Board of Trustees

Michael L. Ashner
Elected 2004
Mr. Ashner has been Chairman and Chief Executive Officer of Winthrop Realty Trust ("Winthrop REIT") since December 31, 2003. In addition, Mr. Ashner has been Chairman and Chief Executive Officer of Winthrop Realty Partners, L.P. ("Winthrop") since 1996.

Mr. Ashner previously served as Director and Chief Executive Officer of Shelbourne Properties I, Inc., Shelbourne Properties II, Inc. and Shelbourne Properties III, Inc. (collectively, the "Shelbourne Entities"), three real estate investment trusts, from August 2002 until their liquidation in April 2004. From January 1, 2007 through March 20, 2008, Mr. Ashner was Executive Chairman of Lexington Realty Trust. Prior to 1996, Mr. Ashner was Chief Executive Officer and President of National Property Investors ("NPI").

Mr. Ashner currently serves on the Board of Directors of NBTY, Inc., a manufacturer and distributor of nutritional supplements. Since 1991, Mr. Ashner and his team have acquired and/or managed well over $12 billion of real estate transactions, including 85,000 apartment units, 50 million square feet of office, retail, and industrial space and 10,000 hotel rooms. At one point, assets under management were located in 45 different states. Mr. Ashner and his team have also managed over 500 partnerships, at least 40 of which were publicly reporting with over 100,000 investors, as well as five publicly traded REITS. Mr. Ashner holds a JD from University of Miami and a AB from Cornell University.

Arthur Blasberg Jr.
Elected 2003
Mr. Blasberg's activities for the past five years include appointment by the Superior Court in Massachusetts to serve as a receiver of various businesses (including real estate investment companies), as a special master and as the trustee of a trust holding undeveloped land and a trust whose main asset was a limited partnership interest in a cogeneration plant. Mr. Blasberg serves as a director of several private companies and previously served as the receiver and liquidating trustee of The March Trust, Inc., a real estate investment firm which acted as the general partner and/or limited partner in over 250 limited partnerships. Mr. Blasberg is an attorney admitted to practice in the Commonwealth of Massachusetts and previously served for five years in the general counsel's office of the Securities and Exchange Commission. Mr. Blasberg was a director and served on the audit committee of the Shelbourne Entities.

Howard Goldberg
Elected 2003
Mr. Goldberg has been a private investor and has provided consulting services to start-up companies since 1999. Mr. Goldberg presently serves as a part-time consultant to Laser Lock Technologies, Inc., a company in the security and advertising business, performing duties consistent with that of a chief operating officer. Mr. Goldberg also sits on the Advisory Board of WinWin, a company specializing in foreign charitable lotteries. From 1994 through 1998, Mr. Goldberg served as President and Chief Executive Officer of Player's International, a public company in the gaming business, prior to its being sold to Harrah's Entertainment Inc. In addition, from 1995 to 2000, Mr. Goldberg served on the board of directors of Imall Inc., a public company that provided on-line shopping and which was ultimately sold to Excite-at-Home. Mr. Goldberg has a law degree from New York University and was previously the managing partner of a large New Jersey law firm. Mr. Goldberg was a director and served on the audit committee of the Shelbourne Entities.

Thomas F. McWilliams
Elected 2008
Mr. McWilliams is currently the managing partner of the investment committee of Court Square Capital Partners, a private equity company that manages approximately $6 billion in capital, a position he has held since 2006 when Court Square Capital Partners was formed. From 1983 to 2006, Mr. McWilliams held a similar position with Citigroup Venture Capital, the private equity arm of Citigroup.

Lee Seidler
Elected 2009
Dr. Seidler is currently a private investor. Dr. Seidler serves frequently as an expert witness in accounting and finance cases for various plaintiffs and defendants as well as the U.S. Securities and Exchange Commission. He testified in 2002 before the Senate Committee on Banking, Housing and Urban Affairs on regulation of the accounting profession and consulted with staff drafting Sarbanes-Oxley which produced the Public Company Accounting Oversight Board(PCAOB). He was a member of the PCAOB's Standing Advisory Group. Mr. Seidler served as a General Partner and Senior Managing Director of Bear, Stearns & Co. from 1981 to 1989. Dr. Seidler was elected to Institutional Investor's "All Star" first team of financial analysts for 14 consecutive years (until his retirement) for his analysis of the impacts of accounting and financial reporting and taxes on the decisions of investors. He was also director of the firm's 55 person internal audit staff for two years and represented Bear, Stearns in Washington D.C. on legislative issues. Dr. Seidler is a CPA and has been a member of the boards of directors of numerous public and private companies and has served as chair of the audit committees of these companies. Dr. Seidler was a professor of accounting and the Price Waterhouse professor of auditing at New York University Graduate School of Business Administration for 22 years.

Carolyn Tiffany
Elected 2009
Ms. Tiffany has been President of Winthrop REIT and Winthrop since January 2009. Ms. Tiffany previously served as Winthrop's Chief Operating Officer and Secretary from January 8, 2004 to January 31, 2007. From February 2007 through March 2008 Ms. Tiffany served as a principal and the Chief Operating Officer for High Street Equity Advisors, a private equity real estate firm. From April 2008 to December 31, 2008, Ms. Tiffany was a private investor. In addition, Ms. Tiffany served as the Chief Operating Officer and Secretary of Newkirk Realty Trust Inc. and its predecessor entities from 1996 to December 31, 2006, and previously served as Vice President, Treasurer, Secretary and Chief Financial Officer of Shelbourne Properties, I, II and III. Ms. Tiffany was also a certified public accountant with the firm Kenneth Leventhal & Co. Ms. Tiffany holds a BA from Emanuel College.

Steven Zalkind
Elected 2008
Mr. Zalkind has been a principal of Resource Investments Limited, LLC ("Resource"), a real estate investment firm, since 1975 acting as either an officer of the General Partner or Managing Member in the acquisition of over 26,000 multi-family apartment units and 2,000,000 square feet of commercial shopping centers and office buildings. Mr. Zalkind currently serves as the Chairman and Chief Executive Officer of Resource. Mr. Zalkind was a director of each of the Shelbourne Entities from August 2002 to their liquidation in April 2004 and a director of Newkirk from November 2005 until its merger with Lexington in December 2006.