Boston-based real estate investment trust Winthrop Realty Trust has extended and modified its existing line of credit with KeyBank National Association.

The line of credit would otherwise have expired Dec. 16. Under the revised terms, the line of credit has been extended for two years, and will now expire Dec. 16, 2010, subject to one, one-year extension right. It provides for a maximum initial borrowing at any one time of up to $35 million, subject to increase up to $75 million. As of Dec. 16, the trust had no amounts outstanding on the line.

“Given the current economic climate and the general absence of loan availability, we believe that the two-year extension provides the trust with future capital flexibility,” said Michael L. Ashner, the trust's chairman and chief executive officer. “In addition, the accordion feature enables the line to be increased if and when the current lending environment becomes more favorable and the Trust perceives a need for an expanded facility.”