WINTHROP REALTY TRUST

AT THE COMPANY
Beverly Bergman
(617) 570-4614

             WINTHROP REALTY TRUST SELLS ITS SHARES IN AMERICA FIRST
                           APARTMENT INVESTORS, INC.

      Boston, Massachusetts- June 26, 2007-Winthrop Realty Trust (NYSE:FUR)
announced today that it has sold in market transactions its 793,956 common
shares of America First Apartment Investors, Inc. ("APRO") for a per share price
of $25.02 resulting in net proceeds of approximately $19,817,000. The sale
generated a gain of approximately $9,739,000 exclusive of dividends on such
shares. Winthrop had acquired substantially all of the shares from January 2005
through August 2006 for an average per share price of $12.63. The shares sold
constituted substantially all shares held by Winthrop in APRO.

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      Winthrop Realty Trust is a NYSE-listed real estate investment trust (REIT)
headquartered in Boston, Massachusetts. Additional information on Winthrop
Realty Trust is available on its Web site at www.winthropreit.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995. With the exception of the historical information contained in this news
release, the matters described herein contain "forward-looking" statements that
involve risk and uncertainties that may individually or collectively impact the
matters herein described. These are detailed from time to time in the "Risk
Factors" section of the Company's SEC reports. Further information relating to
the Company's financial position, results of operations, and investor
information is contained in our annual and quarterly reports filed with the SEC
and available for download at our website www.winthropreit.com or at the SEC
website www.sec.gov.