Winthrop Realty Trust

Supplemental Operating and Financial Data

For the Three Months Ended March 31, 2010

WINTHROP REALTY TRUST

SUPPLEMENTAL REPORTING PACKAGE

Table of Contents

Consolidated Balance Sheets	1
Consolidated Statements of Operations and Comprehensive Income	2-3
Funds from Operations Analysis	4
Consolidated Statements of Cash Flows	5-6
Selected Balance Sheet Account Detail	7
Schedule of Loans Receivable and Loan Securities	8
Schedule of Capitalization, Dividends and Liquidity	9
Net Operating Income from Consolidated Properties	10
Consolidated Properties – Selected Property Data	11-13
Equity Investments – Selected Property Data	14-15
Consolidated Properties – Operating Summary	16
Equity Investments – Operating Summary	17
Reconciliation of Non-GAAP financial measures of income to net loss attributable to Common Shares	18
Definitions	19
Investor Information	20

Forward-Looking Statements - This supplemental reporting package contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words "assumes," "believes," "estimates," "expects," "guidance," "intends," “plans,”  projects,” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the control of Winthrop Realty Trust (the “Trust”) and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the ability of our joint venture partners to satisfy their obligations, the costs and availability of financing, the effects of local economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Trust's accounting policies and on period-to-period comparisons of financial results, regulatory changes and other risks and uncertainties detailed from time to time in the Trust’s filings with the Securities and Exchange Commission. The Trust does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures - It is important to note that throughout this presentation management makes references to non-GAAP financial measures, an example of which is Funds from Operations (“FFO”). Reconciliations and definitions for these non-GAAP financial measures are provided within this document.

WINTHROP REALTY TRUST

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

(Unaudited)

	March 31,			December 31,
	2010			2009
ASSETS
Investments in real estate, at cost
Land	$	20,659		$	20,659
Buildings and improvements		229,046			228,419
		249,705			249,078
Less: accumulated depreciation		(32,775	)		(31,269	)
Investments in real estate, net		216,930			217,809
Cash and cash equivalents		76,591			66,493
Restricted cash held in escrows		7,753			9,505
Loans receivable, net		25,516			26,101
Accounts receivable, net of allowances of $545 and $565, respectively		13,245			14,559
Securities carried at fair value		45,528			52,394
Loan securities carried at fair value		1,048			1,661
Available for sale securities, net		210			203
Preferred equity investment		3,992			4,012
Equity investments		73,010			73,207
Lease intangibles, net		23,926			22,666
Deferred financing costs, net		1,370			1,495
Assets held for sale		3,134			3,087
TOTAL ASSETS	$	492,253		$	493,192
LIABILITIES
Mortgage loans payable	$	214,977		$	216,767
Series B-1 Cumulative Convertible Redeemable Preferred Shares, $25 per share liquidation preference; 852,000 shares authorized and outstanding at March 31, 2010 and December 31, 2009		21,300			21,300
Accounts payable and accrued liabilities		6,722			7,401
Dividends payable		3,474			3,458
Deferred income		43			48
Below market lease intangibles, net		2,679			2,849
TOTAL LIABILITIES		249,195			251,823
COMMITMENTS AND CONTINGENCIES
NON-CONTROLLING REDEEMABLE PREFERRED INTEREST
Series C Cumulative Convertible Redeemable Preferred Shares, $25 per share liquidation preference, 144,000 and 544,000 shares authorized and outstanding at March 31, 2010 and December 31, 2009, respectively		3,221			12,169
Total non-controlling redeemable preferred interest		3,221			12,169
EQUITY
Winthrop Realty Trust Shareholders’ Equity:
Common Shares, $1 par, unlimited shares authorized; 21,137,268 and 20,375,483 issued and outstanding at March 31, 2010 and December 31, 2009, respectively		21,137			20,375
Additional paid-in capital		506,876			498,118
Accumulated distributions in excess of net income		(300,660	)		(301,317	)
Accumulated other comprehensive loss		(40	)		(87	)
Total Winthrop Realty Trust Shareholders’ Equity		227,313			217,089
Non-controlling interests		12,524			12,111
Total Equity		239,837			229,200
TOTAL LIABILITIES AND EQUITY	$	492,253		$	493,192

1

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(In thousands, except per share data)

(Unaudited)

	Three Months Ended
	March 31, 2010			March 31, 2009			December 31, 2009
Revenue
Rents and reimbursements	$	9,520		$	10,655		$	9,558
Interest and dividends		3,209			1,752			874
		12,729			12,407			10,432
Expenses
Property operating		1,959			1,859			1,550
Real estate taxes		720			673			573
Depreciation and amortization		2,362			2,851			2,647
Interest		3,651			4,275			3,919
Impairment loss on investments in real estate		-			-			10,000
Provision for loss on loans receivable		-			428			-
General and administrative		1,909			1,442			2,166
State and local taxes		15			50			(54	)
		10,616			11,578			20,801
Other income (loss)
Earnings from preferred equity investments		83			1,015			-
Equity in loss of equity investments		(527	)		(18,163	)		(2,891	)
Gain (loss) on sale of securities carried at fair value		695			(87	)		2,142
Gain on extinguishment of debt		-			5,237			1,164
Unrealized gain (loss) on securities carried at fair value		2,540			(11,148	)		3,852
Unrealized loss on loan securities carried at fair value		(613	)		-			-
Interest income		37			72			27
		2,215			(23,074	)		4,294
Income (loss) from continuing operations		4,328			(22,245	)		(6,075	)
Discontinued operations
Income (loss) from discontinued operations		122			(17	)		274
Gain on extinguishment of debt		-			-			292
		122			(17	)		566
Consolidated net income (loss)		4,450			(22,262	)		(5,509	)
Income attributable to non-controlling interest		(245	)		(171	)		(366	)
Net income (loss) attributable to Winthrop Realty Trust		4,205			(22,433	)		(5,875	)
Income attributable to non-controlling redeemable preferred interest		(113	)		-			(147	)
Net income (loss) attributable to Common Shares	$	4,092		$	(22,433	)	$	(6,022	)
Comprehensive income (loss)
Consolidated net income (loss)	$	4,450		$	(22,262	)	$	(5,509	)
Change in unrealized gain (loss) on available for sale securities		7			2			(2	)
Change in unrealized gain on interest rate derivative		40			138			137
Change in unrealized loss from equity investments		-			(197	)		-
Comprehensive income (loss)	$	4,497		$	(22,319	)	$	(5,374	)

(Continued on next page)

2

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share data, continued)

(Unaudited)

	Three Months Ended
	March 31, 2010		March 31, 2009			December 31, 2009
Per Common Share data - Basic
Income (loss) from continuing operations	$	0.19	$	(1.42	)	$	(0.37	)
Income from discontinued operations		0.01		-			0.03
Net income (loss) attributable to Winthrop Realty Trust	$	0.20	$	(1.42	)	$	(0.34	)
Per Common Share data - Diluted
Income (loss) from continuing operations	$	0.19	$	(1.42	)	$	(0.37	)
Income from discontinued operations		0.01		-			0.03
Net income (loss) attributable to Winthrop Realty Trust	$	0.20	$	(1.42	)	$	(0.34	)
Basic Weighted-Average Common Shares		20,598		15,806			17,608
Diluted Weighted-Average Common Shares		21,389		15,806			17,608

3

WINTHROP REALTY TRUST

FUNDS FROM OPERATIONS ANALYSIS

(In thousands, except per share data)

(Unaudited)

	Three Months Ended
	March 31,
	2010			2009
Reconciliation of Net Income (Loss) to Funds from Operations (FFO):
Net income (loss) attributable to Winthrop Realty Trust	$	4,205		$	(22,433	)
Real estate depreciation		1,506			1,690
Amortization of capitalized leasing costs		825			1,200
Real estate depreciation and amortization of unconsolidated interests		2,134			1,047
Less:  Non-controlling interest share of depreciation and amortization		(785	)		(803	)
Funds from operations	$	7,885		$	(19,299	)
Reconciliation of Weighted Average Common Shares       to Diluted Weighted Average Common Shares:
Weighted-average Common Shares		20,598			15,806
Stock options (1)		2			-
Series C Preferred Shares (1)		789			-
Diluted weighted-average Common Shares		21,389			15,806
Basic
Funds from operations		7,885			(19,299	)
Series C Preferred Share dividends		(113	)		-
Allocation of earnings to Series B-1 Preferred Shares		(5	)		-
Allocation of earnings to Series C Preferred Shares		(114	)		-
FFO applicable to Common Shares - Basic	$	7,653		$	(19,299	)
Weighted-average Common Shares		20,598			15,806
FFO Per Common Shares - Basic	$	0.37		$	(1.22	)
Diluted
Funds from operations	$	7,885		$	(19,299	)
Allocation of earnings to Series B-1 Preferred Shares		(5	)		-
FFO applicable to Common Shares - Diluted	$	7,880		$	(19,299	)
Diluted weighted-average Common Shares		21,389			15,806
FFO Per Common Shares - Diluted	$	0.37		$	(1.22	)
Adjusted for comparability
Funds from operations	$	7,880		$	(19,299	)
Items that affect comparability (income) expense:
Non-cash asset write-downs:
Provision for loss on loans receivable		-			428
Loan loss and impairments from partially owned entity –      Lex-Win Concord		-			20,144
Net gain on extinguishment of debt		-			(5,237	)
FFO as adjusted for comparability	$	7,880		$	(3,964	)
Diluted weighted-average Common Shares		21,389			15,806
FFO Per Common Share adjusted for comparability	$	0.37		$	(0.25	)

(1)  The Trust's Series B-1 Preferred Shares and stock options were considered anti-dilutive for the three months ended March 31, 2009.  The Trust's Series B-1 Preferred Shares were considered anti-dilutive for the three months ended March 31, 2010.

4

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Three Months Ended March 31,
	2010			2009
Cash flows from operating activities
Net income (loss)	$	4,450		$	(22,262	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization (including amortization          of deferred financing costs)		1,644			1,892
Amortization of lease intangibles		654			1,313
Straight-lining of rental income		599			324
Earnings of preferred equity investments		(83	)		(1,015	)
Distributions from preferred equity investments		103			1,060
Losses of equity investments		527			18,163
Distributions from equity investments		590			343
Restricted cash held in escrows		1,745			714
(Gain) loss on sale of securities carried at fair value		(695	)		87
Unrealized (gain) loss on securities carried at fair value		(2,540	)		11,148
Unrealized loss on loan securities carried at fair value		613			-
Gain on extinguishment of debt		-			(5,237	)
Provision for loss on loan receivable		-			428
Tenant leasing costs		(2,131	)		(454	)
Bad debt (recovery) expense		(20	)		65
Net change in interest receivable		5			4
Net change in loan discount accretion		(1,741	)		-
Net change in other operating assets and liabilities		151			(604	)
Net cash provided by operating activities		3,871			5,969
Cash flows from investing activities
Investments in real estate		(687	)		(495	)
Investment in equity investments		(920	)		-
Purchase of securities carried at fair value		(1,306	)		(25,668	)
Proceeds from sale of securities carried at fair value		11,407			6,967
Restricted cash held in escrows		(30	)		2,635
Issuance and acquisition of loans receivable		(679	)		(1,596	)
Proceeds from sale of loans receivable		3,000			-
Collection of loans receivable		-			5,300
Net cash provided by (used in) investing activities		10,785			(12,857	)

       (Continued on next page)

5

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, continued)

(Unaudited)

	Three Months Ended March 31,
	2010			2009
Cash flows from financing activities
Proceeds from mortgage loans payable		-			49
Principal payments of mortgage loans payable		(1,790	)		(1,486	)
Restricted cash held in escrows		37			5,293
Payments of note payable		-			(9,800	)
Deferred financing costs		(13	)		-
Contribution from non-controlling interest		288			63
Distribution to non-controlling interest		(120	)		(130	)
Issuance of Common Shares under Dividend Reinvestment Plan		572			665
Dividend paid on Common Shares		(3,311	)		(5,934	)
Dividend paid on Series C Preferred Shares		(221	)		-
Net cash used in financing activities		(4,558	)		(11,280	)
Net increase (decrease) in cash and cash equivalents		10,098			(18,168	)
Cash and cash equivalents at beginning of period		66,493			59,238
Cash and cash equivalents at end of period	$	76,591		$	41,070
Supplemental Disclosure of Cash Flow Information
Interest paid	$	3,687		$	4,593
Taxes paid	$	11		$	30
Supplemental Disclosure on Non-Cash Investing and       Financing Activities
Dividends accrued on Common Shares	$	3,435		$	3,971
Dividends accrued on Series C Preferred Shares	$	39		$	-
Capital expenditures accrued	$	141		$	158
Redemption of Series B-1 Preferred Shares	$	-		$	(17,081	)
Deposit on redemption of Series B-1 Preferred Shares	$	-		$	17,081

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WINTHROP REALTY TRUST

SELECTED BALANCE SHEET ACCOUNT DETAIL

(In thousands)

(Unaudited)

	March 31, 2010			December 31, 2009
Operating Real Estate
Land	$	20,659		$	20,659
Buildings and improvements
Buildings		217,793			217,793
Building improvements		7,446			6,819
Tenant improvements		3,807			3,807
		249,705			249,078
Accumulated depreciation and amortization		(32,775	)		(31,269	)
Total Operating Real Estate	$	216,930		$	217,809
Accounts Receivable
Straight-line rent receivable	$	8,342		$	8,941
Other		4,903			5,618
Total Accounts Receivable	$	13,245		$	14,559
Securities Carried at Fair Value
Debentures	$	17,510		$	18,794
Preferred Shares		26,419			23,950
Common Shares		1,599			9,650
Total Securities Carried at Fair Value	$	45,528		$	52,394
Equity Investments
Marc Realty Portfolio	$	58,070		$	57,560
Sealy Ventures Properties		14,940			15,647
Total Equity Investments	$	73,010		$	73,207
Non-Controlling Interests
Westheimer (Houston, TX)	$	9,052		$	8,840
River City / Marc Realty (Chicago, IL)		2,399			2,084
Ontario / Marc Realty (Chicago, IL)		696			801
1050 Corporetum / Marc Realty ( Lisle, IL)		377			386
Total Non-Controlling Interests	$	12,524		$	12,111

The listing above provides detail for only certain balance sheet line items presented on Winthrop Realty Trust's Consolidated Balance Sheets for three months ended March 31, 2010 and the year ended December 31, 2009 (the "Balance Sheet"). See page 1 of this supplement for all Balance Sheet line items.

7

WINTHROP REALTY TRUST

SCHEDULE OF LOANS RECEIVABLE AND LOAN SECURITIES

 (In thousands)

(Unaudited)

Loans Receivable	Asset Type	Location	Interest Rate	(000's) Carrying Amount (1) March 31, 2010	(000's) Par Value		Maturity Date (2)	(000's) Senior Debt (3)
Mezzanine (4)	Office	Chicago, IL	8.50%	$                  805	$                  793		12/31/16	$          18,396
B Note	Office	San Francisco, CA	(5)	4,724	38,796	(6)	06/09/13	35,000
Mezzanine	Office	San Francisco, CA	15.00%	1,817	1,800		06/09/13	73,796
B Note	Office	Phoenix, AZ	(7)	2,487	4,219	(8)	06/09/12	3,000
Mezzanine	Mixed use	New York, NY	6.79%	2,383	3,500		07/11/17	22,500
B Note	Hotel	Beverly Hills, CA	Libor + 1.74%	5,911	10,000		08/09/13	165,999
B Note	Retail	New York, NY	Libor + 1.50%	7,389	15,000		11/01/11	81,559
				$           25,516	$           74,108
Loan Securities Carried at Fair Value
Rake Bonds	Office	Burbank, CA	(9)	$                  851	$               6,364		12/01/10	$          15,666
CMBS	Various	Various	Libor + 1.75%	197	1,140		07/12/12	1,496,206
			Totals	$             1,048	$             7,504

(1)  Carrying amount includes accrued interest of $192 and accretion of discount of $2,762.

(2)  After giving effect to all contractual extensions.

(3)  Debt secured by the underlying property which is senior to our loan.

(4)  Represents a tenant improvement and capital expenditure loans.

(5) 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 March 31, 2010) at a rate of 6.48215% per annum less (ii) interest payable on the outstanding principal balance of the A Note ($35,000 at March 31, 2010) 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%.

(6) The B Note may be satisfied at a discounted payoff amount of $15,000.

(7) 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 principalbalance ($7,219 at March 31, 2010) at a rate of 9.8375% per annum less (ii) interest payable on the outstanding principal balance of the A Note ($3,000 at March 31, 2010) at a rate of 8.0% per annum. As a result, the effective yield on the Trust’s $2,460 cash investment is 19.4%.

(8) The B Note may be satisfied at a discounted payoff amount of $2,500.

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

8

WINTHROP REALTY TRUST

SCHEDULE OF CAPITALIZATION, DIVIDENDS AND LIQUIDITY

 (In thousands, except per share data)

	March 31, 2010		December 31, 2009
Debt:
Mortgage loans payable	$	214,977	$	216,767
Series B-1 Cumulative Convertible Redeemable     Preferred Shares		21,300		21,300
Total Debt		236,277		238,067
Non-Controlling Redeemable Preferred Interest:
Series C Cumulative Convertible Redeemable     Preferred Shares		3,221		12,169
Equity:
Common Shares (21,137,268 shares outstanding)		227,313		217,089
Non-controlling interests		12,524		12,111
Total Equity		239,837		229,200
Total Capitalization	$	479,335	$	479,436

Common Dividend Per Share
March 31, 2010		December 31, 2009
$	0.1625	$	0.1625

	March 31, 2010		December 31, 2009
Liquidity and Credit Facility:
Cash and cash equivalents	$	76,591	$	66,493
Securities carried at fair value		45,528		52,394
Available for sale securities, net		210		203
Available under line of credit		35,000		35,000
Total Liquidity and Credit Facility	$	157,329	$	154,090

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WINTHROP REALTY TRUST

NET OPERATING INCOME FROM CONSOLIDATED PROPERTIES

 (In thousands)

(Unaudited)

	Three Months Ended
	March 31, 2010			March 31, 2009			December 31, 2009
Rents and reimbursements
Minimum rent	$	9,110		$	10,070		$	8,659
Deferred rents (straight-line)		(599	)		(325	)		767
Recovery income		941			1,107			472
Less:
Above and below market rents		154			(128	)		(143	)
Lease concessions and abatements		(86	)		(69	)		(197	)
Total rents and reimbursements		9,520			10,655			9,558
Rental property expenses
Property operating		1,959			1,859			1,550
Real estate taxes		720			673			573
Total rental property expenses		2,679			2,532			2,123
Net operating income (1)
from consolidated properties	$	6,841		$	8,123		$	7,435

(1) See definition of non-GAAP measure of Net Operating Income on page 19 of the supplemental package.

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WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA

March 31, 2010 (Unaudited)

Description and Location	Year Acquired	Trust’s Ownership			Rentable Square Feet		% Leased			Major Tenants (Lease /Options Exp)	Major Tenants’ Sq. Feet.		($000's) Cost Less Depreciation		Ownership of Land	($000's) Debt Balance			Debt Maturity & Int Rate
Retail
Atlanta, GA	2004		100	%		61,000		100	%	The Kroger Co. (2016/2026)		61,000	$	4,015	Ground Lease		(1	)		(1	)
Denton, TX (3)	2004		100	%		48,000		100	%	The Kroger Co. (2010)		48,000		1,364	Land Estate		(1	)		(1	)
Greensboro, NC	2004		100	%		47,000		100	%	The Kroger Co. (2017/2037)		47,000		3,290	Ground Lease		(1	)		(1	)
Knoxville, TN  (3)	2004		100	%		43,000		100	%	The Kroger Co. (2010)		43,000		1,839	Land Estate		(1	)		(1	)
Lafayette, LA (3)	2004		100	%		46,000		100	%	The Kroger Co. (2010)		46,000		1	Ground Lease		(1	)		(1	)
Louisville, KY	2004		100	%		47,000		100	%	The Kroger Co. (2015/2040)		47,000		2,359	Land Estate		(1	)		(1	)
Memphis, TN	2004		100	%		47,000		100	%	The Kroger Co. (2015/2040)		47,000		660	Land Estate		(1	)		(1	)
Seabrook TX	2004		100	%		53,000		100	%	The Kroger Co. (2015/2040)		53,000		1,208	Land Estate		(1	)		(1	)
Sherman, TX (3)	2004		100	%		46,000		100	%	The Kroger Co. (2010)		46,000		859	Land Estate		(1	)		(1	)
St. Louis, MO (3)	2004		100	%		46,000		100	%	The Kroger Co. (2010)		46,000		713	Land Estate		(1	)		(1	)
Subtotal Retail						484,000								16,308			23,455			(1	)

(Continued on next page)

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WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA (Continued)

March 31, 2010 (Unaudited)

Description and Location	Year Acquired	Trust’s Ownership			Rentable Square Feet		% Leased			Major Tenants (Lease /Options Exp)	Major Tenants’ Sq. Feet.		($000's) Cost Less Depreciation		Ownership of Land	($000's) Debt Balance			Debt Maturity & Int Rate
Office
Amherst, NY (2)	2005		100	%		200,000		100	%	Ingram Micro Systems  (2013/2023)		200,000	$	17,421	Fee	$	16,423		10/2013 5.65%
Andover, MA	2005		100	%		93,000		100	%	PAETEC Comm. (2022/2037)		93,000		4,774	Ground Lease		6,233		03/2011 6.6%
Chicago, IL	2005		80	%		126,000		86	%	The Gettys Group (2011/2016)		16,000		22,302	Fee		21,043		03/2016 5.75%
(Ontario / Marc Realty)										River North Surgery (2015/ n/a)		15,000
Chicago, IL	2007		60	%		253,000		76	%	Bally Total Fitness (2011/2021)		55,000		13,208	Fee		9,100		04/2012 6%
(River City / Marc Realty )										MCI d/b/a Verizon (2019/2023)		37,000
Houston, TX	2004		8	%		614,000		100	%	Spectra Energy (2018/2028)		614,000		61,214	Fee		63,035		04/2016 6.4%
Indianapolis, IN (Circle Tower)	1974		100	%		111,000		85	%	No Tenants Over 10%		-		4,303	Fee		4,298		04/2015 5.82%
Lisle, IL	2006		100	%		169,000		66	%	United Healthcare (2014/ n/a)		41,000		18,741	Fee		17,110		06/2016 6.26%
										IPSCO Enterprises (2010/2020)		22,000
Lisle, IL	2006		100	%		67,000		85	%	T Systems, Inc. (2010/2015)		35,000		8,290	Fee		6,989		06/2016 6.26%
										ABM Janitorial MW (2012/2014)		11,000
										Zenith Insurance (2010/2013)		10,000
Lisle, IL (Marc Realty)	2006		60	%		54,000		100	%	Ryerson (2018/2028)		54,000		3,737	Fee		5,600		03/2017 5.55%
Orlando, FL	2004		100	%		256,000		100	%	Siemens Real Estate, Inc. (2017/2042)		256,000		14,967	Ground Lease		39,020		07/2017 6.4%
Plantation, FL	2004		100	%		133,000		100	%	BellSouth  (2020/2035)		133,000		7,735	Land Estate		(1	)	(1)
South Burlington,   VT	2005		100	%		56,000		100	%	Fairpoint Comm. (2014/2029)		56,000		2,771	Ground Lease		2,671		03/2011 6.6%
Subtotal - Office						2,132,000								179,463			191,522

(Continued on next page)

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WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA (Continued)

March 31, 2010 (Unaudited)

Description and Location	Year Acquired	Trust’s Ownership			Rentable Square Feet		% Leased			Major Tenants (Lease /Options Exp)	Major Tenants’ Sq. Feet.		($000's) Cost Less Depreciation		Ownership of Land	($000's) Debt Balance			Debt Maturity & Int Rate
Other
Warehouse
Jacksonville, FL	2004		100	%		587,000		100	%	Football Fanatics (2015/2024)		558,000		10,433	Fee		(1	)		(1	)
Mixed Use
Churchill, PA	2004		100	%		1,008,000		100	%	Viacom, Inc. (2010/2040)		1,008,000		10,726	Ground Lease		(1	)		(1	)
Subtotal - Other						1,595,000								21,159			(1	)
Total Consolidated Properties						4,211,000							$	216,930		$	214,977

(1) Our retail properties and our properties located in Churchill, PA, Plantation, FL, and Jacksonville, FL collateralized $23,455,000 of mortgage debt at an interest rate of LIBOR + 1.75% which matures in June 2010.  In April 2010, we notified our lender of our intent to exercise our one year option through June 2011 on this mortgage loan.

(2) Represents 2 separate buildings.  The ground underlying the properties is leased to us by the local development authority pursuant to a ground lease which requires no payment.  Effective October 31, 2013, legal title to these properties will vest in us.

(3) The tenant has sent notification that they will not be exercising their renewal option upon expiration of current lease term.

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WINTHROP REALTY TRUST

EQUITY INVESTMENTS – SELECTED PROPERTY DATA

March 31, 2010 (Unaudited)

Description and Location	Year Acquired	Trust’s Ownership			Rentable Sq Feet		% Leased			Major Tenants (Lease /Options Expirations)	Major Tenants’ Sq. Feet.		($000's) Equity Investment Balance		Ownership of Land	($000's) Debt Balance (1)			Debt Maturity & Int Rate
Marc Realty Portfolio - Equity Investments
8 South Michigan, Chicago, IL	2005		50	%		174,000		95	%	No tenants over 10%		-	$	6,976	Ground Lease	$	4,057		08/2011 6.87%
11 East Adams, Chicago, IL	2005		49	%		161,000		80	%	IL School of Health (2015/2020)		28,700		2,971	Fee		10,000		08/2011 Libor + 2%
29 East Madison, Chicago, IL	2005		50	%		235,000		95	%	Computer Systems Institute (2020/2030)		25,000		7,766	Fee		11,584		05/2013 5.20%
30 North Michigan, Chicago, IL	2005		50	%		221,000		92	%	No tenants over 10%		-		12,008	Fee		13,360		08/2014 5.99%
223 West Jackson, Chicago, IL	2005		50	%		168,000		80	%	Intertrack Partners (2010/2017)		27,400		7,288	Fee		8,101		06/2012 6.92%
4415 West Harrison, Hillside, IL	2005		50	%		192,000		71	%	North American Medical Mgmt (2015/2020)		21,200		6,023	Fee		5,000		12/2017 5.62%
2000-60 Algonquin, Schaumburg, IL	2005		50	%		101,000		56	%	Landmark Merchant (2010/2011)		10,300		1,547	Fee		(2	)	02/2013 Libor + 2.75%%
1701 E. Woodfield, Schaumburg, IL	2005		50	%		175,000		83	%	No tenants over 10%		-		1,534	Fee		10,447		05/2011 5.73%
2720 River Rd, Des Plaines, IL	2005		50	%		108,000		80	%	No tenants over 10%		-		4,099	Fee		2,686		10/2012 6.095%
3701 Algonquin, Rolling Meadows IL	2005		50	%		193,000		79	%	ISACA (2018/2024)		23,400		2,958	Fee		10,485		02/2013 Libor + 2.75%
										Relational Funding (2013/ n/a)		19,900
2205-55 Enterprise, Westchester, IL	2005		50	%		130,000		95	%	Consumer Portfolio (2014/2019)		18,900		3,167	Fee		(2	)	02/2013 Libor + 2.75%
900-910 Skokie, Northbrook, IL	2006		50	%		119,000		79	%	MIT Financial Group (2016/ n/a)		12,600		1,733	Fee		5,480		02/2011 Libor + 2%
Subtotal - Marc Realty Portfolio						1,977,000								58,070			94,300

(Continued on next page)

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WINTHROP REALTY TRUST

EQUITY INVESTMENTS – SELECTED PROPERTY DATA (Continued)

For the Three Months Ended March 31, 2010 (Unaudited)

Description and Location	Year Acquired	Trust’s Ownership			Rentable Sq Feet		% Leased			Major Tenants (Lease /Options Expirations)	Major Tenants’ Sq. Feet.		($000's) Equity Investment Balance		Ownership of Land	($000's) Debt Balance (1)		Debt Maturity & Int Rate
Sealy Venture Properties - Equity Investments
Atlanta, GA (4) (Northwest Atlanta)	2006		60	%		472,000		70	%	Original Mattress (2020/2025)		57,000	$	3,014	Fee	$	28,750	01/2012 5.7%
Atlanta, GA  (3) (Newmarket)	2008		68	%		470,000		80	%	Alere Health (2011/ n/a)		76,000		7,621	Fee		37,000	11/2016 6.12%
										West Asset Mgmnt (2010 / n/a)		54,000
Nashville, TN  (5) (Airpark)	2007		50	%		1,155,000		86	%	No tenants over 10%		-		4,305	Fee		74,000	05/2012 5.77%
Subtotal - Sealy Venture Properties						2,097,000								14,940			139,750
Total Equity Investment Properties						4,074,000							$	73,010		$	234,050

(1) Debt balance shown represents 100% of the debt encumbering the properties.

(2)  Both the 2000-60 Algonquin and 2205-55 Enterprise Road Marc Realty properties are cross collateralized by a mortgage of $13,100,000  which is included in total Debt Balance.

(3)  Equity investment in Sealy Newmarket  consists of six flex/office campus style properties

(4)  Equity investment in Sealy Northwest Atlanta consists of 12 flex/office properties

(5) Equity investment in Sealy Airpark consists of 13 light distribution and service center properties.

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WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - OPERATING SUMMARY

For the Three Months Ended March 31, 2010

(In thousands, except for Number of Properties and Square Footage)

(Unaudited)

Description	% Owned	Number of Properties	Square Footage	Rents and Reimburse-ments	Operating Expenses	Real Estate Taxes	Net Operating Income (1)	Interest Expense	Impair-ment	Depreciation & Amortization	(Income)Loss Attributable to Non-controlling Interest	WRT's share Net Income / (Loss) from Consolidated Properties (1)
100% Owned Consolidated Properties
Retail	100%	10	484,000	$         597	$          15	$            -	$        582	$           -	$        -	$                63	$                -	$             519
Office	100%	8	1,085,000	3,474	924	250	2,300	1,470	-	1,012	-	(182)
Other	100%	2	1,595,000	1,047	115	53	879	-	-	101	-	778
		20	3,164,000	5,118	1,054	303	3,761	1,470	-	1,176	-	1,115
Partially Owned Consolidated Properties
Chicago, IL (Ontario/Marc Realty)	80%	1	126,000	1,202	359	210	633	306	-	259	(14)	54
Chicago, IL (River City/Marc Realty)	60%	1	253,000	1,029	454	174	401	141	-	191	(28)	41
Houston, TX (Multiple LP's)	8%	1	614,000	1,952	3	-	1,949	1,013	-	698	(212)	26
Lisle, IL (Marc Realty)	60%	1	54,000	219	89	33	97	81	-	38	9	(13)
		4	1,047,000	4,402	905	417	3,080	1,541	-	1,186	(245)	108
KeyBank mortgage loan interest expense (2)		-	-	-	-	-	-	181	-	-	-	(181)
Total Consolidated Properties		24	4,211,000	$      9,520	$     1,959	$          720	$     6,841	3,192	$        -	$           2,362	$           (245)	$          1,042
Series B-1 Preferred interest expense (3)								391
Other								68
Total								$     3,651

(1) See definition of Net Operating Income and Net Income from Consolidated Properties on page 19 of the supplemental package.

(2) Represents interest expense on a mortgage loan made by KeyBank collateralized by our retail properties, our Churchill, PA, Orlando, FL, and Plantation, FL properties.

(3) Represents interest expense on our Series B-1 Preferred Shares treated as debt for GAAP purposes.

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WINTHROP REALTY TRUST

EQUITY INVESTMENTS - OPERATING SUMMARY

For the Three Months Ended March 31, 2010

(In thousands, except for Number of Properties and Square Footage)

(Unaudited)

Venture	Number of Properties	Square Footage	Rents and Reimburse-ments	Operating Expenses	Real Estate Taxes	Net Operating Income  (2)	Interest Expense	Other Income (Expense)	Depreciation & Amortization	Net Income / (Loss) from Equity Investments	WRT' S Share of Net Income / (Loss) from Equity Investments
Marc Realty Portfolio	12	1,977,000	10,067	4,300	1,482	4,285	1,152	(496)	2,339	298	148
Sealy Venture Portfolio	3	2,097,000	4,370	957	447	2,966	2,058	(228)	1,712	(1,032)	(603)
Total Equity Investment Properties	15	4,074,000	$     14,437	$     5,257	$1,929	$       7,251	$   3,210	$      (724)	$          4,051	$          (734)	(455)
Amortization of Marc Realty Portfolio basis differential (1)											(72)
Impairment of Marc Realty Portfolio equity investment											-
Equity in loss of equity investments											$           (527)

(1)  This amount represents the aggregate difference between the Trust’s historical cost basis and the basis reflected at the equity investment level, which is typically amortized over the life of the related assets and liabilities.  The basis differentials are the result of other-than-temporary impairments at the investment level and a reallocation of equity at the venture level as a result of the restructuring.

(2) See definition of Net Operating Income on page 19 of the supplemental package.

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WINTHROP REALTY TRUST

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES OF INCOME TO

NET LOSS ATTRIBUTABLE TO COMMON SHARES

(In thousands)

(Unaudited)

	Three Months Ended
	March 31,			March 31,			December 31.
	2010			2009			2009
NOI from consolidated properties  (1), (4)		6,841			8,123			7,435
Less:
Interest expense		(3,192	)		(3,547	)		(3,377	)
Depreciation and amortization		(2,362	)		(2,851	)		(2,647	)
Impairment loss on investments in real estate		-			-			(10,000	)
Income attributable to non-controlling interest		(245	)		(171	)		(366	)
WRT share of income (loss) from consolidated properties (2), (4)		1,042			1,554			(8,955	)
Equity in loss of equity investments (3)		(527	)		(18,163	)		(2,891	)
Add:
Earnings from preferred equity investments		83			1,015			-
Interest and dividend income		3,209			1,752			874
Gain on sale of securities carried at fair value		695			-			2,142
Gain on early extinguishment of debt		-			5,237			1,164
Unrealized gain on securities carried at fair value		2,540			-			3,852
Interest income		37			72			27
State and local tax refunds		-			-			54
Income from discontinued operations		122			-			566
Less:
Series B-1 Preferred interest expense		(391	)		(660	)		(474	)
Provision for loss on loan receivable		-			(428	)		-
General and administrative		(1,909	)		(1,442	)		(2,166	)
State and local tax expense		(15	)		(50	)		-
Loss on sale of securities carried at fair value		-			(87	)		-
Unrealized loss on loan securities carried at fair value		(613	)		-			-
Unrealized loss on securities carried at fair value		-			(11,148	)		-
Interest expense  - other		(68	)		(68	)		(68	)
Series C preferred interest		(113	)		-			(147	)
Loss on discontinued operations		-			(17	)		-
Net income (loss) attributable to Common Shares	$	4,092		$	(22,433	)	$	(6,022	)

(1) See detail on page 10 of the supplemental package.

(2) See detail for the three months ended March 31, 2010 on page 16 of the supplemental package.

(3) See detail for the three months ended March 31, 2010 on page 17 of the supplemental package.

(4) See definitions for non-GAAP measures on page 19 of the supplemental package.

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WINTHROP REALTY TRUST

DEFINITIONS

Funds From Operations (FFO):

FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”).  NAREIT defines FFO as net income or loss determined in accordance with Generally Accepted Accounting Principles (“GAAP”), excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus specified non-cash items, such as real estate asset depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.  FFO and FFO per diluted share are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. FFO and FFO per diluted share should be evaluated along with GAAP net income and income per diluted share (the most directly comparable GAAP measures), as well as cash flow from operating activities, investing activities and financing activities, in evaluating the operating performance of equity REITs.  FFO and FFO per diluted share exclude the effect of depreciation, amortization and gains or losses from sales of real estate, all of which are based on historical costs which implicitly assumes that the value of real estate diminishes predictably over time.  Since real estate values instead have historically risen or fallen with market conditions, these non-GAAP measures can facilitate comparisons of operating performance between periods and among other equity REITs. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of cash available to fund cash needs as disclosed in the Company’s Consolidated Statements of Cash Flows.  FFO should not be considered as an alternative to net income as an indicator of the Company’s operating performance or as an alternative to cash flows as a measure of liquidity.  In addition to FFO, the Company also discloses FFO before certain items that affect comparability.  Although this non-GAAP measure clearly differs from NAREIT’s definition of FFO, the Company believes it provides a meaningful presentation of operating performance.

Net Operating Income (NOI):

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

Net Income from Consolidated Properties:

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

19

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

Research Coverage

Analyst	Firm	Contact Information
David M. Fick, CPA	Stifel Nicolaus	(443) 224-1308 dfick@stifel.com
Joshua A. Barber	Stifel Nicolaus	(443) 224-1347 jabarber@stifel.com
Ross L. Smotrich	Barclays Capital	(212) 526-2306 ross.smotrich@barcap.com
Jeffrey S. Langbaum	Barclays Capital	(212) 526-0971 jeffrey.langbaum@barcap.com

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