Winthrop Realty Trust Announces Results for First Quarter 2013

Winthrop Realty Trust Announces Results for First Quarter 2013

Declares Second Quarter 2013 Cash Dividend

BOSTON, May 2, 2013 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE:FUR), a
leading real estate value investor, today announced financial and operating
results for the first quarter ended March 31, 2013. All per share amounts are
on a diluted basis.

Financial Results

Three Months Ended March 31, 2013

Net income applicable to common shares for the quarter ended March 31, 2013
was $11.0 million, or $0.33 per common share compared with net income of $7.3
million, or $0.22 per common share for the quarter ended March 31, 2012.

For the quarter ended March 31, 2013, Winthrop reported Funds from Operations
(FFO) applicable to common shares of $15.9 million, or $0.48 per common share,
compared with FFO of $14.0 million, or $0.42 per common share for the quarter
ended March 31, 2012.

Carolyn Tiffany, Winthrop's President commented, "We are pleased that this
quarter's reported NAV, earnings and FFO all reflect the positive impact of
our opportunistic investment approach, which includes both new investments as
well as dispositions.Our Company's present liquidity has it well positioned
to take advantage of the investment opportunities that present themselves."

Net Asset Value as of March 31, 2013 and Five Year Performance Table

Winthrop's estimated range of net asset value per common share at March 31,
2013 is $12.94 to $15.31 as compared to $12.85 to $15.13 at December 31,
2012.In addition, our quarterly supplement contains an investment performance
table that presents the internal rate of return for each investment made and
sold or otherwise liquidated during the last five years.The pooled weighted
internal rate of return on these investments is 32.5%.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.

2013 First Quarter Activity and Subsequent Events

  oOriginated a $20.5 million participating mezzanine loan collateralized
    indirectly by a 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, requires monthly
    payments of interest only at a rate of 8.25% per annum with the remaining
    accrued interest being added to principal and entitles Winthrop to a
    participation interest equal to 25% of net equity value or sales proceeds
    of the property or, alternatively, a 25% ownership interest in the
    property.Subsequent to origination Winthrop sold at par a 50% pari passu
    participation interest in the loan.
    
  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 price equal to Winthrop's cost, a 100%
    participation in the B-Note collateralized by the Disney Building located
    in Burbank, California.
    
  oReceived cash proceeds of approximately $4.4 million on an investment of
    $1.25 million from the sale of the subordinated interests related to
    collateralized debt obligation entities and the transfer of a collateral
    management agreement that were held in a 50/50 joint venture.
    
  oSold for $12.0 million our Andover, Massachusetts office property.
    
  oReceived full payment of $5.2 million on the loan collateralized by the
    property located at 180 North Michigan Avenue, Chicago, Illinois.
    
  oAcquired control of, and an effective 89% equity interest in, the property
    owner of 1515 Market Street while retaining its $71.7 million loan secured
    by the property.Subsequent to quarter end, obtained a new first mortgage
    loan from a third party in the original principal amount of $43.0 million
    which bears interest at 2.5% per annum, requires monthly payments of
    interest only and matures April 2016.Winthrop received $38.5 million of
    loan proceeds from the financing which reduced Winthrop's investment in
    the loan receivable to $21.1 million, which investment amount accrues
    interest at a rate of 19.6%.
    
  oWith respect to Winthrop's 50/50 joint venture in Sullivan Center,
    increased the venture's indirect participation in the property by 5% to
    70%, which interest is subject to increase to 76% if the venture does not
    receive a $1.4 million fee from the borrower by November 2013.
    
  oReduced the recourse debt due to KeyBank with respect to the Queensridge
    Towers loan to $13.65 million at March 31, 2013 by applying approximately
    $10.1 million of loan proceeds received on the Queensridge Tower loan
    receivable from condominium sales.
    
  oModified and extended the Advisory Agreement with FUR Advisors LLC for a
    term of five years, which will now expire on December 31, 2017.

Supplemental Financial Information

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

Second Quarter 2013 Dividend Declarations

The Company's Board of Trustees is declaring a dividend for the second quarter
of 2013 of $0.1625 per Common Share payable on July 15, 2013 to common
shareholders of record on June 28, 2013.

The Company's Board of Trustees also declared a regular quarterly cash
dividend of $0.578125 per Series D Preferred Share which is payable on July 1,
2013 to the holders of Series D Preferred Shares of record on June 20, 2013.

Conference Call Information

The Company will host a conference call to discuss its first quarter 2013
results today, Thursday, May 2, 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 June 2, 2013 by
dialing (877) 660-6853; account #286, confirmation #411256.An online replay
will also be available for one year.

About Winthrop Realty Trust

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

Forward-Looking Statements

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

Financial Results

Financial results for the three months ended March 31, 2013 and 2012 are as
follows (in thousands except per share amounts):

                                                      Three Months Ended
                                                      March 31,
                                                      2013        2012
                                                      (Unaudited) (Unaudited)
Revenue                                                           
Rents and reimbursements                               $15,179     $11,793
Interest, dividends and discount accretion             5,320       5,518
                                                      20,499      17,311
Expenses                                                          
Property operating                                     4,930       4,331
Real estate taxes                                      946         1,192
Depreciation and amortization                          5,174       3,537
Interest                                               6,032       3,724
General and administrative                             847         883
Related party fees                                     2,266       2,027
Transaction costs                                      6           121
State and local taxes                                  17          6
                                                      20,218      15,821
Other income (loss)                                               
Equity in income of equity investments                 7,869       424
Earnings from preferred equity investments             202         --
Realized gain (loss) on sale of securities carried at  (102)       26
fair value
Unrealized gain on securities carried at fair value    1,718       4,932
Unrealized gain on loan securities carried at fair     --          164
value
Interest income                                        70          101
                                                      9,757       5,647
                                                                 
Income from continuing operations                      10,038      7,137
                                                                 
Discontinued operations                                           
Income from discontinued operations                    2,913       215
                                                                 
Consolidated net income                                12,951      7,352
Net loss attributable to non-controlling interest      795         901
Net income attributable to Winthrop Realty Trust       13,746      8,253
Preferred dividend of Series D Preferred Shares        (2,787)     (925)
Amount allocated to restricted shares                  (2)         --
Net income attributable to Common Shares               $10,957     $7,328
                                                                 
Per Common Share Data – Basic:                                    
Income from continuing operations                      $0.24       $0.22
Income from discontinued operations                    0.09        --
Net income attributable to Winthrop Realty Trust       $0.33       $0.22
                                                                 
Per Common Share Data – Diluted:                                  
Income from continuing operations                      $0.24       $0.22
Income from discontinued operations                    0.09        --
Net income attributable to Winthrop Realty Trust       $0.33       $0.22
                                                                 
Basic Weighted-Average Common Shares                   33,027      33,052
Diluted Weighted-Average Common Shares                 33,080      33,052
                                                                 
Comprehensive income                                              
Consolidated net income                                $12,951     $7,352
Change in unrealized loss on interest rate derivative  (1)         (32)
Consolidated comprehensive income                      12,950      $7,320
                                                                 
Net loss attributable to non-controlling interest      795         901
Other comprehensive income attributable to             --         --
non-controlling interest
Comprehensive loss attributable to non-controlling     795         901
interest
Comprehensive income attributable to Winthrop Realty   $13,745     $8,221
Trust

Funds From Operations:

The following presents a reconciliation of net income to funds from operations
for the three months ended March 31, 2013 and 2012 (in thousands, except per
share amounts):

                                                      Three Months Ended
                                                      March 31,
                                                      2013        2012
                                                      (unaudited) (unaudited)
Basic                                                             
                                                                 
Net income attributable to Winthrop Realty Trust       $13,746     $8,253
Real estate depreciation                               3,263       2,515
Amortization of capitalized leasing costs              1,977       1,204
Real estate depreciation and amortization of           2,623       3,662
unconsolidated interests
Gain on sale of real estate                            (2,775)     --
Loss on sale of equity investments                     110         46
Less:Non-controlling interest share of depreciation   (243)       (732)
and amortization
                                                                 
Funds from operations attributable to the Trust        18,701      14,948
                                                                 
Preferred dividend of Series D Preferred Shares        (2,787)     (925)
Amount allocated to restricted shares                 (2)         --
Funds from operations applicable to Common Shares –    $15,912     $14,023
Basic
                                                                 
Weighted-average Common Shares                         33,027      33,052
                                                                 
Funds from operations per Common Share - Basic         $0.48       $0.42
                                                                 
Diluted                                                           
                                                                 
Funds from operations attributable to the Trust        18,701      14,948
                                                                 
Preferred dividend of Series D Preferred Shares        (2,787)     (925)
Amount allocated to restricted shares                  (2)         --
                                                                 
Funds from operations applicable to Common Shares –    $15,912     $14,023
Diluted
                                                                 
Basic weighted-average Common Shares                   33,027      33,052
Stock options                                          2           --
Restricted shares                                      51          --
Diluted weighted-average Common Shares                 33,080      33,052
                                                                 
Funds from operations per Common Share – Diluted       $0.48       $0.42

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

Consolidated Balance Sheets:                                     
(in thousands, except share data)                                
                                                                
                                                     March 31,   December 31,
                                                     2013        2012
                                                     (Unaudited) (Unaudited)
ASSETS                                                           
Investments in real estate, at cost                              
Land                                                  $60,616     $43,252
Buildings andimprovements                            395,716     378,737
                                                     456,332     421,989
Less: accumulated depreciation                        (52,412)    (51,553)
Investments in real estate, net                       403,920     370,436
                                                                
Cash and cash equivalents                             131,448     97,682
Restricted cash held in escrows                       15,821      13,250
Loans receivable, net                                 130,212     211,250
Accounts receivable, net of allowances of $458 and    4,902       3,882
$374, respectively
Accrued rental income                                 16,761      17,241
Securities carried at fair value                      12,220      19,694
Loan securities carried at fair value                 11          11
Preferred equity investments                          12,358      12,250
Equity investments                                    134,224     134,859
Lease intangibles, net                                52,439      37,744
Deferred financing costs, net                         4,755       4,864
TOTAL ASSETS                                          $919,071    $923,163
                                                                
LIABILITIES                                                      
Mortgage loans payable                                278,824     280,576
Senior notes payable                                  86,250      86,250
Secured financings                                    42,803      52,920
Notes payable                                         1,660       1,676
Accounts payable and accrued liabilities              20,006      21,056
Related party fees payable                            2,540       2,664
Dividends payable                                     8,154       5,366
Deferred income                                       1,472       1,136
Below market lease intangibles, net                   2,684       2,255
TOTAL LIABILITIES                                     444,393     453,899
                                                                
COMMITMENTS AND CONTINGENCIES                                    
                                                                
EQUITY                                                           
Winthrop Realty Trust Shareholders' Equity:                      
Series D Cumulative Redeemable Preferred Shares, $25
per share liquidation preference, 5,060,000 shares    120,500     120,500
authorized and 4,820,000 shares outstanding at March
31, 2013 and December 31, 2012
Common Shares, $1 par, unlimited shares authorized;
33,128,853 and 33,018,711 issued and outstanding at   33,029      33,019
March 31, 2013 and December 31, 2012, respectively
Additional paid-in capital                            618,626     618,426
Accumulated distributions in excess of net income     (311,793)   (317,385)
Accumulated other comprehensive loss                  (51)        (50)
Total Winthrop Realty Trust Shareholders' Equity      460,311     454,510
Non-controlling interests                             14,367      14,754
Total Equity                                          474,678     469,264
TOTAL LIABILITIES AND EQUITY                          $919,071    $923,163

Further details regarding the Company's results of operations, properties,
joint ventures and tenants are available in the Company's Form 10-Q for the
quarter ended March 31, 2013 which will be filed with the Securities and
Exchange Commission and will be available for download at the Company's
website www.winthropreit.com or at the Securities and Exchange Commission
website www.sec.gov.

CONTACT: Contact Information:
        
         AT THE COMPANY
        
         John A. Garilli
         Chief Financial Officer
         (617) 570-4614
 
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