|   | 1. | I have reviewed this Quarterly      Report on Form 10-Q      of Winthrop Realty Trust; |
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|   | 2. | Based on my knowledge, this report      does not contain any untrue statement of a material fact or omit to state      a material fact necessary to make the statements made, in light of the      circumstances under which such statements were made, not misleading with      respect to the period covered by this  report; |
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|   | 3. | Based on my knowledge, the      financial statements, and other financial information included in this      report, fairly present in all material respects the financial condition,      results of operations      and cash flows of the Registrant as of, and for, the periods presented in      this report; |
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|   | 4. | The Registrant’s other certifying officer and I      are responsible for establishing and maintaining disclosure controls and      procedures (as defined in Exchange Act Rules 13a-15(e) and      15d-15(e)) for the Registrant andhave: |
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|   | (a) | Designed such disclosure controls      and procedures, or caused such disclosure controls and procedures to be      designed under our supervision, to ensure that material information      relating to the      registrant, including its consolidated subsidiaries, is made known to us      by others within those entities, particularly during the period in which      this report is beingprepared; |
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|   | (b) | Designed such internal control      over financial reporting, or caused such internal control over      financial reporting to be designed under our supervision, to provide      reasonable assurance regarding the reliability of financial reporting and      the preparation of financial statements for external purposes in      accordance with generally accepted accounting      principles; |
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|   | (c) | Evaluated the effectiveness of the      Registrant’s disclosure controls and      procedures and presented in this report our conclusions about the      effectiveness of the disclosure controls and procedures, as of the end      of the period covered      by this report based on such evaluation;  and |
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|   | (d) | Disclosed in this report any      changes in the Registrant’s internal control over financial      reporting that occurred during the Registrant’s most recent fiscal quarter, that      has materially affected, or is reasonably likely      to materially affect, the Registrant’s internal control over financial      reporting; and |
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|   | 5. | The Registrant’s other certifying officer and I      have disclosed, based on our most recent evaluation of internal control      over financial      reporting, to the Registrant’s auditors and the audit committee      of the Registrant’s board of directors (or persons      performing the equivalentfunctions): |
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|   | (a) | All significant deficiencies and      material weaknesses in the design or operation of internal      control over      financial reporting which are reasonably likely to adversely affect the      Registrant’s ability to record, process,      summarize and report financial information;  and |
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|   | (b) | Any fraud, whether or not      material, that involves management or other employees who have a significant role in the      Registrant’s internal control over financial      reporting. |
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| Date:  May 11,      2009 | /s/Thomas C.      Staples    |
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|                               | Thomas C.      Staples       |
|                               | Chief Financial      Officer |

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