1 April 11, 2007

2 SAFE HARBOR This presentation contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington’s 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 Lexington’s 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 Lexington’s expectations will be realized. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

3 $1.50/ 7.0%Dividend/Yield Symbol/ListingLXP/ NYSE OVERVIEW America’s 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 Price $21.50 Total Enterprise Value$5.1 billion

4 Office 67% Variety of Asset Types Creates Portfolio Diversification Industrial 30% PROVEN PORTFOLIO Revenue by Property Type 1 Retail & Other Asset Types 3% 1 12 months ended 12/31/06

5 NATIONAL PLATFORM IN GROWTH MARKETS Annualized Base Rent > $20 mm $10 mm - $20mm $5 mm - $10mm < $5 mm No Holdings Growth Focused in Highly Desirable Markets

6 (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, as of 12/31/06 HIGH QUALITY TENANTS Investment Grade 1 56% Unrated 27% Sub-Investment Grade 17% Investment grade 1 tenants account for the majority of rental income

7 Source: NAREIT, as of 04/05/07 LXP has an Attractive Yield Backed by Strong Cash Flows 3.64% 3.70% 3.74% 4.22% 7.0% ABOVE AVERAGE DIVIDEND YIELD 4.68%

8 $1.05 $1.08 $1.10 $1.16 $1.17 $1.20 $1.22 $1.27 $1.32 $1.34 $1.40 $1.44 $1.46 $1.50 CONSISTENT DIVIDEND GROWTH 14 Consecutive Years of Annual Dividend Increases

9 LEXINGTON REALTY TRUST – OUT PERFORMING Total Returns 12/93 – 12/06 Source: Bloomberg 684% 487% 289% 208% 17% Annualized Total Return for LXP Investors Since 1993 IPO

10 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

11 VAST OPPORTUNITIES TO PROPEL GROWTH Capital provider to Merchant Builders  Purchases of build-to-suit properties  Financially able to provide forward commitments  Facilitates construction financing Corporate Users  Acquire & leaseback  Financially strong landlord  Strong client relationships Acquire Properties with Existing Leases  Nationwide owner  Not a ‘1031’ investor

12 Strategic Acquisitions  Private portfolios  Public real estate companies (Newkirk) 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 VAST OPPORTUNITIES TO PROPEL GROWTH

13 (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. RECENT PUBLIC-TO-PUBLIC ACQUISITION Increase to Investment Grade Rental Income Pro-Forma with Merger Investment Grade 1 56% Unrated 27% Sub-Investment Grade 17% Strategic Acquisition of Newkirk Further Enhanced LXP Credit Quality Before Merger at 12/31/06 Unrated 33% Investment Grade 1 46% Sub-Investment Grade 21% 56%

14 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 $5.1 $4.1 $3.7 $2.7 $1.5 Size Gives Us A Strategic Advantage $2.5 $1.7 $2.5 $0.8 (1)Source: KeyBanc report 3/30/07 based on public filings, FactSet, SNL Financial. (2)Calculated by multiplying 12/31/06 share price by shares and units outstanding as of 12/31/06 and adding debt (net of cash). Enterprise Value (1) ($ in billions) $ Billions (2)

15 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 Acquisition of Newkirk Improves Capital Structure Merger Completed As of 12/31/06 Pre-Merger As of 9/30/06 (1) Calculated using share price as of 12/31/06 of $22.42.

16 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

17 April 11, 2007