EXHIBIT 99.1

AGREEMENT REGARDING JOINT FILING

UNDER RULE 13D-1(K) OF THE EXCHANGE ACT

In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, each of the undersigned agrees to the filing on behalf of each of a Statement on Schedule 13G, and all amendments thereto, with respect to the Units of Limited Partnership Interest of The Newkirk Master Limited Partnership.

Dated: February 8, 2006
	Apollo Real Estate Investment Fund III, L.P.
	By:	Apollo Real Estate Advisors III, L.P.
		its general partner
		By:		Apollo Real Estate Capital Advisors III, Inc.
				its general partner
		By:		/s/ Michael D. Weiner
				Michael D. Weiner
				Vice President
	Apollo Real Estate Advisors III, L.P.
	By:	Apollo Real Estate Capital Advisors III, Inc.
		its general partner
		By:		/s/ Michael D. Weiner
				Michael D. Weiner
				Vice President
	Apollo Real Estate Management III, L.P.
	By:		Apollo Real Estate Management III, Inc.
			its general partner
		By:		/s/ Michael D. Weiner
				Michael D. Weiner
				Vice President

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