Management Team

Michael L. Ashner
Chairman and Chief Executive Officer

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.

Carolyn Tiffany
President

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.

Thomas Staples
Chief Financial Officer

Mr. Staples has been with Winthrop since 1994 and has served as its Chief Financial Officer since January 1999 and is also the Chief Financial Officer of Winthrop REIT. Mr. Staples previously served as Assistant Treasurer of the Shelbourne Entities and Chief Financial Officer of Newkirk. Prior to joining Winthrop, Mr. Staples was the Chief Financial Officer at Sanborn Inc. and Corporate Controller of Perini Investment Properties, Inc. Mr. Staples is a certified public accountant and was with Arthur Andersen for seven years. Mr. Staples holds an MBA from Babson College and a BS from Colby College.

John Alba
Chief Investment Officer

Mr. Alba has been affiliated with Winthrop since 1995 and has served as the Chief Investment Officer since October 2005. During his tenure, Mr. Alba has been involved in over $4 billion of debt and equity real estate transactions. From 1997 to 1998, Mr. Alba worked for Hidalgo & Company, a real estate advisory based in New York, providing advisory services to real estate clients. Mr. Alba holds a BA in Finance from Babson College.

Peter Braverman
Executive Vice President

Mr. Braverman currently serves as Winthrop REIT's Executive Vice President. Mr. Braverman previously served as Winthrop REIT's President and as a Trustee. Mr. Braverman also currently serves as the Executive Vice President of Winthrop, a position he has held since January 1996. Mr. Braverman served as a director and President of Newkirk until it was merged into Lexington and as a director and Executive Vice President of each Shelbourne Entity from August 2002 until their liquidation in April 2004. Prior to 1996, Mr. Braverman was Executive Vice President of NPI. Mr. Braverman holds a JD from Emory University School of Law and a BS from Cornell University.