Winthrop Realty Trust to Seek Shareholder Approval to a Plan of Liquidation

Winthrop Realty Trust to Seek Shareholder Approval to a Plan of Liquidation

Announces Securities Repurchase Plan

BOSTON, April 29, 2014 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE:FUR)
("Winthrop") announced today that its Board of Trustees has unanimously
adopted a plan of liquidation, the implementation of which is subject to
approval by the holders of a majority of Winthrop's common shares. If approved
by shareholders, the plan will provide for an orderly liquidation of
Winthrop's assets. Winthrop expects that its preliminary proxy statement with
respect to the special meeting of shareholders at which the approval of the
plan will be sought will be filed with the Securities and Exchange Commission
in May with a meeting date expected to be held by not later than August of
this year.

The decision to adopt the plan of liquidation followed a lengthy process in
which Winthrop's Board of Trustees explored numerous alternatives including
continuing under its current or a revised business plan, acquiring through
merger or otherwise the assets of another real estate company, seeking to
dispose of its assets through a merger or a portfolio sale, and
liquidation.Based on a number of factors, the Board of Trustees determined
that a liquidation of its assets at this time was in the best interest of
Winthrop's common shareholders.These factors included:(1) the relative
continued disparity in Winthrop's common share price to Winthrop's estimated
net asset value; (2) the inability to raise additional capital at prices that
are accretive to existing shareholders; (3) the current strong market for real
estate assets and the annual disposition limitations imposed on REITs for
federal tax purposes which effectively prevent any further sales this year by
Winthrop and generally restrict the number of sales by a REIT in any taxable
year; (4) the resultant diminished flow of opportunistic investments that
satisfy Winthrop's investment strategy and minimum return parameters; and (5)
the price level of offers and indications of interest received from third
parties in acquiring Winthrop as a whole.

If the plan of liquidation is approved by the common shareholders, Winthrop
will then seek to sell all of its assets with a view towards completing the
liquidation within a two year period.In order to comply with applicable tax
laws, any assets of Winthrop not disposed of within such two year period would
be transferred into a liquidating trust and the holders of interests in
Winthrop at such time will be beneficiaries of such liquidating trust.It is
impossible at this time to determine the ultimate amount of liquidation
proceeds that will actually be distributed to common shareholders or the
timing of such payments but it is estimated that such amount will not be less
than $13.80, the low end of Winthrop's most recently disclosed net asset value
range.The determination of net asset value is set forth in Winthrop's
supplement financial reporting information which is available at Winthrop's
website (www.winthropreit.com) under the "Investor Relations" tab.

Although Winthrop expects that its common shares will continue to be traded on
the New York Stock Exchange until its assets are either disposed of or
transferred to a liquidating trust, under New York Stock Exchange rules it is
possible that following the implementation of the plan of liquidation and
prior to the disposition of all of the assets that the common shares could be
delisted.

As required by the terms of Winthrop's Series D Preferred Shares
(NYSE:FUR-PD), at such time, if at all, as the plan of liquidation is approved
by the common shareholders, dividends on Winthrop's common shares will be
suspended until the $120,500,000 liquidation preference on Winthrop's Series D
Preferred Shares is satisfied.In addition, Winthrop currently intends to
satisfy (or provide reserves to satisfy) its 7.75% Senior Notes that have an
outstanding balance of $86,250,000 before resumption of dividends on its
common shares. 

As of March 31, 2014, Winthrop held cash and cash equivalents of
$102,512,000.In addition, Winthrop is currently under contract to sell two of
its properties which, if consummated, would yield an estimated $41,000,000 of
net proceeds prior to the end of the third quarter of 2014.

The Board of Trustees also approved a share repurchase plan pursuant to which
Winthrop will be permitted to repurchase its Series D preferred shares and
7.75% Senior Notes due 2022, each at prices to be determined by the Board of
Trustees.The purchases of the preferred shares and the Senior Notes will be
executed periodically as market and business conditions warrant on the open
market, in negotiated or block trades, or under a 10b5-1 plan, which would
permit shares to be repurchased when Winthrop might otherwise be precluded
from doing so under insider trading laws.The share repurchase plan does not
obligate Winthrop to repurchase any dollar amount or number of preferred
shares or Senior Notes, and the timing and amount of any such repurchases
under the plan will depend on market conditions, preferred share or note
price, corporate and regulatory requirements, capital availability and other
factors, such as financial covenants and rating considerations.The repurchase
plan does not have an expiration date and may be limited or terminated at any
time by the Board of Trustees without prior notice.

Winthrop's Board of Trustees has reserved the right to terminate the plan of
liquidation at any time prior to its approval by its common shareholders.

Michael L. Ashner, Winthrop's Chairman and Chief Executive Officer said, "This
decision was one taken after considerable deliberation.Simply stated, the
Board of Trustees believes this is the best and most efficient means of
realizing our underlying value for our shareholders."

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 collateralized
debt and REIT preferred and common stock.For more information, please visit
our web-site at www.winthropreit.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995.With the exception of the historical information contained in this news
release, the matters described herein contain "forward-looking" statements
that involve risk and uncertainties that may individually or collectively
impact the matters herein described.These are detailed from time to time in
the "Risk Factors" section of the Company's SEC reports.Further information
relating to the Company's financial position, results of operations, and
investor information is contained in the Company's annual and quarterly
reports filed with the SEC and available for download at its website
www.winthropreit.com or at the SEC website www.sec.gov.

CONTACT:  Winthrop Realty Trust
          Carolyn Tiffany
          Investor or Media Inquiries
          Phone: (617) 570-4614; e-mail: ctiffany@firstwinthrop.com
 
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