Lexington Corporate Properties Trust and Newkirk Realty Trust Announce Merger Agreement

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April 11, 2007
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SAFE HARBOR
This presentation contains certain
forward-looking statements which involve known
and unknown risks, uncertainties or other factors
not under Lexingtons control which may cause
actual results, performance or achievements of
Lexington to be materially different from the
results, performance, or other expectations
implied by these forward-looking statements.
These factors include, but are not limited to,
those factors and risks detailed in Lexingtons
periodic filings with the Securities and Exchange
Commission. Lexington undertakes no obligation to
publicly release the results of any revisions to
those forward-looking statements which may be
made to reflect events or circumstances after the
occurrence of unanticipated events. Accordingly,
there is no assurance that Lexingtons
expectations will be realized. The Company
assumes no obligation to update or supplement
forward-looking statements that become untrue
because of subsequent events.
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OVERVIEW
Americas dominant real estate investment trust
(REIT) focused on single-tenant real estate
investments
Focus
Portfolio Diversity
Nationwide holdings in multiple asset types,
net-leased to corporations in a wide variety of
industries, reduces exposure to regional
downturns, price fluctuations in property types
and exposure to specific sectors of the economy
1.50/ 7.0
Dividend/Yield
Price
21.50
Symbol/Listing
LXP/ NYSE
Total Enterprise Value
5.1 billion
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PROVEN PORTFOLIO
Variety of Asset Types Creates Portfolio
Diversification
Revenue by Property Type1
Office 67
Industrial 30
Retail Other Asset Types 3
1 12 months ended 12/31/06
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NATIONAL PLATFORM IN GROWTH MARKETS
Growth Focused in Highly Desirable Markets

Annualized Base Rent
gt 20 mm
10 mm - 20mm
5 mm - 10mm
lt 5 mm
No Holdings
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HIGH QUALITY TENANTS
Investment grade1 tenants account for the
majority of rental income
Unrated 27
Investment Grade1 56
Sub-Investment Grade 17

• Investment Grade indicates a rating by SP of
  BBB- or better or a rating by Moodys of Baa3 or
  better, but not necessarily both, as of 12/31/06

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ABOVE AVERAGE DIVIDEND YIELD
LXP has an Attractive Yield Backed by Strong Cash
Flows
7.0
4.68
4.22
3.74
3.70
3.64
Source NAREIT, as of 04/05/07
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CONSISTENT DIVIDEND GROWTH
14 Consecutive Years of Annual Dividend Increases
1.50
1.46
1.44
1.40
1.34
1.32
1.27
1.22
1.20
1.17
1.16
1.10
1.08
1.05
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LEXINGTON REALTY TRUST OUT PERFORMING

• Total Returns 12/93 12/06

684
17 Annualized Total Return for LXP Investors
Since 1993 IPO
487
289
208
Source Bloomberg
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BALANCE SHEET RESTRUCTURED FOR CONTINUED GROWTH

• Balance Sheet Refinancing
• 600 million of floating-rate short-term debt
• Replace with long-term, fixed-rate capital
• Reduce interest expense, extend maturities, fix
  rates

• Selective Acquisitions
• Capitalize on favorable financing opportunities

• Dispositions Capital Recycling
• Prune non-core holdings
• Reduce exposure to slow growth markets
• Repurchase common shares

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VAST OPPORTUNITIES TO PROPEL GROWTH

• Corporate Users
• Acquire leaseback
• Financially strong landlord
• Strong client relationships

• Capital provider to Merchant Builders
• Purchases of build-to-suit properties
• Financially able to provide forward commitments
• Facilitates construction financing

• Acquire Properties with Existing Leases
• Nationwide owner
• Not a 1031 investor

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VAST OPPORTUNITIES TO PROPEL GROWTH

• UPREIT
• Tax deferred exit strategies
• Liquidity for sellers
• Benefit to investing in a larger portfolio

• Expand Business Lines
• Debt investments
• New joint ventures asset classes

• Strategic Acquisitions
• Private portfolios
• Public real estate companies (Newkirk)

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RECENT PUBLIC-TO-PUBLIC ACQUISITION
Strategic Acquisition of Newkirk Further
Enhanced LXP Credit Quality
Before Merger at 12/31/06
Investment
Grade
Rental
Investment Grade1 46
Income
Increase to
56
Sub-Investment Grade 21
Unrated 33

• Investment Grade indicates a rating by SP of
  BBB or better or a rating by Moodys of Baa3 or
  better, but not necessarily both.

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Size Gives Us A Strategic Advantage
The merger with Newkirk created the largest
publicly traded, pure play net lease company in
the United States with significant scale,
critical mass and market penetration
Enterprise Value (1) ( in billions)
5.1
4.1
3.7
Billions
2.7
2.5
2.5
1.7
1.5
(2)
0.8

1. Source KeyBanc report 3/30/07 based on public
   filings, FactSet, SNL Financial.
2. Calculated by multiplying 12/31/06 share price by
   shares and units outstanding as of 12/31/06 and
   adding debt (net of cash).

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Acquisition of Newkirk Improves Capital Structure
Merger Completed As of 12/31/06
Pre-Merger As of 9/30/06

• Total Debt 2.141 B 1.155 B
• Market Equity
• Preferred 0.234 B 0.234 B
• Common/Operating Partnership Units(1) 2.472
  B 1.316 B
• Total Market Equity 2.706 B 1.550 B
• Total Market Capitalization 4.847 B 2.705 B

(1) Calculated using share price as of 12/31/06
of 22.42.
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SUMMARY

• Premier portfolio of more than 350 commercial
  buildings leased primarily to single-tenant,
  investment-grade corporations

• Properties diversified across product types
  (office, industrial, retail) and located within
  44 of the 50 states (limiting exposure to
  geographic trends)
• Balance sheet prepared for external growth,
  access to JV capital
• Share repurchase opportunity to enhance
  shareholder value
• Increased dividend annually for past 14 years,
  since IPO

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April 11, 2007