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April 11, 2007

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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.

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$1.50/ 7.0%Dividend/Yield

Symbol/Listing LXP/ 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

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Office 67%

Variety of Asset Types Creates Portfolio Diversification

Industrial 30%

PROVEN PORTFOLIO

Revenue by Property Type1

Retail & Other Asset Types 3%

1 12 months ended 12/31/06

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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

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(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

ZX

Investment Grade1

56%

Unrated27%

Sub-Investment Grade17%

Investment grade1 tenants account for the majority of rental income

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Source: NAREIT, as of 04/05/07

LXP has an Attractive Yield Backed by Strong Cash Flows

3.00%

4.00%

5.00%

6.00%

7.00%

Office/IndustrialREITs

Equity REITs DiversifiedREITs

SpecialtyREITs

10Y Treasury LXP

3.64% 3.70% 3.74%

4.22%

7.0%

ABOVE AVERAGE DIVIDEND YIELD

4.68%

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$1.00

$1.10

$1.20

$1.30

$1.40

$1.50

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

$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

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LEXINGTON REALTY TRUST – OUT PERFORMING

Total Returns 12/93 – 12/06

0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

500%

550%

600%

650%

700%

Dec-93 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06

LXP S&P 500 Russell 2000 FTSE NAREIT *

Source: Bloomberg

684%

487%

289%

208%

17% Annualized Total Return for LXP

Investors Since 1993 IPO

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BALANCE SHEET RESTRUCTURED FOR CONTINUED GROWTH

Balance Sheet Refinancing$600 million of floating-rate short-term debtReplace with long-term, fixed-rate capitalReduce interest expense, extend maturities,

fix rates

Selective AcquisitionsCapitalize on favorable financing

opportunitiesDispositions & Capital Recycling

Prune non-core holdingsReduce exposure to slow growth

marketsRepurchase common shares

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VAST OPPORTUNITIES TO PROPEL GROWTH

Capital provider to Merchant BuildersPurchases of build-to-suit propertiesFinancially able to provide forward

commitmentsFacilitates construction financing

Corporate UsersAcquire & leasebackFinancially strong landlordStrong client relationships

Acquire Properties with Existing LeasesNationwide ownerNot a ‘1031’ investor

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Strategic AcquisitionsPrivate portfoliosPublic real estate companies (Newkirk)

UPREITTax deferred exit strategiesLiquidity for sellersBenefit to investing in a larger portfolio

Expand Business LinesDebt investmentsNew joint ventures & asset classes

VAST OPPORTUNITIES TO PROPEL GROWTH

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(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

InvestmentGradeRentalIncome

Pro-Forma with Merger

Investment Grade1

56%

Unrated27%

Sub-Investment Grade17%

Strategic Acquisition of Newkirk Further Enhanced LXP Credit Quality

Before Mergerat 12/31/06

Unrated33%

Investment Grade1

46%

Sub-Investment Grade21%

56%

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$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.0

$5.5

LexingtonRealty Trust

Realty Income AmericanFinancial Realty

Spirit FinancialCorporation

EntertainmentProperties

Trust

National RetailProperties

Capital LeaseFunding

W.P. Carey Getty Realty

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)

$

Billion

s

(2)

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Total Debt $2.141 B $1.155 B

Market EquityPreferred $ 0.234 B $ 0.234 BCommon/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-MergerAs of 9/30/06

(1) Calculated using share price as of 12/31/06 of $22.42.

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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

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April 11, 2007