WINTHROP REALTY TRUST

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

At December 31, 2013

(amounts in thousands)


					Initial Cost to Registrant				Cost capitalized/(impaired) subsequent to acquisition					As of December 31, 2013
Description	Location	Location	Mortgage Encumbrances		Land		Building and Improvements		Land/Building and Improvements			Land		Building and Improvements		Total		Accumulated Depreciation		Date Acquired		Life

Office	Orlando	FL	$	36,983	$	—	$	17,248	$	42		$	—	$	17,290	$	17,290	$	3,944		11/2004		(1)
Office	Plantation	FL		10,684		—		8,915		4,020			4,000		8,935		12,935		2,038		11/2004		(1)
Office	Chicago	IL		19,856		—		23,635		2,875			—		26,510		26,510		5,792		10/2005		(1)
Office	Amherst	NY		—		1,591		18,027		1,377			2,573		18,422		20,995		3,887		5/2005		(1)
Office	South Burlington	VT		—		—		3,099		309			—		3,408		3,408		671		12/2005		(1)
Office	Chicago	IL		8,579		1,149		9,989		5,631			1,149		15,620		16,769		2,517		10/2007		(1)
Office	Houston	TX		47,201		7,075		62,468		—			7,075		62,468		69,543		14,185		1/2005		(1)
Office	Lisle	IL		5,752		3,774		16,371		2,461			3,774		18,832		22,606		3,779		2/2006		(1)
Office	Lisle	IL		5,470		780		2,803		689			780		3,492		4,272		635		2/2006		(1)
Office	Englew ood	CO		—		2,580		5,403		3,347			2,580		8,750		11,330		1,341		11/2010		(1)
Office	Englew ood	CO		—		1,829		5,612		717			1,829		6,329		8,158		875		12/2010		(1)
Office	New York	NY		51,950		—		52,778		7,469			—		60,247		60,247		3,740		11/2011		(1)
Office	Cerritos	CA		23,142		4,114		16,190		3,419			4,114		18,681		22,795		911		10/2012		(1)
Office	Philadelphia	PA		42,440		18,627		23,340		2,212			18,627		25,552		44,179		788		2/2013		(1)

				252,057		41,519		265,878		34,568			46,501		294,536		341,037		45,103


Retail	Atlanta	GA		—		—		4,633		(2,675	)		—		1,958		1,958		142		11/2004		(1)
Retail	Louisville	KY		—		—		2,722		377			373		2,726		3,099		622		11/2004		(1)
Retail	Greensboro	NC		—		—		3,797		4			—		3,801		3,801		867		11/2004		(1)

				—		—		11,152		(2,294	)		373		8,485		8,858		1,631


Other	Jacksonville	FL		—		2,166		8,684		2,241			2,166		10,925		13,091		2,541		11/2004		(1)
Other	Churchill	PA		5,049		—		23,834		(14,129	)		—		9,705		9,705		4,176		11/2004		(1)
Other	Memphis	TN		13,125		3,080		17,485		883			3,080		18,368		21,448		1,150		4/2012		(1)
Other	Greensboro	NC		14,735		1,961		16,482		132			1,961		16,614		18,575		766		11/2012		(1)
Other	Oklahoma City	OK		9,967		1,328		13,351		—			1,328		13,351		14,679		70		10/2013		(1)
Other	Phoenix	AZ		24,390		1,053		38,488		—			1,053		38,488		39,541		181		10/2013		(1)
Other	San Pedro	CA		12,195		3,879		15,952		—			3,879		15,952		19,831		98		10/2013		(1)
Other	Stamford	CT		48,780		5,707		73,460		—			5,707		73,460		79,167		315		10/2013		(1)
Other	Houston	TX		64,635		16,167		88,769		—			16,167		88,769		104,936		417		10/2013		(1)

				192,876		35,341		296,505		(10,873	)		35,341		285,632		320,973		9,714



Total			$	444,933	$	76,860	$	573,535	$	21,401		$	82,215	$	588,653	$	670,868	$	56,448

(1) Buildings are depreciated over 30-40 years. Building improvements are depreciated over 5-20 years. Tenant improvements are depreciated over the shorter of the useful life or the term of the related lease.

The aggregate cost in the properties for federal income tax purposes was approximately									$	576,496

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

(amounts in thousands)

The following is a reconciliation of real estate assets and accumulated depreciation:


	Year Ended December 31,
	2013			2012			2011

Real Estate
Balance at beginning of period	$	421,989		$	363,832		$	308,499
Additions during the period:
Other acquisitions		258,153			59,312			—
Improvements, etc.		6,165			12,417			11,962
Other additions		41,967			—			52,778
Deductions during this period:
Cost of real estate sold		(27,974	)		(629	)		—
Other deductions		—			(26	)		—
Asset impairments		(2,799	)		(2,562	)		(7,600	)
Disposal of fully amortized assets		(1,082	)		(297	)		(168	)
Transfer of discontinued operations		(25,551	)		(10,058	)		(1,639	)

Balance at end of period	$	670,868		$	421,989		$	363,832


Accumulated Depreciation
Balance at beginning of period	$	51,553		$	44,556		$	36,232
Additions charged to operating expenses		13,671			11,207			8,644
Proceeds from sale of properties		(4,946	)		—			—
Transfer (to) from discontinued operations, net (1)		(2,748	)		(3,913	)		(152	)
Disposal of fully amortized assets		(1,082	)		(297	)		(168	)

Balance at end of period	$	56,448		$	51,553		$	44,556

(1)

In 2013, the Deer Valley, Arizona; Meriden, Connecticut; Lisle, Illinois; Andover, Massachusetts; Denton, Texas and Seabrook, Texas properties were placed in discontinued operations. In 2012, the Indianapolis, Indiana and Memphis, Tennessee properties were placed into discontinued operations. In 2011, the St. Louis, Missouri property was placed into discontinued operations.