Winthrop Realty Trust Announces Results for Fourth Quarter and Full Year 2012

Winthrop Realty Trust Announces Results for Fourth Quarter and Full Year 2012

                  Declares First Quarter 2013 Cash Dividend

             Reports Fourth Quarter Investments of $144.5 Million

BOSTON, March 7, 2013 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE:FUR), a
leading real estate value investor, announced today financial and operating
results for the fourth quarter and full year ended December 31, 2012. All per
share amounts are on a fully diluted basis.

Financial Results

Year Ended December 31, 2012

Net income applicable to common shares for the year ended December 31, 2012
was $15.3 million or $0.46 per common share as compared with net income of
$10.0 million or $0.32 per common share for the year ended December 31, 2011.

For the year ended December 31, 2012, Winthrop reported FFO applicable to
common shares of $46.2 million or $1.40 per common share as compared with FFO
of $58.2 million or $1.85 per common share for the year ended December 31,
2011.

Three Months Ended December 31, 2012

Net loss applicable to common shares for the quarter ended December 31, 2012
was ($4.9) million or ($0.15) per common share as compared with net loss of
($10.6) million or ($0.32) per common share for the quarter ended December 31,
2011.

For the quarter ended December 31, 2012, Winthrop reported FFO applicable to
common shares of $4.7 million or $0.14 per common share as compared with FFO
of $16.2 million or $0.49 per common share for the quarter ended December 31,
2011.

Carolyn B. Tiffany, Winthrop's President, commented, "2012 was both a pivotal
and successful year for Winthrop. We invested $295 million in new investments,
negotiated long term leases at two of our large single tenant properties,
leased up properties that had been acquired with significant vacancy and
harvested value through the sale of certain assets. We look forward to 2013 as
we continue to realize gains through select asset sales and redeploy that
capital, along with $97 million in existing cash reserves, to new investment
opportunities which we expect will continue through 2013."

Net Asset Value as of December 31, 2012 and Five Year Performance Table

Winthrop's estimated range of net asset value per common share at December 31,
2012 is $12.85 to $15.13 as compared to $12.93 to $15.13 at September 30,
2012. In addition, Winthrop has added a five year investment performance table
to our quarterly supplement which presents the internal rate of return for
each investment made and sold or otherwise exited during the last five years.
The pooled weighted internal rate of return on these investments is 33%.
Details regarding the methodology used to calculate the internal rate of
return and the net asset value as well as financial results, properties and
tenants can be accessed in the quarterly supplemental report at
www.winthropreit.com in the Investor Relations section.

Fourth Quarter 2012 Investment Activity

Acquisitions

  oThrough a joint venture acquired the property and associated air rights
    located at 701 Seventh Avenue in the Times Square area of New York City
    for a purchase price of $434.0 million, inclusive of closing costs and
    reserves. Winthrop made an initial contribution of approximately $29.0
    million and has committed to invest up to $68.0 million on a preferred
    equity basis into the proposed redevelopment that will include expansion
    of the retail space to approximately 80,000 square feet, installation of a
    new approximately 22,000 square foot state of the art LED sign and
    potential hotel development.
    
  oAcquired for $58.65 million a $70.0 million non-performing first mortgage
    loan secured by a 20-story, 514,000 square foot office building located at
    1515 Market Street, Philadelphia, Pennsylvania. On February 1, 2013, in
    lieu of foreclosing, the loan was restructured to increase the outstanding
    principal balance to approximately $71.6 million, adjust the interest rate
    to be the greater of 7.5% per annum or LIBOR plus 6.5%, extend the
    maturity date to February 1, 2016, and provide for a 40% participation in
    all capital event proceeds. In addition, Winthrop acquired for $10,000, an
    indirect 49% equity interest in the 1515 Market Street property and became
    the general partner of the property owner.
    
  oAcquired a 284 unit multi-family property located in Greensboro, North
    Carolina for an aggregate purchase price of $17.5 million. In connection
    with the acquisition, the existing $13.6 million non-recourse mortgage
    loan was assumed. The loan bears interest at 6.22% per annum, matures on
    August 1, 2016 and requires payments of interest only. The property is
    presently 94% occupied.
    
  oOriginated a $40.0 million first mortgage loan secured by 67 luxury
    condominium units at Queensridge Towers in Las Vegas, Nevada.The loan
    requires monthly payments of interest only at a rate of LIBOR plus 11.5%,
    with a 0.50% LIBOR floor and matures on November 15, 2014, subject to one,
    twelve month extension.Simultaneously with the origination of the loan,
    Winthrop obtained a $25.0 million recourse loan which is secured by and
    co-terminus with the Queensridge loan and requires monthly payments of
    interest only at a rate of LIBOR plus 4%.
    
  oPurchased for $75,000, a 100% membership interest in the entity that holds
    the fee simple title to a nine-story, 187,000 square foot, 53% occupied,
    Class B office building located in Cerritos, California, 20 miles south of
    Los Angeles. Concurrent with the acquisition of the property, Winthrop
    entered into a modification agreement with the first mortgage lender
    pursuant to which the loan was split into a $23.0 million performing A
    Note and a $14.5 million accruing B Note. Pursuant to the modification,
    the Company has additionally funded a $1.5 million leasing reserve.
    
  oCommitted to invest up to $1.25 million in Winthrop's Vintage Housing
    joint venture to develop a low-income housing tax-credit apartment
    community to be located in Marysville, Washington. This is the venture's
    fifth acquisition/project since its initial investment in the Vintage
    Housing portfolio. Upon completion, the project will be comprised of 204
    units increasing the number of properties in the Vintage Housing venture
    to 30 properties containing a total of 5,485 units.
    
  oThrough a joint venture acquired for $9.2 million a 62,000 square foot
    Class B office building located in Sorrento Mesa, California.Winthrop
    funded $6.0 million as a preferred equity investment in the joint venture
    which entitles it to a 12% priority return and the remaining equity was
    funded equally by Winthrop and its joint venture partner. The property is
    currently 94% leased and leases for three tenants who make up
    approximately 50% of the building are expiring in 2013.Management is
    currently in discussions with two of the tenants leasing 42% of the
    property regarding lease extensions and plans to finance the property once
    the leases have been renewed.
    
  oAcquired an additional 5.5 limited partnership units in the partnership
    which owns a 614,000 square foot office building located in Houston, Texas
    and is net leased through 2026 to Spectra Energy for $1.65 million,
    increasing Winthrop's ownership interest in the property to approximately
    30%.

Dispositions, Loan Satisfactions and Share Repurchases

  *Sold to its joint venture partner, Marc Realty, 100% of its equity
    interest in 180 N Michigan for $7.2 million, $2.0 million in cash and a
    $5.2 million loan.The loan bears interest at 8.25% per annum, requires
    monthly payments of interest only and matures on December 1, 2015.
    
  *Realized net proceeds of approximately $17.2 million through the sale of
    3.25 million common shares of Cedar Realty Trust. Winthrop's average
    aggregate cost for such shares was approximately $12.4 million.
    
  *Received full repayment of $30.0 million on its loan collateralized by
    Broward Financial Center in Fort Lauderdale, Florida.
    
  *Repurchased a total of 70,040 of its common shares of beneficial interest
    in several market transactions.The repurchased shares were retired and
    are no longer outstanding.
    
  *Received full repayment of $6.4 million on its four West Olive rake bonds
    secured by an office building located in Burbank, California.

Financings

  *Refinanced the first mortgage debt on the Newbury Village Apartment
    property located in Meriden, Connecticut with a new loan in the principal
    amount of $21.0 million which bears interest at 3.95% and matures on
    October 2, 2022.
    
  *Fully satisfied the mortgage loan payable of $1.7 million collateralized
    by the Lisle, Illinois property referred to as 701 Arboretum.

Leasing Activity

  *Expanded the lease with TIC-The Industrial Company for an additional
    15,465 square feet at Meridian Corporate Center II (Crossroads II) office
    building in Englewood, Colorado.As a result, TIC now leases
    approximately 89,965 square feet at Crossroads II with a term that expires
    December 31, 2019.The Crossroads I and Crossroads II properties are
    collectively 90% leased, compared to 56.0% when purchased during the
    fourth quarter of 2010.
    
  *Entered into a letter of intent to extend the triple net lease with Ingram
    Micro, the single tenant at Winthrop's 200,000 square foot office building
    in Amherst, New York, through 2023 upon expiration of their existing net
    lease.The extension terms are in the process of being finalized.

Subsequent to Quarter End

  oOriginated a $20.5 million mezzanine loan collateralized indirectly by a
    259,835 square foot, two building, Class A office campus commonly referred
    to as Water's Edge at Playa Vista which is located three miles from Los
    Angeles International Airport.The loan, which is subordinate to an $80.3
    million mortgage loan, bears interest at a rate of LIBOR plus 14.25% per
    annum, with a 0.50% LIBOR floor, and requires monthly payments of interest
    only at a rate of 8.25% per annum with the remaining accrued interest
    being added to principal.In addition, at maturity Winthrop is entitled to
    a participation interest equal to 25% of net equity value or sales
    proceeds of the property or, alternatively, if the property is not sold,
    the borrower can issue to Winthrop a 25% ownership interest in the
    property.Subsequent to origination Winthrop sold at par a 50% pari passu
    participation interest in the loan.
    
  oModified and extended the Advisory Agreement with FUR Advisors LLC for a
    term of five years, which will now expire on December 31, 2017.
    
  oReceived full repayment of $8.7 million on its mezzanine loan indirectly
    collateralized by the property at 127 West 25^th Street, New York, New
    York.
    
  oSold for $9.0 million a 100% participation in the B-Note collateralized by
    the Disney Building located in Burbank, California.
    
  oReceived cash proceeds of approximately $1.3 million on an investment of
    $756,000 from the sale of a collateral management agreement and
    subordinated interests related to a collateralized debt obligation entity
    that was held in a 50/50 joint venture.

First Quarter 2013 Dividend Declarations

Winthrop's Board of Trustees is declaring a dividend for the first quarter of
2013 of $0.1625 per common share payable on April 15, 2013 to common
shareholders of record on March 28, 2013.

Winthrop's Board of Trustees is also declaring a regular quarterly cash
dividend of $0.578125 per Series D preferred share which is payable on April
1, 2013 to the holders of Series D preferred shares of record on March 18,
2013.

Supplemental Financial Information

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

Conference Call Information

Winthrop will host a conference call to discuss its fourth quarter and full
year end 2012 results today, Thursday, March 7, 2013 at 12:00 pm Eastern
Time.Interested parties may access the live call by dialing (877) 407-9205 or
(201) 689-8054, or via the Internet at www.winthropreit.com within the News
and Events section.A replay of the call will be available through April 7,
2013 by dialing (877) 660-6853; account #286, confirmation #404973.An online
replay is also available.

About Winthrop Realty Trust

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

Forward-Looking Statements

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

Consolidated Financial Results

Financial results for the three months and year ended December 31, 2012 and
December 31, 2011 are as follows (in thousands except per share amounts):

                               (unaudited)                (unaudited)
                               For the Three Months Ended For Year Ended
                                December 31,               December 31,
                               2012         2011          2012      2011
Revenue                                                           
Rents and reimbursements        $13,150     $11,093      $51,375  $ 42,789
Interest, dividends and         6,105      5,189       21,123  25,458
discount accretion
                               19,255      16,282       72,498   68,247
Expenses                                                          
Property operating              4,131        3,531         15,666    14,387
Real estate taxes               1,284        1,067         4,765     4,427
Depreciation and amortization   4,794        3,483         17,666    13,234
Interest                        6,056        3,833         17,658    15,759
Impairment loss on investments  2,562        4,600         2,562     7,600
in real estate
General and administrative      1,114        1,424         3,561     3,558
Related Party Fees              2,312        2,008         8,953     7,690
Transaction costs               86           161           421       519
State and local taxes           21        291          234      379
                               22,360      20,398       71,486   67,553
Other income (loss)                                               
Earnings (loss) from preferred  --           (160)         --        338
equity investments
Equity in income (loss) of
equity investments, (inclusive  792         (17,259)     14,843   (12,712)
of impairments of $0, $17,258,
$0and $21,058)
Realized (loss) gain on sale of
securities carried at fair      --          (8)          41       123
value
Unrealized (loss) gain on
securities carried at fair      (338)        3,586         6,916     2,788
value
(Loss) gain on extinguishment   (121)        744           (121)     9,258
of debt
Realized gain on loan
securities carried at fair      614          --            614       --
value
Unrealized (loss) gain on loan
securities carried at fair      --           (34)          447       2,738
value
Settlement income               --           5,868         --        5,868
Gain on consolidation of        --           818           --        818
property
Interest and other income       266         172          699      1,179
                               1,213      (6,273)      23,439   10,398
                                                                 
Income (loss) from continuing   (1,892)      (10,389)     24,451    11,092
operations
                                                                 
Discontinued operations                                           
Income (loss) from discontinued (8)        513          (67)     655
operations
                                                                 
Consolidated net income (loss)  (1,900)      (9,876)       24,384    11,747
Net (Income) loss attributable  (188)      37         247    (814)
to non-controlling interest
Net income (loss) attributable  (2,088)      (9,839)       24,631    10,933
to Winthrop RealtyTrust
Preferred dividend of Series C  --          (409)        --        (585)
Preferred Shares
Preferred dividend of Series D  (2,787)     (339)        (9,285) (339)
Preferred Shares
                                                                 
Net income (loss) attributable  $(4,875)    $(10,587)   $15,346  $10,009
to Common Shares
                                                                 
Per Common Share Data – Basic                                     
Income (loss) from continuing   $(0.15)     $(0.34)      $0.46   $0.30
operations
Income (loss) from discontinued --        0.02         --       0.02
operations
Net income (loss) attributable  $(0.15)     $(0.32)      $0.46    $0.32
to Winthrop Realty Trust
                                                                 
Per Common Share Data – Diluted                                   
Income (loss) from continuing   $(0.15)     $(0.34)      $0.46    $0.30
operations
Income (loss) from discontinued --        0.02         --       0.02
operations
Net income (loss) attributable  $(0.15)     $(0.32)      $0.46    $0.32
to Winthrop Realty Trust
                                                                 
Basic Weighted-Average Common   33,056      33,027       33,062   31,428
shares
Diluted Weighted-Average Common 33,056      33,027       33,062   31,428
shares
                                                                 
Comprehensive income (loss)                                       
Consolidated net income (loss)  $(1,900)   $(9,876)     $ 24,384 $11,747
Change in unrealized gain
(loss) on interest rate         115         (92)         42       (29)
derivative
Consolidated comprehensive      (1,785)     (9,968)      24,426   11,718
income (loss)
                                                                 
(Income) loss attributable to   (188)        37            247       (814)
non-controlling interest
Other comprehensive income
attributable to non-controlling --          --           --       --
interest
Comprehensive (income) loss
attributable to non-controlling (188)       37           247      (814)
interest
Comprehensive income (loss)
attributable to Winthrop Realty $(1,973)    $(9,931)     $24,673  $10,904
Trust

Funds From Operations:

The following presents a reconciliation of net income to funds from operations
for the three months and year ended December 31, 2012 and December 31, 2011
(in thousands, except per share amounts).Please note that certain prior year
amounts have been adjusted to conform to current year presentation.

                               (unaudited)                (unaudited)
                                For the Three Months Ended For the Year Ended
                                 December 31,               December 31,
                                2012          2011         2012      2011
                                                                  
Net income (loss) attributable   $(2,088)    $(9,839)    $24,631  $10,933
to Winthrop Realty Trust
Real estate depreciation         3,116         2,348        11,281    8,646
Amortization of capitalized      1,679        1,213       6,785     4,895
leasing costs
Gain on sale of real estate      --            (450)        (945)     (392)
(Gain) loss on sale of equity    73            --           (199)     (207)
investments
Gain on property consolidation   --            (818)        --        (818)
Real estate depreciation and
amortization of unconsolidated   2,860        3,831       13,490   11,466
interests
Impairment loss on investments   2,562         4,600       3,260    7,600
in real estate
Impairment loss on equity        --            17,258       --        21,058
investments
Less: Non-controlling interest
share of real estate             (686)         (1,113)     (2,831)   (3,483)
depreciation and amortization
                                                                  
Funds from operations            7,516         17,030       55,472    59,698
Series C Preferred dividends     --           (409)      --        (585)
Series D Preferred dividends     (2,787)       (339)        (9,285)   (339)
Allocations of earnings to       --           (61)        --        (325)
Series B-1 Preferred Shares
Allocations of earnings to       --           (35)        --        (213)
Series C Preferred Shares
FFO applicable to Common         $ 4,729     $ 16,186     $ 46,187 $58,236
shares-Basic
                                                                  
Weighted-average Common shares   33,056     33,027      33,062   31,428
                                                                  
FFO Per Common Share-Basic       $0.14        $0.49       $1.40    $1.85
                                                                  
Diluted                                                            
                                                                  
Funds from operations (per       $7,516       $ 17,030     $55,472  $59,698
above)
Series C Preferred dividend      --            (409)        --        (585)
Series D Preferred dividend      (2,787)       (339)        (9,285)   (339)
Allocation of earnings to Series --           (61)        --        (325)
B-1 Preferred Shares
Allocation of earnings to Series --           (35)         --       (213)
C Preferred Shares
FFO applicable to Common shares  $4,729       $16,186     $ 46,187 $58,236
Weighted-average Common shares   33,056        33,027       33,062    31,428
Stock options                    --           --          --        --
Convertible Series C Preferred   --           --          --     --
Shares
Diluted weighted-average         33,056        33,027      33,062    31,428
CommonShares
FFO Per Common Share-Diluted     $0.14        $0.49       $1.40    $1.85

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

Consolidated Balance Sheets:
(in thousands, except share data)

                                                      December 31,
                                                      2012        2011
                                                      (unaudited) (unaudited)
ASSETS                                                            
Investments in real estate, at cost                               
Land                                                   $43,252    $36,495
Buildings and improvements                             378,737   327,337
                                                      421,989     363,832
Less: accumulated depreciation                         (51,553)   (44,556)
Investments in real estate, net                        370,436     319,276
                                                                 
Cash and cash equivalents                              97,682      40,952
Restricted cash held in escrows                        13,250      3,914
Loans receivable, net                                  211,250     114,333
Accounts receivable, net of allowances of $374 and     7,353       5,341
$639, respectively
Accrued rental income                                  13,770      10,805
Securities carried at fair value                       19,694      28,856
Loan securities carried at fair value                  11          5,309
Preferred equity investments                           12,250      5,520
Equity investments                                     134,859     162,142
Lease intangibles, net                                 37,744      36,305
Deferred financing costs, net                          4,864      1,180
TOTAL ASSETS                                           $923,163   $733,933
                                                                 
LIABILITIES                                                       
                                                                 
Mortgage loans payable                                 $280,576   $230,940
Senior notes payable                                   86,250      --
Notes payable                                          1,676       --
Secured financings                                     52,920      29,150
Revolving line of credit                               --          40,000
Accounts payable and accrued liabilities               21,056      14,077
Related Party Fees Payable                             2,664       2,097
Dividends payable                                      5,366       5,369
Deferred income                                        1,136       502
Below market lease intangibles, net                    2,255      2,962
TOTAL LIABILITIES                                      453,899    325,097
                                                                 
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         120,500     40,000
December 31, 2012 and 1,840,000 shares authorized and
1,600,000 shares outstanding at December 31, 2011
Common shares, $1 par, unlimited shares authorized;    
33,018,711 and 33,041,034 issued and outstanding at    33,019      33,041
December 31, 2012 and December 31, 2011, respectively
Additional paid-in capital                             618,426     626,099
Accumulated distributions in excess of net income      (317,385)   (311,246)
Accumulated other comprehensive loss                   (50)       (92)
Total Winthrop Realty Trust Shareholders' Equity       454,510     387,802
Non-controlling interests                              14,754     21,034
TotalEquity                                           469,264    408,836
TOTAL LIABILITIES AND EQUITY                           $923,163   $733,933

Further details regarding Winthrop's results of operations, properties, joint
ventures and tenants are available in Winthrop's Form 10-K for the year ended
December 31, 2012 which will be filed with the Securities and Exchange
Commission and will be available for download at Winthrop's website
www.winthropreit.com or at the Securities and Exchange Commission website
www.sec.gov.

CONTACT: AT WINTHROP
        
         John Garilli
         Chief Financial Officer
         (617) 570-4614
 
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