Employers Reinsurance Completes $79.3 Million Sale Leaseback

NEW YORK - December 23, 2003 - PRNewswire-FirstCall

Lexington Corporate Properties Trust (NYSE: LXP), a real estate investment trust, today announced that it has acquired two properties from Employers Reinsurance Corporation ('ERC') for approximately $79.3 million. At the closing, the properties, located in Overland Park, Kansas and Kansas City, Missouri, were leased back to ERC for fifteen years. ERC is a wholly-owned subsidiary of General Electric Company.

The Overland Park, Kansas property is a two-to-five story 320,198 square foot office/headquarters facility located on a 26.2 acre site. The purchase price was $53.7 million. The Kansas City, Missouri property is a three-story 166,641 square foot office facility situated on a 7.2 acre site. The purchase price was $25.6 million. Sphere: Related Content