Lexington Buying Newkirk Realty

Lexington Corporate Properties Trust, a New York office real estate investment trust, is acquiring Newkirk Realty Trust, Boston, to form Lexington Realty Trust, a $4.6 billion REIT focused on single-tenant office properties.The combined company will own interests in more than 350 properties in 44 states, with a presence in the nation's highest-growth markets, according to Lexington. Under the merger agreement, each share of Newkirk common stock will be exchanged for 0.80 common shares of Lexington. Following the merger, Newkirk shareholders and unitholders are expected to own approximately 46.8% of Lexington Realty Trust, and Lexington shareholders and unitholders are expected to own approximately 53.2% of the combined company, Lexington reported. Lexington said it believes that the acquisition will provide "an enhanced platform to exploit opportunities in high-growth coastal markets, such as California, New Jersey, Florida, and Maryland." T. Wilson Eglin, Lexington's chief executive officer, will serve as CEO, president, chief operating officer, and trustee of the combined company, which will be headquartered in New York. The REITs can be found online at http://www.lxp.com and http://www.newkirkreit.com.