Newkirk Realty Trust, Inc.

AT THE COMPANY

Carolyn Tiffany
Chief Operating Officer
(617) 570-4680

                           NEWKIRK REALTY TRUST, INC.
                   ANNOUNCES SPECIAL STOCKHOLDER MEETING DATE

Boston, MA - October 18, 2006 - Newkirk Realty Trust, Inc. ("Newkirk")
(NYSE:NKT), a real estate investment trust, today announced that the special
stockholder meeting to consider a proposal to approve the merger of Newkirk with
and into Lexington Corporate Properties Trust ("Lexington") and related matters
will be held on November 20, 2006 at 10:00 a.m., eastern time, at the New York
offices of Katten Muchin Rosenman LLP, located at 575 Madison Avenue, New York,
New York 10022. Newkirk's Board of Directors fixed the close of business on
October 13, 2006 as the record date for determining stockholders entitled to
vote at the special meeting. A joint proxy statement/prospectus containing
information about the special meeting and the merger is being mailed to
stockholders. Stockholders are urged to read the joint proxy
statement/prospectus.

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.

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 Newkirk or Lexington by directing such request to: Newkirk Realty
Trust, Inc., 7 Bulfinch Place, Suite 500, Boston, MA 02114-9507, 617-570-4680,
Attention: Beverly Bergman or Lexington Corporate Properties Trust, One Penn
Plaza - Suite 4015, New York, NY 10119, 212-692-7200, Attention: Joseph S.
Bonventre. Investors and security holders are urged to read the joint proxy
statement/prospectus and other relevant material before making any voting or
investment decisions with respect to the proposed merger.



LEXINGTON CORPORATE PROPERTIES TRUST
ADD 2

Lexington, Newkirk and their respective trustees/directors and executive
officers may be deemed to be participants in the solicitation of proxies from
the shareholders of Lexington and stockholders of Newkirk in connection with 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.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: With the exception of the historical information contained in this news
release, the matters described herein contain "forward-looking" statements that
involve risk and uncertainties that may individually or collectively impact the
matters herein described. These are detailed from time to time in the "Risk
Factors" section of the Company's SEC reports including the annual report on
Form 10-K for the year ended December 31, 2005. Further information relating to
the Company's financial position, results of operations, and investor
information is contained in our annual and quarterly reports filed with the SEC
and available for download at our website www.newkirkreit.com or at the SEC
website www.sec.gov.