Unassociated Document

Winthrop Realty Trust

Supplemental Operating and Financial Data

For the Period Ended June 30, 2013

WINTHROP REALTY TRUST

SUPPLEMENTAL REPORTING PACKAGE

Table of Contents

Consolidated Balance Sheets	1
Consolidated Statements of Operations and Comprehensive Income	2
Funds from Operations	5
Estimated Net Asset Value	7
Performance Table	12
Consolidated Statements of Cash Flows	13
Selected Balance Sheet Account Detail	15
Schedule of Capitalization, Dividends and Liquidity	16
Selected Investment Data	17
Schedule of Securities Carried at Fair Value	20
Schedule of Loan Assets	21
Net Operating Income from Consolidated Properties	23
Schedule of Interest, Dividends and Discount Accretion	24
Consolidated Properties – Selected Property Data	25
Equity Investments – Selected Property Data	27
Consolidated Properties – Operating Summary	30
Equity Investments – Operating Summary	31
Consolidated Debt Summary	32
Equity Investments Debt Summary	33
Lease Expiration Summary	35
Reconciliation of Non-GAAP financial measures of income to net income attributable to Common Shares	36
Supplemental Definitions	37
Investor Information	39

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’s (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,
	2013			2013			2012			2012			2012
ASSETS
Investments in real estate, at cost
Land	$	59,183		$	60,679		$	43,252		$	37,177		$	39,575
Buildings and improvements		385,370			395,799			378,737			344,289			350,243
		444,553			456,478			421,989			381,466			389,818
Less: accumulated depreciation		(53,553	)		(52,412	)		(51,553	)		(48,618	)		(49,818	)
Investments in real estate, net		391,000			404,066			370,436			332,848			340,000

Cash and cash equivalents		186,132			131,448			97,682			159,251			43,959
Restricted cash held in escrows		19,422			15,821			13,250			15,273			10,678
Loans receivable, net		113,308			130,212			211,250			138,001			123,872
Accounts receivable, net of allowances of $474, $458
$374, $513 and $397, respectively		5,027			4,902			7,353			4,910			5,986
Accrued rental income		15,801			16,761			13,770			13,467			13,281
Securities carried at fair value		10,360			12,220			19,694			37,191			34,079
Loan securities carried at fair value		226			11			11			5,756			5,385
Preferred equity investments		12,514			12,358			12,250			5,500			5,500
Equity investments		141,645			134,224			134,859			115,299			146,221
Lease intangibles, net		48,348			52,299			37,744			34,883			34,678
Deferred financing costs, net		4,819			4,755			4,864			4,558			1,081
Assets held for sale		1,708			-			-			-			-
TOTAL ASSETS	$	950,310		$	919,077		$	923,163		$	866,937		$	764,720

LIABILITIES
Mortgage loans payable	$	325,026		$	278,824		$	280,576		$	238,097		$	229,891
Senior notes payable		86,250			86,250			86,250			86,250			-
Secured Financings		29,150			42,803			52,920			29,150			29,150
Notes payable		1,645			1,660			1,676			-			-
Accounts payable and accrued liabilities		21,860			22,550			23,720			19,724			16,696
Dividends payable		8,268			8,154			5,366			8,161			5,373
Deferred income		1,131			1,472			1,136			758			1,010
Below market lease intangibles, net		2,483			2,686			2,255			2,423			2,602
TOTAL LIABILITIES		475,813			444,399			453,899			384,563			284,722

COMMITMENTS AND CONTINGENCIES

EQUITY
Winthrop Realty Trust Shareholders’ Equity:
Series D Cumulative Redeemable Preferred Shares
$25 per share liquidation preference, 5,060,000 shares authorized and 4,820,000 shares outstanding at June 30, Mar 31,2013, Dec 31, Sept 30 and June 30, 2012.		120,500			120,500			120,500			120,500			120,500
Common Shares, $1 par, unlimited shares authorized;
33,638,757, 33,128,853, 33,018,711, 33,077,047, 33,066,280 issued and outstanding at June 30 and Mar 31,2013, Dec 31, Sept 30, and June 30, 2012, respectively		33,039			33,029			33,019			33,077			33,066
Additional paid-in capital		618,954			618,626			618,426			617,837			617,862
Accumulated distributions in excess of net income		(311,688	)		(311,793	)		(317,385	)		(307,144	)		(314,091	)
Accumulated other comprehensive loss		80			(51	)		(50	)		(165	)		(149	)
Total Winthrop Realty Trust Shareholders’ Equity		460,885			460,311			454,510			464,105			457,188
Non-controlling interests		13,612			14,367			14,754			18,269			22,810
Total Equity		474,497			474,678			469,264			482,374			479,998
TOTAL LIABILITIES AND EQUITY	$	950,310		$	919,077		$	923,163		$	866,937		$	764,720

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,
	2013			2012			2013			2012
Revenue
Rents and reimbursements	$	15,593		$	11,841		$	30,101		$	23,042
Interest, dividends and discount accretion		4,308			5,778			9,628			11,296
		19,901			17,619			39,729			34,338
Expenses
Property operating		4,892			3,355			9,650			7,530
Real estate taxes		1,659			884			2,542			2,003
Depreciation and amortization		4,950			4,008			9,840			7,273
Interest		6,708			3,448			12,740			7,172
General and administrative		1,098			782			1,945			1,665
Related party fees		2,291			2,298			4,557			4,325
Transaction costs		46			184			52			305
State and local taxes		125			142			142			147
		21,769			15,101			41,468			30,420
Other income (loss)
Equity in income of equity investments		4,524			818			12,393			1,242
Earnings from preferred equity investments		185			-			387			-
Realized gain (loss) on sale of securities carried at fair value		-			15			(102	)		41
Unrealized (loss) gain on securities carried at fair value		(1,860	)		(791	)		(142	)		4,141
Unrealized gain (loss) on loan securities carried at fair value		215			(88	)		215			76
Settlement expense		(134	)		-			(134	)		-
Interest income		115			90			185			191
		3,045			44			12,802			5,691
Income from continuing operations		1,177			2,562			11,063			9,609
Discontinued operations
Income from discontinued operations		6,568			323			9,633			628
Consolidated net income		7,745			2,885			20,696			10,237
Net loss attributable to non-controlling interest		629			473			1,424			1,374
Net income attributable to Winthrop Realty Trust		8,374			3,358			22,120			11,611
Preferred dividend of Series D Preferred Shares		(2,786	)		(2,787	)		(5,573	)		(3,712	)
Amount allocated to restricted shares		(98	)		-			(124	)		-
Net income attributable to Common Shares	$	5,490		$	571		$	16,423		$	7,899
Per Common Share data - Basic
Income from continuing operations	$	(0.03	)	$	0.01		$	0.21		$	0.22
Income from discontinued operations		0.20			0.01			0.29			0.02
Net income attributable to Winthrop Realty Trust	$	0.17		$	0.02		$	0.50		$	0.24
Per Common Share data - Diluted
Income from continuing operations	$	(0.03	)	$	0.01		$	0.21		$	0.22
Income from discontinued operations		0.20			0.01			0.29			0.02
Net income attributable to Winthrop Realty Trust	$	0.17		$	0.02		$	0.50		$	0.24

Basic Weighted-Average Common Shares		33,037			33,064			33,032			33,058
Diluted Weighted-Average Common Shares		33,037			33,064			33,041			33,058
Comprehensive income
Consolidated net income	$	7,745		$	2,885		$	20,696		$	10,237
Change in unrealized loss on interest rate derivative		131			(25	)		130			(57	)
Consolidated comprehensive income		7,876			2,860			20,826			10,180

Net loss attributable to non-controlling interest		629			-			1,424			-
Other comprehensive income attributable to non-controlling interest		-			-			-			-
Comprehensive loss attributable to non-controlling interest		629			-			1,424			-
Comprehensive income attributable to Winthrop Realty Trust	$	8,505		$	2,860		$	22,250		$	10,180

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share data, continued)

(Unaudited)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2013			2013			2012			2012			2012
Revenue
Rents and reimbursements	$	15,593		$	14,508		$	12,252		$	12,356		$	11,841
Interest, dividends and discount accretion		4,308			5,320			6,105			3,722			5,778
		19,901			19,828			18,357			16,078			17,619
Expenses
Property operating		4,892			4,758			3,924			3,409			3,355
Real estate taxes		1,659			883			1,189			1,192			884
Depreciation and amortization		4,950			4,890			4,404			4,448			4,008
Interest		6,708			6,032			6,056			4,430			3,447
Impairment loss on investment in real estate		-			-			1,738			-			-
General and administrative		3,389			3,113			3,412			3,098			3,081
Transaction costs		46			6			87			30			183
State and local taxes		125			17			21			64			142
		21,769			19,699			20,831			16,671			15,100
Other income (loss)
Equity in income of equity investments		4,524			7,869			792			12,809			818
Earnings from preferred equity investments		185			202			-			-			-
Realized gain (loss) on sale of securities carried at fair value		-			(102	)		-			-			15
Unrealized gain (loss) on securities carried at fair value		(1,860	)		1,718			(338	)		3,113			(791	)
(Loss)Gain on extinguishment of debt, net		-			-			(121	)		-			-
Realized gain on loan securities carried at fair value		-			-			614			-			-
Unrealized gain (loss) on loan securities carried at fair value		215			-			-			371			(88	)
Settlement expense		(134	)		-			-			-			-
Interest and other income		115			70			266			242			89
		3,045			9,757			1,213			16,535			43

Income (loss) from continuing operations		1,177			9,886			(1,261	)		15,942			2,562

Discontinued operations
Income (loss) from discontinued operations		6,568			3,065			(639	)		105			323

Consolidated net income (loss)		7,745			12,951			(1,900	)		16,047			2,885
Income (loss) attributable to non-controlling interest		629			795			(188	)		(939	)		473
Net income (loss) attributable to Winthrop Realty Trust		8,374			13,746			(2,088	)		15,108			3,358
Preferred dividend of Series D Preferred Shares		(2,786	)		(2,787	)		(2,787	)		(2,786	)		(2,787	)
Amount allocated to restricted shares		(98	)		(16	)		-			-			-
Net income (loss) attributable to Common Shares	$	5,490		$	10,943		$	(4,875	)	$	12,322		$	571

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share data, continued)

(Unaudited)

	Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2013			2013			2012			2012			2012
Per Common Share data - Basic
Income (loss) from continuing operations		$	(0.03	)	$	0.24		$	(0.13	)	$	0.37		$	0.01
Income (loss) from discontinued operations			0.20			0.09			(0.02	)		-			0.01
Net income (loss) attributable to Winthrop Realty Trust		$	0.17		$	0.33		$	(0.15	)	$	0.37		$	0.02

Per Common Share data - Diluted
Income (loss) from continuing operations		$	(0.03	)	$	0.24		$	(0.13	)	$	0.37		$	0.01
Income (loss) from discontinued operations			0.20			0.09			(0.02	)		-			0.01
Net income (loss) attributable to Winthrop Realty Trust		$	0.17		$	0.33		$	(0.15	)	$	0.37		$	0.02

Basic Weighted-Average Common Shares			33,037			33,027			33,056			33,075			33,064
Diluted Weighted-Average Common Shares			33,037			33,029			33,056			33,076			33,034

Comprehensive income (loss)
Consolidated net income (loss)		$	7,745		$	12,951		$	(1,900	)	$	16,047		$	2,885
Change in unrealized gain (loss) on interest rate derivative			131			(1	)		115			(16	)		(25	)
Comprehensive income (loss)		$	7,876		$	12,950		$	(1,785	)	$	16,031		$	2,860

WINTHROP REALTY TRUST

FUNDS FROM OPERATIONS

(In thousands, except per share data)

(Unaudited)

The following presents a reconciliation of net income to funds from operations for the Six months ended June 30, 2013 and 2012:

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
Basic
Net income attributable to Winthrop Realty Trust	$	8,374		$	3,358		$	22,120		$	11,611
Real estate depreciation		3,249			2,747			6,512			5,261
Amortization of capitalized leasing costs		1,858			1,732			3,835			2,937
Trust's share of real estate depreciation and amortization of unconsolidated interests		2,086			3,992			4,709			7,654
Impairment loss on investment in real estate		154			-			154			-
Gain on sale of real estate		(6,752	)		-			(9,527	)		-
Loss on sale of equity investments		-			(152	)		110			(106	)
Less: Non-controlling interest share of depreciation and amortization		(1,496	)		(713	)		(1,738	)		(1,445	)
Funds from operations attributable to the Trust		7,473			10,964			26,175			25,912
Preferred dividend of Series D Preferred Shares		(2,786	)		(2,787	)		(5,573	)		(3,712	)
Amount allocated to restricted shares		(98	)		-			(124	)		-
FFO applicable to Common Shares - Basic	$	4,589		$	8,177		$	20,478		$	22,200
Weighted-average Common Shares		33,037			33,064			33,032			33,058
FFO Per Common Share - Basic	$	0.14		$	0.25		$	0.62		$	0.67

Diluted
Funds from operations attributable to the Trust	$	7,473		$	10,964		$	26,175		$	25,912
Preferred dividend of Series D Preferred Shares		(2,786	)		(2,787	)		(5,573	)		(3,712	)
Amount allocated to restricted shares		(98	)		-			(124	)		-
FFO applicable to Common Shares	$	4,589		$	8,177		$	20,478		$	22,200

Weighted-average Common Shares		33,037			33,064			33,032			33,058
Stock options		-			-			2			-
Restricted shares		-			-			7			-
Diluted weighted-average Common Shares		33,037			33,064			33,041			33,058
FFO Per Common Share - Diluted	$	0.14		$	0.25		$	0.62		$	0.67

WINTHROP REALTY TRUST

FUNDS FROM OPERATIONS

(In thousands, except per share data)

(Unaudited)

The following presents a reconciliation of net income to funds from operations for the each of the last five quarterly periods:

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2013			2013			2012			2012			2012
Basic
Net income (loss) attributable to Winthrop Realty Trust	$	8,374		$	13,746		$	(2,088	)	$	15,108		$	3,358
Real estate depreciation		3,249			3,263			3,116			2,903			2,747
Amortization of capitalized leasing costs		1,858			1,977			1,679			2,169			1,732
Real estate depreciation and amortization of
unconsolidated interests		2,086			2,623			2,860			2,976			3,992
Impairment loss on investments in real estate		154			-			2,562			698			-
Gain on sale of real estate		(6,752	)		(2,775	)		-			(945	)		-
(Gain) loss on sale of equity investments		-			110			73			(165	)		(152	)
Less: Non-controlling interest share
of depreciation and amortization		(1,496	)		(242	)		(686	)		(699	)		(713	)
Funds from operations		7,473			18,702			7,516			22,045			10,964
Preferred dividend of Series D Preferred Shares		(2,786	)		(2,787	)		(2,787	)		(2,786	)		(2,787	)
Amount allocated to restricted shares		(98	)		(16	)		-			-			-
FFO applicable to Common Shares - Basic	$	4,589		$	15,899		$	4,729		$	19,259		$	8,177
Weighted-average Common Shares		33,037			33,027			33,056			33,075			33,064
FFO Per Common Share - Basic	$	0.14		$	0.48		$	0.14		$	0.58		$	0.25

Diluted
Funds from operations	$	7,473		$	18,702		$	7,516		$	22,045		$	10,964
Preferred dividend of Series D Preferred Shares		(2,786	)		(2,787	)		(2,787	)		(2,786	)		(2,787	)
Amount allocated to restricted shares		(98	)		(16	)		-			-			-
FFO applicable to Common Shares	$	4,589		$	15,899		$	4,729		$	19,259		$	8,177

Weighted-average Common Shares		33,037			33,027			33,056			33,075			33,064
Stock options		-			2			-			1			-
Restricted shares		-			-			-			-			-
Diluted weighted-average Common Shares		33,037			33,029			33,056			33,076			33,064
FFO Per Common Share - Diluted	$	0.14		$	0.48		$	0.14		$	0.58		$	0.25

WINTHROP REALTY TRUST

ESTIMATED NET ASSET VALUE

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

See Notes on Pages 10 and 11

Cash, accounts payable and dividends payable:	Trust Ownership			Carrying Amount		Matched Debt		Estimated NAV Range
Cash and cash equivalents and restricted cash		100	%	$	205,554	$	-	$	205,554		to	$	205,554
Accounts payable and dividends payable		100	%		29,994		-		(29,994	)	to		(29,994	)
Subtotal - Corporate Segment Estimated Net Asset Value Range									175,560		to		175,560

REIT Securities:	Trust Ownership			Fair Value Carrying Amount		Matched Debt		Estimated NAV Range
REIT Common shares		100	%	$	10,360	$	-	$	10,360		to	$	10,360
REIT Preferred shares		100	%		-		-		-		to		-
Subtotal - REIT Securities Segment Estimated Net Asset Value Range									10,360		to		10,360

Loans:	Trust Ownership			Par Value Plus Accrued Interest		Matched Debt		Estimated NAV Range
Loan Assets, Loan Securities & Loan Equity Investments, with Expected Repayment
WBCMT Series 2007 Tranche L - CMBS		100	%	$	1,130	$	-	$	226		to	$	1,130		[1	]
Mentor Building - Whole Loan		100	%		2,512		-		2,512		to		2,512		[1	]
MetroTech Brooklyn-Whole Loan		33	%		40,000		-		13,200		to		13,200		[1	]
Hotel Wales - Whole Loan		100	%		20,097		14,000		6,097		to		6,097		[1	]
Legacy Orchard -Corporate Loan		100	%		9,750		-		9,750		to		9,750		[1	]
Rennaisance - Mezzanine Loan		100	%		3,000		-		3,000		to		3,000		[1	]
San Marbeya - Whole Loan		100	%		29,608		15,150		14,458		to		14,458		[1	]
Rockwell - Mezzanine Loan		100	%		1,502		-		180		to		1,502		[1	]
500-512 Seventh Ave - B Note		100	%		11,054		-		11,054		to		11,054		[1	]
Wellington Tower - Mezzanine Loan		100	%		3,514		-		3,514		to		3,514		[1	]
Churchill-Whole Loan		100	%		683		-		-		to		683		[1	]
Pinnacle II - B Note		100	%		5,122		-		5,122		to		5,122		[1	]
The Shops at Wailea - B Note		100	%		7,671		-		7,671		to		7,671		[1	]
Poipu Shopping Village - B Note		100	%		2,852		-		2,852		to		2,852		[1	]
Queensridge - Whole Loan		100	%		13,863		-		13,863		to		13,863		[1	]
Playa Vista - Mezzanine Loan		100	%		10,322				10,322		to		10,322		[1	]

Total Estimated Value of Loans with Expected Repayment									103,821		to		106,730



	Trust Ownership			Par Value Plus Accrued Interest		Matched Debt		Estimated NAV Range
Loan Assets, Loan Securities & Loan Equity Investments, with Potential Equity Participation
Stamford Office - Mezzanine		20	%		47,076		-		9,415		to		9,415		[2	]
Atrium- Whole Loan		50	%		14,031		-		3,935		to		3,935
Total Estimated Value of Loans with Potential Equity									13,350		to		13,350


Debt Platforms
Conord Debt Holdings/CDH CDO		67%/49	%		N/A		N/A		13,000		to		18,000		[3	]
RE CDO		50	%		N/A		N/A		500		to		1,000		[4	]
Total Estimated Value of Debt Platforms									13,500		to		19,000
Subtotal - Loan Segment Estimated Net Asset Value Range									130,671		to		139,080

Management’s estimate of net asset value (“NAV”) on pages 7-9 is based on in place assets and liabilities as of June 30, 2013. No adjustments have been made for transaction costs that would be incurred if assets were sold including any prepayment penalty associated with the Trust’s debt. There have been no adjustments made to reflect acquisitions, dispositions or loan repayments subsequent to June 30, 2013. Although management believes the values presented reflect current market conditions, the ultimate amount realized on any asset will be based on the timing of such disposition and then market conditions. There can be no assurance that the ultimate realized value upon disposition of an asset will be within the range provided. (Continued on next page)

WINTHROP REALTY TRUST

ESTIMATED NET ASSET VALUE Continued

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

See Notes on Pages 10 and 11

Description	Trust Owner-ship	Type	Square Feet/ Units	Six Mos Ended June 30, 2013 NOI Annualized	Adjust- ments		Adjusted NOI [18]	Range of Capitalization Rates			Estimated Range of Property Value			Matched Debt Balance	Estimated NAV Range
Operating Properties
Englewood, CO (Crossroads I)	100%	Office	118,000	1,098	102	[5]	1,200	8.00%	to	7.00%	14,569	to	16,712	-	14,569	to	16,712
Englewood, CO (Crossroads II)	100%	Office	118,000	922	78	[5]	1,000	8.00%	to	7.00%	12,288	to	14,074	-	12,288	to	14,074
Meriden, CT (Newbury Apartments)	100%	Multi-Family	180 Units	1,465			1,465	5.35%	to	5.30%	27,383	to	27,642	21,000	6,383	to	6,642
Atlanta, GA	100%	Retail	61,000	259			259	13.00%	to	12.00%	1,992	to	2,158	-	1,992	to	2,158
Denton, TX	100%	Retail	46,000	220			220	12.75%	to	12.75%	1,725	to	1,725	-	1,725	to	1,725
Greensboro, NC	100%	Retail	46,000	220			220	9.00%	to	8.00%	2,444	to	2,750	-	2,444	to	2,750
Louisville , KY	100%	Retail	47,000	214			214	11.00%	to	10.00%	1,945	to	2,140	-	1,945	to	2,140
Seabrook, TX	100%	Retail	52,000	230			230	9.00%	to	8.00%	2,556	to	2,875	-	2,556	to	2,875
Amherst, NY	100%	Office	200,000	2,407	(599)	[14]	1,808	7.50%	to	7.00%	18,507	to	20,229	14,985	3,522	to	5,244
Chicago, IL (One East Erie)	100%	Office	126,000	3,040	(70)	[10]	2,970	7.50%	to	6.50%	39,600	to	45,692	20,026	19,574	to	25,666
Chicago, IL (River City )	60%	Office	253,000	1,411			1,411	8.00%	to	7.00%	17,638	to	20,157	8,659	5,387	to	6,899
Houston, TX (Westheimer)	32%	Office	614,000	5,611	(500)	[7]	5,111	7.00%	to	6.00%	73,014	to	85,183	49,695	7,462	to	11,356
Lisle, IL (550 Corporetum)	100%	Office	169,000	1,158			1,158	9.50%	to	8.50%	12,189	to	13,624	5,753	6,436	to	7,871
Lisle, IL (Arboretum)	100%	Office	67,000	(458)	1,063	[8]	605	11.00%	to	9.00%	3,500	to	4,722	-	3,500	to	4,722
Lisle, IL (1050 Corporetum)	60%	Office	54,000	435			435	9.00%	to	8.00%	4,833	to	5,438	5,506	-	to	-
New York, NY	var	Office /Retail	105,000	2,547	3,053	[9]	5,600	6.00%	to	5.50%	93,333	to	101,818	51,982	23,560	to	26,530	[9]
Orlando, FL	100%	Office	257,000	3,313			3,313	8.50%	to	7.50%	38,976	to	44,173	37,283	1,693	to	6,890
Plantation, FL	100%	Office	120,000	1,448			1,448	8.00%	to	7.00%	18,100	to	20,686	10,748	7,352	to	9,938
South Burlington, VT	100%	Office	54,000	230	(39)	[6]	191	11.00%	to	9.00%	1,736	to	2,122	-	1,736	to	2,122
Jacksonville, FL	100%	Warehouse	588,000	890			890	10.00%	to	8.00%	8,900	to	11,125	-	8,900	to	11,125
Churchill, PA (Westinghouse )	100%	Mixed Use	52,000	757			757	12.00%	to	9.00%	6,308	to	8,411	5,100	1,208	to	3,311
Memphis, TN (Waterford Apartments)	100%	Multi-Family	320 Units	1,619			1,619	6.25%	to	6.00%	25,904	to	26,983	13,267	12,637	to	13,716
Cerritos	100%	Office	187,105	1,394	706	[8]	2,100	8.00%	to	7.00%	25,073	to	28,823	23,000	1,037	to	2,912
Lake Brandt	100%	Multi-Family	284 Units	1,133	(36)	[10]	1,097	6.50%	to	6.25%	16,877	to	17,552	13,600	3,277	to	3,952
1515 Market Street	89%	Office	511,000	5,252	(372)	[10]	4,880	7.50%	to	7.00%	65,067	to	69,714	42,922	22,145	to	26,792	[11]

WINTHROP REALTY TRUST

ESTIMATED NET ASSET VALUE Continued

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

See Notes on Pages 10 and 11

Description	Trust Owner-ship			Type	Square Feet/ Units		Six Mos Ended June 30, 2013 NOI Annualized		Adjust- ments					Adjusted Annualized NOI [18]		Range of Capitalization Rates						Estimated Range of Property Value				Matched Debt Balance		Estimated NAV Range
Operating Properties (continued)

Marc Realty
223 West Jackson, Chicago, IL		50	%	Office		168,000		1,484		292		[8	]		1,776		8.50	%	to	7.50	%		18,894	to	21,680		6,869		6,013		to		7,406
4415 West Harrison, Hillside, IL		50	%	Office		192,000		697		(235	)	[15	]		462		9.50	%	to	8.50	%		4,863	to	5,435		4,384		240		to		526
1701 E. Woodfield, Shaumburg, IL		50	%	Office		175,000		1,420		(600	)	[15	]		820		9.50	%	to	8.50	%		8,632	to	9,647		5,437		1,597		to		2,105
2205-55 Enterprise,Westchester, IL		50	%	Office		130,000		944							944		9.50	%	to	8.50	%		9,937	to	11,106		8,864		536		to		1,121

Sealy Venture
Atlanta, GA (Northwest)		60	%	Industrial/ Office		472,000		1,383							1,383		9.00	%	to	8.00	%		15,367	to	17,288		13,690		1,006		to		2,159
Atlanta, GA (Newmarket)		68	%	Industrial/ Office		470,000		1,265							1,265		9.00	%	to	8.00	%		14,056	to	15,813		37,000		-		to		-
Nashville, TN (Airpark)		50	%	Industrial/Office		1,155,000		5,477							5,477		9.50	%	to	9.00	%		57,653	to	60,856		74,000		-		to		-

WRT-Elad / One South State		50	%	Retail/Office		942,000		15,799		(1,873	)	[12	]		13,926		7.50	%	to	6.50	%		185,680	to	214,246		106,412		35,831		to		45,829		[12	]

Mentor Retail		50	%	Retail		6,571		465							465		8.00	%	to	7.00	%		5,813	to	6,643		2,497		1,654		to		2,069

Vintage
27 Properties		75	%	Multifamily		4,655		24,276							24,276		7.50	%	to	7.50	%		323,680	to	323,680		252,769		54,115		to		64,520		[13	]
Tacoma Preferred Equity		75	%	Multifamily	Under Construction																						17,800		1,500		to		1,500		[16	]
Urban Center Preferred Equity		75	%	Multifamily	Under Construction																						16,400		5,500		to		5,500		[16	]
Quilceda Preferred Equity		75	%	Multifamily	Under Construction																						21,020		750		to		750		[16	]

Fenway/Wateridge Pavilion		80	%	office		62,152		668							668		8.00	%	to	7.50	%		8,350	to	8,907		-		7,924		to		7,924		[17	]

701 Seventh Ave-Times Sq		75	%	Retail/Office	Under Development																						375,000		30,477		to		30,477		[16	]

												Subtotal Operating Properties Segment Estimated Value Range																	320,238		to		389,650

												All Segments Estimated Net Asset Value Range																	636,829		to		714,650

												Outstanding Line of Credit																	-		to		-
												Outsanding Senior Notes																	(86,250	)	to		(86,250	)
												Outsanding Series D Preferred																	(120,500	)	to		(120,500	)

												Net Asset Value Attributable to Common Shares																$	430,079			$	507,900

												Outstaning Common Shares																	33,039		to		33,039
												Estimate Net Asset Value per Common Share Range																$	13.02		to	$	15.37

WINTHROP REALTY TRUST

ESTIMATED NET ASSET VALUE Continued

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

[1]	Management’s estimate of NAV on the Trust’s loans expected to be repaid gives no effect to the above or below market yield earned on certain of the loans. Except for WBCMT, Rockwell and Churchill for which full recovery may not be realized, par is utilized as the estimate of value.

[2]	Management’s estimate of NAV on the Trust’s loans with potential equity participation gives no effect to the potential value of any potential additional value derived from equity participation.

[3]	Management’s low estimate of value for the Concord Debt Holdings/CDH CDO investment is based on its estimated recovery of the Concord Debt Holdings assets and gives no value to the equity in the CDO. Management’s high end range of estimate is based on low end value plus some recovery on the CDO.

[4]	Management based its estimate on the carrying value of the collateral manager and equity of Sorin CDO IV.

[5]	Reflects adjustment made for leases in place which rents are not included in prior quarters’ reported earnings due to either the timing of commencement or rent abatement.

[6]	The adjustment is made to reduce the NOI for the South Burlington property which was higher than stabilized NOI due to the timing of certain scheduled repairs and maintenance expenses.

[7]

This property is leased to Spectra Energy. The lease, which was set to expire in 2016 was extended until April 2026. Negotiated annual lease payments on the modified lease remain unchanged ($7,974,000 to $8,255,000 annually) through the maturity date of the mortgage debt, then the base rate decreases to $4,260,000 annually, subject to annual increases thereafter up to $5,478,000 annually. The NOI was adjusted to reflect a future decline in rents.

[8]	Properties are currently in a lease up phase. Accordingly, management estimated the range of property values by applying the range of capitalization rates to an estimated stabilized NOI and then deducted from the property value the estimated costs to achieve the projected stabilized NOI.

[9]

Management’s estimated NAV is calculated based on a sale of the property at a range of values using capitalization rates between 5.50% and 6.00% applied to stabilized NOI. The proceeds are then assumed to be distributed based upon the distribution provision of the 450 West 14th Street LLC Agreement which provides that cash is distributed as follows on the Trust’s capital contribution of $15.0 million and other equity holders’ capital of $4.6 million:

1)	to the Trust until it receives an amount equal to a 10% return;

2)	75% to the Trust , 25% to other equity holders until the Trust has received a 15% cumulative annual compounded return on its aggregate investment amount;

3)	90% to the Trust, 10% to other equity holders until the Trust has received a return of its aggregate investment amount;

4)	10% to the Trust, 90% to other equity holders until other equity holders have received a return of any new investment amount and a 15% IRR thereon;

5)	either (x) on or prior to the fifth anniversary of the Trust’s investment, 50% to the Trust and 50% to the other equity holders or (y) following the fifth anniversary of the Trust’s investment, 35% to the Trust and 65% to the other equity holders. Management assumed the 35% for this analysis.

[10]	The adjustment was made to NOI to reduce the impact of a one-time real estate tax abatement.

[11]	The Trust owns 89% of 1515 Market, but is entitled to receive 100% of proceeds up to $71,697,000 less the mortgage amount which was $42.9 million at June 30, 2013. The Trust in entitled to receive 89% of any excess proceeds

[12]

Management’s estimate of NAV is calculated based on the post-tax credit compliance period residual distribution provisions set forth in One South State Street LLC agreement which provide for payment of the WRT-Elad mezzanine loan under its terms and then 70% profits participation by WRT-Elad. The NOI on this property was adjusted downward to reflect that certain scheduled expenses were not yet incurred.

WINTHROP REALTY TRUST

ESTIMATED NET ASSET VALUE Continued

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

[13]	Each of the Vintage properties is owned in a partnership which includes outside investors and is subject to its individual partnership agreement waterfall. The VHH Operating Agreement provides that aggregate properties operating cash flow to VHH is distributed as follows:

1)	to the Trust until it receives a 12% preferred return on its unreturned capital;

2)	to the Trust’s joint venture partner until he receives at 12% return;

3)	the remainder is distributed 50% to the Trust and 50% to the Trust’s partner.

Capital proceeds from the sale or refinancing of any of the underlying properties are distributed 75% to the Trust and 25% to our joint venture partner until all capital is returned and unpaid returns are paid and any excess after the return of capital is distributed 50%/50%.

Management estimated the range of NAV based on the forecasted distributions to be received on this investment discounted at a range between 9% and 12%. Forecasted residual proceeds were calculated based on sales of the underlying properties using a capitalization rate of 7.5%.

[14]

This property is net leased to Ingram Micro under a lease which was scheduled to expire in October 2013. The tenant has executed a lease which is held in escrow pending consent from the lender. The adjustment reflects the rental rate under the terms of the new 10 year lease. The property value has been reduced for the costs of the lease.

[15]	This property has expected lease turnover. Accordingly an adjustment has been made to NOI to reflect the reduction in asset value.

[16]	Asset is in a development stage. NAV represents cash invested by the Trust at June 30, 2013.

[17]

The Trust has a preferred equity position. Proceeds of a capital transaction are distributed first to the Trust until it receives as a return all of its $7.6 million investment plus a 12% thereon; second to the Trust’s partner, Fenway, until it has received its $1.5 million investment plus a 12% return thereon; and thereafter 60% to Fenway and 40% to the Trust.

[18]	Net operating income is a non-GAAP measure equal to revenues from all rental property less operating expenses and real estate taxes, exclusive of depreciation, amortization and capital expenditures.

WINTHROP REALTY TRUST

January 1, 2008 – June 30, 2013 Performance Table

The following table reflects the performance of all investments that were made and sold or otherwise liquidated since January 1, 2008. Management has presented for each investment its internal rate of return (“IRR”), a standard return methodology that calculates the annual effective compounded rate of return. For the purposes of calculating each investment’s IRR, management has assumed that the cash flows for each investment occurred on the last day of the quarter in which the actual cash was invested or received by the Trust. The IRR’s presented are on a gross basis i.e. there has been no allocation of the Trust’s base management fee or other Trust general and administrative costs to reduce an investment’s cash flows used in calculating the IRR. The reported amounts represent only the Trust’s position in each investment.

Segment	Property Type		Initial Investment Date	Initial Investment Amount		Liquidation Date	IRR

REIT Securities
REIT Common shares-LXP		N/A	October-08	$	20,416,142	November-09		18.77	%
REIT Common shares-Various		N/A	November-08		4,543,740	Various		24.57	%
REIT Preferred shares-Various		N/A	October-08		11,745,739	Various		65.35	%
REIT Bonds-Various		N/A	December-08		25,085,220	Various		21.70	%
REIT Common shares-CDR		N/A	October-11		14,870,211	Various		57.04	%

Loan Assets, Loan Securities & Loan Equity Investments
Siete Square	Office		June-09	$	5,500,000	June-11		15.98	%
160 Spear Street - Whole Loan	Office		June-09		38,318,727	May-12		51.85	%
160 Spear Street - Tenant Improvement Loan	Office		December-09		1,200,000	May-12		15.60	%
Beverly Hills Hilton - B Note	Hotel		December-09		5,250,000	September-11		52.32	%
Metropolitan Tower -B Note	Office		December-09		6,500,000	April-11		139.10	%
Driver Building - B Note	Office		May-10		6,703,325	August-10		17.35	%
1701 Woodfield - Whole Loan	Office		July-10		5,000,000	September-10		8.00	%
Peter Cooper/Stuyvescent Town - Mezzanine Loan	Multi-family		August-10		10,665,000	October-10		-37.56	%
Scripps Center - Rake Bond	Office		July-10		1,200,000	November-10		1221.53	%
Moffet Tower - B Note	Office		October-10		21,557,883	October-11		8.79	%
Westwood - Whole Loan	Office		October-10		3,500,000	December-11		12.62	%
Metropolitan Tower - Rake Bond	Office		December-10		5,259,896	April-11		182.57	%
CDH CDO - Compliance Loan	CDO		December-10		3,497,569	July-11		9.21	%
Concord 2006-1A Class E	CDO		February-11		662,344	April-11		76.22	%
Gotham Hotel - Whole Loan	Hotel		February-11		8,036,658	May-11		33.58	%
Lakeside Eagle - Whole Loan	Retail		March-11		18,093,218	May-11		15.38	%
11 East Adams - Seller Financing Mezzanine Loan	Office		June-11		2,264,770	July-11		4.30	%
8 South Michigan-Seller Financing Mezzanine Loan	Office		June-11		4,909,570	August-11		6.77	%
Sofitel Hotel - Mezzanine Loan	Hotel		June-11		5,759,949	October-11		88.88	%
Sealy Northwest - DPO Bridge Financing	Industrial/office		June-11		20,630,000	September-11		8.72	%
Magazine - Mezzanine Loan	Multi-family		June-11		17,538,478	May-12		15.95	%
Riverside Plaza - B-Note	Retail		June-10		7,800,000	September-12		12.57	%
Broward Financial Center - Whole Loan	Office		May-12		42,771,882	October-12		22.24	%
SoCal Office Portfolio - C-Note	Office		November-11		71,354,090	September-12		26.88	%
HC Cypress Pointe LLC - Preferred Equity	Multi Family		May-11		449,223	November-12		13.22	%
2600 W Olive Series N-Q - Loan Securities	Office		December-09		1,500,000	December-12		68.23	%
Burbank Centre - B-Note	Office		September-12		9,000,000	January-13		4.89	%
127 West 25th - Mezzanine Loan	Mixed Use		May-12		9,000,000	March-13		30.45	%
180 No. Michigan - Seller Financing Mezzanine Loan	Office		November-12		5,200,000	March-13		8.47	%
4545 East Shea Blvd-Whole Loan	Office		April-12		2,250,000	June-13		14.14	%

Other
F II Co-Invest LLC - Private Equity Securities		N/A	July-11	$	1,800,000	April-12		17.51	%

Operating Properties
180 No. Michigan - Preferred / Equity Investment	Office		April-08	$	3,923,084	November-12		8.13	%
Deer Valley	Multi Family				12,370,485	June-13		13.42	%

Total/Weighted Average				$	436,127,203			30.58	%

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, Unaudited)

	Six Months Ended June 30,
	2013			2012
Cash flows from operating activities
Net income	$	20,696		$	10,237
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization (including amortization of
of deferred financing costs)		7,021			5,460
Amortization of lease intangibles		4,012			2,884
Straight-line rental income		(173	)		(2,476	)
Loan discount accretion		(1,477	)		(5,559	)
Discount accretion received in cash		-			14,065
Income from preferred equity investments		(387	)		-
Distributions of income from preferred equity investments		123			97
Income of equity investments		(12,393	)		(1,242	)
Distributions of income from equity investments		10,731			4,788
Restricted cash held in escrows		3,536			(2,312	)
Loss (gain) on sale of securities carried at fair value		102			(41	)
Unrealized loss (gain) on securities carried at fair value		142			(4,141	)
Unrealized gain on loan securities carried at fair value		(215	)		(76	)
Impairment loss on investment in real estate		154			-
Tenant leasing costs		(898	)		(683	)
Gain on sale of real estate investments		(9,527	)		-
Equity compensation expenses		211			-
Bad debt expense (recovery)		100			(242	)
Net change in interest receivable		376			(135	)
Net change in accounts receivable		(986	)		(418	)
Net change in accounts payable and accrued liabilities		(4,532	)		2,303
Net cash provided by operating activities		16,616			22,509

Cash flows from investing activities
Investments in real estate		(3,059	)		(28,882	)
Investment in equity investments		(5,819	)		(33,546	)
Investment in preferred equity investments		-			(4,000	)
Proceeds from sale of investments in real estate		31,312			632
Proceeds from sale of equity investments		26			2,297
Return of capital distribution from equity investments		669			38,100
Purchase of securities carried at fair value		-			(5,655	)
Proceeds from sale of securities carried at fair value		9,090			4,614
Restricted cash held in escrows		(4,886	)		(4,431	)
Issuance and acquisition of loans receivable		(21,437	)		(44,096	)
Collection of loans receivable		41,760			29,798
Proceeds from sale of loans receivable		19,318			-
Cash from consolidation of properties		473			-
Net cash provided by (used in) investing activities		67,447			(45,169	)

		(Continued on next page)

WINTHROP REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(In thousands, Unaudited)

	Six Months Ended June 30,
	2013			2012
Cash flows from financing activities
Proceeds from mortgage loans payable		48,100			2,051
Principal payments of mortgage loans payable		(3,429	)		(3,100	)
Payment of secured financing		(23,770	)		-
Proceeds from issuance of Series D Preferred Shares		-			77,715
Payment of revolving line of credit		-			(40,000	)
Restricted cash held in escrows		(2,823	)		(21	)
Deferred financing costs		(789	)		(99	)
Contribution from non-controlling interest		535			3,975
Distribution to non-controlling interest		-			(270	)
Purchase of non-controlling interests		(150	)		(400	)
Issuance of Common Shares under Dividend Reinvestment Plan		234			268
Dividend paid on Common Shares		(10,734	)		(10,740	)
Dividend paid on Series D Preferred Shares		(2,787	)		(3,712	)
Net cash provided by financing activities		4,387			25,667
Net increase in cash and cash equivalents		88,450			3,007
Cash and cash equivalents at beginning of period		97,682			40,952
Cash and cash equivalents at end of period	$	186,132		$	43,959
Supplemental Disclosure of Cash Flow Information

Interest paid	$	11,881		$	7,072
Taxes paid	$	119		$	257

Supplemental Disclosure on Non-Cash Investing and
Financing Activities
Dividends accrued on Common Shares	$	5,481		$	5,373
Dividends accrued on Series D Preferred Shares	$	2,787		$	-
Capital expenditures accrued	$	2,610		$	1,474
Transfer from loans receivable	$	-		$	(2,938	)
Transfer from preferred equity	$	-		$	(3,923	)
Transfer to equity investment	$	-		$	6,861
Transfer to loan receivable	$	-		$	6,550
Transfer from equity investment	$	-		$	(12,400	)
Transfer to additional paid-in capital	$	-		$	5,487
Transfer to non-controlling interests	$	-		$	363
Fair value of assets acquired	$	62,208		$	-
Fair value of liabilities assumed	$	62,198		$	-


See Notes to Consolidated Financial Statements.

WINTHROP REALTY TRUST

SELECTED BALANCE SHEET ACCOUNT DETAIL

(In thousands, Unaudited)

	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Investments in Real Estate
Land	$	59,183		$	60,679		$	43,252		$	37,177		$	39,575
Buildings and improvements		-
Buildings		346,723			354,394			337,506			311,956			313,398
Building improvements		18,686			17,877			18,908			13,676			20,012
Furniture and Fixtures		2,661			2,579			2,509			2,226			2,176
Tenant improvements		17,300			20,949			19,814			16,431			14,657
		444,553			456,478			421,989			381,466			389,818
Accumulated depreciation and amortization		(53,553	)		(52,412	)		(51,553	)		(48,618	)		(49,818	)
Total Investments in Real Estate	$	391,000		$	404,066		$	370,436		$	332,848		$	340,000

Accounts Receivable
Straight-line rent receivable	$	12,691		$	14,403		$	13,770		$	13,467		$	13,281
Other		8,137			7,260			7,353			4,904			5,986
Total Accounts Receivable	$	20,828		$	21,663		$	21,123		$	18,371		$	19,267

Securities Carried at Fair Value
REIT Common Shares		10,360			12,220			19,694			37,191			34,079
Total Securities Carried at Fair Value	$	10,360		$	12,220		$	19,694		$	37,191		$	34,079

Equity Investments
Vintage Housing Holdings (27 Properties)	$	32,886		$	31,801		$	30,534		$	30,083		$	30,144
Elad / One South State Street (1 Property)		23,614			23,447			25,104			24,659			24,716
Marc Realty Portfolio (4 Properties)		14,731			14,662			14,880			21,921			21,768
10 Metrotech (Office Loan)		10,845			10,845			10,845			10,845			56
Sealy Ventures Properties (3 Properties)		7,871			7,958			8,104			8,904			9,717
Mack-Cali / Stamford (Office Loan)		8,773			8,636			8,501			8,367			8,236
Concord Debt Holdings		3,932			3,953			3,974			4,495			4,529
CDH CDO		1,079			652			322			3,698			2,978
RE-CDO Management		1,061			1,098			1,779			1,792			1,794
Mentor Retail (1 Property)		584			568			551			523			511
So-Cal Office Loan Portfolio (31 Loans)		-			8			8			12			33,888
Riverside Plaza (Retail Loan)		-			-			-			-			7,883
Lakeside/Eagle		10			-			-			-			1
701 Seventh Avenue		30,602			29,038			28,735			-			-
Wateridge		1,722			1,558			1,522			-			-
Atrium Mall		3,935			-			-			-			-
Total Equity Investments	$	141,645		$	134,224		$	134,859		$	115,299		$	146,221
Preferred Equity Investments
Vintage at Tacoma	$	1,500		$	1,500		$	1,500		$	1,500		$	1,500
Vintage at Urban Center		4,000			4,000			4,000			4,000			4,000
Vintage at Quilceda		750			750			750			-			-
Wateridge		6,264			6,108			6,000			-			-
Total Preferred Equity Investments	$	12,514		$	12,358		$	12,250		$	5,500		$	5,500
Non-Controlling Interests
Westheimer (Houston, TX)	$	8,419		$	8,652		$	8,903		$	11,877		$	11,673
River City / Marc Realty (Chicago, IL)		3,907			3,883			3,857			3,891			3,484
1050 Corporetum / Marc Realty (Lisle, IL)		52			56			61			83			110
450 West 14th Street (High Line)		1,909			1,952			1,912			2,399			3,075
So-Cal Office Loan Portfolio		-			-			2			19			4,468
HC Cypress		19			19			19			-			-
1515 Market		(694	)		(195	)		-			-			-
Total Non-Controlling Interests	$	13,612		$	14,367		$	14,754		$	18,269		$	22,810

The listing above provides detail for only certain balance sheet line items presented on Winthrop Realty Trust's Consolidated Balance Sheets for all periods presented (the "Balance Sheet"). See page 1 of this supplement for all Balance Sheet line items.

WINTHROP REALTY TRUST

SCHEDULE OF CAPITALIZATION, DIVIDENDS AND LIQUIDITY

(In thousands, Unaudited)

	Jun 30, 2013		Mar 31, 2013		Dec 31, 2012		Sep 30 2012		Jun 30, 2012
Debt
Mortgage loans payable	$	325,026	$	278,824	$	280,576	$	238,097	$	229,891
Senior notes payable		86,250		86,250		86,250		86,250		-
Secured financing		29,150		42,803		52,920		29,150		29,150
KeyBank line of credit		-		-		-		-		-
Total Debt		440,426		407,877		419,746		353,497		259,041


Equity
Series D Cumulative Redeemable Preferred Shares		120,500		120,500		120,500		120,500		120,500
Common Shares		340,385		339,811		334,010		343,605		336,688
Non-controlling ownership interests		13,612		14,367		14,754		18,269		22,810
Total Equity		474,497		474,678		469,264		482,374		479,998

Total Capitalization	$	914,923	$	882,555	$	889,010	$	835,871	$	739,039

Common Dividend Per Share
June 30, 2013	March 31, 2013		December 31, 2012		September 30, 2012		June 30, 2012

$ 0.1625	$	0.1625	$	0.1625	$	0.1625	$	0.1625

Liquidity and Credit Facility
	June 30, 2013		March 31, 2013		Dec 31, 2012		Sept 30, 2012		June 30, 2012
Cash and cash equivalents	$	186,132	$	131,448	$	97,682	$	159,251	$	43,959
Securities carried at fair value		10,360		12,220		19,694		37,191		34,079
Available under line of credit (1)		50,000		50,000		50,000		50,000		50,000
Total Liquidity and Credit Facility	$	246,492	$	193,668	$	167,376	$	246,442	$	128,038

(1)	subject to borrowing base requirements.

WINTHROP REALTY TRUST

SELECTED INVESTMENT DATA

June 30, 2013

(In thousands, except square footage and cost per square foot/unit, 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 21-22, Consolidated Property Data on pages 25-26, and Equity Investment Property Data on pages 27-29.

Cash	Amount
Cash and cash equivalents	$	186,132

REIT Securities	Cost		Fair Value
REIT Common shares	$	8,920	$	10,360

Loans with Expected Repayment	Position	Type	Interest Rate			Cost, less Principal Repaid		Carrying Amount (before int. recble)		Par Value				Extended Maturity Date
Hotel Wales	Whole	Hotel	LIBOR +	4.00	%		20,000		20,000		20,000			10/05/13
WBCMT Series 2007 Tranche L	CMBS	Hotel	LIBOR +	1.75	%		226		226		1,130			03/09/14
10 Metrotech -33% Owned Equity Inv(1)	Whole	Office	Fixed	9.00	%		32,500		32,500		40,000			08/06/14
The Shops at Wailea	B Note	Retail	Fixed	6.15	%		5,074		5,763		7,638			10/06/14
Legacy Orchard	Whole	Corporate Loan	Fixed	15.00	%		9,750		9,750		9,750	(2	)	10/31/14
Rennaisance	Mezz	Retail/ Multi Fam	LIBOR +	12.00	%		3,000		3,000		3,000			01/01/15
San Marbeya	Whole	Multifamily	Fixed	5.88	%		25,493		27,357		29,608			01/01/15
Churchill	Whole	Mixed Use	LIBOR +	3.75	%		683		683		683			06/01/15
Queensridge	Whole	Multifamily	LIBOR +	11.50	%		13,693		13,693		13,693			11/15/15
Playa Vista	Mezz	Office	LIBOR +	14.25	%		10,250		10,250		10,250			01/23/16
Rockwell	Mezz	Indust. / Whse.	Fixed	12.00	%		225		350		1,487			05/01/16
500-512 Seventh Ave.	B Note	Office	Fixed	7.19	%		9,174		9,975		11,010			07/11/16
Pinnacle II	B Note	Office	Fixed	6.31	%		4,586		4,626		5,101			09/06/16
Poipu Shopping Village	B Note	Retail	Fixed	6.62	%		1,888		1,986		2,839			01/06/17
Wellington Tower	Mezz	Mixed Use	Fixed	6.79	%		2,352		2,740		3,502			07/11/17
Mentor Building (39 South St)	Whole	Retail	Fixed	10.00	%		2,497		2,497		2,497			09/10/17


Loans with Potential Equity Participation

Stamford -20% Owned Equity Inv(1)	Mezz	Office	LIBOR +	3.25	%	$	40,000	$	42,953	$	47,000	(2	)	08/06/14
Atrium Mall - 50% Owned Equity Inv(1)	Whole	Retail	Fixed	8.53	%		7,762		7,762		10,650			02/01/11

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

(2) Par amount represents borrowers discounted payoff option amount.

See Additional Loan Asset Details on Pages 21 and 22 of Supplement.

Continued on next page

WINTHROP REALTY TRUST

SELECTED INVESTMENT DATA (Continued)

June 30, 2013

(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 before Accum Depreciation		Cost per Square Foot or Unit		Debt Balance

Englewood, CO (Crossroads I)		100	%	Office		118,000		8,159		69		-	(1	)
Englewood, CO (Crossroads II)		100	%	Office		118,000		11,194		95		-	(1	)
Meriden, CT (Newbury Apartments)		100	%	Multifamily	180 Units			25,551		141,950		21,000
Memphis, TN, (Waterford Apartments)		100	%	Multifamily	320 Units			21,441		67,003		13,267
Cerritos, CA (Cerritos)		100	%	Office		187,000		22,901		122		23,000
Philadelphia, PA (1515 Market)		49	%	Office		511,000		43,507		85		42,922	(2	)

Consolidated Operating Properties Acquired through Asset Purchase	% Owned			Type	Square Feet		Cost Basis before Accum Depreciation		Cost per Square Foot		Debt Balance

Atlanta, GA		100	%	Retail		61,000		1,958	$	32	$	-	(1	)
Greensboro, NC		100	%	Retail		46,000		3,801		83		-	(1	)
Louisville , KY		100	%	Retail		47,000		3,098		66		-	(1	)
Seabrook, TX		100	%	Retail		52,000		2,012		39		-	(1	)
Amherst, NY		100	%	Office		200,000		19,857		99		14,985
Chicago, IL (One East Erie)		100	%	Office		126,000		26,275		209		20,025
Chicago, IL (River City / Marc Realty )		60	%	Office		253,000		16,809		66		8,659
Houston, TX (Westheimer)		32	%	Office		614,000		69,543		113		49,695
Lisle, IL (550 Corporetum)		100	%	Office		169,000		22,663		134		5,752
Lisle, IL (Arboretum)		100	%	Office		67,000		6,239		93		-
Lisle, IL (1050 Corporetum / Marc Realty)		60	%	Office		54,000		4,272		79		5,506
New York, NY	var			Office / Retail		105,000		60,368		575		51,982
Orlando, FL		100	%	Office		257,000		17,290		67		37,283
Plantation, FL		100	%	Office		120,000		12,936		108		10,748
South Burlington, VT		100	%	Office		54,000		3,407		63		-	(1	)
Jacksonville, FL		100	%	Warehouse		588,000		13,073		22		-	(1	)
Churchill, PA		100	%	Mixed Use		52,000		9,705		187		5,100
Greensboro, NC (Lake Brandt)		100	%	Multifamily	284 Units			18,494		65,120		13,600

(1) These properties collateralize our revolving line of credit.
(2) The Trust holds the mezzanine debt on this property

WINTHROP REALTY TRUST

SELECTED INVESTMENT DATA (Continued)

June 30, 2013

(In thousands, except square footage / units, Unaudited)

Equity Investment Operating Properties Acquired through Asset Purchase	% Owned			Type	Square Feet/ Units		Equity Investment Carrying Amount

Marc Realty (4 Equity Investments)	Var			Office		655,000	$	14,731
Sealy Equity Investments (3 Equity Investments)	Var			Industrial/Office		2,097,000		7,871
WRT-Elad / One South State St		50	%	Retail / Office		942,000		23,614
Vintage Housing Holdings	Var			Multifamily	4,655 Units			32,886
Mentor Retail LLC		50	%	Retail		7,000		584
701 Seventh WRT Investors		61	%	Development		120,000		30,602
WRT-Fenway Wateridge		50	%	Office		62,000		1,722

Preferred Equity Investment Operating Properties Acquired through Asset Purchase	% Owned			Type	Square Feet/ Units		Preferred Equity Investment Carrying Amount

Vintage Housing Holdings - Tacoma		75	%	Multi-Family	231 Units Under construction		$	1,500
Vintage Housing Holdings - Urban Center		75	%	Multi-Family	395 Units Under construction			4,000
Vintage Housing Holdings - Quilceda Creek		75	%	Multi-Family	204 Units Under contruction			750
WRT-Fenway Wateridge		50	%	Office		62,000		6,264

WINTHROP REALTY TRUST

SCHEDULE OF SECURITIES CARRIED AT FAIR VALUE

(In thousands, Unaudited)

	Three Months Ended
	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012		June 30, 2012

Net unrealized gain (loss)	$	(1,645	)	$	1,718		$	(338	)	$	3,484	$	(879	)

Net realized gain (loss)	$	-		$	(102	)	$	-		$	-	$	15

The Trust uses specific identification method for calculating gain or loss on the sale of securities carried at fair value.
Net unrealized gains and losses and realized gains and losses above include amounts generated from securities carried at fair value and loan securities.

	June 30,2013				March 31, 2013				December 31, 2012				September 30, 2012				June 30, 2012
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value		Cost		Fair Value		Cost		Fair Value

REIT Common shares	$	8,920	$	10,360	$	8,920	$	12,220	$	15,876	$	19,694	$	26,775	$	37,191	$	26,775	$	34,079
Total securities carried at fair value	$	8,920	$	10,360	$	8,920	$	12,220	$	15,876	$	19,694	$	26,775	$	37,191	$	26,775	$	34,079

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

WINTHROP REALTY TRUST

SCHEDULE OF LOAN ASSETS

(In thousands, Unaudited)

Description	Acquisition Date	Asset Type	Location		Position	Interest Rate (1)					Carrying Amount (2) June 30, 2013		Par Value				Maturity Date (3)
Loans Receivable
Hotel Wales	Oct-11	Hotel	New York	NY	Whole	LIBOR +	4.000	%	(5	)		20,097		20,000			10/05/13		-
The Shops at Wailea	Sep-12	Retail	Maui	HI	B Note	Fixed	6.150	%				5,796		7,638			10/06/14		106,931
Legacy Orchard	Oct-10	Corporate Loan	N/A	N/A	Whole	Fixed	15.000	%				9,750		9,750	(6	)	10/31/14		-
Rennaisance	Dec-11	Retail/ Multi Fam	Atlanta	GA	Mezz	LIBOR +	12.000	%	(7	)		3,000		3,000			01/01/15		4,000
San Marbeya	Jul-10	Multifamily	Tempe	AZ	Whole	Fixed	5.880	%				27,502		29,608			01/01/15		-
Playa Vista	Jan-13	Office	Playa Vista	CA	Mezz	LIBOR +	14.250	%				10,322		10,250			01/23/15		80,300
Churchill	May-12	Mixed Use	Churchill	PA	Whole	LIBOR +	3.750	%				683		683			06/01/15		-
Queensridge Towers	Nov-12	Multifamily	Las Vegas	NV	Whole	LIBOR +	11.500	%				13,863		13,693			11/15/15		-
Rockwell	Aug-10	Indust /Whse	Shirley	NY	Mezz	Fixed	12.000	%				364		1,487			05/01/16		16,459
500-512 Seventh Ave.	Jul-10	Office	New York	NY	B Note	Fixed	7.190	%				10,019		11,010			07/11/16		245,765
Pinnacle II	Sep-12	Office	Burbank	CA	B Note	Fixed	6.313	%				4,648		5,101			09/06/16		83,965
Poipu Shopping Village	Sep-12	Retail	Kauai	HI	B Note	Fixed	6.618	%				1,999		2,839			01/06/17		28,702
Wellington Tower	Dec-09	Mixed Use	New York	NY	Mezz	Fixed	6.790	%				2,754		3,502			07/11/17		22,500
Mentor Bldg (39 South St)	Mar-12	Retail	Chicago	IL	Whole	Fixed	10.000	%				2,511		2,497			09/10/17		-
					Total Loans Receivable						$	113,308	$	121,058
Loan Securities Carried at Fair Value
WBCMT 2007	Dec-09	Hotel	Various		CMBS	LIBOR +	1.750	%			$	226	$	1,130			03/09/14	$	1,232,004
			Total Loan Securities Carried at Fair Value								$	226	$	1,130
Equity Investment Loan Assets (8,9)
Stamford Portfolio	Feb-12	Office	Stamford	CT	Mezz	LIBOR +	3.250	%			$	8,744	$	9,400	(6	)	08/06/14	$	400,000
10 Metrotech	Var 2012	Office	Brooklyn	NY	Whole	Fixed	9.000	%				10,833		13,332			08/06/14		-
Atrium Mall	Jun-13	Retail	Chicago	IL	Whole	Fixed	8.530	%				3,881		3,881			02/01/11		-
			Total Loan Assets of Equity Investments								$	23,458	$	26,613

Continued on next page

WINTHROP REALTY TRUST

SCHEDULE OF LOAN ASSETS

(Unaudited, continued)

Notes to Schedule of Loan Assets

(1)	Represents contractual interest rates without giving effect to loan discount and accretion. The stated interest rate may be significantlydifferent than the Trust's effective interest rate on certain loan investments.

(2)	Carrying amount of loans receivable includes accrued interest of $640,000 and cumulative accretion of $4,004,000 at June 30, 2013.

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

(4)	Senior Debt indicates debt which is secured by the underlying property which is senior in payment to the Trust's loan.

(5)	Libor floor of 3%.

(6)	Par Value represents the borrowers discounted payoff option (DPO) amount.

(7)	Libor floor of 2%.

(8)	Does not include the Trust's equity interests in Concord and RE CDO Management.

(9)	The loan asset carrying amount presented is at the Trust's ownership in the loan balance.

WINTHROP REALTY TRUST

NET OPERATING INCOME FROM CONSOLIDATED PROPERTIES

(In thousands)

(Unaudited)

	Three Months Ended
	Jun 30, 2013			Mar 31, 2013			Dec 31, 2012			Sep 30, 2012			Jun 30, 2012
Rents and reimbursements
Minimum rent	$	14,887		$	13,972		$	11,814		$	10,706		$	9,437
Deferred rents (straight-line)		132			254			252			382			898
Recovery income		1,064			858			575			1,578			915
Above and below market rents		-			(16	)		118			108			109
Less:
Lease concessions and abatements		(490	)		(560	)		(508	)		(418	)		482
Total rents and reimbursements		15,593			14,508			12,251			12,356			11,841

Rental property expenses
Property operating		4,892			4,758			3,924			3,409			3,355
Real estate taxes		1,659			883			1,189			1,191			884
Total rental property expenses		6,551			5,641			5,113			4,600			4,239

Net operating income (1)
from consolidated properties	$	9,042		$	8,867		$	7,138		$	7,756		$	7,602

(1) See definition of non-GAAP measure of Net Operating Income on page 37 of the supplemental package.

WINTHROP REALTY TRUST

SCHEDULE OF INTEREST, DIVIDENDS AND DISCOUNT ACCRETION

(In thousands)

(Unaudited)

	Three Months Ended
	Jun 30, 2013		Mar 31, 2013		Dec 31, 2012		Sep 30, 2012		Jun 30, 2012
Interest, Dividends and Discount Accretion by Business Segment:
Loan Assets	$	4,208	$	5,170	$	5,955	$	3,410	$	5,472
REIT Securities		100		150		150		312		306
Total Interest, Dividends and Discount Accretion	$	4,308	$	5,320	$	6,105	$	3,722	$	5,778


Interest, Dividends and Discount Accretion Detail:
Interest on loan assets	$	3,447	$	4,454	$	3,607	$	2,985	$	2,746
Accretion of loan discount		761		716		2,348		425		2726
Interest and dividends on REIT securities		100		150		150		312		306
Total Interest, Dividends and Discount Accretion	$	4,308	$	5,320	$	6,105	$	3,722	$	5,778

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA

June 30, 2013 (Unaudited)

Description and Location	Year Acquired	Trust’s Owner-ship			Rentable Square Feet		(**) % Leased			Major Tenants (Lease / Options Expiration)	Major Tenant Sq. Ft.		($000's) Depreciated Cost Basis		Cost per Square Foot or Unit		Owner-ship of Land	($000's) Debt Balance			Debt Maturity & Int Rate
Office
Amherst, NY (2)	2005		100	%		200,000		100	%	Ingram Micro Systems (2013/2023)		200,000	$	16,195	$	81	Fee	$	14,985			10/2013 5.65	%
Cerritos, CA	2012		100	%		187,000		76	%	Marina Medical Billing (2018)		44,000		22,304		119	Fee		23,000			01/2017 5.07	%
Chicago, IL (One East Erie)	2005		100	%		126,000		96	%	The Gettys Group (2012/2016)		13,000		20,893		166	Fee		20,025			03/2016 5.75	%
										River North Surgery (2015/ n/a)		15,000
Chicago, IL (River City / Marc Realty)	2007		60	%		253,000		49	%	ITAV (2024/2029)		35,000		14,530		57	Fee		8,659			04/2015 6.25	%
										MFS/Worldcom (2019/2023)		60,000
Englewood, CO Crossroads I	2010		100	%		118,000		90	%	Hitachi Data (2024 / na)		53,000		7,431		63	Fee		(1	)				(1)
										RGN-Denver LLC (2015/ 2025)		17,000
Englewood, CO Crossroads II	2010		100	%		118,000		87	%	TIC Holdings (2019 / 2044)		74,000		10,127		86	Fee		(1	)				(1)
Houston, TX	2004		32	%		614,000		100	%	Spectra Energy (2018/2028)		614,000		56,138		91	Fee		49,695			04/2016 6.09	%
Lisle, IL	2006		100	%		169,000		78	%	United Healthcare (2014/ n/a)		41,000		19,128		113	Fee		5,752		10/2014 Libor+2.5%
Lisle, IL	2006		100	%		67,000		1	%	n/a		n/a		5,189		77	Fee		-			-
Lisle, IL (Marc Realty)	2006		60	%		54,000		100	%	Ryerson (2018/2028)		54,000		3,684		68	Fee		5,506			03/2017 5.55	%
New York, NY (450 West 14th)	2011		70	%		105,000		82	%	Alice + Olivia (2021/2031)		27,000		57,522		548	Ground Lease		51,982		05/2016 Libor +2.5%
										Fast Retailing (2026/2036)		23,000
										Access Industries (2021/2031)		14,000
Orlando, FL	2004		100	%		257,000		100	%	Siemens Real Estate, Inc. (2017/2042)		257,000		13,562		53	Ground Lease		37,283			07/2017 6.40	%
Plantation, FL	2004		100	%		120,000		100	%	AT&T Service, Inc. (2020/2035)		120,000		11,009		92	Fee		10,748			04/2018 6.45	%
South Burlington, VT	2005		100	%		54,000		100	%	Fairpoint Comm. (2014/2029)		54,000		2,783		52	Ground Lease		(1	)				(1)
1515 Market Street	2012		89	%		511,000		74	%	Temple University (2022 / na)		128,000		43,142		84			42,922		05/1/2016 2.5		%
Subtotal - Office						2,953,000								303,637					270,557

(Continued on next page)

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES - SELECTED PROPERTY DATA

June 30, 2013 (Unaudited, Continued)

Description and Location	Year Acquired	Trust’s Ownership			Rentable Square Feet		(**) % Leased			Major Tenants (Lease /Options Exp)		Major Tenants’ Sq. Feet.		($000's) Depreciated Cost Basis		Ownership of Land	($000's) Debt Balance			Debt Maturity & Int Rate
Retail
Atlanta, GA	2004		100	%		61,000		100	%	The Kroger Co. (2016/2026)			61,000	$	1,887	Ground Lease		(1	)		(1	)
Greensboro, NC	2004		100	%		46,000		100	%	The Kroger Co. (2017/2037)			46,000		2,982	Ground Lease		(1	)		(1	)
Louisville, KY	2004		100	%		47,000		100	%	The Kroger Co. (2015/2040)			47,000		2,511	Fee		(1	)		(1	)
Seabrook, TX	2004		100	%		52,000		100	%	The Kroger Co. (2015/2040)			52,000		1,711	Fee		(1	)		(1	)

Subtotal Retail						206,000									9,091
Residential
Meriden, CT	2010		100	%	180 units			97	%		n/a		n/a		23,237	Fee		21,000			10/2022 3.95	%
Memphis, TN	2012		100	%	320 units			96	%		n/a		n/a		20,633	Fee		13,267		8/2014 Libor + 2.5%
Greensboro, NC	2012		100	%	284 units			95	%		n/a		n/a		18,058	Fee		13,600			8/2016 6.22	%
Subtotal Residential															61,928
Other
Warehouse☺
Jacksonville, FL	2004		100	%		588,000		100	%	Fanatics, Inc. (2015/2024)			561,000		10,707	Fee		(1	)		(1	)
Mixed Use
Churchill, PA	2004		100	%		52,000		100	%	Westinghouse (2024/2039)			52,000		5,637	Fee		5,100			8/2024 3.50	%
Subtotal - Other						640,000									16,344
Total Consolidated Properties						3,799,000								$	391,000		$	323,524

(**) 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, which had a balance of $0 at June 30, 2013.

(2) The Amherst, New York office property represents two separate buildings. The ground underlying the properties is leased to the Trust 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 the Trust.

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - SELECTED PROPERTY DATA (Continued)

June 30, 2013 (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 Investment Operating Properties
223 West Jackson, Chicago, IL	2005		50	%		168,000		77	%	No tenants over 10%			-		8,049	Fee		6,869	09/2017 LIBOR + 2.25%
4415 West Harrison, Hillside, IL (High Point)	2005		50	%		192,000		63	%	North American Medical Mgmt (2015/2020)			23,200		2,175	Fee		4,384		12/2015 5.62	%
1701 E. Woodfield, Shaumburg, IL	2005		50	%		175,000		90	%	No tenants over 10%			-		2,036	Fee		5,437	09/2015 Libor + 3% (2)
2205-55 Enterprise, Westchester, IL	2005		50	%		130,000		89	%	Consumer Portfolio (2014/2019)			18,900		2,471	Fee		8,864		10/2019 4.30	%
										UroPartners LLC (2015/ n/a)			14,500
Total Marc Realty Portfolio						665,000								$	14,731		$	25,554
Sealy Venture Portfolio - Equity Investment Operating Properties
Atlanta, GA (Northwest Atlanta)	2006		60	%		472,000		72	%	Original Mattress (2020/2025)			57,000	$	7,871	Fee	$	13,690	09/2015 Libor +5.35% (3)
Atlanta, GA (Newmarket)	2008		68	%		470,000		53	%	No tenants over 10%			-		-	Fee		37,000		11/2016 6.12	%
Nashville, TN (Airpark)	2007		50	%		1,155,000		81	%	No tenants over 10%			-		-	Fee		74,000		05/2012 5.77	%

Total - Sealy Venture Portfolio						2,097,000				`				$	7,871		$	124,690

Mentor Retail LLC - Equity Investment Operating Property
39 South State Street Chicago, IL	2012		50	%		7,000		100	%	American Apparel (2022 / n/a)			7,000	$	584	Fee	$	2,497		09/2017 10	%
WRT-Elad / One South State Equity - Equity Investment Operating Property
One South State Street Chicago, IL (Sullivan Ctr)	2012		50	%		942,000		83	%	Target (2038 /2063)			147,000	$	23,614	Fee	$	107,380		02/2015 11	%

										Walgreens(2022/2027)			95,000
										Illinois Dept of Employment (2014/2016)			243,000
						942,000								$	23,614		$	107,380

701 Seventh WRT Investor-Equtiy Investment Operating Property
701 Seventh Avenue	2012		61	%		120,000		0	%		N/A			$	30,602	Fee	$	375,000	10/1/2015 Libor +10.2(4)
New York, NY
WRT-Fenway Wateridge - Equity Investment in Operating Property
Parkway San Diego, CA	2012		50	%		62,000		94	%	Verint Americas (2018/n/a)			6,500	$	1,722		$	-
										Flores Lund (2017/n/a)			10,000
										Quidel Corp (2013/n/a)
										Verizon Wireless (2013/n/a)
						62,000								$	1,722		$	-

(Continued on Next Page)

WINTHROP REALTY TRUST

EQUITY INVESTMENTS – SELECTED PROPERTY DATA (Continued)

June 30, 2013 (Unaudited)

Description and Location		Year Acquired	Units		(**) % Leased			Ownership of Land
Vintage Housing Portfolio - Equity Investment Operating Properties
Agave Associates	Elk Grove, CA	2011		188		95	%	Fee
Bouquet Canyon Seniors	Santa Clarita, CA	2011		264		99	%	Fee
Elk Creek Apartments	Sequim, WA	2011		138		98	%	Fee
Falls Creek Apartments	Couer d' Alene, ID	2011		170		95	%	Fee
Forest Creek Apartments	Spokane, WA	2011		252		95	%	Fee
Hamilton Place Seniors	Bellingham, WA	2011		94		98	%	Fee
Heritage Place Apartments	St. Ann, MO	2011		113		93	%	Fee
Holly Village Apartments	Everett, WA	2011		149		99	%	Fee
Larkin Place Apartments	Bellingham, WA	2011		101		98	%	Fee
Rosecreek Senior Living	Arlington, WA	2011		100		98	%	Fee
Seven Hills/ St Rose	Henderson, NV	2011		244		96	%	Fee
Silver Creek Apartments	Pasco, WA	2011		242		98	%	Fee
The Bluffs Apartments	Reno, NV	2011		300		94	%	Fee
Twin Ponds Apartments	Arlington, WA	2011		134		97	%	Fee
Vintage at Bend	Bend, OR	2011		106		98	%	Fee
Vintage at Bremerton	Bremerton, WA	2011		143		94	%	Fee
Vintage at Burien	Burien, WA	2011		101		98	%	Ground Lease
Vintage at Chehalis	Chehalis, WA	2011		150		98	%	Fee
Vintage at Everett	Everett, WA	2011		259		98	%	Fee
Vintage at Mt. Vernon	Mt. Vernon, WA	2011		154		95	%	Fee
Vintage at Napa	Napa, CA	2011		115		95	%	Fee
Vintage at Richland	Richland, WA	2011		150		96	%	Fee
Vintage at Sequim	Sequim, WA	2011		118		99	%	Fee
Vintage at Silverdale	Silverdale, WA	2011		240		97	%	Fee
Vintage at Spokane	Spokane, WA	2011		287		96	%	Fee
Vintage at Vancouver	Vancouver, WA	2011		154		98	%	Fee
Vista Sonoma Seniors Apts	Santa Rosa, CA	2011		189		95	%	Fee
				4,655
Vintage Housing Portfolio - Preferred Equity Investment Operating Properties
Vintage at Tacoma		2012		231	under construction			Fee
Vintage at Urban Center		2012		395	under construction			Fee
Quilceda Creek		2012		204	under construction			Fee
				830

Total - Vintage Housing Portfolio				5,485	units

(Continued on Next Page)

WINTHROP REALTY TRUST

EQUITY INVESTMENTS - SELECTED PROPERTY DATA (Continued)

June 30, 2013 (Unaudited)

Description	Year Acquired		Trust’s Ownership			Rentable Square Feet		Equity Investment				Debt Balance (1)
Equity Investment Operating Properties
Marc Realty Portfolio (from Page 27 )	2005						665,000	$	14,731			$	25,554	(6	)
Sealy Portfolio (from Page 27)		2006-2008					2,097,000		7,871				124,690	(6	)
Mentor Retail LLC (from Page 27)		2012					7,000		584				2,497	(6	)
WRT-Elad / One South State Equity (from Page 27)		2012					942,000		23,614				107,380	(6	)
Vintage Portfolio (from page 28)		2011				4,655 units			32,886	(5	)		252,186	(6	)
701 Seventh Avenue (from page 27)		2012					120,000		30,602				375,000	(6	)
Wateridge (from page 27)		2012					62,000		1,722				-
Total Equity Investment Operating Properties									112,010			$	887,307

Loan Asset Equity Investments
WRT-ROIC Lakeside Eagle		2011		50	%				10
WRT-Stamford LLC		2012		20	%				8,773
10 Metrotech Loan LLC		2012		33	%				10,845
Atrium Mall LLC		2013		50	%				3,935

Other Equity Investment
Concord Debt Holdings LLC		2012		67	%				3,932	(7	)
CDH CDO LLC		2012		50	%				1,079	(7	)
RE CDO Management LLC		2011		50	%				1,061
Total Equity Investments								$	141,645

Notes to Equity Investments - Selected Data

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

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

(2)	An interest rate swap agreement with a notional amount of $5,437 effectively converts the interest rate to a fixed rate of 4.78%.

(3)	An interest rate cap was purchased that caps Libor at 1%.

(4)	There is a Libor floor of 1%

(5)	The Vintage equity investment of $32,886 represents the Trust's various interests in Vintage Housing Holdings LLC, an entity which owns the general partnership interest listed above. The investment basis is not specifically allocated among the various lower tier partnerships.

(6)	See Equity Investments debt details on pages 33 and 34.

(7)	Represents the interest acquired from Lexington Realty Trust on May 1, 2012.

WINTHROP REALTY TRUST

CONSOLIDATED DEBT SUMMARY

(In thousands, Unaudited)

Description	% Owned			Number of Properties		Square Footage		Rents and Reimburse-ments		Operating Expenses		Real Estate Taxes		Net Operating Income (1)		Interest Expense			Other Income (Expense)			Impairment		Deprec & Amort		(Income) Loss Attributable to Non-controlling Interest			WRT's share Net Income / (Loss) from Consolidated Properties (1)
100% Owned Consolidated Properties
Retail		100.0	%		4		206,000	$	462	$	-	$	-	$	462	$	-			(1	)	$	-	$	170	$	-		$	291
Office		100.0	%		11		1,416,000		11,269		3,095		898		7,276		3,353			(14	)		-		3,544		-			365
Residential		100.0	%		3	784 units			4,325		1,611		602		2,112		897			(12	)		-		1,543		-			(340	)
Other		100.0	%		2		640,000		1,190		274		92		824		-			(1	)		-		319		-			504
					20		2,262,000		17,246		4,980		1,592		10,674		4,250			(28	)		-		5,576		-			820
Partially Owned Consolidated Properties
Chicago, IL (River City/Marc Realty)		60.0	%		1		253,000		1,565		672		188		705		255						-		327		49			74
Houston, TX (Multiple LP's)		32.0	%		1		614,000		2,855		5		-		2,850		1,612			(66	)		-		1,453		(231	)		(50	)
Lisle, IL (Marc Realty)		60.0	%		1		54,000		421		147		56		218		161			-			-		81		(10	)		(14	)
New York, NY (450 W 14th St)		70.0	%		1		105,000		3,522		2,014		235		1,273		930			-			-		1,271		(538	)		(390	)
Philadelphia, , PA 1515 Market (3)		49.0	%		1		511,000		4,492		1,832		471		2,189		2,402			(17	)				1,132		(694	)		(668	)
					5		1,537,000		12,855		4,670		950		7,235		5,360			(83	)		-		4,264		(1,424	)		(1,048	)
Total Consolidated Properties					25		3,799,000	$	30,101	$	9,650	$	2,542	$	17,909	$	9,610		$	(111	)	$	-	$	9,840	$	(1,424	)	$	(228	)
Line of Credit interest expense																	160
Interest expense related to Senior notes																	3,494
Interest expense WRT Lender																	1,227
Reclassified related party interest expense																	(1,751	)
Total																$	12,740

(1)	See definition of Net Operating Income and Net Income / (Loss) from Consolidated Properties on page 37 of the supplemental package.

(2)	The amounts attributable to non-controlling interests for 100% owned properties are from Deer Valley and One East Erie properties prior to the Trust's 2012 acquisitions of the non-controlling interests in these properties.

(3)	In addition to its equity ownership, the Trust is entitled to an additional 40% of profits above the debt.

WINTHROP REALTY TRUST

EQUITY INVESTMENTS – OPERATING SUMMARY

Six Months Ended June 30, 2013

(Unaudited)

Venture	Number of Properties		Square Footage			Total Revenue		Operating Expenses		Real Estate Taxes		Net Operating Income (1)		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		4		665,000			5,416		2,279		865		2,272		629		(17	)		1,490		136			67
Sealy Venture Portfolio		3		2,097,000			6,752		1,822		858		4,072		6,165		(257	)		2,876		(5,226	)		(233	)
Mentor Retail		1		7,000			284		13		39		232		128		(7	)		31		66			33
WRT-Elad (2)		1		942,000			12,494		2,764		1,831		7,899		9,203		2			4,772		(6,074	)		610
Vintage Portfolio (2)		27	4,655 units				21,081		8,679		264		12,138		877		(3,234	)		128		7,899			4,617
Wateridge (2)		1		62,000			512		138		40		334		-		(26	)		455		(147	)		83
Total Equity Investment Operating Properties		37		3,773,000		$	46,539	$	15,695	$	3,897	$	26,947	$	17,002	$	(3,539	)	$	9,752	$	(3,346	)		5,177

							Marc Realty Portfolio - Amortization of basis differential (3)																		(58	)
							WRT-ROIC Lakeside Eagle-Winthrop's share of net loss from equity investment																		(15	)
							RE CDO Management - Winthrop's share of net income from equity investment																		3,761
							CDH CDO - Winthrop's share of net income from equity investment																		1,057
							Concord Debt Holdings - Winthrop's share of net income from equity investment																		100
							701 7th Avenue																		1,320
							WRT-SoCal Lender - Winthrop's share of net income from equity Investment																		(2	)
							Stamford / Mack-Cali - Winthrop's share of net income from equity investment																		445
							10 Metrotech- Winthrop's share of net income from equity investment																		608
					Equity in loss of equity investments																			$	12,393

(1)	See definition of Net Operating Income on page 37 of the supplemental package.

(2)	Operating results lag 30 days.

(3)

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.

WINTHROP REALTY TRUST

CONSOLIDATED DEBT SUMMARY

(In thousands, Unaudited)

Description	Principal Outstanding June 30, 2013		Coupon			2013 Repayment		Maturity Date		Amount Due at Maturity		Weighted Average Maturity (in years)
Fixed rate debt
Mortgage loans payable
Amherst, NY	$	14,985		5.65	%	$	14,985		10/2013	$	14,822
Chicago, IL / River City		8,659		5.50	%		87		04/2015		8,346
Chicago, IL / Ontario		20,025		5.75	%		168		03/2016		19,073
Houston, TX - Note 1		25,000		5.22	%		-		04/2016		25,000
Houston, TX - Note 2		8,800		6.00	%		-		04/2016		8,800
Houston, TX - Note 3		15,895		7.50	%		2,494		04/2016		-
Philadelphia, PA(1)		42,922		2.50	%		561		02/2016		39,933
Greensboro, NC		13,600		6.22	%		-		08/2016		13,600
Cerritos, CA		23,000		5.07	%		-		01/2017		23,000
Lisle, IL / 1050 Corporetum		5,506		5.55	%		36		03/2017		5,206
Orlando, FL		37,283		6.40	%		300		07/2017		34,567
Plantation, FL		10,748		6.48	%		63		04/2018		10,046
Meriden, CT		21,000		3.95	%		-		11/2022		17,704
Churchill, PA		5,100		3.50	%		52		08/2024		3,373
Total mortgage loans payable /Wtd Avg		252,523		4.74	%		18,746				223,470		3.67

Non-recourse secured financing
San Marbeya A Participation		15,150		4.85	%		-		01/2015		15,150

Senior notes payable		86,250		7.75	%		-		08/2022		86,250
Total Fixed Rate Debt/ Wtd Avg		353,923		5.48	%		18,746				324,870		4.91
Floating rate debt
Mortgage loans payable
Memphis, TN/ Waterford (LIBOR+2.5%, 0.5% LIBOR Floor)		13,267		3.00	%		151		08/2014		12,928
Lisle, IL / 550-560 Corporetum (LIBOR + 2.5%, 1% LIBOR Cap)		5,752		2.70	%		-		10/2014		5,752
New York, NY (450 W 14th St) (LIBOR + 2.5%, 1% LIBOR Floor)		51,982		3.50	%		-		05/2016		51,982
		71,001		3.34	%		151				70,662		2.39

Non-recourse secured financing
Hotel Wales A Note Payable - (LIBOR + 1.25, 3% Libor Floor)		14,000		4.25	%		-		10/2013		14,000


Total Floating Rate Debt/ Wtd Avg		85,001		3.49	%		151				84,662		2.04

Total Consolidated Debt/Wtd Avg	$	438,924		5.09	%	$	18,897			$	409,532		4.35

(1) An interest rate swap agreement with a notional amount of $42,922 effectively converts the interest rate to a fixed rate of 2.5%.

WINTHROP REALTY TRUST

EQUITY INVESTMENTS – DEBT SUMMARY

(In thousands, Unaudited)

Description	Principal Outstanding June 30, 2013			Interest Rate			Maturity Date		Weighted Average Maturity (in years)
Fixed rate debt
Sealy - Airpark, Nashville, TN	$	74,000			5.77	%	05/01/12	(6)
Sealy - Newmarket, Atlanta, GA		37,000			6.12	%	11/01/16	(6)
Marc Realty - 4415 West Harrision, Hillside, IL		4,384			5.62	%	12/01/15
Marc Realty - 1701 East Woodfield, Shaumburg, IL (1)		5,437			4.78	%	09/01/15
Marc Realty - 2205-55 Enterprise, Westchester, IL		8,864			4.30	%	10/01/19
Mentor Retail - 39 South Street, Chicago, IL		2,497			10.00	%	09/10/17
WRT-Elad - One South State Street		107,380			11.00	%	02/01/15
VHH - Agave Associates		2,500			3.50	%	12/15/36
VHH - Bouquet Canyon Seniors		10,898			6.38	%	07/01/28
VHH - Vintage at Chehalis (2)		8,190			4.68	%	06/15/40
VHH - Elk Creek Apartments		7,328			6.54	%	11/01/39
VHH - Falls Creek Apartments		8,299			6.26	%	12/01/40
VHH - Hamilton Place Seniors		74			5.88	%	07/01/14
VHH - Heritage Place Apartments		1,754			8.37	%	07/19/15
VHH - Heritage Place Apartments		498			1.00	%	05/01/39
VHH - Vintage at Mt. Vernon (3)		7,500			5.23	%	01/15/37
VHH - Vintage at Mt. Vernon (4)		1,040			5.98	%	01/15/37
VHH - Vintage at Napa		5,973			6.21	%	06/01/34
VHH - Vintage at Silverdale (5)		14,880			5.70	%	09/15/39
VHH - The Bluffs Apartments		8			3.00	%	12/15/36
VHH - Twin Ponds Apartments		1,240			6.20	%	01/01/38
VHH - Vintage at Vancouver		594			8.12	%	01/01/35
VHH - Vista Sonoma Seniors Apts		9,916			6.56	%	01/01/32
Total Fixed Rate Debt	$	320,254	Wtd Avg		7.57	%		Wtd Avg	6.8


Notes to Fixed Rate Debt Schedule:
(1) An interest rate swap agreement with a notional amount of $5,437 effectively converts the interest rate to a fixed rate of 4.78%.
(2) An interest rate swap agreement with a notional amount of $7,898 effectively converts the interest rate to a fixed rate of 4.68%.
(3) An interest rate swap agreement with a notional amount of $7,500 effectively converts the interest rate to a fixed rate of 5.23%.
(4) An interest rate swap agreement with a notional amount of $980 effectively converts the interest rate to a fixed rate of 5.98%.
(5) An interest rate swap agreement with a notional amount of $14,356 effectively converts the interest rate to a fixed rate of 5.70%.
(6) Currently negotiating restructure of loan with special servicer.
						(Continued on next page)

WINTHROP REALTY TRUST

EQUITY INVESTMENTS – DEBT SUMMARY (Continued)

Six Months Ended June 30, 2013

(In thousands, Unaudited)

Description	Principal Outstanding June 30, 2013		Interest Rate (1), (2)				Coupon			Maturity Date	Weighted Average Maturity (in years)
Floating rate debt
Sealy - Northwest Atlanta, Atlanta, GA		13,690	LIBOR +		5.56	%		5.56	%	09/01/15
Marc Realty - 223 West Jackson, Chicago, IL (3)		6,869	LIBOR +		2.25	%		4.25	%	09/01/17
701 Seventh - 701 Seventh Avenue, New York, NY (4)		375,000	LIBOR +		10.20	%		11.20	%	10/01/15
VHH - Agave Associates		14,600	SIFMA +		1.17	%		1.29	%	10/15/36
VHH - Vintage at Bend		5,500	SIFMA +		1.20	%		1.32	%	12/15/36
VHH - Vintage at Bremerton		6,200	SIFMA +		1.09	%		1.21	%	03/15/33
VHH - Vintage at Burien		6,780	SIFMA +		1.47	%		1.59	%	01/15/38
VHH - Vintage at Everett		16,285	SIFMA +		1.44	%		1.56	%	01/15/38
VHH - Forest Creek Apartments		13,680	SIFMA +		1.62	%		1.74	%	06/15/40
VHH - Hamilton Place Seniors		3,590	SIFMA +		1.43	%		1.55	%	07/01/33
VHH - Holly Village Apartments		6,955	SIFMA +		1.44	%		1.56	%	07/31/32
VHH - Larkin Place Apartments		4,825	SIFMA +		1.40	%		1.52	%	07/01/33
VHH - Vintage at Richland		7,535	SIFMA +		1.76	%		1.88	%	01/15/38
VHH - Rosecreek Senior Living		3,296	SIFMA +		0.43	%		0.55	%	12/31/37
VHH - Vintage at Sequim		6,268	SIFMA +		2.30	%		2.42	%	03/01/38
VHH - Silver Creek Apartments		12,875	SIFMA +		1.66	%		1.78	%	12/15/37
VHH - Vintage at Spokane		16,295	SIFMA +		1.37	%		1.49	%	08/15/40
VHH - Seven Hills/ St Rose		15,070	SIFMA +		1.37	%		1.49	%	10/15/35
VHH - The Bluffs Apartments		18,500	SIFMA +		1.38	%		1.50	%	09/15/34
VHH - Twin Ponds Apartments		5,515	SIFMA +		1.60	%		1.72	%	01/01/38
VHH - Vintage at Vancouver		7,725	SIFMA +		2.16	%		2.28	%	01/01/35
Total Floating Rate Debt		567,053		Wtd Avg				8.07	%	Wtd Avg	8.7
Total Joint Venture Debt	$	887,307		Wtd Avg				7.89	%	Wtd Avg	8.0

Notes to Floating Rate Debt Schedule:

(1)	LIBOR rate used to determine coupon on floating rate debt at June 30, 2013 was .19465%

(2)

SIFMA = Securities Industry and Financial Markets Association Municipal Swap Index. SIFMA rate used to determine coupon on floating rate debt at May 31, 2013 on the Vintage debt was 0.12%. Each of the Vintage floating rate debt instruments is subject to an interest rate cap ranging from 5.50% and 8.25%.

(3)	Interest rate floor of 4.25%.

(4)	Interest rate floor of 1%

WINTHROP REALTY TRUST

CONSOLIDATED PROPERTIES LEASE EXPIRATIONS SUMMARY

(Unaudited)

Year of Lease Expirations	Net Rentable Square Feet Subject to Expiring Leases		Percentage of Leased Square Footage Represented by Expiring Leases (%)			Annual Contractual Rent Under Expiring Leases ($)		Annual Rent Per Leased Square Foot of Expiring Leases ($)

Consolidated Multi Tenant Operating Properties:
2013		49,000		4	%	$	857,000	$	17.49
2014		138,000		12	%		2,502,000		18.13
2015		119,000		10	%		2,656,000		22.32
2016		62,000		5	%		1,211,000		19.53
Thereafter		816,000		69	%		21,070,000		25.82

Consolidated Single Tenant Operating Properties:
2013		200,000		9	%	$	2,016,000	$	10.08
2014		54,000		2	%		840,000		15.56
2015		660,000		31	%		1,278,000		1.94
2016		88,000		4	%		382,000		4.34
Thereafter		1,143,000		54	%		14,694,000		12.86

Annual contractual rent under expiring leases represents base rent charges for the period and does not reflect any straight-line rent adjustments or expense reimbursements.

WINTHROP REALTY TRUST

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES OF INCOME TO

NET INCOME ATTRIBUTABLE TO COMMON SHARES

(In thousands)

	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2013			2013			2012			2012			2012

NOI from consolidated properties (1)(4)	$	9,042		$	9,303		$	7,735		$	8,443		$	8,260
Less:
Interest expense		(6,708	)		(6,032	)		(6,056	)		(4,430	)		(3,447	)
Depreciation and amortization		(4,950	)		(5,174	)		(4,794	)		(4,842	)		(4,394	)
(Income) loss attributable to non-controlling interest		629			795			(188	)		(939	)		473
WRT share of income (loss) from consolidated properties (2)(4)		(1,987	)		(1,108	)		(3,303	)		(1,768	)		892

Equity in income (loss) of equity investments (3)		4,524			7,869			792			12,644			586

Add:
Interest, dividends and discount accretion		4,308			5,320			6,105			3,722			5,778
(Loss) gain on sale of loan securities carried at fair value		-			(102	)		614			-			-
Earnings from preferred equity investments		185			202			-			-			-
Unrealized gain (loss) on loan securities carried at fair value		215			-			-			371			(88	)
Unrealized gain (loss) on securities carried at fair value		(1,860	)		1,718			(338	)		3,113			(791	)
Gain on loan securities carried at fair value					-			-			-			15
Gain on sale of equity investment					-			-			165			232
Interest and other income		115			70			266			242			90
Income from discontinued operations		6,568			2,913			(8	)		(188	)		51

Less:
Income attributable to Series D preferred shares		(2,786	)		(2,787	)		(2,787	)		(2,786	)		(2,787	)
Amount allocated to restricted shares		(98	)		(2	)		-			-			-
General and administrative		(1,098	)		(847	)		(3,425	)		(3,098	)		(3,081	)
Related party fees		(2,291	)		(2,266	)		-			-			-
Transaction costs		(46	)		(6	)		(87	)		(30	)		(183	)
State and local tax expense		(125	)		(17	)		(21	)		(65	)		(143	)
Loss on extinguishment of debt		-			-			(121	)		-			-
Impairment loss on investment in real estate		-			-			(2,562	)		-			-
Settlement expense		(134	)		-			-			-			-
Net income attributable to Common Shares	$	5,490		$	10,957		$	(4,875	)	$	12,322		$	571

(1) See additional NOI detail on Page 23 of the supplemental package.

(2) See detail for the six months ended June 30, 2013 on Page 30 of the supplemental package.

(3) See detail for the three months ended June 30, 2013 on Page 31 of the supplemental package.

(4) See definitions for non-GAAP measures on page 37 of the supplemental package.

WINTHROP REALTY TRUST

SUPPLEMENTAL DEFINITIONS

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.

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

Funds From Operations - We have adopted the revised definition of Funds from Operations (“FFO”), adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). Management considers FFO to be an appropriate measure of performance of a REIT. We calculate FFO by adjusting net income (loss) (computed in accordance with GAAP, including non-recurring items), for gains (or losses) from sales of properties, real estate related depreciation and amortization, and adjustment for unconsolidated partnerships and ventures. Management believes that in order to facilitate a clear understanding of our historical operating results, FFO should be considered in conjunction with net income as presented in the consolidated financial statements included elsewhere herein. Management considers FFO to be a useful measure for reviewing our comparative operating and financial performance because, by excluding gains and losses related to sales of previously depreciated operating real estate assets and excluding real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO can help one compare the operating performance of a company’s real estate between periods or as compared to different companies.

Our calculation of FFO may not be directly comparable to FFO reported by other REITs or similar real estate companies that have not adopted the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. FFO is not a GAAP financial measure and should not be considered as an alternative to net income (loss), the most directly comparable financial measure of our performance calculated and presented in accordance with GAAP, as an indication of our performance. FFO does not represent cash generated from operating activities determined in accordance with GAAP and is not a measure of liquidity or an indicator of our ability to make cash distributions. We believe that to further understand our performance; FFO should be compared with our reported net income and considered in addition to cash flows in accordance with GAAP, as presented in our consolidated financial statements.

Internal Rate of Return (IRR) – The internal rate of return is the annualized effected compound return rate of an investment. Specifically, it is the discount rate that equates the cost of an investment with the present value of the cash generated by that investment.

LIBOR – London Inter Bank Offer Rate

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.

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.

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, exclusive of depreciation, amortization and capital expenditures. 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.

WINTHROP REALTY TRUST

SUPPLEMENTAL DEFINITIONS (Continued)

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.

SIFMA - Securities Industry and Financial Markets Association Municipal Swap Index

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

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

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

Mitch Germain	JMP Securities	(212) 906-3546 mgermain@jmpsecurities.com

Ryan Meliker	MLV & Co.	(646)-556-9184 rmeliker@mlvco.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.