Winthrop Realty Liquidating Trust 8-K Results of Operations and Financial Condition

Winthrop Realty Trust

Supplemental Operating and Financial Data

For the Period Ended March 31, 2016

Winthrop Realty Trust

Remaining Assets

March 31, 2016

The projected disposition date is management's current estimate based on information available.

The actual disposition date may be significantly earlier or later than current estimates.

The Trust's estimates of cash flow are based on assumptions management believes are reasonable under the circumstances. The actual realized cash flows may differ materially.

Assets not sold or paid off by August 5, 2016 will be transferred to the liquidating trust.

Operating Property Assets Under Contract or To Be Marketed before August 1, 2016

							Trust's Share of
		Trust			Square Feet/		Estimated Cash Flow
Operating Properties:	Location	Ownership		Type	Units		Through Disposition (1)(4)
Wholly Owned
Lake Brandt	Greensboro, NC		100%	Multi-Family	284 Units		$	7,081,000
Jacksonville	Jacksonville, FL		100%	Warehouse		588,000	$	11,308,000
Joint Venture Properties
Sullivan Center	Chicago, IL		38%	Retail/Office		946,000	$	92,308,000
High Grove	Stamford, CT		84%	Multi-Family	93 units		$	5,935,000

Loan Assets/Preferred Equity-Expected Repayment (2)

						Trust's Share of
	Trust		Scheduled	Par/Equity		Estimated Cash Flow
Loan Assets/Preferred Equity	Ownership		Maturity/Payoff	Value		Through Disposition (4)
Pre August 2016 Expected Repayment
Churchill - Whole Loan		100%	Jul-16	$	333,000	$	5,000
CDH CDO - Computer Associates - Mezzanine Loan		50%	Aug-16	$	1,601,000	$	815,000
Post August 2016 Expected Repayment
Mentor - Whole Loan		100%	Sep-16	$	2,497,000	$	2,623,000
Concord Debt Holdings - 99 Founders - Mezzanine Loan		67%	Oct-16	$	1,881,000	$	1,344,000
Concord Debt Holdings - Waterfront Plaza - Mezzanine Loan		67%	Oct-16	$	11,000,000	$	7,677,000
Summit Pointe - Preferred Equity		80%	Nov-16	$	5,879,000	$	5,879,000
Poipu Shopping Village - B Note		100%	Jan-17	$	2,746,000	$	2,900,000
CDH CDO - JP Morgan - B Note		50%	Aug-18	$	30,750,000	$	2,462,000

Operating Properties With Indeterminate Marketing Plan

							Trust's Share of		Disposition Date
		Trust			Square Feet/		Estimated Cash Flow		Assumed for
Operating Properties:	Location	Ownership		Type	Units		Through Disposition (4)		Liquidation Accounting (3)
Wholly Owned
550 Corporetum	Lisle, IL		100%	Office		169,000	$	4,147,000	Oct-16
Churchill/Westinghouse	Churchill, PA		100%	Mixed Use		52,000	$	3,718,000	Dec-16
Orlando	Orlando, FL		100%	Office		257,000	$	925,000	Jan-17
One East Erie	Chicago, IL		100%	Office		126,000	$	32,419,000	Aug-17
Plantation	Plantation, FL		100%	Office		120,000	$	11,695,000	Jan-18
Joint Venture Properties
Mentor	Chicago, IL		50%	Retail		7,000	$	2,836,000	Sep-16
1050 Corporetum	Lisle, IL		60%	Office		54,000	$	94,000	Mar-17
Mosaic	Houston, TX		84%	Multi-Family	396 units		$	86,903,000	Jun-17
Atrium	Chicago, IL		50%	Retail		75,000	$	8,631,000	Aug-17
701 7th Ave.	New York, NY		61%	Retail/Office	Under Development		$	207,302,000	Sep-17
RE CDO	Las Vegas, NV		50%	Land			$	2,102,000	Nov-17
450 West 14th Street	New York, NY	var		Office /Retail		104,000	$	30,146,000	Dec-18

(1)  Net of deposits received as of March 31, 2016.

(2)  Does not include loan assets for which there is no expected cash flow.

(3) The projected disposition date is management’s current estimate based on information available.  The actual disposition date may be significantly earlier or later than current estimates.

(4) The Trust’s estimates of cash flow are based on assumptions management believes are reasonable under the circumstances.  The actual realized cash flows may differ materially.

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Winthrop Realty Trust

Comparison of Realized Sales Proceeds to December 31, 2013 Net Asset Value

	December 31, 2013 Reported NAV Range					Sales Costs Adjustment [1]			December 31, 2013 Modified NAV  Range					Date  Sold/Repaid	Actual Proceeds After Sales Costs [3]
Loans Sold/Repaid
Hotel Wales  - Whole Loan	$	6,000	to	$	6,000	$	-		$	6,000	to	$	6,000	7-Feb-14	$	6,002
San Marbeya - Whole  Loan		13,810	to		13,810		-			13,810	to		13,810	7-Feb-14		13,726
500-512 Seventh Ave - B Note		10,373	to		10,373		-			10,373	to		10,373	7-Feb-14		10,344
Wellington Tower - Mezzanine Loan		3,102	to		3,102		-			3,102	to		3,102	7-Feb-14		3,102
Legacy Orchard - Corporate Loan		9,750	to		9,750		-			9,750	to		9,750	11-Feb-14		9,790
Queensridge - Whole Loan		4,600	to		4,600		-			4,600	to		4,600	31-Mar-14		4,695
Stamford - Mezzanine Loan		9,415	to		9,415		-			9,415	to		9,415	6-Aug-14		9,450
The Shops at Wailea - B Note		7,644	to		7,644		-			7,644	to		7,644	7-Aug-14		7,556
Pinnacle - B Note		5,108	to		5,108		-			5,108	to		5,108	22-Oct-14		4,970
Playa Vista - Mezzanine Loan		12,823	to		14,323		-			12,823	to		14,323	9-Dec-14		19,959	[4	]
Edens Norridge -Mezzanine Loan		16,000	to		16,000		-			16,000	to		16,000	9-Oct-15		19,000	[6	]
Operating Properties Sold
Newbury Apartments - Meriden, CT		5,600	to		5,600		(766	)		4,834	to		4,834	26-Feb-14		5,734
River City - Chicago, IL		5,493	to		5,493		-			5,493	to		5,493	5-Mar-14		5,800
High Point - Hillside, IL		-	to		-		-			-	to		-	5-Mar-14		-
1701 E. Woodfield - Shaumburg, IL		1	to		301		-			1	to		301	5-Mar-14		150
Enterprise - Westchester, IL		-	to		45		-			-	to		45	5-Mar-14		50
Crossroads I and II - Englewood, CO		30,175	to		30,175		(466	)		29,709	to		29,709	1-May-14		30,634
Amherst - Amherst, NY		24,027	to		25,743		(712	)		23,315	to		25,031	25-Jun-14		23,788
Fenway Wateridge - San Diego, CA		350	to		840		-			350	to		840	6-Aug-14		2,383
223 West Jackson - Chicago, IL		5,804	to		6,001		-			5,804	to		6,001	8-Sep-14		5,769
5400 Westheimer - Houston, TX		7,616	to		11,402		-			7,616	to		11,402	15-Oct-14		10,750
Waterford Apartments - Memphis, TN		15,787	to		16,992		(344	)		15,443	to		16,648	16-Oct-14		15,516
Kroger - Atlanta, GA		1,992	to		2,158		(112	)		1,880	to		2,046	20-Oct-14		1,464
Kroger - Greensboro, NC		2,444	to		2,750		(42	)		2,402	to		2,708	20-Oct-14		1,708
San Pedro - San Pedro, CA [2]		20,290	to		20,290		(481	)		19,809	to		19,809	24-Oct-14		23,319	[2	]
Kroger - Louisville, KY		1,945	to		2,140		(180	)		1,765	to		1,960	25-Nov-14		2,320
1515 Market Street - Philadelphia, PA		27,807	to		32,980		(3,433	)		24,374	to		29,547	2-Dec-14		40,304
Sealy Joint Venture - Northwest Atlanta		2,546	to		3,215		-			2,546	to		3,215	23-Dec-14		5,641
South Burlington, VT		1,991	to		2,305		(147	)		1,844	to		2,158	23-Dec-14		2,552
Monroe - Phoenix, AZ [2]		40,579	to		40,579		(578	)		40,001	to		40,001	14-Apr-15		50,072	[2	]
Vintage - Various		67,625	to		77,145		(1,035	)		66,590	to		76,110	1-Jun-15		80,138	[5	]
Cerritos - Cerritos, CA		4,271	to		5,397		(436	)		3,835	to		4,961	16-Sep-15		6,774
Sullivan Center - Chicago, IL		72,820	to		82,633		(128	)		72,692			82,505	27-Apr-16		88,325	[7	]
Totals to Date	$	437,788		$	474,309	$	(8,860	)	$	428,928		$	465,449		$	511,785

Notes

[1] At December 31, 2013, the Net Asset Value reported did not deduct for any costs estimated to be incurred in connection with a sale of the asset.  In order to present a comparable analysis,management has adjusted the previously reported Net Asset Value to give effect for the actual sales costs incurred.

[2] The San Pedro and Monroe properties were encumbered by a cross collateralized loan of $150.0 million.  All of the net proceeds were utilized to pay down the $150.0 million mortgage debt.The actual proceeds after sales are the net proceeds before the paydown of the debt.

[3] Includes sales costs only and does not include prorations for accrued real estate taxes, other liabilities or cash.  Those amounts were reported in the December 31, 2013 supplementseparately under cash and accounts payable.

[4] At December 31, 2013 the Trust owned a 50% interest in this loan.  The remaining 50% interest was purchased in 2014, for $14.0 million, which has been deducted from the actual proceeds.

[5] The Trust contributed an additional $5,645 to the venture on January 2, 2015.  The Trust received $5,740 on the sale of the investment which has been deducted from the actual proceeds.

[6] The investment was not held at December 31, 2013.  The December 2013 NAV above represents the amount invested which amount was included in cash on the December 31, 2013 NAV.On March 5, 2014 the Trust originated a $15,500,000 mezzanine loan and acquired interests in the collateral for $500,000.  Actual proceeds include repayment of the loan and the participation interest, and the sale of its interests in the collateral.

[7]  The Trust contributed an additional $6,792,000 to the venture from October 2015 through January 2016.  The Trust received $6,945,000 related to this investment, which has beendeducted from the actual proceeds.

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CONSOLIDATED STATEMENTS OF NET ASSETS

(Liquidation Basis)

(unaudited, in thousands)

	March 31,		December 31,
	2016		2015
ASSETS
Investments in real estate	$	348,770	$	353,862
Equity investments		330,334		327,738
Cash and cash equivalents		18,103		21,128
Restricted cash held in escrows		7,487		6,603
Loans receivable		5,271		5,280
Secured financing receivable		29,320		28,928
Accounts receivable		837		2,090
TOTAL ASSETS		740,122		745,629
LIABILITIES
Mortgage loans payable		171,753		172,095
Liability for non-controlling interests		18,142		17,796
Liability for estimated costs in excess of estimated receipts during liquidation		28,417		29,297
Dividends payable		1,822		1,822
Accounts payable, accrued liabilities and other liabilities		5,717		6,382
Related party fees payable		1,572		1,841
TOTAL LIABILITIES		227,423		229,233
COMMITMENTS AND CONTINGENCIES
Net assets in liquidation	$	512,699	$	516,396

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WINTHROP REALTY TRUST INVESTOR INFORMATION

TRANSFER AGENT	INVESTOR RELATIONS
Computershare Written Requests: P.O. Box 43078 Providence, RI 02940 phone: 800.622.6757 (US, Canada and Puerto Rico) phone: 781.575.4735 (outside US) Overnight Delivery: 250 Royall Street Canton, MA 02021 Internet Inquiries : Investor Centre™ website at www.computershare.com/investor	Carolyn Tiffany, Investor Relations Winthrop Realty Trust P.O. Box 9507 7 Bulfinch Place, Suite 500 Boston, MA 02114-9507 phone: 617.570.4614 fax: 617.570.4746

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