8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

FORM 8-K

Current Report Pursuant

to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported) November 4, 2010

WINTHROP REALTY TRUST

(Exact Name of Registrant as Specified in Its Charter)

Ohio

                                         (State or Other Jurisdiction of Incorporation)                                        

001-06249		34-6513657
(Commission File Number)		(I.R.S. Employer Identification No.)
7 Bulfinch Place, Suite 500, P.O. Box 9507, Boston, Massachusetts		02114
(Address of Principal Executive Offices)		(Zip Code)
	(617) 570-4614
(Registrant's Telephone Number, Including Area Code)

 n/a

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions

o Written communications pursuant to Rule 425 under the Securities Act (17 CFT|R 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02  Results of Operations and Financial Condition

On November 4, 2010, Winthrop Realty Trust issued a press release announcing its financial results for the three and nine months ended September 30, 2010.  A copy of the release is furnished as Exhibit 99.1 to this Report on Form 8-K.

The information in this section of this Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 7.01. Regulation FD Disclosure.

On November 4, 2010, Winthrop made available supplemental information, which we refer to as the Supplemental Reporting Package, concerning Winthrop’s operations and portfolio for the quarter ended September 30, 2010.  A copy of the Supplemental Reporting Package is furnished herewith as Exhibit 99.2.

Also on November 4, 2010, management discussed Winthrop’s financial results for the quarter ended November 4, 2010 on a conference call with analysts and investors.  A transcript of the conference call is furnished herewith as Exhibit 99.3.

The information in this section of this Report on Form 8-K and Exhibits 99.2 and 99.3 attached hereto shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 8.01.  Other Events

On November 4, 2010, Winthrop announced that its Board of Trustees declared a regular quarterly dividend of $0.1625 per common share which dividend is payable on January 18, 2011 to common shareholders of record on December 31, 2010.

Item 9.01  Financial Statements and Exhibits.

(c) Exhibits

99.1 Press Release dated November 4, 2010

99.2 Supplemental Reporting Package for the quarter ended September 30, 2010

99.3 Transcript of conference call held November 4, 2010

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 5th day of November, 2010.

WINTHROP REALTY TRUST
By:	/s/ Carolyn Tiffany
	Carolyn Tiffany
	President

EX-99.1

WINTHROP REALTY TRUST ANNOUNCES RESULTS FOR

THIRD QUARTER 2010 AND DECLARES FOURTH QUARTER CASH DIVIDEND

FOR IMMEDIATE RELEASE

Boston, Massachusetts – November 4, 2010 – Winthrop Realty Trust (NYSE:FUR) announced today financial and operating results for the third quarter ended September 30, 2010.  All per share amounts are on a fully diluted basis.

Third Quarter 2010 Financial Highlights

· Reported net income for the quarter from continuing operations attributable to Common Shares of $5.3 million or $0.25 per Common Share.

· Retained liquid assets consisting of cash, cash equivalents, restricted cash and marketable securities of $141.7 million at September 30, 2010, inclusive of net proceeds from the public offering.

· Closed a public offering of 5.75 million Common Shares at a price of $12.25 per Common Share (before underwriter’s discounts) resulting in net proceeds of approximately $66.9 million.

· Declared a regular quarterly cash dividend for the third quarter of 2010 of $0.1625 per Common Share which was paid on October 15, 2010.

Third Quarter 2010 Investment Highlights and Subsequent Events

In addition to the third quarter transactions highlighted in our second quarter 2010 earnings release, the following transactions have occurred:

· Executed on our strategy by foreclosing on: (i) an 86,000 square foot, Class A medical office building known as the Deer Valley Professional Center located in Phoenix, Arizona, in which we held a first mortgage with a carrying amount of $10.3 million; (ii) a 118,000 square foot office building referred to as Crossroads II at Meridian, located in Englewood, Colorado, in which we held a first mortgage with a carrying amount of $8.4 million; and (iii) a 180 unit apartment building located in Meriden, Connecticut, in which we held a mezzanine loan with a carrying amount of $550,000 and which is subject to a first mortgage of approximately $23.9 million.

· Formed a venture, in which we own 22.5%, that acquired for $45 million the $300 million face amount of Peter Cooper Village/Stuyvesant Town Mezzanine Loans 1, 2, and 3. As an alternative to pursuing further legal remedies with uncertain outcomes and incurring additional costs, the venture sold the Mezzanine Loans to the senior mortgage lenders for $45 million.

· Received full repayment on a $6.5 million first mortgage loan secured by the Robert F. Driver Building located in San Diego, California for an annualized return of 12.9%.

· Purchased for $235,000 a $1.5 million performing 12% mezzanine loan indirectly secured by a 130,000 square foot warehouse building net leased to Rockwell Automation located in Shirley, New York.

· Acquired for $9.75 million an existing $39.0 million performing loan made to a private real estate equity fund and then modified the loan to provide for: (i) an interest rate of 15% on the $9.75 million investment amount; (ii) collateral in the form of a $3 million letter of credit, a first mortgage on entitled land and other assets; and, (iii) a discounted payoff option after one year of $9.75 million.

· Acquired at par a $3.5 million, 11% first mortgage loan secured by an interest in four class B office buildings, containing 91,100 square feet of office space in Phoenix, Arizona.

· Acquired at par a $21.4 million 7.98% senior participation in a B Note secured by a first mortgage lien on a 951,000 square foot, recently constructed class A office complex located in Sunnyvale, California.

· Acquired for $4.2 million the land parcels underlying six of our retail properties previously subject to ground leases.

Third Quarter 2010 Financial Results

Net income applicable to Common Shares for the quarter ended September 30, 2010 was $3.7 million, or $0.18 per Common Share, compared with net income of $14.3 million, or $0.90 per Common Share, for the quarter ended September 30, 2009.  The change in net income is primarily the result of a $9.5 million decrease in unrealized gain on securities carried at fair value.

For the quarter ended September 30, 2010, the Company reported Funds from Operations applicable to Common Shares (FFO) of $7.7 million, or $0.36 FFO per Common Share, compared with FFO of $18.0 million, or $1.14 FFO per Common Share, for the quarter ended September 30, 2009.  Adjusting FFO for certain items that affect comparability which are listed in the table below, FFO for the quarter endedSeptember 30, 2010 was $9.4 million or $0.43 per Common Share, compared with FFO of $17.6 million, or $1.11 FFO per Common Share for the quarter ended September 30, 2009.

The following presents funds from operations as adjusted for comparability for the three and the nine months ended September 30, 2010 and 2009 (in thousands, except per share amounts).  Please note that certain prior year amounts have been adjusted to conform to current year presentation.

	(Unaudited)						(Unaudited)
	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
Funds from Operations	$	7,707		$	19,213		$	24,038		$	(68,393	)
Items that affect comparability (income) expense:
Non-cash asset write-downs:
Provision for loss on loans receivable		-			-			-			2,152
Loan available for sale impairment		-			-			-			203
Loan loss and impairments from partially owned entity – Concord		-			-			-			71,390
Impairment of equity investment in Concord		-			-			-			31,670
Preferred equity impairment		-			-			-			4,850
Impairment of real estate		1,720			-			2,720			-
Net gain on sale of preferred equity		-			-			-			(735	)
Net gain on repurchase of Series B-1 Preferred Shares		-			(445	)		-			(5,682	)
Total items that affect comparability		1,720			(445	)		2,720			103,848
Funds from Operations adjusted for comparability		9,427			18,768			26,758			35,455
Series C Preferred Share dividends		(59	)		-			(230	)		-
Allocation of earnings to Series B-1 Preferred Shares		(63	)		(1,162	)		(137	)		(1,757	)
Allocation of earning to Series C Preferred Shares		(53	)		-			(242	)		-
FFO applicable to Common Shares - Basic	$	9,252		$	17,606		$	26,149		$	33,698
Weighted-average Common Shares - Basic		21,412			15,855			21,064			15,828
FFO Per Common Share-Basic	$	0.43		$	1.11		$	1.24		$	2.13
Diluted
Funds from Operations adjusted for comparability	$	9,427		$	18,768		$	26,758		$	35,455
Series C Preferred Share dividends		-			-			-			-
Allocation of earnings to Series B-1 Preferred Shares		(63	)		(1,162	)		(137	)		(1,757	)
Adjustment for dilution of Series B-1 Preferred Shares		-			-			-			-
Allocation of earning to Series C Preferred Shares		-			-			-			-
Series B Interest Expense		-			-			-			-
FFO applicable to Common Shares - Diluted	$	9,364		$	17,606		$	26,621		$	33,698
Weighted-average Common Shares		21,412			15,855			21,064			15,828
Stock options		2			-			2			-
Convertible Series B-1 Preferred Shares		-			-			-			-
Convertible Series C Preferred Shares		257			-			433			-
Diluted weighted-average Common Shares		21,671			15,855			21,499			15,828
FFO Per Common Share Diluted	$	0.43		$	1.11		$	1.24		$	2.13

______________________

(1) See the Funds From Operations table below for a reconciliation of net income to FFO for the three and nine months ended September 30, 2010 and 2009.

2

Supplemental Financial Information

Further details regarding financial results, properties and tenants can be accessed at www.winthropreit.com in the Investor Relations section.

Fourth Quarter 2010 Dividend Declaration

The Company’s Board of Trustees is announcing that it has declared a dividend for the fourth quarter of 2010 of $0.1625 per Common Share payable on January 18, 2011 to common shareholders of record on December 31, 2010.

The Company also has declared the regular quarterly cash dividend of $0.40625 per Series B-1 Preferred Share and per Series C Preferred Share which is payable on January 31, 2011 to the holders of Series B-1 Preferred Shares or Series C Preferred Shares, as applicable, of record on December 31, 2010.

Conference Call Information

The Company will host a conference call to discuss its third quarter 2010 results today, Thursday, November 4, 2010 at 2:00 pm Eastern Time.  Interested parties may access the live call by dialing (877) 407-9205 or (201) 689-8054, or via the Internet at www.winthropreit.com within the News and Events section.  A replay of the call will be available through December 6, 2010 by dialing (877) 660-6853; account #286, confirmation #356547.  An online replay will also be available through December 6, 2010.

About Winthrop Realty Trust

Winthrop Realty Trust is a real estate investment trust (REIT) that owns, manages and lends to real estate and related investments, both directly and through joint ventures.  Winthrop Realty Trust is listed on the New York Stock Exchange and trades under the symbol “FUR.”  The Company has executive offices in Boston, Massachusetts and Jericho, New York. For more information please visit www.winthropreit.com.

Forward-Looking Statements

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.  The statements in this release state the Company’s and management's hopes, intentions, beliefs, expectations or projections of the future and are forward-looking statements for which the Company claims the protections of the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995.  It is important to note that future events and the Company’s actual results could differ materially from those described in or contemplated by such forward-looking statements.  Factors that could cause actual results to differ materially from current expectations include, but are not limited to, (i) general economic conditions, (ii) the inability of major tenants to continue p aying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iii) local real estate conditions, (iv) increases in interest rates, (v) increases in operating costs and real estate taxes, (vi) changes in accessibility of debt and equity capital markets and (vii) defaults by borrowers on loans.  Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the Company's filings with the Securities and Exchange Commission, copies of which may be obtained from the Company or the Securities and Exchange Commission.  The Company refers you to the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled "Risk Factors" in the Company's most recent Annual Report on Form 10-K, as may be updated or supplemented in the Company's Form 10-Q filings, which discuss these and other factors that cou ld adversely affect the Company's results.

3

Consolidated Financial Results

Financial results for the three and nine months ended September 30, 2010 and 2009 are as follows (in thousands except per share amounts):

	(Unaudited)						(Unaudited)
	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2010			2009			2010			2009
Revenue
Rents and reimbursements	$	9,298		$	10,140		$	28,162			$	30,609
Interest and dividends		4,948			2,496			11,747				6,462
		14,246			12,636			39,909				37,071
Expenses
Property operating		1,812			1,990			5,585				5,492
Real estate taxes		952			674			2,012				1,968
Depreciation and amortization		2,393			2,598			7,092				7,987
Interest		3,809			4,169			11,126				12,745
Provision for loss on loans receivable		-			-			-				2,152
General and administrative		2,300			1,820			6,123				5,137
State and local taxes		7			14			107				211
		11,273			11,265			32,045				35,692
Other income (loss)
Earnings (loss) from preferred equity investments		85			86			253				(2,108	)
Equity in (loss) earnings of equity investments		(409	)		211			(1,328	)			(100,201	)
Gain (loss) on sale of securities carried at fair value		(185	)		676			588				3,274
Unrealized gain on securities carried at fair value		2,490			12,578			4,280				14,010
Impairment loss on real estate loan available for sale		-			-			-				(203	)
Gain on extinguishment of debt		-			445			-				5,682
Unrealized gain on loan securities carried at fair value		581			-			3,593				-
Interest income		17			31			94				145
		2,579			14,027			7,480				(79,401	)
Income (loss) from continuing operations		5,552			15,398			15,344				(78,022	)
Discontinued operations
Income (loss) from discontinued operations		(1,569	)		74			(2,160	)			201
Consolidated net income (loss)		3,983			15,472			13,184				(77,821	)
Income attributable to non-controlling interest		(175	)		(315	)		(595	)			(651	)
Net income (loss) attributable to Winthrop Realty     Trust		3,808			15,157			12,589				(78,472	)
Income attributable to non-controlling redeemable        preferred interest		(59	)		-			(230	)			-
Net income (loss) attributable to Common        Shares	$	3,749		$	15,157		$	12,359			$	(78,472	)
Comprehensive income (loss)
Consolidated net income (loss)	$	3,983		$	15,472		$	13,184			$	(77,821	)
Change in unrealized gain on available for sale        securities		-			10			2				21
Change in unrealized gain (loss) on interest rate        derivative		(20	)		141			(8	)			406
Change in unrealized loss from equity investments		-			-			-				26,174
Comprehensive income (loss)	$	3,963		$	15,623		$	13,178			$	(51,220	)
Per Common Share Data – Basic
Income (loss) from continuing operations	$	0.25		$	0.90		$	0.69			$	(4.97	)
Income (loss) from discontinued operations		(0.07	)		-			(0.10	)			0.01
Net income (loss) attributable to Winthrop Realty Trust	$	0.18		$	0.90		$	0.59			$	(4.96	)
Per Common Share Data – Diluted
Income (loss) from continuing operations	$	0.25		$	0.90		$	0.69			$	(4.97	)
Income (loss) from discontinued operations		(0.07	)		-			(0.10	)			0.01
Net income (loss) attributable to Winthrop Realty Trust	$	0.18		$	0.90		$	0.59			$	(4.96	)
Basic Weighted-Average Common Shares		21,412			15,855			21,064				15,828
Diluted Weighted-Average Common Shares		21,414			15,855			21,499				15,828

4

Funds From Operations:

The following presents a reconciliation of net income to funds from operations for the three and the nine months ended September 30, 2010 and 2009 (in thousands, except per share amounts).  Please note that certain prior year amounts have been adjusted to conform to current year presentation.

	(Unaudited)						(Unaudited)
	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2010			2009			2010			2009
Net income (loss) attributable to Winthrop     Realty Trust	$	3,808		$	15,157		$	12,589		$	(78,472	)
Real estate depreciation		1,569			1,637			4,583			4,984
Amortization of capitalized leasing costs		872			1,050			2,591			3,267
Real estate depreciation and amortization     of unconsolidated interests		2,245			2,155			6,646			4,210
Less: Non-controlling interest share of real     estate depreciation and amortization		(787	)		(786	)		(2,371	)		(2,382	)
Funds from operations		7,707			19,213			24,038			(68,393	)
Series C Preferred Share dividends		(59	)		-			(230	)		-
Allocations of earnings to Series B-1    Preferred Shares		-			(1,202	)		(22	)		-
Allocations of earnings to Series C    Preferred Shares		(33	)		-			(189	)		-
FFO applicable to Common Shares-Basic	$	7,615		$	18,011		$	23,597		$	(68,393	)
Weighted-average Common Shares		21,412			15,855			21,064			15,828
FFO Per Common Share-Basic	$	0.36		$	1.14		$	1.12		$	(4.32	)
Diluted
Funds from operations (per above)	$	7,707		$	19,213		$	24,038		$	(68,393	)
Series C Preferred Share Dividends		-			-			-			-
Allocation of earnings to Series B-1    Preferred Shares		-			(1,202	)		(22	)		-
Allocation of Earnings to Series C Preferred    Shares		-			-			-			-
Series B-1 Interest Expense		-			-			-			-
FFO applicable to Common Shares	$	7,707		$	18,011		$	24,016		$	(68,393	)
Weighted-average Common Shares		21,412			15,855			21,064			15,828
Stock options		2			-			2			-
Convertible Series C Preferred Shares		257			-			433			-
Convertible Series B-1 Preferred Shares		-			-			-			-
Diluted weighted-average Common    Shares		21,671			15,855			21,499			15,828
FFO Per Common Share-Diluted	$	0.36		$	1.14		$	1.12		$	(4.32	)

5

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 ne t 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.  A reconciliation of net income to FFO is provided above.  In addition, a reconciliation of FFO to FFO before certain items that affect comparability is provided above in this press release.

Consolidated Balance Sheets:

(in thousands, except share data)

	(Unaudited)			(Unaudited)
	September 30, 2010			December 31, 2009
ASSETS
Investments in real estate, at cost
Land	$	21,460		$	20,659
Buildings and improvements		236,500			228,419
		257,960			249,078
Less: accumulated depreciation		(34,416	)		(31,269	)
Investments in real estate, net		223,544			217,809
Cash and cash equivalents		102,919			66,493
Restricted cash held in escrows		8,889			9,505
Loans receivable, net		77,964			26,101
Accounts receivable, net of allowances of $293 and       $565, respectively		12,560			14,559
Securities carried at fair value		29,893			52,394
Loan securities carried at fair value		6,454			1,661
Available for sale securities, net		-			203
Preferred equity investment		3,972			4,012
Equity investments		92,691			73,207
Lease intangibles, net		24,496			22,666
Deferred financing costs, net		1,217			1,495
Assets held for sale		3,096			3,087
TOTAL ASSETS	$	587,695		$	493,192
LIABILITIES
Mortgage loans payable	$	211,773		$	216,767
Series B-1 Cumulative Convertible Redeemable         Preferred Shares, $25 per share liquidation preference;         852,000 shares authorized and outstanding at         September 30, 2010 and December 31, 2009		21,300			21,300
Revolving line of credit		25,450			-
Accounts payable and accrued liabilities		9,852			7,401
Dividends payable		4,424			3,458
Deferred income		33			48
Below market lease intangibles, net		2,348			2,849
TOTAL LIABILITIES		275,180			251,823

6

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     September 30, 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;    26,981,888 and 20,375,483 outstanding at September 30,    2010 and December 31, 2009, respectively		26,982			20,375
Additional paid-in capital		569,121			498,118
Accumulated distributions in excess of net income		(300,219	)		(301,317	)
Accumulated other comprehensive loss		(93	)		(87	)
Total Winthrop Realty Trust Shareholders’ Equity		295,791			217,089
Non-controlling interests		13,503			12,111
Total  Equity		309,294			229,200
TOTAL LIABILITIES AND EQUITY	$	587,695		$	493,192

Further details regarding the Company’s results of operations, properties, joint ventures and tenants are available in the Company’s Form 10-Q for the quarter ended September 30, 2010 which will be filed with the Securities and Exchange Commission and will be available for download at the Company’s website www.winthropreit.com or at the Securities and Exchange Commission website www.sec.gov.

# # #

Contact Information:

AT THE COMPANY

Thomas Staples

Chief Financial Officer

(617) 570-4614

7

EX-99.2

Winthrop Realty Trust

Supplemental Operating and Financial Data

for the Nine Months Ended September 30, 2010

WINTHROP REALTY TRUST

SUPPLEMENTAL REPORTING PACKAGE

Table of Contents

Consolidated Balance Sheets	1
Consolidated Statements of Operations and Comprehensive Income	2
Funds from Operations Analysis	4
Consolidated Statements of Cash Flows	5
Selected Balance Sheet Account Detail	7
Schedule of Securities Carried at Fair Value	8
Schedule of Loans Assets	9
Schedule of Capitalization, Dividends and Liquidity	11
Net Operating Income from Consolidated Properties	12
Schedule of  Interest and Dividends	13
Consolidated Properties – Selected Property Data	14
Equity Investments – Selected Property Data	17
Consolidated Properties – Operating Summary	19
Equity Investments – Operating Summary	20
Reconciliation of Non-GAAP financial measures of income to net loss attributable to Common Shares	21
Definitions	22
Investor Information	23

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 Winthrop Realty Trust (the “Trust”) control 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 per share data)

(Unaudited)

	September 30,			June 30,			March 31,			December 31,
	2010			2010			2010			2009
ASSETS
Investments in real estate, at cost
Land	$	21,460		$	20,659		$	20,659		$	20,659
Buildings and improvements		236,500			229,132			229,046			228,419
		257,960			249,791			249,705			249,078
Less: accumulated depreciation		(34,416	)		(33,279	)		(32,775	)		(31,269	)
Investments in real estate, net		223,544			216,512			216,930			217,809
Cash and cash equivalents		102,919			37,913			76,591			66,493
Restricted cash held in escrows		8,889			8,574			7,753			9,505
Loans receivable, net		77,964			53,395			25,516			26,101
Accounts receivable, net of allowances of $293, $430, $545,       and $565, respectively		12,560			11,870			13,245			14,559
Securities carried at fair value		29,893			43,754			45,528			52,394
Loan securities carried at fair value		6,454			4,673			1,048			1,661
Available for sale securities, net		-			-			210			203
Preferred equity investment		3,972			3,951			3,992			4,012
Equity investments		92,691			82,907			73,010			73,207
Lease intangibles, net		24,496			23,218			23,926			22,666
Deferred financing costs, net		1,217			1,366			1,370			1,495
Assets held for sale		3,096			2,180			3,134			3,087
Deposits		-			4,100			-			-
TOTAL ASSETS	$	587,695		$	494,413		$	492,253		$	493,192
LIABILITIES
Mortgage loans payable	$	211,773		$	213,375		$	214,977		$	216,767
Series B-1 Cumulative Convertible Redeemable Preferred Shares,    $25 per share liquidation preference; 852,000 shares authorized    and outstanding at September 30, 2010, June 30, 2010,    March 31, 2010 and December 31, 2009		21,300			21,300			21,300			21,300
Revolving line of credit		25,450			-			-			-
Accounts payable and accrued liabilities		9,852			8,670			6,722			7,401
Dividends payable		4,424			3,481			3,474			3,458
Deferred income		33			38			43			48
Below market lease intangibles, net		2,348			2,514			2,679			2,849
TOTAL LIABILITIES		275,180			249,378			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, 144,000,    144,000 and 544,000 shares authorized and outstanding    September 30, 2010, June 30, 2010 March 31, 2010 and    December 31, 2009, respectfully		3,221			3,221			3,221			12,169
Total non-controlling redeemable preferred interest		3,221			3,221			3,221			12,169
EQUITY
Winthrop Realty Trust Shareholders’ Equity:
Common Shares, $1 par, unlimited shares authorized;  26,981,888, 21,181,499, 21,137,268, and 20,375,483 issued and outstanding at  September 30, 2010, June 30, 2010, March 31, 2010 and December 31, 2009, respectively		26,982			21,181			21,137			20,375
Additional paid-in capital		569,121			507,440			506,876			498,118
Accumulated distributions in excess of net income		(300,219	)		(299,584	)		(300,660	)		(301,317	)
Accumulated other comprehensive loss		(93	)		(73	)		(40	)		(87	)
Total Winthrop Realty Trust Shareholders’ Equity		295,791			228,964			227,313			217,089
Non-controlling interests		13,503			12,850			12,524			12,111
Total Equity		309,294			241,814			239,837			229,200
TOTAL LIABILITIES AND EQUITY	$	587,695		$	494,413		$	492,253		$	493,192

1

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share data)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2010			2009			2010			2009
Revenue
Rents and reimbursements	$	9,298		$	10,140		$	28,162		$	30,609
Interest and dividends		4,948			2,496			11,747			6,462
		14,246			12,636			39,909			37,071
Expenses
Property operating		1,812			1,990			5,585			5,492
Real estate taxes		952			674			2,012			1,968
Depreciation and amortization		2,393			2,598			7,092			7,987
Interest		3,809			4,169			11,126			12,745
Provision for loss on loans receivable		-			-			-			2,152
General and administrative		2,300			1,820			6,123			5,137
State and local taxes		7			14			107			211
		11,273			11,265			32,045			35,692
Other income (loss)
Earnings (loss)  from preferred equity investments		85			86			253			(2,108	)
Equity in (loss) earnings of equity investments		(409	)		211			(1,328	)		(100,201	)
Gain (loss) on sale of securities carried at fair value		(185	)		676			588			3,274
Unrealized gain on securities carried at fair value		2,490			12,578			4,280			14,010
Impairment loss on real estate loan available for sale		-			-			-			(203	)
Gain on extinguishment of debt		-			445			-			5,682
Unrealized gain on loan securities carried at fair value		581			-			3,593			-
Interest income		17			31			94			145
		2,579			14,027			7,480			(79,401	)
Income (loss) from continuing operations		5,552			15,398			15,344			(78,022	)
Discontinued operations
Income (loss) from discontinued operations		(1,569	)		74			(2,160	)		201
Consolidated net income (loss)		3,983			15,472			13,184			(77,821	)
Income attributable to non-controlling interest		(175	)		(315	)		(595	)		(651	)
Net income (loss) attributable to Winthrop Realty Trust		3,808			15,157			12,589			(78,472	)
Income attributable to non-controlling redeemable
preferred interest		(59	)		-			(230	)		-
Net income (loss) attributable to Common Shares	$	3,749		$	15,157		$	12,359		$	(78,472	)
Comprehensive income (loss)
Consolidated net income (loss)	$	3,983		$	15,472		$	13,184		$	(77,821	)
Change in unrealized gain on available for sale       securities		-			10			2			21
Change in unrealized gain (loss)  on interest        rate derivative		(20	)		141			(8	)		406
Change in unrealized loss from equity investments		-			-			-			26,174
Comprehensive income (loss)	$	3,963		$	15,623		$	13,178		$	(51,220	)

(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 September 30,					Nine Months Ended September 30,
	2010			2009		2010			2009
Per Common Share data - Basic
Income (loss) from continuing operations	$	0.25		$	0.90	$	0.69		$	(4.97	)
Income (loss) from discontinued operations		(0.07	)		-		(0.10	)		0.01
Net income (loss) attributable to Winthrop Realty Trust	$	0.18		$	0.90	$	0.59		$	(4.96	)
Per Common Share data - Diluted
Income (loss) from continuing operations	$	0.25		$	0.90	$	0.69		$	(4.97	)
Income (loss) from discontinued operations		(0.07	)		-		(0.10	)		0.01
Net income (loss) attributable to Winthrop Realty Trust	$	0.18		$	0.90	$	0.59		$	(4.96	)
Basic Weighted-Average Common Shares		21,412			15,855		21,064			15,828
Diluted Weighted-Average Common Shares		21,414			15,855		21,499			15,828

3

WINTHROP REALTY TRUST

FUNDS FROM OPERATIONS ANALYSIS

(In thousands, except per share data)

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
Reconciliation of Net Income (Loss) to Funds from Operations (FFO):
Basic
Net income (loss) attributable to Winthrop Realty Trust	$	3,808		$	15,157		$	12,589		$	(78,472	)
Real estate depreciation		1,569			1,637			4,583			4,984
Amortization of capitalized leasing costs		872			1,050			2,591			3,267
Real estate depreciation and amortization
of unconsolidated interests		2,245			2,155			6,646			4,210
Less:  Non-controlling interest share of depreciation
and amortization		(787	)		(786	)		(2,371	)		(2,382	)
Funds from operations		7,707			19,213			24,038			(68,393	)
Series C preferred dividends		(59	)		-			(230	)		-
Allocation of earnings to Series B-1 Preferred Shares		-			(1,202	)		(22	)		-
Allocation of earnings to Series C Preferred Shares		(33	)		-			(189	)		-
FFO applicable to Common Shares - Basic	$	7,615		$	18,011		$	23,597		$	(68,393	)
Weighted-average Common Shares		21,412			15,855			21,064			15,828
FFO Per Common Share - Basic	$	0.36		$	1.14		$	1.12		$	(4.32	)
Diluted
Funds from operations (per above)	$	7,707		$	19,213		$	24,038		$	(68,393	)
Allocation of earnings to Series B-1 Preferred Shares (1)		-			-			(19	)		-
Series B-1 Preferred Shares interest expense		-			(1,202	)		-			-
FFO applicable to Common Shares	$	7,707		$	18,011		$	24,019		$	(68,393	)
Weighted-average Common Shares (per above)		21,412			15,855			21,064			15,828
Stock options (2)		2			-			2			-
Convertible Series C Preferred Shares (3)		257			-			433			-
Convertible Series B-1 Preferred Shares		-			-			-			-
Diluted weighted-average Common Shares		21,671			15,855			21,499			15,828
FFO Per Common Share - Diluted	$	0.36		$	1.14		$	1.12		$	(4.32	)

(1)  The Trust's Series B-1 Preferred Shares were considered anti-dilutive for the three and nine months ended September 30, 2010 and September 30, 2009.

(2)  The Trust's stock options were considered dilutive for the three and nine months ended September 30, 2010.

(3)  The Series C Preferred Shares were issued November 1, 2009 and were dilutive for the three and nine months ended September 30, 2010.

4

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Nine Months Ended September 30,
	2010			2009
Cash flows from operating activities
Net income (loss)	$	13,184		$	(77,821	)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization (including amortization
of deferred financing costs)		5,026			5,562
Amortization of lease intangibles		2,064			3,647
Straight-lining of rental income		378			(514	)
(Earnings) loss of preferred equity investments		(253	)		2,843
Distributions from preferred equity investments		293			2,291
Loss of equity investments		1,328			100,201
Distributions from equity investments		3,793			1,596
Restricted cash held in escrows		1,207			(1,009	)
Gain on sale of securities carried at fair value		(588	)		(3,274	)
Unrealized gain on securities carried at fair value		(4,280	)		(14,010	)
Unrealized gain on loan securities carried at fair value		(3,593	)		-
Impairment loss on real estate loan available for sale		-			203
Impairment loss on real estate held for sale		2,720			-
Gain on extinguishment of debt		-			(5,682	)
Provision for loss on loan receivable		-			2,152
Tenant leasing costs		(2,477	)		(2,081	)
Bad debt recovery		(612	)		(73	)
Net change in interest receivable		(236	)		(171	)
Net change in accounts receivable		1,844			1,110
Loan discount accretion		(6,087	)		(406	)
Net change in other operating assets and liabilities		771			(653	)
Net cash provided by operating activities		14,482			13,911
Cash flows from investing activities
Issuance and acquisition of loans receivable		(83,572	)		(15,501	)
Investments in real estate		(3,003	)		(1,301	)
Investment in equity investments		(24,605	)		(2,007	)
Investment in real estate loan available for sale		-			(35,000	)
Purchase of securities carried at fair value		(3,056	)		(30,552	)
Proceeds from preferred equity investments		-			60
Proceeds from sale of real estate loan available for sale		-			34,797
Proceeds from sale of securities carried at fair value		29,565			22,866
Proceeds from sale of available for sale securities		205			-
Proceeds from sale of loans receivable		12,876			-
Restricted cash held in escrows		(2,073	)		2,647
Deposits on acquisition of loans receivable		-			-
Collection of loans receivable		14,900			10,980
Net cash used in investing activities		(58,763	)		(13,011	)

(Continued on next page)

5

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, continued)

(Unaudited)

	Nine Months Ended September 30,
	2010			2009
Cash flows from financing activities
Proceeds from mortgage loans payable	$	-		$	49
Proceeds from loan payable		-			19,818
Payment of loan payable		-			(19,818	)
Proceeds from revolving line of credit		25,450			35,000
Payment of revolving line of credit		-			(35,000	)
Principal payments of mortgage loans payable		(4,994	)		(4,332	)
Restricted cash held in escrows		1,482			3,970
Payments of note payable		-			(9,800	)
Deferred financing costs		(165	)		(61	)
Contribution from non-controlling interest		1,037			723
Distribution to non-controlling interest		(240	)		(743	)
Issuance of Common Shares under Dividend Reinvestment Plan		1,795			1,047
Issuance of Common Shares through offering		66,867			-
Dividend paid on Common Shares		(10,187	)		(13,844	)
Dividend paid on Series C Preferred Shares		(338	)		-
Redemption of Series B-1 Preferred Shares		-			(2,000	)
Net cash provided by (used in) financing activities		80,707			(24,991	)
Net increase (decrease) in cash and cash equivalents		36,426			(24,091	)
Cash and cash equivalents at beginning of period		66,493			59,238
Cash and cash equivalents at end of period	$	102,919		$	35,147
Supplemental Disclosure of Cash Flow Information
Interest paid	$	10,772		$	12,624
Taxes paid	$	98		$	124
Supplemental Disclosure on Non-Cash Investing and  Financing Activities
Dividends accrued on Common Shares	$	4,385		$	3,965
Dividends accrued on Series C Preferrred Shares	$	39		$	-
Capital expenditures accrued	$	1,643		$	190
Redemption of Series B-1 Preferred Shares	$	-		$	(17,081	)
Deposit on redemption of Series B-1 Preferred Shares	$	-		$	17,081
Transfer of preferred equity investments to equity        method investments	$	-		$	(41,823	)
Transfer of loans to equity method investments	$	-		$	(15,805	)
Transfer to equity method investments from loans and     preferred equity investments	$	-		$	57,628
Transfer of loan assets to investments in real estate	$	8,188		$	-
Transfer of loan assets to investments in lease intangibles	$	2,032		$	-
Transfer of investments in real estate from loan assets	$	(8,188	)	$	-
Transfer to lease intangibles from loan assets	$	(2,032	)	$	-

6

WINTHROP REALTY TRUST

SELECTED BALANCE SHEET ACCOUNT DETAIL

(In thousands)

(Unaudited)

	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009
Operating Real Estate
Land	$	21,460		$	20,659			20,659		$	20,659
Buildings and improvements
Buildings		221,761			217,793			217,793			217,793
Building improvements		11,223			6,995			7,446			6,819
Tenant improvements		3,516			4,344			3,807			3,807
		257,960			249,791			249,705			249,078
Accumulated depreciation and amortization		(34,416	)		(33,279	)		(32,775	)		(31,269	)
Total Operating Real Estate	$	223,544		$	216,512		$	216,930		$	217,809
Accounts Receivable
Straight-line rent receivable	$	8,563		$	8,234			8,342		$	8,941
Other		3,997			3,636			4,903			5,618
Total Accounts Receivable	$	12,560		$	11,870		$	13,245		$	14,559
Securities Carried at Fair Value
REIT Debentures	$	-		$	15,907			17,510		$	18,794
REIT Preferred Shares		28,252			25,922			26,419			23,950
REIT Common Shares		1,641			1,925			1,599			9,650
Total Securities Carried at Fair Value	$	29,893		$	43,754		$	45,528		$	52,394
Equity Investments
Marc Realty Portfolio	$	62,080		$	61,000			58,070		$	57,560
Sealy Ventures Properties		13,152			14,102			14,940			15,647
WRT-ROIC Riverside		7,883			7,805			-			-
PSW NYC		9,576			-			-			-
Concord Debt Holdings		-			-			-			-
CDH CDO		-			-			-			-
Total Equity Investments	$	92,691		$	82,907		$	73,010		$	73,207
Non-Controlling Interests
Westheimer (Houston, TX)	$	9,521		$	9,279		$	9,052		$	8,840
River City / Marc Realty (Chicago, IL)		2,870			2,597			2,399			2,084
Ontario / Marc Realty (Chicago, IL)		584			586			696			801
1050 Corporetum / Marc Realty ( Lisle, IL)		386			388			377			386
Deer Valley / Fenway (Phoenix. AZ)		142			-			-			-
Total Non-Controlling Interests	$	13,503		$	12,850		$	12,524		$	12,111

7

WINTHROP REALTY TRUST

SCHEDULE OF SECURITIES CARRIED AT FAIR VALUE

(In thousands)

(Unaudited)

	September 30, 2010				June 30, 2010				March 31, 2010				December 31, 2009
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
REIT Debentures	$	-	$	-	$	11,045	$	15,907	$	12,183	$	17,510	$	13,597	$	18,794
REIT Preferred shares		14,867		28,252		14,868		25,922		14,641		26,419		14,231		23,950
REIT Common shares		1,223		1,641		1,660		1,925		1,223		1,599		8,234		9,650
Total securities carried at fair value	$	16,090	$	29,893	$	27,573	$	43,754	$	28,047	$	45,528	$	36,062	$	52,394

Securities carried at fair value are comprised of REIT debentures, preferred shares, and common shares for which the Trust has elected the fair value option.

	Quarter Ended							Year to Date Period Ended
	September 30, 2010			June 30, 2010		March 31,  2010		September 30, 2010		June 30, 2010		March 31,  2010
Net unrealized gains	$	3,071		$	2,875	$	1,927	$	7,873	$	4,802	$	1,927
Net realized gains (losses)	$	(185	)	$	78	$	695	$	588	$	773	$	695

The Trust uses specific identification method for calculating gain or loss on the sale of securities carried at fair value.

8

WINTHROP REALTY TRUST

SCHEDULE OF LOANS ASSETS

 (In thousands)

(Unaudited)

Loans Receivable	Acquisition Date	Asset Type	Location	Interest Rate			(000's) Carrying Amount (1) Sept 30, 2010		(000's) Par Value			Maturity Date (2)	(000's) Senior Debt (3)
B Note	Dec 2009	Hotel	Beverly Hills, CA	Libor + 1.74%			$	7,163	$	10,000		Aug 2011	$	166,000
B Note	Dec 2009	Office	New York, NY	Libor + 1.50%				9,216		15,000		Nov 2011		81,559
Mezzanine (4)	Sep 2010	Multi Family	Meriden, CT		12.00	%		550		3,500		Jan 2012		23,875
B Note	Jun 2009	Office	Phoenix, AZ		(5	)		2,486		4,219		Jun 2012		3,000
B Note	Jun 2009	Office	San Francisco, CA		(6	)		5,898		38,796	(7)	Jun 2013		35,000
Mezzanine	Various	Office	San Francisco, CA		15.00	%		3,028		3,000		Jun 2013		73,796	(7)
Whole	Jul 2010	Multi Family	Tempe, AZ		5.88	%		27,073		31,036		Jan 2015		-
Whole (8)	Jun 2010	Office	Englewood, CO		6.07	%		8,439		10,031		Jul 2015		-
Mezzanine	Aug 2010	Mixed use	Shirley, NY		12.00	%		251		1,497		May 2016		17,045
B Note	Jul 2010	Office	New York, NY		7.19	%		9,946		11,695		Jul 2016		253,679
Mezzanine	Dec 2009	Mixed use	New York, NY		6.79	%		2,430		3,500		Jul 2017		22,500
Mezzanine (9)	Various	Office	Chicago, IL		8.50	%		1,484		1,484		Various		18,290
Total Loans Receivable							$	77,964	$	133,758
Equity Investment Loan Assets
B Note (10)	Jun 2010	Retail	Riverside, CA		12.00	%	$	15,756	$	15,600		Dec 2012	$	54,400
Mezzanine (11)	Aug 2010	Multi-Family	New York, NY		5.88	%		45,000		300,000		Dec 2016		3,000,000
Total Loan Assets of Equity Investments							$	60,756	$	315,600
Loan Securities Carried at Fair Value
Rake Bonds	Dec 2009	Office	Burbank, CA		(12	)	$	4,605	$	6,364		Dec 2010	$	15,666
Rake Bonds	Jul 2010	Office	Costa Mesa, CA		(13	)		1,804		2,273		Dec 2010		17,715
CMBS	Dec 2009	Various	Various	Libor + 1.75%				45		1,140		Jul 2012		1,496,206
Total Loan Securities Carried at Fair Value							$	6,454	$	9,777

(Continued on next page)

9

WINTHROP REALTY TRUST

SCHEDULE OF LOANS RECEIVABLE AND LOAN SECURITIES

 (In thousands, continued)

(Unaudited)

Notes to Schedule of Loan Assets

(1)  Carrying amount of loans receivable includes accrued interest of $433 and accretion of discount of $7,108 at September 30, 2010.

(2) Maturity dates presented are after giving effect to all contractual extensions.

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

(4) The Trust's mezzanine loan for Newbury Apartments was subordinate to a non-performing first mortgage loan. On October 29, 2010 the Trust foreclosed on the equity interests in the property subject to the first mortgage. The Trust is negotiating with the first mortgage lender with respect to the current defaults on the mortgage loan.

(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 ($7,219 at September 30, 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 September 30, 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%.

(6) 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 September 30, 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 September 30, 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%.

(7) The borrower of the 160 Spear loans has a discount purchase option of $50,000 on it’s A and B Notes of which $15,000 will go to satisfy the B Note.

(8) The loan is in default and the Trust has commenced foreclosure. It is expected that the Trust will consummate foreclosure in the fourth quarter of 2010.

(9) Represents tenant improvement and capital expenditure loans on our Marc Realty preferred equity investment in 180 North Michigan.

(10) The loan asset carrying amount presented is at 100%, however Winthrop's ownership of its equity investment in WRT-ROIC LLC at September 30, 2010 is 50%.

(11) The loan asset carrying amount presented is at 100%, however Winthrop's ownership of its equity investment in PSW NYC LLC at September 30, 2010 is 22.5%. On October 26, 2010, PSW NYC and the first mortgage lender agreed to settle their dispute and PSW NYC sold its interest in the mezzanine loans to an affiliate of the first mortgage lender for $45,000 and the matter was voluntarily dismissed. The Trust was entitled to $10,125 of the settlement payment on account of its 22.5% interest in PSW NYC.

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

(13) Ranges from Libor + 1.39% to Libor + 1.59%.

10

WINTHROP REALTY TRUST

SCHEDULE OF CAPITALIZATION, DIVIDENDS AND LIQUIDITY

 (In thousands)

(Unaudited)

	September 30, 2010		June 30, 2010		March 31, 2010		December 31, 2009
Debt:
Mortgage loans payable	$	211,773	$	213,375	$	214,977	$	216,767
Series B-1 Preferred Shares		21,300		21,300		21,300		21,300
KeyBank line of credit		25,450		-		-		-
Total Debt		258,523		234,675		236,277		238,067
Non-Controlling Redeemable Preferred Interest:
Series C Preferred Shares		3,221		3,221		3,221		12,169
Equity:
Common Shares		295,791		228,964		227,313		217,089
Non-controlling ownership interests		13,503		12,850		12,524		12,111
Total Equity		309,294		241,814		239,837		229,200
Total Capitalization	$	571,038	$	479,710	$	479,335	$	479,436

Common Dividend Per Share
September 30, 2010		June 30, 2010		March 31, 2010		December 31, 2009
$	0.1625	$	0.1625	$	0.1625	$	0.1625

Liquidity and Credit Facility
	September 30, 2010		June 30,  2010		March 31, 2010		December 31, 2009
Cash and cash equivalents	$	102,919	$	37,913	$	76,591	$	66,493
Securities carried at fair value		29,893		43,754		45,528		52,394
Available for sale securities, net		-		-		210		203
Available under line of credit		9,550		35,000		35,000		35,000
Total Liquidity and Credit Facility	$	142,362	$	116,667	$	157,329	$	154,090

WINTHROP REALTY TRUST

NET OPERATING INCOME FROM CONSOLIDATED PROPERTIES

 (In thousands)

(Unaudited)

	Three Months Ended
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009
Rents and reimbursements
Minimum rent	$	8,146		$	8,771		$	8,960		$	8,510
Deferred rents (straight-line)		330			(109	)		(599	)		767
Recovery income		890			746			941			472
Less:
Above and below market rents		179			168			158			(140	)
Lease concessions and abatements		(247	)		(86	)		(86	)		(197	)
Total rents and reimbursements		9,298			9,490			9,374			9,412
Rental property expenses
Property operating		1,812			1,822			1,951			1,549
Real estate taxes		952			340			720			573
Total rental property expenses		2,764			2,162			2,671			2,122
Net operating income (1)
from consolidated properties	$	6,534		$	7,328		$	6,703		$	7,290

(1) See definition of non-GAAP measure of Net Operating Income on page 22 of the supplemental package.

12

WINTHROP REALTY TRUST

SCHEDULE OF INTEREST AND DIVIDENDS

 (In thousands)

(Unaudited)

	Three Months Ended				Nine Months Ended
	September 30, 2010		September 30, 2009		September 30, 2010		September 30, 2009
Interest and Dividends by Business Segment:
Loan Assets	$	4,185	$	1,040	$	9,484	$	2,247
REIT Securities		763		1,456		2,263		4,215
Total Interest and Dividends	$	4,948	$	2,496	$	11,747	$	6,462
Interest and Dividends Detail:
Interest on loan assets	$	1,799	$	634	$	3,356	$	1,841
Accretion of loan discount		2,345		406		6,087		406
Interest on loan securities		41		-		41		-
Interest and dividends on REIT securities		763		1,456		2,263		4,215
Total Interest and Dividends	$	4,948	$	2,496	$	11,747	$	6,462

13

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA

September 30, 2010

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	$	3,957	Ground Lease		(1	)		(1	)
Denton, TX (2)	2004		100	%		48,000		100	%	The Kroger Co. (2010)		48,000		1,345	Land Estate (3)		(1	)		(1	)
Greensboro, NC	2004		100	%		47,000		100	%	The Kroger Co. (2017/2037)		47,000		3,243	Ground Lease		(1	)		(1	)
Lousiville, KY	2004		100	%		47,000		100	%	The Kroger Co. (2015/2040)		47,000		2,325	Land Estate (3)		(1	)		(1	)
Memphis, TN	2004		100	%		47,000		100	%	The Kroger Co. (2015/2040)		47,000		650	Land Estate (3)		(1	)		(1	)
Seabrook TX	2004		100	%		53,000		100	%	The Kroger Co. (2015/2040)		53,000		1,191	Land Estate (3)		(1	)		(1	)
St. Louis, MO (2)	2004		100	%		46,000		100	%	The Kroger Co. (2010)		46,000		847	Land Estate (3)		(1	)		(1	)
Subtotal Retail						349,000								13,558			(1	)

The Trust has classified its Athens, Georgia; Lafayette, Louisana; Knoxville, Tennessee; and Sherman, Texas retail net leased properties, not listed above, as discontinued operations. These properties have combined square footage of approximately 187,000 and an aggregate remaining carrying amount of $3,096 on the balance sheet at September 30, 2010.

(Continued on next page )

14

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA (Continued)

September 30, 2010

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 (4)	2005		100	%		200,000		100	%	Ingram Micro Systems  (2013/2023)		200,000	$	17,196	Fee	$	16,222			10/2013 5.65	%
Andover, MA	2005		100	%		93,000		100	%	PAETEC Comm. (2022/2037)		93,000		6,315	Ground Lease		6,169			03/2011 6.60	%
Chicago, IL (Ontario / Marc Realty)	2005		80	%		126,000		86	%	The Gettys Group (2011/2016)		16,000		21,972	Fee		20,900			03/2016 5.75	%
										River North Surgery (2015/ n/a)		15,000
Chicago, IL (River City / Marc Realty )	2007		60	%		253,000		69	%	Bally Total Fitness (2011/2021)		55,000		14,092	Fee		9,100			04/2012 6.00	%
										MCI d/b/a Verizon (2019/2023)		37,000
Houston, TX	2004		8	%		614,000		100	%	Spectra Energy (2018/2028)		614,000		60,433	Fee		61,266			04/2016 6.37	%
Indianapolis, IN (Circle Tower)	1974		100	%		111,000		82	%	No Tenants Over 10%		-		4,604	Fee		4,263			04/2015 5.82	%
Lisle, IL	2006		100	%		169,000		52	%	United Healthcare (2014/ n/a)		41,000		18,785	Fee		17,026			06/2016 6.26	%
Lisle, IL	2006		100	%		67,000		85	%	T Systems, Inc. (5) (2010/2015)		35,000		8,207	Fee		6,954			06/2016 6.26	%
										ABM Janitorial (2012/2014)		11,000
										Zenith Insurance (2011)		10,000
Lisle, IL (Marc Realty)	2006		60	%		54,000		100	%	Ryerson (2018/2028)		54,000		3,695	Fee		5,600			03/2017 5.55	%
Orlando, FL	2004		100	%		256,000		100	%	Siemens Real Estate, Inc. (2017/2042)		256,000		14,751	Ground Lease		38,784			07/2017 6.40	%
Plantation, FL	2004		100	%		133,000		100	%	BellSouth  (2020/2035)		133,000		7,623	Land Estate (6)		(1	)		(1	)
South Burlington, VT	2005		100	%		56,000		100	%	Fairpoint Comm. (2014/2029)		56,000		2,803	Ground Lease		2,644			03/2011 6.60	%
Phoenix, AZ	2010		96.5	%		86,000		59	%	United Healthcare (2017/2027)		42,000		8,156	Fee		-			n/a
Subtotal - Office						2,218,000								188,632			188,928

(Continued on next page)

15

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA (Continued)

September 30, 2010

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		10,801	Fee		(1	)		(1	)
Mixed Use
Churchill, PA	2004		100	%		1,008,000		100	%	Viacom, Inc. (2010)		1,008,000		10,553	Ground Lease		(1	)		(1	)
Subtotal - Other						1,595,000								21,354			(1	)
Total Consolidated Properties						4,162,000							$	223,544		$	211,773

(**) Occupancy rates include all signed leases, including space undergoing tenant improvements.

(1) Our retail properties and our properties located in Churchill, Pennsylvania, Plantation, Florida, and Jacksonville, Florida collateralized $22,844 of mortgage debt at an interest rate of LIBOR + 1.75% which matures in June 2011.

(2) The tenant in our Denton, Texas and St Louis, Missouri retail locations has sent notification that they will not be exercising their renewal option upon expiration of current lease term.

(3) The Trust exercised its option to acquire the land underlying six of its retail properties which were ground leased by the Trust as of September 30, 2010. The acquisition of the six land parcels was consummated on November 1, 2010 for an aggregate purchase price of approximately $4,209.

(4) The Amherst, New York office property represents two 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 the ground will vest with us.

(5) T-Systems, Inc lease expires on December 31, 2010 and management is currently in negotiations with tenant on renewal terms.

(6) The Trust entered into a purchase and sale agreement to acquire the land underlying the Trust’s property in Plantation, Florida which is leased to BellSouth Telecommunications through March 31, 2020. The consummation of the acquisition of land is expected to occur in the fourth quarter of 2010 at a purchase price of approximately $4,000.

16

WINTHROP REALTY TRUST

EQUITY INVESTMENTS – SELECTED PROPERTY DATA

September 30, 2010

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
Marc Realty Portfolio - Equity Investments
8 South Michigan, Chicago, IL	2005		50	%		174,000		98	%	No tenants over 10%		-	$	7,149	Ground Lease	$	3,944			08/2011 6.87	%
11 East Adams, Chicago, IL	2005		49	%		161,000		77	%	IL School of Health (2015/2020)		28,700		3,273	Fee		9,999		08/2011 Libor + 2		%
29 East Madison, Chicago, IL	2005		50	%		235,000		90	%	Computer Systems Institute (2020/2030)		25,000		7,820	Fee		11,285			05/2013 5.20	%
30 North Michigan, Chicago, IL	2005		50	%		221,000		92	%	No tenants over 10%		-		11,855	Fee		13,187			08/2014 5.99	%
223 West Jackson, Chicago, IL	2005		50	%		168,000		57	%	No tenants over 10%		-		7,356	Fee		7,899			06/2012 6.92	%
4415 West Harrison, Hillside, IL (High Point)	2005		50	%		192,000		68	%	North American Medical Mgmt (2015/2020)		20,400		6,147	Fee		4,742			12/2017 5.62	%
2000-60 Algonquin, Shaumburg, IL (Salt Creek)	2005		50	%		101,000		66	%	No tenants over 10%		-		2,299	Fee		(2	)	02/2013 Libor + 2.75		%
1701 E. Woodfield, Shaumburg, IL	2005		50	%		175,000		84	%	No tenants over 10%		-		4,222	Fee		5,775		09/2015 Libor + 3		%
2720 River Rd, Des Plains, IL	2005		50	%		108,000		94	%	No tenants over 10%		-		4,177	Fee		2,617			10/2012 6.095	%
3701 Algonquin, Rolling Meadows IL	2005		50	%		193,000		82	%	ISACA (2018/2024)		26,100		2,956	Fee		10,415		02/2013 Libor + 2.75		%
										Relational Funding (2013/ n/a)		27,400
2205-55 Enterprise, Westchester, IL	2005		50	%		130,000		93	%	Consumer Portfolio (2014/2019)		18,900		3,062	Fee		(2	)	02/2013 Libor + 2.75		%
900-910 Skokie, Northbrook, IL (Ridgebrook)	2005		50	%		119,000		78	%	MIT Financial Group (2016/ n/a)		12,600		1,764	Fee		5,424		02/2011 Libor + 2		%
Subtotal - Marc Realty Portfolio						1,977,000								62,080			86,966

(Continued on next page)

17

WINTHROP REALTY TRUST

EQUITY INVESTMENTS – SELECTED PROPERTY DATA (Continued)

September 30, 2010

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
Sealy Venture Properties  - Equity Investments
Atlanta, GA (3) (Northwest Atlanta)	2006		60	%		472,000		75	%	Original Mattress (2020/2025)		57,000	$	2,648	Fee	$	28,750		01/2012 5.7	%
Atlanta, GA  (4) (Newmarket)	2008		68	%		470,000		67	%	Alere Health (2011/ n/a)		76,000		7,091	Fee		37,000		11/2016 6.12	%
Nashville, TN  (5) (Airpark)	2007		50	%		1,155,000		88	%	No tenants over 10%		-		3,413	Fee		74,000		05/2012 5.77	%
Subtotal - Sealy Venture Properties						2,097,000				(Northwest Atlanta)				13,152			139,750
Riverside Plaza Loan Asset- Equity Investment
WRT-ROIC Riverside LLC  (6)	2010		50	%										7,883			-
Peter Cooper Village / Stuyvesant Town  Loan Asset -Equity Investment
PSW New York LLC (7)	2010		22.5	%										9,576			-
Total Equity Investment Properties						4,074,000							$	92,691		$	232,038

(**) Occupancy rates include all signed leases including space undergoing tenant improvements

(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 $11,679 which is included in total debt balance.

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

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

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

(6) On June 28, 2010 the Trust entered into a 50%-50% joint venture with Retail Opportunity Investment Corp. (“ROIC”). The new joint venture entity was formed and funded by its members concurrent with its purchase of the Riverside Plaza loan.

(7) On August 6, 2010 the Trust entered into a venture, PSW NYC LLC, which was formed to purchase the Peter Cooper Village / Stuyvesant Town mezzanine loans. On October 26, 2010, PSW NYC and the first mortgage lender agreed to settle their dispute and PSW NYC sold its interest in the mezzanine loans to an affiliate of the first mortgage lender for $45,000 and the matter was voluntarily dismissed. The Trust was entitled to $10,125 of the settlement payment on account of its 22.5% interest in PSW NYC.

18

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - OPERATING SUMMARY

Nine Months ended September 30, 2010

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

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		100.0	%		7		349,000	$	1,351	$	23	$	-	$	1,328		$	-	$	-	$	47	$	-		$	1,281
Office		100.0	%		8		1,085,000		10,504		2,299		499		7,706			4,444		-		3,037		-			225
Other		100.0	%		2		1,595,000		3,319		417		11		2,891			-		-		325		-			2,566
					17		3,029,000		15,174		2,739		510		11,925			4,444		-		3,409		-			4,072
Partially Owned Consolidated Properties
Chicago, IL (Ontario/Marc Realty)		80.0	%		1		126,000		3,555		1,048		630		1,877			925		-		843		22			87
Chicago, IL (River City/Marc Realty)		60.0	%		1		253,000		2,853		1,521		522		810			461		-		570		(88	)		(134	)
Houston, TX (Multiple LP's)		8.0	%		1		614,000		5,909		8		-		5,901			2,989		-		2,095		681			136
Lisle, IL (Marc Realty)		60.0	%		1		54,000		655		241		55		359			245		-		114		1			-
Phoenix, Arizona (Deer Valley / Fenway)		96.5	%		1		86,000		16		28		295		(307	)		-		-		61		(21	)		(347	)
					5		1,133,000		12,988		2,846		1,502		8,640			4,620		-		3,683		595			(258	)
KeyBank mortgage loan  interest expense (2)					-		-		-		-		-		-			532		-		-		-			(532	)
Total Consolidated Properties					22		4,162,000	$	28,162	$	5,585	$	2,012	$	20,565		$	9,596	$	-	$	7,092	$	595		$	3,282
Series B-1 Preferred interest expense (3)																		1,172
Other																		358
Total																	$	11,126

(1) See definition of Net Operating Income and Net Income / (Loss) from Consolidated Properties on page 22 of the supplemental package.

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

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

19

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - OPERATING SUMMARY

Nine Months ended September 30, 2010

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

Venture	Number of Properties		Square Footage		Rents and Reimburse-ments		Operating Expenses		Real Estate Taxes		Net Operating Income (2)		Interest Expense		Other Income (Expense)			Deprec & Amort		Net Income / (Loss) from Equity Invest- ments			WRT' S Share of Net Income / (Loss) from Equity Investments
Marc Realty Portfolio		12		1,977,000		30,515		12,501		4,446		13,568		3,544		635			7,228		3,431			1,710
Sealy Venture Portfolio		3		2,097,000		12,457		2,483		1,341		8,633		6,241		(751	)		5,008		(3,367	)		(1,972	)
Total Equity Investment Properties		15		4,074,000	$	42,972	$	14,984	$	5,787	$	22,201	$	9,785	$	(116	)	$	12,236	$	64			(262	)
Amortization of Marc Realty Portfolio basis differential (1)																								(216	)
WRT-ROIC Riverside - Winthrop's share of net income from equity investment																								239
PSW NYC - Winthrop's share of net loss from equity investment																								(1,089	)
Equity in loss of equity investments																							$	(1,328	)

(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 22 of the supplemental package.

20

WINTHROP REALTY TRUST

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES OF INCOME TO

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHARES

(In thousands)

	Nine Months Ended			Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended
	September 30,			September 30,			June 30,			March 31,			December 31,
	2010			2010			2010			2010			2009
NOI from consolidated properties  (1), (4)	$	20,565		$	6,534		$	7,328		$	6,703		$	7,290
Less:
Interest expense		(9,596	)		(3,196	)		(3,207	)		(3,193	)		(3,377	)
Depreciation and amortization		(7,092	)		(2,393	)		(2,385	)		(2,314	)		(2,599	)
Impairment loss on investments in real estate		-			-			-			-			(10,000	)
Income attributable to non-controlling interest		(595	)		(175	)		(175	)		(245	)		(366	)
WRT share of income (loss) from consolidated properties (2), (4)		3,282			770			1,561			951			(9,052	)
Equity in loss of equity investments (3)		(1,328	)		(409	)		(392	)		(527	)		(2,891	)
Add:
Earnings from preferred equity investments		253			85			85			83			-
Interest and dividend income		11,747			4,948			3,590			3,209			874
Gain on sale of securities carried at fair value		588						78			695			2,142
Gain on extinguishment of debt		-			-			-			-			1,164
Unrealized gain on loan securities carried at fair value		3,593			581			3,625			-			-
Unrealized gain on securities carried at fair value		4,280			2,490			-			2,540			3,852
Interest income		94			17			40			37			27
State and local tax refunds		-			-			-			-			54
Income from discontinued operations		-			-			-			210			663
Less:
Series B-1 Preferred interest expense		(1,172	)		(390	)		(391	)		(391	)		(474	)
General and administrative		(6,123	)		(2,300	)		(1,916	)		(1,907	)		(2,166	)
State and local tax expense		(107	)		(7	)		(85	)		(15	)		-
Unrealized loss on loan securities carried at fair value		-			-			-			(613	)		-
Unrealized loss on securities carried at fair value		-			-			(750	)		-			-
Loss on sale of securities carried at fair value		-			(185	)		-			-			-
Interest expense  - other		(358	)		(223	)		(68	)		(67	)		(68	)
Series C Preferred interest		(230	)		(59	)		(58	)		(113	)		(147	)
Loss on discontinued operations		(2,160	)		(1,569	)		(801	)		-			-
Net income (loss) attributable to Common Shares	$	12,359		$	3,749		$	4,518		$	4,092		$	(6,022	)

(1) See detail for the three months ended September 30, 2010 on Page 12 of the supplemental package.

(2) See detail for the nine months ended September 30, 2010 on Page 19 of the supplemental package.

(3) See detail for the nine months ended September 30, 2010 on Page 20 of the supplemental package.

(4) See definitions for non-GAAP measures on page 22 of the supplemental package.

21

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 ne t 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.  Management believes that FFO and FFO per diluted share are helpful to investors as supplemental performance measures because these measures 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 Compa ny’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 revenues from all rental property less operating expenses and real estate taxes. We believe NOI is a useful measure for evaluating operating performance of our real estate assets as well as those held by our unconsolidated equity investments. 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 conju nction 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 / (Loss) from Consolidated Properties:

Net Income / (Loss) 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 / (Loss) from Consolidated Properties is a useful measure for evaluating operating performance of our consolidated operating properties. Net Income / (Loss) from Consolidated Properties presented by us may not be comparable to Net Income / (Loss) 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 / (Loss) from Consolidated Properties should be examined in conjunction with net income as presented in our consolidated financial s tatements. Net Income / (Loss) 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.

22

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
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

23

EX-99.3

Winthrop Realty Trust, Inc.	FUR	Q3 2010 Earnings Call	Nov. 4, 2010
Company▲	Ticker▲	Event Type▲	Date▲

MANAGEMENT DISCUSSION SECTION

Operator:  Greetings, and welcome to the Winthrop Realty Trust Third Quarter 2010 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Ms. Beverly Bergman, Vice President and Director of Investor Relations for Winthrop Realty. Thank you, Ms. Bergman. You may begin.

Beverly Bergman, Vice President and Director – Investor Relations

Thank you, Manny. Good afternoon, everyone, and welcome to the Winthrop Realty Trust Conference Call to discuss our third quarter 2010 financial results. With us today from senior management are Michael Ashner, Chairman and Chief Executive Officer; Carolyn Tiffany, President; Tom Staples, Chief Financial Officer; and other members of the management team.

This morning, November 4th, we issued a press release and posted on our Web site supplemental financial information, both of which will be furnished on a Form 8-K with the SEC. Both the press release and the supplemental financial information are available on our Web site at www.winthropreit.com. The press release in the News & Events section, and the supplemental financial information in the Investor Relations section. Additionally, we are hosting a live webcast of today’s call, which you can also access in the Website’s News & Events section.

At this time, the management would like me to inform you that certain statements made during this conference call, which are not historical, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that these expectations will be attained.

Factors and risks that could cause actual results to differ materially from those expressed or implied by forward-looking statements are detailed in the press release, and from time to time in our filings with the SEC. We do not undertake a duty to update any forward-looking statements.

Please note that in the press release, we have reconciled all non-GAAP financial measures to the most directly comparable GAAP measure in accordance with Reg G requirements. This can be found in the FFO table of the press release. Please note that all per share amounts are on a fully diluted basis.

I’d now like to turn the call over to Carolyn Tiffany. Carolyn?

Carolyn B. Tiffany, President

Thank you, Beverly. We invested approximately $67 million during the third quarter of 2010 in new loan assets, and have invested another $34 million since September 30th for a total of approximately $101 million. We continue to see opportunity, predominantly in the form of the acquisition of existing loans, through which we may ultimately acquire an equity interest in the real estate and the origination of new junior loans and preferred equity.

In light of the magnitude of the opportunities we’ve seen over the last six to 12 months, we determined that it was an appropriate time to raise equity, and in September, we sold 5.75 million common shares for net proceeds of approximately $67 million, which we anticipate deploying before the end of the fourth quarter.

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1

Winthrop Realty Trust, Inc.	FUR	Q3 2010 Earnings Call	Nov. 4, 2010
Company▲	Ticker▲	Event Type▲	Date▲

As a result of our recent acquisitions, on which Michael will provide more color later in the call, our overall loan asset and CMBS portfolio has a book basis at September 30, 2010, of over $105 million, and generated interest earnings of over $9.4 million for the nine months ended September 30th, 2010, as compared to interest earnings of just under $2.25 million for the same period in 2009.

Loan assets have been, and we expect will continue to be our fastest growing investment segment in this market environment.

Our operating properties portfolio consists of 37 properties containing 8.2 million square feet. Our consolidated properties were 94% leased at September 30, 2010, which is consistent with leasing at June 30, 2010.

We expect that rental income from our operating properties will decline in 2011 as a result of the non-renewal by Kroger of six properties, and the non-renewable by Viacom at our Churchill property, which together generated rental revenues of $3.3 million for the nine months ended September 30, 2010.

Concerning the Kroger portfolio, there were 11 remaining properties.  As we discussed, Kroger exercised its renewal rights on five properties, which now have lease terms through 2015 and 2017, and it exercised its purchase option on the Athens, Georgia property, which was sold to Kroger on November 2, 2010.

In addition to the Athens, Georgia property, three other Kroger properties have been characterized     as discontinued operations.  With respect to two of these, the Lafayette, Louisiana and Sherman, Texas properties, we concluded after marketing the properties that there was not sufficient interest in the market at a rate or price that made sense to exercise our ground rent renewal or purchase options. As such, the properties reverted back to the landowner on November 1, 2010.

Concerning the fourth property in discontinued operations located in Knoxville, Tennessee, we believe the best maximization of value will be through the sale of the property to a local or regional developer.

With respect to the remaining two properties for which Kroger did not renew and are located in St. Louis, Missouri and Denton, Texas, we continue to market them for lease or sale.

On November 1, 2010, we acquired, pursuant to our option, the land underlying six of the Kroger properties for an aggregate purchase price of $4.2 million.

Our litigation against our tenant at the Churchill property is proceeding, and we are in the discovery process.

The balance of our net leased properties continues to perform under the terms of their leases, and there are no credit issues.

The three properties in our Sealy joint venture comprise 2.1 million rentable square feet consisting of 18 office flex buildings and 13 light distribution and service center properties which are located in Northwest Atlanta and Atlanta, Georgia and Nashville, Tennessee.

These properties had occupancies of 75%, 67% and 88%, respectively, at September 30, 2010. This compares to occupancies of 71%, 69% and 89% at June 30, 2010.

Our Georgia properties continue to have historically low occupancy, but are performing in line with the market, and we’ve not lost any tenants to competing properties. Our Nashville, Tennessee property continues to outperform its market, as several competitors continue to suffer from the flood damage. All of the properties are being aggressively marketed for lease.

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2

Winthrop Realty Trust, Inc.	FUR	Q3 2010 Earnings Call	Nov. 4, 2010
Company▲	Ticker▲	Event Type▲	Date▲

The Marc Realty portfolio, in which we hold an equity investment, was 82% occupied at September 30, 2010, as compared to 84% at June 30, 2010. As we’ve said previously, the downtown assets continue to perform well, while the suburban assets are experiencing leasing challenges.

Similarly, our multi-tenanted Lisle, Illinois properties suffered this year as a result of significant vacancy. The market continues to be weak, but we do not expect that it will worsen significantly, and based on recent activity in the market, we’re cautiously optimistic that occupancy should begin to rebound.

Finally, during the third quarter of 2010, we divested of approximately $16 million of REIT securities, which consisted primarily of bonds. We believe these investments had reached their full value, and therefore we exited our position in these securities and have redeployed the capital during the quarter to fund new acquisitions.

And with that, I will turn the call over to Tom Staples. Tom?

Thomas C. Staples, Chief Financial Officer

Thank you, Carolyn. Good afternoon, everyone. I will be providing an overview of Winthrop’s financial results, as well as a review of our business segments. We have furnished a quarterly supplemental report, which you can access on our Web site’s Investor Relations section.

For the quarter ended September 30, 2010, net income from continuing operations applicable to common shares was $5.3 million or $0.25 per common share compared with net income from continuing operations applicable to common shares of $14.3 million or $0.90 per common share for the quarter ended September 30, 2009.

Funds from operations applicable to common shares, referred to as FFO, for the third quarter of 2010 was $7.7 million or $0.36 per common share compared with FFO of $18 million or $1.14 per common share for the third quarter of 2009. For the nine months ended September 30, 2010, net income from continuing operations applicable to common shares was $14.5 million or $0.69 per common share compared with a net loss from continuing operations applicable to common shares of $78.7 million or $4.97 per common share for the nine months ended September 30, 2009.

FFO applicable to common shares for the nine months ended September 30, 2010, was $24 million or $1.12 per common share. This compared with negative FFO of $68.4 million or a loss of $4.32 per common share for the nine months ended September 30, 2009.

Adjusting FFO for certain items that affect comparability, FFO applicable to common shares for the third quarter 2010 would have been $9.4 million or $0.43 per common share as compared with FFO applicable to common shares of $17.6 million $1.11 per common share for third quarter 2009.

Similarly, excluding items that affect comparability, FFO applicable to common shares for the nine months ended September 30, 2010, would have been $26.6 million or $1.24 per common share compared with $33.7 million or $2.13 per common share for the nine months ended September 30, 2009.

Operating results by business segment were as follows.

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3

Winthrop Realty Trust, Inc.	FUR	Q3 2010 Earnings Call	Nov. 4, 2010
Company▲	Ticker▲	Event Type▲	Date▲

With respect to our operating properties business segment, net operating income was approximately $7 million for the three months ended September 30, 2010, compared with approximately $7.2 million for the three months ended September 30, 2009.

This business segment consists of consolidated operating properties and equity investments in operating properties. Net operating income from our consolidated operating properties decreased by approximately $942,000 due to decreases in rents and reimbursements of $842,000, and an increase in real estate taxes of $278,000, partially offset by a decline in operating expenses of $178,000.

Rents and reimbursements declined, despite higher occupancy from the third quarter of 2009 due to low lower rental rates on new and released space. The real estate tax expense increase was the result of $295,000 of primarily past due taxes at the Deer Valley property, which was acquired through foreclosure in the third quarter 2010.

Operating income from our equity investments in and operating properties increased by $735,000 to $446,000 for the third quarter of 2010 compared to a loss of $289,000 for the third quarter of 2009. Income from our Marc Equity investments increased as a result of a forgiveness of debt income at our 1701 East Woodfield investment, of which our share was $1.1 million. The Sealy investments recorded higher losses of $330,000 primarily as a result of higher vacancy.

We received cash distributions of approximately $1.2 million from the Marc Realty equity investments, and $209,000 from our Sealy equity investments during the three months ended September 30, 2010.

With respect to our loan assets business segment, net operating income was $4 million for the three months ended September 30, 2010, compared with a net operating income of $1.6 million for the three months ended September 30, 2009.

Net operating income from loan assets increased by approximately $2.3 million for the period as a result of a $3.1 million increase in interest income, due primarily to $2,750,000 of interest income recognized on loan assets acquired subsequent to September 30 of 2009, and a $581,000 unrealized gain on loan securities carried at fair value recognized during the three months ended September 30, 2010. Partially offsetting these increases was our equity in the loss from Peter Cooper Village/Stuyvesant Town investment of approximately $1.1 million.

With respect to our REIT securities business segment, net operating income was $3.1 million for the three months ended September 30, 2010, compared with a net operating income of approximately $14.7 million during the prior year period.

The $11.6 million decrease in net operating income from the prior period was primarily as a result of a $10 million decrease in unrealized gain on REIT securities carried at fair value, a $652,000 decrease in interest and dividend income and an $861,000 decrease in gains recognized on the sale of securities. The overall decline reflects the result of our planned divestiture of the REIT securities.

During the quarter ended September 30, 2010, we sold securities for approximately $16.4 million, which we had previously purchased for approximately $11.7 million and had previously recognized unrealized gains of approximately $4.9 million and recorded realized losses of $185,000 on these sales.

At September 30, 2010, we had cash, cash equivalents and restricted cash of $111.8 million compared to a balance of $76 million at December 31, 2009. Lastly, on October 15, 2010, we paid a regular quarterly cash dividend of $0.1625 per common share for the third quarter of 2010.

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4

Winthrop Realty Trust, Inc.	FUR	Q3 2010 Earnings Call	Nov. 4, 2010
Company▲	Ticker▲	Event Type▲	Date▲

Now I’ll turn the call over to Michael Ashner. Michael?

Michael L. Ashner, Chairman and Chief Executive Officer

Thank you, Tom. With regards to our transactions this quarter, as Carlyon mentioned, we are pleased by the increasing number of opportunities we have seen in the market, having executed on a number of acquisitions.

We continue to seek both performing, as well as non-performing loans which can provide us with the opportunity to acquire through foreclosure the underlying collateral or an attractive risk adjusted yield.

In each case, we incorporated a number of variables in assessing potential investments: A significant discount to replacement cost; age; potential for equity participation, if not outright ownership; senior prior debt; strong growth markets; low cost optionality; accretive yield; and again, of course, a superior risk adjusted return. Substantially, all of the underlying assets in which we invest consist of multi-family apartments, office, community retail or iconic hospitality.

By way of example, during the second quarter of 2010, we acquired a first mortgage secured by the Deer Valley Professional Center in Phoenix, Arizona, and quickly converted that loan into equity ownership by foreclosure of the property in August 2010. We recently foreclosed on the Crossroads II office building located in Englewood, Colorado, which secured a loan acquired in June of this year.

In October 2010, we foreclosed and acquired ownership on the equity interest in the property owner with respect to the non-performing mezzanine loan secured by a 180 unit apartment complex located in Meridian, Connecticut.

Our most recent sizeable investment at $21 million is in a B note of a first mortgage loan secured by Moffett Towers. Moffett Towers was a recently completed state-of-the-art class A office campus in Silicon Valley.  Our investment translates to $134 per square foot compared to replacement costs in excess of $300 for square foot. The significant leasing challenges in the market had caused the building to remain vacant longer than anticipated by the developer who continues to make debt service payments, but may face difficulty when it comes time to refinance. We would be pleased to acquire an ownership stake in the property at our basis, and believe there’s a potential for significant upside.

We invested $9.75 million in a $39 million unsecured loan made to a private equity fund by AIG, and then restricted the loan to provide for a 15% interest rate on our cash investment, a discounted payoff option to the borrower of $9.75 million and secured the loan with a first mortgage on entitled land and a $3 million letter of credit. We expect this loan to be repaid in full at maturity, but we like the current risk adjusted 15% return.

As I’m sure many of you are aware, in August, we formed a venture with Pershing Square in which we invested $10.5 million to acquire for $45 million the mezz 1 through mezz 3 stack secured by an ownership interest in Peter Cooper Stuy Town. We knew going into this transaction that there was likely to be a binary outcome with the potential of significant profit. We continue to believe our legal position related to the inter creditor agreement was absolutely correct.

Nevertheless, the decision of the court to permit the lender to foreclose on the property left us with the burden to win our claim and prove damages. In essence, potentially winning the battle, but not winning the war. In our view, this would result in significant short term costs with a potentially long-term outcome subject to the idiosyncrasies of the court system. While our business often involves litigation in pursuit of our rights, it is not one in which we traffic in naked claims with uncertain outcomes.

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5

Winthrop Realty Trust, Inc.	FUR	Q3 2010 Earnings Call	Nov. 4, 2010
Company▲	Ticker▲	Event Type▲	Date▲

Consequently, we redirected our effort on a settlement that refunded our invested capital and left us with the opportunity to bid on the property if and when the lender markets it for sale.

Our patience and commitment to establishing a deal sourcing infrastructure during the recent market volatility has since been repaid. We’re divesting of our securities investments that were made during the first quarter of 2009 at significant returns, and redeploying that capital to the new opportunities we are now seeing.

Since May, we’ve executed on our strategy for acquiring opportunistic investments across broad spectrum types of real estate and at varying levels in the capital stack, investing in excess of $110 million. Our pipeline continues to grow, and we look forward to continuing to execute on these opportunities in the fourth quarter of 2010.

We would now like to open the call to questions. Operator?

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6

Winthrop Realty Trust, Inc.	FUR	Q3 2010 Earnings Call	Nov. 4, 2010
Company▲	Ticker▲	Event Type▲	Date▲

QUESTION AND ANSWER SECTION

Operator:  Thank you. [Operator Instructions] Our first question is from Joshua Barber with Stifel Nicholas. Please go ahead.

<Q – Joshua Barber>: Hi, good afternoon. Can I assume that the Arizona, Colorado and Connecticut properties that you foreclosed upon, were they all included in NOI for the third quarter or we can assume that they’ll be there for the fourth quarter?

<A – Michael Ashner>: It’s different. The Arizona and Denver properties were in the third quarter. The Connecticut would be in the fourth quarter.

<Q – Joshua Barber>: Okay. How...

<A – Carolyn Tiffany>: And actually if I can just clarify that?

<A – Michael Ashner>: Must have been wrong.

<A – Thomas Staples>: The property in Connecticut had no impact on operations during the quarter, as it was a defaulted loan and was not paying any interest. The Deer Valley property, we received some interest payments on, but it was minimal during the quarter, and the Crossroads, there was some interest payments received, but they would have been treated as loans during the quarter and into next quarter they will be showing up in property operations and not in the loan segment.

<Q – Joshua Barber>: Can you give us a sense of what the cash flow impact would be next quarter, assuming that you’re consolidating all the debt on it? Is it cash flow positive, negative or pretty much neutral at this point?

<A – Michael Ashner>: Well, there’s no [inaudible] except for the Meriden and Connecticut properties.

<Q – Joshua Barber>: Right.

<A – Michael Ashner>: We own the other ones free and clear. They’re going to be – it’s going to be flat to zero cash flow. As you know, when we buy these notes with the intention to acquire an equity ownership, there’s generally – we’re generally buying very new properties with vacancy issues. So it’s a lease up situation, and the income won’t grow until we materially increase the occupancies of these properties.

<Q – Joshua Barber>: Okay. Michael, I know that you touched briefly upon that before, but the strategy forward looking at your portfolio of REIT securities. Is that something the you anticipate selling in the next one to two quarters? And how fast do you think that you can get that capital redeployed?

<A – Michael Ashner>: Well, it’s two questions. The answer is it’s likely that we will be out of the REIT securities within the next – entirely out of them within 180 days. How fast can we redeploy the capital? I suspect we’ll be able to redeploy all of that capital within the end of the fourth quarter, if not, the middle of the first quarter. We have seen – it’s interesting.

We all talked about the fact that for the first six month of 2010, the opportunity were few and far between, but I currently see the opportunity spigot has opened considerably, and obviously it’s a confluence of factors which have caused that and in occasion that, but we see a lot more opportunity, a lot more investment opportunity than we saw in the first six months of this year. I’d even say the first 6.5, seven months of this year.

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7

Winthrop Realty Trust, Inc.	FUR	Q3 2010 Earnings Call	Nov. 4, 2010
Company▲	Ticker▲	Event Type▲	Date▲

<Q – Joshua Barber>: That’s good to hear. What about your rent roll schedule on the consolidated portfolio for 2011, excluding anything with Kruger or Viacom? Just assuming that that stays in its current situation?

<A – Carolyn Tiffany>: We don’t have any significant tenant roll over in 2011.

<Q – Joshua Barber>: Including Sealy?

<A – Michael Ashner>: No, the Sealy assets are all multi-tenanted building, but there’s no significant tenant that I’m aware of that’s rolling over next year.

<A – Carolyn Tiffany>: There is one on the Sealy property that could cause the vacancy to decline, but as Michael said, these are generally multi-tenanted properties, so we don’t expect any major drops in occupancy.

<Q – Joshua Barber>: All right. Great. Thanks very much and good luck.

<A – Carolyn Tiffany>: Thank you.

Operator:  [Operator Instructions]

<A – Michael Ashner>: I’d like to make a comment, if I could. I think the way to think about what we’re investing in is to bifurcate it between loans in which we believe there’s a high yield to maturity, and which we expect to be repaid on the one hand, and assets in which we – and loans in which we are acquiring with the intention of becoming an equity owner in the real estate. All of which share a characteristic of their newness and the growth market in which they’re located, and that’s pretty much where I would say our investment focus is going forward, if that clarifies anything for anyone.

Operator:  We have another question. It comes from the line of Brett Reiss with Janney Montgomery Scott. Please go ahead.

<Q – Brett Reiss>: Good afternoon. Hi, Michael.

<A – Michael Ashner>: How are you?

<Q – Brett Reiss>: I’m good. Michael, just in terms of the frequency with which we may see secondaries in the future, and I own some stock in Annaly Capital, and they cap the equity market like every couple of months. When you – you’re seeing a lot opportunities. When you spend through the existing capital base, what is your philosophy on future secondaries?

<A – Michael Ashner>: Well, senior management, as well the Board of Directors is committed to growing this company over the next three years. This is what we do, and we will grow the company, and we will from time to time in all likelihood issue additional common stock. Having said that, I believe that Debbie Cafaro is correct that your balance sheet has a number of different moving parts on it and you have to think about it.

What we do need do, which we are addressing, is expanding or attempting to do is expanding our line of credit, which will lessen the need to go out to sell common stock to some extent. In addition, at some point as the common base grows larger, we’ll consider preferred stock. So I think what you’re likely to see is a mix of different kinds of capital on our balance sheet as the company grows.

<Q – Brett Reiss>: Talks on expanding your line of credit. Are they more open to that these days than six months ago?

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Winthrop Realty Trust, Inc.	FUR	Q3 2010 Earnings Call	Nov. 4, 2010
Company▲	Ticker▲	Event Type▲	Date▲

<A – Michael Ashner>: Well, they are more open, but the problem for us historically has been a lot of what we buy doesn’t fit into a normal REIT line of credit in that it’s not an unsecured operating asset and it’s not first mortgage. For example, we would not likely be able to put Moffett Towers on a line of credit. Having said that, we are investing, as you may have noticed, we’re buying more and more first mortgage loans, and that probably is a suitable asset for a line of credit. And since the markets are more accepting of expanding lines of credit, that’s something we’re going to pursue definitely.

<Q – Brett Reiss>: In the past, you’ve shared a view that we’re not anywhere near the end of the road of problems with commercial real estate. If to use a baseball analogy, do you think we’re now in the fourth inning of a nine inning ball game, seventh inning? What...

<A – Michael Ashner>: To use a baseball analogy, I have no idea. Look, there’s only one thing that drives real estate in America, and that is employment and until we see significant job growth in America, you’re not going to see the buildings filled. You’re not going to see the shopping centers fill their space. The office buildings won’t be filled. You’re just not going to see it. To the extent you see increases in value, they occur in really two segments. In the 24/7 cities, New York, San Francisco and Washington, D.C., because people think, believe that they’re low risk markets so that you can afford to pay a relatively low yield, acquire a low yield on your investment.

Separately, apartment property is doing very well because they have great access to mortgage financing, and they seem to be holding their own, but elsewhere in commercial real estate throughout the nation right now, I don’t see any significant change or improvement. That’s my view.

<Q – Brett Reiss>: Okay. Thank you.

<A – Thomas Staples>: Sure.

Operator:  [Operator Instructions] With no further questions in queue at this time, I’d like to turn the floor back over to Mr. Ashner for closing comments.

Michael L. Ashner, Chairman and Chief Executive Officer

We appreciate all of you for joining us on today’s call. If you would like to receive additional information about us, feel free to contact Beverly, Carolyn, Tom or myself at our offices at any time. Or you can find additional information about us on our Web site.

Please feel free to contact other members of management team at your convenience with any questions you may have. I thank you all, and have a good afternoon.

Operator:  Ladies and gentlemen, this does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.

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Winthrop Realty Trust, Inc.	FUR	Q3 2010 Earnings Call	Nov. 4, 2010
Company▲	Ticker▲	Event Type▲	Date▲

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