Exhibit 99.1 NEWS RE: LEXINGTON CORPORATE PROPERTIES TRUST 355 LEXINGTON AVENUE NEW YORK, NY 10017 FOR FURTHER INFORMATION: AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD: Patrick Carroll Larry Stein Diane Hettwer Chief Financial Officer General Inquires Analyst Inquires (212) 692-7260 (312) 640-6794 (312) 640-6760 FOR IMMEDIATE RELEASE TUESDAY, SEPTEMBER 2, 2003 LEXINGTON CORPORATE PROPERTIES TRUST EXPANDS CREDIT LINE TO $100 MILLION New York, NY - September 2, 2003 - Lexington Corporate Properties Trust (NYSE:LXP), a real estate investment trust, today announced that it has expanded its unsecured revolving credit facility from $60.0 million to $100.0 million. The new credit facility, which matures in August, 2006, with a one year extension option, bears interest at a rate of 150-250 basis points over LIBOR, depending on the number of properties Lexington owns free and clear of mortgage debt. No amounts are currently outstanding under the credit facility. Comments From Management Commenting on the expanded credit line Patrick Carroll, Lexington's Chief Financial Officer, said, "Over the last 27 months we have raised approximately $300 million in equity capital. This balance sheet strength has enabled us to increase the borrowing capacity on our credit facility without any material changes to our financial covenants or increase in our borrowing spread. This line provides Lexington with added financial flexibility and very attractive short-term borrowing costs." About Lexington Lexington Corporate Properties Trust is a real estate investment trust that owns and manages office, industrial and retail properties net leased to major corporations throughout the United States and provides investment advisory and asset management services to investors in the net lease area. Lexington common shares closed Tuesday, September 2, 2003 at $18.82 per share. Lexington pays an annualized dividend of $1.34 per share. Additional information about Lexington is available at www.lxp.com. This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the Company's control which may cause actual results, performance or achievements of the Company 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 detailed in the Company's periodic filings with the Securities and Exchange Commission. # # #