WINTHROP REALTY TRUST

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

At December 31, 2014

(amounts in thousands)


					Initial Cost to Company				Gross Amounts at Which Carried at Close of Period
	Location		Encumbrance		Land		Building and Improvements		Land		Building and Improvements		Accumulated Depreciation (2)			Net Liquidation Adjustment (1)		Total		Date Acquired		Life
Office	Orlando	FL	$	36,347	$	—	$	17,248	$	—	$	17,290	$	(4,196	)	$	—	$	13,094		11/2004		40 yrs
Office	Plantation	FL		10,550		—		8,915		4,000		8,935		(2,169	)				10,766		11/2004		40 yrs
Office	Chicago	IL		19,491		—		23,635		—		27,406		(6,280	)				21,126		10/2005		40 yrs
Office	Lisle	IL		5,712		3,774		16,371		3,774		7,096		(806	)				10,064		2/2006		40 yrs
Office	Lisle	IL		5,392		780		2,803		780		3,492		(690	)				3,582		2/2006		40 yrs
Office	New York	NY		51,034		—		52,778		—		60,524		(4,816	)				55,708		11/2011		40 yrs
Office	Cerritos	CA		23,000		4,114		16,190		4,115		19,061		(1,422	)				21,754		10/2012		40 yrs

Other	Jacksonville	FL		—		2,166		8,684		2,166		10,305		(715	)				11,756		11/2004		40 yrs
Other	Churchill	PA		4,918		—		23,834		—		9,705		(4,301	)				5,404		11/2004		40 yrs
Other	Greensboro	NC		13,600		1,961		16,482		1,952		16,639		(1,152	)				17,439		11/2012		40 yrs
Other	Phoenix	AZ		22,462		1,053		38,488		1,053		38,488		(805	)				38,736		10/2013		40 yrs
Other	Stamford	CT		44,923		5,707		73,460		5,707		73,521		(1,414	)				77,814		10/2013		40 yrs
Other	Houston	TX		59,525		16,167		88,769		16,167		89,173		(1,861	)				103,479		10/2013		40 yrs
	Net Liquidation Adjustment (1)			—		—		—		—		—		—			167,080		167,080

	Total		$	296,954	$	35,722	$	387,657	$	39,714	$	381,635	$	(30,627	)	$	167,080	$	557,802

The changes in total real estate for the period August 1, 2014 through December 31, 2014 are as follows:


Balance as of August 1, 2014	$	493,263,000
Capital expenditures		6,563,000
Liquidation adjustment, net		167,080,000
Disposals		(109,104,000	)

Balance as of December 31, 2014 (liquidation basis)	$	557,802,000

(1)	Under the liquidation basis of accounting, real estate holdings are now carried at their estimated net realizable values. As a result, the net liquidation adjustment is the net adjustment that the Trust has made to the carrying value of the properties in order to reflect the liquidation value.

(2)	Depreciation expense will not be recorded subsequent to July 31, 2014 as a result of the adoption of our plan of liquidation.

The aggregate cost of the properties for federal income tax purposes was approximately $311,526.

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,
	2014			2013			2012
Real Estate
Balance at beginning of period	$	670,868		$	421,989		$	363,832
Additions during the period:
Other acquisitions		—			258,153			59,312
Improvements, etc.		10,269			6,165			12,417
Liquidation adjustment		167,080			—			—
Other additions		—			41,967			—
Deductions during this period:
Cost of real estate sold		(175,665	)		(27,974	)		(629	)
Other deductions		—			—			(26	)
Asset impairments		(9,287	)		(2,799	)		(2,562	)
Deconsolidation of property		(69,543	)
Disposal of fully amortized assets		(5,293	)		(1,082	)		(297	)
Transfer of discontinued operations		—			(25,551	)		(10,058	)

Balance at end of period	$	588,429		$	670,868		$	421,989

Accumulated Depreciation
Balance at beginning of period	$	56,448		$	51,553		$	44,556
Additions charged to operating expenses		9,154			13,671			11,207
Disposal of properties		(15,497	)		(4,946	)		—
Deconsolidation of property		(14,185	)		—			—
Transfer (to) from discontinued operations, net (1)		—			(2,748	)		(3,913	)
Disposal of fully amortized assets		(5,293	)		(1,082	)		(297	)

Balance at end of period	$	30,627		$	56,448		$	51,553

(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.