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) August 4, 2011

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 August 4, 2011, Winthrop Realty Trust issued a press release announcing its financial results for the three and six months ended June 30, 2011.  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 August 4, 2011, Winthrop made available supplemental information, which we refer to as the Supplemental Reporting Package, concerning Winthrop’s operations and portfolio for the quarter ended June 30, 2011.  A copy of the Supplemental Reporting Package is furnished herewith as Exhibit 99.2.

Also on August 4, 2011, management discussed Winthrop’s financial results for the quarter ended June 30, 2011 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 August 4, 2011, Winthrop announced that our Board of Trustees has declared a regular quarterly dividend of $0.1625 per common share which dividend is payable on October 14, 2011 to common shareholders of record on September 30, 2011.

Item 9.01 Financial Statements and Exhibits.

(c)           Exhibits

99.1 Press Release dated August 4, 2011

99.2 Supplemental Reporting Package for the quarter ended June 30, 2011

99.3 Transcript of conference call held August 4, 2011

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 August, 2011.

WINTHROP REALTY TRUST
By:	/s/ Michael L. Ashner
	Michael L. Ashner
	Chairman and Chief Executive Officer

EX-99.1

WINTHROP REALTY TRUST ANNOUNCES RESULTS FOR

SECOND QUARTER 2011

~Invested $70.7 Million in the Second Quarter ~

Declared Third Quarter 2011 Dividend

FOR IMMEDIATE RELEASE

Boston, Massachusetts – August 4, 2011 – Winthrop Realty Trust (NYSE:FUR), a leading real estate value investor,  today announced financial and operating results for the second quarter ended June 30, 2011.  All per share amounts are on a diluted basis.

Financial Results

Three Months Ended June 30, 2011

Net income applicable to Common Shares for the quarter ended June 30, 2011 was $3.7 million, or $0.11 per Common Share as compared with net income per Common Share of $4.5 million or $0.21 per Common Share for the quarter ended June 30, 2010.

For the quarter ended June 30, 2011, the Company reported FFO applicable to Common Shares of $8.6 million, or $0.26 FFO per Common Share as compared with FFO of $8.4 million, or $0.39 per Common Share for the second quarter of 2010.

Six Months Ended June 30, 2011

Net income applicable to Common Shares for the six months ended June 30, 2011 was $10.8 million or $0.36 per Common Share as compared with net income of $8.6 million or $0.41 per Common Share for the same period ended June 30, 2010.

FFO for the six months ended June 30, 2011 was $20.6 million or $0.69 per Common Share as compared with FFO of $16.3 million, or $0.76 per Common Share for June 30, 2010.

The per share decline in net income applicable to Common Shares and FFO for the three and six months ended June 30, 2011 is primarily attributable to an increase of 5.75 million shares issued in April 2011.

Michael L. Ashner, Winthrop's Chairman and Chief Executive Officer commented, “We had another very productive quarter, as we continued to source acquisitions, grow assets under management and unlock value from existing assets.  We should begin to realize the financial benefits of this effort in the Company’s future quarters’ earnings.”

2011 Second Quarter Investment Activity

Acquisitions

· Purchased a $20.0 million senior mezzanine loan secured by six apartment complexes with 2,106 units located in Orlando, Sarasota, Bradenton and Palm Beach Gardens, Florida, for $17.5 million. The loan is scheduled to mature in July 2012 and is expected to generate a yield to maturity of 15.8%.

· Acquired a $15.0 million preferred equity interest in an entity that holds the leasehold interest in a newly constructed 73% pre-leased 102,000 square foot retail and office property in Manhattan, New York.  The investment is subject to a $54.0 million first mortgage loan.

· Invested $5.76 million to acquire through a 50/50 joint venture, a $71.5 million mezzanine loan secured by an interest in the Sofitel hotel in New York City.  The loan is encumbered by a $56.1 million repurchase obligation.  The investment is expected to generate a yield to maturity of 58.7%.

· Closed on the second phase of the Vintage Housing transaction by acquiring for $18.2 million, plus a contribution of the receivables purchased in the first phase for $7.0 million, an effective 75% interest in the general partnership interests in, and certain developer fees and advances receivable from, partnerships owning 25 multifamily and senior housing properties comprising approximately 4,200 units located primarily in the Pacific Northwest and California.

· Acquired through a new 50/50 joint venture with an affiliate of Atrium Holding Company, certain collateral management agreements and subordinated interests related to two collateralized debt obligation entities that hold loans and loan securities that were approximately $1.3 billion.  The aggregate purchase price paid for these agreements was $2.5 million, half of which was contributed by Winthrop.

Dispositions and Loan Asset Repayments

· Received payment of approximately $23.75 million resulting in an annualized return of 112.7% thatsatisfied at par, the Company’s Metropolitan Tower B Note and rake bond receivable.  Both were acquired for an aggregate purchase price of $11.75 million.

· Received repayment of $18.7 million on an $18.1 million investment for an annualized return of 30.0% on two recently acquired non-performing first mortgage loans secured by two retail centers located in Riverside County, California.

· Received repayment of $8.6 million on an $8.0 million investment for an annualized return of 34.0% on a recently acquired first mortgage secured by a 26-story, 66-room boutique hotel located on 46th Street between 5th and Madison Avenues in New York, New York.

· Received $2.5 million in repayment in full on a Sub-Participation B Interest secured by an office complex in Phoenix, Arizona which is referred to as Siete Square for an annualized return of 19.1%.

· Concord satisfied its KeyBank loan which is expected to result in future annual distributions to Winthrop of approximately $680,000, exclusive of any distributions on account of the Concord CDO.

· Sold for $18.5 million to its partner Marc Realty, its interest in three properties located in Chicago, Illinois (8 S. Michigan, 11 E. Adams and 29 E. Madison), the sales price for which was paid $6.0 million in cash and $12.5 million in aggregate secured promissory notes which bear interest at 8% per annum.   The sale resulted in a deferred gain of $385,000. Subsequent to the end of the quarter, Winthrop received principal repayment of $4.1 million on account of the notes.

Financing Activity

· Negotiated a $20.5 million discounted payoff on an existing $28.75 million first mortgage on the Sealy Northwest Atlanta joint venture investment, which was funded with a bridge first mortgage loan from Winthrop that bears interest at 8% per annum and matures on November 1, 2011.  The joint venture expects to acquire replacement financing prior to the November 1st maturity.

· Closed a public offering of 5.75 million Common Shares at a price of $11.25 per Common Share, before underwriter’s discounts, resulting in net proceeds of approximately $61.4 million.

· Subsequent to the end of the quarter, negotiated a $14.5 million discounted payoff of an existing $23.8 million first mortgage loan encumbering the Company’s Lisle, Illinois properties.

Leasing Activity

· Recently entered into a new lease for approximately 13,750 square feet of space at its Deer Valley Professional Building, located in Phoenix, Arizona resulting in the property being 78% leased at August 4, 2011 compared to 61% leased at our acquisition on August 6, 2010. 

· Recently executed a new lease with an initial term that expires December 2020, for approximately 74,500 square feet of space at the Meridian Corporate Center II (Crossroads II) office building located in Englewood, Colorado with TIC-The Industrial Company, a direct-hire, heavy industrial contractor.  The space will serve as TIC’s corporate headquarters and is expected to be occupied in February 2012.  As a result of this lease, Crossroads I and II are collectively 74% leased compared to 56% at Winthrop’s acquisition on December 22, 2010 and November 17, 2010. 

2

Third Quarter 2011 Dividend Declaration

The Company’s Board of Trustees declared a dividend for the third quarter of 2011 of $0.1625 per Common Share payable on October 14, 2011 to common shareholders of record on September 30, 2011.

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 October 31, 2011 to the holders of Series B-1 Preferred Shares or Series C Preferred Shares, as applicable, of record on September 30, 2011.

Supplemental Financial Information

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

Conference Call Information

The Company will host a conference call to discuss its second quarter 2011 results today, Thursday, August 4, 2011 at 12:00 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 September 5, 2011 by dialing (877) 660-6853; account #286, confirmation #373689.  An online replay will also be available through September 5, 2011.

About Winthrop Realty Trust

Winthrop Realty Trust, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT) focused on acquiring, owning, operating and investing in real property as well as real estate financial instruments including CMBS, Bonds, REIT Preferred and common stock.For more information, please visit our web-site at 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 paying 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 could adversely affect the Company's results.

3

Financial Results

Financial results for the three and six months ended June 30, 2011 and 2010 are as follows (in thousands except per share amounts):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2011			2010			2011			2010
	(Unaudited)						(Unaudited)
Revenue
Rents and reimbursements	$	11,234		$	9,435		$	22,220		$	18,755
Interest,  dividends and discount accretion		5,094			3,590			14,766			6,799
		16,328			13,025			36,986			25,554
Expenses
Property operating		3,987			1,818			8,032			3,767
Real estate taxes		1,087			340			2,342			1,060
Depreciation and amortization		3,312			2,371			6,793			4,671
Interest		3,963			3,666			8,576			7,317
General and administrative		2,758			1,916			5,282			3,823
State and local taxes		48			85			77			99
		15,155			10,196			31,102			20,737
Other income (loss)
Earnings  from preferred equity investments		158			85			241			168
Equity in income (loss) of equity investments		2,875			(392	)		1,520			(919	)
Realized gain on sale of securities carried at fair value		7			78			131			773
Unrealized gain (loss)  on securities carried at fair value		(723	)		(750	)		163			1,790
Unrealized gain on loan securities carried at fair value		34			3,625			2,847			3,012
Interest income		443			40			536			77
		2,794			2,686			5,438			4,901
Income  from continuing operations		3,967			5,515			11,322			9,718
Discontinued operations
Income (loss) from discontinued operations		90			(764	)		137			(517	)
Consolidated net income		4,057			4,751			11,459			9,201
Income attributable to non-controlling interests		(329	)		(175	)		(533	)		(420	)
Net income attributable to Winthrop Realty  Trust		3,728			4,576			10,926			8,781
Income attributable to non-controlling redeemable preferred interest		(58	)		(58	)		(117	)		(171	)
Net income attributable to Common Shares	$	3,670		$	4,518		$	10,809		$	8,610
Comprehensive income
Consolidated net income	$	4,057		$	4,751		$	11,459		$	9,201
Change in unrealized gain on available for sale        securities		-			(5	)		-			2
Change in unrealized gain on interest rate        derivative		-			(28	)		63			12
Comprehensive income	$	4,057		$	4,718		$	11,522		$	9,215
Per Common Share Data – Basic
Income from continuing operations	$	0.11		$	0.25		$	0.36		$	0.44
Loss from discontinued operations		-			(0.04	)		-			(0.03	)
Net income attributable to Winthrop Realty Trust	$	0.11		$	0.21		$	0.36		$	0.41
Per Common Share Data – Diluted
Income from continuing operations	$	0.11		$	0.25		$	0.36		$	0.44
Loss from discontinued operations		-			(0.04	)		-			(0.03	)
Net income attributable to Winthrop Realty Trust	$	0.11		$	0.21		$	0.36		$	0.41
Basic Weighted-Average Common Shares		32,573			21,175			29,841			20,888
Diluted Weighted-Average Common Shares		32,574			21,177			29,842			21,412

4

Funds From Operations:

The following presents a reconciliation of net income to funds from operations for the three and six months ended June 30, 2011 and 2010 (in thousands, except per share amounts):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2011			2010			2011			2010
	(Unaudited)						(Unaudited)
Net income (loss) attributable to Winthrop Realty Trust	$	3,728		$	4,576		$	10,926		$	8,781
Real estate depreciation		2,086			1,508			4,204			3,014
Amortization of capitalized leasing costs		1,226			894			2,591			1,719
Real estate depreciation and amortization     of unconsolidated interests		2,376			2,266			4,639			4,400
Less: Non-controlling interest share of real estate depreciation and amortization		(789	)		(799	)		(1,581	)		(1,584	)
Funds from operations		8,627			8,445			20,779			16,330
Series C Preferred Share dividends		(58	)		(58	)		(117	)		(171	)
Allocations of earnings to    Series B-1 Preferred Shares		-			(26	)		-			(31	)
Allocations of earnings to    Series C Preferred Shares		(9	)		(43	)		(60	)		(162	)
FFO applicable to Common Shares-Basic	$	8,560		$	8,318		$	20,602		$	15,966
Weighted-average Common Shares		32,573			21,175			29,841			20,808
FFO Per Common Share-Basic	$	0.26		$	0.39		$	0.69		$	0.76
Diluted
Funds from operations (per above)		8,627			8,445			20,779			16,330
Series C Preferred Share dividends		(58	)		-			(117	)		-
Allocation of earnings to    Series B-1 Preferred Shares		-			(26	)		-			(31	)
Allocation of earning to    Series C Preferred Shares		(9	)		-			(60	)		-
FFO applicable to Common Shares	$	8,560		$	8,419		$	20,602		$	16,299
Weighted-average Common Shares		32,573			21,175			29,841			20,888
Stock options (1)		1			2			1			2
Series B-1 Preferred Shares (2)		-			-			-			-
Series C Preferred Shares (3)		-			257			-			522
Diluted weighted-average Common Shares		32,574			21,434			29,842			21,412
FFO Per Common Share-Fully Diluted	$	0.26		$	0.39		$	0.69		$	0.76

(1) The Trust’s stock options were dilutive for the three and six months ended June 30, 2011 and 2010.

(2) The Trust’s Series B-1 Preferred Shares were anti-dilutive for the three and six months ended June 30, 2011 and 2010.

(3) The Trust’s Series C Preferred Shares were anti-dilutive for the three and six months ended June 30, 2011 and dilutive for the three and six months ended June 30, 2010.

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 net income and income per diluted share (the most directly comparable GAAP measures), as well as cash flow from operating activities, investing activities and financing activities, in evaluating the operating performance of equity REITs.  FFO and FFO per diluted share exclude the effect of depreciation, amortization and gains or losses from sales of real estate, all of which are based on historical costs which implicitly assumes that the value of real estate diminishes predictably over time.  Since real estate values instead have historically risen or fallen with market conditions, these non-GAAP measures can facilitate comparisons of operating performance between periods and among other equity REITs. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of cash available to fund cash needs as disclosed in the Company’s Consolidated Statements of Cash Flows.  FFO should not be considered as an alternative to net income as an indicator of the Company’s operating performance or as an alternative to cash flows as a measure of liquidity.  In addition to FFO, the Company also discloses FFO before certain items that affect comparability.  Although this non-GAAP measure clearly differs from NAREIT’s definition of FFO, the Company believes it provides a meaningful presentation of operating performance.  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)

	June 30,			December 31,
	2011			2010
	(Unaudited)			(Unaudited)
ASSETS
Investments in real estate, at cost
Land	$	36,495		$	37,142
Buildings and  improvements		273,964			271,357
		310,459			308,499
Less: accumulated depreciation		(40,168	)		(36,232	)
Investments in real estate, net		270,291			272,267
Cash and cash equivalents		51,344			45,257
Restricted cash held in escrows		9,152			8,593
Loans receivable, net		153,437			110,395
Accounts receivable, net of allowances of $453 and $262, respectively		14,110			12,402
Securities carried at fair value		7,613			33,032
Loan securities carried at fair value		5,418			11,981
Preferred equity investments		10,155			4,010
Equity investments		95,169			81,937
Lease intangibles, net		24,681			26,821
Deferred financing costs, net		1,346			1,158
Assets held for sale		3,702			2,275
TOTAL ASSETS	$	646,418		$	610,128
LIABILITIES
Mortgage loans payable	$	210,751		$	230,443
Series B-1 Cumulative Convertible Redeemable Preferred Shares, $25 per share liquidation preference; 852,000 shares authorized and outstanding at June 30, 2011 and December 31, 2010		21,300			21,300
Secured financing		15,150			-
Revolving line of credit		-			25,450
Accounts payable and accrued liabilities		12,322			12,557
Dividends payable		5,385			4,431
Deferred income		1,016			150
Below market lease intangibles, net		2,312			2,696
Liabilities of held for sale assets		620			33
TOTAL LIABILITIES		268,856			297,060
COMMITMENTS AND CONTINGENCIES
NON-CONTROLLING REDEEMABLE PREFERRED INTEREST
Series C Cumulative Convertible Redeemable Preferred Shares, $25 per share liquidation preference, 144,000 shares authorized and outstanding at June 30, 2011 and December 31, 2010		3,221			3,221
Total non-controlling redeemable preferred interest		3,221			3,221
EQUITY
Winthrop Realty Trust Shareholders’ Equity:
Common Shares, $1 par, unlimited shares authorized; 32,897,554 and 27,030,186 issued and outstanding at June 30, 2011 and December 31, 2010, respectively		32,898			27,030
Additional paid-in capital		626,472			569,586
Accumulated distributions in excess of net income		(299,721	)		(300,782	)
Accumulated other comprehensive loss		-			(63	)
Total Winthrop Realty Trust Shareholders’ Equity		359,649			295,771
Non-controlling interests		14,692			14,076
Total Equity		374,341			309,847
TOTAL LIABILITIES AND EQUITY	$	646,418		$	610,128

6

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 June 30, 2011 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 Period Ended June 30, 2011

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 Capitalization, Dividends and Liquidity	8
Selected Investment Data	9
Schedule of Securities Carried at Fair Value	11
Schedule of Loan Assets	12
Net Operating Income from Consolidated Properties	14
Schedule of  Interest and Dividends	15
Consolidated Properties – Selected Property Data	16
Equity Investments – Selected Property Data	18
Preferred Equity Investments – Selected Property Data	21
Consolidated Properties – Operating Summary	22
Equity Investments – Operating Summary	23
Consolidated Debt Summary	24
Equity Investments Debt Summary	25
Lease Expiration Summary	27
Reconciliation of Non-GAAP financial measures of income to net income attributable to Common Shares	28
Supplemental Definitions	29
Investor Information	30

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 share and per share data, Unaudited)

	June 30,			March 31,			December 31,			September 30,			June 30,
	2011			2011			2010			2010			2010
ASSETS
Investments in real estate, at cost
Land	$	36,495		$	36,495		$	37,142		$	21,460		$	20,659
Buildings and improvements		273,964			273,071			271,357			236,500			229,132
		310,459			309,566			308,499			257,960			249,791
Less: accumulated depreciation		(40,168	)		(38,084	)		(36,232	)		(34,416	)		(33,279	)
Investments in real estate, net		270,291			271,482			272,267			223,544			216,512
Cash and cash equivalents		51,344			21,240			45,257			102,919			37,913
Restricted cash held in escrows		9,152			30,648			8,593			8,889			8,574
Loans receivable, net		153,437			105,390			110,395			77,964			53,395
Accounts receivable, net of allowances of $453, $378, $262, $293 and $430, respectively		14,110			12,534			12,402			12,560			11,870
Securities carried at fair value		7,613			14,695			33,032			29,893			43,754
Loan securities carried at fair value		5,418			14,132			11,981			6,454			4,673
Preferred equity investments		10,155			4,034			4,010			3,972			3,951
Equity investments		95,169			106,606			81,937			92,691			82,907
Other receivables, net		-			8,459			-			-			-
Lease intangibles, net		24,681			25,651			26,821			24,496			23,218
Deferred financing costs, net		1,346			1,479			1,158			1,217			1,366
Assets held for sale		3,702			3,710			2,275			3,096			2,180
Deposits		-			-			-			-			4,100
TOTAL ASSETS	$	646,418		$	620,060		$	610,128		$	587,695		$	494,413
LIABILITIES
Mortgage loans payable	$	210,751		$	212,155		$	230,443		$	211,773		$	213,375
Series B-1 Cumulative Convertible Redeemable Preferred Shares, $25 per share liquidation preference; 852,000 shares authorized and outstanding at June 30, 2011, March 31, 2011, December 31, 2010, September 30, 2010, and June 30, 2010		21,300			21,300			21,300			21,300			21,300
Secured financing		15,150			15,150			-			-			-
Revolving line of credit		-			33,875			25,450			25,450			-
Accounts payable and accrued liabilities		12,322			11,982			12,557			9,852			8,670
Dividends payable		5,385			4,441			4,431			4,424			3,481
Deferred income		1,016			1,206			150			33			38
Below market lease intangibles, net		2,312			2,503			2,696			2,348			2,514
Liabilities of held for sale assets		620			537			33			-			-
TOTAL LIABILITIES		268,856			303,149			297,060			275,180			249,378
COMMITMENTS AND CONTINGENCIES
NON-CONTROLLING REDEEMABLE PREFERRED INTEREST
Series C Cumulative Convertible Redeemable Preferred Shares, $25 per share liquidation preference, 144,000 shares authorized and outstanding at June 30, 2011, March 31, 2011, December 31, 2010, September 30, 2010 and June 30, 2010		3,221			3,221			3,221			3,221			3,221
Total non-controlling redeemable preferred interest		3,221			3,221			3,221			3,221			3,221
EQUITY
Winthrop Realty Trust Shareholders’ Equity:
Common Shares, $1 par, unlimited shares authorized; 32,897,554, 27,088,347, 27,030,186, 26,981,888, and 21,181,499 issued and outstanding at June 30, 2011, March 31, 2011, December 31, 2010, September 30, 2010 and June 30, 2010 respectively		32,898			27,088			27,030			26,982			21,181
Additional paid-in capital		626,472			570,208			569,586			569,121			507,440
Accumulated distributions in excess of net income		(299,721	)		(298,045	)		(300,782	)		(300,219	)		(299,584	)
Accumulated other comprehensive loss		-			-			(63	)		(93	)		(73	)
Total Winthrop Realty Trust Shareholders’ Equity		359,649			299,251			295,771			295,791			228,964
Non-controlling interests		14,692			14,439			14,076			13,503			12,850
Total Equity		374,341			313,690			309,847			309,294			241,814
TOTAL LIABILITIES AND EQUITY	$	646,418		$	620,060		$	610,128		$	587,695		$	494,413

1

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share data)

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Revenue
Rents and reimbursements	$	11,234		$	9,435		$	22,220		$	18,755
Interest, dividends and discount accretion		5,094			3,590			14,766			6,799
		16,328			13,025			36,986			25,554
Expenses
Property operating		3,987			1,818			8,032			3,767
Real estate taxes		1,087			340			2,342			1,060
Depreciation and amortization		3,312			2,371			6,793			4,671
Interest		3,963			3,666			8,576			7,317
General and administrative		2,758			1,916			5,282			3,823
State and local taxes		48			85			77			99
		15,155			10,196			31,102			20,737
Other income (loss)
Earnings from preferred equity investments		158			85			241			168
Equity in income (loss) of equity investments		2,875			(392	)		1,520			(919	)
Realized gain on sale of securities carried at fair value		7			78			131			773
Unrealized (loss) gain on securities carried at fair value		(723	)		(750	)		163			1,790
Unrealized gain on loan securities carried at fair value		34			3,625			2,847			3,012
Interest income		443			40			536			77
		2,794			2,686			5,438			4,901
Income from continuing operations		3,967			5,515			11,322			9,718
Discontinued operations
Income (loss) from discontinued operations		90			(764	)		137			(517	)
Consolidated net income		4,057			4,751			11,459			9,201
Income attributable to non-controlling interest		(329	)		(175	)		(533	)		(420	)
Net income attributable to Winthrop Realty Trust		3,728			4,576			10,926			8,781
Income attributable to non-controlling redeemable preferred interest		(58	)		(58	)		(117	)		(171	)
Net income attributable to Common Shares	$	3,670		$	4,518		$	10,809		$	8,610
Comprehensive income
Consolidated net income	$	4,057		$	4,751		$	11,459		$	9,201
Change in unrealized (loss) gain on available for sale securities		-			(5	)		-			2
Change in unrealized (loss) gain on interest rate derivative		-			(28	)		63			12
Comprehensive income	$	4,057		$	4,718		$	11,522		$	9,215

(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					Six Months Ended
	June 30,					June 30,
	2011		2010			2011		2010
Per Common Share data - Basic
Income from continuing operations	$	0.11	$	0.25		$	0.36	$	0.44
Loss from discontinued operations		-		(0.04	)		-		(0.03	)
Net income attributable to Winthrop Realty Trust	$	0.11	$	0.21		$	0.36	$	0.41
Per Common Share data - Diluted
Income from continuing operations	$	0.11	$	0.25		$	0.36	$	0.44
Loss from discontinued operations		-		(0.04	)		-		(0.03	)
Net income attributable to Winthrop Realty Trust	$	0.11	$	0.21		$	0.36	$	0.41
Basic Weighted-Average Common Shares		32,573		21,175			29,841		20,888
Diluted Weighted-Average Common Shares		32,574		21,177			29,842		21,412

3

WINTHROP REALTY TRUST

FUNDS FROM OPERATIONS ANALYSIS

(In thousands, except per share data)

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Reconciliation of Net Income to Funds from Operations (FFO):
Basic
Net income attributable to Winthrop Realty Trust	$	3,728		$	4,576		$	10,926		$	8,781
Real estate depreciation		2,086			1,508			4,204			3,014
Amortization of capitalized leasing costs		1,226			894			2,591			1,719
Real estate depreciation and amortization of unconsolidated interests		2,376			2,266			4,639			4,400
Less: Non-controlling interest share of depreciation and amortization		(789	)		(799	)		(1,581	)		(1,584	)
Funds from operations		8,627			8,445			20,779			16,330
Series C preferred dividends		(58	)		(58	)		(117	)		(171	)
Allocation of earnings to Series B-1 Preferred Shares		-			(26	)		-			(31	)
Allocation of earnings to Series C Preferred Shares		(9	)		(43	)		(60	)		(162	)
FFO applicable to Common Shares - Basic	$	8,560		$	8,318		$	20,602		$	15,966
Weighted-average Common Shares		32,573			21,175			29,841			20,888
FFO Per Common Share - Basic	$	0.26		$	0.39		$	0.69		$	0.76
Diluted
Funds from operations (per above)	$	8,627		$	8,445		$	20,779		$	16,330
Series C Preferred Shares Dividend		(58	)		-			(117	)		-
Allocation of earnings to Series B-1 Preferred Shares (1)					(26	)		-			(31	)
Allocation of earnings to Series C Preferred Shares		(9	)		-			(60	)		-
FFO applicable to Common Shares	$	8,560		$	8,419		$	20,602		$	16,299
Weighted-average Common Shares (per above)		32,573			21,175			29,841			20,888
Stock options (2)		1			2			1			2
Convertible Series C Preferred Shares (3)		-			257			-			522
Diluted weighted-average Common Shares		32,574			21,434			29,842			21,412
FFO Per Common Share - Diluted	$	0.26		$	0.39		$	0.69		$	0.76

(1) The Trust's Series B-1 Preferred Shares were considered anti-dilutive for the three and six monthsended June 30, 2011 and 2010.

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

(3) The Trust's Series C Preferred Shares were considered anti-dilutive for the three and six months endedJune 30, 2011 and were considered dilutive for the three and six months ended June 30, 2010 .

4

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Six Months Ended
	June 30,
	2011			2010
	(unaudited)			(unaudited)
Cash flows from operating activities
Net income	$	11,459		$	9,201
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)		4,629			3,307
Amortization of lease intangibles		2,337			1,369
Straight-lining of rental income		(709	)		708
Loan discount accretion		(8,793	)		(3,742	)
Discount accretion received in cash		8,540			-
Earnings of preferred equity investments		(241	)		(168	)
Distributions of income from preferred equity investments		60			229
(Income) losses of equity investments		(1,520	)		919
Distributions of income from equity investments		3,813			2,254
Restricted cash held in escrows		1,359			1,656
Gain on sale of securities carried at fair value		(131	)		(773	)
Unrealized gain on securities carried at fair value		(163	)		(1,790	)
Unrealized gain on loan securities carried at fair value		(2,847	)		(3,012	)
Tenant leasing costs		(581	)		(2,349	)
Impairment loss on real estate held for sale		-			1,000
Bad debt expense (recovery)		191			(250	)
Net change in interest receivable		(161	)		(113	)
Net change in accounts receivable		(1,131	)		2,116
Net change in accounts payable and accrued liabilities		1,068			1,307
Net cash provided by operating activities		17,179			11,869
Cash flows from investing activities
Investments in real estate		(4,139	)		(1,753	)
Investment in equity investments		(59,562	)		(12,873	)
Investment in preferred equity investments		(3,942	)		-
Proceeds from sale of equity investments		6,000			-
Return of capital distribution from equity investments		26,130			-
Purchase of securities carried at fair value		(568	)		(1,856	)
Proceeds from sale of securities carried at fair value		26,281			13,174
Proceeds from sale of available for sale securities		-			205
Proceeds from payoff of loan securities		8,748			-
Restricted cash held in escrows		(1,417	)		(2,171	)
Issuance and acquisition of loans receivable		(44,161	)		(26,451	)
Proceeds from sale of loans receivable		-			3,000
Collection of loans receivable		12,717			12
Deposits on acquisition of loans receivable		-			(4,100	)
Net cash used in investing activities		(33,913	)		(32,813	)
Cash flows from financing activities
Proceeds from mortgage loans payable		11,000			-
Principal payments of mortgage loans payable		(30,692	)		(3,392	)
Proceeds from revolving line of credit		27,324			-
Payment of revolving line of credit		(52,774	)		-
Proceeds from note payable		15,150			-
Restricted cash held in escrows		(501	)		1,446
Deferred financing costs		(612	)		(164	)
Contribution from non-controlling interest		277			519
Distribution to non-controlling interest		(194	)		(200	)
Issuance of Common Shares through offering		61,386			-
Issuance of Common Shares under Dividend Reinvestment Plan		1,368			1,180
Dividend paid on Common Shares		(8,794	)		(6,746	)
Dividend paid on Series C Preferred Shares		(117	)		(279	)
Net cash provided by (used in) financing activities		22,821			(7,636	)

5

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, continued)

(Unaudited)

	Six Months Ended
	June 30,
	2011			2010
	(unaudited)			(unaudited)
Net increase (decrease) in cash and cash equivalents		6,087			(28,580	)
Cash and cash equivalents at beginning of period		45,257			66,493
Cash and cash equivalents at end of period	$	51,344		$	37,913
Supplemental Disclosure of Cash Flow Information
Interest paid	$	8,865		$	7,216
Taxes paid	$	47		$	98
Supplemental Disclosure on Non-Cash Investing and
Financing Activities
Dividends accrued on Common Shares	$	5,346		$	3,442
Dividends accrued on Series C Preferred Shares	$	39		$	39
Capital expenditures accrued	$	172		$	165
Loan securities carried at fair value	$	662		$	-
Loans receivable	$	(11,184	)	$	-
Preferred equity investments	$	(2,022	)	$	-
Equity investments	$	12,544		$	-

6

WINTHROP REALTY TRUST

SELECTED BALANCE SHEET ACCOUNT DETAIL

(In thousands, Unaudited)

	June 30,			March 31,			December 31,			September 30,			June 30,
	2011			2011			2010			2010			2010
Operating Real Estate
Land	$	36,495		$	36,495		$	37,142		$	21,460		$	20,659
Buildings and improvements
Buildings		251,632			251,632			252,625			221,761			217,793
Building improvements		12,824			12,358			11,841			11,223			6,995
Furniture and Fixtures		827			815			815			-			-
Tenant improvements		8,681			8,266			6,076			3,516			4,344
		310,459			309,566			308,499			257,960			249,791
Accumulated depreciation and amortization		(40,168	)		(38,084	)		(36,232	)		(34,416	)		(33,279	)
Total Operating Real Estate	$	270,291		$	271,482		$	272,267		$	223,544		$	216,512
Accounts Receivable
Straight-line rent receivable	$	9,438		$	9,075		$	8,729		$	8,563		$	8,234
Other		4,672			3,459			3,673			3,997			3,636
Total Accounts Receivable	$	14,110		$	12,534		$	12,402		$	12,560		$	11,870
Securities Carried at Fair Value
REIT Debentures	$	-		$	-		$	-		$	-		$	15,907
REIT Preferred Shares		4,333			10,547			28,547			28,252			25,922
REIT Common Shares		3,280			4,148			4,485			1,641			1,925
Total Securities Carried at Fair Value	$	7,613		$	14,695		$	33,032		$	29,893		$	43,754
Equity Investments
Marc Realty Portfolio (9 Properties)	$	43,735		$	62,493		$	62,150		$	62,080		$	61,000
Vintage Housing Holdings (25 Properties)		25,452			-			-			-			-
Sealy Ventures Properties (3 Properties)		10,798			10,444			11,904			13,152			14,102
WRT-ROIC Riverside (Retail Loan)		7,883			7,883			7,883			7,883			7,805
LW SOFI (Sofitel Hotel Loan)		6,022			-			-			-			-
RE-CDO Management		1,250			-			-			-			-
46th Street Gotham (Gotham Hotel Loan)		20			7,949			-			-			-
Lakeside/Eagle		9			17,837			-			-			-
PSW-NYC		-			-			-			9,576			-
Total Equity Investments	$	95,169		$	106,606		$	81,937		$	92,691		$	82,907
Preferred Equity Investments
180 North Michigan (Marc Realty)	$	4,118		$	4,034		$	4,010		$	3,972		$	3,951
450 West 14th Street (High Line)		6,037			-			-			-			-
Total Preferred Equity Investments	$	10,155		$	4,034		$	4,010		$	3,972		$	3,951
Non-Controlling Interests
Westheimer (Houston, TX)	$	10,340		$	10,053		$	9,780		$	9,521		$	9,279
River City / Marc Realty (Chicago, IL)		3,442			3,458			3,280			2,870			2,597
One East Erie/ Marc Realty (Chicago, IL)		503			497			557			584			586
1050 Corporetum / Marc Realty (Lisle, IL)		253			278			322			386			388
Deer Valley / Fenway (Deer Valley, AZ)		154			153			137			142			-
Total Non-Controlling Interests	$	14,692		$	14,439		$	14,076		$	13,503		$	12,850

The listing above provides detail for only certain balance sheet line items presented on Winthrop Realty Trust's Consolidated Balance Sheets as of June 30, 2011, March 31, 2011, December 31, 2010, September 30, 2010 and June 30, 2010 (the "Balance Sheet"). See page 1 of this supplement for all Balance Sheet line items.

7

WINTHROP REALTY TRUST

SCHEDULE OF CAPITALIZATION, DIVIDENDS AND LIQUIDITY

 (In thousands, except for per share data, Unaudited)

	June 30,		March 31,		December 31,		September 30,		June 30,
	2011		2011		2010		2010		2010
Debt
Mortgage loans payable	$	210,751	$	212,155	$	230,443	$	211,773	$	213,375
Series B-1 Preferred Shares		21,300		21,300		21,300		21,300		21,300
KeyBank line of credit		-		33,875		25,450		25,450		-
Secured financing		15,150		15,150		-		-		-
Total Debt		247,201		282,480		277,193		258,523		234,675
Non-Controlling Redeemable
Preferred Interest
Series C Preferred Shares		3,221		3,221		3,221		3,221		3,221
Equity
Common Shares		359,649		299,251		295,771		295,791		228,964
Non-controlling ownership interests		14,692		14,439		14,076		13,503		12,850
Total Equity		374,341		313,690		309,847		309,294		241,814
Total Capitalization	$	624,763	$	599,391	$	590,261	$	571,038	$	479,710

Common Dividend Per Share
June 30,		March 31,		December 31,		September 30,		June 30,
2011		2011		2010		2010		2010
$	0.1625	$	0.1625	$	0.1625	$	0.1625	$	0.1625

Liquidity and Credit Facility
	June 30,		March 31,		December 31,		September 30,		June 30,
	2011		2011		2010		2010		2010
Cash and cash equivalents	$	51,344	$	21,240	$	45,257	$	102,919	$	37,913
Securities carried at fair value		7,613		14,695		33,032		29,893		43,754
Available under line of credit		50,000		16,125		9,550		9,550		35,000
Total Liquidity and Credit Facility	$	108,957	$	52,060	$	87,839	$	142,362	$	116,667

8

WINTHROP REALTY TRUST

SELECTED INVESTMENT DATA

June 30, 2011

(In thousands, except square footage, Unaudited)

The following pages of investment data are presented to provide additional information relating to management’s expectations on selected assets within its business segments. For more detail on these assets within this Supplement please reference Schedule of Loan Assets on pages 12-13, Consolidated Property Data on pages 16-17, and Equity Investment Property Data on pages 18-20.

Cash	Amount
Cash and cash equivalents	$	51,344
REIT Securities	Cost		Fair Value
REIT Preferred shares	$	1,877	$	4,333
REIT Common shares		2,935		3,280

Loan Assets, Loan Securities & Loan Equity Investments, with Expected Repayment	Type	Stated Interest Rate	Cost, less Principal Repaid	Carrying Amount (before accrued interest)	Par Value		Extended Maturity Date
Beverly Hills Hilton - B Note	Hotel	Libor + 1.74%	$ 5,250	$ 9,578	$ 10,000		08/09/11
Sealy Northwest Atlanta - Whole Loan	Office	8.00%	20,641	20,641	20,641		11/01/11
Sofitel - Mezzanine Loan - Equity Investment (1)	Hotel	Libor + 1.85%	67,610	68,134	71,530		2/1/2012
Westwood - Whole Loan	Office	11.00%	3,604	3,604	3,604		04/30/12
Magazine - Mezzanine	Multi Family	Libor + 1.23%	17,525	17,695	20,000		07/09/12
Moffet Towers - B Note	Office	Libor + 6.48%	22,947	22,947	22,947		07/31/12
160 Spear - B Note	Office	9.75%	3,410	8,578	15,000	(2)	06/09/13
160 Spear - Mezzanine Loan	Office	15.00%	4,800	4,800	4,800		06/09/13
Legacy Orchard -Corporate Loan	Corporate Loan	15.00%	9,750	9,750	9,750	(2)	10/31/14
San Marbeya - Whole Loan	Multi Family	5.88%	26,598	26,598	30,713		01/01/15
CDH CDO LLC - Unsecured Loan	n/a	12.00%	740	740	740	(3)	12/30/15
Rockwell - Mezzanine Loan	Industrial	12.00%	247	247	1,494		05/01/16
8 South Michigan - Mezzanine	Office	8.00%	4,910	4,910	4,910	(4)	05/31/16
11 East Adams - Mezzanine	Office	8.00%	2,265	2,265	2,265	(3)	05/31/16
29 East Madison - Mezzanine	Office	8.00%	5,370	5,370	5,370		05/31/16
500-512 Seventh Ave - B Note	Office	7.19%	9,683	9,916	11,520		07/11/16
180 North Michigan - Mezzanine Loan	Office	8.50%	2,609	2,609	2,609		12/31/16
Wellington Tower - Mezzanine Loan	Mixed use	6.79%	2,352	2,493	3,501		07/11/17
WBCMT Series 2007 Tranche L - CMBS	Hotel	Libor + 1.75%	161	79	1,130		06/09/12
2600 West Olive - Rake Bonds	Office	Libor+0.65% to 1.60%	1,500	5,339	6,364		02/28/13

(1) Amounts shown represent 100% of the investment balance at the venture level.

(2) Amount represents Borrowers Discounted Payoff Option amount .

(3) Loan repaid in full by borrower subsequent to June 30, 2011.

(4) Loan partially repaid by approximately $1,800 subsequent to June 30, 2011.

Loan Assets, Loan Securities & Loan Equity Investments, with Potential Equity Participation	Type	Stated Interest Rate	Cost, less Principal Repaid	Carrying Amount (before accrued interest)	Par Value	Extended Maturity Date
Riverside -B Note - 50 % Owned Equity Investment	Retail	12.00%	7,800	7,800	7,800	12/01/12

Continued on next page

9

WINTHROP REALTY TRUST

SELECTED INVESTMENT DATA (Continued)

June 30, 2011

(In thousands, except square footage and cost per square foot/unit, Unaudited)

Consolidated Operating Properties Acquired through Direct or Indirect Foreclosure	% Owned	Type	Square Feet/ Units	Cost Basis	Cost per Square Foot or Unit		Debt Balance
Deer Valley, AZ	97%	Office	82,000	$ 10,260	$ 125	per sf	$ -	(1)
Englewood, CO (Crossroads I)	100%	Office	118,000	7,811	66	per sf	-	(1)
Englewood, CO (Crossroads II)	100%	Office	118,000	8,353	71	per sf	-	(1)
Meriden, CT (Newbury Apartments)	100%	Multi-Family	180 Units	25,254	140,300	per unit	23,875
Consolidated Operating Properties Acquired through Asset Purchase	% Owned	Type	Square Feet	Cost Basis	Cost per Square Foot		Debt Balance
Atlanta, GA	100%	Retail	61,000	$ 4,638	$ 76	per sf	$ -	(1)
Denton, TX	100%	Retail	46,000	2,699	59	per sf	-	(1)
Greensboro, NC	100%	Retail	47,000	3,801	81	per sf	-	(1)
Louisville , KY	100%	Retail	47,000	3,099	66	per sf	-	(1)
Memphis, TN	100%	Retail	47,000	1,397	30	per sf	-	(1)
Seabrook, TX	100%	Retail	53,000	2,012	38	per sf	-	(1)
Amherst, NY	100%	Office	200,000	19,618	98	per sf	15,901
Andover, MA	100%	Office	93,000	8,328	90	per sf	-	(1)
Chicago, IL (One East Erie / Marc Realty)	80%	Office	126,000	25,453	202	per sf	20,672
Chicago, IL (River City / Marc Realty )	60%	Office	253,000	16,233	64	per sf	8,900
Houston, TX (Westheimer)	8%	Office	614,000	69,543	113	per sf	58,445
Indianapolis, IN (Circle Tower)	100%	Office	111,000	8,198	74	per sf	4,207
Lisle, IL (550 Corporetum)	100%	Office	169,000	20,910	124	per sf	16,879
Lisle, IL (Arboretum)	100%	Office	67,000	8,949	134	per sf	6,894
Lisle, IL (1050 Corporetum / Marc Realty)	60%	Office	54,000	4,045	75	per sf	5,600
Orlando, FL	100%	Office	256,000	17,290	68	per sf	38,396
Plantation, FL	100%	Office	133,000	12,935	97	per sf	10,982
South Burlington, VT	100%	Office	56,000	3,407	61	per sf	-	(1)
Jacksonville, FL	100%	Warehouse	587,000	12,341	21	per sf	-	(1)
Churchill, PA	100%	Mixed Use	1,008,000	13,883	14	per sf	-

(1) These properties collateralize our revolving line of credit.

Equity Investment Operating Properties Acquired through Asset Purchase	% Owned	Type	Square Feet	Equity Investment Carrying Amount
Marc Realty (9 Equity Investments)	Var	Office	1,407,000	$ 43,735
Sealy Equity Investments (3 Equity Investments)	Var	Industrial/Office	2,097,000	10,798
Vintage Housing Holdings	75%	Multi- Family	4,167 Units	25,452
Preferred Equity Investment Operating Properties Acquired through Asset Purchase	% Owned	Type	Square Feet	Equity Investment Carrying Amount
450 West 14th Street	Var	Office	102,000	$ 6,037
180 North Michigan	70%	Office	29,000	4,118

10

WINTHROP REALTY TRUST

SCHEDULE OF SECURITIES CARRIED AT FAIR VALUE

(In thousands, Unaudited)

	June 30, 2011				March 31, 2011				December 31, 2010				September 30, 2010
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
REIT Preferred shares	$	2,067	$	4,333	$	5,646	$	10,547	$	15,757	$	28,547	$	14,867	$	28,252
REIT Common shares		2,935		3,280		2,935		4,148		3,590		4,485		1,223		1,641
Total securities carried at fair value	$	5,002	$	7,613	$	8,581	$	14,695	$	19,347	$	33,032	$	16,090	$	29,893

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.

	Three Months Ended
	June 30,			March 31,		December 31,		September 30,			June 30,
	2011			2011		2010		2010			2010
Net unrealized gain (loss)	$	(689	)	$	3,699	$	2,198	$	3,071		$	2,875
Net realized gain (loss)	$	7		$	124	$	439	$	(185	)	$	78

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

Net unrealized gains and realized gains and losses above include amounts generated from securities carried at fair value and loan securities.

11

WINTHROP REALTY TRUST

SCHEDULE OF LOAN ASSETS

 (In thousands, Unaudited)

Description	Acquisition Date	Asset Type	Location	Position	Interest Rate	Carrying Amount (1) June 30, 2011	Par Value		Maturity Date (2)	Senior Debt (3)
Loans Receivable
Beverly Hilton	Dec 2009	Hotel	Beverly Hills, CA	B Note	Libor + 1.74%	$ 9,590	10,000		08/09/11	$ 166,000
Sealy Northwest Atlanta	Jun 2011	Office	Atlanta, GA	Whole	8.00%	20,678	20,641		11/01/11	-
Westwood	Oct 2010	Office	Phoenix, AZ	Whole	11.00%	3,637	3,604		04/30/12	-
Magazine	Jun 2011	Multi Family	Florida	Mezzanine	Libor + 1.23%	17,712	20,000		07/09/12	120,000
Moffett Tower	Oct 2010	Office	Sunnyvale, CA	B Note	Libor + 6.48%	23,099	22,947		07/31/12	116,394
160 Spear	Jun 2009	Office	San Francisco, CA	B Note	(5)	8,662	15,000	(4)	06/09/13	35,000
160 Spear	Various	Office	San Francisco, CA	Mezzanine	15.00%	4,844	4,800		06/09/13	50,000
				Corporate
Legacy Orchard	Oct 2010	Corporate Loan	n/a	Loan	15.00%	9,750	9,750	(4)	10/31/14	-
San Marbeya	Jul 2010	Multi Family	Tempe, AZ	Whole	5.88%	26,748	30,713		01/01/15	-
CDH CDO LLC	Feb 2011	Various	Various	Unsecured	12.00%	742	740	(6)	12/30/15	318,525
Rockwell	Aug 2010	Industrial	Shirley, NY	Mezzanine	12.00%	262	1,494		05/01/16	16,880
8 South Michigan	Jun 2011	Office	Chicago, IL	Mezzanine	8.00%	4,942	4,910	(7)	05/31/16	3,785
11 East Adams	Jun 2011	Office	Chicago, IL	Mezzanine	8.00%	2,280	2,265	(6)	05/31/16	9,999
29 East Madison	Jun 2011	Office	Chicago, IL	Mezzanine	8.00%	5,405	5,370		05/31/16	10,867
500-512 7th Ave	Jul 2010	Office	New York, NY	B Note	7.19%	9,962	11,520		07/11/16	253,673
180 N. Michigan	Various	Office	Chicago, IL	(8)	8.50%	2,617	2,609		12/31/16	17,850
Wellington Tower	Dec 2009	Mixed use	New York, NY	Mezzanine	6.79%	2,507	3,501		07/11/17	22,500
Total Loans Receivable						$ 153,437	$ 169,864
Loan Securities Carried at Fair Value
WBCMT 2007	Dec 2009	Hotel	Various	CMBS	Libor + 1.75%	$ 79	$ 1,130		06/09/12	$ 1,468,066
West Olive	Dec 2009	Office	Burbank, CA	Rake Bonds	(9)	5,339	6,364		02/28/13	15,666
Total Loan Securities Carried at Fair Value						$ 5,418	$ 7,494
Equity Investment Loan Assets
Riverside Plaza	Jun 2010	Retail	Riverside, CA	B Note	12.00%	7,883	7,800		12/01/12	54,400
Sofitel Hotel	Jun 2011	Hotel	New York, NY	Mezzanine	Libor + 1.85%	34,067	35,765		02/01/12	110,000
Total Loan Assets of Equity Investments						$ 41,950	$ 43,565

Continued on next page

12

WINTHROP REALTY TRUST

SCHEDULE OF LOAN ASSETS

 (In thousands, Unaudited, Continued)

Notes to Schedule of Loan Assets

(1) Carrying amount of loans receivable includes accrued interest of $697 and cumulative discount accretion of $10,056 at June 30, 2011.

(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) Amount of Par Value is presented at the borrowers discounted payoff option (DPO) amount.

(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 principalbalance ($73,796 at June 30, 2011) at a rate of 6.48215% per annum less (ii) interest payable on the outstanding principal balance of the A note ($35,000 at June 30, 2011) at a rate of 9.75% per annum. As a result, the effective yield on the Trust’s $3,410 cash investment is 40.8%.

(6) Loan repaid in full by borrower subsequent to June 30, 2011.

(7) Loan partially repaid by approximately $1,800 subsequent to June 30, 2011.

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

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

(10) The loan asset carrying amount presented is at Winthrop's 50% ownership of its equity investment.

13

WINTHROP REALTY TRUST

NET OPERATING INCOME FROM CONSOLIDATED PROPERTIES

 (In thousands)

(Unaudited)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2011			2011			2010			2010			2010
Rents and reimbursements
Minimum rent	$	9,666		$	9,624		$	9,046		$	8,087		$	8,713
Deferred rents (straight-line)		363			346			166			330			(109	)
Recovery income		1,274			1,147			851			890			745
Less:
Above and below market rents		126			128			155			183			172
Lease concessions and abatements		(195	)		(259	)		(160	)		(247	)		(86	)
Total rents and reimbursements		11,234			10,986			10,058			9,243			9,435
Rental property expenses
Property operating		3,987			4,045			3,086			1,812			1,818
Real estate taxes		1,087			1,255			520			952			340
Total rental property expenses		5,074			5,300			3,606			2,764			2,158
Net operating income (1)
from consolidated properties	$	6,160		$	5,686		$	6,452		$	6,479		$	7,277

(1) See definition of non-GAAP measure of Net Operating Income on page 29 of the supplemental package.

14

WINTHROP REALTY TRUST

SCHEDULE OF INTEREST AND DIVIDENDS

 (In thousands)

(Unaudited)

	Three Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,
	2011		2011		2010		2010		2010
Interest and Dividends by Business Segment:
Loan Assets	$	4,976	$	9,214	$	4,989	$	4,185	$	2,836
REIT Securities		118		458		392		763		754
Total Interest and Dividends	$	5,094	$	9,672	$	5,381	$	4,948	$	3,590

Interest and Dividends Detail:
Interest on loan assets	$	2,687	$	2,710	$	2,294	$	1,839	$	835
Accretion of loan discount		2,289		6,504		2,695		2,346		2,001
Interest and dividends on REIT securities		118		458		392		763		754
Total Interest and Dividends	$	5,094	$	9,672	$	5,381	$	4,948	$	3,590

15

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA

June 30, 2011

 (Unaudited)

Description and Location	Year Acquired	Trust’s Ownership	Rentable Square Feet	(**) % Leased	Major Tenants (Lease /Options Exp)	Major Tenants’ Sq. Feet.	($000's) Cost Basis	Cost per Sq Ft	Ownership of Land	($000's) Debt Balance	Debt Maturity & Int Rate
Office
					Ingram Micro Systems						10/2013
Amherst, NY (2)	2005	100%	200,000	100%	(2013/2023)	200,000	$ 19,618	$ 98	Fee	$15,901	5.65%
					PAETEC Comm.
Andover, MA	2005	100%	93,000	100%	(2022/2037)	93,000	8,328	90	Fee	(1)	(1)
Chicago, IL					The Gettys Group						03/2016
(One East Erie / Marc	2005	80%	126,000	82%	(2012/2016)	13,000	25,453	202	Fee	20,672	5.75%
Realty)					River North Surgery (2015/ n/a)	15,000
Chicago, IL					Bally Total Fitness						04/2012
(River City / Marc	2007	60%	253,000	72%	(2013/2021)	55,000	16,233	64	Fee	8,900	6.25%
Realty)					ITAV (2024/2029)	35,000
					MCI d/b/a Verizon (2019/2023)	37,000
					United Healthcare
Deer Valley, AZ	2010	96.5%	82,000	78%	(2017/2027)	42,000	10,260	125	Fee	(1)	(1)
					Premier Research Group
					(2016/2026)	13,800
Englewood, CO					RGN-Denver LLC
Crossroads I	2010	100%	118,000	69%	(2015/ 2025)	17,000	7,811	66	Fee	(1)	(1)
Englewood, CO					Catholic Health
Crossroads II	2010	100%	118,000	58%	Initiatives (2011)	30,000	8,353	71	Fee	(1)	(1)
					Spectra Energy						04/2016
Houston, TX	2004	8%	614,000	100%	(2018/2028)	614,000	69,543	113	Fee	58,445	6.34%
Indianapolis, IN					No Tenants						04/2015
(Circle Tower)	1974	100%	111,000	82%	Over 10%	-	8,198	74	Fee	4,207	5.82%
					United Healthcare						06/2016
Lisle, IL	2006	100%	169,000	57%	(2014/ n/a)	41,000	20,910	124	Fee	16,879	6.26%
					ABM Janitorial						06/2016
Lisle, IL	2006	100%	67,000	32%	(2012/2014)	11,000	8,949	134	Fee	6,894	6.26%
Lisle, IL					Ryerson						03/2017
(Marc Realty)	2006	60%	54,000	100%	(2018/2028)	54,000	4,045	75	Fee	5,600	5.55%
					Siemens Real Estate, Inc.						07/2017
Orlando, FL	2004	100%	256,000	100%	(2017/2042)	256,000	17,290	68	Ground Lease	38,396	6.40%
					BellSouth						04/2018
Plantation, FL	2004	100%	133,000	100%	(2020/2035)	133,000	12,935	97	Fee	10,982	6.48%
					Fairpoint Comm.
South Burlington, VT	2005	100%	56,000	100%	(2014/2029)	56,000	3,407	61	Ground Lease	(1)	(1)
Subtotal - Office			2,450,000				241,333			186,876

(Continued on next page)

16

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA (Continued)

For the Three Months Ended June 30, 2011

(Unaudited)

Description and Location	Year Acquired	Trust’s Ownership	Rentable Square Feet	(**) % Leased	Major Tenants (Lease /Options Exp)	Major Tenants’ Sq. Feet.	($000's) Cost Basis	Cost per Square Foot or Unit		Ownership of Land	($000's) Debt Balance	Debt Maturity & Int Rate
Retail
					The Kroger Co.
Atlanta, GA	2004	100%	61,000	100%	(2016/2026)	61,000	$ 4,638	$ 76		Ground Lease	(1)	(1)
					Fitness Evolution
Denton, TX	2004	100%	46,000	63%	(2012)	29,000	2,699		59	Fee	(1)	(1)
					The Kroger Co.
Greensboro, NC	2004	100%	47,000	100%	(2017/2037)	47,000	3,801		81	Ground Lease	(1)	(1)
					The Kroger Co.
Louisville, KY	2004	100%	47,000	100%	(2015/2040)	47,000	3,099		66	Fee	(1)	(1)
					The Kroger Co.
Memphis, TN	2004	100%	47,000	100%	(2015/2040)	47,000	1,397		30	Fee	(1)	(1)
					The Kroger Co.
Seabrook, TX	2004	100%	53,000	100%	(2015/2040)	53,000	2,012		38	Fee	(1)	(1)
Subtotal Retail			301,000				17,646
Other
Warehouse
					Football Fanatics
Jacksonville, FL	2004	100%	587,000	100%	(2015/2024)	558,000	12,341	$ 21		Fee	(1)	(1)
Mixed Use
Churchill, PA (3)	2004	100%	1,008,000	19%	n/a	-	13,885		14	Ground Lease	-	-
Residential												02/2014
Meriden, CT	2010	100%	180 units	89%	n/a	n/a	25,254		140,300	Fee	23,875	5.83%
Subtotal - Other			1,595,000				51,480				23,875
Total Consolidated Properties			4,346,000				$ 310,459				$ 210,751

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

Notes to Consolidated Properties - Selected Data

(1) These properties collateralize our revolving line of credit.

(2) 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.

(3) We currently are in litigation with the former tenant, Viacom, related to the condition of the property .

17

WINTHROP REALTY TRUST

EQUITY INVESTMENTS – SELECTED DATA

Three Months Ended June 30, 2011

(Unaudited)

Description and Location	Year Acquired	Trust’s Ownership	Rentable Square Feet	(**) % Leased	Major Tenants (Lease /Options Exp)	Major Tenants’ Sq. Feet.	($000's) Equity Investment	Ownership of Land	($000's) Debt Balance(1)	Debt Maturity & Int Rate
Marc Realty Portfolio - Equity Investments
30 North Michigan,										08/2014
Chicago, IL	2005	50%	221,000	88%	No tenants over 10%	-	12,126	Fee	12,912	5.99%
223 West Jackson,										06/2012
Chicago, IL	2005	50%	168,000	63%	No tenants over 10%	-	7,680	Fee	7,578	6.92%
4415 West Harrison,
Hillside, IL (High Point)					North American Medical					12/2015
	2005	50%	192,000	68%	Mgmt (2015/2020)	20,400	6,244	Fee	4,567	5.62%
2000-60 Algonquin,										02/2013
Shaumburg, IL (Salt Creek)	2005	50%	101,000	65%	No tenants over 10%	-	2,254	Fee	(2)	Libor + 2.75%
1701 E. Woodfield,										09/2015
Shaumburg, IL	2005	50%	175,000	87%	No tenants over 10%	-	4,080	Fee	5,694	Libor + 3% (3)
2720 River Rd,										10/2012
Des Plains, IL	2005	50%	108,000	83%	No tenants over 10%	-	4,074	Fee	2,508	6.095%
3701 Algonquin, Rolling					ISACA					02/2013
Meadows IL	2005	50%	193,000	77%	(2018/2024)	29,600	2,820	Fee	10,067	Libor + 2.75%
					Relational Funding
					(2013/ n/a)	27,400
2205-55 Enterprise,					Consumer Portfolio					02/2013
Westchester, IL	2005	50%	130,000	87%	(2014/2019)	18,900	2,827	Fee	(2)	Libor + 2.75%
900-910 Skokie,
Northbrook, IL					MIT Financial Group					08/2011
(Ridgebrook)	2005	50%	119,000	87%	(2016/ n/a)	12,600	1,630	Fee	5,339	Libor + 2% (4)
Subtotal - Marc Realty Portfolio			1,407,000				43,735		60,126
Sealy Venture Portfolio - Equity Investments
Atlanta, GA (5)					Original Mattress					11/2011
(Northwest Atlanta)	2006	77%	472,000	75%	(2020/2025)	57,000	4,119	Fee	20,641	8.0%
Atlanta, GA (6)										11/2016
(Newmarket)	2008	49%	470,000	64%	No tenants over 10%	-	4,604	Fee	37,000	6.12%
Nashville, TN (7)										05/2012
(Airpark)	2007	83%	1,155,000	86%	No tenants over 10%	-	2,075	Fee	74,000	5.77%
Subtotal - Sealy Venture Portfolio			2,097,000				10,798		131,641

(Continued on Next Page)

18

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - SELECTED DATA (Continued)

Three Months Ended June 30, 2011

(Unaudited)

Description and Location		Year Acquired	Trust’s Ownership	Units	(**) % Leased	($000's) Equity Investment	Ownership of Land	($000's) Debt Balance(1)	Int Rate	Debt Maturity
Vintage Housing Portfolio
Vintage at Bend	Bend, OR	2011	(8)	106	98%		Fee	5,700	SIFMA + 1.65%	12/15/36
Bouquet Canyon Seniors	Santa Clarita, CA	2011	(8)	264	97%		Fee	11,500	7.050%	07/01/28
Vintage at Bremerton	Bremerton, WA	2011	(8)	143	98%		Fee	6,200	SIFMA + 1.65%	03/15/33
Vintage at Burien	Burien, WA	2011	(8)	101	99%		Ground Lease	6,990	SIFMA + 1.53%	01/15/38
Vintage at Chehalis	Chehalis, WA	2011	(8)	150	97%		Fee	8,190	4.650%	06/15/40
Elk Creek Apartments	Sequim, WA	2011	(8)	138	96%		Fee	7,423	6.240%	11/01/39
Vintage at Everett	Everett, WA	2011	(8)	259	98%		Fee	16,815	SIFMA + 1.65%	01/15/38
Falls Creek Apartments	Couer d' Alene, ID	2011	(8)	170	95%		Fee	8,418	6.080%	12/01/40
Forest Creek Apartments	Spokane, WA	2011	(8)	252	93%		Fee	13,680	SIFMA + 1.56%	06/15/40
Hamilton Place Seniors	Bellingham, WA	2011	(8)	94	100%		Fee	3,776	SIFMA + 1.45%	07/01/33
Heritage Place Apartments	St. Ann, MO	2011	(8)	113	96%		Fee	2,363	8.370%	07/19/15
Holly Village Apartments	Everett, WA	2011	(8)	149	96%		Fee	7,325	SIFMA + 1.65%	07/31/32
Larkin Place Apartments	Bellingham, WA	2011	(8)	101	94%		Fee	4,896	SIFMA + 1.46%	07/01/33
Vintage at Mt. Vernon	Mt. Vernon, WA	2011	(8)	154	95%		Fee	8,770	SIFMA + 1.69%	01/15/37
Vintage at Napa	Napa, CA	2011	(8)	115	99%		Fee	6,220	5.163%	06/01/34
Vintage at Richland	Richland, WA	2011	(8)	150	100%		Fee	7,535	SIFMA + 1.63%	01/15/38
Rosecreek Senior Living	Arlington, WA	2011	(8)	100	96%		Fee	3,404	SIFMA + 1.47%	12/31/37
Vintage at Sequim	Sequim, WA	2011	(8)	118	99%		Fee	6,408	SIFMA + 2.00%	03/01/38
Silver Creek Apartments	Pasco, WA	2011	(8)	242	97%		Fee	13,195	SIFMA + 1.64%	12/15/37
Vintage at Silverdale	Silverdale, WA	2011	(8)	240	97%		Fee	14,880	5.730%	09/15/39
Vintage at Spokane	Spokane, WA	2011	(8)	287	98%		Fee	16,295	SIFMA + 1.57%	08/15/40
Seven Hills/ St Rose	Henderson, NV	2011	(8)	244	98%		Fee	14,770	SIFMA + 1.68%	10/15/35
Twin Ponds Apartments	Arlington, WA	2011	(8)	134	95%		Fee	6,963	SIFMA + 1.48%	01/01/38
Vintage at Vancouver	Vancouver, WA	2011	(8)	154	99%		Fee	8,509	SIFMA + 1.67%	01/01/35
Vista Sonoma Seniors Apts	Santa Rosa, CA	2011		189	95%		Fee	10,405	7.150%	01/01/32
Subtotal - Vintage Housing Portfolio				4,167	units	25,452	(9)	220,630

(Continued on Next Page)

SIFMA = Securities Industry and Financial Markets Association Municipal Swap Index

19

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - SELECTED DATA (Continued)

Three Months Ended June 30, 2011

(Unaudited)

Description and Location	Year Acquired	Trust’s Ownership	Rentable Square Feet	($000's) Equity Investment	($000's) Debt Balance (1)
Operating Property Equity Investments
Marc Realty Portfolio (from Page 18)	see above		1,047,000	$ 43,735	$ 60,126
Sealy Portfolio (from Page 18)	see above		2,097,000	10,798	131,641
Vintage Portfolio (from page 19)	see above		4,167 units	25,452	220,930
Total Operating Property Equity Investments				79,985	412,697
Loan Asset Equity Investments
WRT-ROIC Riverside LLC	2010	50%		7,883
WRT -ROIC Lakeside Eagle LLC (10)	2011	50%		9
WRT -46th Street Gotham LLC (11)	2011	50%		20
LW SOFI (12)	2011	50%		6,022
Other Equity Investment
RE CDO Management (13)	2011	50%		1,250
Total Equity Investments				$ 95,169

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

Notes to Equity Investments - Selected Data

(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 $11,461 which is included in total debt balance.

(3) An interest rate swap agreement with a notional amount of $5,724 effectively converts the interest rate to a fixed rate of 4.78%

(4) In July 2011 the loan balance was refinanced for $5,400 bears interest at Libor + 2.75% and matures in July 2016.

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

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

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

(8) The Trust's ownership consists of developer fees and general partner advances and a 75% LLC interest in a joint venture which owns general partnership interests in 25 multifamily and senior housing properties.

(9) Vintage equity investment represents a single equity investment in Vintage Housing Holdings LLC which owns certain receivables and general partnership interests and the basis is not specifically allocated amoung the various lower tier partnerships.

(10) In May 2011 the Trust received repayments on its two non-performing first mortgage loans acquired on March 22, 2011 which the Trust owned through its Lakeside Eagle LLC joint venture.

(11) On May 24, 2011 the Trust received repayment on its performing first mortgage loan acquired on February 23, 2011 which the Trust owned through its WRT-46th Street Gotham LLC joint venture with Atrium.

(12) On June 2, 2011, the Trust entered into a 50/50 joint venture and on June 3rd the joint venture purchased 100% of the economic rights and obligations in a $71,530,000 mezzanine loan collateralized by an interest in the Sofitel hotel in New York City.

(13) On June 29, 2011, the Trust entered into a new 50/50 joint venture and purchased certain collateral management agreements and subordinated interests related to two collateralized debt obligations.

20

WINTHROP REALTY TRUST

PREFERRED EQUITY INVESTMENTS – SELECTED DATA

Three Months Ended June 30, 2011

(Unaudited)

Description and Location	Year Acquired	Trust’s Ownership	Rentable Square Feet	(**) % Leased	Major Tenants (Lease /Options Exp)	($000's) Equity Investment	Ownership of Land	($000's) Debt Balance (1)	Debt Maturity & Int Rate
Preferred Equity Investments
									01/2016
450 West 14th Street									Libor+
New York, NY (High Line)	2011	var	220,000	0%	(3)	$ 6,037	Fee	$ 47,799	2.5%
									03/2013
180 North Michigan									Libor+
Chicago, IL (Marc Realty)	2008	70%	229,000	84%	No tenants over 10%	4,118	Fee	17,850	1.5% (2)
						$ 10,155

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

Notes to Preferred Equity Investments - Selected Data

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

(2) An interest rate swap agreement with a notional amount of $17,515 effectively converts the interest rate to a fixed rate of 4.55%.

(3) Building under construction and approximately 73% pre-leased.

21

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES – OPERATING SUMMARY

Six Months Ended June 30, 2011

 (In thousands, except for Square Footage, Unaudited)

Description	% Owned			Number of Properties		Square Footage		Rents and Reimburse - ments		Operating Expenses		Real Estate Taxes		Net Operating Income (1)			Interest Expense		Impair- ment		Depreciation & Amortization		(Income)Loss Attributable to Non-controlling Interest			WRT's share Net Income / (Loss) from Consolidated Properties (1)
100% Owned Consolidated Properties
Retail		100.0	%		6		301,000	$	691	$	16	$	26	$	649 $			-	$	-	$	189	$	-		$	460
Office		100.0	%		10		1,321,000		8,552		2,247		779		5,526			3,107		-		2,885		-			(466	)
Other		100.0	%		3		1,595,000		3,546		3,637		650		(741	)		896		-		999		-			(2,636	)
					19		3,217,000		12,789		5,900		1,455		5,434			4,003		-		4,073		-			(2,642	)
Partially Owned Consolidated Properties
Chicago, IL
(One East Erie/Marc
Realty)		80.0	%		1		126,000		2,454		651		397		1,406			606		-		424		76			300
Chicago, IL
(River City/Marc
Realty)		60.0	%		1		253,000		1,906		1,105		321		480			305		-		418		(97	)		(146	)
Houston, TX
(Multiple LP's)		8.0	%		1		614,000		3,948		9		-		3,939			1,873		-		1,396		560			110
Lisle, IL
(Marc Realty)		60.0	%		1		54,000		429		156		45		228			162		-		76		(4	)		(6	)
Phoenix, Arizona
(Deer Valley / Fenway)		96.5	%		1		82,000		694		211		124		359			-		-		406		(2	)		(45	)
					5		1,129,000		9,431		2,132		887		6,412			2,946		-		2,720		533			213
KeyBank mortgage loan
interest expense (2)					-		-		-		-		-		-			165		-		-		-			(165	)
Total Consolidated Properties					24		4,346,000	$	22,220	$	8,032	$	2,342	$	11,846 $			7,114	$	-	$	6,793	$	533		$	(2,594	)
Series B-1 Preferred interest expense (3)																		782
Other																		680
Total																	$	8,576

(1) See definition of Net Operating Income and Net Income / (Loss) from Consolidated Properties on page 29 of the supplemental package.

(2) Represents interest expense on a mortgage loan made by KeyBank collateralized by our various properties.

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

22

WINTHROP REALTY TRUST

EQUITY INVESTMENTS – OPERATING SUMMARY

Six Months Ended June 30, 2011

 (In thousands, except for Square Footage, Unaudited)

Venture	Number of Properties		Square Footage		Total Revenue		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 (3)		9		1,407,000		18,992		8,653		2,623		7,716		2,138		(131	)		5,400		47		24
Sealy Venture Portfolio		3		2,097,000		7,455		1,823		828		4,804		5,797		9,163			3,192		4,978		2,944
Total Equity
Investment Properties		12	$	3,504,000		26,447	$	10,476	$	3,451	$	12,520	$	7,935	$	9,032		$	8,592	$	5,025		2,968
Amortization of Marc Realty Portfolio basis differential (1)																							(144	)
Other-than-temporary impairment - Sealy Portfolio																							(3,800	)
WRT -ROIC Riverside - Winthrop's share of net income from equity investment																							468
WRT -ROIC Lakeside Eagle-Winthrop's share of net loss from equity investment																							666
WRT -ROIC 46th Street Gotham-Winthrop's share of net loss from equity investment																							621
LW SOFI - Winthrop's share of net income from equity investment																							262
Concord - Winthrop's share of net income from equity investment																							479
Vintage - Winthrop's share of net income from equity investment																							-
Equity in loss of equity investments																						$	1,520

(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 29 of the supplemental package.

(3) Operating results reflect 12 properties through May 31, 2011.

23

WINTHROP REALTY TRUST

CONSOLIDATED - DEBT SUMMARY

(In thousands, Unaudited)

												Weighted
	Principal					Remaining				Amount		Average
	Outstanding					2011		Maturity		Due at		Maturity
Description	June 30, 2011		Coupon (1)			Repayment		Date		Maturity		(in years)
Fixed rate debt
Secured fixed rate mortgage loans payable
Chicago, IL / River City	$	8,900		6.250	%	$	-		04/2012	$	8,900
Amherst, NY		15,901		5.650	%		219		10/2013		14,822
Meriden, CT / Newbury		23,875		5.830	%		-		02/2014		23,875
Indianapolis, IN / Circle Tower		4,207		5.820	%		38		04/2015		3,888
Chicago, IL / Ontario		20,672		5.750	%		151		03/2016		19,073
Houston, TX - Note 1		25,000		5.220	%		-		04/2016		25,000
Houston, TX - Note 2		8,800		6.000	%		-		04/2016		8,800
Houston, TX - Note 3		24,645		7.500	%		2,022		04/2016		-
Lisle, IL / 550 & 701 Corporetum (2)		23,773		6.260	%		23,773		06/2016		-
Lisle, IL / 1050 Corporetum		5,600		5.550	%		-		03/2017		5,600
Orlando, FL		38,396		6.400	%		264		07/2017		34,567
Plantation, FL		10,982		6.483	%		55		04/2018		10,046
Total secured fixed rate mortgage loans payable		210,751		6.059	%		26,522				154,571
Other fixed rate secured financing
San Marbeya Participation A note payable		15,150		4.850	%		-		01/2015		15,150
Total Fixed Rate Debt/ Wtd Avg		225,901					26,522				169,721	3.92
Floating rate debt
KeyBank Revolving Line of Credit (Libor + 3%)		-		3.240	%		-		03/2014		-
Total Consolidated Debt/Wtd Avg	$	225,901				$	26,522			$	169,721	3.92

(1) Libor rate for the quarter used to determine coupon on floating rate debt at June 30, 2011 was 0.19%.

(2) Lisle, IL / 550 & 701 Corporetum Debt was repaid in full in July 2011.

24

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - DEBT SUMMARY

(In thousands, Unaudited)

	Gross Principal		WRT Share					WRT Share			WRT Share		Weighted
	Principal		Principal					Remaining			Amount		Average
	Outstanding		Outstanding					2011		Maturity	Due at		Maturity
Description	June 30, 2011		June 30, 2011		Coupon			Repayment		Date	Maturity		(in years)
Fixed rate debt
Sealy:
Northwest Atlanta, Atlanta, GA		20,641		12,385		8.00	%		-	11/01/11		12,385
Airpark, Nashville, TN		74,000		37,000		5.77	%		-	05/01/12		37,000
Newmarket, Atlanta, GA		37,000		25,160		6.12	%		-	11/01/16		25,160
Marc Realty:
223 West Jackson, Chicago, IL		7,578		3,789		6.92	%		111	06/01/12		3,554
2720 River Road, Des Plains, IL		2,508		1,254		6.10	%		37	10/01/12		1,165
30 North Michigan, Chicago, IL		12,912		6,456		5.99	%		94	08/01/14		5,822
4415 West Harrision, Hillside, IL (High Point)		4,567		2,284		5.62	%		22	12/01/15		1,638
Vintage Housing:
Larkin Place Apartments - 2nd Mtg		71		53		5.92	%		26	05/13/12		-
Heritage Place Apartments		1,833		1,375		8.37	%		15	07/19/15		1,239
Bouquet Canyon Seniors		11,500		8,625		7.05	%		113	07/01/28		3,674
Vista Sonoma Seniors Apts		10,405		7,804		7.02	%		91	01/01/32		2,895
Vintage at Napa		6,220		4,665		5.16	%		49	06/01/34		1,886
Vintage at Vancouver - 2nd Mtg		784		588		8.12	%		-	01/01/35		-
Twin Ponds Apartments - Series B		1,448		1,086		6.52	%		58	01/01/38		-
Hamilton Place Seniors - 2nd Mtg		186		140		5.88	%		21	05/01/39		-
Heritage Place Apartments - 2nd Mtg		530		398		1.00	%		6	05/01/39		38
Vintage at Silverdale		14,880		11,160		5.73	%		147	09/15/39		5,705
Elk Creek Apartments		7,423		5,567		6.24	%		17	11/01/39		4,298
Vintage at Chehalis		8,190		6,143		4.65	%		73	06/15/40		3,481
Falls Creek Apartments		8,418		6,314		6.08	%		21	12/01/40		4,675
Total Fixed Rate Debt/ Wtd Avg	$	231,094	$	142,246		6.19	%	$	901		$	114,614	10.73

Continued on next page

25

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - DEBT SUMMARY (Continued)

(In thousands, Unaudited)

	Gross Principal		WRT Share					WRT Share			WRT Share		Weighted
	Principal		Principal					Remaining			Amount		Average
	Outstanding		Outstanding					2011		Maturity	Due at		Maturity
Description	June 30, 2011		June 30, 2011		Coupon			Repayment		Date	Maturity		(in years)
Floating rate debt
Marc Realty: (1)
900-910 Skokie, Northbrook, IL (Libor +2%) (2)		5,339		2,670		2.24	%		2,664	08/01/11		-
2000-60 Algonquin, Shaumburg, IL (3)										02/01/13
2205-55 Enterprise, Westchester, IL (3) (4)		11,461		5,731		4.25	%		109	02/01/13		5,489
3701 Algonquin, Rolling Meadows, IL (Libor + 2.75%) (4)		10,067		5,034		4.25	%		130	02/01/13		4,759
1701 East Woodfield, Shaumburg, IL (Libor + 3%) (5)		5,694		2,847		4.78	%		46	09/01/15		2,564
Vintage Housing: (6) (7)
Hamilton Place Seniors		3,590		2,693		1.54	%		-	07/19/15		1,607
Holly Village Apartments		7,325		5,494		1.74	%		110	07/31/32		2,263
Vintage at Bremerton		6,200		4,650		1.74	%		92	03/15/33		1,826
Larkin Place Apartments		4,825		3,619		1.55	%		-	07/01/33		2,070
Vintage at Vancouver		7,725		5,794		1.76	%		-	01/01/35		3,882
St Rose /Seven Hills Snr Apts		14,770		11,078		1.77	%		176	10/15/35		4,679
Vintage at Bend		5,700		4,275		1.74	%		53	12/15/36		2,395
Vintage at Mt. Vernon		8,770		6,578		1.78	%		82	01/15/37		3,915
Silver Creek Apartments		13,195		9,896		1.73	%		48	12/15/37		5,306
Rosecreek Senior Living		3,404		2,553		1.56	%		20	12/31/37		1,181
Twin Ponds Apartments - Series A		5,515		4,136		1.57	%		-	01/01/38		2,478
Vintage at Burien		6,990		5,243		1.62	%		85	01/15/38		2,213
Vintage at Everett		16,815		12,611		1.74	%		94	01/15/38		6,417
Vintage at Richland		7,535		5,651		1.72	%		73	01/15/38		3,045
Vintage at Sequim		6,408		4,806		2.09	%		22	03/01/38		2,999
Forest Creek Apartments		13,680		10,260		1.65	%		98	06/15/40		6,170
Vintage at Spokane		16,295		12,221		1.66	%		99	08/15/40		8,304
Total Floating Rate Debt/ Wtd Avg	$	181,303	$	127,839		2.01	%	$	4,001		$	73,562	22.41
Total Joint Venture Debt/Wtd Avg	$	412,697	$	270,309		4.21	%		4,902			188,401	16.25

(1) Libor rate for the quarter used to determine coupon on floating rate debt at June 30, 2011 was 0.19%.

(2) In July 2011 the loan balance was refinanced to $5,400 bearing interest at Libor + 2.75% and maturing in July 2016.

(3) Both the 2000-60 Algonquin and 2205-55 Enterprise properties are cross collateralized by the mortgage and bear interest at a rate of Libor + 2.75%.

(4) These loans provide for an interest rate floor of 4.25%.

(5) An interest rate swap agreement effectively converts the interest rate to a fixed rate of 4.78%

(6) SIFMA rate for the quarter used to determine coupon on floating rate debt at June 30, 2011 was 0.09%.

(7) Winthrop's (WRT) share is based on effective ownership of Vintage investment of approximately 75%.

26

WINTHROP REALTY TRUST

Consolidated Properties Lease Expirations Summary

(Unaudited)

		Multi-Tenant		Single-Tenant
	Year	Properties		Properties		Totals
Rental Revenue	2011	$	1,315,000	$	-
Square Feet Expiring			95,200		-
Rental Revenue	2012	$	2,310,000	$	-
Square Feet Expiring			149,100		-
Rental Revenue	2013	$	2,285,000	$	2,016,000
Square Feet Expiring			183,300		200,000
Rental Revenue	2014	$	1,708,000	$	800,000
Square Feet Expiring			97,500		56,000
Rental Revenue	2015	$	1,386,000	$	1,348,000
Square Feet Expiring			71,500		706,000
Rental Revenue	2016 & Thereafter	$	4,920,000	$	15,008,000
Square Feet Expiring			258,400		1,285,000
Rental Revenue	TOTALS	$	13,924,000	$	19,172,000	$	33,096,000
Square Feet Expiring			855,000		2,247,000		3,102,500
Weighted Average Base Rent Per Square Foot Expiring		$	16.29	$	8.53	$	10.67

(1) Schedule above does not include month-to-month tenants

(2) Schedule above does not include multi-family properties which generally have one-year lease terms

(3) Rental revenue reflects base rent less concessions and abatements or base rent to be billed to our existing tenants in 2011

27

WINTHROP REALTY TRUST

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES OF INCOME TO

NET INCOME ATTRIBUTABLE TO COMMON SHARES

(In thousands)

	Three			Three			Three			Three			Three
	Months			Months			Months			Months			Months
	Ended			Ended			Ended			Ended			Ended
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2011			2011			2010			2010			2010
NOI from consolidated properties (1), (4)	$	6,160		$	5,686		$	6,452		$	6,479		$	7,279
Less:
Interest expense		(3,296	)		(3,819	)		(3,597	)		(3,196	)		(3,207	)
Depreciation and amortization		(3,312	)		(3,481	)		(2,916	)		(2,379	)		(2,371	)
Income attributable to non-controlling interest		(329	)		(204	)		(293	)		(175	)		(175	)
WRT share of income (loss) from consolidated properties (2), (4)		(777	)		(1,818	)		(354	)		729			1,526
Equity in loss of equity investments (3)		2,875			(1,355	)		(679	)		(409	)		(392	)
Add:
Earnings from preferred equity investments		158			83			85			85			85
Interest and dividend income		5,094			9,672			5,381			4,948			3,590
Gain on sale of securities carried at fair value		-			-			-						78
Unrealized gain on loan securities carried at fair value		34			2,813			780			581			3,625
Unrealized gain on securities carried at fair value		-			886			1,418			2,490			-
Gain on loan securities carried at fair value		7			124			469
Interest income		443			93			45			17			40
Income from discontinued operations		90			47			163			-			-
Less:
Series B-1 Preferred interest expense		(391	)		(391	)		(391	)		(390	)		(391	)
General and administrative		(2,758	)		(2,524	)		(2,711	)		(2,300	)		(1,916	)
State and local tax expense		(48	)		(29	)		(27	)		(7	)		(85	)
Unrealized loss on securities carried at fair value		(723	)		-			-			-			(750	)
Loss on sale of securities carried at fair value		-			-			(30	)		(185	)		-
Interest expense - other		(276	)		(403	)		(261	)		(223	)		(68	)
Series C Preferred interest		(58	)		(59	)		(58	)		(59	)		(58	)
Loss on discontinued operations		-			-			-			(1,528	)		(766	)
Net income attributable to Common Shares	$	3,670		$	7,139		$	3,830		$	3,749		$	4,518

(1) See additional NOI detail on Page 14 of the supplemental package.

(2) See detail for the six months ended June 30, 2011 on Page 22 of the supplemental package.

(3) See detail for the three months ended June 30, 2011 on Page 23 of the supplemental package.

(4) See definitions for non-GAAP measures on page 29 of the supplemental package.

28

WINTHROP REALTY TRUST SUPPLEMENTAL DEFINITIONS

Funds From Operations FFO -  The NAREIT Board of Governors defines FFO as Generally Accepted Accounting Principles (“GAAP”) net income or loss adjusted to exclude net gains from sales of depreciated real estate assets, depreciation and amortization expense from real estate assets, extraordinary items and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries.  FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements.  FFO should not be considered as an alternative to net income as a performance indicator or cash flow as a liquidity measure. FFO may not be comparable to similar measures employed by other companies. 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 conjunction with net income as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.

Net Income / (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 statements. 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.

Whole Loan – An investment in an original mortgage loan instead of a loan comprised of one or more lenders.

Mezzanine Loan – A loan secured by an ownership interest of the entity which owns the property and which is subordinate to a first mortgage loan.

B-Note - A structured junior participation that is part of a first mortgage loan.

Rake Bond – A junior interest in a securitized mortgage loan which has been structured in one or more classes of Collateralized Mortgage Backed Securities (“CMBS”).  Rake bonds are classes of CMBS issued in a transaction that solely relate to one particular mortgage loan.

Accretion of Discount - The increase in the value of an instrument such as a loan which was acquired for an amount less than face value.

SIFMA - Securities Industry and Financial Markets Association Municipal Swap Index.

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WINTHROP REALTY TRUST
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

ANALYST 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
Jordan Sadler	KeyBanc	(917) 368-2280 jsadler@keybanccm.com
Craig Mailman	KeyBanc	(917) 368-2316 cmailman@keybanccm.com
Winthrop Realty Trust is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Winthrop Realty Trust's performance made by the analyst is theirs alone and does not represent opinions forecasts or predictions of Winthrop Realty Trust or its management. Winthrop Realty Trust does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

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EX-99.3

Winthrop Realty Trust, Inc.	FUR	Q2 2011 Earnings Call	Aug. 4, 2011
Company▲	Ticker▲	Event Type▲	Date▲

PARTICIPANTS

Corporate Participants

Beverly Bergman – Vice President & Director-Investor Relations

Michael L. Ashner – Chairman & Chief Executive Officer

Thomas C. Staples – Chief Financial Officer

Carolyn B. Tiffany – President & Trustee

John Alba – Secretary & Chief Investment Officer

Other Participants

Craig Mailman – Senior Equity Research Analyst, KeyCorp Investment Banking

Joshua A. Barber – Vice President, Stifel, Nicolaus & Co., Inc.

MANAGEMENT DISCUSSION SECTION

Operator:  Good day everyone, and welcome to the Winthrop Realty Trust Second Quarter 2011 Financial Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

For opening remarks, I’d like to turn the call over to your host Beverly Bergman, Vice President and Director of Investor Relations Thank you, Ms. Bergman. You may begin.

Beverly Bergman, Vice President & Director-Investor Relations

Thank you. Good afternoon, everyone, and welcome to the Winthrop Realty Trust conference call to discuss our second quarter 2011 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, August 4th, we issued a press release and posted on our website 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 website at www.winthropreit.com. The press release is in the News and 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 and Events section.

At this time, management would like 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.

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Winthrop Realty Trust, Inc.	FUR	Q2 2011 Earnings Call	Aug. 4, 2011
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Please note that in the press release, we have reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with the 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 diluted basis.

I’d now like to turn the call over to Michael Ashner. Michael?

Michael L. Ashner, Chairman & Chief Executive Officer

Thank you, Beverly. Thank you for joining us this afternoon.

During the second quarter, we continued executing on our strategy to grow the company and increase the size of our assets under management. To that end, we made new investments of $70 million. We believe these acquisitions are reflective our value seeking approach. Included in this quarter’s investment activity was the final phase of our acquisition of 75% of Vintage Housing Holdings, which holds general partnership interest in and development fees receivable from 25 partnerships, which own multi-family and senior housing properties located primarily in the California and the Pacific Northwest. We expect that our total return in this investment will exceed a 20% IRR.

Assets under management also increased significantly through our acquisitions of 50% interest in the collateral manager of two CDOs, which include approximately $1.3 billion of loans and debt securities.

We invested $6 million of a committed $15 million on a new preferred equity investment in 450 West 14th Street, a 102,000-square foot office building in the Meatpacking District, which is on the popular and critically acclaimed New York City Highland Park. We expect this investment will generate an initial current return of 10%. In addition to these equity investments, we continued to identify and close on the acquisition of loan assets. At June 30, 2011, the carrying value of our loans receivable was approximately $153 million with a weighted average yield to maturity of 12.6% exclusive of participation opportunity.

Our asset management team has restored substantial value to several of our legacy investments through the successful negotiation of discounted payoffs of existing first mortgages on those assets. And as we discussed on our last call, our investment in Concord, which had been written down to zero had started to produce cash flow and is expected to generate approximately $3 million in 2012, inclusive of a management fees. We continue to press forward to a resolution of the litigation involving our property located in Churchill, Pennsylvania, which is now our principal unresolved legacy issue.

Finally, the newest addition to our operating properties, Crossroads I and II and Deer Valley, are leasing at a rate that exceeds or at original underwriting. The Crossroads properties, which were acquired in the fourth quarter of 2010 with a 56% occupancy, are now 74% leased. And Deer Valley, which was 61% leased at acquisition in 2010 – in August 2010 is now 89% lease.

We remain patient, but are excited by our opportunities. While the impact of our new investments, the stabilization of our legacy assets and new leasing activity are not yet reflected in our earnings, I’m confident these positive trends will be ultimately recognized in earnings and shareholder value.

Now, I’ll turn the call over to Thomas Staples. Tom?

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Winthrop Realty Trust, Inc.	FUR	Q2 2011 Earnings Call	Aug. 4, 2011
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Thomas C. Staples, Chief Financial Officer

Thank you, Michael. Good afternoon, everyone. I’ll be providing an overview of Winthrop’s financial results as well as a review of our business segments’ operating results. We’ve furnished a quarterly supplemental report, which you can access on our website’s Investor Relations section.

For the quarter ended June 30, 2011, we reported net income per common share of $3.7 million or $0.11 per common share compared with net income per common share of $4.5 million or $0.21 per common share for the quarter ended June 30, 2010. The decrease in income for the quarter ended June 30, 2011 was the result of a decline in occupancy at certain of our legacy assets, primarily our Churchill, Pennsylvania property.

Also, as a result of our REIT common and preferred stock divestitures, we experienced a $3.6 million decrease in unrealized gains and securities and loan securities carried at fair value. Our general and administrative costs increased by $900,000 due to the increase in our base advisory management fee resulting from our recent equity offering.

These reductions to earnings were partially offset by a $3.3 million increase in income from equity investments and a $1.5 million increase in interest and dividend income. Funds from Operations applicable to common shares, referred to as FFO, for the second quarter of 2011 was $8.6 million or $0.26 per common share compared with FFO of $8.3 million of $0.39 per common share for the second quarter of 2010.

Operating results by business segment were as follows: With respect to our operating properties business segment, operating income was approximately $6.4 million for the three months ended June 30, 2011 compared with approximately $6.9 million for the three months ended June 30, 2010.

Operating income from our consolidated operating properties declined by approximately $1.1 million. Operating income from same-store consolidated properties, properties held throughout both the current year and prior-year reporting periods, decreased by $2 million primarily the result of our Churchill, Pennsylvania property operations. This decline was partially offset by $900,000 in operating income from our new properties.

It is important to note that our Churchill property operating loss was $1.2 million and $2 million for the three and six months ended June 30, 2011 compared to income of $600,000 and $1.4 million for the three and six months ended June 30, 2010. We believe that a resolution of the litigation may result in a divestiture of this property, which would eliminate the negative impact that this property currently has on our overall operating results.

Operating income from our operating properties accounted for as equity investments was $269,000 for the three months ended June 30, 2011, compared to an operating loss of $397,000 for the three months ended June 30, 2010.

Operating income from our Sealy equity investments was $444,000 for the three months ended June 30, 2011, compared to a loss of $628,000 for the three months ended June 30, 2010. The favorable result was due primarily to our share of the discounted payoff of the mortgage note payable on the Northwest Atlanta property of $5.5 million, partially offset by a $3.8 million impairment charges taken on the two Atlanta properties.

Operating income from our Marc Realty equity investment was a loss of $175,000 for the three months ended June 30, 2011 compared to income of $231,000 for the similar period in 2010. The decline in income was primarily the result of the sale of our interest in three properties during the second quarter of 2011.

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Winthrop Realty Trust, Inc.	FUR	Q2 2011 Earnings Call	Aug. 4, 2011
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With respect to our loan assets and loan securities business segment, net operating income was $7.8 million for the three months ended June 30, 2011, compared with net operating income of $6.6 million for the three months ended June 30, 2010.

The $1.2 million improvement in loan assets and loan securities operations for the period was the result of a $1.9 million increase in interest income, a $300,000 increase in discount accretion income and a $2.7 million increase in the equity in earnings recognized from our joint ventures which own loans acquired subsequent to June 30, 2010.  The increases were partial offset by a $3.6 million decrease in unrealized gains on loan securities.

With respect to our REIT securities business segment, we reported a net operating loss of $598,000 for the three months ended June 30, 2011, compared with a net operating income of approximately $81,000 during the prior-year period.  The loss in the current quarter was the result of fluctuations in value resulting in $723,000 of unrealized losses of remaining investments held at June 30, 2011.

The decrease in REIT securities net operating income from the prior 2010 period was $679,000, was primarily a result of our continued divestiture of our REIT securities.  The decrease consisted of a $635,000 decrease in interest and dividend income and a $71,000 reduction in realized gains on the sale of securities carried at fair value. Both periods had unrealized losses on investments held of $723,000 in 2011 and $750,000 in 2010.

During the first six months of 2011, we sold a significant portion of our REIT preferred shares and had minimal new investment activity in REIT securities totaling $568,000. We sold REIT securities with an original cost of $14.7 million and received cash proceeds of $26.3 million. As a result of these dispositions, as of June 30, 2011, our portfolio of REIT securities decreased to $7.6 million. At June 30, 2011, we had cash, cash equivalents and restricted cash of $60.5 million compared to a balance of $53.9 million at December 31, 2010.

Lastly, on July 15, 2011, we paid a regular quarterly cash dividend of $0.1625 per common share for the second quarter of 2011.

Now, I’ll turn the call over to Carolyn Tiffany. Carolyn?

Carolyn B. Tiffany, President

Thank you, Tom. As Michael mentioned earlier, during the second quarter of 2011, we successfully resolved a number of the challenges we faced with respect to certain of our operating properties, specifically, one of our Sealy joint venture properties in Atlanta, Georgia and two of our Lisle, Illinois properties.

During the second quarter of 2011, our joint venture with Sealy, which owns the Atlanta Northwest Business Park, satisfied its $28.75 million first mortgage at a discounted payoff amount of $20.5 million. The discounted payoff was funded by a bridged first-mortgage loan by us, which bears annual interest at 8%.

We are currently negotiating with a third-party lender and expect to secure permanent replacement first-mortgage financing within the next few months. The two Sealy properties located in Atlanta, Northwest Business Park and Newmarket had occupancies of 77% and 49% respectively at June 30, 2011.

This compares to occupancies of 70% and 80% respectively at June 30, 2010. The steep decline in occupancy at the Newmarket property was due to the expected previous loss of a single tenant. And although the occupancy at both Atlanta properties is low, they’re performing in line with the market and we’ve begun to see improvement in leasing activity as evidenced by the increase in occupancy at the Northwest Business Park.

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Winthrop Realty Trust, Inc.	FUR	Q2 2011 Earnings Call	Aug. 4, 2011
Company▲	Ticker▲	Event Type▲	Date▲

The loan for the Newmarket property, which is $37 million and matures in 2016, is currently in special servicing., and as we did with the Northwest Atlanta property, we, together with our joint venture partner, are attempting to negotiate a restructuring of the debt with the special servicer. In the interim, the venture has ceased making its debt service payment until such time that that loan, if at all, can be restructured.

The Sealy Nashville property has occupancy of 83% and continues to outperform the market in which it is located. This property has a $74 million first mortgage which matures in May 2012.

As we discussed last quarter, our biggest challenge in our consolidated operating properties are the two properties located in Lisle, Illinois, which we refer to as 550-650 Corporetum and 701 Arboretum. They continue to face leasing headwinds with an aggregate occupancy of 50%.

On the positive side though, in July, we successfully negotiated a discounted payoff on the existing $23.8 million mortgage debt encumbering those two properties of $14.5 million. We anticipate obtaining permanent replacement first mortgage financing within the next several months.

Concerning our Marc Realty joint venture, during the second quarter of 2011, we sold three of our downtown Chicago equity investments for $18.5 million. We received $6 million in cash and $12.5 million in aggregate secured promissory notes, which bear interest at 8% and mature on May 31, 2016. We have certain future participating rights if the properties are sold within a specific timeframe for amounts in excess of our sale price. Subsequent to the end of the quarter, we received loan repayments of $4.1 million. And at June 30, 2011, we have a deferred gain on these sales of $385,000.

After these sales, we now hold equity interest in nine properties with Marc Realty, which consists of an aggregate of approximately 1.4 million rentable square feet of office and retail space which was 78.3% occupied as compared to 81.9% occupied at June 30, 2010.

Turning to our more recent acquisitions, our 75% interest in Vintage Housing Holding entitles us to a 12% preferred return from current cash flow on our $25.2 million investment. The 25 properties in which Vintage holds an interest have a weighted average occupancy of 96.8% an aggregate net operating income of approximately $23.5 million and mortgage debt outstanding of approximately $220 million.

The income from this investment will be accounted for under the equity method, the benefit of which will begin in the third quarter of 2011.

Also, as Michael highlighted earlier in the call, leasing activity at our newly acquired properties, Deer Valley and Crossroads I and Crossroads II was better than expected during the second quarter of 2011. Our Deer Valley Professional Building located in Phoenix, Arizona, is currently 89% leased compared to 61% leased at the time of our acquisitions in August 2010.

As a result of the recently executed 74,500 square foot lease, our Crossroads I and Crossroads II buildings have a collective current occupancy of 74% compared to 56.2% at the time of our acquisition of the properties in the fourth quarter of 2010.

We have no mortgage loans for consolidated properties maturing in 2011. At June 2011, our balance sheet contains mortgage debt payable of approximately $211 million with $8.9 million maturing in 2012, $15.9 million maturing in 2013, $23.9 million maturing in 2014 and the remaining $162 million maturing in 2015 or later.

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Winthrop Realty Trust, Inc.	FUR	Q2 2011 Earnings Call	Aug. 4, 2011
Company▲	Ticker▲	Event Type▲	Date▲

   

With respect to our loan asset portfolio, we continue to grow with an eye towards significant underlying collateral value and future income return potential. We hope to continue to capitalize on non-performing loans with the possibility of converting our debt position into equity participation as we’ve done in the past with Deer Valley, Newbury Village and Crossroads II. During the second quarter of 2011, we invested approximately $23.3 million in distressed assets and our loan portfolio now totals $177 million.

Lastly, as Tom mentioned, we continued the divestiture of our REIT securities, and at June 30, 2011, had $7.6 million of REIT securities carried at fair value.

To recap, during and subsequent to the quarter ended June 30, 2011, we successfully negotiated significantly lower debt balances through the discounted payoff arrangements with lenders. We experienced significant increases in occupancy at our newly acquired operating properties due to our marketing efforts and the execution of several new leases

And Concord’s CDO escrowed funds released over the course of the last several months have resulted in repayment of our compliance loan and we expect future distributions from this investment along with distributions from Concord’s non-CDO assets. We continue to see plentiful investment opportunities particularly on the distressed and semi-distressed debt side as well as portfolio-controlled transactions and we are pursuing these opportunities which we believe will add long-term accretive value for our shareholders.

We’d now like to open for questions. Operator?

Michael L. Ashner, Chairman & Chief Executive Officer

I’d like to make one, one additional statement. I have five lawyers who just ran into this room and are pointing at me in order to keep Carolyn and myself out of jail, I have been informed that in fact that one of the leases on Deer Valley has not yet been executed. We anticipate it being executed shortly. So the current actual lease occupancy is 78%, but we do expect it to rise shortly to 89%.

With that, open it to questions.

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Winthrop Realty Trust, Inc.	FUR	Q2 2011 Earnings Call	Aug. 4, 2011
Company▲	Ticker▲	Event Type▲	Date▲

   

QUESTION AND ANSWER SECTION

Operator:  Thank you. [Operator Instructions]. Our first question comes from the line of Craig Mailman from KeyBanc Capital Markets. Please proceed with your question.

<Q – Craig Mailman – KeyCorp Investment Banking>: Good afternoon. I was just hoping maybe Carolyn or Michael, could you just give a little bit more color on the size of the acquisition pipeline, maybe timing for the back half of the year?

<A – Michael Ashner – Chairman & Chief Executive Officer>: Well, it was in the rhetoric that we were getting in our script, we have a very full pipeline of mezzanine, preferred equity investments and in fact equity investments. We, each week, share with our board members what we’re looking at. If you’re particularly interested in what we’re weighted towards right now, it’s still probably mezzanine and preferred equity although, as I mentioned a moment ago, we do look at direct equity investments right now.

But the pipeline is full, and actually I believe is going to be fuller with the – due to the fact that the special servicers will not be in a position to extend much longer, and I also sort of anticipate a rise in interest rates which will put the additional stress on borrowers.

<Q – Craig Mailman – KeyCorp Investment Banking>: Is there an order of magnitude maybe on the pipeline? I know it’s fluid and stock comes in and out, but just curious. Maybe put some goal post around the value?

<A – Michael Ashner – Chairman & Chief Executive Officer>: Well, it fluctuates obviously, as deals come in. I would say that we are looking closely on an average basis, weighted average basis between $100 million and $200 million worth of investment on a weekly basis.

<Q – Craig Mailman – KeyCorp Investment Banking>: That’s helpful. And there were reports in the news about a potential partnership with Broadway. Is that still – could potentially happen or any color you could put there?

<A – Michael Ashner – Chairman & Chief Executive Officer>: We’ve entered into a relationship with Broadway Partners which gives us the right under certain conditions to invest in the re-capitalizations of a number of their assets. As those recapitalizations get closer, we will give more color to the market.

<Q – Craig Mailman – KeyCorp Investment Banking>: That’s helpful. Just maybe your thoughts on your capital position relative to the investment pipeline that you guys have. Any thoughts on just needing to raise capital now or do you guys feel good enough with the powder on the line and from the REIT securities sales and maybe early repayments on your loan investment portfolio?

<A – Michael Ashner – Chairman & Chief Executive Officer>: Well that’s actually accurate. We have about – Carolyn monitors this and makes sure I’m kept under control. We have about $50 million of investable cash, I believe this week, around that much, together with our line of about $50 million.

We’re now in a position where we’re starting to see the recycling of capital back to us as investments come around. We have no intention of selling any common equity at this point although we’re starting to look at the preferred markets to the extent that we may need additional capital. But at this point, we see no need for a capital raise in the near term.

<Q – Craig Mailman – KeyCorp Investment Banking>: In the loan portfolio, I know you guys have talked about Moffett Towers. Are there any other that you guys could potentially see come back to you earlier?

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Winthrop Realty Trust, Inc.	FUR	Q2 2011 Earnings Call	Aug. 4, 2011
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<A – Michael Ashner – Chairman & Chief Executive Officer>: Well, I think Beverly Hills will come back to us also earlier right now. So I guess it’s Beverly Hills and Moffett Towers, I don’t have the full loan portfolio before me. Carolyn, is there anything else we expect?

<Q – Carolyn Tiffany – Winthrop Realty Trust, Inc.>: 160 Spear, which is scheduled to pay off next year; that could pay off this year as well.

<A – Michael Ashner – Chairman & Chief Executive Officer>: And the other legacy [ph] around costs and (24:43) payoffs, that legacy is in restructuring. I think they competed their restructuring, they may pay off also.

<Q – Craig Mailman – KeyCorp Investment Banking>: And then just one last quick one. Tom, the jump in the income amongst all the joint investors, is that a good run rate or is that just related to the discounted payoff for Sealy?

<A – Thomas Staples – Chief Financial Officer>: It’s the discounted pay off at the Sealy. Our share of that was about $5 million -- $5.5 million. And offsetting that is also we took impairments of $3.8 million in the two properties in Atlanta.

<Q – Craig Mailman – KeyCorp Investment Banking>: Okay. So that’d probably come down by about $1.7 million next quarter then?

<A – Thomas Staples – Chief Financial Officer>: Yeah.

<Q – Craig Mailman – KeyCorp Investment Banking>: Okay, perfect. Thank you.

Operator:  Our next question comes from the line of Brett Reiss from Janney Montgomery Scott. Please proceed with your question.

<Q – Brett Reiss>: Good afternoon. Is there a kind of core fund from operations figure that you could share with us that is attributable to the legacy properties? I know it’s hard to know what your funds from operation will be because of the lumpiness from the prodigious deal making that you do. But is there any guidance on the fund from operations from the kind of core legacy properties that you can give us?

<Q – Carolyn Tiffany – Winthrop Realty Trust, Inc.>: Brett, we don’t – we actually don’t give guidance as you know. And we try to stick with NAREIT’s definition of FFO. We have not historically supplied any kind of core FFO guidance. But I would suggest it may be helpful to you, we do try in our supplemental information to include information that would enable an investor such as yourself to kind of understand for these assets what the operating financial results are.

<Q – Brett Reiss>: Okay. So, maybe offline you can kind of just point me in the...

<Q – Carolyn Tiffany – Winthrop Realty Trust, Inc.>: I’d be glad to.

<Q – Brett Reiss>: ...direction there. Great. Great. And just one final question, the markets down 300 points...

<A – Michael Ashner – Chairman & Chief Executive Officer>: They have nothing to do with that.

<Q – Brett Reiss>: Okay. But....

<A – Michael Ashner – Chairman & Chief Executive Officer>: We have [ph] a strong the dollar or the debt (27:09) all in favor of it getting raised, I have nothing to do with this.

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8

Winthrop Realty Trust, Inc.	FUR	Q2 2011 Earnings Call	Aug. 4, 2011
Company▲	Ticker▲	Event Type▲	Date▲

  

<Q – Brett Reiss>: Okay. But just in case we’re entering another period of just craziness, is there any contingency plan – if the stock price gets down to a ridiculous level, can the board move quickly to perhaps buy back stock? Is there anything in the cards on that?

<A – Michael Ashner – Chairman & Chief Executive Officer>: Well, we have restricted the amount of stock buyback by the remaining preferreds that’s outstanding. Having said that, historically, when the markets became very disruptive, we profited greatly to the best that our shareholders buy looking at and purchasing other REIT securities relatively quickly. So to the extent that we might be limited in stock buybacks, we would take advantage of a major collapse in REIT price and REIT pricing ourselves.

<Q – Brett Reiss>: Right. Okay. Thank you.

<A – Michael Ashner – Chairman & Chief Executive Officer>: But I want to answer that question I guess more fully. If we were not encumbered by the restrictions on the – with respect to stock buyback, we wouldn’t look to buy back our stock. We would look at it by getting investment and we would back the repurchasing our stock [indiscernible] (28:40).

Operator:  [Operator Instructions] Our next question comes from the line of Joshua Barber from Stifel Nicolaus. Please proceed with your question.

<Q – Joshua Barber – Stifel, Nicolaus & Co., Inc.>: Hi. Good afternoon. I was wondering if you could talk about your thoughts on especially on the debt and preferred equity portfolio given that you’re having a lot of assets coming back to you, maybe a little earlier than you expected without sacrificing a little bit of yield for some longer duration. How you guys are weighing that right now?

<A – Michael Ashner – Chairman & Chief Executive Officer>: Well. I think that it’s a – in fact we are weighing it. I don’t know that it’s our choice to weight it. The market is dictating that in fact if you want to term out an investment that you’re going to have to give up some level of yield.

I think what’s great about having – one of the great things about perpetual capital is that even when we’re wrong, we can be very profitable. That is, we can buy a loan that’s in maturity default, which has a relatively fixed yield together with a default interest. And it’s heads we win, tails we don’t lose. That is to say, if you look at the Gotham Hotel and the two shopping centers in California, we were paid back very quickly. But on the other hand, we made 30% returns on our capital while it was out. So, there is a mixture. On the origination side, you are giving up some yield for longer-term investment, but still on the distressed side, I believe that you can play and create sort of above-market yields, and we’re continuing to do that.

<Q – Joshua Barber – Stifel, Nicolaus & Co., Inc.>: Okay. Can you comment a little bit – I know that you’ve given some detail there before on the big drop off in interest income quarter-over-quarter. Does that just have to do with the timing of the sales and the timing of the new originations? Because that was almost a 50% drop quarter-over-quarter?

<A – Michael Ashner – Chairman & Chief Executive Officer>: John?

<A – John Alba – Secretary & Chief Investment Officer>: I think the biggest decrease there was related to the Met Tower bond being paid off, significant amount of interest discount accretions in the prior quarter.

<Q – Joshua Barber – Stifel, Nicolaus & Co., Inc.>: Okay.

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<A – Michael Ashner – Chairman & Chief Executive Officer>: Yeah, and that’s – keep in mind that we buy something at deep discount and we’re accreting back into income the discount. So, when something gets paid off early, that accretion goes away.

On the other hand, new loan originations are at much higher yields than these – than the distressed debt that we bought in the deep discount. You get a distressed debt at a deep discount, they’ve been at a LIBOR plus 200 yield. So that would be actual interest income, the supplement was from the accretion. On the other hand, if we put a new, make a new investment, that investment may start out at anywhere between 12% and 15% on a current basis.

<Q – Joshua Barber – Stifel, Nicolaus & Co., Inc.>: Understood. You made some comments before about Sealy and the Marc Realty ventures. It seems to me that neither of those ventures today are really earning your cost of capital today, and they’ve definitely had some issues over the last year or two. Would you think about just selling those assets or potentially reinvesting them at higher proceeds given the opportunities that you have today?

<A – Michael Ashner – Chairman & Chief Executive Officer>: As soon as those assets are leased up, they will be sold. That is our intention.

<A – Carolyn Tiffany – President & Trustee>: Yes, I think, as you can see, we did sell three of the Marc Realty assets this quarter. And to Michael’s point, we will not hold on to an asset once we believe that the value has been fully reached, but we also are not inclined to want to sell just because at this particular moment, there’s been a decline. So, we will look to stabilize those properties and then exit as soon as we think the value has been achieved.

<Q – Joshua Barber – Stifel, Nicolaus & Co., Inc.>: Okay.

<A – Michael Ashner – Chairman & Chief Executive Officer>: So, I think Josh, you’re right, that the lesson with respect to suburban real estate, this kind of real state is that once it gets leased up, it only goes in one direction. And at the point in time that it’s leased up, it’s the time to generally sell it.

<Q – Joshua Barber – Stifel, Nicolaus & Co., Inc.>: Okay. Last question, you had made some comments about Churchill, that litigation seems to be dragging on. Do you have any comments about what we can expect in some near-term resolution? Do you think it’s going to...

<A – Michael Ashner – Chairman & Chief Executive Officer>: Well, on one hand, we’re not unaware that it is a drag on earnings to the extent of about $0.10 a share per year on an annualized basis. We are aware of that. And there have been efforts made by both parties – good faith efforts to try to resolve this from time to time that have not yet been consummated for a variety of reasons.

On the other hand, we’re not unaware of the fact that there are consistencies of CBS who believe that they can wear us down by – through prolonged litigation. So, we are aware of the cost and we are aware – I think we also are aware of what we believe the value of our claim is. And we look at the value of our claim relative to our cost, but we would analyze any other investment.

We are not going to be worn down. I mean we’re going to pursue our claim. We’ll have a fair settlement one way or the other. I think the lesson that one should take from Concord is that we pursued a claim there for more than a year and a half. The result is that Concord is generating what we anticipate to be about $3 million of income to the company. We look to resolve this, but it will come to an end one way or another. Litigation is not – unless it’s not a complicated lawsuit, it will resolve itself from the outside I believe 18 months, from the inside, it could resolve itself in two months through a settlement.

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But we’re not going to walk away from this simply because some people believe they can wear this company down. That said, I do believe that that claim has great deal of value to the company. So that’s our view on it.

<Q – Joshua Barber – Stifel, Nicolaus & Co., Inc.>: Sounds like you feel very passionate about it as well. So thanks for your time.

<A – Michael Ashner – Chairman & Chief Executive Officer>: Thank you.

Operator:  [Operator Instruction] It appears there are no further questions. I’d like to hand the call back over to Mr. Ashner for closing comments.

Michael L. Ashner, Chairman & Chief Executive Officer

Again we, as always appreciate you joining us on today’s call. If you’d like to receive additional specific information about us, you can contact Beverly Bergman at our offices or you can find additional information on our website. But you can always feel free to contact myself or any member of our management including Tom and Carolyn. I thank you all and have a good afternoon.

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

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