SPFieldLookup lookUp1 = properties.ListItem.ParentList.Fields.GetField("Leave_x0020_Type") as SPFieldLookup;

                    SPFieldLookupValue lookUpValue1 = lookUp1.GetFieldValue(properties.ListItem["Leave_x0020_Type"].ToString()) as SPFieldLookupValue;

                    formattedValue = lookUpValue1.LookupValue;