fall (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Quoted Prices in</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Active Markets</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Significant Other</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Significant</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">for Identical Assets</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Observable</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Unobservable</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">and Liabilities</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Inputs</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Inputs</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000">Recurring Basis</td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">(Level 1)</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">(Level 2)</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">(Level 3)</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Assets</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Securities carried at fair value </div></td> <td> </td> <td align="left">$</td> <td align="right">7,613</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">7,613</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Loan securities carried at fair value </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">5,418</td> <td> </td> <td> </td> <td> </td> <td align="right">5,418</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left">$</td> <td align="right">7,613</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">5,418</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">13,031</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The table below presents the Trust’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2010, according to the level in the fair value hierarchy within which those measurements fall (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Quoted Prices in</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Active Markets</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Significant Other</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Significant</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">for Identical Assets</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Observable</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Unobservable</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">and Liabilities</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Inputs</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Inputs</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000">Recurring Basis</td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">(Level 1)</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">(Level 2)</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">(Level 3)</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Assets</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Securities carried at fair value </div></td> <td> </td> <td align="left">$</td> <td align="right">33,032</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">33,032</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Loan securities carried at fair value </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">11,981</td> <td> </td> <td> </td> <td> </td> <td align="right">11,981</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left">$</td> <td align="right">33,032</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">11,981</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">45,013</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Liabilities</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Derivative liabilities </div></td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">63</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">63</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The table below includes a roll forward of the balance sheet amounts from January 1, 2011 to June 30, 2011, including the change in fair value, for financial instruments classified by the Trust within Level 3 of the valuation hierarchy. When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the significance of the unobservable factors to the overall fair value measurement. </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="86%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Loan Securities</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Carried at Fair</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000">Six Months Ended June 30, 2011</td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Value</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td align="left">(in thousands)</td> <td> </td> <td> </td> <td> </td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Fair value, January 1, 2011 </div></td> <td> </td> <td align="left">$</td> <td align="right">11,981</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Sales </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(662</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Payoff at par </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(8,748</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Unrealized gain, net </div></td> <td> </td> <td> </td> <td align="right">2,847</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td colspan="5"> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Fair value, June 30, 2011 </div></td> <td> </td> <td align="left">$</td> <td align="right">5,418</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><u>Non-Recurring Measurements</u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Equity Investments</i> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Equity investments are assessed for other-than-temporary impairment. The determination of fair value of equity investments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each asset as well as the income capitalization approach considering prevailing market capitalization rates. The Trust reviews each investment based on the highest and best use of the investment and market participation assumptions. The significant assumptions used in this analysis include the discount rate and terminal capitalization rate used in the income capitalization valuation. The Trust has determined that the significant inputs used to value its Sealy equity investments fall within Level 3. The Trust recognized other-than-temporary impairment losses of $3,800,000 on these investments during the three and six months ended June 30, 2011. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The table below presents as of June 30, 2011 the Trust’s equity method investments measured at fair value according to the level in the fair value hierarchy within which those measurements fall (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Quoted Prices in</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Active Markets for</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Significant Other</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Significant</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Identical Assets and</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Observable Inputs</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Unobservable</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000">Non-Recurring Basis</td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Liabilities (Level 1)</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">(Level 2)</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Inputs (Level 3)</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Equity investments </div></td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">8,723</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">8,723</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">8,723</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">8,723</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Fair Value Option</i> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The current accounting guidance for fair value measurement provides a fair value option election that allows companies to irrevocably elect fair value as the measurement for certain financial assets and liabilities. Changes in fair value for assets and liabilities for which the election is made are recognized in earnings on a quarterly basis based on the then market price regardless of whether such assets or liabilities have been disposed of at such time. The fair value option guidance permits the fair value option election to be made on an instrument by instrument basis when it is initially recorded or upon an event that gives rise to a new basis of accounting for that asset or liability. The Trust elected the fair value option for all loan securities and REIT securities. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">For the three months ended June 30, 2011, the Trust recognized net unrealized losses of $689,000 and for the six months ended June 30, 2011 net unrealized gains of $3,010,000. For the three and six months ended June 30, 2010, the Trust recognized net unrealized gains of $2,875,000 and $4,802,000, respectively. The change in fair value of the securities is recorded as an unrealized gain or loss in the Trust’s statement of operations. Income related to securities carried at fair value is recorded as interest and dividend income. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The following table presents as of June 30, 2011 and December 31, 2010 the Trust’s financial assets for which the fair value option was elected (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="72%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000">Financial Instruments at Fair Value</td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">June 30, 2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">December 31, 2010</td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Assets</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Securities carried at fair value: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">REIT Preferred shares </div></td> <td> </td> <td align="left">$</td> <td align="right">4,333</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">28,547</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">REIT Common shares </div></td> <td> </td> <td> </td> <td align="right">3,280</td> <td> </td> <td> </td> <td> </td> <td align="right">4,485</td> <td> </td> </tr> <tr valign="bottom"> <td colspan="9"> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Loan securities carried at fair value </div></td> <td> </td> <td> </td> <td align="right">5,418</td> <td> </td> <td> </td> <td> </td> <td align="right">11,981</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left">$</td> <td align="right">13,031</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">45,013</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The table below presents as of June 30, 2011 the difference between fair values and the aggregate contractual amounts due for which the fair value option has been elected (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="58%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Fair Value at</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Amount Due</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">June 30, 2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Upon Maturity</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Difference</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Assets</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Loan securities carried at fair value </div></td> <td> </td> <td align="left">$</td> <td align="right">5,418</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">7,494</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,076</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left">$</td> <td align="right">5,418</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">7,494</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,076</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"><b>4.</b></td> <td width="1%"> </td> <td> <div style="text-align: justify"><b>Financing, Acquisition and Disposition Activities</b> </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><u>Financing Activities</u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Public Offering — </i>On April 6, 2011, the Trust closed a public offering of 5,750,000 Common Shares at a price of $11.25 per share before underwriters discount and received net proceeds of approximately $61,386,000. A portion of the proceeds were utilized to pay down the Trust’s revolving line of credit. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Sealy Northwest Atlanta Loan </i>- On June 23, 2011 the Trust made a $20,641,000 bridge loan to its Sealy Northwest Atlanta joint venture which holds a 471,952 square foot flex-office complex in Marietta, GA. The Trust’s bridge loan enabled the joint venture to satisfy its $28,750,000 first mortgage loan at a discounted payoff amount of $20,500,000. The bridge loan bears interest at 8% per annum and matures on November 1, 2011. The joint venture is currently negotiating with a third party lender and expects to secure replacement financing prior to November 1, 2011. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><u>Acquisition Activities</u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>450 West 14th Street / 446 High Line LLC Investment — </i>On May 13, 2011, the Trust committed to invest up to $15,000,000 for a preferred equity interest in the entity that holds the leasehold interest in a newly constructed 73% pre-leased 102,000 square foot retail and office property located on the High Line at 450 West 14th Street, New York, New York. The investment is subject to a $54,000,000 first mortgage loan. As of June 30, 2011 the Trust has invested a total of $5,965,000. The Trust accounts for this investment as a preferred equity investment. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Magazine Mezzanine Loan — </i>On June 1, 2011, the Trust acquired from Concord Debt Holdings LLC (“Concord”) for a purchase price of $17,525,000 a $20,000,000 senior mezzanine loan collateralized by a pledge of the equity interest in six cross-collateralized, cross-defaulted apartment communities, totaling 2,106 units located in Orlando, Sarasota, Bradenton and Palm Beach Gardens, Florida. The loan is subordinate to $120,000,000 of senior debt, is currently paying one month LIBOR plus 123 basis points and is scheduled to mature on July 9, 2012. The Trust accounts for this investment as a loan receivable. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Sofitel / LW Sofi LLC Investment — </i>On June 2, 2011, the Trust entered into a 50/50 joint venture with Lexington Realty Trust (“Lexington”) named LW SOFI LLC (“LW SOFI”). The Trust and Lexington each contributed approximately $5,760,000 to LW SOFI. On June 3, LW SOFI acquired from Concord for approximately $11,520,000, 100% of the economic rights and obligations in a $71,530,000 mezzanine loan collateralized by an interest in the Sofitel hotel in New York City. The loan is interest only, bears interest at LIBOR plus 185 basis points and matures on February 1, 2012. The loan is encumbered by a $56,090,000 repurchase obligation that charges interest at a variable interest rate of 1-month LIBOR plus 100 basis points and matures on December 31, 2012. The Trust accounts for this investment using the equity method of accounting. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Vintage Housing Holdings LLC Investment- </i>On March 8, 2011, the first stage of the Vintage Housing Holdings LLC (“Vintage”) transaction closed pursuant to which the Trust acquired developer fees and advances receivable owed by real estate partnerships for a purchase price of $7,000,000. On June 24, 2011, the Trust closed on the second phase of its Vintage transaction to acquire for $18,200,000, plus a contribution of its previously purchased receivables, an effective 75% interest in the Vintage venture entitling the Trust to a 12% preferred return from current cash flow. Vintage owns general partnership interests and certain developer fees and advances receivable from partnerships owning 25 multifamily and senior housing properties comprising approximately 4,200 units located primarily in the Pacific Northwest and California. The Trust accounts for its investment in Vintage using the equity method of accounting. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Sorin / RE CDO Management Investment — </i>On June 29, 2011, the Trust entered into a new joint venture with Gotham Hotel Funding LLC, an affiliate of Atrium Holding Company (“Atrium”), named RE CDO Management LLC (“RE CDO”). The Trust and Atrium each contributed approximately $1,250,000 to RE CDO which purchased certain collateral management agreements and subordinated interests related to two collateralized debt obligation entities that hold loans and loan securities. The Trust accounts for this investment using the equity method of accounting. </div> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><u>Disposition Activity</u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Marc Realty — </i>On June 1, 2011 the Trust sold to its partner, Marc Realty, for $18,544,000 its equity interest in three properties in its Marc Realty Portfolio (8 South Michigan, 11 East Adams and 29 East Madison). The purchase price was paid $6,000,000 in cash and $12,544,000 in aggregate secured promissory notes which each bear interest at 8% per annum, require payments of interest only and mature on May 31, 2016. Pursuant to the guidance for sales of real estate, the Trust has deferred recognition of the gain of $385,000. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><u>Loan Asset Repayments</u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Lakeside Eagle Loans — </i>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 with Retail Opportunity Investments Corporation. The Trust received repayments totaling $18,650,000 on its $18,093,000 investment which represented its pro-rata share of the equity investment. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Gotham Hotel Loan — </i>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. The Trust received repayment of $8,638,000 on its $8,037,000 investment which represented its pro-rata share of the equity investment. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Siete Square Loan — </i>On June 9, 2011 the borrower on the Trust’s Sub-Participation B Interest with a carrying amount of $2,500,000 exercised its discount payoff option and repaid the loan in full. The performing loan asset was originally acquired in June 2009 for $2,460,000. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>CDH CDO LLC — </i>During the quarter ended June 30, 2011 CDH CDO LLC made various repayments satisfying approximately $3,450,000 on its loan payable to the Trust. As of June 30, 2011 the loan had a balance of $742,000. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><u>Foreclosure Activity</u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Cypress Pointe Apartments </i>— On April 6, 2011, the Trust was admitted as a member in an entity that holds an approximately $2,500,000 non-performing junior mezzanine loan indirectly secured by a 194 unit apartment complex located in Jacksonville, Florida. The loan matured on March 30, 2011 and the venture commenced foreclosure on its collateral. The Trust currently accounts for its participation in the venture on the equity method of accounting. The Trust has not yet funded any amounts to this venture and consequently the investment balance is currently zero. </div> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"><b>5.</b></td> <td width="1%"> </td> <td> <div style="text-align: justify"><b>Loans Receivable</b> </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Trust’s loans receivable at June 30, 2011 and December 31, 2010 are as follows (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="30%"> </td> <td width="3%"> </td> <td width="11%"> </td> <td width="3%"> </td> <td width="11%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="11%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">Carrying Amount</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center">Contractual</td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center">Stated</td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">June 30,</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">December 31,</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center">Maturity</td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000">Description</td> <td> </td> <td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">Loan Position</td> <td> </td> <td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">Interest Rate</td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">Date</td> </tr>   <tr valign="bottom"> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Beverly Hilton (1) </div></td> <td> </td> <td align="left" valign="top">B-Note</td> <td> </td> <td align="center" valign="bottom">Libor + 1.74%</td> <td> </td> <td align="left">$</td> <td align="right">9,590</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">7,899</td> <td> </td> <td> </td> <td align="center" valign="bottom">08/09/11</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Sealy Northwest Atlanta (1) </div></td> <td> </td> <td align="left" valign="top">Whole Loan</td> <td> </td> <td align="center" valign="bottom">8.0%</td> <td> </td> <td> </td> <td align="right">20,678</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td align="center" valign="bottom">11/01/11</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Westwood (1) </div></td> <td> </td> <td align="left" valign="top">Whole Loan</td> <td> </td> <td align="center" valign="bottom">11.00%</td> <td> </td> <td> </td> <td align="right">3,637</td> <td> </td> <td> </td> <td> </td> <td align="right">3,500</td> <td> </td> <td> </td> <td align="center" valign="bottom">10/31/11</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Metropolitan Tower </div></td> <td> </td> <td align="left" valign="top">B-Note</td> <td> </td> <td align="center" valign="bottom">Libor + 1.51%</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">10,312</td> <td> </td> <td> </td> <td align="center" valign="bottom"> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Moffett Towers (1) </div></td> <td> </td> <td align="left" valign="top">B-Note</td> <td> </td> <td align="center" valign="bottom">Libor + 6.48%</td> <td> </td> <td> </td> <td align="right">23,099</td> <td> </td> <td> </td> <td> </td> <td align="right">21,752</td> <td> </td> <td> </td> <td align="center" valign="bottom">01/31/12</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Siete Square </div></td> <td> </td> <td align="left" valign="top">B-Note</td> <td> </td> <td align="center" valign="bottom">10.37%</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">2,488</td> <td> </td> <td> </td> <td align="center" valign="bottom"> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">160 Spear </div></td> <td> </td> <td align="left" valign="top">B-Note</td> <td> </td> <td align="center" valign="bottom">9.75% (2)</td> <td> </td> <td> </td> <td align="right">8,662</td> <td> </td> <td> </td> <td> </td> <td align="right">6,674</td> <td> </td> <td> </td> <td align="center" valign="bottom">06/09/12</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">160 Spear </div></td> <td> </td> <td align="left" valign="top">Mezzanine</td> <td> </td> <td align="center" valign="bottom">15.00%</td> <td> </td> <td> </td> <td align="right">4,844</td> <td> </td> <td> </td> <td> </td> <td align="right">3,029</td> <td> </td> <td> </td> <td align="center" valign="bottom">06/09/12</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Magazine (1) </div></td> <td> </td> <td align="left" valign="top">Mezzanine</td> <td> </td> <td align="center" valign="bottom">Libor + 1.23%</td> <td> </td> <td> </td> <td align="right">17,712</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td align="center" valign="bottom">07/09/12</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Legacy Orchard (1) </div></td> <td> </td> <td align="left" valign="top">Whole Loan</td> <td> </td> <td align="center" valign="bottom">15.00%</td> <td> </td> <td> </td> <td align="right">9,750</td> <td> </td> <td> </td> <td> </td> <td align="right">9,750</td> <td> </td> <td> </td> <td align="center" valign="bottom">10/31/14</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">San Marbeya (1) </div></td> <td> </td> <td align="left" valign="top">Whole Loan</td> <td> </td> <td align="center" valign="bottom">5.88%</td> <td> </td> <td> </td> <td align="right">26,748</td> <td> </td> <td> </td> <td> </td> <td align="right">26,966</td> <td> </td> <td> </td> <td align="center" valign="bottom">01/01/15</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">CDH CDO LLC </div></td> <td> </td> <td align="left" valign="top">Unsecured</td> <td> </td> <td align="center" valign="bottom">12.00%</td> <td> </td> <td> </td> <td align="right">742</td> <td> </td> <td> </td> <td> </td> <td align="right">3,498</td> <td> </td> <td> </td> <td align="center" valign="bottom">12/30/15</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Rockwell </div></td> <td> </td> <td align="left" valign="top">Mezzanine</td> <td> </td> <td align="center" valign="bottom">12.00%</td> <td> </td> <td> </td> <td align="right">262</td> <td> </td> <td> </td> <td> </td> <td align="right">255</td> <td> </td> <td> </td> <td align="center" valign="bottom">05/01/16</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Marc 8 South Michigan (1) </div></td> <td> </td> <td align="left" valign="top">Mezzanine</td> <td> </td> <td align="center" valign="bottom">8.0%</td> <td> </td> <td> </td> <td align="right">4,942</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td align="center" valign="bottom">05/31/16</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Marc 11 East Adams (1) </div></td> <td> </td> <td align="left" valign="top">Mezzanine</td> <td> </td> <td align="center" valign="bottom">8.0%</td> <td> </td> <td> </td> <td align="right">2,280</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td align="center" valign="bottom">05/31/16</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Marc 29 East Madison (1) </div></td> <td> </td> <td align="left" valign="top">Mezzanine</td> <td> </td> <td align="center" valign="bottom">8.0%</td> <td> </td> <td> </td> <td align="right">5,405</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td align="center" valign="bottom">05/31/16</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">500-512 7th Ave </div></td> <td> </td> <td align="left" valign="top">B-Note</td> <td> </td> <td align="center" valign="bottom">7.19%</td> <td> </td> <td> </td> <td align="right">9,962</td> <td> </td> <td> </td> <td> </td> <td align="right">9,954</td> <td> </td> <td> </td> <td align="center" valign="bottom">07/11/16</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">180 N. Michigan (1) </div></td> <td> </td> <td align="left" valign="top">Mezzanine</td> <td> </td> <td align="center" valign="bottom">8.50% (3)</td> <td> </td> <td> </td> <td align="right">2,617</td> <td> </td> <td> </td> <td> </td> <td align="right">1,862</td> <td> </td> <td> </td> <td align="center" valign="bottom">12/31/16</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Wellington Tower </div></td> <td> </td> <td align="left" valign="top">Mezzanine</td> <td> </td> <td align="center" valign="bottom">6.79%</td> <td> </td> <td> </td> <td align="right">2,507</td> <td> </td> <td> </td> <td> </td> <td align="right">2,456</td> <td> </td> <td> </td> <td align="center" valign="bottom">07/11/17</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left" valign="top"> </td> <td> </td> <td align="center" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td align="center" valign="bottom"> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left" valign="top"> </td> <td> </td> <td align="center" valign="bottom"> </td> <td> </td> <td align="left">$</td> <td align="right">153,437</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">110,395</td> <td> </td> <td> </td> <td align="center" valign="bottom"> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left" valign="top"> </td> <td> </td> <td align="center" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td align="center" valign="bottom"> </td> </tr>  </table> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr style="font-size: 6pt"> <td width="3%"> </td> <td width="1%"> </td> <td width="96%"> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(1)</td> <td> </td> <td> <div style="text-align: justify">The Trust determined that certain loans receivable are variable interests in VIEs primarily based on the fact that the underlying entities do not have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support. The Trust does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance and is not required to consolidate the underlying entity. </div></td> </tr> <tr style="font-size: 3pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(2)</td> <td> </td> <td> <div style="text-align: justify">The Trust holds a B note in this loan. Interest on the B note equals the difference between (i) interest on the entire outstanding loan principal balance ($73,796 at 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%. </div></td> </tr> <tr style="font-size: 3pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(3)</td> <td> </td> <td> <div style="text-align: justify">Represents tenant improvement and capital expenditure loans collateralized by a subordinate mortgage or the ownership interests in the owner of the applicable property. </div></td> </tr> </table> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The carrying amount of loans receivable includes accrued interest of $697,000 and $558,000 at June 30, 2011 and December 31, 2010, respectively, and cumulative accretion of $10,056,000 and $9,803,000 at June 30, 2011 and December 31, 2010, respectively. The fair value of the Trust’s loans receivable, exclusive of interest receivables was approximately $165,527,000 and $114,477,000 at June 30, 2011 and December 31, 2010, respectively. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">As of June 30, 2011, the weighted average coupon on our loans receivable was 6.06% and the weighted average yield to maturity was 12.55%. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">With the exception of the San Marbeya loan receivable, none of the loans receivable are directly financed. On January 14, 2011, the Trust restructured the San Marbeya first mortgage loan to create a $15,150,000 senior participation which bears interest at 4.85% and a $15,744,000 junior participation which bears interest at 6.4%. The Trust accounts for the loan participation as a secured borrowing. </div> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The following table summarizes the Trust’s interest, dividend and discount accretion income for the three and six months ended June 30, 2011 and 2010 (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">Three Months Ended June 30,</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">Six Months Ended June 30,</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Interest, dividends and discount accretion detail: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Interest on loan assets </div></td> <td> </td> <td align="left">$</td> <td align="right">2,687</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">836</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">5,397</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,557</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Accretion of loan discount </div></td> <td> </td> <td> </td> <td align="right">2,289</td> <td> </td> <td> </td> <td> </td> <td align="right">2,001</td> <td> </td> <td> </td> <td> </td> <td align="right">8,793</td> <td> </td> <td> </td> <td> </td> <td align="right">3,742</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Interest and dividends on REIT securities </div></td> <td> </td> <td> </td> <td align="right">118</td> <td> </td> <td> </td> <td> </td> <td align="right">753</td> <td> </td> <td> </td> <td> </td> <td align="right">576</td> <td> </td> <td> </td> <td> </td> <td align="right">1,500</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total interest, dividends, and discount accretion </div></td> <td> </td> <td align="left">$</td> <td align="right">5,094</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3,590</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">14,766</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">6,799</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">At June 30, 2011, the Trust’s loan receivables have accretable discount yet to be recognized as income totaling $13,008,000. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Credit Quality of Loans Receivable and Loan Losses</i> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Trust evaluates impairment on its loan portfolio on an individual basis and has developed a loan grading system for all of its outstanding loans that are collateralized directly or indirectly by real estate. Grading categories include debt yield, debt service coverage ratio, length of loan, property type, loan type, and other more subjective variables that include property or collateral location, market conditions, industry conditions, and sponsor’s financial stability. Management reviews each category and assigns an overall numeric grade for each loan to determine the loan’s risk of loss and to provide a threshold for the determination of whether a specific allowance analysis is necessary. A loan’s grade of credit quality is determined quarterly. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">All loans with a positive score do not require a loan loss allowance. Any loan graded with a neutral score or “zero” is subject to further review of the collectability of the interest and principal based on current conditions and qualitative factors to determine if impairment is warranted. Any loan with a negative score is deemed impaired and management then would measure the specific impairment of each loan separately using the fair value of the collateral less costs to sell. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Management estimates impairment by calculating the estimated fair value less costs to sell of the underlying collateral securing the loan based on the present value of expected future cash flows, and comparing the fair value to the loan’s net carrying value. If the fair value is less than the net carrying value of the loan, an allowance is created with a corresponding charge to the provision for loan losses. The allowance for each loan is maintained at a level the Trust believes is adequate to absorb losses. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The table below summarizes the Trust’s loans receivable by internal credit rating at June 30, 2011 (in thousands, except for number of loans). </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="20%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Carrying</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Value of</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"># of</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Loans</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"># of</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Whole</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"># of</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"># of</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Mezzanine</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000">Internal Credit Quality</td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Loans (1)</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Receivable</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Loans</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Loans</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Loans</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">B-Notes</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Loans</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Loans</td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Greater than zero </div></td> <td> </td> <td> </td> <td align="right">14</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">127,089</td> <td> </td> <td> </td> <td> </td> <td align="right">4</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">60,813</td> <td> </td> <td> </td> <td> </td> <td align="right">3</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">28,213</td> <td> </td> <td> </td> <td> </td> <td align="right">7</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">38,063</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Equal to zero </div></td> <td> </td> <td> </td> <td align="right">2</td> <td> </td> <td> </td> <td> </td> <td align="right">25,606</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> <td> </td> <td> </td> <td align="right">23,099</td> <td> </td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> <td> </td> <td> </td> <td align="right">2,507</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Less than zero </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Subtotal </div></td> <td> </td> <td> </td> <td align="right">16</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">152,695</td> <td> </td> <td> </td> <td> </td> <td align="right">4</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">60,813</td> <td> </td> <td> </td> <td> </td> <td align="right">4</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">51,312</td> <td> </td> <td> </td> <td> </td> <td align="right">8</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">40,570</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr style="font-size: 6pt"> <td width="3%"> </td> <td width="1%"> </td> <td width="96%"> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(1)</td> <td> </td> <td> <div style="text-align: justify">The Trust holds unsecured loans at June 30, 2011 not included above that have a carrying amount of $742. During the three months ended June 30, 2011, the Trust received payments of $3,420 on its unsecured loans and the balance was repaid during the third quarter of 2011. </div></td> </tr> </table> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Non Performing Loans</i> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Trust considers a loan to be non-performing and places loans on non-accrual status at such time as management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Trust’s judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan’s carrying value. If and when a loan is brought back into compliance with its contractual terms, the Trust will resume accrual of interest. As of June 30, 2011 and December 31, 2010, there were no past due payments. There was no provision for loan loss recorded during the three and six month periods ended June 30, 2011 and 2010. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Loan Receivable Activity</i> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Activity related to loans receivable is as follows (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="72%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">January 1, 2011 to</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">January 1, 2010 to</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">June 30, 2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">December 31, 2010</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Balance at beginning of period </div></td> <td> </td> <td align="left">$</td> <td align="right">110,395</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">26,101</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Purchase and advances </div></td> <td> </td> <td> </td> <td align="right">44,161</td> <td> </td> <td> </td> <td> </td> <td align="right">122,301</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Proceeds from sale </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(12,876</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Interest (received) accrued, net </div></td> <td> </td> <td> </td> <td align="right">161</td> <td> </td> <td> </td> <td> </td> <td align="right">361</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Repayments </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(12,717</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(15,064</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Loan accretion </div></td> <td> </td> <td> </td> <td align="right">8,793</td> <td> </td> <td> </td> <td> </td> <td align="right">8,782</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Discount accretion received in cash </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(8,540</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Transfer from loan securities </div></td> <td> </td> <td> </td> <td align="right">662</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Transfer foreclosed loans to investment in real estate </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(19,210</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Transfer Marc Realty seller financing from equity investments </div></td> <td> </td> <td> </td> <td align="right">12,544</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Transfer 450 W 14th St bridge loan to preferred equity investments </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,022</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Balance at end of period </div></td> <td> </td> <td align="left">$</td> <td align="right">153,437</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">110,395</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In addition to our initial purchase price of certain loans, we have future funding requirements. At June 30, 2011 we had future funding requirements pursuant to two loans receivable totaling approximately $2,783,000. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"><b>6.</b></td> <td width="1%"> </td> <td> <div style="text-align: justify"><b>Securities Carried at Fair Value</b> </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Securities carried at fair value are summarized in the table below (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">June 30, 2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">December 31, 2010</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Cost</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Fair Value</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Cost</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Fair Value</td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">REIT Preferred shares </div></td> <td> </td> <td align="left">$</td> <td align="right">2,067</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">4,333</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">15,757</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">28,547</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">REIT Common shares </div></td> <td> </td> <td> </td> <td align="right">2,935</td> <td> </td> <td> </td> <td> </td> <td align="right">3,280</td> <td> </td> <td> </td> <td> </td> <td align="right">3,590</td> <td> </td> <td> </td> <td> </td> <td align="right">4,485</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td align="right">5,002</td> <td> </td> <td> </td> <td> </td> <td align="right">7,613</td> <td> </td> <td> </td> <td> </td> <td align="right">19,347</td> <td> </td> <td> </td> <td> </td> <td align="right">33,032</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Loan securities </div></td> <td> </td> <td> </td> <td align="right">1,661</td> <td> </td> <td> </td> <td> </td> <td align="right">5,418</td> <td> </td> <td> </td> <td> </td> <td align="right">7,574</td> <td> </td> <td> </td> <td> </td> <td align="right">11,981</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left">$</td> <td align="right">6,663</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">13,031</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">26,921</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">45,013</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">During the three and six months ended June 30, 2011, securities carried at fair value and loan securities carried at fair value were sold or paid off for total proceeds of approximately $15,114,000 and $35,029,000 respectively. The gross realized gains on these sales and payoffs totaled approximately $7,000 and $131,000, in the three and six months ended June 30, 2011, respectively. </div> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">During the three and six months ended June 30, 2010, available for sale securities, securities carried at fair value and loan securities carried at fair value were sold or paid off for total proceeds of approximately $1,767,000 and $13,174,000 respectively. The gross realized gains on these sales and payoffs totaled approximately $78,000 and $773,000, in the three and six months ended June 30, 2010, respectively. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">For purpose of determining gross realized gains, the cost of securities is based on specific identification. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">For the six months ended June 30, 2011, the Trust recognized net unrealized gains on available for sale securities, securities carried at fair value and loan securities carried at fair value of $3,010,000, as the result of the change in fair value of the financial assets for which the fair value option was elected. For the three months ended June 30, 2011, the Trust recognized net unrealized losses of $689,000. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">For the three and six months ended June 30, 2010, the Trust recognized net unrealized gains on available for sale securities, securities carried at fair value and loan securities carried at fair value of $2,875,000, and $4,802,000 respectively, as the result of the change in fair value of the financial assets for which the fair value option was elected. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"><b>7.</b></td> <td width="1%"> </td> <td> <div style="text-align: justify"><b>Equity Investments</b> </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Trust’s equity investments consist of the following at June 30, 2011 and December 31, 2010 (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="30%"> </td> <td width="3%"> </td> <td width="30%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Nominal % Ownership</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">June 30,</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">December 31,</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000">Venture Partner</td> <td> </td> <td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">Equity Investment</td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">at June 30, 2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left" valign="top"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Marc Realty (1) (2) </div></td> <td> </td> <td align="left" valign="top">8 South Michigan LLC</td> <td> </td> <td> </td> <td align="right">N/A</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">7,087</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Marc Realty (1) (2) </div></td> <td> </td> <td align="left" valign="top">11 East Adams Street LLC</td> <td> </td> <td> </td> <td align="right">N/A</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">3,223</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Marc Realty (1) (2) </div></td> <td> </td> <td align="left" valign="top">29 East Madison Street LLC</td> <td> </td> <td> </td> <td align="right">N/A</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">7,720</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Marc Realty (2) </div></td> <td> </td> <td align="left" valign="top">Michigan 30 LLC</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">50.0</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">12,126</td> <td> </td> <td> </td> <td> </td> <td align="right">12,080</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Marc Realty (2) </div></td> <td> </td> <td align="left" valign="top">Brooks Building LLC</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">50.0</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">7,680</td> <td> </td> <td> </td> <td> </td> <td align="right">7,452</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Marc Realty (2) </div></td> <td> </td> <td align="left" valign="top">High Point Plaza LLC</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">50.0</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">6,244</td> <td> </td> <td> </td> <td> </td> <td align="right">6,275</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Marc Realty (2) </div></td> <td> </td> <td align="left" valign="top">Salt Creek LLC</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">50.0</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">2,254</td> <td> </td> <td> </td> <td> </td> <td align="right">2,344</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Marc Realty (2) </div></td> <td> </td> <td align="left" valign="top">1701 Woodfield LLC</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">50.0</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">4,080</td> <td> </td> <td> </td> <td> </td> <td align="right">4,221</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Marc Realty (2) </div></td> <td> </td> <td align="left" valign="top">River Road LLC</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">50.0</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">4,074</td> <td> </td> <td> </td> <td> </td> <td align="right">4,123</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Marc Realty (2) </div></td> <td> </td> <td align="left" valign="top">3701 Algonquin Road LLC</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">50.0</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">2,820</td> <td> </td> <td> </td> <td> </td> <td align="right">2,931</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Marc Realty (2) </div></td> <td> </td> <td align="left" valign="top">Enterprise Center LLC</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">50.0</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">2,827</td> <td> </td> <td> </td> <td> </td> <td align="right">3,018</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Marc Realty (2) </div></td> <td> </td> <td align="left" valign="top">900 Ridgebrook LLC</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">50.0</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">1,630</td> <td> </td> <td> </td> <td> </td> <td align="right">1,676</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Sealy (2) </div></td> <td> </td> <td align="left" valign="top">Northwest Atlanta Partners LP</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">60.0</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">4,119</td> <td> </td> <td> </td> <td> </td> <td align="right">2,479</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Sealy (2) </div></td> <td> </td> <td align="left" valign="top">Newmarket GP LLC</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">68.0</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">4,604</td> <td> </td> <td> </td> <td> </td> <td align="right">6,647</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Sealy </div></td> <td> </td> <td align="left" valign="top">Airpark Nashville GP</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">50.0</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">2,075</td> <td> </td> <td> </td> <td> </td> <td align="right">2,778</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Inland/Lexington </div></td> <td> </td> <td align="left" valign="top">Concord Debt Holdings LLC</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">33.3</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Inland/Lexington </div></td> <td> </td> <td align="left" valign="top">CDH CDO LLC</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">33.3</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">ROIC (2) </div></td> <td> </td> <td align="left" valign="top">WRT-ROIC Riverside LLC</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">50.0</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">7,883</td> <td> </td> <td> </td> <td> </td> <td align="right">7,883</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">ROIC </div></td> <td> </td> <td align="left" valign="top">WRT-ROIC Lakeside Eagle LLC</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">50.0</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">9</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Atrium Holding </div></td> <td> </td> <td align="left" valign="top">WRT-46th Street Gotham LLC</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">50.0</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">20</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Atrium Holding (2) </div></td> <td> </td> <td align="left" valign="top">RE CDO Management LLC</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">50.0</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">1,250</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Lexington (2) </div></td> <td> </td> <td align="left" valign="top">LW-SOFI LLC</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">50.0</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">6,022</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">VHH LLC (2) </div></td> <td> </td> <td align="left" valign="top">Vintage Housing LLC</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">75.0</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">25,452</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left" valign="top"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left" valign="top"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">95,169</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">81,937</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left" valign="top"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr style="font-size: 6pt"> <td width="3%"> </td> <td width="1%"> </td> <td width="96%"> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(1)</td> <td> </td> <td> <div style="text-align: justify">On June 1, 2011, the Trust sold its equity investments in 8 South Michigan LLC, 11 East Adams Street LLC and 29 East Adams Street LLC to affiliates of its venture partner for $18,544,000 resulting in a deferred gain of $385,000. </div></td> </tr> <tr style="font-size: 3pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(2)</td> <td> </td> <td> <div style="text-align: justify">The Trust has determined that these equity investments are VIEs. The Trust has determined that it is not the primary beneficiary of these investments since the Trust does not have the power to direct the activities of the investments that most significantly impact the investments’ economic performance. </div></td> </tr> </table> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The following table reflects the activity of the Trust’s equity investments for the period ended June 30, 2011 (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="28%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="7%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="7%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="7%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="7%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="7%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="7%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Balance at</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Equity Income</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Balance at</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000">Venture Partner</td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">December 31, 2010</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Contributions</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">(loss)</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Distributions</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Sales</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">June 30, 2011</td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Marc Realty </div></td> <td> </td> <td align="left">$</td> <td align="right">62,150</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,222</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(120</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,358</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(18,159</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">43,735</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Sealy </div></td> <td> </td> <td> </td> <td align="right">11,904</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(856</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(250</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">10,798</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Inland/Lexington </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">479</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(479</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">ROIC </div></td> <td> </td> <td> </td> <td align="right">7,883</td> <td> </td> <td> </td> <td> </td> <td align="right">18,093</td> <td> </td> <td> </td> <td> </td> <td align="right">1,134</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(19,218</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">7,892</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Atrium </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">9,287</td> <td> </td> <td> </td> <td> </td> <td align="right">621</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(8,638</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">1,270</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Lexington </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">5,760</td> <td> </td> <td> </td> <td> </td> <td align="right">262</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">6,022</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">VHH LLC </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">25,452</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">25,452</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total </div></td> <td> </td> <td align="left">$</td> <td align="right">81,937</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">59,814</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,520</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(29,943</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(18,159</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">95,169</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">On June 23, 2011 the Trust’s Sealy Northwest Atlanta venture fully satisfied its $28,750,000 first mortgage loan plus accrued interest of approximately $1,083,000 (net of escrowed funds) for a negotiated discounted payoff amount of $20,500,000. As a result of the discounted payoff, the venture recognized approximately $9,203,000 of cancellation of debt income of which $5,522,000 was allocated to the Trust. The allocation of income effectively increases the carrying value of the Trust’s investment in the venture. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">At June 30, 2011 the Trust determined that, as a result of current market conditions, including current occupancy levels, current rental rates and an increase in terminal capitalization rates, the fair value of its equity investments in Sealy Northwest Atlanta and Sealy Newmarket were below the carrying values. Accordingly, the Trust assessed whether this decline in value was other-than-temporary. In making this determination, the Trust considered the length of time which the decline has occurred, the length of time before an expected recovery and the lack of any comparables in the market. The Trust determined the fair value of its investments utilizing an unleveraged cash flow methodology with a 10 year hold period and an estimated terminal capitalization rate. The cash flows were then discounted using an estimated market rate. Based on the foregoing, all of which requires significant judgement, the Trust concluded that the declines in value were other-than-temporary, and the Trust recorded other-than-temporary impairment charges of $2,900,000 and $900,000 on its investments in Sealy Northwest Atlanta and Sealy Newmarket, respectively, during the three months ended June 30, 2011. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The summarized balance sheets of the Trust’s Sealy Northwest Atlanta investment are as follows (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="72%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">June 30, 2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">December 31, 2010</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px"><b>ASSETS</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Real estate, net </div></td> <td> </td> <td align="left">$</td> <td align="right">31,426</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">31,919</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Cash and cash equivalents </div></td> <td> </td> <td> </td> <td align="right">166</td> <td> </td> <td> </td> <td> </td> <td align="right">289</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Receivables & other </div></td> <td> </td> <td> </td> <td align="right">1,259</td> <td> </td> <td> </td> <td> </td> <td align="right">1,564</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Total assets </div></td> <td> </td> <td align="left">$</td> <td align="right">32,851</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">33,772</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px"><b>LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Mortgage and notes payable </div></td> <td> </td> <td align="left">$</td> <td align="right">20,641</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">28,750</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Other liabilities </div></td> <td> </td> <td> </td> <td align="right">514</td> <td> </td> <td> </td> <td> </td> <td align="right">892</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Members’/partners’ equity </div></td> <td> </td> <td> </td> <td align="right">11,696</td> <td> </td> <td> </td> <td> </td> <td align="right">4,130</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Total liabilities and members’/partners’ equity </div></td> <td> </td> <td align="left">$</td> <td align="right">32,851</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">33,772</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Trust’s share of equity </div></td> <td> </td> <td align="left">$</td> <td align="right">7,019</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,479</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Other-than-temporary impairment </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,900</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Carrying value of Trust’s investment in Sealy Northwest </div></td> <td> </td> <td align="left">$</td> <td align="right">4,119</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,479</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The summarized statements of operations of the Trust’s Sealy Northwest Atlanta investment are as follows (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6">For the Three Months Ended</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6">For the Six Months Ended</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">June 30,</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">June 30,</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td> <td> </td> </tr>   <tr valign="bottom"> <td colspan="17"> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Revenue </div></td> <td> </td> <td align="left">$</td> <td align="right">788</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">756</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,498</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,518</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Cancellation of debt income </div></td> <td> </td> <td> </td> <td align="right">9,203</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">9,203</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Total revenue </div></td> <td> </td> <td> </td> <td align="right">9,991</td> <td> </td> <td> </td> <td> </td> <td align="right">756</td> <td> </td> <td> </td> <td> </td> <td align="right">10,701</td> <td> </td> <td> </td> <td> </td> <td align="right">1,518</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Operating </div></td> <td> </td> <td> </td> <td align="right">263</td> <td> </td> <td> </td> <td> </td> <td align="right">223</td> <td> </td> <td> </td> <td> </td> <td align="right">440</td> <td> </td> <td> </td> <td> </td> <td align="right">445</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Real estate taxes </div></td> <td> </td> <td> </td> <td align="right">91</td> <td> </td> <td> </td> <td> </td> <td align="right">100</td> <td> </td> <td> </td> <td> </td> <td align="right">182</td> <td> </td> <td> </td> <td> </td> <td align="right">200</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Interest </div></td> <td> </td> <td> </td> <td align="right">781</td> <td> </td> <td> </td> <td> </td> <td align="right">417</td> <td> </td> <td> </td> <td> </td> <td align="right">1,911</td> <td> </td> <td> </td> <td> </td> <td align="right">829</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Depreciation/amortortization </div></td> <td> </td> <td> </td> <td align="right">303</td> <td> </td> <td> </td> <td> </td> <td align="right">307</td> <td> </td> <td> </td> <td> </td> <td align="right">602</td> <td> </td> <td> </td> <td> </td> <td align="right">626</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Total expenses </div></td> <td> </td> <td> </td> <td align="right">1,438</td> <td> </td> <td> </td> <td> </td> <td align="right">1,047</td> <td> </td> <td> </td> <td> </td> <td align="right">3,135</td> <td> </td> <td> </td> <td> </td> <td align="right">2,100</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:45px; text-indent:-15px">Net income(loss) </div></td> <td> </td> <td align="left">$</td> <td align="right">8,553</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(291</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">7,566</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(582</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Trust’s share of net income(loss) </div></td> <td> </td> <td> </td> <td align="right">5,132</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(175</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">4,540</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(349</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Other than temporary impairment </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,900</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,900</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">Income(loss) from equity in Northwest Atanta </div></td> <td> </td> <td align="left">$</td> <td align="right">2,232</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(175</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">1,640</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(349</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In addition, the Trust has determined that the fair value of certain of its Marc Realty investments each marginally exceed their carrying values. While the ventures continue to aggressively market available space for lease and work with existing tenants for lease renewal, declines in occupancy could cause impairment of certain of the Trust’s Marc Realty ventures that could be material to the Trust’s results of operations. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">On June 2, 2011 the Trust contributed approximately $5,760,000 to LW SOFI. On June 3, LW SOFI acquired from Concord for approximately $11,520,000, 100% of the economic rights and obligations in a $71,530,000 mezzanine loan. The loan is interest only, bears interest at LIBOR plus 185 basis points and matures on February 1, 2012. The loan is encumbered by a $56,090,000 repurchase obligation that charges interest at a variable interest rate of 1-month LIBOR plus 100 basis points and matures on December 31, 2012. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">On June 24, 2011 the Trust closed on the second phase of its Vintage transaction to acquire an effective 75% interest in Vintage entitling the Trust to a 12% preferred return from current cash flow. Vintage owns general partnership interests and certain developer fees and advances receivable from partnerships owning 25 multifamily and senior housing properties comprising approximately 4,200 units located primarily in the Pacific Northwest and California with assets and liabilities at June 30, 2011 in excess of $310,000,000 and $230,000,000, respectively. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"><b>8.</b></td> <td width="1%"> </td> <td> <div style="text-align: justify"><b>Debt</b> </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><u>Mortgage Loans Payable</u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Trust had outstanding mortgage loans payable of $210,751,000 and $230,443,000 at June 30, 2011 and December 31, 2010, respectively. The mortgage loan payments of principal and interest are generally due monthly, quarterly or semi-annually and are collateralized by the applicable real estate of the Trust. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Trust’s mortgage loans payable at June 30, 2011 and December 31, 2010 are as follows (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="30%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Spread Over</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Interest Rate at</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">June 30,</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">December 31,</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000">Location of Collateral</td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Maturity</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">LIBOR/Prime</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">June 30, 2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td> <td> </td> </tr>   <tr valign="bottom"> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Andover, MA </div></td> <td> </td> <td align="center" colspan="2">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">N/A</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">6,135</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">S. Burlington, VT </div></td> <td> </td> <td align="center" colspan="2">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">N/A</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">2,629</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Various </div></td> <td> </td> <td align="center" colspan="2">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">N/A</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">19,002</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Chicago, IL </div></td> <td> </td> <td colspan="3" align="center">Apr 2012</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">6.25</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">8,900</td> <td> </td> <td> </td> <td> </td> <td align="right">9,100</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Amherst, NY </div></td> <td> </td> <td colspan="3" align="center">Oct 2013</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">5.65</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">15,901</td> <td> </td> <td> </td> <td> </td> <td align="right">16,116</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Meriden, CT </div></td> <td> </td> <td colspan="3" align="center">Feb 2014</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">5.83</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">23,875</td> <td> </td> <td> </td> <td> </td> <td align="right">23,875</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Indianapolis, IN </div></td> <td> </td> <td colspan="3" align="center">Apr 2015</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">5.82</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">4,207</td> <td> </td> <td> </td> <td> </td> <td align="right">4,245</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Chicago, IL </div></td> <td> </td> <td colspan="3" align="center">Mar 2016</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">5.75</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">20,672</td> <td> </td> <td> </td> <td> </td> <td align="right">20,828</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Houston, TX </div></td> <td> </td> <td colspan="3" align="center">Apr 2016</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">6.30</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">58,445</td> <td> </td> <td> </td> <td> </td> <td align="right">60,351</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Lisle, IL (1) </div></td> <td> </td> <td colspan="3" align="center">Jun 2016</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">6.26</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">23,773</td> <td> </td> <td> </td> <td> </td> <td align="right">23,905</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Lisle, IL </div></td> <td> </td> <td colspan="3" align="center">Mar 2017</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">5.55</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">5,600</td> <td> </td> <td> </td> <td> </td> <td align="right">5,600</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Orlando, FL </div></td> <td> </td> <td colspan="3" align="center">Jul 2017</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">6.40</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">38,396</td> <td> </td> <td> </td> <td> </td> <td align="right">38,657</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Plantation, FL </div></td> <td> </td> <td colspan="3" align="center">Apr 2018</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">6.48</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">10,982</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">210,751</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">230,443</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr style="font-size: 6pt"> <td width="3%"> </td> <td width="1%"> </td> <td width="96%"> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(1)</td> <td> </td> <td> <div style="text-align: justify">In July 2011, the Trust negotiated a $14,500,000 discounted payoff of the $23,773,000 first mortgage loan on its Lisle, Illinois properties which was scheduled to mature in June 2016. The payoff occurred on July 13, 2011. </div></td> </tr> </table> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><u>Secured Financing</u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In January 2011 the Trust restructured the San Marbeya first mortgage loan receivable and transferred the senior participation at par. For financial reporting purposes, the transfer of the financial asset is accounted for as a financing rather than a sale. As of June 30, 2011, the secured financing has a carrying value of $15,150,000, bears interest at a rate of 4.85% and matures on January 1, 2015. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The fair value of the Trust’s mortgage loans payable, secured financing and revolving line of credit are less than their current carrying value by $20,248,000 and $22,042,000 at June 30, 2011 and December 31, 2010, respectively. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"><b>9.</b></td> <td width="1%"> </td> <td> <div style="text-align: justify"><b>Revolving Line of Credit</b> </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">On March 3, 2011 the Trust amended its existing revolving line of credit with KeyBank. Under the modified terms the Trust can borrow on a revolving basis up to $50,000,000 with, subject to the satisfaction of certain conditions, the ability to increase the line up to $150,000,000. The revolving line of credit bears interest at Libor plus 3% and has a maturity date of March 3, 2014 with a one year option to extend the maturity date to March 3, 2015. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Trust must comply with financial covenants on an ongoing basis. The covenants are tested as of the end of each quarter based upon results for the most recently ended quarter. The Trust was in compliance of its financial covenants under its revolving line of credit as of June 30, 2011. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The revolving credit line is recourse and as such is effectively collateralized by all of the Trust’s assets. The Trust has pledged certain unencumbered consolidated operating properties and loans receivable as the borrowing base for the revolving line of credit. The revolving credit line requires monthly payments of interest only. To the extent that the amounts outstanding under the facility are in excess of the borrowing base (as calculated), the Trust is required to make a principal payment to reduce such excess. The Trust may prepay from time to time without premium or penalty and re-borrow amounts prepaid. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The outstanding balance under the facility was $0 and $25,450,000 at June 30, 2011 and December 31, 2010. The Trust is required to pay a commitment fee on the unused portion of the line, which amounted to approximately $56,000 and $65,000 for the three and six months ended June 30, 2011, respectively and $22,000 and $44,000 for the three and six months ended June 30, 2010, respectively. </div> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"><b>10.</b></td> <td width="1%"> </td> <td> <div style="text-align: justify"><b>Common Shares</b> </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The following table sets forth information relating to sales of Common Shares during the six months ended June 30, 2011: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="58%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Number of</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000">Date of Issuance</td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Shares Issued</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Price per Share</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Type of Offering</td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">January 15, 2011 </div></td> <td> </td> <td> </td> <td align="right">58,161</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">11.70</td> <td> </td> <td> </td> <td colspan="2" align="right">DRIP</td> <td>(1)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">April 6, 2011 </div></td> <td> </td> <td> </td> <td align="right">5,750,000</td> <td> </td> <td> </td> <td> </td> <td align="right">11.25</td> <td> </td> <td> </td> <td colspan="2" align="right">Public Offering</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">April 15, 2011 </div></td> <td> </td> <td> </td> <td align="right">59,207</td> <td> </td> <td> </td> <td> </td> <td align="right">11.63</td> <td> </td> <td> </td> <td colspan="2" align="right">DRIP</td> <td> </td> </tr>  </table> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr style="font-size: 6pt"> <td width="3%"> </td> <td width="1%"> </td> <td width="96%"> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(1)</td> <td> </td> <td> <div style="text-align: justify">The Trust’s Dividend Reinvestment and Stock Purchase Plan. </div></td> </tr> </table> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"><b>11.</b></td> <td width="1%"> </td> <td> <div style="text-align: justify"><b>Discontinued Operations</b> </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In addition to the Trust’s properties in Athens, Georgia; Lafayette, Louisiana; Knoxville, Tennessee; and Sherman, Texas that were previously classified as discontinued operations, in January 2011 another retail property in St. Louis, Missouri has also been classified as discontinued operations. In February 2011 the Trust entered into agreements to sell the St. Louis, Missouri, and Knoxville, Tennessee properties, each subject to the respective buyer’s due diligence. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Results for discontinued operations for the three and six months ended June 30, 2011 and 2010 are as follows (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">For the Three Months Ended</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">For the Six Months Ended</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">June 30, 2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">June 30, 2010</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">June 30, 2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">June 30, 2010</td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Revenues </div></td> <td> </td> <td align="left">$</td> <td align="right">126</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">271</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">265</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">566</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Operating expenses </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(36</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(126</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(21</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Depreciation and amortization </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(31</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(62</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Impairment loss </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,000</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,000</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Income from discontinued operations </div></td> <td> </td> <td align="left">$</td> <td align="right">90</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(764</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">137</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(517</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"><b>12.</b></td> <td width="1%"> </td> <td> <div style="text-align: justify"><b>Commitments and Contingencies</b> </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Trust is involved from time to time in litigation on various matters, including disputes with tenants and disputes arising out of agreements to purchase or sell properties. Given the nature of the Trust’s business activities, these lawsuits are considered routine to the conduct of its business. The result of any particular lawsuit cannot be predicted because of the very nature of litigation, the litigation process and its adversarial nature, and the jury system. The Trust does not expect that the liabilities, if any, that may ultimately result from such legal actions will have a material adverse effect on its financial condition or results of operations. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><u>Tenant Matters</u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The lease term with respect to the Trust’s property located in Churchill, Pennsylvania expired on December 31, 2010. CBS Corporation (“CBS”), the lessee of the property, elected not to renew the lease and, in anticipation of this lease termination and surrender of the property, a review of the condition of the property was performed by the Trust. In the Trust’s view, the property is in need of substantial repairs and refurbishing in order for the tenant to comply with the surrender conditions. The Trust advised CBS of these issues and no resolution was reached with CBS after numerous discussions. Accordingly, in May 2010 the Trust brought an action in Pennsylvania State Court, Alleghany County against CBS seeking damages for, among other things, CBS’ failure to restore the property to the condition necessary to comply with its surrender obligations. The case is currently in the discovery phase. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Resolution of the pending litigation matter is uncertain. The Trust continues to actively manage and market the Churchill, Pennsylvania property for lease. The Trust continues to evaluate the property for impairment, which includes ongoing assessments of the recoverability of the Trust’s carrying value and monitoring of the fair value of the property. Currently, the Trust does not believe that the property is impaired. However, the recoverability of the Trust’s investment in the Churchill property could be negatively impacted by continued negative operating results or by the outcome of this litigation matter, resulting in the recognition of impairment charges in the future. Such amounts could be material to the Trust’s results of operations. </div> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"><b>13.</b></td> <td width="1%"> </td> <td> <div style="text-align: justify"><b>Related-Party Transactions</b> </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>FUR Advisors</i> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The activities of the Trust are administered by FUR Advisors LLC (“FUR Advisors”) pursuant to the terms of the Advisory Agreement between the Trust and FUR Advisors. FUR Advisors is controlled by and partially owned by the executive officers of the Trust. Pursuant to the terms of the Advisory Agreement, FUR Advisors is responsible for providing asset management services to the Trust and coordinating with the Trust’s shareholder transfer agent and property managers. FUR Advisors is entitled to receive a base management fee and an incentive fee in accordance with the terms of the Advisory Agreement. In addition, FUR Advisors or its affiliate is also entitled to receive property and construction management fees subject to the approval of the independent Trustees of the Trust. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The following table sets forth the fees and reimbursements paid by the Trust for the three and six months ended June 30, 2011 and 2010 to FUR Advisors and Winthrop Management (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">For the Three Months Ended</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">For the Six Months Ended</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">June 30, 2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">June 30, 2010</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">June 30, 2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">June 30, 2010</td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Base Asset Management </div></td> <td> </td> <td align="left">$</td> <td align="right">1,965</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,169</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3,685</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,193</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">WRP Sub-Management LLC Credit </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(48</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(100</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Property Management </div></td> <td> </td> <td> </td> <td align="right">139</td> <td> </td> <td> </td> <td> </td> <td align="right">57</td> <td> </td> <td> </td> <td> </td> <td align="right">271</td> <td> </td> <td> </td> <td> </td> <td align="right">116</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Construction Management </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left">$</td> <td align="right">2,104</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,179</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3,956</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,210</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Base Asset Management Fee</i> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Effective January 1, 2010, the Advisory Agreement was amended so that the determination of the issuance price of Common Shares reverted back to the pre 2009 definition such that the quarterly fee is to be calculated as 1.5% of the actual issuance price of Common Shares instead of a fixed price for Common Shares issued prior to January 1, 2009. Additionally, FUR Advisors receives a fee equal to 0.25% of any equity contributions by an unaffiliated third party to a venture managed by the Trust. The management fee paid by the Trust for third party equity contributions amounted to $14,000 and $22,000 for the three and six months ended June 30, 2011, respectively. There was no fee for third party equity contributions in 2010. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Winthrop Management</i> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Winthrop Management L.P. (“Winthrop Management”), an affiliate of FUR Advisors and the Trust’s executive officers, assumed property management responsibilities for various properties owned by the Trust. Winthrop Management receives a property management fee pursuant to the terms of individual property management agreements. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"><b>14.</b></td> <td width="1%"> </td> <td> <div style="text-align: justify"><b>Reportable Segments</b> </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Financial Accounting Standards Board (“FASB”) guidance on segment reporting establishes standards for the way that public business enterprises report information about operating segments in financial statements and requires that those enterprises report selected financial information about operating segments in interim financial reports issued to shareholders. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Based on the Trust’s method of internal reporting, management determined that it has three operating segments: (i) the ownership of operating properties; (ii) the origination and acquisition of loans and debt securities secured directly or indirectly by commercial and multi-family real property — collectively, loan assets; and (iii) the ownership of equity and debt securities in other REITs — REIT securities. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The operating properties segment includes all of the Trust’s wholly and partially owned operating properties. The loan assets segment includes all of the Trust’s activities related to real estate loans including loans receivable, loan securities and equity investments in loan related entities. The REIT securities segment includes all of the Trust’s activities related to the ownership of securities in other publicly traded real estate companies. In addition to its three business segments, the Trust reports non-segment specific income and expense under corporate income (expense). </div> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The following table summarizes the Trust’s assets by business segment for the periods ended June 30, 2011 and December 31, 2010 (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="72%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">June 30,</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">December 31,</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td> <td> </td> </tr>   <tr valign="bottom"> <td colspan="9"> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Operating properties </div></td> <td> </td> <td align="left">$</td> <td align="right">376,207</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">373,142</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Loan assets </div></td> <td> </td> <td> </td> <td align="right">182,944</td> <td> </td> <td> </td> <td> </td> <td align="right">134,269</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">REIT securities </div></td> <td> </td> <td> </td> <td align="right">7,613</td> <td> </td> <td> </td> <td> </td> <td align="right">33,032</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Corporate </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Cash and cash equivalents </div></td> <td> </td> <td> </td> <td align="right">51,344</td> <td> </td> <td> </td> <td> </td> <td align="right">45,257</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Restricted cash </div></td> <td> </td> <td> </td> <td align="right">9,152</td> <td> </td> <td> </td> <td> </td> <td align="right">8,593</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Straight line rent receivable </div></td> <td> </td> <td> </td> <td align="right">9,438</td> <td> </td> <td> </td> <td> </td> <td align="right">8,729</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Other accounts receivable and prepaids </div></td> <td> </td> <td> </td> <td align="right">4,672</td> <td> </td> <td> </td> <td> </td> <td align="right">3,673</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Deferred financing costs </div></td> <td> </td> <td> </td> <td align="right">1,346</td> <td> </td> <td> </td> <td> </td> <td align="right">1,158</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Discontinued operations </div></td> <td> </td> <td> </td> <td align="right">3,702</td> <td> </td> <td> </td> <td> </td> <td align="right">2,275</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Total Assets</b> </div></td> <td> </td> <td align="left">$</td> <td align="right">646,418</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">610,128</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Trust defines net operating income for each segment presented as all items of income and expense directly derived from or incurred by each business segment before depreciation, amortization and interest expense. Interest on cash reserves, general and administrative expenses and other non-segment specific income and expense items are reported under corporate income (expense). </div> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The following table presents a summary of revenues from operating properties, loan assets and REIT securities and expenses incurred by each segment for the three and six months ended June 30, 2011 and June 30, 2010 (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">For the Three Months Ended</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">For the Six Months Ended</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">June 30,</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">June 30,</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">June 30,</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">June 30,</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Operating Properties</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Rents and reimbursements </div></td> <td> </td> <td align="left">$</td> <td align="right">11,234</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">9,435</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">22,220</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">18,755</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Operating expenses </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,987</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,818</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(8,032</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,767</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Real estate taxes </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,087</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(340</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,342</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,060</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Equity in income (loss) of Sealy Northwest Atlanta </div></td> <td> </td> <td> </td> <td align="right">5,133</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(174</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">4,541</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(349</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Equity in loss of Sealy Airpark Nashville </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(256</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(224</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(453</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(433</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Equity in loss of Sealy Newmarket </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(633</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(230</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,144</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(449</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Impairment loss on Sealy equity investment </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,800</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,800</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Equity in (loss) income of Marc Realty investments </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(175</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">231</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(120</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">307</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Operating income </div></td> <td> </td> <td> </td> <td align="right">6,429</td> <td> </td> <td> </td> <td> </td> <td align="right">6,880</td> <td> </td> <td> </td> <td> </td> <td align="right">10,870</td> <td> </td> <td> </td> <td> </td> <td align="right">13,004</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Depreciation and amortization expense </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,312</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,371</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(6,793</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,671</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Interest expense </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,296</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,207</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(7,115</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(6,400</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Operating properties net income (loss) </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(179</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">1,302</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,038</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">1,933</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Loan Assets</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Interest and discount accretion </div></td> <td> </td> <td> </td> <td align="right">4,976</td> <td> </td> <td> </td> <td> </td> <td align="right">2,837</td> <td> </td> <td> </td> <td> </td> <td align="right">14,190</td> <td> </td> <td> </td> <td> </td> <td align="right">5,299</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Equity in earnings of preferred equity investment of Marc Realty </div></td> <td> </td> <td> </td> <td align="right">85</td> <td> </td> <td> </td> <td> </td> <td align="right">85</td> <td> </td> <td> </td> <td> </td> <td align="right">168</td> <td> </td> <td> </td> <td> </td> <td align="right">168</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Equity in earnings of preferred equity investment of 450 West 14th Street </div></td> <td> </td> <td> </td> <td align="right">73</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">73</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Unrealized gain on loan securities carried at fair value </div></td> <td> </td> <td> </td> <td align="right">34</td> <td> </td> <td> </td> <td> </td> <td align="right">3,625</td> <td> </td> <td> </td> <td> </td> <td align="right">2,847</td> <td> </td> <td> </td> <td> </td> <td align="right">3,012</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Equity in income of ROIC Riverside </div></td> <td> </td> <td> </td> <td align="right">234</td> <td> </td> <td> </td> <td> </td> <td align="right">5</td> <td> </td> <td> </td> <td> </td> <td align="right">468</td> <td> </td> <td> </td> <td> </td> <td align="right">5</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Equity in income of ROIC Lakeside Eagle </div></td> <td> </td> <td> </td> <td align="right">922</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">666</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Equity in income of 46th Street Gotham </div></td> <td> </td> <td> </td> <td align="right">709</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">621</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Equity in income of Concord </div></td> <td> </td> <td> </td> <td align="right">479</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">479</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Equity in income of LW SOFI </div></td> <td> </td> <td> </td> <td align="right">262</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">262</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Operating income </div></td> <td> </td> <td> </td> <td align="right">7,774</td> <td> </td> <td> </td> <td> </td> <td align="right">6,552</td> <td> </td> <td> </td> <td> </td> <td align="right">19,774</td> <td> </td> <td> </td> <td> </td> <td align="right">8,484</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">General and administrative expense </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(11</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(26</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(15</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(36</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Interest expense </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(184</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(341</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Loan assets net income </div></td> <td> </td> <td> </td> <td align="right">7,579</td> <td> </td> <td> </td> <td> </td> <td align="right">6,526</td> <td> </td> <td> </td> <td> </td> <td align="right">19,418</td> <td> </td> <td> </td> <td> </td> <td align="right">8,448</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px"><b>REIT Securities</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Interest and dividends </div></td> <td> </td> <td> </td> <td align="right">118</td> <td> </td> <td> </td> <td> </td> <td align="right">753</td> <td> </td> <td> </td> <td> </td> <td align="right">576</td> <td> </td> <td> </td> <td> </td> <td align="right">1,500</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Gain on sale of securities carried at fair value </div></td> <td> </td> <td> </td> <td align="right">7</td> <td> </td> <td> </td> <td> </td> <td align="right">78</td> <td> </td> <td> </td> <td> </td> <td align="right">131</td> <td> </td> <td> </td> <td> </td> <td align="right">773</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Unrealized (loss) gain on securities carried at fair value </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(723</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(750</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">163</td> <td> </td> <td> </td> <td> </td> <td align="right">1,790</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">REIT Securities Net operating income (loss) </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(598</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">81</td> <td> </td> <td> </td> <td> </td> <td align="right">870</td> <td> </td> <td> </td> <td> </td> <td align="right">4,063</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Operating Segments Net Income</b> </div></td> <td> </td> <td> </td> <td align="right">6,802</td> <td> </td> <td> </td> <td> </td> <td align="right">7,909</td> <td> </td> <td> </td> <td> </td> <td align="right">17,250</td> <td> </td> <td> </td> <td> </td> <td align="right">14,444</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Reconciliations to GAAP Net Income:</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Corporate Income (Expense)</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Interest income </div></td> <td> </td> <td> </td> <td align="right">443</td> <td> </td> <td> </td> <td> </td> <td align="right">40</td> <td> </td> <td> </td> <td> </td> <td align="right">536</td> <td> </td> <td> </td> <td> </td> <td align="right">77</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Interest expense </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(483</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(459</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,120</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(917</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">General and administrative </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,747</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,890</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(5,267</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,787</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">State and local taxes </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(48</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(85</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(77</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(99</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Income from continuing operations before non-controlling interest </div></td> <td> </td> <td> </td> <td align="right">3,967</td> <td> </td> <td> </td> <td> </td> <td align="right">5,515</td> <td> </td> <td> </td> <td> </td> <td align="right">11,322</td> <td> </td> <td> </td> <td> </td> <td align="right">9,718</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Non-controlling interest </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(329</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(175</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(533</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(420</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Income from continuing operations attributable to Winthrop Realty Trust </div></td> <td> </td> <td> </td> <td align="right">3,638</td> <td> </td> <td> </td> <td> </td> <td align="right">5,340</td> <td> </td> <td> </td> <td> </td> <td align="right">10,789</td> <td> </td> <td> </td> <td> </td> <td align="right">9,298</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Income (loss) from discontinued operations attributable to Winthrop Realty Trust </div></td> <td> </td> <td> </td> <td align="right">90</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(764</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">137</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(517</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Net Income Attributable to Winthrop Realty Trust</b> </div></td> <td> </td> <td align="left">$</td> <td align="right">3,728</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">4,576</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">10,926</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">8,781</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Capital Expenditures</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">Operating properties </div></td> <td> </td> <td align="left">$</td> <td align="right">896</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,090</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3,715</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,717</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"><b>15.</b></td> <td width="1%"> </td> <td> <div style="text-align: justify"><b>Variable Interest Entities</b> </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><u>Consolidated Variable Interest Entities</u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Andover Operating Property — </i>The lease agreement executed in January 2010 on the Andover, Massachusetts property gives the tenant an option to purchase the building for a fixed price of $10,500,000. The option is exercisable at the tenant’s discretion at any point during the lease term prior to January 2013. As a result of the fixed price purchase option contained in this lease agreement, the Trust has determined that its Andover, Massachusetts property is a VIE for which the Trust is the primary beneficiary since it has the power to direct activities that most significantly impact the economics of the property. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The carrying amounts of the Trust’s Andover property include land of $1,200,000, building of $6,114,000 and lease intangibles of $1,456,000. Prior to the execution of the lease agreement, the Andover property was not considered a VIE but it has been consolidated since its acquisition. There is no mortgage debt associated with this property. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Deer Valley Medical Center Operating Property </i>— The Trust has concluded that its venture, WRT-DV LLC (“WRT-DV”), the entity that owns the property, is a VIE. This assessment is primarily based on the fact that the equity investment at risk is not sufficient to finance its activities without additional subordinated financial support. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Pursuant to the terms of WRT-DV’s operating agreement, the Trust receives a priority return on $7,900,000 of its invested capital, with the balance of the capital being allocated 96.5% to the Trust and 3.5% to its joint venture partner, Fenway. The Trust has effectively all control rights with respect to WRT-DV. Therefore the Trust has determined it is the primary beneficiary and consolidates the venture which owns the operating property. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The carrying amounts of the Deer Valley property include land and building of $9,900,000 and lease intangibles of $2,363,000. There is no mortgage debt associated with this property. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><u>Variable Interest Entities Not Consolidated</u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Equity Method Investments</i> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Marc Realty Equity Investments and Preferred Equity Investment — </i>The Trust has concluded that the nine Marc Realty equity investments and the one preferred equity investment are variable interests in VIEs. This assessment is primarily based on the fact that the underlying entities do not have sufficient equity at risk to permit them to finance their activities without additional subordinated financial support. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">While the Trust maintains certain protective rights under the terms of the agreements governing the Marc Realty investments, the power to direct the activities that most significantly impact the economics of the Marc Realty investments is vested in Marc Realty as the managing member. As such, management has concluded that the Trust is not the primary beneficiary of these Marc Realty investments. At June 30, 2011, the Trust’s investment in the Marc Realty equity investments was $43,735,000 and its investment in the preferred equity investment was $4,118,000. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Sealy Northwest Atlanta LP and Sealy Newmarket LP </i>— The Trust has concluded that the Sealy Northwest and Sealy Newmarket equity investments are variable interests in VIEs. This assessment is primarily based on the fact that the underlying investment entities do not have sufficient equity at risk to permit them to finance their activities without additional subordinated financial support. While the Trust maintains certain protective rights under the terms of the agreements governing these investments, the power to direct the activities that most significantly impact the economics is vested in Sealy, the managing member of the joint ventures. As such, management has concluded that the Trust is not the primary beneficiary of the Sealy Northwest or Sealy Newmarket investments. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>LW Sofi LLC </i>— The Trust has concluded that the LW Sofi equity investment is a variable interest in a VIE. This assessment is primarily based on the fact that the underlying investment entity does not have sufficient equity at risk to permit them to finance their activities without additional subordinated financial support. The Trust has determined that it is not the primary beneficiary of LW Sofi as it shares equally in the power to make decisions that most effect the economics of the entity. </div> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>446 High Line LLC </i>— The Trust has concluded that the High Line equity investment is a variable interest in a VIE. This assessment is primarily based on the fact that the underlying investment entity does not have sufficient equity at risk to permit them to finance their activities without additional subordinated financial support. While the Trust maintains certain protective rights under the terms of the agreements governing the High Line investment, at present the power to direct the activities that most significantly impact the economics of is vested in the managing member of the joint venture. As such, management has concluded that the Trust is not the primary beneficiary of the High Line investment. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Vintage Housing Holdings LLC — </i>The Trust has concluded that the Vintage equity investment is a variable interest in a VIE. This assessment is primarily based on the fact that the voting rights of the general partner and managing member entities are not proportional to their obligations to absorb expected losses and rights to receive residual returns of the legal entities. While the Trust maintains certain protective rights under the terms of the agreements governing the Vintage investment, the power to direct the activities that most significantly impact the economics of is vested in the managing member of the joint venture. As such, management has concluded that the Trust is not the primary beneficiary of the Vintage investment. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><i>Loans Receivable and Loan Securities — </i>The Trust has reviewed its loans receivable and loan securities and certain of these assets have been identified as variable interests in a VIE because the equity investment at risk at the borrowing entity level is not considered sufficient for the entity to finance its activities without additional subordinated financial support. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Certain loans receivable and loan securities which have been determined to be VIEs are performing assets, meeting their debt service requirements, and the borrowers hold title to the collateral. In these cases the borrower has the power to direct the activities that most significantly impact the economic performance of the VIE, including management and leasing activities. In the event of default under these loans the Trust only has protective rights and has the risk to absorb losses only to the extent of its loan investment. The borrower has been determined to be the primary beneficiary for these performing assets. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Trust has determined that it does not currently have the power to direct the activities of the ventures collateralizing any of its loans receivable and loan securities. For this reason, management believes that it does not control, nor is it the primary beneficiary of these ventures. Accordingly, the Trust accounts for these investments under the guidance for loans receivable and real estate debt investments. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"><b>16.</b></td> <td width="1%"> </td> <td> <div style="text-align: justify"><b>Subsequent Events</b> </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Subsequent to June 30, 2011, the Trust received approximately $4,022,000 of payments to the loans receivable from the sale of three of its Marc Realty equity investments. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">On July 13, 2011, the Trust satisfied its $23,773,000 first mortgage loan on its Lisle, Illinois properties for a discounted payoff of $14,500,000. </div> </div>

0.325

0.8125

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Interest [Abstract] Income (loss) from discontinued operations Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest Consolidated net income Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Consolidated net income Income attributable to non-controlling interest Net Income (Loss) Attributable to Noncontrolling Interest Income attributable to non-controlling interest Net income attributable to Winthrop Realty Trust Net Income (Loss) Attributable to Parent Net income attributable to Winthrop Realty Trust Income Attributable To Non Controlling Redeemable Preferred Interest Income attributable to non-controlling redeemable preferred interest Income attributable to non-controlling redeemable preferred interest Income attributable to non-controlling redeemable preferred interest Net income attributable to Common Shares Net Income (Loss) Available to Common Stockholders, Basic Net income attributable to Common Shares Comprehensive income Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] Change in unrealized gain on available for sale securities Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax Change in unrealized gain on interest rate derivatives Comprehensive income Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Comprehensive income Per Common Share data - Basic Earnings Per Share, Basic [Abstract] Income from continuing operations Income (Loss) from Continuing Operations, Per Basic Share Loss from discontinued operations Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share Earnings Per Share, Basic Net income attributable to Winthrop Realty Trust Per Common Share data - Diluted Earnings Per Share, Diluted [Abstract] Income from continuing operations Income (Loss) from Continuing Operations, Per Diluted Share Loss from discontinued operations Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share Earnings Per Share, Diluted Net income attributable to Winthrop Realty Trust Basic Weighted-Average Common Shares Weighted Average Number of Shares Outstanding, Basic Diluted Weighted-Average Common Shares Weighted Average Number of Shares Outstanding, Diluted Statement [Table] Statement [Line Items] Common shares of beneficial interest Balance Ending balance, shares Beginning balance, shares Additional Paid-In Capital Accumulated Distribution in Excess of Net Income Accumulated Other Comprehensive Income Non- Controlling Interests Net income attributable to non-controlling interests Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests Distributions to non-controlling interests Contributions from non-controlling interests Noncontrolling Interest, Increase from Equity Issuance or Sale of Parent Equity Interest Dividends, Common Stock Dividends paid or accrued on Common Shares of Beneficial Interest ($0.325 per share) Dividends paid or accrued per Common Share of Beneficial Interest Common Stock, Dividends, Per Share, Declared Dividends, Preferred Stock Dividends paid or accrued on Series C Preferred Shares ($0.8125 per share) Dividends paid or accrued per Series C Preferred Share Preferred Stock, Dividend Rate, Per-Dollar-Amount Net proceeds from Common Shares offering, shares Stock Issued During Period, Shares, New Issues Net proceeds from Common Shares offering Stock Issued During Period, Value, New Issues Shares issued pursuant to dividend reinvestment plan, shares Stock Issued During Period, Shares, Dividend Reinvestment Plan Shares issued pursuant to dividend reinvestment plan Stock Issued During Period, Value, Dividend Reinvestment Plan Conversion of Series C Preferred Shares to Common Shares, shares Stock Issued During Period, Shares, Conversion of Convertible Securities Conversion of Series C Preferred Shares to Common Shares Stock Issued During Period, Value, Conversion of Convertible Securities Cash flows from operating activities Net Cash Provided by (Used in) Operating Activities [Abstract] Net income Adjustments to reconcile net income to net cash provided by operating activities: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Amortization And Depreciation Depreciation and amortization (including amortization of deferred financing costs) Depreciation and amortization (including amortization of deferred financing costs) Amortization of lease intangibles Amortization of Intangible Assets Straight Lining Of Rental Income Straight-lining of rental income Straight-lining of rental income Loan discount accretion Accretion (Amortization) of Discounts and Premiums, Investments Loan discount accretion Earnings Loss Of Preferred Equity Investments Earnings of preferred equity investments Earnings of preferred equity investments Earnings of preferred equity investments Distributions From Preferred Equity Investments Distributions of income from preferred equity investments Distributions of income from preferred equity investments (Income) losses of equity investments Distributions of income from equity investments Equity Method Investment, Dividends or Distributions Restricted cash held in escrows Increase (Decrease) in Restricted Cash for Operating Activities Restricted cash held in escrows Gain On Sale Of Securities Carried At Fair Value Gain on sale of securities carried at fair value Gain on sale of securities carried at fair value Gain on sale of securities carried at fair value Unrealized Gain On Securities Carried At Fair Value Unrealized gain on securities carried at fair value Unrealized gain on securities carried at fair value Unrealized gain on securities carried at fair value Tenant Leasing Costs Tenant leasing costs Tenant leasing costs Impairment loss on real estate held for sale Impairment of Real Estate Bad debt expense (recovery) Allowance for Loan and Lease Losses, Recoveries of Bad Debts Net change in interest receivable Increase (Decrease) in Accrued Interest Receivable, Net Net change in interest receivable Net change in accounts receivable Increase (Decrease) in Accounts Receivable Net change in accounts receivable Increase (Decrease) in Other Operating Assets and Liabilities, Net Net change in accounts payable and accrued liabilities Net change in accounts payable and accrued liabilities Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities Net cash provided by operating activities Cash flows from investing activities Net Cash Provided by (Used in) Investing Activities [Abstract] Investments in real estate Payments to Acquire and Develop Real Estate Investments in real estate Investment in equity investments Payments to Acquire Equity Method Investments Investment in equity investments Investment In Preferred Equity Investments Investment in preferred equity investments Investment in preferred equity investments Investment in preferred equity investments Proceeds from sale of equity investments Proceeds from Sale of Equity Method Investments Return Of Capital Distribution From Equity Investments Return of capital distribution from equity investments Return of capital distribution from equity investments Return of capital distribution from equity investments Purchase Of Securities Carried At Fair Value Purchase of securities carried at fair value Purchase of securities carried at fair value Purchase of securities carried at fair value Proceeds From Sale Of Securities Carried At Fair Value Proceeds from sale of securities carried at fair value Proceeds from sale of securities carried at fair value Proceeds from sale of available for sale securities Proceeds from Sale of Available-for-sale Securities, Equity Proceeds From Payoff Of Loan Securities Proceeds from payoff of loan securities Proceeds from payoff of loan securities Proceeds from payoff of loan securities Restricted cash held in escrows Increase (Decrease) in Restricted Cash Restricted cash held in escrows Issuance and acquisition of loans receivable Payments to Acquire Loans Receivable Issuance and acquisition of loans receivable Proceeds from sale of loans receivable Proceeds from Sale of Loans Receivable Collection of loans receivable Proceeds from Collection of Loans Receivable Deposits On Acquisition Of Loans Receivable Deposits on acquisition of loans receivable Deposits on acquisition of loans receivable Deposits on acquisition of loans receivable Net cash used in investing activities Net Cash Provided by (Used in) Investing Activities Net cash used in investing activities Cash flows from financing activities Net Cash Provided by (Used in) Financing Activities [Abstract] Proceeds from mortgage loans payable Proceeds from Issuance of Secured Debt Principal payments of mortgage loans payable Repayments of Secured Debt Principal payments of mortgage loans payable Proceeds from revolving line of credit Proceeds from Lines of Credit Payment of revolving line of credit Repayments of Lines of Credit Payment of revolving line of credit Proceeds from note payable Proceeds from Notes Payable Restricted cash held in escrows Proceeds from (Repayments of) Restricted Cash, Financing Activities Deferred financing costs Payments of Financing Costs Deferred financing costs Contribution from non-controlling interest Proceeds from Noncontrolling Interests Distribution to non-controlling interest Payments to Noncontrolling Interests Distribution to non-controlling interest Issuance of Common Shares through offering Proceeds from Issuance of Common Stock Issuance of Common Shares under Dividend Reinvestment Plan Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Excluding Stock Options Dividend paid on Common Shares Payments of Dividends, Common Stock Dividend paid on Common Shares Dividend Paid On Series C Preferred Shares Dividend paid on Series C Preferred Shares Dividend paid on Series C Preferred Shares Dividend paid on Series C Preferred Shares Net cash provided by (used in) financing activities Net Cash Provided by (Used in) Financing Activities Net cash provided by (used in) financing activities Net increase (decrease) in cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Supplemental Disclosure of Cash Flow Information Supplemental Cash Flow Information [Abstract] Interest paid Interest Paid Taxes paid Income Taxes Paid Supplemental Disclosure on Non-Cash Investing and Financing Activities Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Dividends Accrued On Common Shares Dividends accrued on Common Shares Dividends accrued on Common Shares Dividends Accrued On Series C Preferred Shares Dividends accrued on Series C Preferred Shares Dividends accrued on Series C Preferred Shares Capital expenditures accrued Capital Expenditures Incurred but Not yet Paid Organization Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Organization [Abstract] Organization [Abstract] Summary of Significant Accounting Policies Significant Accounting Policies [Text Block] Summary of Significant Accounting Policies [Abstract] Summary of Significant Accounting Policies [Abstract] Fair Value Measurements Fair Value Disclosures [Text Block] Fair Value Measurements [Abstract] Fair Value Measurements [Abstract] Financing, Acquisition and Disposition Activities Mergers, Acquisitions and Dispositions Disclosures [Text Block] Financing, Acquisition and Disposition Activities [Abstract] Financing, Acquisition and Disposition Activities [Abstract] Loans Receivable Loans, Notes, Trade and Other Receivables Disclosure [Text Block] Securities Carried At Fair Value [Text Block] Securities Carried at Fair Value Securities Carried at Fair Value Securities Carried at Fair Value [Abstract] Securities Carried at Fair Value [Abstract] Securities Carried at Fair Value Equity Investments Equity Method Investments Disclosure [Text Block] Equity Investments [Abstract] Equity Investments [Abstract] Debt Long-term Debt [Text Block] Common Shares Stockholders' Equity Note Disclosure [Text Block] Discontinued Operations Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] Commitments and Contingencies Commitments and Contingencies Disclosure [Text Block] EX-101.PRE 10 fur-20110630_pre.xml EX-101 PRESENTATION LINKBASE DOCUMENT EX-101.DEF 11 fur-20110630_def.xml EX-101 DEFINITION LINKBASE DOCUMENT XML 12 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) In Thousands, except Share data	Jun. 30, 2011	Dec. 31, 2010
ASSETS
Allowances on accounts receivable	$ 453	$ 262
LIABILITIES
Series B-1 Cumulative Convertible Redeemable Preferred Shares, liquidation preference	$ 25	$ 25
Series B-1 Cumulative Convertible Redeemable Preferred Shares, shares authorized	852,000	852,000
Series B-1 Cumulative Convertible Redeemable Preferred Shares, shares outstanding	852,000	852,000
NON-CONTROLLING REDEEMABLE PREFERRED INTEREST
Series C Cumulative Convertible Redeemable Preferred Shares, liquidation preference	$ 25	$ 25
Series C Cumulative Convertible Redeemable Preferred Shares, shares authorized	144,000	144,000
Series C Cumulative Convertible Redeemable Preferred Shares, shares outstanding	144,000	144,000
Winthrop Realty Trust Shareholders' Equity:
Common shares, par value	$ 1	$ 1
Common shares, shares issued	32,897,554	27,030,186
Common shares, shares outstanding	32,897,554	27,030,186

XML 13 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $) In Thousands, except Per Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 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
Total revenue	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
Total expenses	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
Total other income (loss)	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 gain on available for sale securities		(5)		2
Change in unrealized gain on interest rate derivatives		(28)	63	12
Comprehensive income	$ 4,057	$ 4,718	$ 11,522	$ 9,215
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

XML 14 R23.htm IDEA: XBRL DOCUMENT

Subsequent Events

6 Months Ended

Jun. 30, 2011

Subsequent Events [Abstract]

Subsequent Events

16.

Subsequent Events

Subsequent to June 30, 2011, the Trust received approximately $4,022,000 of payments to the loans receivable from the sale of three of its Marc Realty equity investments.

On July 13, 2011, the Trust satisfied its $23,773,000 first mortgage loan on its Lisle, Illinois properties for a discounted payoff of $14,500,000.

XML 15 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information (USD $)	6 Months Ended
Document and Entity Information (USD $)	Jun. 30, 2011	Aug. 01, 2011	Jun. 30, 2010
Document and Entity Information [Abstract]
Entity Registrant Name	Winthrop Realty Trust
Entity Central Index Key	0000037008
Document Type	10-Q
Document Period End Date	Jun. 30, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 229,464,877
Entity Common Stock, Shares Outstanding		32,958,778

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Loans Receivable
6 Months Ended

Jun. 30, 2011

Loans Receivable [Abstract]

Loans Receivable

5.
Loans Receivable

The Trust’s loans receivable at June 30, 2011 and December 31, 2010 are as follows (in thousands):

Carrying Amount Contractual

Stated June 30, December 31, Maturity

Description Loan Position Interest Rate 2011 2010 Date

Beverly Hilton (1)
B-Note Libor + 1.74% $ 9,590 $ 7,899 08/09/11

Sealy Northwest Atlanta (1)
Whole Loan 8.0% 20,678 — 11/01/11

Westwood (1)
Whole Loan 11.00% 3,637 3,500 10/31/11

Metropolitan Tower
B-Note Libor + 1.51% — 10,312

Moffett Towers (1)
B-Note Libor + 6.48% 23,099 21,752 01/31/12

Siete Square
B-Note 10.37% — 2,488

160 Spear
B-Note 9.75% (2) 8,662 6,674 06/09/12

160 Spear
Mezzanine 15.00% 4,844 3,029 06/09/12

Magazine (1)
Mezzanine Libor + 1.23% 17,712 — 07/09/12

Legacy Orchard (1)
Whole Loan 15.00% 9,750 9,750 10/31/14

San Marbeya (1)
Whole Loan 5.88% 26,748 26,966 01/01/15

CDH CDO LLC
Unsecured 12.00% 742 3,498 12/30/15

Rockwell
Mezzanine 12.00% 262 255 05/01/16

Marc 8 South Michigan (1)
Mezzanine 8.0% 4,942 — 05/31/16

Marc 11 East Adams (1)
Mezzanine 8.0% 2,280 — 05/31/16

Marc 29 East Madison (1)
Mezzanine 8.0% 5,405 — 05/31/16

500-512 7th Ave
B-Note 7.19% 9,962 9,954 07/11/16

180 N. Michigan (1)
Mezzanine 8.50% (3) 2,617 1,862 12/31/16

Wellington Tower
Mezzanine 6.79% 2,507 2,456 07/11/17

$ 153,437 $ 110,395

(1)
The Trust determined that certain loans receivable are variable interests in VIEs primarily based on the fact that the underlying entities do not have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support. The Trust does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance and is not required to consolidate the underlying entity.

(2)
The Trust holds a B note in this loan. Interest on the B note equals the difference between (i) interest on the entire outstanding loan principal balance ($73,796 at 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%.

(3)
Represents tenant improvement and capital expenditure loans collateralized by a subordinate mortgage or the ownership interests in the owner of the applicable property.

The carrying amount of loans receivable includes accrued interest of $697,000 and $558,000 at June 30, 2011 and December 31, 2010, respectively, and cumulative accretion of $10,056,000 and $9,803,000 at June 30, 2011 and December 31, 2010, respectively. The fair value of the Trust’s loans receivable, exclusive of interest receivables was approximately $165,527,000 and $114,477,000 at June 30, 2011 and December 31, 2010, respectively.

As of June 30, 2011, the weighted average coupon on our loans receivable was 6.06% and the weighted average yield to maturity was 12.55%.

With the exception of the San Marbeya loan receivable, none of the loans receivable are directly financed. On January 14, 2011, the Trust restructured the San Marbeya first mortgage loan to create a $15,150,000 senior participation which bears interest at 4.85% and a $15,744,000 junior participation which bears interest at 6.4%. The Trust accounts for the loan participation as a secured borrowing.

The following table summarizes the Trust’s interest, dividend and discount accretion income for the three and six months ended June 30, 2011 and 2010 (in thousands):

Three Months Ended June 30, Six Months Ended June 30,

2011 2010 2011 2010

Interest, dividends and discount accretion detail:

Interest on loan assets
$ 2,687 $ 836 $ 5,397 $ 1,557

Accretion of loan discount
2,289 2,001 8,793 3,742

Interest and dividends on REIT securities
118 753 576 1,500

Total interest, dividends, and discount accretion
$ 5,094 $ 3,590 $ 14,766 $ 6,799

At June 30, 2011, the Trust’s loan receivables have accretable discount yet to be recognized as income totaling $13,008,000.

Credit Quality of Loans Receivable and Loan Losses

The Trust evaluates impairment on its loan portfolio on an individual basis and has developed a loan grading system for all of its outstanding loans that are collateralized directly or indirectly by real estate. Grading categories include debt yield, debt service coverage ratio, length of loan, property type, loan type, and other more subjective variables that include property or collateral location, market conditions, industry conditions, and sponsor’s financial stability. Management reviews each category and assigns an overall numeric grade for each loan to determine the loan’s risk of loss and to provide a threshold for the determination of whether a specific allowance analysis is necessary. A loan’s grade of credit quality is determined quarterly.

All loans with a positive score do not require a loan loss allowance. Any loan graded with a neutral score or “zero” is subject to further review of the collectability of the interest and principal based on current conditions and qualitative factors to determine if impairment is warranted. Any loan with a negative score is deemed impaired and management then would measure the specific impairment of each loan separately using the fair value of the collateral less costs to sell.

Management estimates impairment by calculating the estimated fair value less costs to sell of the underlying collateral securing the loan based on the present value of expected future cash flows, and comparing the fair value to the loan’s net carrying value. If the fair value is less than the net carrying value of the loan, an allowance is created with a corresponding charge to the provision for loan losses. The allowance for each loan is maintained at a level the Trust believes is adequate to absorb losses.

The table below summarizes the Trust’s loans receivable by internal credit rating at June 30, 2011 (in thousands, except for number of loans).

Carrying

Value of

# of Loans # of Whole # of # of Mezzanine

Internal Credit Quality Loans (1) Receivable Loans Loans Loans B-Notes Loans Loans

Greater than zero
14 $ 127,089 4 $ 60,813 3 $ 28,213 7 $ 38,063

Equal to zero
2 25,606 — 1 23,099 1 2,507

Less than zero
— — — — —

Subtotal
16 $ 152,695 4 $ 60,813 4 $ 51,312 8 $ 40,570

(1)
The Trust holds unsecured loans at June 30, 2011 not included above that have a carrying amount of $742. During the three months ended June 30, 2011, the Trust received payments of $3,420 on its unsecured loans and the balance was repaid during the third quarter of 2011.

Non Performing Loans

The Trust considers a loan to be non-performing and places loans on non-accrual status at such time as management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Trust’s judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan’s carrying value. If and when a loan is brought back into compliance with its contractual terms, the Trust will resume accrual of interest. As of June 30, 2011 and December 31, 2010, there were no past due payments. There was no provision for loan loss recorded during the three and six month periods ended June 30, 2011 and 2010.

Loan Receivable Activity

Activity related to loans receivable is as follows (in thousands):

January 1, 2011 to January 1, 2010 to

June 30, 2011 December 31, 2010

Balance at beginning of period
$ 110,395 $ 26,101

Purchase and advances
44,161 122,301

Proceeds from sale
— (12,876 )

Interest (received) accrued, net
161 361

Repayments
(12,717 ) (15,064 )

Loan accretion
8,793 8,782

Discount accretion received in cash
(8,540 ) —

Transfer from loan securities
662 —

Transfer foreclosed loans to investment in real estate
— (19,210 )

Transfer Marc Realty seller financing from equity investments
12,544 —

Transfer 450 W 14th St bridge loan to preferred equity investments
(2,022 ) —

Balance at end of period
$ 153,437 $ 110,395

In addition to our initial purchase price of certain loans, we have future funding requirements. At June 30, 2011 we had future funding requirements pursuant to two loans receivable totaling approximately $2,783,000.

X

- Definition

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

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Common Shares
6 Months Ended

Jun. 30, 2011

Common Shares [Abstract]

Common Shares

10.
Common Shares

The following table sets forth information relating to sales of Common Shares during the six months ended June 30, 2011:

Number of

Date of Issuance Shares Issued Price per Share Type of Offering

January 15, 2011
58,161 $ 11.70 DRIP (1)

April 6, 2011
5,750,000 11.25 Public Offering

April 15, 2011
59,207 11.63 DRIP

(1)
The Trust’s Dividend Reinvestment and Stock Purchase Plan.

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Organization
6 Months Ended

Jun. 30, 2011

Organization [Abstract]

Organization

1.
Organization

Winthrop Realty Trust (“Winthrop”), a real estate investment trust (“REIT”) under section 856-860 of the Internal Revenue Code is an unincorporated association in the form of a business trust organized in Ohio under a Declaration of Trust dated August 1, 1961, as amended and restated on May 21, 2009, which has as its stated principal business activity the ownership and management of, and lending to, real estate and related investments.

Winthrop conducts its business through WRT Realty L.P., a Delaware limited partnership (the “Operating Partnership”). Winthrop is the sole general partner of, and owns directly and indirectly, 100% of the limited partnership interest in the Operating Partnership. All references to the “Trust” refer to Winthrop and its consolidated subsidiaries, including the Operating Partnership.

The Trust is engaged in the business of owning real property and real estate related assets which it categorizes into three specific areas: (i) ownership of investment properties (“operating properties”); (ii) origination and acquisition of loans and debt securities collaterized directly or indirectly by commercial and multi-family real property, including collateral mortgage-backed securities (collectively “loan assets”); and (iii) equity and debt interests in other real estate investment trusts (“REIT securities”).

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Equity Investments
6 Months Ended

Jun. 30, 2011

Equity Investments [Abstract]

Equity Investments

7.
Equity Investments

The Trust’s equity investments consist of the following at June 30, 2011 and December 31, 2010 (in thousands):

Nominal % Ownership June 30, December 31,

Venture Partner Equity Investment at June 30, 2011 2011 2010

Marc Realty (1) (2)
8 South Michigan LLC N/A $ — $ 7,087

Marc Realty (1) (2)
11 East Adams Street LLC N/A — 3,223

Marc Realty (1) (2)
29 East Madison Street LLC N/A — 7,720

Marc Realty (2)
Michigan 30 LLC 50.0 % 12,126 12,080

Marc Realty (2)
Brooks Building LLC 50.0 % 7,680 7,452

Marc Realty (2)
High Point Plaza LLC 50.0 % 6,244 6,275

Marc Realty (2)
Salt Creek LLC 50.0 % 2,254 2,344

Marc Realty (2)
1701 Woodfield LLC 50.0 % 4,080 4,221

Marc Realty (2)
River Road LLC 50.0 % 4,074 4,123

Marc Realty (2)
3701 Algonquin Road LLC 50.0 % 2,820 2,931

Marc Realty (2)
Enterprise Center LLC 50.0 % 2,827 3,018

Marc Realty (2)
900 Ridgebrook LLC 50.0 % 1,630 1,676

Sealy (2)
Northwest Atlanta Partners LP 60.0 % 4,119 2,479

Sealy (2)
Newmarket GP LLC 68.0 % 4,604 6,647

Sealy
Airpark Nashville GP 50.0 % 2,075 2,778

Inland/Lexington
Concord Debt Holdings LLC 33.3 % — —

Inland/Lexington
CDH CDO LLC 33.3 % — —

ROIC (2)
WRT-ROIC Riverside LLC 50.0 % 7,883 7,883

ROIC
WRT-ROIC Lakeside Eagle LLC 50.0 % 9 —

Atrium Holding
WRT-46th Street Gotham LLC 50.0 % 20 —

Atrium Holding (2)
RE CDO Management LLC 50.0 % 1,250 —

Lexington (2)
LW-SOFI LLC 50.0 % 6,022 —

VHH LLC (2)
Vintage Housing LLC 75.0 % 25,452 —

$ 95,169 $ 81,937

(1)
On June 1, 2011, the Trust sold its equity investments in 8 South Michigan LLC, 11 East Adams Street LLC and 29 East Adams Street LLC to affiliates of its venture partner for $18,544,000 resulting in a deferred gain of $385,000.

(2)
The Trust has determined that these equity investments are VIEs. The Trust has determined that it is not the primary beneficiary of these investments since the Trust does not have the power to direct the activities of the investments that most significantly impact the investments’ economic performance.

The following table reflects the activity of the Trust’s equity investments for the period ended June 30, 2011 (in thousands):

Balance at Equity Income Balance at

Venture Partner December 31, 2010 Contributions (loss) Distributions Sales June 30, 2011

Marc Realty
$ 62,150 $ 1,222 $ (120 ) $ (1,358 ) $ (18,159 ) $ 43,735

Sealy
11,904 — (856 ) (250 ) — 10,798

Inland/Lexington
— — 479 (479 ) — —

ROIC
7,883 18,093 1,134 (19,218 ) — 7,892

Atrium
— 9,287 621 (8,638 ) — 1,270

Lexington
— 5,760 262 — — 6,022

VHH LLC
— 25,452 — — — 25,452

Total
$ 81,937 $ 59,814 $ 1,520 $ (29,943 ) $ (18,159 ) $ 95,169

On June 23, 2011 the Trust’s Sealy Northwest Atlanta venture fully satisfied its $28,750,000 first mortgage loan plus accrued interest of approximately $1,083,000 (net of escrowed funds) for a negotiated discounted payoff amount of $20,500,000. As a result of the discounted payoff, the venture recognized approximately $9,203,000 of cancellation of debt income of which $5,522,000 was allocated to the Trust. The allocation of income effectively increases the carrying value of the Trust’s investment in the venture.

At June 30, 2011 the Trust determined that, as a result of current market conditions, including current occupancy levels, current rental rates and an increase in terminal capitalization rates, the fair value of its equity investments in Sealy Northwest Atlanta and Sealy Newmarket were below the carrying values. Accordingly, the Trust assessed whether this decline in value was other-than-temporary. In making this determination, the Trust considered the length of time which the decline has occurred, the length of time before an expected recovery and the lack of any comparables in the market. The Trust determined the fair value of its investments utilizing an unleveraged cash flow methodology with a 10 year hold period and an estimated terminal capitalization rate. The cash flows were then discounted using an estimated market rate. Based on the foregoing, all of which requires significant judgement, the Trust concluded that the declines in value were other-than-temporary, and the Trust recorded other-than-temporary impairment charges of $2,900,000 and $900,000 on its investments in Sealy Northwest Atlanta and Sealy Newmarket, respectively, during the three months ended June 30, 2011.

The summarized balance sheets of the Trust’s Sealy Northwest Atlanta investment are as follows (in thousands):

June 30, 2011 December 31, 2010

ASSETS

Real estate, net
$ 31,426 $ 31,919

Cash and cash equivalents
166 289

Receivables & other
1,259 1,564

Total assets
$ 32,851 $ 33,772

LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY

Mortgage and notes payable
$ 20,641 $ 28,750

Other liabilities
514 892

Members’/partners’ equity
11,696 4,130

Total liabilities and members’/partners’ equity
$ 32,851 $ 33,772

Trust’s share of equity
$ 7,019 $ 2,479

Other-than-temporary impairment
(2,900 ) —

Carrying value of Trust’s investment in Sealy Northwest
$ 4,119 $ 2,479

The summarized statements of operations of the Trust’s Sealy Northwest Atlanta investment are as follows (in thousands):

For the Three Months Ended For the Six Months Ended

June 30, June 30,

2011 2010 2011 2010

Revenue
$ 788 $ 756 $ 1,498 $ 1,518

Cancellation of debt income
9,203 — 9,203 —

Total revenue
9,991 756 10,701 1,518

Operating
263 223 440 445

Real estate taxes
91 100 182 200

Interest
781 417 1,911 829

Depreciation/amortortization
303 307 602 626

Total expenses
1,438 1,047 3,135 2,100

Net income(loss)
$ 8,553 $ (291 ) $ 7,566 $ (582 )

Trust’s share of net income(loss)
5,132 (175 ) 4,540 (349 )

Other than temporary impairment
(2,900 ) — (2,900 ) —

Income(loss) from equity in Northwest Atanta
$ 2,232 $ (175 ) $ 1,640 $ (349 )

In addition, the Trust has determined that the fair value of certain of its Marc Realty investments each marginally exceed their carrying values. While the ventures continue to aggressively market available space for lease and work with existing tenants for lease renewal, declines in occupancy could cause impairment of certain of the Trust’s Marc Realty ventures that could be material to the Trust’s results of operations.

On June 2, 2011 the Trust contributed approximately $5,760,000 to LW SOFI. On June 3, LW SOFI acquired from Concord for approximately $11,520,000, 100% of the economic rights and obligations in a $71,530,000 mezzanine loan. The loan is interest only, bears interest at LIBOR plus 185 basis points and matures on February 1, 2012. The loan is encumbered by a $56,090,000 repurchase obligation that charges interest at a variable interest rate of 1-month LIBOR plus 100 basis points and matures on December 31, 2012.

On June 24, 2011 the Trust closed on the second phase of its Vintage transaction to acquire an effective 75% interest in Vintage entitling the Trust to a 12% preferred return from current cash flow. Vintage owns general partnership interests and certain developer fees and advances receivable from partnerships owning 25 multifamily and senior housing properties comprising approximately 4,200 units located primarily in the Pacific Northwest and California with assets and liabilities at June 30, 2011 in excess of $310,000,000 and $230,000,000, respectively.

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Commitments and Contingencies
6 Months Ended

Jun. 30, 2011

Commitments and Contingencies [Abstract]

Commitments and Contingencies

12.
Commitments and Contingencies

The Trust is involved from time to time in litigation on various matters, including disputes with tenants and disputes arising out of agreements to purchase or sell properties. Given the nature of the Trust’s business activities, these lawsuits are considered routine to the conduct of its business. The result of any particular lawsuit cannot be predicted because of the very nature of litigation, the litigation process and its adversarial nature, and the jury system. The Trust does not expect that the liabilities, if any, that may ultimately result from such legal actions will have a material adverse effect on its financial condition or results of operations.

Tenant Matters

The lease term with respect to the Trust’s property located in Churchill, Pennsylvania expired on December 31, 2010. CBS Corporation (“CBS”), the lessee of the property, elected not to renew the lease and, in anticipation of this lease termination and surrender of the property, a review of the condition of the property was performed by the Trust. In the Trust’s view, the property is in need of substantial repairs and refurbishing in order for the tenant to comply with the surrender conditions. The Trust advised CBS of these issues and no resolution was reached with CBS after numerous discussions. Accordingly, in May 2010 the Trust brought an action in Pennsylvania State Court, Alleghany County against CBS seeking damages for, among other things, CBS’ failure to restore the property to the condition necessary to comply with its surrender obligations. The case is currently in the discovery phase.

Resolution of the pending litigation matter is uncertain. The Trust continues to actively manage and market the Churchill, Pennsylvania property for lease. The Trust continues to evaluate the property for impairment, which includes ongoing assessments of the recoverability of the Trust’s carrying value and monitoring of the fair value of the property. Currently, the Trust does not believe that the property is impaired. However, the recoverability of the Trust’s investment in the Churchill property could be negatively impacted by continued negative operating results or by the outcome of this litigation matter, resulting in the recognition of impairment charges in the future. Such amounts could be material to the Trust’s results of operations.

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-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
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Debt
6 Months Ended

Jun. 30, 2011

Debt/Revolving Line of Credit [Abstract]

Debt

8.
Debt

Mortgage Loans Payable

The Trust had outstanding mortgage loans payable of $210,751,000 and $230,443,000 at June 30, 2011 and December 31, 2010, respectively. The mortgage loan payments of principal and interest are generally due monthly, quarterly or semi-annually and are collateralized by the applicable real estate of the Trust.

The Trust’s mortgage loans payable at June 30, 2011 and December 31, 2010 are as follows (in thousands):

Spread Over Interest Rate at June 30, December 31,

Location of Collateral Maturity LIBOR/Prime June 30, 2011 2011 2010

Andover, MA
— — N/A $ — $ 6,135

S. Burlington, VT
— — N/A — 2,629

Various
— — N/A — 19,002

Chicago, IL
Apr 2012 — 6.25 % 8,900 9,100

Amherst, NY
Oct 2013 — 5.65 % 15,901 16,116

Meriden, CT
Feb 2014 — 5.83 % 23,875 23,875

Indianapolis, IN
Apr 2015 — 5.82 % 4,207 4,245

Chicago, IL
Mar 2016 — 5.75 % 20,672 20,828

Houston, TX
Apr 2016 — 6.30 % 58,445 60,351

Lisle, IL (1)
Jun 2016 — 6.26 % 23,773 23,905

Lisle, IL
Mar 2017 — 5.55 % 5,600 5,600

Orlando, FL
Jul 2017 — 6.40 % 38,396 38,657

Plantation, FL
Apr 2018 — 6.48 % 10,982 —

$ 210,751 $ 230,443

(1)
In July 2011, the Trust negotiated a $14,500,000 discounted payoff of the $23,773,000 first mortgage loan on its Lisle, Illinois properties which was scheduled to mature in June 2016. The payoff occurred on July 13, 2011.

Secured Financing

In January 2011 the Trust restructured the San Marbeya first mortgage loan receivable and transferred the senior participation at par. For financial reporting purposes, the transfer of the financial asset is accounted for as a financing rather than a sale. As of June 30, 2011, the secured financing has a carrying value of $15,150,000, bears interest at a rate of 4.85% and matures on January 1, 2015.

The fair value of the Trust’s mortgage loans payable, secured financing and revolving line of credit are less than their current carrying value by $20,248,000 and $22,042,000 at June 30, 2011 and December 31, 2010, respectively.

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-Name Regulation S-X (SX)
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-Section 02
-Paragraph 22
-Article 5

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-Name Accounting Standards Codification
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Securities Carried at Fair Value
6 Months Ended

Jun. 30, 2011

Securities Carried at Fair Value [Abstract]

Securities Carried at Fair Value

6.
Securities Carried at Fair Value

Securities carried at fair value are summarized in the table below (in thousands):

June 30, 2011 December 31, 2010

Cost Fair Value Cost Fair Value

REIT Preferred shares
$ 2,067 $ 4,333 $ 15,757 $ 28,547

REIT Common shares
2,935 3,280 3,590 4,485

5,002 7,613 19,347 33,032

Loan securities
1,661 5,418 7,574 11,981

$ 6,663 $ 13,031 $ 26,921 $ 45,013

During the three and six months ended June 30, 2011, securities carried at fair value and loan securities carried at fair value were sold or paid off for total proceeds of approximately $15,114,000 and $35,029,000 respectively. The gross realized gains on these sales and payoffs totaled approximately $7,000 and $131,000, in the three and six months ended June 30, 2011, respectively.

During the three and six months ended June 30, 2010, available for sale securities, securities carried at fair value and loan securities carried at fair value were sold or paid off for total proceeds of approximately $1,767,000 and $13,174,000 respectively. The gross realized gains on these sales and payoffs totaled approximately $78,000 and $773,000, in the three and six months ended June 30, 2010, respectively.

For purpose of determining gross realized gains, the cost of securities is based on specific identification.

For the six months ended June 30, 2011, the Trust recognized net unrealized gains on available for sale securities, securities carried at fair value and loan securities carried at fair value of $3,010,000, as the result of the change in fair value of the financial assets for which the fair value option was elected. For the three months ended June 30, 2011, the Trust recognized net unrealized losses of $689,000.

For the three and six months ended June 30, 2010, the Trust recognized net unrealized gains on available for sale securities, securities carried at fair value and loan securities carried at fair value of $2,875,000, and $4,802,000 respectively, as the result of the change in fair value of the financial assets for which the fair value option was elected.

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Consolidated Statements of Equity (Unaudited) (Parenthetical) (USD $)
6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Dividends paid or accrued per Common Share of Beneficial Interest $ 0.325 $ 0.325

Dividends paid or accrued per Series C Preferred Share $ 0.8125 $ 0.8125

Accumulated Distribution in Excess of Net Income

Dividends paid or accrued per Common Share of Beneficial Interest $ 0.325 $ 0.325

Dividends paid or accrued per Series C Preferred Share $ 0.8125 $ 0.8125

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-Section 04
-Article 3

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Summary of Significant Accounting Policies
6 Months Ended

Jun. 30, 2011

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.
Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements, although management believes that the disclosures presented herein are adequate to make the accompanying unaudited consolidated interim financial statements not misleading. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated annual financial statements and the notes thereto included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2010 filed with the SEC. In the opinion of management, all adjustments considered necessary for fair statements have been included, and all such adjustments are of a normal recurring nature. The results of operations for the six months ended June 30, 2011 are not necessarily indicative of the operating results for the full year.

The accompanying unaudited consolidated financial statements represent the consolidated results of Winthrop, its wholly-owned taxable REIT subsidiary, WRT TRS Management Corp., and the Operating Partnership. All majority-owned subsidiaries and affiliates over which the Trust has financial and operating control and variable interest entities (“VIE’s”) in which the Trust has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Trust accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Trust’s share of the earnings of these joint ventures and companies is included in consolidated net income.

Reclassifications

Certain prior year balances have been reclassified in order to conform to the current year presentation. Discontinued operations for the three and six month periods ended June 30, 2011 include the Trust’s properties in Lafayette, Louisiana, Knoxville, Tennessee, and St. Louis, Missouri. Discontinued operations for the three and six month periods ended June 30, 2010 also include the Trust’s properties in Athens, Georgia and Sherman, Texas which were disposed of in 2010.

Out of Period Adjustments

During the quarter ended June 30, 2010, the Trust identified an error in its year ended December 31, 2009 allocation of fair value attributable to the building component of its Athens, Georgia property which was assessed for impairment in connection with its reclassification as held for sale and its presentation in discontinued operations. As a result, net loss was understated by approximately $700,000 for the year ended December 31, 2009. The Trust determined that this amount was not material to the year ended December 31, 2009 or to the three and six months ended June 30, 2010. As such, a charge of approximately $700,000 was recorded in the consolidated statement of operations within discontinued operations as an out of period adjustment in the second quarter of 2010. There was no impact on cash flow from operations.

Investments in Real Estate

Real estate assets are stated at historical cost. Expenditures for repairs and maintenance are expensed as incurred. Significant renovations that extend the useful life of the properties are capitalized. Depreciation for financial reporting purposes is computed using the straight-line method.

Upon the acquisition of real estate, the Trust assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles) and acquired liabilities. The Trust allocates purchase price based on these assessments.

Real estate investments and purchased intangibles subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. When evaluating the carrying amount, the Trust considers the future undiscounted cash flows expected to result from the use and the eventual disposition of the property. Undiscounted cash flows are used to assess recoverability and when warranted, discounted cash flows are used to assess fair value. Cash flow assumptions include market rental rates, lease terms, lease up costs and operating expenses during the hold period as well as proceeds expected to result from the disposition of the property.

Earnings Per Share

The Trust determines basic earnings per share on the weighted average number of Common Shares of Beneficial Interest (“Common Shares”) outstanding during the period and reflects the impact of participating securities. The holders of the Trust’s Series B-1 Cumulative Convertible Redeemable Preferred Shares (“Series B-1 Preferred Shares”) and the Series C Cumulative Convertible Redeemable Preferred Shares (“Series C Preferred Shares”) are entitled to receive cumulative preferential dividends on a quarterly basis equal to the greater of (i) $0.40625 per share quarterly (6.5% of the liquidation preference on an annualized basis) or (ii) cash dividends payable on the number of Common Shares into which the Series B-1 Preferred Shares and Series C Preferred Shares (assuming for this purpose that the conversion price of the Series C Preferred Shares equals the conversion price of the Series B-1 Preferred Shares) are convertible. The Trust computes diluted earnings per share based on the weighted average number of Common Shares outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments.

The Trust has calculated earnings per share in accordance with relevant accounting guidance for participating securities and the two class method. The reconciliation of earnings attributable to Common Shares outstanding for the basic and diluted earnings per share calculation is as follows (in thousands, except per share data):

Three Months Ended Six Months Ended

June 30, June 30,

2011 2010 2011 2010

Basic

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

Income attributable to non-controlling interest
(329 ) (175 ) (533 ) (420 )

Preferred dividend of Series C Preferred Shares
(58 ) (58 ) (117 ) (171 )

Income from continuing operations applicable to Common Shares
3,580 5,282 10,672 9,127

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

Net income applicable to Common Shares for earnings per share purposes
$ 3,670 $ 4,518 $ 10,809 $ 8,610

Basic weighted-average Common Shares
32,573 21,175 29,841 20,888

Income from continuing operations
$ 0.11 $ 0.25 $ 0.36 $ 0.44

Income (loss) from discontinued operations
— (0.04 ) — (0.03 )

Net income per Common Share
$ 0.11 $ 0.21 $ 0.36 $ 0.41

Diluted

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

Income attributable to non-controlling interest
(329 ) (175 ) (533 ) (420 )

Preferred dividend of Series C Preferred Shares
(58 ) (58 ) (117 ) —

Income from continuing operations applicable to Common Shares
3,580 5,282 10,672 9,298

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

Net income applicable to Common Shares for earnings per share purposes
$ 3,670 $ 4,518 $ 10,809 $ 8,781

Basic weighted-average Common Shares
32,573 21,175 29,841 20,888

Series B-1 Preferred Shares (1)
— — — —

Series C Preferred Shares (2)
— — — 522

Stock options (3)
1 2 1 2

Diluted weighted-average Common Shares
32,574 21,177 29,842 21,412

Income from continuing operations
$ 0.11 $ 0.25 $ 0.36 $ 0.44

Income from discontinued operations
— (0.04 ) — (0.03 )

Net income per Common Share
$ 0.11 $ 0.21 $ 0.36 $ 0.41

(1)
The Series B-1 Preferred Shares were anti-dilutive for the three and six months ended June 30, 2011 and 2010 and are not included in the weighted-average shares outstanding for the calculation of diluted earnings per Common Share.

(2)
The Series C Preferred Shares were anti-dilutive for the three and six months ended June 30, 2011 and the three months ended June 30, 2010 and are not included in the weighted-average shares outstanding for the calculation of diluted earnings per Common Share. The Series C Preferred Shares were dilutive for the six months ended June 30, 2010.

(3)
The Trust’s outstanding stock options were dilutive for the three and six months ended June 30, 2011 and 2010.

Recently Issued Accounting Standards

In April 2011 the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (an “Update”) that provides clarification on which loan modifications meet the criteria to be treated as Troubled Debt Restructurings (“TDR’s”) under Topic 310. The guidance is intended to improve financial reporting by creating greater consistency in the way GAAP is applied for various TDRs by reaffirming the requirements and clarifying the criteria that creditors should use in evaluating whether a restructuring constitutes a TDR. The guidance is effective for interim and/or annual periods beginning on or after June 15, 2011, and early application is permitted. The Trust has adopted this standard which did not have a material impact on its consolidated financial statements.

In May 2011 the FASB issued an Update to Topic 820, Fair Value Measurements which results in changes to common fair value measurement and disclosure requirements. Consequently, the amendments change the wording used to describe many of the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. Certain amendments in this update clarify the FASB’s intent about the application of existing fair value measurement requirements. Other amendments change requirements for measuring fair value or for disclosing information about fair value measurements. This amendment will be effective for the Trust beginning with the first reporting period of 2012. The Trust has evaluated this amendment and does not anticipate its adoption will have a material impact on its consolidated financial statements.

In June 2011 the FASB issued an Update that amends Topic 220, Comprehensive Income. In this Update, an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. This update eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity. In addition, it requires consecutive presentation of the statement of net income and other comprehensive income and requires an entity to present reclassification adjustments on the face of the financial statements from other comprehensive income to net income. These changes apply to both annual and interim financial statements and shall be applied retrospectively. This amendment will be effective for the Trust beginning with the first reporting period of 2012. The Trust has evaluated this amendment and does not anticipate its adoption will have a material impact on its consolidated financial statements.

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The entire disclosure for all significant accounting policies of the reporting entity.

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Fair Value Measurements
6 Months Ended

Jun. 30, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

3.
Fair Value Measurements

Cash and cash equivalents, restricted cash in escrows, derivative financial instruments, and certain securities are reported at fair value. The accounting standards establish a framework for measuring fair value as well as disclosures about fair value measurements. They emphasize that fair value is a market based measurement, not an entity-specific measurement. Therefore a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

Recurring Measurements

The table below presents the Trust’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2011, according to the level in the fair value hierarchy within which those measurements fall (in thousands):

Quoted Prices in

Active Markets Significant Other Significant

for Identical Assets Observable Unobservable

and Liabilities Inputs Inputs

Recurring Basis (Level 1) (Level 2) (Level 3) Total

Assets

Securities carried at fair value
$ 7,613 $ — $ — $ 7,613

Loan securities carried at fair value
— — 5,418 5,418

$ 7,613 $ — $ 5,418 $ 13,031

The table below presents the Trust’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2010, according to the level in the fair value hierarchy within which those measurements fall (in thousands):

Quoted Prices in

Active Markets Significant Other Significant

for Identical Assets Observable Unobservable

and Liabilities Inputs Inputs

Recurring Basis (Level 1) (Level 2) (Level 3) Total

Assets

Securities carried at fair value
$ 33,032 $ — $ — $ 33,032

Loan securities carried at fair value
— — 11,981 11,981

$ 33,032 $ — $ 11,981 $ 45,013

Liabilities

Derivative liabilities
$ — $ 63 $ — $ 63

The table below includes a roll forward of the balance sheet amounts from January 1, 2011 to June 30, 2011, including the change in fair value, for financial instruments classified by the Trust within Level 3 of the valuation hierarchy. When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the significance of the unobservable factors to the overall fair value measurement.

Loan Securities

Carried at Fair

Six Months Ended June 30, 2011 Value

(in thousands)

Fair value, January 1, 2011
$ 11,981

Sales
(662 )

Payoff at par
(8,748 )

Unrealized gain, net
2,847

Fair value, June 30, 2011
$ 5,418

Non-Recurring Measurements

Equity Investments

Equity investments are assessed for other-than-temporary impairment. The determination of fair value of equity investments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each asset as well as the income capitalization approach considering prevailing market capitalization rates. The Trust reviews each investment based on the highest and best use of the investment and market participation assumptions. The significant assumptions used in this analysis include the discount rate and terminal capitalization rate used in the income capitalization valuation. The Trust has determined that the significant inputs used to value its Sealy equity investments fall within Level 3. The Trust recognized other-than-temporary impairment losses of $3,800,000 on these investments during the three and six months ended June 30, 2011.

The table below presents as of June 30, 2011 the Trust’s equity method investments measured at fair value according to the level in the fair value hierarchy within which those measurements fall (in thousands):

Quoted Prices in

Active Markets for Significant Other Significant

Identical Assets and Observable Inputs Unobservable

Non-Recurring Basis Liabilities (Level 1) (Level 2) Inputs (Level 3) Total

Equity investments
$ — $ — $ 8,723 $ 8,723

$ — $ — $ 8,723 $ 8,723

Fair Value Option

The current accounting guidance for fair value measurement provides a fair value option election that allows companies to irrevocably elect fair value as the measurement for certain financial assets and liabilities. Changes in fair value for assets and liabilities for which the election is made are recognized in earnings on a quarterly basis based on the then market price regardless of whether such assets or liabilities have been disposed of at such time. The fair value option guidance permits the fair value option election to be made on an instrument by instrument basis when it is initially recorded or upon an event that gives rise to a new basis of accounting for that asset or liability. The Trust elected the fair value option for all loan securities and REIT securities.

For the three months ended June 30, 2011, the Trust recognized net unrealized losses of $689,000 and for the six months ended June 30, 2011 net unrealized gains of $3,010,000. For the three and six months ended June 30, 2010, the Trust recognized net unrealized gains of $2,875,000 and $4,802,000, respectively. The change in fair value of the securities is recorded as an unrealized gain or loss in the Trust’s statement of operations. Income related to securities carried at fair value is recorded as interest and dividend income.

The following table presents as of June 30, 2011 and December 31, 2010 the Trust’s financial assets for which the fair value option was elected (in thousands):

Financial Instruments at Fair Value June 30, 2011 December 31, 2010

Assets

Securities carried at fair value:

REIT Preferred shares
$ 4,333 $ 28,547

REIT Common shares
3,280 4,485

Loan securities carried at fair value
5,418 11,981

$ 13,031 $ 45,013

The table below presents as of June 30, 2011 the difference between fair values and the aggregate contractual amounts due for which the fair value option has been elected (in thousands):

Fair Value at Amount Due

June 30, 2011 Upon Maturity Difference

Assets

Loan securities carried at fair value
$ 5,418 $ 7,494 $ 2,076

$ 5,418 $ 7,494 $ 2,076

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Discontinued Operations
6 Months Ended

Jun. 30, 2011

Discontinued Operations [Abstract]

Discontinued Operations

11.
Discontinued Operations

In addition to the Trust’s properties in Athens, Georgia; Lafayette, Louisiana; Knoxville, Tennessee; and Sherman, Texas that were previously classified as discontinued operations, in January 2011 another retail property in St. Louis, Missouri has also been classified as discontinued operations. In February 2011 the Trust entered into agreements to sell the St. Louis, Missouri, and Knoxville, Tennessee properties, each subject to the respective buyer’s due diligence.

Results for discontinued operations for the three and six months ended June 30, 2011 and 2010 are as follows (in thousands):

For the Three Months Ended For the Six Months Ended

June 30, 2011 June 30, 2010 June 30, 2011 June 30, 2010

Revenues
$ 126 $ 271 $ 265 $ 566

Operating expenses
(36 ) (4 ) (126 ) (21 )

Depreciation and amortization
— (31 ) (2 ) (62 )

Impairment loss
— (1,000 ) — (1,000 )

Income from discontinued operations
$ 90 $ (764 ) $ 137 $ (517 )

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Financing, Acquisition and Disposition Activities
6 Months Ended

Jun. 30, 2011

Financing, Acquisition and Disposition Activities [Abstract]

Financing, Acquisition and Disposition Activities

4.
Financing, Acquisition and Disposition Activities

Financing Activities

Public Offering — On April 6, 2011, the Trust closed a public offering of 5,750,000 Common Shares at a price of $11.25 per share before underwriters discount and received net proceeds of approximately $61,386,000. A portion of the proceeds were utilized to pay down the Trust’s revolving line of credit.

Sealy Northwest Atlanta Loan - On June 23, 2011 the Trust made a $20,641,000 bridge loan to its Sealy Northwest Atlanta joint venture which holds a 471,952 square foot flex-office complex in Marietta, GA. The Trust’s bridge loan enabled the joint venture to satisfy its $28,750,000 first mortgage loan at a discounted payoff amount of $20,500,000. The bridge loan bears interest at 8% per annum and matures on November 1, 2011. The joint venture is currently negotiating with a third party lender and expects to secure replacement financing prior to November 1, 2011.

Acquisition Activities

450 West 14th Street / 446 High Line LLC Investment — On May 13, 2011, the Trust committed to invest up to $15,000,000 for a preferred equity interest in the entity that holds the leasehold interest in a newly constructed 73% pre-leased 102,000 square foot retail and office property located on the High Line at 450 West 14th Street, New York, New York. The investment is subject to a $54,000,000 first mortgage loan. As of June 30, 2011 the Trust has invested a total of $5,965,000. The Trust accounts for this investment as a preferred equity investment.

Magazine Mezzanine Loan — On June 1, 2011, the Trust acquired from Concord Debt Holdings LLC (“Concord”) for a purchase price of $17,525,000 a $20,000,000 senior mezzanine loan collateralized by a pledge of the equity interest in six cross-collateralized, cross-defaulted apartment communities, totaling 2,106 units located in Orlando, Sarasota, Bradenton and Palm Beach Gardens, Florida. The loan is subordinate to $120,000,000 of senior debt, is currently paying one month LIBOR plus 123 basis points and is scheduled to mature on July 9, 2012. The Trust accounts for this investment as a loan receivable.

Sofitel / LW Sofi LLC Investment — On June 2, 2011, the Trust entered into a 50/50 joint venture with Lexington Realty Trust (“Lexington”) named LW SOFI LLC (“LW SOFI”). The Trust and Lexington each contributed approximately $5,760,000 to LW SOFI. On June 3, LW SOFI acquired from Concord for approximately $11,520,000, 100% of the economic rights and obligations in a $71,530,000 mezzanine loan collateralized by an interest in the Sofitel hotel in New York City. The loan is interest only, bears interest at LIBOR plus 185 basis points and matures on February 1, 2012. The loan is encumbered by a $56,090,000 repurchase obligation that charges interest at a variable interest rate of 1-month LIBOR plus 100 basis points and matures on December 31, 2012. The Trust accounts for this investment using the equity method of accounting.

Vintage Housing Holdings LLC Investment- On March 8, 2011, the first stage of the Vintage Housing Holdings LLC (“Vintage”) transaction closed pursuant to which the Trust acquired developer fees and advances receivable owed by real estate partnerships for a purchase price of $7,000,000. On June 24, 2011, the Trust closed on the second phase of its Vintage transaction to acquire for $18,200,000, plus a contribution of its previously purchased receivables, an effective 75% interest in the Vintage venture entitling the Trust to a 12% preferred return from current cash flow. Vintage owns general partnership interests and certain developer fees and advances receivable from partnerships owning 25 multifamily and senior housing properties comprising approximately 4,200 units located primarily in the Pacific Northwest and California. The Trust accounts for its investment in Vintage using the equity method of accounting.

Sorin / RE CDO Management Investment — On June 29, 2011, the Trust entered into a new joint venture with Gotham Hotel Funding LLC, an affiliate of Atrium Holding Company (“Atrium”), named RE CDO Management LLC (“RE CDO”). The Trust and Atrium each contributed approximately $1,250,000 to RE CDO which purchased certain collateral management agreements and subordinated interests related to two collateralized debt obligation entities that hold loans and loan securities. The Trust accounts for this investment using the equity method of accounting.

Disposition Activity

Marc Realty — On June 1, 2011 the Trust sold to its partner, Marc Realty, for $18,544,000 its equity interest in three properties in its Marc Realty Portfolio (8 South Michigan, 11 East Adams and 29 East Madison). The purchase price was paid $6,000,000 in cash and $12,544,000 in aggregate secured promissory notes which each bear interest at 8% per annum, require payments of interest only and mature on May 31, 2016. Pursuant to the guidance for sales of real estate, the Trust has deferred recognition of the gain of $385,000.

Loan Asset Repayments

Lakeside Eagle Loans — 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 with Retail Opportunity Investments Corporation. The Trust received repayments totaling $18,650,000 on its $18,093,000 investment which represented its pro-rata share of the equity investment.

Gotham Hotel Loan — 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. The Trust received repayment of $8,638,000 on its $8,037,000 investment which represented its pro-rata share of the equity investment.

Siete Square Loan — On June 9, 2011 the borrower on the Trust’s Sub-Participation B Interest with a carrying amount of $2,500,000 exercised its discount payoff option and repaid the loan in full. The performing loan asset was originally acquired in June 2009 for $2,460,000.

CDH CDO LLC — During the quarter ended June 30, 2011 CDH CDO LLC made various repayments satisfying approximately $3,450,000 on its loan payable to the Trust. As of June 30, 2011 the loan had a balance of $742,000.

Foreclosure Activity

Cypress Pointe Apartments — On April 6, 2011, the Trust was admitted as a member in an entity that holds an approximately $2,500,000 non-performing junior mezzanine loan indirectly secured by a 194 unit apartment complex located in Jacksonville, Florida. The loan matured on March 30, 2011 and the venture commenced foreclosure on its collateral. The Trust currently accounts for its participation in the venture on the equity method of accounting. The Trust has not yet funded any amounts to this venture and consequently the investment balance is currently zero.

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Reportable Segments
6 Months Ended

Jun. 30, 2011

Reportable Segments [Abstract]

Reportable Segments

14.
Reportable Segments

The Financial Accounting Standards Board (“FASB”) guidance on segment reporting establishes standards for the way that public business enterprises report information about operating segments in financial statements and requires that those enterprises report selected financial information about operating segments in interim financial reports issued to shareholders.

Based on the Trust’s method of internal reporting, management determined that it has three operating segments: (i) the ownership of operating properties; (ii) the origination and acquisition of loans and debt securities secured directly or indirectly by commercial and multi-family real property — collectively, loan assets; and (iii) the ownership of equity and debt securities in other REITs — REIT securities.

The operating properties segment includes all of the Trust’s wholly and partially owned operating properties. The loan assets segment includes all of the Trust’s activities related to real estate loans including loans receivable, loan securities and equity investments in loan related entities. The REIT securities segment includes all of the Trust’s activities related to the ownership of securities in other publicly traded real estate companies. In addition to its three business segments, the Trust reports non-segment specific income and expense under corporate income (expense).

The following table summarizes the Trust’s assets by business segment for the periods ended June 30, 2011 and December 31, 2010 (in thousands):

June 30, December 31,

2011 2010

Operating properties
$ 376,207 $ 373,142

Loan assets
182,944 134,269

REIT securities
7,613 33,032

Corporate

Cash and cash equivalents
51,344 45,257

Restricted cash
9,152 8,593

Straight line rent receivable
9,438 8,729

Other accounts receivable and prepaids
4,672 3,673

Deferred financing costs
1,346 1,158

Discontinued operations
3,702 2,275

Total Assets
$ 646,418 $ 610,128

The Trust defines net operating income for each segment presented as all items of income and expense directly derived from or incurred by each business segment before depreciation, amortization and interest expense. Interest on cash reserves, general and administrative expenses and other non-segment specific income and expense items are reported under corporate income (expense).

The following table presents a summary of revenues from operating properties, loan assets and REIT securities and expenses incurred by each segment for the three and six months ended June 30, 2011 and June 30, 2010 (in thousands):

For the Three Months Ended For the Six Months Ended

June 30, June 30, June 30, June 30,

2011 2010 2011 2010

Operating Properties

Rents and reimbursements
$ 11,234 $ 9,435 $ 22,220 $ 18,755

Operating expenses
(3,987 ) (1,818 ) (8,032 ) (3,767 )

Real estate taxes
(1,087 ) (340 ) (2,342 ) (1,060 )

Equity in income (loss) of Sealy Northwest Atlanta
5,133 (174 ) 4,541 (349 )

Equity in loss of Sealy Airpark Nashville
(256 ) (224 ) (453 ) (433 )

Equity in loss of Sealy Newmarket
(633 ) (230 ) (1,144 ) (449 )

Impairment loss on Sealy equity investment
(3,800 ) — (3,800 ) —

Equity in (loss) income of Marc Realty investments
(175 ) 231 (120 ) 307

Operating income
6,429 6,880 10,870 13,004

Depreciation and amortization expense
(3,312 ) (2,371 ) (6,793 ) (4,671 )

Interest expense
(3,296 ) (3,207 ) (7,115 ) (6,400 )

Operating properties net income (loss)
(179 ) 1,302 (3,038 ) 1,933

Loan Assets

Interest and discount accretion
4,976 2,837 14,190 5,299

Equity in earnings of preferred equity investment of Marc Realty
85 85 168 168

Equity in earnings of preferred equity investment of 450 West 14th Street
73 — 73 —

Unrealized gain on loan securities carried at fair value
34 3,625 2,847 3,012

Equity in income of ROIC Riverside
234 5 468 5

Equity in income of ROIC Lakeside Eagle
922 — 666 —

Equity in income of 46th Street Gotham
709 — 621 —

Equity in income of Concord
479 — 479 —

Equity in income of LW SOFI
262 — 262 —

Operating income
7,774 6,552 19,774 8,484

General and administrative expense
(11 ) (26 ) (15 ) (36 )

Interest expense
(184 ) — (341 ) —

Loan assets net income
7,579 6,526 19,418 8,448

REIT Securities

Interest and dividends
118 753 576 1,500

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

REIT Securities Net operating income (loss)
(598 ) 81 870 4,063

Operating Segments Net Income
6,802 7,909 17,250 14,444

Reconciliations to GAAP Net Income:

Corporate Income (Expense)

Interest income
443 40 536 77

Interest expense
(483 ) (459 ) (1,120 ) (917 )

General and administrative
(2,747 ) (1,890 ) (5,267 ) (3,787 )

State and local taxes
(48 ) (85 ) (77 ) (99 )

Income from continuing operations before non-controlling interest
3,967 5,515 11,322 9,718

Non-controlling interest
(329 ) (175 ) (533 ) (420 )

Income from continuing operations attributable to Winthrop Realty Trust
3,638 5,340 10,789 9,298

Income (loss) from discontinued operations attributable to Winthrop Realty Trust
90 (764 ) 137 (517 )

Net Income Attributable to Winthrop Realty Trust
$ 3,728 $ 4,576 $ 10,926 $ 8,781

Capital Expenditures

Operating properties
$ 896 $ 1,090 $ 3,715 $ 1,717

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Consolidated Statements of Equity (Unaudited) (USD $)
In Thousands

Total

Common shares of beneficial interest

Additional Paid-In Capital

Accumulated Distribution in Excess of Net Income

Accumulated Other Comprehensive Income

Non- Controlling Interests

Beginning balance at Dec. 31, 2009 $ 229,200 $ 20,375 $ 498,118 $ (301,317) $ (87) $ 12,111

Beginning balance, shares at Dec. 31, 2009 20,375

Net income attributable to Winthrop Realty Trust 8,781 8,781

Net income attributable to non-controlling interests 420 420

Distributions to non-controlling interests (200) (200)

Contributions from non-controlling interests 519 519

Dividends paid or accrued on Common Shares of Beneficial Interest ($0.325 per share) (6,877) (6,877)

Dividends paid or accrued on Series C Preferred Shares ($0.8125 per share) (171) (171)

Change in unrealized gain on available for sale securities 2 2

Change in unrealized gain on interest rate derivatives 12 12

Conversion of Series C Preferred Shares to Common Shares, shares 714

Conversion of Series C Preferred Shares to Common Shares 8,948 714 8,234

Shares issued pursuant to dividend reinvestment plan, shares 92

Shares issued pursuant to dividend reinvestment plan 1,180 92 1,088

Ending balance at Jun. 30, 2010 241,814 21,181 507,440 (299,584) (73) 12,850

Ending balance, shares at Jun. 30, 2010 21,181

Beginning balance at Dec. 31, 2010 309,847 27,030 569,586 (300,782) (63) 14,076

Beginning balance, shares at Dec. 31, 2010 27,030

Net income attributable to Winthrop Realty Trust 10,926 10,926

Net income attributable to non-controlling interests 533 533

Distributions to non-controlling interests (194) (194)

Contributions from non-controlling interests 277 277

Dividends paid or accrued on Common Shares of Beneficial Interest ($0.325 per share) (9,748) (9,748)

Dividends paid or accrued on Series C Preferred Shares ($0.8125 per share) (117) (117)

Change in unrealized gain on interest rate derivatives 63 63

Net proceeds from Common Shares offering, shares 5,750

Net proceeds from Common Shares offering 61,386 5,750 55,636

Shares issued pursuant to dividend reinvestment plan, shares 118

Shares issued pursuant to dividend reinvestment plan 1,368 118 1,250

Ending balance at Jun. 30, 2011 $ 374,341 $ 32,898 $ 626,472 $ (299,721) $ 0 $ 14,692

Ending balance, shares at Jun. 30, 2011 32,898

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XML 33 R22.htm IDEA: XBRL DOCUMENT v2.3.0.11

Variable Interest Entities
6 Months Ended

Jun. 30, 2011

Variable Interest Entities [Abstract]

Variable Interest Entities

15.
Variable Interest Entities

Consolidated Variable Interest Entities

Andover Operating Property — The lease agreement executed in January 2010 on the Andover, Massachusetts property gives the tenant an option to purchase the building for a fixed price of $10,500,000. The option is exercisable at the tenant’s discretion at any point during the lease term prior to January 2013. As a result of the fixed price purchase option contained in this lease agreement, the Trust has determined that its Andover, Massachusetts property is a VIE for which the Trust is the primary beneficiary since it has the power to direct activities that most significantly impact the economics of the property.

The carrying amounts of the Trust’s Andover property include land of $1,200,000, building of $6,114,000 and lease intangibles of $1,456,000. Prior to the execution of the lease agreement, the Andover property was not considered a VIE but it has been consolidated since its acquisition. There is no mortgage debt associated with this property.

Deer Valley Medical Center Operating Property — The Trust has concluded that its venture, WRT-DV LLC (“WRT-DV”), the entity that owns the property, is a VIE. This assessment is primarily based on the fact that the equity investment at risk is not sufficient to finance its activities without additional subordinated financial support.

Pursuant to the terms of WRT-DV’s operating agreement, the Trust receives a priority return on $7,900,000 of its invested capital, with the balance of the capital being allocated 96.5% to the Trust and 3.5% to its joint venture partner, Fenway. The Trust has effectively all control rights with respect to WRT-DV. Therefore the Trust has determined it is the primary beneficiary and consolidates the venture which owns the operating property.

The carrying amounts of the Deer Valley property include land and building of $9,900,000 and lease intangibles of $2,363,000. There is no mortgage debt associated with this property.

Variable Interest Entities Not Consolidated

Equity Method Investments

Marc Realty Equity Investments and Preferred Equity Investment — The Trust has concluded that the nine Marc Realty equity investments and the one preferred equity investment are variable interests in VIEs. This assessment is primarily based on the fact that the underlying entities do not have sufficient equity at risk to permit them to finance their activities without additional subordinated financial support.

While the Trust maintains certain protective rights under the terms of the agreements governing the Marc Realty investments, the power to direct the activities that most significantly impact the economics of the Marc Realty investments is vested in Marc Realty as the managing member. As such, management has concluded that the Trust is not the primary beneficiary of these Marc Realty investments. At June 30, 2011, the Trust’s investment in the Marc Realty equity investments was $43,735,000 and its investment in the preferred equity investment was $4,118,000.

Sealy Northwest Atlanta LP and Sealy Newmarket LP — The Trust has concluded that the Sealy Northwest and Sealy Newmarket equity investments are variable interests in VIEs. This assessment is primarily based on the fact that the underlying investment entities do not have sufficient equity at risk to permit them to finance their activities without additional subordinated financial support. While the Trust maintains certain protective rights under the terms of the agreements governing these investments, the power to direct the activities that most significantly impact the economics is vested in Sealy, the managing member of the joint ventures. As such, management has concluded that the Trust is not the primary beneficiary of the Sealy Northwest or Sealy Newmarket investments.

LW Sofi LLC — The Trust has concluded that the LW Sofi equity investment is a variable interest in a VIE. This assessment is primarily based on the fact that the underlying investment entity does not have sufficient equity at risk to permit them to finance their activities without additional subordinated financial support. The Trust has determined that it is not the primary beneficiary of LW Sofi as it shares equally in the power to make decisions that most effect the economics of the entity.

446 High Line LLC — The Trust has concluded that the High Line equity investment is a variable interest in a VIE. This assessment is primarily based on the fact that the underlying investment entity does not have sufficient equity at risk to permit them to finance their activities without additional subordinated financial support. While the Trust maintains certain protective rights under the terms of the agreements governing the High Line investment, at present the power to direct the activities that most significantly impact the economics of is vested in the managing member of the joint venture. As such, management has concluded that the Trust is not the primary beneficiary of the High Line investment.

Vintage Housing Holdings LLC — The Trust has concluded that the Vintage equity investment is a variable interest in a VIE. This assessment is primarily based on the fact that the voting rights of the general partner and managing member entities are not proportional to their obligations to absorb expected losses and rights to receive residual returns of the legal entities. While the Trust maintains certain protective rights under the terms of the agreements governing the Vintage investment, the power to direct the activities that most significantly impact the economics of is vested in the managing member of the joint venture. As such, management has concluded that the Trust is not the primary beneficiary of the Vintage investment.

Loans Receivable and Loan Securities — The Trust has reviewed its loans receivable and loan securities and certain of these assets have been identified as variable interests in a VIE because the equity investment at risk at the borrowing entity level is not considered sufficient for the entity to finance its activities without additional subordinated financial support.

Certain loans receivable and loan securities which have been determined to be VIEs are performing assets, meeting their debt service requirements, and the borrowers hold title to the collateral. In these cases the borrower has the power to direct the activities that most significantly impact the economic performance of the VIE, including management and leasing activities. In the event of default under these loans the Trust only has protective rights and has the risk to absorb losses only to the extent of its loan investment. The borrower has been determined to be the primary beneficiary for these performing assets.

The Trust has determined that it does not currently have the power to direct the activities of the ventures collateralizing any of its loans receivable and loan securities. For this reason, management believes that it does not control, nor is it the primary beneficiary of these ventures. Accordingly, the Trust accounts for these investments under the guidance for loans receivable and real estate debt investments.

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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

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)

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

Transfer from loan securities 662

Loan receivable (11,184)

Transfer bridge loan to preferred equity investments (2,022)

Transfer Marc Realty seller financing from equity investments $ 12,544

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XML 35 R16.htm IDEA: XBRL DOCUMENT v2.3.0.11

Revolving Line of Credit
6 Months Ended

Jun. 30, 2011

Debt/Revolving Line of Credit [Abstract]

Revolving Line of Credit

9.
Revolving Line of Credit

On March 3, 2011 the Trust amended its existing revolving line of credit with KeyBank. Under the modified terms the Trust can borrow on a revolving basis up to $50,000,000 with, subject to the satisfaction of certain conditions, the ability to increase the line up to $150,000,000. The revolving line of credit bears interest at Libor plus 3% and has a maturity date of March 3, 2014 with a one year option to extend the maturity date to March 3, 2015.

The Trust must comply with financial covenants on an ongoing basis. The covenants are tested as of the end of each quarter based upon results for the most recently ended quarter. The Trust was in compliance of its financial covenants under its revolving line of credit as of June 30, 2011.

The revolving credit line is recourse and as such is effectively collateralized by all of the Trust’s assets. The Trust has pledged certain unencumbered consolidated operating properties and loans receivable as the borrowing base for the revolving line of credit. The revolving credit line requires monthly payments of interest only. To the extent that the amounts outstanding under the facility are in excess of the borrowing base (as calculated), the Trust is required to make a principal payment to reduce such excess. The Trust may prepay from time to time without premium or penalty and re-borrow amounts prepaid.

The outstanding balance under the facility was $0 and $25,450,000 at June 30, 2011 and December 31, 2010. The Trust is required to pay a commitment fee on the unused portion of the line, which amounted to approximately $56,000 and $65,000 for the three and six months ended June 30, 2011, respectively and $22,000 and $44,000 for the three and six months ended June 30, 2010, respectively.

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Related-Party Transactions
6 Months Ended

Jun. 30, 2011

Related Party Transactions [Abstract]

Related-Party Transactions

13.
Related-Party Transactions

FUR Advisors

The activities of the Trust are administered by FUR Advisors LLC (“FUR Advisors”) pursuant to the terms of the Advisory Agreement between the Trust and FUR Advisors. FUR Advisors is controlled by and partially owned by the executive officers of the Trust. Pursuant to the terms of the Advisory Agreement, FUR Advisors is responsible for providing asset management services to the Trust and coordinating with the Trust’s shareholder transfer agent and property managers. FUR Advisors is entitled to receive a base management fee and an incentive fee in accordance with the terms of the Advisory Agreement. In addition, FUR Advisors or its affiliate is also entitled to receive property and construction management fees subject to the approval of the independent Trustees of the Trust.

The following table sets forth the fees and reimbursements paid by the Trust for the three and six months ended June 30, 2011 and 2010 to FUR Advisors and Winthrop Management (in thousands):

For the Three Months Ended For the Six Months Ended

June 30, 2011 June 30, 2010 June 30, 2011 June 30, 2010

Base Asset Management
$ 1,965 $ 1,169 $ 3,685 $ 2,193

WRP Sub-Management LLC Credit
— (48 ) — (100 )

Property Management
139 57 271 116

Construction Management
— 1 — 1

$ 2,104 $ 1,179 $ 3,956 $ 2,210

Base Asset Management Fee

Effective January 1, 2010, the Advisory Agreement was amended so that the determination of the issuance price of Common Shares reverted back to the pre 2009 definition such that the quarterly fee is to be calculated as 1.5% of the actual issuance price of Common Shares instead of a fixed price for Common Shares issued prior to January 1, 2009. Additionally, FUR Advisors receives a fee equal to 0.25% of any equity contributions by an unaffiliated third party to a venture managed by the Trust. The management fee paid by the Trust for third party equity contributions amounted to $14,000 and $22,000 for the three and six months ended June 30, 2011, respectively. There was no fee for third party equity contributions in 2010.

Winthrop Management

Winthrop Management L.P. (“Winthrop Management”), an affiliate of FUR Advisors and the Trust’s executive officers, assumed property management responsibilities for various properties owned by the Trust. Winthrop Management receives a property management fee pursuant to the terms of individual property management agreements.

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Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands

Jun. 30, 2011

Dec. 31, 2010

Investments in real estate, at cost

Land $ 36,495 $ 37,142

Buildings and improvements 273,964 271,357

Total investments in real estate, at cost 310,459 308,499

Less: accumulated depreciation (40,168) (36,232)

Investments in real estate, net 270,291 272,267

Cash and cash equivalents 51,344 45,257

Restricted cash held in escrows 9,152 8,593

Loans receivable, net 153,437 110,395

Accounts receivable, net of allowances of $453 and $262, respectively 14,110 12,402

Securities carried at fair value 7,613 33,032

Loan securities carried at fair value 5,418 11,981

Preferred equity investments 10,155 4,010

Equity investments 95,169 81,937

Lease intangibles, net 24,681 26,821

Deferred financing costs, net 1,346 1,158

Assets held for sale 3,702 2,275

TOTAL ASSETS 646,418 610,128

LIABILITIES

Mortgage loans payable 210,751 230,443

Series B-1 Cumulative Convertible Redeemable Preferred Shares, $25 per share liquidation preference; 852,000 shares authorized and outstanding at June 30, 2011 and December 31, 2010 21,300 21,300

Secured financing 15,150 0

Revolving line of credit 0 25,450

Accounts payable and accrued liabilities 12,322 12,557

Dividends payable 5,385 4,431

Deferred income 1,016 150

Below market lease intangibles, net 2,312 2,696

Liabilities of held for sale assets 620 33

TOTAL LIABILITIES 268,856 297,060

COMMITMENTS AND CONTINGENCIES

NON-CONTROLLING REDEEMABLE PREFERRED INTEREST

Series C Cumulative Convertible Redeemable Preferred Shares, $25 per share liquidation preference, 144,000 shares authorized and outstanding at June 30, 2011 and December 31, 2010 3,221 3,221

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

Winthrop Realty Trust Shareholders' Equity:

Common Shares, $1 par, unlimited shares authorized; 32,897,554 and 27,030,186 issued and outstanding at June 30, 2011 and December 31, 2010, respectively 32,898 27,030

Additional paid-in capital 626,472 569,586

Accumulated distributions in excess of net income (299,721) (300,782)

Accumulated other comprehensive loss 0 (63)

Total Winthrop Realty Trust Shareholders ' Equity 359,649 295,771

Non-controlling interests 14,692 14,076

Total Equity 374,341 309,847

TOTAL LIABILITIES AND EQUITY $ 646,418 $ 610,128

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-Name Accounting Research Bulletin (ARB)
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-Number 51
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A3
-Appendix A

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-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 25
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4568447-111683

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The carrying value (book value) of an entity's issued and outstanding stock which is not included within permanent equity in Stockholders Equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.27(b))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number D-98
-Paragraph 2
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph i

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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
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Consolidated Statements of Equity (Unaudited) (Parenthetical) (USD $)	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Dividends paid or accrued per Common Share of Beneficial Interest	$ 0.325	$ 0.325
Dividends paid or accrued per Series C Preferred Share	$ 0.8125	$ 0.8125
Accumulated Distribution in Excess of Net Income
Dividends paid or accrued per Common Share of Beneficial Interest	$ 0.325	$ 0.325
Dividends paid or accrued per Series C Preferred Share	$ 0.8125	$ 0.8125

Consolidated Statements of Equity (Unaudited) (USD $) In Thousands	Total	Common shares of beneficial interest	Additional Paid-In Capital	Accumulated Distribution in Excess of Net Income	Accumulated Other Comprehensive Income	Non- Controlling Interests
Beginning balance at Dec. 31, 2009	$ 229,200	$ 20,375	$ 498,118	$ (301,317)	$ (87)	$ 12,111
Beginning balance, shares at Dec. 31, 2009		20,375
Net income attributable to Winthrop Realty Trust	8,781			8,781
Net income attributable to non-controlling interests	420					420
Distributions to non-controlling interests	(200)					(200)
Contributions from non-controlling interests	519					519
Dividends paid or accrued on Common Shares of Beneficial Interest ($0.325 per share)	(6,877)			(6,877)
Dividends paid or accrued on Series C Preferred Shares ($0.8125 per share)	(171)			(171)
Change in unrealized gain on available for sale securities	2				2
Change in unrealized gain on interest rate derivatives	12				12
Conversion of Series C Preferred Shares to Common Shares, shares		714
Conversion of Series C Preferred Shares to Common Shares	8,948	714	8,234
Shares issued pursuant to dividend reinvestment plan, shares		92
Shares issued pursuant to dividend reinvestment plan	1,180	92	1,088
Ending balance at Jun. 30, 2010	241,814	21,181	507,440	(299,584)	(73)	12,850
Ending balance, shares at Jun. 30, 2010		21,181
Beginning balance at Dec. 31, 2010	309,847	27,030	569,586	(300,782)	(63)	14,076
Beginning balance, shares at Dec. 31, 2010		27,030
Net income attributable to Winthrop Realty Trust	10,926			10,926
Net income attributable to non-controlling interests	533					533
Distributions to non-controlling interests	(194)					(194)
Contributions from non-controlling interests	277					277
Dividends paid or accrued on Common Shares of Beneficial Interest ($0.325 per share)	(9,748)			(9,748)
Dividends paid or accrued on Series C Preferred Shares ($0.8125 per share)	(117)			(117)
Change in unrealized gain on interest rate derivatives	63				63
Net proceeds from Common Shares offering, shares		5,750
Net proceeds from Common Shares offering	61,386	5,750	55,636
Shares issued pursuant to dividend reinvestment plan, shares		118
Shares issued pursuant to dividend reinvestment plan	1,368	118	1,250
Ending balance at Jun. 30, 2011	$ 374,341	$ 32,898	$ 626,472	$ (299,721)	$ 0	$ 14,692
Ending balance, shares at Jun. 30, 2011		32,898

Consolidated Balance Sheets (Unaudited) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Investments in real estate, at cost
Land	$ 36,495	$ 37,142
Buildings and improvements	273,964	271,357
Total investments in real estate, at cost	310,459	308,499
Less: accumulated depreciation	(40,168)	(36,232)
Investments in real estate, net	270,291	272,267
Cash and cash equivalents	51,344	45,257
Restricted cash held in escrows	9,152	8,593
Loans receivable, net	153,437	110,395
Accounts receivable, net of allowances of $453 and $262, respectively	14,110	12,402
Securities carried at fair value	7,613	33,032
Loan securities carried at fair value	5,418	11,981
Preferred equity investments	10,155	4,010
Equity investments	95,169	81,937
Lease intangibles, net	24,681	26,821
Deferred financing costs, net	1,346	1,158
Assets held for sale	3,702	2,275
TOTAL ASSETS	646,418	610,128
LIABILITIES
Mortgage loans payable	210,751	230,443
Series B-1 Cumulative Convertible Redeemable Preferred Shares, $25 per share liquidation preference; 852,000 shares authorized and outstanding at June 30, 2011 and December 31, 2010	21,300	21,300
Secured financing	15,150	0
Revolving line of credit	0	25,450
Accounts payable and accrued liabilities	12,322	12,557
Dividends payable	5,385	4,431
Deferred income	1,016	150
Below market lease intangibles, net	2,312	2,696
Liabilities of held for sale assets	620	33
TOTAL LIABILITIES	268,856	297,060
COMMITMENTS AND CONTINGENCIES
NON-CONTROLLING REDEEMABLE PREFERRED INTEREST
Series C Cumulative Convertible Redeemable Preferred Shares, $25 per share liquidation preference, 144,000 shares authorized and outstanding at June 30, 2011 and December 31, 2010	3,221	3,221
Total non-controlling redeemable preferred interest	3,221	3,221
Winthrop Realty Trust Shareholders' Equity:
Common Shares, $1 par, unlimited shares authorized; 32,897,554 and 27,030,186 issued and outstanding at June 30, 2011 and December 31, 2010, respectively	32,898	27,030
Additional paid-in capital	626,472	569,586
Accumulated distributions in excess of net income	(299,721)	(300,782)
Accumulated other comprehensive loss	0	(63)
Total Winthrop Realty Trust Shareholders ' Equity	359,649	295,771
Non-controlling interests	14,692	14,076
Total Equity	374,341	309,847
TOTAL LIABILITIES AND EQUITY	$ 646,418	$ 610,128