April 2006

2 Safe Harbor This presentation, together with other statements and information publicly disseminated by Lexington, contains certain 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, as amended. Lexington intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe Lexington’s future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” intends,” “anticipates,” “estimates,” “projects” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties, uncertainties and other factors which are, in some cases, beyond Lexington’s control and which could materially affect actual results, performances or achievements. These factors include, but are not limited to those set forth in Lexington’s periodic filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2005 under “Item 1a. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Lexington undertakes no obligation to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be realized. Lexington believes that funds from operations ("FFO") enhances an investor's understanding of Lexington’s financial condition, results of operations and cash flows. Lexington believes that FFO is an appropriate, but limited, measure of the performance of an equity REIT. FFO is defined in the April 2002 “White Paper” issued by the National Association of Real Estate Investment Trusts, Inc. as “net income (or loss) computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.” FFO should not be considered an alternative to net income as an indicator of operating performance or to cash flows from operating activities as determined in accordance with GAAP, or as a measure of liquidity to other consolidated income or cash flow statement data as determined in accordance with GAAP. A reconciliation of FFO to net income is provided in Lexington’s Supplemental Reporting Package for the year ended December 31, 2005, which can be accessed in the Investor Relations section at

3 Who We Are – NYSE: LXP Largest REIT focused on single-tenant office and industrial properties Nationwide investment platform million square feet in 39 states -Diversification and competitive advantage Growth segments -Corporate sale/leaseback transactions -Build-to-suit -Properties subject to existing leases -UPREIT structure Joint ventures Disciplined capital allocator: acquisitions, dispositions, stock repurchases and capital recycling Proven management team: average experience 20 years

4 Why Net Lease? Tenant is responsible for operating expenses Insulates property owner from rising costs Long-term leases reduce short-term market risk Provides predictable, growing cash flow with lower risk and retenanting costs than multi-tenanted assets Vacancy risk mitigated due to: (i)Strategic significance of asset (ii)Length of lease commitment (iii)Credit tenant (iv)Properties suitable for alternate users

5 WV Nationwide Investment Platform Corporate Offices Property Locations

6 Portfolio Composition Current Allocation Strategy Reduced emphasis on retail Allocation weighted toward office * Revenue for the twelve months ended March 31, Industrial 30.1% Office 65.7% Retail 4.2%

7 Lease Rollover Schedule % of Revenue at 3/31/06

8 LXP Tenant Credit Profile Unrated 38.7% Non- Investment Grade 21.0% 2005 Investment Grade 48.4% Non- investment Grade 19.8% 2006 Unrated 31.8% Investment Grade 40.3%

9 Exposure To Dana Corporation (1) These assets are owned in joint ventures. Lexington’s economic interest is shown.

10 Growth Segments Corporate Users Sale/leasebacks Financially strong landlord Expansion capacity Long-term hold UPREIT Structure Tax deferred exit strategies Estate planning Liquid security Portfolio benefit Existing Leases Purchases Reliable closer Not a “1031” investor Nationwide owner Merchant Builders Build-To-Suit Forward commitments Facilitates construction financing

11 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 URS BB credit tenants Forward commitments 65% leverage LION BB credit tenants Forward commitments Large transactions ($15 million+) 60% leverage LSAC B credit tenants Special use properties C-corp structure High leverage NYCRF Investment Grade Credits Major markets Large transactions ($15 million) 65% leverage

12 Capital Allocation: 2005 Acquisition Program $1.14 billion in assets acquired exceeded $500 million target 43 properties GAAP cap rate of 8.1% $464 million in joint ventures Investments ($000’s) Acquisition Cost$1,138,828 Mortgage Debt$ 794,482 Joint Venture Equity$ 141,337 LXP Equity$ 203,009 Funds From Operations ($000’s) Revenues, net$62,758 Asset Management Fees$ 1,022 Interest Expense$31,493 Funds From Operations$32,287 FFO Yield 15.9%

13 External Growth Track Record

14 Lexington Strategic Asset Corp. Formed:August 2005 Corporate Structure:“C”-Corp. advised by Lexington Corporate Properties Trust External Advisor:Subsidiary of Lexington Corporate Properties Trust Investment Focus:Investment in high-yielding net leased assets Private Offering:Closed in October 2005, 6.7 million shares at $10.00 per share, net proceeds of $61.6 million Strategic Objective:Extend Lexington’s acquisition platform to take advantage of inefficient pricing in certain credit and asset categories LXP Investment:Contribution of four real estate assets in exchange for $33.2 million of stock Management Investment:100,000 shares purchased by LSAC executive officers ($1mm) Total Assets Acquired Since Formation:$85.0 million Growth PlanExpected 2006 Public Offering

15 Why a “C”-Corp? REIT“C”-Corp Payout Requirement: 90% of taxable incomeNone Asset Sales: 4 year hold for “safe harbor”No restrictions Capital Recycling: DifficultEasy Eligible Investments: Must be “real estate”No restrictions Entity Income Taxation: None40% (none to minimal anticipated initially due to shelter) Investor Dividend Taxation: Ordinary income tax rate15% maximum tax rate (qualified individuals) Investor Base: Primarily REIT-dedicated funds Very diverse Leverage: Typically 50%-60% of assets65%-75% of assets readily accepted Earnings Growth Driver: Dependent on accessing capital markets Reinvestment & leveraging of retained cash flow

16 LSAC Current Portfolio (1) Amounts shown are post-expansion

17 Portfolio Management Objectives: High Occupancy & Income Growth High tenant retention - Recognize and manage occupancy risks - Invest at the asset level Maximize potential of existing portfolio - Asset repositioning - Building expansions - Excess land development Asset Sales - Continuous process focused on maximizing value and mitigating risk

18 Leasing Long-Term Leases Reduce Short-Term Market Risk, Provide Cash Flow Stability and Mitigate Turnover Risks LXP’s unique asset mix and emphasis on long-term leases mitigate vacancy risk Approximately 73% of the Company’s leases will expire post-2010 LXP has a proven history of extending leases or re-leasing properties 98.3% leased at year end 2005 Leased* * As of respective year-ends

19 Case Study: 1600 Viceroy Drive, Dallas, TX Former headquarters of Vartec Telecom 250,000 square feet $21 million mortgage paid off at 25% discount 48,000 square foot lease signed Multi-tenant strategy 1600 VICEROY DRIVE DALLAS, TX Repurchase of Mortgage At 25% Discount Lowers Basis

20 Case Study: Black Canyon Center, Phoenix, AZ Refurbishment Creates Attractive Multi-Tenant Property Formerly 100% leased to Bull Information Systems Conversion to multi-tenant tenancy with Bull retained as main tenant Added rentable area by decking and renting atrium Modernized exterior with new window lines and entrance Now 65% leased BLACK CANYON CENTER PHOENIX, AZ

21 Case Study: Harbor Freight Tools, Dillon, SC HARBOR FREIGHT TOOLS DILLON, SC Expansion & Refinancing Enhances ROE & Reduces Equity Investment Initial Investment:$16.1 million Expansion:$13.2 million Total:$29.3 million Avg. Cap Rate:9.3% Mortgage:$23.8 million Mortgage Rate:6.0% Expansion and lease extension enhance market value to approximately $40.0 million compared to $29.3 million cost Refinancing reduces capital investment and enhances return on equity Market value of equity is approximately $16.2 million compared to $5.5 million equity investment Current FFO yield of 23.9%

22 Case Study: McGraw Hill, Dubuque, IA Cash-out Refinancing Enhances Yield Purchase Price:$11.6 million Initial Mortgage:$7.4 million Initial Equity:$4.2 million Refinanced Amount:$10.9 million Interest Rate:5.4% Year Acquired:2003 Asset appreciation enables cash-out refinancing Enhanced returns with less capital at risk FFO Yield: 19.1% pre refinancing 75.0% post refinancing MC GRAW HILL DUBUQUE, IA

23 Operating Results * Before non-recurring items

24 Balance Sheet Overview

25 Debt Amortization $314 million of consolidated balance sheet debt amortizes over time Principal Payments Consolidated Properties in millions Joint Venture Properties (Pro Rata Share) in millions Principal Payments

26 Debt Structure ($000’s) Fixed Rate Avg. MaturityDebt Service 3/31/06 Balance Balloon Payment % of Total Consolidated5.98%January 2013$103,961$1,180,164$865, % Joint Venture5.95%July 2014$21,789$307,036$256, % Total6.01%$125,750$1,487,200$1,122, % Flat yield curve reduces pre-payment costs and creates refinancing opportunities Near term maturities can be refinanced at lower rates 6.79% 7.18% 7.88%

27 Components of Value: Leases and Real Estate REAL ESTATE 40.3 million square feet 3,600 acres 108 Office buildings 60 Industrial buildings 22 Retail buildings 39 States LEASES 205 Leases 137 Tenants 2006 rental revenues of $243.0 million Balanced lease rollover Weighted average term of 7 years

28 Key Strategies to Enhance Value Grow our joint venture programs - 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 - Reinvest or distribute sale proceeds Increase future cash flow and grow net asset value - Strategic acquisitions and dispositions - Disciplined, effective capital allocation - Asset improvement initiatives Real estate is cyclical: take profits opportunistically

29 Proven Ability To Add Value 1993IPO Active asset management: dispositions, leasing, refinancing Acquisitions with OP Units, common shares issued at premium to NAV, own account acquisitions Capital recycling: developed joint venture business, repurchased 1.4 million shares at a $10.62 per share 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 2006Selective acquisitions, focus on joint ventures, asset improvement initiatives and capital recycling

30 Above Average Dividend Yield As of March 31, Source: NAREIT

31 Stellar Market Performance 577.7% S & P 500NAREITLXP Total returns 10/22/93 – 12/31/05 Russell % Source: Bloomberg

32 Proven Management Team Industry Experience E. Robert Roskind32 Chairman Richard J. Rouse31 Vice Chairman & CIO T. Wilson Eglin19 CEO, President & COO Patrick Carroll20 CFO, Treasurer & EVP John B. Vander Zwaag24 Executive Vice President Natasha Roberts11 Director of Acquisitions Brendan P. Mullinix9 LSAC Chief Operating Officer NYSE 10 th Anniversary

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