Lexington Realty Trust 2006 FBR Investor Conference

1
Lexington Realty Trust2006 FBR Investor
Conference

• November 28, 2006

2
Safe Harbor
This presentation, together with other statements
and information publicly disseminated by
Lexington and Newkirk, contains "forward-looking
statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended and
Section 21E of the Securities Exchange Act of
1934. All statements other than statements of
historical facts included in this presentation
are forward-looking statements. All
forward-looking statements contained herein speak
only as of the date of this presentation. Such
forward-looking statements involve known and
unknown risks, uncertainties and other factors
that may cause the actual results, performance,
achievements or transactions of Lexington,
Newkirk and their affiliates or industry results
or the benefits of the proposed merger to be
materially different from any future results,
performance, achievements or transactions
expressed or implied by such forward-looking
statements. Such risks, uncertainties and other
factors relate to, among others, difficulties
encountered in integrating the companies, the
satisfaction of closing conditions to the
transaction, inability to realize or delays in
realizing the expected synergies, unanticipated
operating costs and the effects of general and
local economic and real estate conditions.
Additional information or factors which could
impact the companies and the forward-looking
statements contained herein are included in each
company's filings with the Securities and
Exchange Commission. The companies assume no
obligation to update or supplement
forward-looking statements that become untrue
because of subsequent events.
3
Merger Transaction
4
Merger Overview
On December 29, 2006 Newkirk Realty Trust, Inc.
(Newkirk) will merge with and into Lexington
Corporate Properties Trust (Lexington).
Summary

• Fixed exchange ratio of 0.80 Lexington common
  shares for each share of Newkirk common stock.
  Newkirk operating partnership units will undergo
  a reverse split on the basis of the 0.80 exchange
  ratio and will be redeemable (on a one-to-one
  basis post-reverse split) into Lexington shares.
  

Form of Transaction
In connection with the closing of the merger,
Lexington anticipates making a one-time cash
distribution of 0.17 per share to Lexington
shareholders and unitholders.
Cash Distribution

• Annualized dividend expected to increase by 2.7
  to 1.50 per share upon consummation of the
  merger, which represents a current yield of
  approximately 7.0. Dividend yield ranks
  favorably among peer group average of 6.8.

Dividend Policy

• Will continue trading under existing ticker
  (NYSE LXP) but under the new name Lexington
  Realty Trust.

New Name
5
Merger Overview

• Lexington Realty Trust will be the premier net
  lease platform
• Creates the largest publicly traded, pure play
  single tenant focused real estate company in the
  United States
• Nearly doubles equity value and increases the
  companys enterprise value to approximately 4.8
  billion (1)
• Enhances access to capital markets and attractive
  financing opportunities
• Improves tenant credit quality, geographic and
  asset diversification and market penetration
• Expands growth opportunities across multiple
  business lines, including core and specialty
  properties, an attractive debt investment
  platform, institutional joint venture
  relationships and other single tenant related
  lines of business
• Combines two highly experienced management teams
  with complementary skill sets that include
  expertise in traditional single tenant focused
  investing and large-scale strategic/opportunistic
  portfolio transactions with single tenant
  properties

1. Based on Lexingtons closing share price on
   11/16/06 of 21.50 per share and reported results
   as of 9/30/06.

6
Strategic Rationale
7
Strategic Rationale
Increases Critical Mass, Diversification and
Market Penetration
Improves Tenant Credit Quality with Majority
Investment Grade Tenants
Enhances Geographic and Asset Diversity with East
Coast and West Coast Concentrations
Strengthens Balance Sheet and Improves Financial
Metrics
Expands Investment Opportunities
Combines Complementary Skill Sets
8
Strategic Rationale
The merger creates the largest publicly traded,
pure play net lease company in the United States
with significant scale, critical mass and market
penetration

1. Calculated by multiplying 11/16/06 share price by
   shares and units outstanding as of 9/30/06 and
   adding debt (net of cash) and the liquidation
   preference of preferred stock as of 9/30/06.

9
Strategic Rationale
The combined companys high quality assets will
be majority occupied by investment grade tenants
Investment Grade Tenants Increase to 55

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

10
Strategic Rationale
Geographic diversity concentrates earnings in
core growth markets and reduces exposure to
regional downturns
11
Strategic Rationale
With more than 350 properties spread across the
United States, the combined company will have a
significantly diversified earnings base
Maintains Asset Diversity
Increases Presence in High Growth Rental Markets

• The specific states listed are not necessarily
  the largest in the portfolio.

12
Strategic Rationale
Strengthens balance sheet and improves financial
metrics
Strong Cash Position

• Net cash is expected to be approximately 75
  million.

Conservative Leverage

• Net debt-to-enterprise value is expected to be
  approximately 50.

Moderate Payout Ratio

• Lexingtons common share annualized dividend is
  expected to increase to 1.50 per share.
• FFO and AFFO payout ratios are expected to be
  approximately 83 and 70, respectively, based on
  the 2007 guidance midpoints.

13
Strategic Rationale
Combined Company Management
Michael L. Ashner Executive Chairman and Director of Strategic Acquisitions
E. Robert Roskind Co-Vice Chairman
Richard J. Rouse Co-Vice Chairman and Chief Investment Officer
T. Wilson Eglin Chief Executive Officer, President and Chief Operating Officer
Patrick Carroll Executive Vice President and Chief Financial Officer
John B. Vander Zwaag Executive Vice President of Portfolio Management
Lara S. Johnson Executive Vice President of Strategic Acquisitions
Board of Trustees

• Lexington will increase the size of its Board of
  Trustees to 11 Trustees, including six
  independent Trustees.
• Lexington will nominate eight Trustees.
• Newkirk will nominate three Trustees Michael L.
  Ashner, Richard Frary and Clifford Broser.

14
Growth Opportunities
15
Growth Segments
Merchant Builders
Build-To-Suit
Forward commitments
Facilitates construction financing


Corporate Users
Sale/leasebacks
Financially strong landlord
Expansion Capacity
Long-term hold

Existing Leases
Purchases
Reliable closer
Not a 1031 investor
Nationwide owner

UPREIT Structure
Tax deferred exit strategies Estate planning
Liquid security

Portfolio benefit

16
Joint Ventures Enhance Diversification Returns

• Private capital commitments mitigate dependence
  on capital markets
• Portfolio diversification reduces vacancy risk
  and credit exposure
• Fee income offsets corporate operating costs and
  generates higher returns with
• less risk.

NYCRF
Investment Grade Tenants
Major Markets
Large transactions (15 million)
60 leverage

LION
BB Credit Tenants
Forward Commitments
Large transactions (15 million)
60 leverage

URS
BB credit tenants
Forward Commitments
65 leverage


LSAC
B credit tenants
Special use properties
C-corp structure
High leverage

17
Balance Sheet Overview
18
Above Average Dividend Yield
As of October 31, 2006
Source NAREIT
19
Stellar Market Performance

• Total returns 10/22/93 09/30/06

NAREIT
Russell 2000
LXP
SP 500
Source Bloomberg
20
Key Strategies to Enhance Value

• Grow and expand our joint venture program
  business lines.- Fee income generates higher
  ROE with less risk and offsets corporate
  overhead- Diversify capital risk
• Continually evaluate portfolio- Prune non-core
  holdings- Exit slower growth markets -
  Mitigate vacancy risk
• Increase future cash flow and grow net asset
  value- Strategic acquisitions and
  dispositions- Disciplined, effective capital
  allocation- Asset improvement initiatives

21
Proven Ability to Add Value
1993 IPO
1994-1995 Active asset management dispositions, leasing, refinancing
1996-1997 Acquisitions with OP Units, common shares issued at premium to NAV, own account acquisitions
1998-2000 Capital recycling developed joint venture business, repurchased 1.4 million shares at a 10.62 per share
2001-2005 2006 Significant equity issuance at premium, purchase of assets at par, three additional joint venture programs, locked in low cost, long-term financing, enhanced asset management capabilities Selective acquisitions, focus on joint ventures, asset improvement initiatives, capital recycling and strategic merger

22
Summary

• The combination of two highly experienced and
  complementary management teams positions the
  combined company to exploit a broad range of
  growth opportunities and to achieve longer term
  earnings stability

23
Lexington Realty Trust2006 FBR Investor
Conference

• November 28, 2006