Related Party Transactions and Outside Related Director Information

Newkirk Realty Trust, Inc. (NKT)

4/11/2006 Proxy Information

The Company has retained NKT Advisors to administer its and Newkirk MLP’s affairs including performing accounting, asset management and investor relation services and seeking, servicing and managing investments, subject to the supervision of the Board. In connection with providing these services, NKT Advisors receives an annual base management fee which is payable quarterly in arrears in cash. The base management fee is equal to the greater of (A) $4,800,000 or (B) 1.5% per annum of (1) the gross purchase price paid for Common Shares in connection with the Company’s initial public offering and the sale of Common Shares to WRT (excluding in respect of shares of its common stock issued to WRT in consideration for its assignment of certain exclusivity rights) net of underwriting discounts ($273,560,625) plus (2) the sum of the net proceeds from any additional primary issuances of the Company’s common or preferred equity or from the issuance of MLP Units, each after deducting any underwriting discounts and commissions and other expenses and costs relating to the issuance, plus (3) as and when, if at all, Apollo Real Estate Management III, L.P. sells or coverts for Common Shares, in whole or from time to time, up to 5,000,000 MLP Units, utilizing a deemed value per MLP Units equal to the lesser of (x) $19.00 and (y) the per share price at which such MLP Units are sold or, if converted, the closing price of the Company’s Common Shares on the day on which such MLP Units are converted, less (4) any amount that the Company or Newkirk MLP pays to repurchase Common Shares or any MLP Units.

In turn, NKT Advisors has subcontracted with Winthrop to provide certain of the services that NKT Advisors is required to provide to the Company. NKT Advisors pays to Winthrop $4,200,000 (subject to an annual consumer price index increase) annually for such services.

In addition, NKT Advisors is entitled to receive incentive management fees each fiscal quarter, payable quarterly in arrears. The incentive management fee is payable at such time as the Company’s adjusted funds from operations exceeds certain threshold levels.

NKT Advisors received a base management fee of $720,000 for the period from November 7, 2005 to December 31, 2005, $630,000 of which was paid by NKT Advisors to Winthrop. No incentive management fee was earned during the period.

A subsidiary of Newkirk MLP provides certain asset management, investor and administrative services to some unconsolidated partnerships in which Newkirk MLP owns an equity interest and to other affiliated partnerships. Asset management fees of $38,000 were earned for the period November 7, 2005 to December 31, 2005. Newkirk MLP had receivables for management fees of $800,000 due from these partnerships at December 31, 2005.

A subsidiary of Newkirk MLP has an ownership interest in the three most junior tranches of a securitized pool of first mortgages which includes three first mortgage loans encumbering three Company properties and one other property controlled by an affiliate. Newkirk MLP ownership interest, net of discount, amounted to $10,500,000 at December 31, 2005, and Newkirk MLP earned interest income of $200,000 for the period from November 7, 2005 to December 31, 2005 related to this ownership interest.

Upon consummation of the Company’s initial public offering, the Operating Partnership exercised its option to acquire 100% of the ownership interests in T-Two Partners, L.P. (“T-Two Partners”), an affiliated entity. The Operating Partnership acquired the interests in T-Two Partners for a purchase price of $238,100,000 which amount was satisfied through the assumption of a loan obligation of T-Two Partners. T-Two Partners is the 100% beneficial owner of certain of the contract rights, the obligors of which are wholly and partially owned subsidiaries of the Operating Partnership.

An entity partially owned and controlled by management owns a portion of the second mortgage indebtedness of a property in which the Company has an interest. The second mortgage payable and accrued interest owned by the affiliate aggregated $15,500,000 at December 31, 2005. The Company paid interest of $100,000 related to this second mortgage payable for the period November 7, 2005 to December 31, 2005.

In August 2005, Winthrop loaned $200,000 to a partnership in which Newkirk MLP has an interest. The loan accrues interest at a rate of prime plus 2%. The loan was repaid in the first quarter of 2006.