Paul Hastings Represents Lexington Corporate Properties Trust In Its $4.6 Billion Merger with Newkirk Realty Trust

July 25, 2006

Paul Hastings Represents Lexington Corporate Properties Trust In Its $4.6 Billion Merger with Newkirk Realty Trust
Merger To Create One of The Largest Publicly Traded Single Tenant-Focused REITs in the United States.

New York, NY (July 25, 2006) - Paul, Hastings, Janofsky & Walker LLP (Paul Hastings), a leading international law firm, has represented client Lexington Corporate Properties Trust, a real estate investment trust ("REIT") focused on single tenant properties, in its definitive merger agreement with Newkirk Realty Trust, Inc. If approved by the shareholders of both companies, the merger will create Lexington Realty Trust, a $4.6 Billion REIT.

The Paul Hastings team was led by New York partners Mark Schonberger, William Schwitter and Andrew Short.

Under the merger agreement, each share of Newkirk common stock will be exchanged for 0.80 common shares of Lexington, which exchange ratio will not be subject to adjustment. Following the merger, Newkirk shareholders and unitholders will own approximately 46.8% and Lexington shareholders and unitholders will own approximately 53.2% of the combined company assuming no conversion of Lexington's Series C Cumulative Convertible Preferred Stock. Each company will pay pro-rata dividends through the date of closing. In addition, prior to the closing of the transaction, Lexington anticipates making a one-time cash distribution of $0.17 per share to Lexington shareholders and unitholders. The transaction is structured to qualify as a tax-free merger.

About Paul Hastings' Corporate Department: Teams of Paul Hastings' corporate attorneys provide clients with the sophisticated, cross-border legal and business expertise they need to finance and operate companies.The firm's M&A, Lending, Project Finance, Private Equity, Investment Management and Securitization practices are nationally and internationally ranked. Paul Hastings' attorneys are experienced in every aspect of modern transactional practice in virtually every industry and service sector. Clients include major financial
institutions, domestic, international, public and private companies.

About Lexington Corporate Properties Trust: Lexington Corporate Properties Trust is a real estate investment trust that owns and manages offices, industrial and retail properties net-leased to corporate tenants nationwide. Lexington has been a publicly traded company since October 1993.

Paul Hastings Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,000 attorneys in 17 offices. The firm serves a diverse client base including many of the top financial institutions and Fortune 500 companies, supports clients in all of their legal needs and offers deep capabilities in Banking and Finance, Capital Markets, Corporate/M+A, Litigation and Dispute Resolution, Intellectual Property, Project Finance, Investment Management, Real Estate, Labor and Employment and Tax Advisory Services. For additional information, please visit our website at www.paulhastings.com.

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