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RE: LEXINGTON CORPORATE PROPERTIES TRUST
ONE PENN PLAZA
SUITE 4015
NEW YORK, NY 10119
FOR FURTHER INFORMATION:
AT THE COMPANY: AT FINANCIAL RELATIONS BOARD:
T. Wilson Eglin Claire Koeneman Tim Grace
Chief Executive Officer Analyst Inquiries Media Inquiries
(212) 692-7200 (312) 640-6745 (312) 640-6667
FOR IMMEDIATE RELEASE
MONDAY, NOVEMBER 20, 2006
LEXINGTON CORPORATE PROPERTIES TRUST AND NEWKIRK REALTY TRUST, INC.
ANNOUNCE SHAREHOLDER APPROVAL OF MERGER
Merger Expected to Close by Year End
New York, NY - November 20, 2006 - Lexington Corporate Properties Trust
("Lexington") (NYSE:LXP) and Newkirk Realty Trust, Inc. (NYSE:NKT) ("Newkirk"),
today announced that Lexington's common shareholders and Newkirk's voting
stockholders have approved the merger proposals related to the merger of Newkirk
with and into Lexington. Approximately 37.8 million, or 71.2% of the outstanding
Lexington common shares, were voted in favor of the merger proposal, which
represents approximately 97.5% of the votes received. Approximately 58.7
million, or 91.1% of the outstanding Newkirk voting shares, were voted in favor
of the merger proposal, which represents approximately 98.7% of the votes
received. The merger is expected to close by year end at which time holders of
Newkirk common stock will receive 0.80 Lexington common shares in exchange for
each share of Newkirk common stock.
About Lexington
Lexington 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 currently pays an annualized dividend
of $1.46 per share. Additional information about Lexington is available at
www.lxp.com.
About Newkirk
Newkirk Realty Trust, Inc. is a qualified real estate investment trust or REIT.
Through its subsidiaries and joint ventures, Newkirk acquires, owns, and manages
a portfolio of office, retail, and industrial properties. Newkirk also
originates and acquires loans secured by real estate and invest in other real
estate-related assets. Newkirk's executive offices are located in Jericho, New
York and Boston, Massachusetts. Please visit Newkirk's web site at
www.newkirkreit.com for additional information relating to its properties and
tenants.
LEXINGTON CORPORATE PROPERTIES TRUST
ADD 2
Additional Information and Where to Find It
On July 23, 2006, Lexington and Newkirk entered into an agreement and plan of
merger (the "Merger Agreement") that provides for the merger of Newkirk with and
into Lexington. Lexington and Newkirk filed with the Securities and Exchange
Commission a registration statement on Form S-4 that contains a joint proxy
statement/prospectus and other documents regarding the transactions provided for
in the Merger Agreement. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE
JOINT PROXY STATEMENT/PROSPECTUS OF LEXINGTON AND NEWKIRK BECAUSE IT CONTAINS
IMPORTANT INFORMATION ABOUT LEXINGTON AND NEWKIRK AND THE PROPOSED MERGER.
Investors and security holders may obtain a free copy of the joint proxy
statement/prospectus, and other documents filed by Lexington and Newkirk with
the SEC at the SEC's website at http://www.sec.gov. The joint proxy
statement/prospectus and other relevant documents may also be obtained free of
charge from Lexington or Newkirk by directing such request to: Lexington
Corporate Properties Trust, One Penn Plaza - Suite 4015, New York, NY 10119,
212-692-7200, Attention: Joseph S. Bonventre, or Newkirk Realty Trust, Inc., 7
Bulfinch Place, Suite 500, Boston, MA 02114-9507, 617-570-4680, Attention:
Beverly Bergman. Investors and security holders are urged to read the joint
proxy statement/prospectus and other relevant material before making any
investment decisions with respect to the proposed merger.
Information about Lexington, Newkirk and their respective trustees/directors and
executive officers, is set forth in the respective annual proxy statements and
Annual Reports on Form 10-K for Lexington and Newkirk, which can be found on the
SEC's website at http://www.sec.gov. Additional information regarding the
interests of those persons may be obtained by reading the joint proxy
statement/prospectus.
This communication shall not constitute an offer to sell or the solicitation of
an offer to sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. No offering shall be made
except by means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
This release contains certain forward-looking statements which involve known and
unknown risks, uncertainties or other factors not under Lexington's or Newkirk's
control which may cause actual results, performance or achievements of Lexington
or Newkirk 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 and
Newkirk's periodic filings with the Securities and Exchange Commission. Neither
Lexington nor Newkirk 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 or Newkirk's expectations
will be realized.
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