----------------------------- ----------------------------- | FORM 4 | U.S. SECURITIES AND EXCHANGE COMMISSION | OMB APPROVAL | ----------------------------- Washington, D.C. 20549 |---------------------------- [_] Check this box | OMB Number: 3235-0287 | if no longer subject STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES | Expires: January 31, 2005 | to Section 16. Form 4 | Estimated average burden | or Form 5 obligations Filed pursuant to Section 16(a) of the Securities Exchange | hours per response....0.5 | may continue. See Act of 1934, Section 17(a) of the Public Utility Holding ----------------------------- Instruction 1(b). Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 (Print or Type Responses) ------------------------------------------------------------------------------------------------------------------------------------ | 1. Name and Address of | 2. Issuer Name and Ticker or Trading Symbol| 6. Relationship of Reporting Person(s) | | Reporting Person* | | to Issuer (Check all applicable) | | | ("LXP") | | | Zachary Seth M. | Lexington Corporate Properties Trust | |X| Director |_| 10% Owner | | ---------------------------------------------- | Officer (give title |_| Other (specify| --------------------------------------- 3. IRS | 4. Statement for | below) below) | | (Last) (First) (Middle) | Identification | Month/Day/Year| | | c/o Paul, Hastings, Janofsky & | Number of | | Co-Chief Executive Officer and Chairman | | Walker | Reporting | January 6, 2003 | Chairman of the Board | | 75 East 55th Street | Person, if an -------------------------------------------------------------------- | | entity | 5. If Amendment, | 7. Individual or Joint/Group Filing | --------------------------------------- (voluntary) | Date of Orig- | (Check Applicable Line) | | (Street) | | inal (Month/ | | | | | Day/Year) | |X| Form filed by One Reporting Person | | New York, NY 10022 | ###-##-#### | | |_| Form filed by More than One Reporting | | | | | Person | ------------------------------------------------------------------------------------------------------------------------------------ | (City) (State) (Zip) | Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ------------------------------------------------------------------------------------------------------------------------------------ | 1. | 2. | 2A. | 3. | 4. | 5. | 6. | 7. | | Title of Security | Trans- | Deemed | Trans- | Securities Acquired (A) | Amount of | Owner- | Nature of| | (Instr. 3) | action | Execu- | action | or Disposed of (D) | Securities | ship | Indirect | | | Date | tion | Code | (Instr. 3, 4 and 5) | Beneficially | Form: | Bene- | | | | Date, | Instr. 8) | | Owned Follow- | Direct | ficial | | | (Month/ | if any --------------------------------------------------- ing Reported | (D) or | Owner- | | | Day/ | (Month/ | | | |(A)| | Transaction(s)| Indirect | ship | | | Year) | Day/ | | | |or | | (Instr. 3 | (I) | (Instr. | | | | Year) | Code | V | Amount |(D)| Price | and 4) | (Instr.4) | 4) | ------------------------------------------------------------------------------------------------------------------------------------ |Common Stock | 1/2/03 | | M | | 2,500| A | $15.25 | | D | | |Common Stock | 1/2/03 | | F1 | | 2,398| D| 15.90 | | D | | |Common Stock | 1/2/03 | | M | | 10,000 | A | 15.25 | | D | | ------------------------------------------------------------------------------------------------------------------------------------ |Common Stock | 1/2/03 | | F1 | | 9,591 | D | 15.90 | | D | | |Common Stock | 1/2/03 | | M | | 2,500| A | 12.5625 | | D | | |Common Stock | 1/2/03 | | F1 | | 1,975 | D | 15.90 | | D | | ------------------------------------------------------------------------------------------------------------------------------------ |Common Stock | 1/2/03 | | M | | 5,000| A | 9.00 | | D | | |Common Stock | 1/2/03 | | F1 | | 2,830 | D | 15.90 | | D | | |Common Stock | 1/2/03 | | M | | 10,000| A| 11.8125 | | D | | ------------------------------------------------------------------------------------------------------------------------------------ |Common Stock | 1/2/03 | | F1 | | 7,429 | D | 15.90 | | D | | |Common Stock | 1/2/03 | | M | | 5,000 | A | 15.50 | | D | | |Common Stock | 1/2/03 | | F1 | | 4,874 | D | 15.90 | 38,111 | D | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. * If the form is filed by more than one reporting person, see Instruction 4(b)(v). | Page 1 of Pages

------------------------------------------------------------------------------------------------------------------------------------ | FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned | | (e.g., puts, calls, warrants, options, convertible securities) | ------------------------------------------------------------------------------------------------------------------------------------ |1. |2. |3. |3A. |4. |5. |6. | |Title of Derivative Security |Conversion |Trans- |Deemed |Trans- |Number of Derivative Securities |Date Exer- | |(Instr. 3) |or Exercise|action |Execu- |action |Acquired (A) or Disposed of (D) |cisable and | | |Price of |Date |tion |Code |(Instr. 3, 4 and 5) |Expiration | | |Derivative |(Month/ |Date, |(Instr.| |Date | | |Security |Day/ |if any | 8) | |(Month/Day/ | | | |Year) |(Month/ | | |Year) | | | | |Day/ | | |------------------ | | | |Year) | | |Date |Expi- | | | | | |-----------------------------------------------|Exer- |ra- | | | | | | | | | |cis- |tion | | | | | | Code|V| (A) | (D) |able |Date | ------------------------------------------------------------------------------------------------------------------------------------ |Non-Qualified Stock Option | $15.25 | 1/2/03| | M | | | 2,500 | 1/2/99 | 1/2/03 | |Non-Qualified Stock Option | 15.25 | 1/2/03| | M | | | 10,000 | 2/11/99| 2/11/03| |Non-Qualified Stock Option | 12.5625 | 1/2/03| | M | | | 2,500 | 1/4/00 | 1/4/04 | ------------------------------------------------------------------------------------------------------------------------------------ |Non-Qualified Stock Option | 9.00 | 1/2/03 | M | | | 5,000 | 1/3/01 | 1/3/05 | |Non-Qualified Stock Option | 11.8125 | 1/2/03 | M | | | 10,000 | 1/2/02 | 1/2/06 | |Non-Qualified Stock Option | 15.50 | 1/2/03| | M | | | 5,000 |1/2/03 | 1/2/07 | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | Page 2 of Pages

------------------------------------------------------------------------------------------------------------------------------------ | FORM 4 (continued) Table II (continued) -- Derivative Securities Acquired, Disposed of, or Beneficially Owned | | (e.g., puts, calls, warrants, options, convertible securities) ------------------------------------------------------------------------------------------------------------------------------------ |1. |7. |8. |9. |10. |11. | |Title of Derivative Security |Title and Amount of Underlying |Price of |Number of Derivative |Ownership|Nature of | |(Instr. 3) |Securities (Instr. 3 and 4) |Derivative |Securities Bene- |Form of |Indirect | | | |Security |ficially Owned |Deriv- |Beneficial | | | |(Instr. 5) |Following Reported |ative |Ownership | | | | |Transaction(s) |Security:|(Instr. 4) | | | | |(Instr. 4) |Direct | | | | | | |(D) or | | | |----------------------------------------| | |Indirect | | | | | Amount or | | |(I) | | | | | Number of | | |(Instr. | | | | Title | Shares | | |4) | | ------------------------------------------------------------------------------------------------------------------------------------ |Non-Qualified Stock Option | Common Stock | 2,500 | | | D | | |Non-Qualified Stock Option | Common Stock | 10,000 | | | D | | |Non-Qualified Stock Option | Common Stock | 2,500 | | | D | | ------------------------------------------------------------------------------------------------------------------------------------ |Non-Qualified Stock Option | Common Stock | 5,000 | | | D | | |Non-Qualified Stock Option | Common Stock | 10,000 | | | D | | |Non-Qualified Stock Option | Common Stock | 5,000 | | 5,000 | D | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ Explanation of Responses: |F1 Payment of option exercise by withholding securities incident to exercise of options issued in accordance with Rule 16b-3 | | | | ** Intentional misstatements or omissions of facts ----/S/ Seth M. Zachary ------- -----January 6, 2003--- constitute Federal Criminal Violations. See 18 U.S.C. **Signature of Reporting Person Date 1001 and 15 U.S.C. 78ff(a). By: Dianne R. Smith, A.I.F. Page 3 of Pages

ZACHARY SETH M 4