NEWKIRK REALTY TRUST, INC. AND WINTHROP REALTY TRUST
   ANNOUNCE FORMATION OF JOINT VENTURE TO ACQUIRE AND ORIGINATE SECURED LOANS

      FOR IMMEDIATE RELEASE - BOSTON, March 31 /PRNewswire-FirstCall/ -- Newkirk
Realty Trust, Inc. (NYSE:NKT) and Winthrop Realty Trust (NYSE:FUR) announced
today that they have formed a joint venture to acquire and originate loans
secured, directly and indirectly, by real estate assets. Each of Newkirk and
Winthrop has committed to invest up to $50 million each in the joint venture.
The joint venture will be owned equally by Newkirk and Winthrop and management
will be vested in an investment committee of the joint venture that will consist
of an equal number of members appointed by each of Newkirk and Winthrop with one
additional member being appointed by the common management of Newkirk and
Winthrop.

      In addition, the joint venture has entered into a $300 million repurchase
agreement with Column Financial Inc. pursuant to which the joint venture expects
to leverage up to 75% of the assets held in the joint venture. It is further
anticipated that the joint venture will enter into a second repurchase agreement
enabling the joint venture to obtain an additional $200 million in leverage.
Accordingly, it is presently contemplated that the joint venture will acquire
and originate an aggregate of approximately $600 million in loan obligations
secured by real estate assets. Upon acquisition and origination of a sufficient
level of loan obligations, the joint venture may form one or more collateral
debt obligation pools in order to realize additional value from these
investments.

      Newkirk's previously acquired loan assets secured by properties leased to
Toys "R" Us and JP Morgan Chase were contributed to the joint venture as part of
Newkirk's capital commitment.

      The formation of the joint venture was approved by the independent
directors of Newkirk and the conflicts committee of Winthrop as required by each
entity's corporate governance guidelines.

      Winthrop Realty Trust is a NYSE-listed real estate investment trust (REIT)
headquartered in Boston, Massachusetts.

      Newkirk Realty Trust, Inc. is a real estate investment trust engaged in
the acquisition, ownership, management and strategic disposition of
single-tenant assets. Newkirk conducts its operations through The Newkirk Master
Limited Partnership, which currently owns a highly diversified portfolio of
office, retail and industrial/other assets containing in excess of 17 million
square feet.

Forward-Looking Statements

      Certain statements contained in this press release that are
forward-looking are based on current expectations that are subject to a number
of uncertainties and risks, and actual results may differ materially. Further



information about these matters and the risks generally with respect to Newkirk
can be found in Newkirk's Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q filed with the Securities and Exchange Commission. Further information
about these matters and the risks generally with respect to Winthrop can be
found in Winthrop's Annual Report on Form 10-K and Quarterly Reports on Form
10-Q filed with the Securities and Exchange Commission.

Contact:

Carolyn Tiffany
(617) 570-4600