Lexington Realty Trust 2006 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 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.

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 Form of Transaction Cash Distribution Dividend Policy New Name 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. 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. 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%. Will continue trading under existing ticker (NYSE: LXP) but under the new name Lexington Realty Trust.

5 Merger Overview (1)Based on Lexington’s closing share price on 11/16/06 of $21.50 per share and reported results as of 9/30/06. 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 company’s 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

Strategic Rationale

7 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 The combined company’s high quality assets will be majority occupied by investment grade tenants (1)“Investment Grade” indicates a rating by S&P of BBB- or better or a rating by Moody’s of Baa3 or better, but not necessarily both. Strategic Rationale Investment Grade Tenants Increase to 55%

10 Geographic diversity concentrates earnings in core growth markets and reduces exposure to regional downturns Strategic Rationale

11 With more than 350 properties spread across the United States, the combined company will have a significantly diversified earnings base (1)The specific states listed are not necessarily the largest in the portfolio. Strategic Rationale Increases Presence in High Growth Rental Markets Maintains Asset Diversity

12 Strengthens balance sheet and improves financial metrics Strategic Rationale  Net cash is expected to be approximately $75 million. Strong Cash Position  Net debt-to-enterprise value is expected to be approximately 50%. Conservative Leverage  Lexington’s 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. Moderate Payout Ratio

13 Michael L. AshnerExecutive Chairman and Director of Strategic Acquisitions E. Robert RoskindCo-Vice Chairman Richard J. RouseCo-Vice Chairman and Chief Investment Officer T. Wilson EglinChief Executive Officer, President and Chief Operating Officer Patrick CarrollExecutive Vice President and Chief Financial Officer John B. Vander ZwaagExecutive Vice President of Portfolio Management Lara S. JohnsonExecutive Vice President of Strategic Acquisitions Combined Company Management 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. Strategic Rationale

Growth Opportunities

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

16 Joint Ventures Enhance Diversification & Returns LSAC B credit tenants Special use properties C-corp structure High leverage 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

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 Russell 2000 S&P 500 NAREIT LXP 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 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 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 Established Net Lease Acquisition and Disposition Track Record Successful Opportunistic Investment History Extensive Single and Multi-Tenant Leasing and Re-Leasing Skills Better Company for Exploiting Additional Revenue Opportunities Established Institutional Joint Venture Relationships Established Net Lease Debt Platform Strong Asset Management Capabilities Extensive and Complementary Industry Relationships and Sourcing Networks        

Lexington Realty Trust 2006 FBR Investor Conference November 28, 2006