Lexington Realty Trust Announces Quarterly Dividend of $0.375 Per Share and Increase in Share/Unit Repurchase Authorization

NEW YORK, Dec. 17 /PRNewswire-FirstCall/ -- Lexington Realty Trust (NYSE: LXP) today announced that it declared a regular quarterly common share dividend of $0.375 per share/unit, payable on January 15, 2008 to shareholders/unit holders of record on December 31, 2007. The quarterly dividend of $0.375 per share/unit is equivalent to $1.50 per share/unit on an annualized basis.

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Lexington declared dividends of $0.503125 per Series B Cumulative Redeemable Preferred Share, $0.8125 per Series C Cumulative Convertible Preferred Share, and $0.471875 per Series D Cumulative Convertible Preferred Share. The Series B and Series C Preferred Share dividends are payable on February 15, 2008, to shareholders of record of the Series B and Series C Preferred Shares as of January 31, 2008. The Series D Preferred Share dividend is payable January 15, 2008, to shareholders of record of the Series D Preferred Shares as of December 31, 2007.

Lexington also declared a payment date of January 15, 2008 and a record date of December 31, 2007 for a special dividend related to 2007 taxable gain to common shareholders. The amount of such special dividend will be determined by Lexington's Board of Trustees no later than December 24, 2007, after an analysis of the 2007 taxable income. As previously disclosed, Lexington estimates that the special dividend will be approximately $1.60 to $3.29 per share.

Lexington also announced that its Board of Trustees has increased its common share/operating partnership repurchase authorization by 5.0 million common shares/operating partnership units. After settlement of common shares/operating partnership units repurchased through today, Lexington has an authorization to repurchase an additional 5.9 million common shares/operating partnership units in the aggregate, inclusive of its prior authorization. The repurchases will be made from time to time for cash in open market transactions or in privately-negotiated transactions in accordance with applicable federal securities laws. The timing and amount of the repurchases will be determined by Lexington's management based on their evaluation of market conditions, share price and other factors. The share repurchase program may be suspended or discontinued at any time.

ABOUT LEXINGTON REALTY TRUST

Lexington Realty Trust is a real estate investment trust that owns, invests in, 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 shares are traded on the New York Stock Exchange under the symbol "LXP". Additional information about Lexington is available on-line at https://www.lxp.com or by contacting Lexington Realty Trust, Investor Relations, One Penn Plaza, Suite 4015, New York, New York 10119-4015.

This release 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. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in Lexington's most recent annual report on Form 10-K filed with the SEC on March 1, 2007 (the "Form 10-K") and other periodic reports filed with the SEC, including risks related to: (i) the failure to successfully complete the strategic restructuring plan, (ii) the failure to complete the sale of any of the 53 assets to the newly formed co-investment program, (iii) the failure to complete the previously announced expected fourth quarter disposition activity, (iv) the failure to obtain board approval of any special dividend related to the estimated taxable gain to shareholders for 2007, (v) the failure to integrate our operations and properties with those of Newkirk Realty Trust, (vi) the failure to continue to qualify as a real estate investment trust, (vii) changes in general business and economic conditions, (viii) competition, (ix) increases in real estate construction costs, (x) changes in interest rates, or (xi) changes in accessibility of debt and equity capital markets. Copies of the Form 10-K and the other periodic reports Lexington files with the SEC are available on Lexington's website at https://www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "estimates," "projects" or similar expressions. 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.

SOURCE Lexington Realty Trust