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UNITED STATES

SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549


FORM 10-K

(Mark One)

[ X ]
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934


For the fiscal year ended December 31, 2003

OR

[  ]
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934


For the transition period from  to

Commission file numbers:
    
    1-13130 (Liberty Property Trust)1-13132 (Liberty Property Limited Partnership)


LIBERTY PROPERTY TRUSTLIBERTY PROPERTY LIMITED PARTNERSHIP


(Exact names of registrants as specified in their governing documents)

MARYLAND(Liberty Property Trust)
    
    23-7768996PENNSYLVANIA(Liberty Property Limited Partnership)
    
    23-2766549(State or other jurisdiction
    
    (I.R.S. Employerof incorporation or organization)
    
    Identification Number)65 Valley Stream Parkway, Suite 100,Malvern, Pennsylvania
    
    19355(Address of Principal Executive Offices)
    
    (Zip Code)Registrants Telephone Number, including Area Code
    
    (610) 648-1700Securities registered pursuant to Section 12(b) of the Act:


NAME OF EACH EXCHANGETITLE OF EACH CLASS
    
    ON WHICH REGISTEREDCommon Shares of Beneficial Interest,$0.001 par value(Liberty Property Trust)
    
    New York Stock ExchangePreferred Share Purchase Rights,$0.0001 par value(Liberty Property Trust)
    
    New York Stock Exchange






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Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the Registrants (1) have filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrants were required to file such reports) and (2) have been subject to
such filing requirements for the past ninety (90) days.

YES [X]   NO [   ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulations S-K is not contained herein, and will not be contained, to the
best of the Registrants knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act).

YES [X]   NO [   ]

The aggregate market value of the Common Shares of Beneficial Interest, $0.001
par value (the Common Shares), of Liberty Property Trust held by
non-affiliates of Liberty Property Trust was approximately $2.9 billion, based
upon the closing price of $34.60 on the New York Stock Exchange composite tape
on June 30, 2003. Non-affiliate ownership is calculated by excluding all Common
Shares that may be deemed to be beneficially owned by executive officers and
trustees, without conceding that any such persons is an affiliate for
purposes of the federal securities laws.

Number of Common Shares outstanding as of February 24, 2004: 83,610,528

Documents Incorporated by Reference

Portions of the proxy statement for the annual meeting of shareholders of
Liberty Property Trust to be held in 2004 are incorporated by reference into
Part III of this Form 10-K.

2



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INDEX

PAGEPART IItem 1.
    
    Business
    
    
    5Item 2.
    
    Properties
    
    
    17Item 3.
    
    Legal Proceedings
    
    
    18Item 4.
    
    Submission of Matters to a Vote of Security Holders
    
    
    18PART IIItem 5.
    
    Market for the Registrants' Common Equity and Related Shareholders' Matters
    
    
    19Item 6.
    
    Selected Financial Data
    
    
    20Item 7.
    
    Management's Discussion and Analysis of Financial Condition and Results of Operations
    
    
    22Item 7A.
    
    Quantitative and Qualitative Disclosures About Market Risk
    
    
    30Item 8.
    
    Financial Statements and Supplementary Data
    
    
    30Item 9.
    
    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    95Item 9A.
    
    Controls and Procedures
    
    
    95PART IIIItem 10.
    
    Directors and Executive Officers of the Registrants
    
    
    96Item 11.
    
    Executive Compensation
    
    
    96Item 12.
    
    Security Ownership of Certain Beneficial Owners and Management
    
    
    96Item 13.
    
    Certain Relationships and Related Transactions
    
    
    96Item 14.
    
    Principal Accountant Fees and Services
    
    
    96PART IVItem 15.
    
    Exhibits, Financial Statement Schedules and Reports on Form 8-K
    
    
    97Signatures for Liberty Property Trust
    
    
    102Signatures for Liberty Property Limited Partnership
    
    
    103AMENDMENT AND RESTATED SCHEDULE ARATIO OF EARNINGS TO COMBINED FIXED CHARGESSUBSIDIARIESCONSENT OF ERNST & YOUNG, TRUSTCONSENT OF ERNST & YOUNG, OPERATING PARTNERSHIPCERTIFICATION OF CHIEF EXECUTIVE OFFICERCERTIFICATION OF CHIEF FINANCIAL OFFICERCERTIFICATION OF CHIEF EXECUTIVE OFFICER, TRUSTCERTIFICATION OF CHIEF FINANCIAL OFFICER, TRUSTCERTIFICATION OF CHIEF EXECUTIVE OFFICERCERTIFICATION OF CHIEF FINANCIAL OFFICERCERTIFICATION OF CHIEF EXECUTIVE OFFICER, TRUSTCERTIFICATION OF CHIEF FINANCIAL OFFICER, TRUST









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|The Private Securities Litigation Reform Act of 1995 provides a safe harbor
for forward-looking statements. Certain information included in this Annual
Report on Form 10-K and other materials filed or to be filed by the Company (as
defined herein) with the Securities and Exchange Commission (SEC) (as well as
information included in oral statements or other written statements made or to
be made by the Company) contain statements that are or will be forward-looking,
such as statements relating to rental operations, development activities,
acquisitions, dispositions, future capital expenditures, financing sources and
availability, and the effects of regulation (including environmental
regulation) and competition. Although the Company believes that the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, the Company can give no assurance that its expectations
will be achieved. As forward-looking statements, these statements involve
important risks, uncertainties and other factors that could cause actual
results to differ materially from the expected results and, accordingly, such
results may differ from those expressed in any forward-looking statements made
by, or on behalf of the Company. These risks, uncertainties and other factors
include, without limitation, uncertainties affecting real estate businesses
generally (such as entry into new leases, renewals of leases and dependence on
tenants business operations), risks relating to our ability to maintain and
increase property occupancy and rental rates, risks relating to construction
and development activities, acquisition, disposition, possible environmental
liabilities, risks relating to leverage and debt service (including
availability of financing terms acceptable to the Company and sensitivity of
the Companys operations and financing arrangements to fluctuations in interest
rates), dependence on the primary markets in which the Companys properties are
located, the existence of complex regulations relating to status as a REIT and
the adverse consequences of the failure to qualify as a REIT, and the potential
adverse impact of market interest rates on the market price for the Companys
securities. See Managements Discussion and Analysis of Financial Condition
and Results of Operations  Forward-Looking Statements.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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PART I




ITEM 1. BUSINESS

The Company

Liberty Property Trust (the Trust) is a self-administered and self-managed
Maryland real estate investment trust (a REIT). Substantially all of the
Trusts assets are owned directly or indirectly, and substantially all of the
Trusts operations are conducted directly or indirectly, by its subsidiary,
Liberty Property Limited Partnership, a Pennsylvania limited partnership (the
Operating Partnership and, together with the Trust and their consolidated
subsidiaries, the Company).

The Company completed its initial public offering in 1994 to continue and
expand the commercial real estate business of Rouse & Associates, a
Pennsylvania general partnership, and certain affiliated entities
(collectively, the Predecessor) which was founded in 1972. As of December 31,
2003, the Companys portfolio consisted of 673 industrial and office properties
(the Properties in Operation) totaling approximately 53.7 million square
feet. In addition, at that date, the Company had 15 properties under
development (the Properties Under Development and, together with the
Properties in Operation, the Properties), and owned 1,079 acres of land,
substantially all zoned for commercial use. As of December 31, 2003, the
Company also owned interests in five joint ventures which held interests in 30
properties and 53 acres of developable land.

The Company provides leasing, property management, development, acquisition and
other tenant-related services for the Properties in Operation. The Companys
industrial Properties consist of a variety of warehouse, distribution, service,
assembly, light manufacturing and research and development facilities. They
include both single-tenant and multi-tenant facilities, with most designed
flexibly to accommodate various types of tenants, space requirements and
industrial uses. The Companys office Properties are multi-story and
single-story office buildings located principally in suburban mixed-use
developments or office parks. Substantially all of the Companys Properties are
located in prime business locations within established business communities
offering excellent access to interstate highway systems.

The Trust is the sole general partner and also a limited partner of the
Operating Partnership, owning 95.7% of the common equity of the Operating
Partnership at December 31, 2003. The common units of limited partnership
interest in the Operating Partnership (the Common Units) are exchangeable on
a one-for-one basis (subject to antidilution protections) for the Trusts
Common Shares of Beneficial Interest, $0.001 par value per share (the Common
Shares). The Common Units held by the limited partners were exchangeable for
approximately 3.7 million Common Shares on December 31, 2003. The Company has
issued Series B, C, and D Cumulative Redeemable Preferred Units of the
Operating Partnership (the Preferred Units). The Preferred Units are
exchangeable on a one-for-one basis after a stated date into Cumulative
Redeemable Preferred Shares. Collectively, the ownership of the holders of
Common and Preferred Units is reflected on the Trusts financial statements as
minority interest.

The Companys executive offices are located at 65 Valley Stream Parkway,
Malvern, Pennsylvania 19355. The telephone number is (610) 648-1700.

In addition to this annual report on Form 10-K, the Company files periodic and
current reports, proxy statements and other information with the SEC. The
Company makes these documents available on its website,
www.libertyproperty.com, free of charge, as soon as reasonably practicable
after such material is electronically filed with, or furnished to, the SEC.
You may also read and copy any document the Company files with the SEC at the
SECs Public Reference Room at 450 Fifth Street, NW, Washington, DC 20549.
Please call the SEC at (800) SEC-0330 for further information about the public
reference facilities. These documents also may be accessed through the SECs
electronic data gathering, analysis and retrieval system (EDGAR) via
electronic means, including the SECs home page on the Internet, www.sec.gov.

Also posted on the Companys website is the Companys Code of Conduct, which
applies to all of its employees and also serves as a code of ethics for its
chief executive officer, chief financial officer, chief accounting officer and
persons performing similar functions. The Company will send the Code of
Conduct, free of charge, to anyone who requests a copy in writing to its
Investor Relations Department at the address set forth above.

Management and Employees

The Companys 399 employees (as of February 24, 2004) are under the direction
of 19 senior executives, who, on average, have been affiliated with the Company
and the Predecessor for 14 years. The Company and the Predecessor have
developed and managed commercial real estate for the past 31 years. The
Companys in-house leasing and property management staff operates in markets
where it has a significant presence. This structure

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enables the Company to better understand the characteristics of the local
markets in which it operates, to respond quickly and directly to tenant needs
and to better identify local real estate opportunities. At December 31, 2003,
the Companys reportable segments were based on the Companys method of
internal reporting and are as follows:

REPORTABLE SEGMENTS
    
    MARKETSDelaware Valley
    
    Southeastern Pennsylvania, New JerseyMidwest
    
    Lehigh Valley, Michigan, Minnesota, Milwaukee/ChicagoMid-Atlantic
    
    Maryland, Piedmont Triad,
Greenville, S.C., Richmond/Roanoke, Virginia BeachFlorida
    
    Jacksonville, Orlando, Boca Raton, Tampa, TexasUnited Kingdom
    
    County of Kent


Business Objective and Strategies for Growth

The Companys business objective is to maximize long-term profitability for its
shareholders by being a recognized leader in commercial real estate through the
ownership, management, development, and acquisition, of superior office and
industrial properties. The Company intends to achieve this objective through
offering office and industrial properties in multiple markets and operating as
a leading landlord in the industry. The Company believes that this objective
will provide the benefits of enhanced investment opportunities, economies of
scale, risk diversification both in terms of geographic market and real estate
product type, access to capital, and the ability to attract and retain
personnel. The Company also strives to be a leading provider of customer
service, providing an exceptional and positive customer experience. In pursuing
its business objective, the Company seeks to achieve a combination of internal
and external growth, maintain a conservative balance sheet and pursue a
strategy of financial flexibility.

Products
The Company strives to be a recognized quality provider of five products
(industrial properties, including big box warehouse, multi-tenant industrial,
and flex/R&D, and office properties, including single-story office and
multi-story office). When the Companys marketing efforts identify
opportunities, the Company will, in appropriate instances, pursue other office
and industrial product types including high rise office towers.

Markets
The Company operates primarily in the Mid-Atlantic, Southeastern and Midwestern
United States. Additionally, the Company owns certain assets in the United
Kingdom. The Companys goal is to operate in each of its markets with an
appropriate product mix of office and industrial properties. The Company seeks
to have a presence that allows it to be viewed as a significant participant in
each market. The Companys efforts emphasize business park development and
asset aggregation. The Company gathers information from internal sources and
independent third parties and analyzes this information to support its
evaluation of markets and market conditions.

Organizational Plan
The Company seeks to maintain a management organization which facilitates
efficient execution of the Companys strategy. As part of this effort, the
Company pursues a human resources plan designed to create and maintain a highly
regarded real estate company through recruiting, training, and retaining
capable people. The structure is designed to support a local office
entrepreneurial platform operating within a value-added corporate structure.

The Company upgrades its information technology periodically to keep pace with
advances in available technology. The Company commenced a process in 2003 of
implementing an enterprise resource planning system. The system has been
launched and will continue to be implemented throughout the Company in 2004.

Internal Growth Strategies
The Company seeks to maximize the profitability of the Properties by
endeavoring to maintain high occupancy levels while obtaining competitive
rental rates, controlling costs, and focusing on customer service efforts.

Maintain High Occupancies
The Company believes that the quality and diversity of its tenant base and its
strategy of operating in multiple markets is integral to achieving its goal of
attaining high occupancy levels for its portfolio. The Company targets
financially stable tenants in an effort to minimize uncertainty relating to the
ability of its tenants to meet their lease obligations.

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Increase Rental Rates
Current general economic conditions have resulted in significant downward
pressure on rental rates and market rental rates have declined on a year over
year basis. Nonetheless, the Company seeks to generate increased cash flow
from the Properties in Operation through annual contractual increases in rental
rates under its leases. The leases in effect with respect to the Properties in
Operation as of December 31, 2003 provide for contractual rental increases that
are expected to contribute an additional $4.6 million to the Companys cash
flow for the year ending December 31, 2004. The Company intends to continue to
negotiate for annual contractual rental rate increases in its leases.

Cost Controls
The Company seeks to identify best practices across operating platforms in
order to enhance cost savings and other efficiencies. The Company also employs
an annual capital improvement and preventative maintenance program designed to
reduce the operating costs of the Properties and maintain the long-term value
of the Properties.

Customer Service Initiatives
The Company seeks to achieve high tenant retention through a comprehensive
customer service program, which is designed to provide an exceptional and
positive customer experience. The customer service program establishes best
practices and provides an appropriate customer feedback process. The Company
believes that the program has been helpful in increasing customer satisfaction.

External Growth Strategies
The Company seeks to maximize long-term profitability for its shareholders
through the development, acquisition and disposition of properties.

Development
The Company pursues attractive development opportunities, focusing primarily on
high-quality suburban industrial and office properties within its existing
markets. When the Companys marketing efforts identify opportunities, the
Company will pursue urban opportunities and development opportunities outside
of the Companys established markets. The Company and its Predecessor have
developed over 45 million square feet of commercial real estate during the past
31 years. The Companys development activities generally fall into two
categories: build-to-suit projects and projects built for inventory (projects
that are less than 75% leased prior to commencement of construction). The
Company develops build-to-suit projects for existing and new tenants. The
Company also builds properties for inventory where the Company has identified
sufficient demand at market rental rates to justify such construction.

During the year ended December 31, 2003, the Company completed five
build-to-suit projects, one build-to-suit expansion, and four inventory
projects totaling approximately 1.3 million square feet of leaseable space and
representing an aggregate Total Investment, as defined below, of approximately
$204.7 million. As of December 31, 2003, these completed development properties
were approximately 87.8% leased. The Total Investment for a Property is
defined as the Propertys purchase price plus closing costs and managements
estimate, as determined at the time of acquisition, of the cost of necessary
building improvements in the case of acquisitions, or land costs and land and
building improvement costs in the case of development projects, and, where
appropriate, other development costs and carrying costs.

As of December 31, 2003 the Company had 15 Properties Under Development which
are expected to generate, upon completion, approximately 1.5 million leaseable
square feet and are expected to represent a Total Investment of approximately
$132.4 million. Approximately 62.1% of such leaseable space was pre-leased as
of December 31, 2003. The scheduled deliveries of the 1.5 million square feet
of leaseable space in Properties Under Development are as follows (in
thousands, except percentages):

SQUARE FEET
    
    PERCENT LEASEDSCHEDULED IN-SERVICE DATE
    
    IND-DIST.
    
    IND-FLEX
    
    OFFICE
    
    TOTAL
    
    DECEMBER 31, 2003
    
    TOTAL INVESTMENT1st Quarter 2004
    
    
    
    
    
    
    
    
    
    
    88
    
    
    
    88
    
    
    
    93.5
    %
    
    $
    10,3112nd Quarter 2004
    
    
    
    
    
    
    91
    
    
    
    93
    
    
    
    184
    
    
    
    100.0
    %
    
    
    20,2273rd Quarter 2004
    
    
    363
    
    
    
    
    
    
    
    59
    
    
    
    422
    
    
    
    98.9
    %
    
    
    21,9154th Quarter 2004
    
    
    
    
    
    
    
    
    
    
    80
    
    
    
    80
    
    
    
    100.0
    %
    
    
    11,9912nd Quarter 2005
    
    
    347
    
    
    
    
    
    
    
    207
    
    
    
    554
    
    
    
    11.5
    %
    
    
    40,2493rd Quarter 2005
    
    
    
    
    
    
    
    
    
    
    136
    
    
    
    136
    
    
    
    60.0
    %
    
    
    27,736Total
    
    
    710
    
    
    
    91
    
    
    
    663
    
    
    
    1,464
    
    
    
    62.1
    %
    
    $
    132,429


The Company believes that, because it is a fully integrated real estate firm,
its base of commercially zoned land in existing industrial and business parks
provides a competitive advantage for future development activities. As

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of
December 31, 2003, the Company owned 1,079 acres of land held for development,
substantially all zoned for commercial use. Substantially all of the land is
located adjacent to or within existing industrial or business parks with site
improvements, such as public sewers, water and utilities, available for
service. The Companys land holdings include land in Philadelphias central
business district which is being readied for development in connection with a
proposed office tower. The Company anticipates that its land holdings would
support, as and when developed, approximately 12.1 million leaseable square
feet. The Companys investment in land held for development as of December 31,
2003 was $162.5 million.

Acquisitions/Dispositions
The Company seeks to acquire properties consistent with its business objectives
and strategies. The Company executes its acquisition strategy by purchasing
properties which management believes will create shareholder value over the
long-term.

During the year ended December 31, 2003, the Company acquired 16 properties
comprising approximately 1.6 million leaseable square feet for a Total
Investment of $110.4 million.

The Company disposes of Properties and land held for development which no
longer fit within the Companys strategic plan, or with respect to which the
Company believes it can optimize cash proceeds. During the year ended December
31, 2003, the Company sold ten Properties in Operation and one development
property comprising approximately 0.6 million square feet of leaseable space,
and nine parcels of land, for $52.4 million.

Joint Ventures
The Company, from time to time, considers joint venture opportunities with
institutional investors or other real estate companies. Joint venture
partnerships provide the Company with additional sources of capital to fund its
development and acquisition capital requirements. In some instances, joint
venture partnerships provide the Company with additional local market or
product type expertise. As of December 31, 2003, the Company had investments
in four unconsolidated joint ventures, totaling $19.6 million. In addition,
the Company has an investment in one consolidated joint venture which owns
assets approximating $36.0 million.

United Kingdom Operations
The Companys United Kingdom operation includes 16 Properties in Operation and
one development property in the County of Kent, England. The 16 Properties in
Operation and the one development property are located in a 650-acre, mixed
commercial and residential community known as Kings Hill, which is
approximately 25 miles southeast of London. The community has been developed
over the past decade by a joint venture between the County of Kent and Rouse
Kent Limited (RKL). During 2003, the Company exercised its option to purchase
RKL for nominal consideration. The development agreement with the County of
Kent allows RKL to develop additional commercial space and to participate in
proceeds from the sale of residential land parcels to homebuilders.

The Company has also invested in two joint ventures to develop projects in
separate locations in England and one joint venture which owns a Property in
Operation. The Company believes that its development expertise, its access to
capital and its relationship with tenants engaged in international business
will create opportunities to service the needs of these tenants in both the
United States and the United Kingdom. To date, these investments have been
joint ventures with established real estate developers in the United Kingdom.

The Company continues to pursue its investment in Kings Hill and to identify
other development and acquisition opportunities in the United Kingdom.

Subsequent Events

The Company intends to continue to pursue its development, acquisition and
disposition strategies. The Company is currently in various stages of
discussions and negotiations with respect to development, acquisition and
disposition projects. The consummation of these or any other future
developments, acquisitions or dispositions, if any, and the pace at which
developments may be completed and acquisitions and dispositions made cannot be
guaranteed.

Risk Factors

The Companys results from operations and the ability to make distributions to
our shareholders and pay debt service on our indebtedness may be affected by
the risk factors set forth below. (The Company refers to itself as we, us
or our in the following risk factors.) This section contains some forward
looking statements. You should refer to the explanation of the qualifications
and limitations on forward looking statements on page 4.

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Risks Related to Our Business

Adverse events concerning our existing tenants, or negative market conditions
that may affect our existing tenants could have an adverse impact on our
ability to attract new tenants, relet space, collect rent or renew leases, and
thus could adversely affect our cash flow from operations and inhibit growth.
Our cash flow from operations depends on the ability to lease space to tenants
on economically favorable terms. Therefore, we could be adversely affected by
various facts and events over which we have limited control, such as:



| |  |  | lack of demand for space in the areas where our Properties are located      
| | - |  | ----------------------------------------------------------------------------
|
| |  |  | inability to retain existing tenants and attract new tenants                
|
| |  |  | oversupply of or reduced demand for space and changes in market rental rates
|
| |  |  | defaults by our tenants or their failure to pay rent on a timely basis      
|
| |  |  | the need to periodically renovate and repair our space                      
|
| |  |  | physical damage to our Properties                                           
|
| |  |  | economic or physical decline of the areas where our Properties are located  
|
| |  |  | potential risk of functional obsolescence of our Properties over time       

At any time, any of our tenants may experience a downturn in its business that
may weaken its financial condition. As a result, a tenant may delay lease
commencement, fail to make rental payments when due, decline to extend a lease
upon its expiration, become insolvent or declare bankruptcy. Any tenant
bankruptcy or insolvency, leasing delay or failure to make rental payments when
due could result in the termination of the tenants lease and material losses
to our Company.

If our tenants do not renew their leases as they expire, we may not be able to
rent the space. Furthermore, leases that are renewed, and some new leases for
space that is relet, may have terms that are less economically favorable to us
than current lease terms, or may require us to incur significant costs, such as
for renovations, tenant improvements or lease transaction costs.

Any of these events could adversely affect our cash flow from operations and
our ability to make expected distributions to shareholders and service our
indebtedness.

A significant portion of our costs, such as real estate taxes, insurance costs,
and debt service payments, generally are not reduced when circumstances cause a
decrease in cash flow from our Properties.

We may not be able to compete successfully with other entities that operate in our industry.
We experience a great deal of competition in attracting tenants for our
Properties and in locating land to develop and properties to acquire.

In our effort to lease our Properties, we compete for tenants with a broad
spectrum of other landlords in each of our markets. These competitors include,
among others, publicly-held REITs, privately-held entities, individual property
owners and tenants who wish to sublease their space. Some of these competitors
may be able to offer prospective tenants more attractive financial terms than
we are able to offer.

If the availability of land or high quality properties in our markets
diminishes, our operating results could be adversely affected.

We may experience increased operating costs, which could adversely affect our operations.
Our Properties are subject to increases in operating expenses such as
insurance, cleaning, electricity, heating, ventilation and air conditioning,
administrative costs and other costs associated with security, landscaping,
repairs and maintenance of our Properties. While our current tenants generally
are obligated to pay a significant portion of these costs, there is no
assurance that these tenants will make such payments or agree to pay these
costs upon renewal or that new tenants will agree to pay these costs. If
operating expenses increase in our markets, we may not be able to increase
rents or reimbursements in all of these markets so as to meet increased
expenses without at the same time decreasing occupancy rates. If this occurs,
our ability to make distributions to shareholders and service our indebtedness
could be adversely affected.

Our ability to achieve growth in operating income depends in part on our
ability to develop properties which may suffer under certain circumstances.
We intend to continue to develop properties where warranted by market
conditions. The decline in demand for real estate has reduced the amount of
development we are undertaking. We have a number of ongoing development
projects and a number of land projects being readied for development.

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These projects include the proposed One Pennsylvania Plaza project, a proposed
1.3 million square foot office tower in Philadelphias central business
district, which is discussed below.

Additionally, our general construction and development activities include the
risks that:



| |  |  | construction and leasing of a property may not be completed on
schedule, which could result in increased expenses and construction
costs, and would result in reduced profitability for that property                                                                                                                                                          
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | construction costs may exceed our original estimates due to
increases in interest rates and increased materials, labor or other
costs, possibly making the property unprofitable because we may not be
able to increase rents to compensate for the increase in construction
costs                                                                             
|
| |  |  | some developments may fail to achieve expectations, possibly making
them unprofitable                                                                                                                                                                                                                                                                          
|
| |  |  | we may be unable to obtain, or face delays in obtaining, required
zoning, land-use, building, occupancy, and other governmental permits
and authorizations, which could result in increased costs and could
require us to abandon our activities entirely with respect to a project                                                                            
|
| |  |  | we may abandon development opportunities after we begin to explore
them and as a result, we may fail to recover costs already incurred.
If we determine to alter or discontinue our development efforts, future
costs of the investment may be expensed as incurred rather than
capitalized and we may determine the investment is impaired resulting
in a loss
|
| |  |  | we may expend funds on and devote managements time to projects
which we do not complete                                                                                                                                                                                                                                                                       
|
| |  |  | occupancy rates and rents at newly completed properties may
fluctuate depending on a number of factors, including market and
economic conditions, and may result in lower than projected rental
rates with the result that our investment is not profitable                                                                                                    

Our One Pennsylvania Plaza project is subject to a number of risks related to
its development, construction and leasing.
The One Pennsylvania Plaza project represents an investment, as of December 31,
2003, of approximately $64.5 million. The Company acquired the land for the
project in late 2000 with the intention to build a state of the art office
tower to meet identified demand for office space in Philadelphia arising from a
series of lease expirations of large commercial tenants in Philadelphias
central business district during the 2005 to 2007 time frame. The project
faces numerous challenges, including market conditions characterized by soft
tenant demand. This condition has had an adverse impact on market rental rates
and the resale value of Class A office buildings. Additionally, another new
office tower project (725,000 square feet) located near the central business
district has announced that it has substantial pre-leasing commitments.
Although the Company does not believe that, as a result of its location, the
other proposed tower is directly competitive with One Pennsylvania Plaza, the
other tower does offer state and local tax incentives that may make it
attractive to certain tenants and therefore creates additional leasing
alternatives for tenants that will further weaken the rental market in the
central business district.

The Company is currently exploring its ability to offer similar tax incentives
by having its project site designated a Keystone Opportunity Zone or a Keystone
Opportunity Improvement Zone (individually or collectively a KOZ) by the
Commonwealth of Pennsylvania and the City of Philadelphia. A KOZ offers tax
abatements or credits to companies that relocate or remain in KOZs.
Specifically, businesses within the KOZ typically do not pay city or state
taxes (i.e. real estate and corporate taxes). A KOZ designation requires an
extensive approval process at the local and state level, as well as legislative
approval and, once made, is effective for 15 years. The proposal to designate
the Companys project site as a KOZ has provoked extensive public debate and
opposition from owners of existing office buildings. The designation of the
project site as a KOZ would be helpful in attracting certain types of tenants
who would be able to qualify for the benefits of the KOZ because they meet
certain requirements.

As previously noted, the Company anticipates that it will attempt to attract
tenants from among the substantial number of tenants whose leases expire in
Philadelphias central business district during the period from 2005 to 2007.
In order to benefit from this opportunity, substantial leasing of One
Pennsylvania Plaza would need to occur during 2004. The Company will not
commence construction without an acceptable level of pre-leasing.

Development of a project such as One Pennsylvania Plaza is subject to the
general development and construction risks noted above. Those risks are
magnified by the size of the project, anticipated to be approximately $425
million, and include construction risks associated with undertaking a
construction project with the engineering and design complexities of a 58-story
office tower. The project also bears the investment risk that the market value
of this 1.3 million square foot office tower may not support the construction
costs of $330 per square foot. Recent sales prices for several modern office
towers, which were constructed on average 15 years ago, in Philadelphias
central business district, are estimated to be an average price of $183 per
square foot.

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If the Company is unsuccessful in its leasing efforts, it may postpone,
downsize or abandon the project with the result that future costs of the
investment may be expensed as incurred rather than capitalized, and the Company
may determine its investment is impaired, resulting in a loss.

The Company has not commenced construction of this project but is in detailed
discussions with various prospective tenants, some of which would lease enough
space to justify the commencement of construction. However at this time, the
Company has not entered into a lease with any tenant and cannot give any
assurance that it will do so.

We face risks associated with property acquisitions.
We acquire individual properties and portfolios of properties, and intend to
continue to do so. Our acquisition activities and their success are subject to
the following risks:



| |  |  | when we are able to locate a desired property, competition from
other real estate investors may significantly increase the purchase
price                                                                                                                                                            
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | acquired properties may fail to perform as expected                                                                                                                                                                                                                                                  
|
| |  |  | the actual costs of repositioning or redeveloping acquired properties may be higher than our estimates                                                                                                                                                                                               
|
| |  |  | acquired properties may be located in new markets where we face
risks associated with an incomplete knowledge or understanding of the
local market, a limited number of established business relationships in
the area and a relative unfamiliarity with local governmental and
permitting procedures
|
| |  |  | we may be unable to quickly and efficiently integrate new
acquisitions, particularly acquisitions of portfolios of properties,
into our existing operations, and as a result, our results of
operations and financial condition could be adversely affected                                          

We may acquire properties subject to liabilities and without any recourse, or
with only limited recourse, with respect to unknown liabilities. As a result,
if a liability were asserted against us based upon ownership of those
properties, we might have to pay substantial sums to settle it, which could
adversely affect our cash flow.

Many of our Properties are concentrated in our primary markets, and we
therefore may suffer economic harm as a result of adverse conditions in those
markets.
Our Properties are located principally in specific geographic areas in the
Mid-Atlantic, Southeastern and Midwestern United States. Due to the
concentration of our Properties in these areas, performance is dependent on
economic conditions in these areas. These areas have experienced periods of
economic decline.

We may not be able to access financial markets to obtain capital on a timely
basis, or on acceptable terms.
In order to qualify as a REIT for federal income tax purposes, we are required
to distribute at least 90% of taxable income to shareholders each year, and
thus cannot reinvest this portion of income in the business. As a result,
retained cash flows are somewhat limited and we rely on proceeds from Property
dispositions and third party capital sources for a portion of our capital
needs, including capital for acquisitions and development. The public debt and
equity markets are among the sources we rely on. There is no guarantee that we
will be able to access these markets, or any other source of capital. The
ability to access the public debt and equity markets depends on a variety of
factors, including:



| |  |  | general economic conditions affecting these markets        
| | - |  | -----------------------------------------------------------
|
| |  |  | our own financial structure and performance                
|
| |  |  | the markets opinion of REITs in general                   
|
| |  |  | the markets opinion of REITs that own properties like ours

We may suffer adverse effects as a result of the terms of and covenants
relating to our indebtedness.
Required payments on our indebtedness generally are not reduced if the economic
performance of the portfolio declines. If the economic performance declines,
net income, cash flow from operations and cash available for distribution to
shareholders will be reduced. If payments on debt cannot be made, we could
sustain a loss, or in the case of mortgages, suffer foreclosures by mortgagees
or suffer judgments. Further, some obligations, including our $350 million
credit facility and unsecured notes, as well as, at December 31, 2003,
approximately $125.7 million in outstanding mortgage indebtedness, contain
cross-default and/or cross-acceleration provisions, which means that a default
on one obligation may constitute a default on other obligations.

We anticipate that only a small portion of the principal of our debt will be
repaid prior to maturity. Therefore, we are likely to need to refinance at
least a portion of our outstanding debt as it matures. There is a risk that we
may not be able to refinance existing debt or that the terms of any refinancing
will not be as favorable as the terms of our existing debt. If principal
payments due at maturity cannot be refinanced, extended or repaid with proceeds
from other sources, such as the proceeds of sales of assets or new equity
securities, our cash flow will not be sufficient to repay all maturing debt in
years when significant balloon payments come due.

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Our credit facility and unsecured debt securities contain customary
restrictions, requirements and other limitations on our ability to incur
indebtedness, including total debt to asset ratios, secured debt to total asset
ratios, debt service coverage ratios and minimum ratios of unencumbered assets
to unsecured debt which we must maintain. Our continued ability to borrow
under our $350 million credit facility is subject to compliance with our
financial and other covenants. In addition, our failure to comply with such
covenants could cause a default under this credit facility, and we may then be
required to repay such debt with capital from other sources. Under those
circumstances, other sources of capital may not be available to us, or be
available only on unattractive terms.

Our degree of leverage could limit our ability to obtain additional financing
or affect the market price of our common stock.
Our degree of leverage could affect our ability to obtain additional financing
for working capital, capital expenditures, acquisitions, development or other
general corporate purposes. Our senior unsecured debt is currently rated
investment grade by the three major rating agencies. However, there can be no
assurance we will be able to maintain this rating, and in the event our senior
debt is downgraded from its current rating, we would likely incur higher
borrowing costs. Our degree of leverage could also make us more vulnerable to
a downturn in business or the economy generally.

Further issuances of equity securities may be dilutive to current shareholders.
The interests of our existing shareholders could be diluted if we issue
additional equity securities to finance future developments, acquisitions, or
repay indebtedness. Our ability to execute our business strategy depends on
our access to an appropriate blend of debt financing, including unsecured lines
of credit and other forms of secured and unsecured debt, and equity financing,
including issuances of common and preferred equity.

An increase in interest rates would increase our interest costs on variable
rate debt and could adversely impact our ability to refinance existing debt.
We currently have, and may incur more, indebtedness that bears interest at
variable rates. Accordingly, if interest rates increase, so will our interest
costs, which would adversely affect our cash flow and our ability to pay
principal and interest on our debt and our ability to make distributions to our
shareholders. Further, rising interest rates could limit our ability to
refinance existing debt when it matures.

Property ownership through joint ventures will limit our ability to act
exclusively in our interests.
From time to time we invest in joint ventures in which we do not hold a
controlling interest. These investments involve risks that do not exist with
properties in which we own a controlling interest, including the possibility
that our partners may, at any time, have business, economic or other objectives
that are inconsistent with our objectives. In instances where we lack a
controlling interest, our partners may be in a position to require action that
is contrary to our objectives. While we seek to negotiate the terms of these
joint ventures in a way that secures our ability to act in our best interests,
there can be no assurance that those terms will be sufficient to fully protect
us against actions contrary to our interests. If the objectives of our
co-venturers are inconsistent with ours, we may not in every case be able to
act exclusively in our interests.

We may suffer economic harm if our enterprise resource planning software
implementation experiences
interruptions or delays.
On January 1, 2004 we launched an enterprise resource planning system for our
business. It is anticipated that the enterprise resource planning system will
continue to be implemented throughout the Company in 2004. The objective of the
new information technology system is to improve our performance by achieving a
number of specific financial and operational measures. The new information
technology system has been designed to provide us with a stable, long-term
platform enabling us to deliver value to our tenants through information
sharing and electronic commerce as these issues become more important in future
periods.

Enterprise resource planning implementations are challenging initiatives that
carry substantial project risk in the areas of cost overruns, project delays
and business interruption. Failure to properly implement the new information
technology system could have an adverse impact on our operating results.

Risks Related to the Real Estate Industry

Real estate investments are illiquid, and we may not be able to sell our
Properties if and when we determine it is appropriate to do so.
Real estate generally cannot be sold quickly. We may not be able to dispose of
Properties promptly in response to economic or other conditions. In addition,
provisions of the Internal Revenue Code limit a REITs ability to sell
properties in some situations when it may be economically advantageous to do
so, thereby adversely affecting returns to shareholders and adversely impacting
our ability to meet our obligations to the holders of other securities.

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We may experience economic harm if any damage to our Properties is not covered by insurance.
We carry insurance coverage on our Properties of the type and in amounts that
we believe are in line with coverage customarily obtained by owners of similar
properties. We believe all of our Properties are adequately insured. However,
we cannot guarantee that the limits of our current policies will be sufficient
in the event of a catastrophe to our Properties. Our existing property and
liability policies expire in May 2004. We cannot guarantee that we will be able
to renew or duplicate our current coverages in adequate amounts or at
reasonable prices.

We may suffer losses that are not covered under our comprehensive liability,
fire, extended coverage and rental loss insurance policies. For example, we may
not be insured for losses resulting from acts of war, certain acts of
terrorism, or from environmental liabilities. If an uninsured loss or a loss in
excess of insured limits should occur, we could lose capital invested in a
Property, as well as any future revenue from the Property. We would
nevertheless remain obligated on any mortgage indebtedness or other obligations
related to the Property.

Potential liability for environmental contamination could result in substantial costs.
Under federal, state and local environmental laws, ordinances and regulations,
we may be required to investigate and clean up the effects of releases of
hazardous or toxic substances or petroleum products at our Properties simply
because of our current or past ownership or operation of the real estate. If
unidentified environmental problems arise, we may have to make substantial
payments which could adversely affect our cash flow and our ability to make
distributions to our shareholders because:



| |  |  | as owner or operator, we may have to pay for property damage and
for investigation and clean-up costs incurred in connection with the
contamination                                             
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | the law typically imposes clean-up responsibility and liability
regardless of whether the owner or operator knew of or caused the
contamination                                                 
|
| |  |  | even if more than one person may be responsible for the
contamination, each person who shares legal liability under the
environmental laws may be held responsible for all of the clean-up
costs
|
| |  |  | governmental entities and third parties may sue the owner or
operator of a contaminated site for damages and costs                                                                              

These costs could be substantial. The presence of hazardous or toxic
substances or petroleum products or the failure to properly remediate
contamination may materially and adversely affect our ability to borrow
against, sell or rent an affected property. In addition, applicable
environmental laws create liens on contaminated sites in favor of the
government for damages and costs it incurs in connection with a contamination.
Changes in laws increasing the potential liability for environmental conditions
existing at our Properties may result in significant unanticipated
expenditures.

It is our policy to retain independent environmental consultants to conduct
Phase I environmental site assessments and asbestos surveys with respect to our
acquisition of properties. These assessments generally include a visual
inspection of the properties and the surrounding areas, an examination of
current and historical uses of the properties and the surrounding areas and a
review of relevant state, federal and historical documents, but do not involve
invasive techniques such as soil and ground water sampling. Where appropriate,
on a property-by-property basis, our practice is to have these consultants
conduct additional testing, including sampling for asbestos, for lead in
drinking water, for soil contamination where underground storage tanks are or
were located or where other past site usages create a potential environmental
problem, and for contamination in groundwater. Even though these environmental
assessments are conducted, there is still the risk that:



| |  |  | the environmental assessments and updates did not identify all
potential environmental liabilities                                       
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | a prior owner created a material environmental condition that is
not known to us or the independent consultants preparing the
assessments
|
| |  |  | new environmental liabilities have developed since the
environmental assessments were conducted                                          
|
| |  |  | future uses or conditions such as changes in applicable
environmental laws and regulations could result in environmental
liability for us

While we test indoor air quality on a regular basis and have an ongoing
maintenance program in place to address this aspect of property operations,
inquiries about indoor air quality may necessitate special investigation and,
depending on the results, remediation. Indoor air quality issues can stem from
inadequate ventilation, chemical contaminants from indoor or outdoor sources,
pollen, viruses and bacteria. Indoor exposure to chemical or biological
contaminants above certain levels can be alleged to be connected to allergic
reactions or other health effects and symptoms in susceptible individuals. If
these conditions were to occur at one of our Properties, we may need to
undertake a targeted remediation program, including without limitation, steps
to increase indoor ventilation rates and eliminate sources of contaminants.
Such remediation programs could be costly, necessitate the temporary relocation
of some or all of the propertys tenants or require rehabilitation of the
affected property.

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Our Properties may contain or develop harmful mold, which could lead to
liability for adverse health effects and costs of remediating the problem.
When excessive moisture accumulates in buildings or on building materials, mold
growth may occur, particularly if the moisture problem remains undiscovered or
is not addressed over a period of time. Some molds may produce airborne toxins
or irritants. Concern about indoor exposure to mold has been increasing as
exposure to mold may cause a variety of adverse health effects and symptoms,
including allergic or other reactions. As a result, the presence of significant
mold at any of our Properties could require us to undertake a costly
remediation program to contain or remove the mold from the affected property.
In addition, the presence of significant mold could expose us to liability from
our tenants, employees of our tenants and others if property damage or health
concerns arise.

Compliance with the Americans with Disabilities Act and fire, safety and other
regulations may require us to make expenditures that adversely impact our
operating results.
All of our Properties are required to comply with the Americans with
Disabilities Act, (ADA). The ADA generally requires that buildings be made
accessible to people with disabilities. Compliance with the ADA requirements
could require removal of access barriers and non-compliance could result in
imposition of fines by the U.S. government or an award of damages to private
litigants, or both. Expenditures related to complying with the provisions of
the ADA could adversely affect our results of operations and financial
condition and our ability to make distributions to shareholders. In addition,
we are required to operate our Properties in compliance with fire and safety
regulations, building codes and other land use regulations, as they may be
adopted by governmental agencies and bodies and become applicable to our
Properties. We may be required to make substantial capital expenditures to
comply with those requirements and these expenditures could have a material
adverse effect on our operating results and financial condition, as well as our
ability to make distributions to shareholders.

Risks Related to Our Organization and Structure

We have elected REIT status under the federal tax laws, and could suffer
adverse consequences if we fail to qualify as a REIT.
We have elected REIT status under federal tax laws and have taken the steps
known to us to perfect that status, but we cannot be certain that we qualify,
or that we will remain qualified. Qualification as a REIT involves the
application of highly technical and complex provisions of the Internal Revenue
Code (the Code), as to which there are only limited judicial or
administrative interpretations. The complexity of these provisions and of the
related income tax regulations is greater in the case of a REIT that holds its
assets in partnership form, as we do. Moreover, no assurance can be given that
new tax laws will not significantly affect our qualification as a REIT or the
federal income tax consequences of such qualification. New laws could be
applied retroactively, which means that past operations could be found to be in
violation, which would have a negative effect on the business.

If we fail to qualify as a REIT in any taxable year, the distributions to
shareholders would not be deductible when computing taxable income. If this
happened, we would be subject to federal income tax on our taxable income at
regular corporate rates. Also, we could be prevented from qualifying as a REIT
for the four years following the year in which we were disqualified. Further,
if we requalified as a REIT after failing to qualify, we might have to pay the
full corporate-level tax on any unrealized gain in our assets during the period
we were not qualified as a REIT. We would then have to distribute to our
shareholders the earnings we accumulated while we were not qualified as a REIT.
These additional taxes would reduce our funds available for distribution to our
shareholders. In addition, while we were disqualified as a REIT, we would not
be required by the Internal Revenue Code to make distributions to our
shareholders. A failure by the Company to qualify as a REIT and the resulting
requirement to pay taxes and interest (and perhaps penalties) would cause us to
default under various agreements to which we are a party, including under our
credit facility, and would have a material adverse effect on our business,
prospects, results of operations, earnings, financial condition and our ability
to make distributions to shareholders.

Future economic, market, legal, tax or other considerations may cause our Board
of Trustees to revoke our election to qualify as a REIT. This decision requires
the consent of the holders of a majority of the voting interests of all of our
outstanding Common Shares.

Risks associated with potential borrowings necessary to make distributions to
qualify as a REIT.
We intend to make distributions to shareholders to comply with the distribution
provisions of the Code necessary to maintain qualification as a REIT and to
avoid income taxes and the non-deductible excise tax. Under certain
circumstances, we may be required to borrow funds to meet the distribution
requirements necessary to achieve the tax benefits associated with qualifying
as a REIT. In such circumstances, we might need to borrow funds to avoid
adverse tax consequences, even if our management believes that the prevailing
market conditions are not generally favorable for such borrowings or that such
borrowings would not be advisable in the absence of such tax considerations.

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Certain officers of the Trust may not have the same interests as shareholders
as to certain tax laws.
Certain officers of the Trust own Common Units. These units may be exchanged
for our Common Shares. The officers who own those units and have not yet
exchanged them for our Common Shares may suffer different and more adverse tax
consequences than holders of our Common Shares suffer in certain situations:



| |  |  | when certain of our Properties are sold       
| | - |  | ----------------------------------------------
|
| |  |  | when debt on those Properties is refinanced   
|
| |  |  | if we are involved in a tender offer or merger

The Trust also owns units in the Operating Partnership. Because the Trust, as
well as the certain officers who own units, face different consequences than
shareholders do, the Trust and those officers may have different objectives as
to these transactions than shareholders do.

Certain aspects of our organization could have the effect of restricting or
preventing a change of control of our Company, which could have an adverse
effect on the price of our shares.
Our charter contains an ownership limit on shares. To qualify as a REIT, five
or fewer individuals cannot own, directly or indirectly, more than 50% in value
of the outstanding shares of beneficial interest. To this end, our Declaration
of Trust, among other things, generally prohibits any holder of the Trusts
shares from owning more than 5% of the Trusts outstanding shares of beneficial
interest, unless that holder gets the consent from the Board of Trustees. This
limitation could prevent the acquisition of control of the Company by a third
party without the consent from the Board of Trustees.

We have a staggered board and certain restrictive nominating procedures. The
Board of Trustees has three classes of trustees. The term of office of one
class expires each year. Trustees for each class are elected for three-year
terms as that class term expires. The terms of the Class I, Class II and Class
III trustees expire in 2004, 2005 and 2006, respectively. Any nominee for
trustee must be selected under the nominating provisions contained in our
Declaration of Trust and By-Laws. The staggered terms for trustees and the
nominating procedures may affect shareholders ability to take control of the
Company, even if a change in control was in the shareholders interest.

The Company can issue preferred shares. Our Declaration of Trust authorizes the
Board of Trustees to establish the preferences and rights of any shares issued.
The issuance of preferred shares could have the effect of delaying, making more
difficult or preventing a change of control of the Company, even if a change in
control was in the shareholders interest.

We have a poison pill. Under the shareholder rights plan, rights are issued
along with each of the Trusts Common Shares. Holders of these rights can
purchase, under certain conditions, a portion of a preferred share of
beneficial interest, or receive Common Shares of the Trust, or common shares of
an entity acquiring us, or other consideration, having a value equal to twice
the exercise price of the right. The exercise price of the right is $200. This
arrangement is often called a poison pill. Our poison pill could have the
effect of delaying or preventing a change of control of the Company, even if a
change in control was in the shareholders interest.

There are limitations on acquisition of and changes in control pursuant to, and
fiduciary protections of The Board under Maryland law. The Maryland General
Corporation Law (MGCL) contains provisions which are applicable to the Trust
as if the Trust were a corporation. Among these provisions is a section,
referred to as the control share acquisition statute, which eliminates the
voting rights of shares acquired in quantities so as to constitute control
shares, as defined under the MGCL. The MGCL also contains provisions
applicable to us that are referred to as the business combination statute,
which would generally limit business combinations between the Company and any
10% owners of the Trusts shares or any affiliate thereof. Further, Maryland
law provides broad discretion to the Board with respect to its fiduciary duties
in considering a change in control of our Company, including that the Board is
subject to no greater level of scrutiny in considering a change in control
transaction than with respect to any other act by the Board. Finally, the
unsolicited takeovers provisions of the MGCL permit the Board, without
shareholder approval and regardless of what is currently provided in our
Declaration of Trust or By-Laws, to implement takeover defenses that our
Company does not yet have, including: permitting only the Board to fix the size
of the Board and permitting only the Board to fill a vacancy on the Board. All
of these provisions may have the effect of inhibiting a third party from making
an acquisition proposal for our Company or of delaying, deferring or preventing
a change in control of the Company under circumstances that otherwise could
provide the holders of Common Shares with the opportunity to realize a premium
over the then current market price.

Various factors out of our control could hurt the market value of our publicly
traded securities.
General market conditions could change for the worse. The value of our publicly
traded securities depends on various market conditions, which may change from
time to time. In addition to general economic and market conditions and our
particular financial condition and performance, the value of our publicly
traded securities

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could be affected by, among other things, the extent of institutional investor
interest in us and the markets opinion of REITs in general and, in particular,
REITs that own and operate properties similar to ours.

The market value of the equity securities of a REIT may be based primarily upon
the markets perception of the REITs growth potential and its current and
future cash distributions, and may be secondarily based upon the real estate
market value of the underlying assets. The failure to meet the markets
expectations with regard to future earnings and cash distributions likely would
adversely affect the market price of publicly traded securities.

Rising market interest rates could make an investment in publicly traded
securities less attractive. If market interest rates increase, purchasers of
publicly traded securities may demand a higher annual yield on the price they
pay for their securities. This could adversely affect the market price of
publicly traded securities.

Transactions by the Trust of the Operating Partnership could adversely affect
debt holders.
Except with respect to several covenants limiting the incurrence of
indebtedness and a covenant requiring the Operating Partnership to maintain a
certain unencumbered total asset value, our indentures do not contain any
provisions that would protect holders of the Operating Partnerships debt
securities in the event of (i) a highly leveraged or similar transaction
involving the Operating Partnership, the management of the Operating
Partnership or the Trust, or any affiliate of any these parties, (ii) a change
of control, or (iii) certain reorganizations, restructuring, mergers or similar
transactions involving the Operating Partnership or the Trust.

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ITEM 2.     PROPERTIES

The Properties in Operation, as of December 31, 2003, consisted of 406
industrial and 267 office properties. Single tenants completely occupy 237
Properties in Operation. The Company generally provides a reduced level of
service in connection with the operation or maintenance of these properties.
The remaining 436 of the Companys Properties in Operation are multi-tenant
properties for which the Company renders a range of building, operating and
maintenance services.

As of December 31, 2003, the industrial Properties in Operation were 92.9%
leased. The average building size for the industrial Properties in Operation is
86,386 square feet. As of December 31, 2003, the office Properties in Operation
were approximately 89.6% leased. The average building size for the office
Properties in Operation is 69,654 square feet.

A complete listing of the Properties in Operation appears as Schedule III to
the financial statements of the Company included in this report. The table
below sets forth certain information on the Companys Properties in Operation
as of December 31, 2003 (in thousands, except percentages).

TYPE
    
    NET RENT
    
    
    SQUARE FEET
    
    
    % LEASEDDelaware Valley
    
    Industrial
    
    -Distribution
    
    $
    11,963
    
    
    
    2,170
    
    
    
    90.3
    %-Flex
    
    
    30,306
    
    
    
    3,212
    
    
    
    92.9
    %Office
    
    
    
    
    104,375
    
    
    
    7,346
    
    
    
    91.5
    %Total
    
    
    
    $
    146,644
    
    
    
    12,728
    
    
    
    91.6
    %Midwest
    
    Industrial
    
    -Distribution
    
    $
    37,406
    
    
    
    9,656
    
    
    
    93.3
    %-Flex
    
    
    43,401
    
    
    
    5,835
    
    
    
    91.9
    %Office
    
    
    
    
    49,232
    
    
    
    4,025
    
    
    
    87.3
    %Total
    
    
    
    $
    130,039
    
    
    
    19,516
    
    
    
    91.6
    %Mid-Atlantic
    
    Industrial
    
    -Distribution
    
    $
    26,611
    
    
    
    6,722
    
    
    
    95.2
    %-Flex
    
    
    8,516
    
    
    
    1,057
    
    
    
    91.4
    %Office
    
    
    
    
    47,377
    
    
    
    3,964
    
    
    
    90.8
    %Total
    
    
    
    $
    82,504
    
    
    
    11,743
    
    
    
    93.4
    %Florida
    
    Industrial
    
    -Distribution
    
    $
    12,591
    
    
    
    3,149
    
    
    
    92.5
    %-Flex
    
    
    21,353
    
    
    
    3,101
    
    
    
    91.2
    %Office
    
    
    
    
    31,728
    
    
    
    2,831
    
    
    
    88.0
    %Total
    
    
    
    $
    65,672
    
    
    
    9,081
    
    
    
    90.7
    %United Kingdom
    
    Industrial
    
    -Distribution
    
    $
    
    
    
    
    
    
    
    
    -Flex
    
    
    4,572
    
    
    
    170
    
    
    
    100.0
    %Office
    
    
    
    
    10,729
    
    
    
    432
    
    
    
    79.5
    %Total
    
    
    
    $
    15,301
    
    
    
    602
    
    
    
    85.3
    %TOTAL
    
    Industrial
    
    -Distribution
    
    $
    88,571
    
    
    
    21,697
    
    
    
    93.5
    %-Flex
    
    
    108,148
    
    
    
    13,375
    
    
    
    92.1
    %Office
    
    
    
    
    243,441
    
    
    
    18,598
    
    
    
    89.6
    %Total
    
    
    
    $
    440,160
    
    
    
    53,670
    
    
    
    91.8
    %


17



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##### Table of Contents



The expiring square feet and annual net rent by year for the above Properties
in Operation as of December 31, 2003 are as follows (in thousands, except
percentages):

INDUSTRIAL-DISTRIBUTION
    
    
    INDUSTRIAL-FLEX
    
    
    OFFICE
    
    
    TOTALSQUARE
    
    
    ANNUAL
    
    
    SQUARE
    
    
    ANNUAL
    
    
    SQUARE
    
    
    ANNUAL
    
    
    SQUARE
    
    
    ANNUALYEAR
    
    FEET
    
    
    NET RENT
    
    
    FEET
    
    
    NET RENT
    
    
    FEET
    
    
    NET RENT
    
    
    FEET
    
    
    NET RENT2004
    
    
    1,757
    
    
    $
    7,978
    
    
    
    2,172
    
    
    $
    17,670
    
    
    
    2,265
    
    
    $
    31,100
    
    
    
    6,194
    
    
    $
    56,7482005
    
    
    2,372
    
    
    
    11,724
    
    
    
    2,023
    
    
    
    17,064
    
    
    
    2,909
    
    
    
    41,958
    
    
    
    7,304
    
    
    
    70,7462006
    
    
    2,255
    
    
    
    10,072
    
    
    
    2,087
    
    
    
    21,470
    
    
    
    1,572
    
    
    
    22,442
    
    
    
    5,914
    
    
    
    53,9842007
    
    
    2,623
    
    
    
    12,788
    
    
    
    1,345
    
    
    
    13,546
    
    
    
    1,688
    
    
    
    25,682
    
    
    
    5,656
    
    
    
    52,0162008
    
    
    3,321
    
    
    
    14,008
    
    
    
    2,135
    
    
    
    21,048
    
    
    
    2,295
    
    
    
    34,894
    
    
    
    7,751
    
    
    
    69,9502009
    
    
    1,580
    
    
    
    8,002
    
    
    
    1,025
    
    
    
    9,713
    
    
    
    1,713
    
    
    
    29,081
    
    
    
    4,318
    
    
    
    46,796Thereafter
    
    
    6,368
    
    
    
    35,637
    
    
    
    1,526
    
    
    
    16,818
    
    
    
    4,226
    
    
    
    83,128
    
    
    
    12,120
    
    
    
    135,583Total
    
    
    20,276
    
    
    $
    100,209
    
    
    
    12,313
    
    
    $
    117,329
    
    
    
    16,668
    
    
    $
    268,285
    
    
    
    49,257
    
    
    $
    485,823Total Square Feet
    
    
    21,697
    
    
    
    
    
    
    
    13,375
    
    
    
    
    
    
    
    18,598
    
    
    
    
    
    
    
    53,670Percent of Total
Annual Net Rent
    
    
    
    
    
    
    20.6
    %
    
    
    
    
    
    
    24.2
    %
    
    
    
    
    
    
    55.2
    %
    
    
    
    
    
    
    100.0
    %


The table below highlights the Companys top ten office tenants and the top ten
industrial tenants.

PERCENTAGE
    
    
    
    PERCENTAGETOP 10 OFFICE TENANTS
    
    OF NET RENT
    
    TOP 10 INDUSTRIAL TENANTS
    
    OF NET RENTThe Vanguard Group, Inc.
    
    
    4.0
    %
    
    TJX Corp.
    
    
    1.1
    %GlaxoSmithKline
    
    
    1.9
    %
    
    Kellogg Company
    
    
    1.1
    %PPL Energyplus LLC
    
    
    1.6
    %
    
    The Government of the United States of America
    
    
    0.8
    %Aetna U.S. Healthcare Inc.
    
    
    1.4
    %
    
    Vistakon Division of Johnson & Johnson
    
    
    0.7
    %PNC Bank
    
    
    1.2
    %
    
    DSC Logistics
    
    
    0.6
    %Capital One Services, Inc.
    
    
    1.2
    %
    
    Fieldcrest Cannon Sure Fit, Inc.
    
    
    0.5
    %Express Scripts, Inc.
    
    
    1.2
    %
    
    Dial Corporation
    
    
    0.5
    %Sanofi Winthrop, Inc.
    
    
    1.2
    %
    
    Georgia-Pacific Corporation
    
    
    0.5
    %Citicorp North America, Inc.
    
    
    1.1
    %
    
    Spectrum Supply Chain Services
    
    
    0.4
    %General Motors Acceptance Corp.
    
    
    1.0
    %
    
    Hewlett-Packard Company
    
    
    0.4
    %15.8
    %
    
    
    
    
    6.6
    %





ITEM 3.     LEGAL PROCEEDINGS

The ownership of property and provision of services to the public entails an
inherent risk of liability. Although the Company is engaged in litigation
incidental to its business, there is no legal proceeding to which it is a party
which, in the opinion of management, will materially adversely affect the
results of the Companys operations. The Company carries liability insurance
against certain types of claims that management believes meets industry
standards; however, there can be no assurance that any future legal proceedings
(including any related judgments, settlements or costs) will not materially
adversely affect the Companys financial condition, liquidity, or results of
operations.




ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matters were submitted to a vote of security holders during the fourth
quarter of the year ended December 31, 2003.

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PART II






|ITEM 5. |  | MARKET FOR THE REGISTRANTS COMMON EQUITY AND RELATED SHAREHOLDERS MATTERS
|------- |  | ---------------------------------------------------------------------------

The Common Shares are traded on the New York Stock Exchange under the symbol
LRY. There is no established public trading market for the Common Units. The
following table sets forth, for the calendar quarters indicated, the high and
low closing prices of the Common Shares on the New York Stock Exchange, and the
dividends declared per Common Share for such calendar quarter.

DIVIDENDSDECLARED PERHIGH
    
    LOW
    
    COMMON SHARE2003First Quarter
    
    $
    32.30
    
    
    $
    28.91
    
    
    $
    0.60Second Quarter
    
    
    34.91
    
    
    
    30.72
    
    
    
    0.60Third Quarter
    
    
    36.98
    
    
    
    33.50
    
    
    
    0.605Fourth Quarter
    
    
    38.90
    
    
    
    35.45
    
    
    
    0.6052002First Quarter
    
    $
    32.90
    
    
    $
    28.88
    
    
    $
    0.59Second Quarter
    
    
    35.17
    
    
    
    31.24
    
    
    
    0.59Third Quarter
    
    
    34.65
    
    
    
    27.60
    
    
    
    0.60Fourth Quarter
    
    
    32.21
    
    
    
    28.00
    
    
    
    0.60


As of February 24, 2004, the Common Shares were held by 1,292 holders of
record. Since its initial public offering, the Company has paid regular and
uninterrupted quarterly dividends.

Although the Company currently anticipates that comparable cash dividends will
continue to be paid in the future, the payment of future dividends by the
Company will be at the discretion of the Board of Trustees and will depend on
numerous factors including the Companys cash flow, its financial condition,
capital requirements, annual distribution requirements under the REIT
provisions of the Internal Revenue Code of 1986, as amended, and such other
factors as the Board of Trustees deems relevant.

19



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##### Table of Contents






ITEM 6.     SELECTED FINANCIAL DATA

The following table sets forth Selected Financial Data for Liberty Property
Trust and Liberty Property Limited Partnership as of and for the years ended
December 31, 2003, 2002, 2001, 2000, and 1999. The information set forth below
should be read in conjunction with Managements Discussion and Analysis of
Financial Condition and Results of Operations and the financial statements and
notes thereto appearing elsewhere in this report. Certain amounts from prior
years have been reclassified to conform to current-year presentation.

Operating Data
    
    YEAR ENDED DECEMBER 31,In thousands, except per share data
    
    2003
    
    
    2002
    
    
    2001
    
    
    2000
    
    
    1999(Restated) (1)Total operating revenue
    
    $
    625,032
    
    
    $
    593,444
    
    
    $
    572,896
    
    
    $
    522,637
    
    
    $
    461,030Income from continuing operations
    
    $
    150,778
    
    
    $
    152,542
    
    
    $
    164,295
    
    
    $
    159,535
    
    
    $
    140,714Income available to common shareholders (1)
    
    $
    163,610
    
    
    $
    150,237
    
    
    $
    155,537
    
    
    $
    148,271
    
    
    $
    130,324Basic:Income from continuing operations
    
    $
    1.92
    
    
    $
    1.88
    
    
    $
    2.16
    
    
    $
    2.20
    
    
    $
    1.95Extraordinary item
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    (0.03
    )
    
    $
    (0.02
    )Income from discontinued operations
    
    $
    0.16
    
    
    $
    0.12
    
    
    $
    0.03
    
    
    $
    0.03
    
    
    $
    0.03Income per common share  basic
    
    $
    2.08
    
    
    $
    2.00
    
    
    $
    2.19
    
    
    $
    2.20
    
    
    $
    1.96Diluted:Income from continuing operations
    
    $
    1.89
    
    
    $
    1.85
    
    
    $
    2.12
    
    
    $
    2.17
    
    
    $
    1.94Extraordinary item
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    (0.03
    )
    
    $
    (0.02
    )Income from discontinued operations
    
    $
    0.16
    
    
    $
    0.12
    
    
    $
    0.03
    
    
    $
    0.03
    
    
    $
    0.03Income per common share  diluted
    
    $
    2.05
    
    
    $
    1.97
    
    
    $
    2.15
    
    
    $
    2.17
    
    
    $
    1.95Distributions paid per common share
    
    $
    2.405
    
    
    $
    2.37
    
    
    $
    2.30
    
    
    $
    2.13
    
    
    $
    1.87Distributions paid per preferred share
    
    $
    
    
    
    $
    1.82
    
    
    $
    2.20
    
    
    $
    2.20
    
    
    $
    2.20Weighted average number of shares outstanding  basic (2)
    
    
    78,575
    
    
    
    75,041
    
    
    
    71,184
    
    
    
    67,442
    
    
    
    66,495Weighted average number of shares outstanding   diluted (3)
    
    
    79,868
    
    
    
    76,272
    
    
    
    73,580
    
    
    
    68,173
    
    
    
    66,727


Balance Sheet Data
    
    DECEMBER 31,In thousands
    
    2003
    
    
    2002
    
    
    2001
    
    
    2000
    
    
    1999Net real estate
    
    $
    3,560,556
    
    
    $
    3,394,799
    
    
    $
    3,247,527
    
    
    $
    3,105,826
    
    
    $
    2,880,538Total assets
    
    
    3,834,008
    
    
    
    3,627,061
    
    
    
    3,552,825
    
    
    
    3,396,355
    
    
    
    3,118,133Total indebtedness
    
    
    1,885,866
    
    
    
    1,866,187
    
    
    
    1,753,131
    
    
    
    1,703,896
    
    
    
    1,491,238Shareholders equity
    
    
    1,544,897
    
    
    
    1,354,431
    
    
    
    1,419,321
    
    
    
    1,317,368
    
    
    
    1,295,479


Other Data
    
    YEAR ENDED DECEMBER 31,Dollars in thousands
    
    2003
    
    
    2002
    
    
    2001
    
    
    2000
    
    
    1999(Restated) (5)Cash provided by operating activities
    
    $
    260,666
    
    
    $
    288,243
    
    
    $
    303,846
    
    
    $
    240,735
    
    
    $
    212,421Cash used in investing activities
    
    
    (191,988
    )
    
    
    (165,604
    )
    
    
    (233,856
    )
    
    
    (308,750
    )
    
    
    (238,778
    )Cash (used) provided by financing activities
    
    
    (58,111
    )
    
    
    (131,818
    )
    
    
    (55,747
    )
    
    
    63,589
    
    
    
    21,030Funds from operations available to common shareholders (4)(5)
    
    
    280,921
    
    
    
    260,750
    
    
    
    262,782
    
    
    
    234,194
    
    
    
    210,982Total leaseable square footage of properties at end of
period (in thousands)
    
    
    53,670
    
    
    
    51,062
    
    
    
    49,771
    
    
    
    48,216
    
    
    
    46,219Number of properties at end of period
    
    
    673
    
    
    
    652
    
    
    
    645
    
    
    
    652
    
    
    
    634Percentage leased at end of period
    
    
    92
    %
    
    
    91
    %
    
    
    94
    %
    
    
    96
    %
    
    
    95
    %




---

|(1) |  | Income available to common shareholders for the year ended December 31,
2002 was restated ($4.2 million) as a result of SEC guidance requiring the
excess of redemption over carrying value associated with a redeemed
preferred share offering to be treated as a reduction in income available
to common shareholders.                                                                                                                                                                                                                                                                                                                                                                            
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(2) |  | Basic weighted average number of shares includes only vested Common
Shares outstanding during the year.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   
|(3) |  | Diluted weighted average number of shares outstanding includes the
dilutive effect of outstanding options for the year ended December 31,
2003 and 2002. For the year ended December 31, 2001 such number includes
the dilutive effect of outstanding options and the dilutive effect of
Convertible Debentures (the Convertible Debentures) see Note 6 to the
Companys financial statements. For the years ended December 31, 2000, and
1999, such number includes the dilutive effect of outstanding options yet
excludes Common Shares issuable upon conversion of the Convertible
Debentures, because to do so would have been antidilutive. The Convertible
Debentures matured in July 2001.
|   
|(4) |  | The National Association of Real Estate Investment Trusts (NAREIT) has
issued a standard definition for Funds from operations (as defined below).
The Securities and Exchange Commission has agreed to the disclosure of
this non-GAAP financial measure on a per share basis in its Release No.
34-47226, Conditions for Use of Non-GAAP Financial Measures. The Company
believes that the calculation of Funds from operations is helpful to
investors and management as it is a measure of the Companys operating
performance that excludes depreciation and amortization and gains and
losses from property dispositions. As a result, year over year comparison
of                          

20



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##### Table of Contents





|    |  | Funds from operations reflects the impact on operations from trends in
occupancy rates, rental rates, operating costs, development activities,
general and administrative expenses, and interest costs, providing
perspective not immediately apparent from net income. In addition,
management believes that Funds from operations provides useful information
to the investment community about the Companys financial performance when
compared to other REITs since Funds from operations is generally recognized
as the standard for reporting the operating performance of a REIT. Funds
from operations available to common shareholders is defined by NAREIT as net
income (computed in accordance with generally accepted accounting principles
(GAAP)), excluding gains (or losses) from sales of property, plus
depreciation and amortization, and after adjustments for unconsolidated
partnerships and joint ventures. Funds from operations available to common
shareholders does not represent net income or cash flows from operations as
defined by GAAP and does not necessarily indicate that cash flows will be
sufficient to fund cash needs. It should not be considered as an alternative
to net income as an indicator of the Companys operating performance or to
cash flows as a measure of liquidity. Funds from operations available to
common shareholders also does not represent cash flows generated from
operating, investing or financing activities as defined by GAAP.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(5) |  | During the year ended December 31, 2003, NAREIT published guidance
requiring impairment writedowns to be included in Funds from operations
available to common shareholders. As a result, Funds from operations
available to common shareholders for the year ended December 31, 2002
decreased by $11.3 million. Additionally, 2002s Funds from operations
available to common shareholders was reduced by the $4.2 million excess of
preferred share redemption over carrying amount. See footnote (1) above.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

21



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|ITEM 7. |  | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|------- |  | -------------------------------------------------------------------------------------

Overview

The Company owns and operates 406 industrial and 267 office Properties located
primarily in the Mid-Atlantic, Southeastern and Midwestern United States.

The Company focuses on creating value for shareholders and increasing
profitability and cash flow. With respect to its Properties in Operation, the
Company endeavors to maintain high occupancy levels while increasing rental
rates. The Company pursues development opportunities that it believes will
create value and yield high returns. The Company also acquires properties
which it believes will create long-term value, and disposes of Properties which
no longer fit within the Companys strategic objectives or in situations where
it can optimize cash proceeds. The Companys operating results depend
primarily upon income from rental operations and are substantially influenced
by rental demand for the Properties in Operation.

In 2003 the Company experienced the effects of a generally slow economy and a
particularly difficult real estate market for landlords. These circumstances
impacted many aspects of the Companys business.

Our Properties in Operation, which represents over 90% of our revenue, were
subjected to market conditions characterized by an oversupply of leaseable
space and soft demand. These conditions resulted in downward pressure on
rental rates and upward pressure on lease transaction costs related to tenant
inducements (e.g. tenant improvement costs). In the face of these conditions,
the Company successfully leased 12.5 million square feet and attained occupancy
of 91.8%, which it believes represents performance which is substantially
better than market. However, property level operating income for the Same
Store properties (properties owned since January 1, 2002) declined when
compared to year end 2002 by 2.1% on a straight line basis and 1.9% on a cash
basis. The trend as to occupancy, rental rate and transaction costs remained
generally consistent from quarter to quarter in 2003. See further discussion
of Same Store results below. The Company believes that, although 2004 will be
a year of transition, these trends for the Properties in Operation  downward
pressure on rents, upward pressure on transaction costs  will continue in the
aggregate, notwithstanding improvements in some markets. Nevertheless, the
Company is hopeful that it will see some improvement in overall occupancy in
the latter part of the year.

The conditions in 2003 for the acquisition of properties were very
competitive. The Company, however, acquired 16 buildings representing 1.6
million square feet and a Total Investment of $110.4 million. These
acquisitions generally served to increase the presence or balance the product
mix in markets the Company believes to have significant potential. In 2004,
the Company believes that the level of acquisitions will be in the $100 to $200
million range and will represent a positive contribution to earnings.

Dispositions of Properties which no longer fit within the Companys strategic
objectives or in situations where it can optimize cash proceeds continued in
2003. During 2003, the Company sold $40.8 million in operating Properties.
The Company anticipates that dispositions will continue at this level or
moderately higher in 2004.

In 2003, the Company continued to pursue development opportunities, although
principally on a build-to-suit basis. The Company delivered $204.7 million of
development properties and initiated development of $143.8 million. This
pipeline of development properties is at a relatively low level as compared
to the Companys historical pace of development. The Company believes that in
2004 build-to-suit activity will continue and that conditions in certain
markets may support the initiation of inventory projects (i.e. projects that
are less than 75% leased prior to the commencement of construction). The
Company is also hopeful that it will be in a position in 2004 to initiate its
proposed high-rise in Philadelphias central business district, One
Pennsylvania Plaza. The Company is in detailed discussions with various
prospective tenants, some of whom are significant enough to justify the
commencement of the development of the proposed 1.3 million square foot office
tower. However, at this time, the Company has not entered into a lease with
any tenant. The land and project costs associated with this project represent
a substantial investment by the Company.

Results for the year ended December 31, 2002 have been restated to reflect
guidance and clarifications by the Securities and Exchange Commission (SEC).
The SECs July 31, 2003 clarification of certain issues surrounding EITF Topic
D-42, The Effect on the Calculation of Earnings Per Share for the Redemption
or Induced Conversion of Preferred Stock, requires the excess of preferred
share redemption over carrying amount to be classified as a reduction in income
available to common shareholders. The Company redeemed its Series A Preferred
Shares during the third quarter of 2002, and recorded the redemption in
accordance with GAAP at that time. The application of the guidance has
resulted in a $.05 decrease in income per common share  diluted for the year
ended December 31, 2002.

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Forward-Looking Statements

When used throughout this report, the words believes, anticipates, and
expects and similar expressions are intended to identify forward-looking
statements. Such statements indicate that assumptions have been used that are
subject to a number of risks and uncertainties which could cause actual
financial results or management plans and objectives to differ materially from
those projected or expressed herein, including: the effect of national and
regional economic conditions; rental demand; the Companys ability to identify
and secure additional properties and sites that meet its criteria for
acquisition or development; the availability and cost of capital; and the
effect of prevailing market interest rates; and other risks described from time
to time in the Companys filings with the SEC. Given these uncertainties,
readers are cautioned not to place undue reliance on such statements.

Critical Accounting Policies and Estimates

The Companys discussion and analysis of its financial condition and results of
operations are based upon the Companys consolidated financial statements,
which have been prepared in accordance with accounting principles generally
accepted in the United States. The preparation of these financial statements
requires the Company to make estimates, judgments and assumptions that affect
the reported amounts of assets, liabilities, revenues and expenses. The Company
bases these estimates, judgments and assumptions on historical experience and
on other factors that are believed to be reasonable under the circumstances.
Actual results may differ from these estimates under different assumptions or
conditions.

The Company believes the following critical policies affect its more
significant estimates and assumptions used in the preparation of its
consolidated financial statements.

Capitalized Costs
Expenditures directly related to the acquisition, or improvement of real
estate, including interest and other costs capitalized on development projects
and land being readied for development, are included in net real estate and are
stated at cost. The Company considers a development property substantially
complete upon the completion of tenant build-out, but no later than one year
from the completion of major construction activity. The capitalized costs
include pre-construction costs essential to the development of the property,
construction costs, interest costs, real estate taxes, development related
salaries and other costs incurred during the period of development. Capitalized
development related salaries and benefits historically represent approximately
1% of the cost of developed properties brought into service. The determination
to capitalize rather than expense costs requires the Company to evaluate the
status of the development activity. Capitalized interest for the year ended
December 31, 2003 was $10.9 million. Included in capitalized interest costs are
the interest costs relating to the Companys $64.5 million investment (as of
December 31, 2003) in its proposed office tower in Philadelphias central
business district.

Allowance for Doubtful Accounts
The Company monitors the liquidity and creditworthiness of its tenants on an
on-going basis. Based on these reviews, provisions are established, and an
allowance for doubtful accounts for estimated losses resulting from the
inability of its tenants to make required rental payments is maintained. As of
December 31, 2003 and 2002, the Companys allowance for doubtful accounts
totaled $5.7 million and $6.2 million, respectively. For the year ended
December 31, 2003, the Companys bad debt expense totaled $1.8 million as
compared to $2.6 million for the year ended December 31, 2002, or 0.3% of
operating revenue for 2003 compared to 0.4% for 2002.

Impairment of Real Estate
The Company evaluates its real estate investments upon occurrence of
significant adverse changes in operations to assess whether any impairment
indicators are present that affect the recovery of the recorded value. If any
real estate investment is considered impaired, a loss is provided to reduce the
carrying value of the property to its estimated fair value. The Company
recognized a $5.3 million asset impairment loss in 2002 on three parcels of
land. In addition, during the year ended December 31, 2002, the Company
recognized a $6.0 million impairment loss on assets held for sale. This loss
was subsequently realized during 2002 upon the disposal of those assets held
for sale. The determination of whether impairment exists requires the Company
to make estimates, judgments and assumptions about the future utility of the
assets. The Company has evaluated each of the Properties and land held for
development and has determined that there are no additional valuation
adjustments that need to be made at December 31, 2003.

Results of Operations

The following discussion is based on the consolidated financial statements of
the Company. It compares the results of operations of the Company for the year
ended December 31, 2003 with the results of operations of the Company for the
year ended December 31, 2002, and the results of operations of the Company for
the year ended

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December 31, 2002 with the results of operations of the Company for the year
ended December 31, 2001. As a result of the varying level of development,
acquisition and disposition activities by the Company in 2003 and 2002, the
overall operating results of the Company during such periods are not directly
comparable. However, certain data, including the Same Store comparison, do lend
themselves to direct comparison.

This information should be read in conjunction with the accompanying
consolidated financial statements and notes included elsewhere in this report.

Comparison of Year Ended December 31, 2003 to Year Ended December 31, 2002.
The Companys average gross investment in operating real estate owned for the
year ended December 31, 2003 increased to $3,737.7 million from $3,465.4
million at December 31, 2002. This increase resulted from the increased
investment in real estate acquired or developed, partially offset by Property
dispositions. This increased investment in operating real estate resulted in
increases in rental revenue, rental property operating expenses and real estate
taxes, and depreciation and amortization expense. Interest expense also
increased due to the increased borrowings used to fund this increased
investment in real estate.

Total operating revenue increased to $625.0 million for the year ended December
31, 2003 from $593.4 million for the year ended December 31, 2002. This $31.6
million increase was primarily due to the net increase in investment in real
estate. In addition, during 2003, the Company accepted Termination Fees
totaling $14.1 million as compared to $8.4 million for the same period in 2002.
Termination Fees are fees that the Company has agreed to accept in
consideration for permitting certain tenants to terminate their leases prior to
the contractual expiration date. Termination Fees are included in rental
revenue.

Property level operating income, exclusive of Termination Fees, for the Same
Store properties decreased to $377.6 million for the year ended December 31,
2003 from $385.9 million for the year ended December 31, 2002, on a straight
line basis (which recognizes rental revenue evenly over the life of the lease),
and decreased to $370.5 million for the year ended December 31, 2003 from
$377.5 million for the year ended December 31, 2002 on a cash basis. These
decreases of 2.1% and 1.9%, respectively, are primarily due to decreases in
rental rates. At December 31, 2003, the occupancy of the Same Store portfolio
was flat as compared to December 31, 2002 at 92.4%.

Management generally considers the performance of the Same Store properties to
be a useful financial performance measure because the results are directly
comparable from period to period. Management further believes that the
performance comparison should exclude Termination Fees since they are more
event specific and are not representative of ordinary performance results. In
addition, Same Store property level operating income exclusive of Termination
Fees is considered, by management, to be a more reliable indicator of the
portfolios baseline performance. The Same Store properties consist of the 603
properties totaling approximately 46.6 million square feet owned since January
1, 2002.

Set forth below is a schedule comparing the property level operating income, on
a straight line basis and on a cash basis, for the Same Store properties for
the years ended December 31, 2003 and 2002. Same Store property level income
is a non-GAAP measure and does not represent income before property
dispositions, income taxes and minority interest because it does not reflect
the consolidated operations of the Company. Investors should review Same Store
results, along with Funds from operations (see Liquidity and Resource section),
GAAP net income and cash flow from operating activities, investing activities
and financing activities when trying to understand the equity REITs operating
performance. Also, set forth below is a reconciliation of Same Store property
level operating income to net income.

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Year Ended December 31,2003
    
    
    2002(in thousands)Same Store:Rental revenue
    
    $
    388,433
    
    
    $
    393,313Operating expenses:Rental property expense
    
    
    113,918
    
    
    
    104,886Real estate taxes
    
    
    55,073
    
    
    
    53,558Operating expense recovery
    
    
    (158,136
    )
    
    
    (150,983
    )Unrecovered operating expenses
    
    
    10,855
    
    
    
    7,461Property level operating income
    
    
    377,578
    
    
    
    385,852Less straight line rent
    
    
    7,120
    
    
    
    8,337Cash basis property level operating income
    
    $
    370,458
    
    
    $
    377,515Reconciliation of non-GAAP financial measure:Property level operating income  same store
    
    $
    377,578
    
    
    $
    385,852Property level operating income  properties purchased or developed
subsequent to January 1, 2002
    
    
    46,918
    
    
    
    27,283Termination fees
    
    
    14,078
    
    
    
    8,389General and administrative expense
    
    
    (28,402
    )
    
    
    (21,907
    )Depreciation and amortization expense
    
    
    (122,602
    )
    
    
    (109,661
    )Other income (expense)
    
    
    (116,519
    )
    
    
    (107,516
    )Gain (loss) on property dispositions
    
    
    447
    
    
    
    (9,300
    )Income taxes
    
    
    (2,326
    )
    
    
    (656
    )Minority interest
    
    
    (20,138
    )
    
    
    (20,197
    )Equity in earnings of unconsolidated joint ventures
    
    
    1,744
    
    
    
    255Discontinued operations, net of minority interest
    
    
    12,832
    
    
    
    9,123Net income
    
    $
    163,610
    
    
    $
    161,665


The Company evaluates the performance of the Properties in Operation by
reportable segment (see Note 13 to the Companys financial statements). The
property level operating income for the United Kingdom and Florida segments
increased by 43.1% and 14.3%, respectively, for the year ended December 31,
2003 as compared to 2002. The increase in the United Kingdom is due to the
purchase of Rouse Kent Limited on July 1, 2003. The increase in Florida is due
to an increase in occupancy during 2003 as compared to 2002. These increases
are partially offset by a decrease in the operating results of the Delaware
Valley segment due to the disposition of Properties during the fourth quarter
of 2002 to Liberty Venture I, LP (see Note 4 to the Companys financial
statements).

General and administrative expenses increased to $28.4 million for the year
ended December 31, 2003 from $21.9 million for the year ended December 31,
2002. These increases are primarily due to costs relating to the Companys
investment in an enterprise resource planning initiative to update company wide
accounting and business process software and due to the expense from the
accelerated vesting of restricted stock and options related to the death of
former Chairman Willard G. Rouse III.

Costs directly related to the development of rental properties and land being
readied for development are capitalized. Capitalized development costs include
interest, development related salaries, property taxes, insurance and other
directly identifiable costs during the period of development. Capitalized
interest for the year ended December 31, 2003 was $10.9 million as compared to
$16.5 million for the year ended December 31, 2002. Included in capitalized
interest costs are the interest costs relating to the Companys $64.5 million
investment (as of December 31, 2003) in its proposed office tower in
Philadelphias central business district. Capitalized development related
salaries and benefits historically represent approximately 1% of the cost of
developed properties brought into service.

As a result of the foregoing, the Companys net income increased to $163.6
million for the year ended December 31, 2003 from $161.7 million for the year
ended December 31, 2002.

Comparison of Year Ended December 31, 2002 to Year Ended December 31, 2001.
The Companys average gross investment in operating real estate owned for the
year ended December 31, 2002 increased to $3,465.4 million from $3,301.9
million at December 31, 2001. This increase resulted from the increased
investment in real estate acquired or developed, partially offset by Property
dispositions. This

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increased investment in operating real estate resulted in increases in rental
revenue, rental property operating
expenses and real estate taxes, and depreciation and amortization expense.
Interest expense also increased due to the increased borrowings used to fund
this increased investment in real estate.

Total operating revenue increased to $593.4 million for the year ended December
31, 2002 from $572.9 million for the year ended December 31, 2001. This $20.5
million increase was primarily due to the net increase in investment in real
estate as discussed above. In addition, during 2002, the Company accepted
Termination Fees totaling $8.4 million as compared to $0.4 million for the same
period in 2001. Termination Fees are included in rental revenue.

Property level operating income, exclusive of Termination Fees, for the Prior
Year Same Store (as defined below) properties decreased to $356.9 million for
the year ended December 31, 2002 from $363.3 million for the year ended
December 31, 2001, on a straight line basis and decreased to $351.2 million for
the year ended December 31, 2002 from $355.5 million for the year ended
December 31, 2001 on a cash basis. These decreases of 1.8% and 1.2%,
respectively, are primarily due to decreases in occupancy. At December 31,
2002, the occupancy of the Prior Year Same Store portfolio was 91.9% as
compared to 94.1% December 31, 2001.

Management generally considers the performance of the Prior Year Same Store
properties to be a useful financial performance measure because the results are
directly comparable from period to period. Management further believes that
the performance comparison should exclude Termination Fees since they are more
event specific and are not representative of ordinary performance results. In
addition, Prior Year Same Store property level operating income exclusive of
Termination Fees is considered, by management, to be a more reliable indicator
of the portfolios baseline performance. The Prior Year Same Store properties
consist of the 581 properties totaling approximately 43.0 million square feet
owned since January 1, 2001.

Set forth below is a schedule comparing the property level operating income, on
a straight line basis and on a cash basis, for the Prior Year Same Store
properties for the years ended December 31, 2002 and 2001. Prior Year Same
Store property level income is a non-GAAP measure and does not represent income
before property dispositions, income taxes and minority interest because it
does not reflect the consolidated operations of the Company. Investors should
review Prior Year Same Store results, along with Funds from operations (see
Liquidity and Resource section), GAAP net income and cash flow from operating
activities, investing activities and financing activities when trying to
understand the equity REITs operating performance. Also, set forth below is a
reconciliation of Prior Year Same Store property level operating income to net
income.

Year Ended December 31,2002
    
    
    2001Prior Year Same Store:
    
    (in thousands)Rental revenue
    
    $
    364,023
    
    
    $
    368,949Operating expenses:Rental property expense
    
    
    98,872
    
    
    
    101,720Real estate taxes
    
    
    51,076
    
    
    
    50,554Operating expense recovery
    
    
    (142,782
    )
    
    
    (146,643
    )Unrecovered operating expenses
    
    
    7,166
    
    
    
    5,631Property level operating income
    
    
    356,857
    
    
    
    363,318Less straight line rent
    
    
    5,642
    
    
    
    7,815Cash basis property level operating income
    
    $
    351,215
    
    
    $
    355,503Reconciliation of non-GAAP financial measure:Property level operating income  prior year same store
    
    $
    356,857
    
    
    $
    363,318Property level operating income  properties purchased or developed
subsequent to January 1, 2001
    
    
    56,278
    
    
    
    42,939Termination fees
    
    
    8,389
    
    
    
    406General and administrative expense
    
    
    (21,907
    )
    
    
    (20,683
    )Depreciation and amortization expense
    
    
    (109,661
    )
    
    
    (101,147
    )Other income (expense)
    
    
    (107,516
    )
    
    
    (103,219
    )(Loss) gain on property dispositions
    
    
    (9,300
    )
    
    
    2,115Income taxes
    
    
    (656
    )
    
    
    (386
    )Minority interest
    
    
    (20,197
    )
    
    
    (19,048
    )Equity in earnings of unconsolidated joint ventures
    
    
    255
    
    
    
    Discontinued operations, net of minority interest
    
    
    9,123
    
    
    
    2,242Net income
    
    $
    161,665
    
    
    $
    166,537


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General and administrative expenses increased to $21.9 million for the year
ended December 31, 2002 from $20.7 million for the year ended December 31, 2001. These increases are primarily due to annual salary increases and the
ongoing funding of marketing initiatives.

Costs directly related to the development of rental properties and land being
readied for development are capitalized. Capitalized development costs include
interest, salaries, property taxes, insurance and other directly identifiable
costs during the period of development. Capitalized interest for the year ended
December 31, 2002 was $16.5 million as compared to $22.3 million for the year
ended December 31, 2001. Included in capitalized interest costs were the
interest costs relating to the Companys $57.3 million investment (as of
December 31, 2002) in its proposed office tower in Philadelphias central
business district. Capitalized salaries and benefits historically represent
approximately 1% of the cost of developed properties brought into service.

As a result of the foregoing, the Companys net income decreased to $161.7
million for the year ended December 31, 2002 from $166.5 million for the year
ended December 31, 2001.

Liquidity and Capital Resources

As of December 31, 2003, the Company had cash and cash equivalents of $37.1
million, including $15.3 million in cash held in escrow.

Net cash flow provided by operating activities decreased to $260.7 million for
the year ended December 31, 2003 from $288.2 million for the year ended
December 31, 2002. This $27.5 million decrease was primarily due to
fluctuations in operating assets and liabilities during the respective periods.
Net cash flow provided by operations is the primary source of liquidity to fund
distributions to shareholders and for the recurring capital expenditures and
leasing transaction costs for the Companys Properties in Operation.

Net cash used in investing activities increased to $192.0 million for the year
ended December 31, 2003 from $165.6 million for the year ended December 31,
2002. This increase primarily resulted from an increased investment in
properties compared to activity in 2002 and the decreased disposition activity
in 2003, offset by decreased investment in development in progress and land
held for development.

Net cash used by financing activities decreased to $58.1 million for the year
ended December 31, 2003 from $131.8 million for the year ended December 31,
2002. This $73.7 million decrease was primarily due to the redemption of
preferred shares in 2002. Net cash provided by or used by financing activities
includes proceeds from the issuance of equity and debt, net of debt repayments,
shareholder distributions, and the redemption of preferred shares. Cash
provided by financing activities is a source of capital utilized by the Company
to fund investment activities.

The Company believes that its cash flow from operations is adequate to fund its
operating needs.

The Company funds its development and acquisitions with long-term capital
sources including proceeds from the disposition of Properties. For the year
ended December 31, 2002, these activities were funded through a $450 million
unsecured credit facility (the $450 million Credit Facility), which was
replaced in January 2003, with a $350 million Credit Facility (the $350
million Credit Facility). The interest rate on borrowings under the $350
million Credit Facility fluctuates based upon ratings from Moodys Investors
Service, Inc. (Moodys), Standard and Poors Ratings Group (S&P) and Fitch,
Inc. (Fitch). The current ratings for the Companys senior unsecured debt are
Baa2, BBB and BBB from Moodys, S&P and Fitch, respectively. At these ratings,
the interest rate for borrowings under the $350 million Credit Facility is 70
basis points over LIBOR. The $350 million Credit Facility expires in January
2006.

The Company uses debt financing to lower its overall cost of capital in an
attempt to increase the return to shareholders. The Company staggers its debt
maturities and maintains debt levels it considers to be prudent. In determining
its debt levels, the Company considers various financial measures including the
debt to gross assets ratio and the earnings to fixed charge coverage ratio. As
of December 31, 2003 the Companys debt to gross assets ratio was 42.7%, and
the earnings to fixed charge coverage ratio was 2.8x. Debt to gross assets
equals total long-term debt and borrowings under the $350 million Credit
Facility divided by total assets plus accumulated depreciation. Earnings to
fixed charges equals income from continuing operations before property
dispositions and minority interest, including operating activity from
discontinued operations, plus interest expense and depreciation and
amortization, divided by interest expense, including capitalized interest, plus
distributions on preferred shares and units.

As of December 31, 2003, $363.9 million in mortgage loans and $1,355.0 million
in unsecured notes were outstanding with a weighted average interest rate of
7.3%. The interest rates on $1,652.4 million of mortgage loans and unsecured
notes are fixed and range from 6.0% to 8.8%. Interest rates on $66.5 million of
mortgage

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loans float with the base rate of the respective lending bank or a municipal
bond index. The weighted average remaining term for the mortgage loans and
unsecured notes is 5.8 years.

In 2004, $100.0 million principal amount of unsecured debt bearing interest at
7.1% will mature. In addition, $61.8 million in mortgage loans with various
interest rates will mature during 2004. The Company anticipates that it will
refinance or retire these maturities through its available sources of capital.

The Companys contractual obligations, as of December 31, 2003, are as follows
(in thousands):

PAYMENTS DUE BY PERIODMORE THANCONTRACTUAL OBLIGATIONS
    
    TOTAL
    
    
    LESS THAN 1 YEAR
    
    
    1-3 YEARS
    
    
    3-5 YEARS
    
    
    5 YEARSLong-term debt
    
    $
    1,885,866
    
    
    $
    170,731
    
    
    $
    439,049
    
    
    $
    145,877
    
    
    $
    1,130,209Share of mortgage debt of
unconsolidated joint ventures
    
    
    20,820
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    20,820Property development commitments
    
    
    75,545
    
    
    
    34,037
    
    
    
    41,508
    
    
    
    
    
    
    
    Joint venture capital commitments
    
    
    3,370
    
    
    
    2,477
    
    
    
    
    
    
    
    
    
    
    
    893Other obligations
    
    
    1,500
    
    
    
    1,500
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    1,987,101
    
    
    $
    208,745
    
    
    $
    480,557
    
    
    $
    145,877
    
    
    $
    1,151,922


General

The Company believes that its existing sources of capital will provide
sufficient funds to finance its continued development and acquisition
activities. The Companys existing sources of capital include the public debt
and equity markets, proceeds from Property dispositions and net cash provided
from operating activities. Additionally, the Company expects to incur variable
rate debt, including borrowings under the $350 million Credit Facility from
time to time.

In 2003, the Company received approximately $99.5 million in net proceeds from
the issuance of 2.7 million Common Shares. The Company used the net proceeds
from the issuance of Common Shares to pay down borrowings under the $350
million Credit Facility which was used to fund development and acquisition
activity.

In September 2003, the quarterly Common Share dividend was increased to $0.605
per share from $0.60 per share. The Companys annual Common Share dividend paid
was $2.405 per share, $2.37 per share and $2.30 per share in 2003, 2002 and
2001, respectively. In 2003, the Companys dividend payout ratio was
approximately 72% of Funds from operations (as defined below).

The Company has an effective S-3 shelf registration statement on file with the
SEC (the Shelf Registration Statement). As of February 24, 2004, pursuant to
the Shelf Registration Statement, the Trust had the capacity to issue up to
$586.1 million in equity securities and the Operating Partnership had the
capacity to issue up to $324.3 million in debt securities.

Investment in Unconsolidated Joint Ventures
As of December 31, 2003, the Company had investments in four unconsolidated
joint ventures, totaling $19.6 million.

Calculation of Funds from Operations
The National Association of Real Estate Investment Trusts (NAREIT) has issued
a standard definition for Funds from operations (as defined below). The SEC
has agreed to the disclosure of this non-GAAP financial measure on a per share
basis in its Release No. 34-47226, Conditions for Use of Non-GAAP Financial
Measures. The Company believes that the calculation of Funds from operations
is helpful to investors and management as it is a measure of the Companys
operating performance that excludes depreciation and amortization and gains and
losses from property dispositions. As a result, year over year comparison of
Funds from operations reflects the impact on operations from trends in
occupancy rates, rental rates, operating costs, development activities, general
and administrative expenses, and interest costs, providing perspective not
immediately apparent from net income. In addition, management believes that
Funds from operations provides useful information to the investment community
about the Companys financial performance when compared to other REITs since
Funds from operations is generally recognized as the standard for reporting the
operating performance of a REIT. Funds from operations available to common
shareholders is defined by NAREIT as net income (computed in accordance with
generally accepted accounting principles (GAAP)), excluding gains (or losses)
from sales of property, plus depreciation and amortization, and after
adjustments for unconsolidated partnerships and joint ventures. Funds from
operations available to common shareholders does not represent net income or
cash flows

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from operations as defined by GAAP and does not necessarily indicate that cash
flows will be sufficient to fund cash needs. It should not be considered as an
alternative to net income as an indicator of the Companys operating
performance or to cash flows as a measure of liquidity. Funds from operations
available to common shareholders also does not represent cash flows generated
from operating, investing or financing activities as defined by GAAP. Funds
from operations (FFO) available to common shareholders for the years ended
December 31, 2003, 2002 and 2001 are as follows (in thousands, except per share
amounts):

YEAR ENDED DECEMBER 31,2003
    
    
    2002
    
    
    2001(As Restated)Reconciliation of net income to FFO  basic:Net income
    
    $
    163,610
    
    
    $
    161,665
    
    
    $
    166,537Preferred share distributions
    
    
    
    
    
    
    (7,242
    )
    
    
    (11,000
    )Excess of preferred share redemption over carrying amount (2)
    
    
    
    
    
    
    (4,186
    )
    
    
    Basic  Income available to common shareholders
    
    
    163,610
    
    
    
    150,237
    
    
    
    155,537Basic  income available to common shareholders per weighted
average share
    
    $
    2.08
    
    
    $
    2.00
    
    
    $
    2.19Adjustments:Depreciation and amortization of unconsolidated joint ventures
    
    
    663
    
    
    
    83
    
    
    
    Depreciation and amortization
    
    
    120,826
    
    
    
    109,063
    
    
    
    100,801Impairment loss (2)
    
    
    
    
    
    
    (11,281
    )
    
    
    (Gain) loss on property dispositions
    
    
    (11,822
    )
    
    
    4,845
    
    
    
    (2,115
    )Minority interest share in addback for depreciation and amortization,
(gain) loss on property dispositions, and loss on impairment
    
    
    (4,858
    )
    
    
    (4,930
    )
    
    
    (5,146
    )Funds from operations available to common shareholders  basic
    
    $
    268,419
    
    
    $
    248,017
    
    
    $
    249,077Basic Funds from operations available to common shareholders per
weighted average share
    
    $
    3.42
    
    
    $
    3.31
    
    
    $
    3.50Reconciliation of net income to FFO  diluted:Net income
    
    $
    163,610
    
    
    $
    161,665
    
    
    $
    166,537Preferred share distributions
    
    
    
    
    
    
    (7,242
    )
    
    
    (11,000
    )Excess of preferred share redemption over carrying amount (2)
    
    
    
    
    
    
    (4,186
    )
    
    
    Diluted  income available to common shareholders
    
    
    163,610
    
    
    
    150,237
    
    
    
    155,537Diluted  income available to common shareholders per weighted
average share
    
    $
    2.05
    
    
    $
    1.97
    
    
    $
    2.15Adjustments:Depreciation and amortization of unconsolidated joint ventures
    
    
    663
    
    
    
    83
    
    
    
    Depreciation and amortization
    
    
    120,826
    
    
    
    109,063
    
    
    
    100,801Impairment loss (2)
    
    
    
    
    
    
    (11,281
    )
    
    
    (Gain) loss on property dispositions
    
    
    (11,822
    )
    
    
    4,845
    
    
    
    (2,115
    )Minority interest less preferred share distributions
    
    
    7,644
    
    
    
    7,803
    
    
    
    8,559Funds from operations available to common shareholders  diluted
    
    $
    280,921
    
    
    $
    260,750
    
    
    $
    262,782Diluted Funds from operations available to common shareholders per
weighted average share (1)
    
    $
    3.36
    
    
    $
    3.26
    
    
    $
    3.42Reconciliation of weighted average shares:Weighted average common shares  all basic calculations
    
    
    78,575
    
    
    
    75,041
    
    
    
    71,184Dilutive shares for long term compensation plans
    
    
    1,293
    
    
    
    1,231
    
    
    
    2,396Diluted shares for net income calculations
    
    
    79,868
    
    
    
    76,272
    
    
    
    73,580Weighted average common units
    
    
    3,693
    
    
    
    3,824
    
    
    
    4,053Diluted shares for Funds from operations calculations
    
    
    83,561
    
    
    
    80,096
    
    
    
    77,633


(1) For the year ended December 31, 2001, add interest and amortization of
deferred financing costs on debentures of $2,587 to calculate diluted Funds
from operations available to common shareholders per weighted average share.

(2) Income available to common shareholders for the year ended December 31,
2002 has been restated to reflect recent guidance and clarifications by the
SEC. The SECs July 31, 2003 clarification of certain issues surrounding EITF
Topic D-42, The Effect on the Calculation of Earnings per Share for the
Redemption or Induced Conversion of Preferred Stock, requires the excess of
preferred share redemption over carrying amount to be classified as a reduction
in income available to

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common shareholders. The Company redeemed its Series A Preferred Shares during
the year ended December 31, 2002, and recorded the redemption in accordance
with US GAAP at the time.

In addition, on October 1, 2003, the National Association of Real Estate
Investment Trusts published guidance requiring impairment write-downs to be
included in Funds from operations available to common shareholders.

Inflation
Inflation has remained relatively low during the last three years, and as a
result, it has not had a significant impact on the Company during this period.
The $350 million Credit Facility bears interest at a variable rate; therefore,
the amount of interest payable under the $350 million Credit Facility will be
influenced by changes in short-term interest rates, which tend to be sensitive
to inflation. To the extent an increase in inflation would result in increased
operating costs, such as in insurance, real estate taxes and utilities,
substantially all of the tenants leases require the tenants to absorb these
costs as part of their rental obligations. In addition, inflation also may have
the effect of increasing market rental rates.




ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The following discussion about the Companys risk management includes
forward-looking statements that involve risks and uncertainties. Actual results
could differ materially from the results discussed in the forward-looking
statements.

The Companys primary market risk exposure is to changes in interest rates.

The Company is exposed to market risk related to its $350 million Credit
Facility and certain other indebtedness as discussed in Managements
Discussion and Analysis of Financial Condition and Results of Operations -
Liquidity and Capital Resources. The interest on the $350 million Credit
Facility and such other indebtedness is subject to fluctuations in the market.

The Company also uses long-term and medium-term debt as a source of capital.
These debt instruments are typically issued at fixed interest rates. When these
debt instruments mature, the Company typically refinances such debt at
then-existing market interest rates which may be more or less than the interest
rates on the maturing debt. In addition, the Company may attempt to reduce
interest rate risk associated with a forecasted issuance of new debt. In order
to reduce interest rate risk associated with these transactions, the Company
occasionally enters into interest rate protection agreements.

If the interest rates for variable rate debt were 100 basis points higher or
lower during 2003, the Companys interest expense would have been increased or
decreased by approximately $1.7 million. If the interest rate for the fixed
rate debt maturing in 2004 was 100 basis points higher or lower than its
current rate of 7.1%, the Companys interest expense would be increased or
decreased by approximately $600,000.

The sensitivity analysis above assumes no changes in the Companys financial
structure. It also does not consider future fluctuations in interest rates or
the specific actions that might be taken by management to mitigate the impact
of such fluctuations.

The Company is also exposed to currency risk on its $130.0 million net
investment in the United Kingdom. The Company does not believe that this
currency risk exposure is material to its financial statements.




ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The dual presentation of financial statements for the Company is required by
the Securities and Exchange Commission. The Company is comprised of two
Securities and Exchange Commission registrants: Liberty Property Trust and
Liberty Property Limited Partnership. Accordingly, financial statements are
required for each registrant. The financial information contained within the
two sets of financial statements is essentially the same.

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##### Table of Contents



REPORT OF INDEPENDENT AUDITORS

To The Board of Trustees and Shareholders
Liberty Property Trust

We have audited the accompanying consolidated balance sheets of Liberty
Property Trust (the Trust) as of December 31, 2003 and 2002, and the related
consolidated statements of operations, shareholders equity, and cash flows for
the period ended December 31, 2003. Our audits also included the financial
statements and schedule listed in the Index at Item 15. These financial
statements and schedule are the responsibility of the Trusts management. Our
responsibility is to express an opinion on these statements and schedule based
on our audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the consolidated financial position of
Liberty Property Trust at December 31, 2003 and 2002, and the consolidated
results of its operations and its cash flows for each of the three years in the
period ended December 31, 2003 in conformity with accounting principles
generally accepted in the United States. Also, in our opinion, the related
financial statement schedule, when considered in relation to the basic
financial statements taken as a whole, presents fairly in all material respects
the information set forth therein.

As discussed in Note 2, in 2003, the Trust changed its accounting for
stock-based employee compensation and adopted the provisions of EITF Topic D-42
- The Effect on the Calculation of Earnings per Share for the Redemption or
Induced Conversion of Preferred Stock. As discussed in Note 14, in 2002 the
Trust adopted the provisions of Statement of Financial Accounting Standards No.
144  Accounting for the Impairment or Disposal of Long-Lived Assets.

Philadelphia, Pennsylvania
February 6, 2004
    
    
    
    /s/ Ernst & Young LLP


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CONSOLIDATED BALANCE SHEETS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)

DECEMBER 31,2003
    
    
    2002ASSETSReal estate:Land and land improvements
    
    $
    564,332
    
    
    $
    504,808Buildings and improvements
    
    
    3,363,608
    
    
    
    3,048,676Less accumulated depreciation
    
    
    (586,736
    )
    
    
    (485,206
    )Operating real estate
    
    
    3,341,204
    
    
    
    3,068,278Development in progress
    
    
    56,869
    
    
    
    163,379Land held for development
    
    
    162,483
    
    
    
    163,142Net real estate
    
    
    3,560,556
    
    
    
    3,394,799Cash and cash equivalents
    
    
    21,809
    
    
    
    7,933Restricted cash
    
    
    15,292
    
    
    
    3,138Accounts receivable
    
    
    10,896
    
    
    
    14,349Deferred rent receivable
    
    
    58,015
    
    
    
    48,775Deferred financing and leasing costs, net of accumulated amortization
(2003 $89,650; 2002 $75,833)
    
    
    98,506
    
    
    
    71,544Investments in unconsolidated joint ventures
    
    
    19,631
    
    
    
    14,963Prepaid expenses and other assets
    
    
    49,303
    
    
    
    71,560Total assets
    
    $
    3,834,008
    
    
    $
    3,627,061LIABILITIESMortgage loans
    
    $
    363,866
    
    
    $
    315,263Unsecured notes
    
    
    1,355,000
    
    
    
    1,418,924Credit facility
    
    
    167,000
    
    
    
    132,000Accounts payable
    
    
    14,685
    
    
    
    24,116Accrued interest
    
    
    31,622
    
    
    
    32,571Dividend payable
    
    
    52,384
    
    
    
    48,040Other liabilities
    
    
    96,887
    
    
    
    93,277Total liabilities
    
    
    2,081,444
    
    
    
    2,064,191Minority interest
    
    
    207,667
    
    
    
    208,439SHAREHOLDERS EQUITYCommon shares of beneficial interest, $.001 par value, 191,200,000 shares
authorized,
83,071,491 (includes 59,100 in treasury) and 76,484,612 (includes 59,100 in
treasury) shares issued and outstanding as of December 31, 2003 and 2002,
respectively
    
    
    83
    
    
    
    76Additional paid-in capital
    
    
    1,623,446
    
    
    
    1,415,086Accumulated other comprehensive income
    
    
    14,710
    
    
    
    2,842Unearned compensation
    
    
    (3,497
    )
    
    
    (1,750
    )Distributions in excess of net income
    
    
    (88,518
    )
    
    
    (60,496
    )Common shares in treasury, at cost, 59,100 shares as of December 31, 2003 and
2002
    
    
    (1,327
    )
    
    
    (1,327
    )Total shareholders equity
    
    
    1,544,897
    
    
    
    1,354,431Total liabilities and shareholders equity
    
    $
    3,834,008
    
    
    $
    3,627,061


See accompanying notes.

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CONSOLIDATED STATEMENTS OF OPERATIONS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

YEAR ENDED DECEMBER 31,2003
    
    
    2002
    
    
    2001As Restated(Note 2)OPERATING REVENUERental
    
    $
    451,970
    
    
    $
    432,411
    
    
    $
    413,884Operating expense reimbursement
    
    
    173,062
    
    
    
    161,033
    
    
    
    159,012Total operating revenue
    
    
    625,032
    
    
    
    593,444
    
    
    
    572,896OPERATING EXPENSERental property
    
    
    124,327
    
    
    
    112,092
    
    
    
    110,439Real estate taxes
    
    
    62,131
    
    
    
    59,828
    
    
    
    55,794General and administrative
    
    
    28,402
    
    
    
    21,907
    
    
    
    20,683Depreciation and amortization
    
    
    122,602
    
    
    
    109,661
    
    
    
    101,147Total operating expenses
    
    
    337,462
    
    
    
    303,488
    
    
    
    288,063Operating Income
    
    
    287,570
    
    
    
    289,956
    
    
    
    284,833OTHER INCOME (EXPENSE)Interest and other income
    
    
    7,388
    
    
    
    8,509
    
    
    
    6,713Interest expense
    
    
    (123,907
    )
    
    
    (116,025
    )
    
    
    (109,932
    )Total other income (expense)
    
    
    (116,519
    )
    
    
    (107,516
    )
    
    
    (103,219
    )Income before property dispositions, income taxes, minority interest
and equity in earnings of unconsolidated joint ventures
    
    
    171,051
    
    
    
    182,440
    
    
    
    181,614Gain (loss) on property dispositions
    
    
    447
    
    
    
    (9,300
    )
    
    
    2,115Income taxes
    
    
    (2,326
    )
    
    
    (656
    )
    
    
    (386
    )Minority interest
    
    
    (20,138
    )
    
    
    (20,197
    )
    
    
    (19,048
    )Equity in earnings of unconsolidated joint ventures
    
    
    1,744
    
    
    
    255
    
    
    
    Income from continuing operations
    
    
    150,778
    
    
    
    152,542
    
    
    
    164,295Discontinued operations, net of minority interest (including net gain on
property
dispositions of $11,958 and $6,959 for the years ended December 31, 2003
and 2002)
    
    
    12,832
    
    
    
    9,123
    
    
    
    2,242Net income
    
    
    163,610
    
    
    
    161,665
    
    
    
    166,537Preferred share distributions
    
    
    
    
    
    
    7,242
    
    
    
    11,000Excess of preferred share redemption over carrying amount
    
    
    
    
    
    
    4,186
    
    
    
    Income available to common shareholders
    
    $
    163,610
    
    
    $
    150,237
    
    
    $
    155,537Earnings per shareBasic:Income from continuing operations
    
    $
    1.92
    
    
    $
    1.88
    
    
    $
    2.16Income from discontinued operations
    
    
    0.16
    
    
    
    0.12
    
    
    
    0.03Income per common share  basic
    
    $
    2.08
    
    
    $
    2.00
    
    
    $
    2.19Diluted:Income from continuing operations
    
    $
    1.89
    
    
    $
    1.85
    
    
    $
    2.12Income from discontinued operations
    
    
    0.16
    
    
    
    0.12
    
    
    
    0.03Income per common share  diluted
    
    $
    2.05
    
    
    $
    1.97
    
    
    $
    2.15Weighted average number of common shares outstandingBasic
    
    
    78,575
    
    
    
    75,041
    
    
    
    71,184Diluted
    
    
    79,868
    
    
    
    76,272
    
    
    
    73,580


See accompanying notes.

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CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY OF LIBERTY PROPERTY TRUST
(IN THOUSANDS)

RETAINEDCOMMON
    
    
    
    
    
    
    ACCUMULATED
    
    
    
    
    
    
    EARNINGS
    
    
    COMMONSHARES OF
    
    
    
    
    
    
    OTHER
    
    
    
    
    
    
    (DISTRIBUTIONS IN
    
    
    SHARES
    
    
    TOTALPREFERRED
    
    
    BENEFICIAL
    
    
    ADDITIONAL
    
    
    COMPREHENSIVE
    
    
    UNEARNED
    
    
    EXCESS OF NET
    
    
    HELD IN
    
    
    SHAREHOLDERSSHARES
    
    
    INTEREST
    
    
    PAID-IN CAPITAL
    
    
    INCOME
    
    
    COMPENSATION
    
    
    INCOME)
    
    
    TREASURY
    
    
    EQUITYShareholders equity at
January 1, 2001
    
    $
    120,814
    
    
    $
    68
    
    
    $
    1,223,191
    
    
    $
    (3,437
    )
    
    $
    (1,690
    )
    
    $
    (20,251
    )
    
    $
    (1,327
    )
    
    $
    1,317,368Net proceeds from the
issuance of common
shares
    
    
    
    
    
    
    6
    
    
    
    31,532
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    31,538Conversion of debentures
    
    
    
    
    
    
    
    
    
    
    70,209
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    70,209Unearned compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    634
    
    
    
    
    
    
    
    
    
    
    
    634Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    166,537
    
    
    
    
    
    
    
    166,537Distributions on common
shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (166,719
    )
    
    
    
    
    
    
    (166,719
    )Distributions on preferred
shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (11,000
    )
    
    
    
    
    
    
    (11,000
    )Noncash compensation
    
    
    
    
    
    
    
    
    
    
    1,488
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,488Minority interest
reclassification
    
    
    
    
    
    
    
    
    
    
    9,930
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,930Foreign currency
translation adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (664
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (664
    )Balance at December 31,2001
    
    
    120,814
    
    
    
    74
    
    
    
    1,336,350
    
    
    
    (4,101
    )
    
    
    (1,056
    )
    
    
    (31,433
    )
    
    
    (1,327
    )
    
    
    1,419,321Net proceeds from the
issuance of common
shares
    
    
    
    
    
    
    2
    
    
    
    67,563
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    67,565Unearned compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (694
    )
    
    
    
    
    
    
    
    
    
    
    (694
    )Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    161,665
    
    
    
    
    
    
    
    161,665Distributions on common
shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (179,300
    )
    
    
    
    
    
    
    (179,300
    )Distributions on preferred
shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,242
    )
    
    
    
    
    
    
    (7,242
    )Noncash compensation
    
    
    
    
    
    
    
    
    
    
    2,640
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,640Minority interest
reclassification
    
    
    
    
    
    
    
    
    
    
    8,533
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,533Redemption of preferred
shares (Restated, Note 2)
    
    
    (120,814
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,186
    )
    
    
    
    
    
    
    (125,000
    )Foreign currency
translation adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,943
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,943Balance at December 31,
2002 (Restated, Note 2)
    
    
    
    
    
    
    76
    
    
    
    1,415,086
    
    
    
    2,842
    
    
    
    (1,750
    )
    
    
    (60,496
    )
    
    
    (1,327
    )
    
    
    1,354,431Net proceeds from the
issuance of common
shares
    
    
    
    
    
    
    7
    
    
    
    206,377
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    206,384Unearned compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,747
    )
    
    
    
    
    
    
    
    
    
    
    (1,747
    )Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    163,610
    
    
    
    
    
    
    
    163,610Distributions on common
shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (191,632
    )
    
    
    
    
    
    
    (191,632
    )Noncash compensation
    
    
    
    
    
    
    
    
    
    
    4,624
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,624Minority interest
reclassification
    
    
    
    
    
    
    
    
    
    
    (2,641
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,641
    )Foreign currency
translation
adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,868
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,868Balance at December 31,2003
    
    $
    
    
    
    $
    83
    
    
    $
    1,623,446
    
    
    $
    14,710
    
    
    $
    (3,497
    )
    
    $
    (88,518
    )
    
    $
    (1,327
    )
    
    $
    1,544,897


See accompanying notes.

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CONSOLIDATED STATEMENTS OF CASH FLOWS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS)

YEAR ENDED DECEMBER 31,2003
    
    
    2002
    
    
    2001OPERATING ACTIVITIESNet income
    
    $
    163,610
    
    
    $
    161,665
    
    
    $
    166,537Adjustments to reconcile net income to net cash provided
by operating activities:Depreciation and amortization
    
    
    123,102
    
    
    
    110,891
    
    
    
    102,626Amortization of deferred financing costs
    
    
    4,013
    
    
    
    3,979
    
    
    
    4,016Equity in earnings of unconsolidated joint ventures
    
    
    (1,744
    )
    
    
    (255
    )
    
    
    Minority interest in net income
    
    
    20,733
    
    
    
    20,657
    
    
    
    19,171(Gain) loss on property dispositions
    
    
    (12,405
    )
    
    
    2,341
    
    
    
    (2,115
    )Noncash compensation
    
    
    2,877
    
    
    
    1,946
    
    
    
    2,122Changes in operating assets and liabilities:Restricted cash
    
    
    (12,154
    )
    
    
    624
    
    
    
    (514
    )Accounts receivable
    
    
    3,670
    
    
    
    1,121
    
    
    
    (2,846
    )Deferred rent receivable
    
    
    (9,240
    )
    
    
    (8,491
    )
    
    
    (8,610
    )Prepaid expenses and other assets
    
    
    (3,638
    )
    
    
    (17,797
    )
    
    
    18,160Accounts payable
    
    
    (12,592
    )
    
    
    5,059
    
    
    
    3,385Accrued interest
    
    
    (949
    )
    
    
    1,179
    
    
    
    1,914Other liabilities
    
    
    (4,617
    )
    
    
    5,324
    
    
    
    Net cash provided by operating activities
    
    
    260,666
    
    
    
    288,243
    
    
    
    303,846INVESTING ACTIVITIESInvestment in properties
    
    
    (145,997
    )
    
    
    (129,825
    )
    
    
    (57,990
    )Cash paid for business, net of cash acquired
    
    
    16,627
    
    
    
    
    
    
    
    Investments in unconsolidated joint ventures
    
    
    (4,918
    )
    
    
    (1,655
    )
    
    
    Distributions from unconsolidated joint ventures
    
    
    3,145
    
    
    
    
    
    
    
    Proceeds from disposition of properties/land
    
    
    49,744
    
    
    
    181,903
    
    
    
    151,604Investment in development in progress
    
    
    (59,953
    )
    
    
    (167,403
    )
    
    
    (255,333
    )Investment in land held for development
    
    
    (27,650
    )
    
    
    (29,838
    )
    
    
    (54,002
    )Increase in deferred leasing costs
    
    
    (22,986
    )
    
    
    (18,786
    )
    
    
    (18,135
    )Net cash used in investing activities
    
    
    (191,988
    )
    
    
    (165,604
    )
    
    
    (233,856
    )FINANCING ACTIVITIESNet proceeds from issuance of common shares
    
    
    206,384
    
    
    
    67,565
    
    
    
    31,538Net proceeds from issuance of preferred units
    
    
    
    
    
    
    22,954
    
    
    
    Retirement of convertible debentures
    
    
    
    
    
    
    
    
    
    
    (597
    )Redemption of preferred shares
    
    
    
    
    
    
    (125,000
    )
    
    
    Proceeds from issuance of unsecured notes
    
    
    3,683
    
    
    
    148,062
    
    
    
    246,242Repayments of unsecured notes
    
    
    (73,739
    )
    
    
    (100,000
    )
    
    
    Proceeds from mortgage loans
    
    
    1,223
    
    
    
    7,810
    
    
    
    Repayments of mortgage loans
    
    
    (15,436
    )
    
    
    (9,310
    )
    
    
    (31,782
    )Proceeds from credit facility
    
    
    453,950
    
    
    
    444,000
    
    
    
    305,200Repayments on credit facility
    
    
    (418,950
    )
    
    
    (380,000
    )
    
    
    (413,200
    )Increase in deferred financing costs
    
    
    (2,640
    )
    
    
    (1,143
    )
    
    
    Distributions paid on common shares
    
    
    (187,293
    )
    
    
    (176,924
    )
    
    
    (162,118
    )Distributions paid on preferred shares
    
    
    
    
    
    
    (9,075
    )
    
    
    (11,000
    )Distributions paid on units
    
    
    (25,293
    )
    
    
    (20,757
    )
    
    
    (20,030
    )Net cash used by financing activities
    
    
    (58,111
    )
    
    
    (131,818
    )
    
    
    (55,747
    )Increase (decrease) in cash and cash equivalents
    
    
    10,567
    
    
    
    (9,179
    )
    
    
    14,243Increase (decrease) related to foreign currency translation
    
    
    3,309
    
    
    
    1,484
    
    
    
    (5
    )Cash and cash equivalents at beginning of year
    
    
    7,933
    
    
    
    15,628
    
    
    
    1,390Cash and cash equivalents at end of year
    
    $
    21,809
    
    
    $
    7,933
    
    
    $
    15,628SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONSWrite-off of fully depreciated property and deferred costs
    
    $
    13,187
    
    
    $
    18,608
    
    
    $
    33,567Investment in unconsolidated joint ventures
    
    
    
    
    
    
    13,053
    
    
    
    Issuance of operating partnership units
    
    
    1,151
    
    
    
    
    
    
    
    Acquisition of properties
    
    
    (56,083
    )
    
    
    
    
    
    
    (9,888
    )Assumption of mortgage loans
    
    
    56,083
    
    
    
    
    
    
    
    9,888Conversion of convertible debentures
    
    
    
    
    
    
    
    
    
    
    70,209


See accompanying notes.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF LIBERTY PROPERTY TRUST



|1. |  | ORGANIZATION
|-- |  | ------------

Liberty Property Trust (the Trust) is a self-administered and self-managed
Maryland real estate investment trust (a REIT). Substantially all of the
Trusts assets are owned directly or indirectly, and substantially all of the
Trusts operations are conducted directly or indirectly, by its subsidiary,
Liberty Property Limited Partnership, a Pennsylvania limited partnership (the
Operating Partnership and, together with the Trust and their consolidated
subsidiaries, the Company). The Trust is the sole general partner and also a
limited partner of the Operating Partnership, owning 95.7% of the common equity
of the Operating Partnership at December 31, 2003. The Company provides
leasing, property management, development, acquisition, and other
tenant-related services for a portfolio of industrial and office properties
which are located principally within the Mid-Atlantic, Southeastern, and
Midwestern United States.



|2. |  | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|-- |  | ------------------------------------------

Use of Estimates
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to make
estimates and assumptions that affect amounts reported in the financial
statements and accompanying notes. Actual results could differ from those
estimates.

Principles of Consolidation
The Consolidated Financial Statements of the Company include the Trust, the
Operating Partnership and wholly owned subsidiaries and those subsidiaries in
which the Company owns a majority voting interest with the ability to control
operations of the subsidiaries and where no approval, veto or other important
rights have been granted to the minority shareholders. All significant
intercompany transactions and accounts have been eliminated.

Reclassifications
Certain amounts from prior years have been restated to conform to current-year
presentation.

Real Estate and Depreciation
The Properties are recorded at the lower of cost or fair value and are
depreciated using the straight line method over their estimated useful lives.
The estimated useful lives are as follows:

Buildings and improvements
    
    40 years (blended)Equipment
    
    5-10 yearsTenant improvements
    
    Term of the related lease


Expenditures directly related to acquisition, or improvement of real estate,
including interest and other costs capitalized during development, are included
in net real estate and are stated at cost. The capitalized costs include
pre-construction costs essential to the development of the property,
development and construction costs, interest costs, real estate taxes, salaries
and other costs incurred during the period of development. Expenditures for
maintenance and repairs are charged to operations as incurred.

In accordance with the Financial Accounting Standards Board (FASB) Statement
of Financial Standards (SFAS) No. 141, Business Combinations, the Company
allocates the purchase price of real estate to land, building and improvements
and intangibles based on the relative fair value of each component. The value
ascribed to in-place leases is based on the rental rates for the existing
leases compared to market rent for leases of similar terms and present valuing
the difference based on market interest rates. Origination values are also
assigned to in-place leases, and, where appropriate, value is assigned to
customer relationships. The Company depreciates the amounts allocated to
building and improvements over 40 years and the amounts allocated to intangible
assets relating to in-place leases, which are included in Deferred financing
and leasing costs in the accompanying balance sheet, over the remaining term of
the related leases.

The Company evaluates its real estate investments upon occurrence of a
significant adverse change in its operations to assess whether any impairment
indicators are present that affect the recovery of the recorded value. If any
real estate investment is considered impaired, a loss is recognized to reduce
the carrying value of the property to its estimated fair value.

Investment in Unconsolidated Joint Ventures
The Company accounts for its investments in unconsolidated joint ventures under
the equity method of accounting as the Company exercises significant influence,
but does not control these entities. Under the equity method of accounting the
net equity investment of the Company is reflected in the Consolidated Balance
Sheet

36



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##### Table of Contents



and the Companys share of net income from the joint venture is included on the
Consolidated Statement of Operations.

Cash and Cash Equivalents
Highly liquid investments with a maturity of three months or less when
purchased are classified as cash equivalents.

Revenues
The Company earns rental income under operating leases with tenants. Rental
income is recognized on a straight line basis over the applicable lease term.
Operating expense reimbursements consisting of amounts due from tenants for
real estate taxes, utilities and other recoverable costs are recognized as
revenue in the period in which the corresponding expenses are incurred.

Termination fees (included in rental revenue) are fees that the Company has
agreed to accept in consideration for permitting certain tenants to terminate
their lease prior to the contractual expiration date. The Company recognizes
termination fees in accordance with Staff Accounting Bulletin 101 when the
following conditions are met:



| | a) |  | the termination agreement is executed,                                      
| | -- |  | ----------------------------------------------------------------------------
|
| | b) |  | the termination fee is determinable,                                        
|
| | c) |  | all landlord services, pursuant to the terminated lease,
have been rendered,
|
| | d) |  | collectibility of the termination fee is assured.                           

Deferred Financing and Leasing Costs
Costs incurred in connection with financing or leasing are capitalized and
amortized over the term of the related loan or lease. Deferred financing cost
amortization is reported as interest expense. Intangible assets related to
acquired in-place leases are amortized over the terms of the related leases.

Income per Common Share
The following table sets forth the computation of basic and diluted income per
common share (in thousands, except per share amounts):

2003
    
    
    2002WEIGHTED
    
    
    
    
    
    
    
    WEIGHTEDAVERAGE
    
    
    
    
    
    
    
    AVERAGEINCOME
    
    
    SHARES
    
    
    PER
    
    
    INCOME
    
    
    SHARES
    
    
    PER(NUMERATOR)
    
    
    (DENOMINATOR)
    
    
    SHARE
    
    
    (NUMERATOR)
    
    
    (DENOMINATOR)
    
    
    SHARE(As Restated)Income from continuing operations
    
    $
    150,778
    
    
    
    
    
    
    
    
    
    
    $
    152,542Less: Preferred share distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,242
    )Excess of preferred share redemption
over carrying amount
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,186
    )Basic income from continuing operationsIncome from continuing operations available to
common shareholders
    
    
    150,778
    
    
    
    78,575
    
    
    $
    1.92
    
    
    
    141,114
    
    
    
    75,041
    
    
    $
    1.88Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,293
    
    
    
    
    
    
    
    
    
    
    
    1,231Diluted income from continuing operationsIncome from continuing operations available
to common shareholders and assumed conversions
    
    
    150,778
    
    
    
    79,868
    
    
    $
    1.89
    
    
    
    141,114
    
    
    
    76,272
    
    
    $
    1.85Basic income from discontinued operationsDiscontinued operations net of minority interest
    
    
    12,832
    
    
    
    78,575
    
    
    $
    0.16
    
    
    
    9,123
    
    
    
    75,041
    
    
    $
    0.12Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,293
    
    
    
    
    
    
    
    
    
    
    
    1,231Diluted income from discontinued operationsDiscontinued operations net of minority interest
    
    
    12,832
    
    
    
    79,868
    
    
    $
    0.16
    
    
    
    9,123
    
    
    
    76,272
    
    
    $
    0.12Basic income per common shareIncome available to common shareholders
    
    
    163,610
    
    
    
    78,575
    
    
    $
    2.08
    
    
    
    150,237
    
    
    
    75,041
    
    
    $
    2.00Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,293
    
    
    
    
    
    
    
    
    
    
    
    1,231Diluted income per common shareIncome available to common shareholders and
assumed
conversions
    
    $
    163,610
    
    
    
    79,868
    
    
    $
    2.05
    
    
    $
    150,237
    
    
    
    76,272
    
    
    $
    1.97


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2001WEIGHTED
AVERAGEINCOME
    
    
    SHARES
    
    
    PER(NUMERATOR)
    
    
    (DENOMINATOR)
    
    
    SHAREIncome from continuing operations
    
    $
    164,295Less: Preferred share distributions
    
    
    (11,000
    )Basic income from continuing operationsIncome from continuing operations available to
common shareholders
    
    
    153,295
    
    
    
    71,184
    
    
    $
    2.16Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,062Convertible debentures
    
    
    2,587
    
    
    
    1,334Diluted income from continuing operationsIncome from continuing operations available to
common shareholders and assumed conversions
    
    
    155,882
    
    
    
    73,580
    
    
    $
    2.12Basic income from discontinued operationsDiscontinued operations net of minority interest
    
    
    2,242
    
    
    
    71,184
    
    
    $
    0.03Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    2,396Diluted income from discontinued operationsDiscontinued operations net of minority interest
    
    
    2,242
    
    
    
    73,580
    
    
    $
    0.03Basic income per common shareIncome available to common shareholders
    
    
    155,537
    
    
    
    71,184
    
    
    $
    2.19Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,062Convertible debentures
    
    
    2,587
    
    
    
    1,334Diluted income per common shareIncome available to common shareholders and
assumed conversions
    
    $
    158,124
    
    
    
    73,580
    
    
    $
    2.15


Basic income per common share for the year ended December 31, 2001 would be
$2.20 if the debenture conversions which occurred in 2001 had occurred on
January 1, 2001. The Convertible Debentures matured in 2001.

Fair Value of Financial Instruments
The carrying value of cash and cash equivalents, accounts receivable, prepaid
expenses, accounts payable and other assets and liabilities are reasonable
estimates of fair values because of the short-term maturities of these
investments. The fair value of the Companys long-term debt, which is based on
estimates by management and on rates quoted on December 31, 2003 for comparable
loans, exceeds the aggregate carrying value by approximately $283.1 million at
December 31, 2003.

Income Taxes
The Company has elected to be taxed as a REIT under Sections 856 through 860 of
the Internal Revenue Code of 1986, as amended (the Code). As a result, the
Company generally is not subject to federal income taxation at the corporate
level to the extent it distributes annually at least 90% of its REIT taxable
income (95% for the years prior to January 1, 2001), as defined in the Code, to
its shareholders and satisfies certain other requirements. The Company has met
these requirements and, accordingly, no provision has been made for federal
income taxes in the accompanying consolidated financial statements.

Several of the Companys subsidiaries are taxable REIT subsidiaries and are
subject to federal income taxes. The Company is also taxed in certain states
and the United Kingdom. Accordingly, the Company has recognized federal, state
and United Kingdom income taxes in accordance with US GAAP, as applicable.

The Federal tax cost basis of the real estate at December 31, 2003 was
approximately $4.1 billion.

Stock-Based Compensation
The Company has a share-based employee compensation plan as fully described in
Note 10. Prior to 2003, the Company accounted for the plan under the
recognition and measurement provisions of APB Opinion No. 25, Accounting for
Stock Issued to Employees, and related Interpretations. No share-based
employee compensation cost was reflected in the 2002 or 2001 net income, as all
options granted under this plan had an intrinsic value of zero on the date of
grant. Effective January 1, 2003, the Company adopted the fair value
recognition provisions of the FASBs SFAS No. 123, Accounting for Stock-Based
Compensation, prospectively to all employee option awards granted, modified,
or settled after January 1, 2003. Option awards under the Companys plan vest
over three years. Therefore, the cost related to share-based employee
compensation included in the determination of net income for 2001, 2002 and
2003 is less than that which would have been recognized if the fair value based
method had been applied to all option awards since the original effective date
of SFAS No. 123.

38



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##### Table of Contents



Foreign Currency Translation
The functional currency for the Companys United Kingdom operations is pounds
sterling. The Company translates their financial statements into US dollars.
Gains and losses resulting from this translation do not impact the results of
operations and are included in accumulated other comprehensive income as a
separate component of shareholders equity.

Newly Issued Accounting Standards
In January 2003, the FASB issued Financial Interpretation No. 46 (FIN No.
46), Consolidation of Variable Interest Entities. The consolidation
requirements of FIN No. 46 apply immediately to variable interest entities
created after January 31, 2003. The FASB deferred the effective date for
existing variable interest entities to periods ending after March 15, 2004.
FIN No. 46 requires that a variable interest entity be consolidated by a
company if that company is subject to a majority of the risk of loss from the
variable interest entitys activities or is entitled to receive a majority of
the entitys residual returns or both. The Company continues to evaluate the
impact of FIN No. 46, but does not expect the implementation to materially
affect its financial position or results of operations.

In May 2003, the FASB issued SFAS No. 150, Accounting for Certain Financial
Instruments with Characteristics of both Liabilities and Equity. Certain
provisions of this statement are effective for financial instruments entered
into or modified after May 31, 2003 and otherwise effective at the beginning of
the first interim period beginning June 15, 2003. Other provisions of this
statement have been deferred indefinitely. The Company was not impacted by the
currently effective provisions of SFAS No. 150.

Income available to common shareholders for the year ended December 31, 2002
has been restated to reflect guidance and clarification of certain issues
surrounding EITF Topic D-42, The Effect on Calculation of Earnings per Share
for the Redemption or Induced Conversion of Preferred Stock, issued July 2003,
which requires the excess of preferred share redemption over carrying amount to
be classified as a reduction in income available to common shareholders. The
effect of the accounting change on income available to common shareholders as
previously reported for 2002 is as follows (in thousands, except per share
amounts):

Income available to common shareholders, as previously reported
    
    $
    154,423Excess of preferred share redemption over carrying amount
    
    
    (4,186
    )Income available to common shareholders, as adjusted
    
    $
    150,237Per share:Basic:Income from continuing operations, as previously reported
    
    $
    1.94Excess of preferred share redemption over carrying amount
    
    
    (0.06
    )Income from continuing operations, as adjusted
    
    
    1.88Income from discontinued operations
    
    
    0.12Income per common share  basic, as adjusted
    
    $
    2.00Diluted:Income from continuing operations, as previously reported
    
    $
    1.91Excess of preferred share redemption over carrying amount
    
    
    (0.06
    )Income from continuing operations, as adjusted
    
    
    1.85Income from discontinued operations
    
    
    0.12Income per common share  diluted, as adjusted
    
    $
    1.97




|3. |  | REAL ESTATE
|-- |  | -----------

At December 31, 2003 and 2002, the Company owned and operated industrial and
office properties located principally in suburban mixed-use developments or
business parks. The carrying value of these properties by type is as follows
(in thousands):

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##### Table of Contents



LAND
    
    
    BUILDINGSAND LAND
    
    
    AND
    
    
    
    
    
    
    ACCUMULATEDIMPROVEMENTS
    
    
    IMPROVEMENTS
    
    
    TOTAL
    
    
    DEPRECIATION2003:Industrial properties
    
    $
    249,353
    
    
    $
    1,434,187
    
    
    $
    1,683,540
    
    
    $
    264,483Office properties
    
    
    314,979
    
    
    
    1,929,421
    
    
    
    2,244,400
    
    
    
    322,2532003 Total
    
    $
    564,332
    
    
    $
    3,363,608
    
    
    $
    3,927,940
    
    
    $
    586,7362002:Industrial properties
    
    $
    247,667
    
    
    $
    1,383,887
    
    
    $
    1,631,554
    
    
    $
    222,424Office properties
    
    
    257,141
    
    
    
    1,664,789
    
    
    
    1,921,930
    
    
    
    262,7822002 Total
    
    $
    504,808
    
    
    $
    3,048,676
    
    
    $
    3,553,484
    
    
    $
    485,206


Depreciation expense was $105.6 million in 2003, $93.1 million in 2002, and
$88.2 million in 2001.

As of December 31, 2003, the Company has commenced development on 15
properties, which upon completion are expected to comprise approximately 1.5
million square feet of leaseable space. As of December 31, 2003, approximately
$56.9 million has been expended for the development of these projects and an
additional $75.5 million is estimated to be required for completion.



|4. |  | INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
|-- |  | --------------------------------------------

On November 18, 2002, the Company entered into a joint venture agreement
(Liberty Venture I, LP) with the Public Employees Retirement Association of
Colorado. The Company sold or contributed 28 properties with a net book value
of $127.5 million to the joint venture in exchange for a 25% ownership interest
in the joint venture and $108.8 million in cash. The Companys share of the
joint venture earnings is included in equity in earnings of unconsolidated
joint ventures in the accompanying statement of operations. The Company will
provide development, leasing and property management services for a fee, and
may receive a promoted interest if certain return thresholds are met.

During the year ended December 31, 2003, the Company contributed one additional
industrial distribution property to the venture with a net book value of
approximately $15.6 million.

The condensed balance sheets as of December 31, 2003 and 2002 and statements of
operations for Liberty Venture I, LP, for the period from inception to December
31, 2002 and for the year ended December 31, 2003 are as follows (in
thousands):

DECEMBER 31,2003
    
    
    2002Balance Sheet:Rental property
    
    $
    119,050
    
    
    $
    108,181Less accumulated depreciation
    
    
    (2,430
    )
    
    
    (287
    )Rental property, net
    
    
    116,620
    
    
    
    107,894Other assets
    
    
    22,697
    
    
    
    18,693Total assets
    
    $
    139,317
    
    
    $
    126,587Mortgage payable
    
    $
    83,279
    
    
    $
    72,250Other liabilities
    
    
    2,006
    
    
    
    1,107Partners capital
    
    
    54,032
    
    
    
    53,230Total liabilities and equity
    
    $
    139,317
    
    
    $
    126,587


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##### Table of Contents





YEAR ENDED
    
    
    PERIOD ENDEDDECEMBER 31, 2003
    
    
    DECEMBER 31, 2002Statement of operations:Total revenues
    
    $
    19,854
    
    
    $
    2,380Operating and other expenses
    
    
    (6,358
    )
    
    
    (620
    )Depreciation and amortization
    
    
    (2,648
    )
    
    
    (331
    )Interest expense
    
    
    (3,870
    )
    
    
    (410
    )Net income
    
    $
    6,978
    
    
    $
    1,019




|5. |  | RELATED PARTY TRANSACTIONS
|-- |  | --------------------------

During the year ended December 31, 2003, the Company exercised its option to
purchase Rouse Kent Limited (RKL) for nominal consideration. As a result of
the purchase, the Companys assets and liabilities increased by approximately
$60 million. The operations of RKL are included in the consolidated financial
statements from July 1, 2003 through December 31, 2003.

RKL owns six buildings which contain 210,000 square feet of leaseable space and
has planning permission for the development of additional commercial space.
RKL is party to a contract with the County of Kent which contract entitles RKL
to participate in proceeds realized from the sale of residential land parcels
to homebuilders

Pursuant to agreements, the Company provided management services with respect
to RKL for the six months ended June 30, 2003, for $150,000 per quarter and for
the years ended December 31, 2002 and 2001, for $600,000 per year. In addition,
the Company paid a fee to RKL for management services which it provided for the
Companys properties owned in the United Kingdom. For the six months ended June
30, 2003, the fees for these services were $223,000 and for the years ended
December 31, 2002 and 2001, the fees for these services were $662,000 and
$376,000, respectively. The Company recognized interest income on notes
receivable from RKL of $1.9 million for the six months ended June 30, 2003 and
$3.3 million and $2.2 million for the years ended December 31, 2002 and 2001,
respectively.



|6. |  | INDEBTEDNESS
|-- |  | ------------

Indebtedness consists of mortgage loans, unsecured notes, borrowings under the
credit facility, as defined below and convertible debentures (which matured in
2001). The weighted average interest rates for the years ended December 31,
2003, 2002, and 2001, were approximately 6.9%, 7.1%, and 7.5%, respectively.
Interest expense for the years ended December 31, 2003, 2002, and 2001,
aggregated $123.9 million, $116.6 million, and $111.2 million, respectively.
Interest costs during these periods of $10.9 million, $16.5 million, and $22.3
million, respectively, were capitalized. Cash paid for interest for the years
ended December 31, 2003, 2002, and 2001, was $132.5 million, $128.4 million,
and $128.4 million, respectively.

The Company is subject to financial covenants contained in some of the debt
agreements, the most restrictive of which are detailed below under the heading
Credit Facility. The Company is in compliance with the financial covenants.

Mortgage Loans, Unsecured Notes
Mortgage loans with maturities ranging from 2004 to 2012 are collateralized by
and in some instances cross-collateralized by properties with a net book value
of $502.4 million.

As of December 31, 2003, $363.9 million in mortgage loans and $1,355.0 million
in unsecured notes were outstanding. The interest rates on $1,652.4 million of
mortgage loans and unsecured notes are fixed and range from 6.0% to 8.8%.
Interest rates on $66.5 million of mortgage loans float with the base rate of
the respective lending bank or a municipal bond index. The weighted average
remaining term for the mortgage loans and unsecured notes is 5.8 years.

Credit Facility
For the year ended December 31, 2002, the Company utilized a $450 million
unsecured credit facility (the $450 million Credit Facility). The interest
rate on borrowings under the $450 million Credit Facility fluctuated based on
senior debt ratings from Moodys Investors Service, Inc. (Moodys), Standard
& Poors Ratings Group (S&P) and Fitch, Inc. (Fitch).

41



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In January 2003, the Company obtained a new $350 million unsecured credit
facility (the $350 million Credit Facility), replacing the $450 million
Credit Facility. Based on the Companys current ratings, the interest rate on
the $350 million Credit Facility is 70 basis points over the LIBOR rate (1.8%
at December 31, 2003). There is also a 20 basis point facility fee on the
current borrowing capacity. The current ratings for the Companys senior
unsecured debt are Baa2, BBB, and BBB from Moodys, S&P, and Fitch,
respectively. The $350 million Credit Facility contains a competitive bid
option, whereby participating lenders bid on the interest rate to be charged.
This feature is available for up to $150 million of borrowings. The $350
million Credit Facility has an accordion feature which enables the Company to
increase the facility to $450 million. The $350 million Credit Facility
contains financial covenants, certain of which are set forth below:



| |  |  | total debt to total assets may not exceed 0.55:1;                                                           
| | - |  | ------------------------------------------------------------------------------------------------------------
|
| |  |  | operating cash flows to interest may not be less than 1.85:1;                                               
|
| |  |  | earnings before interest, taxes, depreciation and
amortization to fixed charges may not be less than 1.75:1;
|
| |  |  | unencumbered asset value to unsecured debt may not be less than 175%;                                       
|
| |  |  | unencumbered cash flow to unsecured debt service must exceed 1.5:1                                          

The $350 million Credit Facility expires in January 2006. The $350 million
Credit Facility provides for up to $50 million denominated in Pounds Sterling
or Euros.

The scheduled maturities of principal amortization of the Companys mortgage
loans, $350 million Credit Facility and the unsecured notes outstanding and the
related weighted average interest rates are as follows (in thousands, except
percentages):

MORTGAGES
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    WEIGHTEDAVERAGEPRINCIPAL
    
    
    PRINCIPAL
    
    
    UNSECURED
    
    
    CREDIT
    
    
    
    
    
    
    INTERESTAMORTIZATION
    
    
    MATURITIES
    
    
    NOTES
    
    
    FACILITY
    
    
    TOTAL
    
    
    RATE2004
    
    $
    8,978
    
    
    $
    61,753
    
    
    $
    100,000
    
    
    $
    
    
    
    $
    170,731
    
    
    
    6.4
    %2005
    
    
    7,977
    
    
    
    115,039
    
    
    
    
    
    
    
    
    
    
    
    123,016
    
    
    
    7.6
    %2006
    
    
    5,828
    
    
    
    43,205
    
    
    
    100,000
    
    
    
    167,000
    
    
    
    316,033
    
    
    
    4.3
    %2007
    
    
    4,947
    
    
    
    1,553
    
    
    
    100,000
    
    
    
    
    
    
    
    106,500
    
    
    
    7.3
    %2008
    
    
    4,553
    
    
    
    34,824
    
    
    
    
    
    
    
    
    
    
    
    39,377
    
    
    
    7.2
    %2009
    
    
    2,212
    
    
    
    42,119
    
    
    
    270,000
    
    
    
    
    
    
    
    314,331
    
    
    
    7.8
    %2010
    
    
    1,559
    
    
    
    
    
    
    
    200,000
    
    
    
    
    
    
    
    201,559
    
    
    
    8.5
    %2011
    
    
    1,324
    
    
    
    3,533
    
    
    
    250,000
    
    
    
    
    
    
    
    254,857
    
    
    
    7.3
    %2012
    
    
    352
    
    
    
    24,110
    
    
    
    235,000
    
    
    
    
    
    
    
    259,462
    
    
    
    6.5
    %2018
    
    
    
    
    
    
    
    
    
    
    100,000
    
    
    
    
    
    
    
    100,000
    
    
    
    7.5
    %$
    37,730
    
    
    $
    326,136
    
    
    $
    1,355,000
    
    
    $
    167,000
    
    
    $
    1,885,866
    
    
    
    6.8
    %


Convertible Debentures
The Convertible Debentures, which matured on July 1, 2001, were exchangeable
for Common Shares of beneficial interest of the Trust (the Common Shares) at
a rate of one Common Share for each $20 outstanding principal amount of
Convertible Debentures, subject to certain adjustments.



|7. |  | LEASING ACTIVITY
|-- |  | ----------------

Future minimum rental payments due from tenants under noncancelable operating
leases as of December 31, 2003 are as follows (in thousands):



2004
    
    $
    400,6572005
    
    
    350,1862006
    
    
    293,6842007
    
    
    249,4752008
    
    
    197,781Thereafter
    
    
    553,349TOTAL
    
    $
    2,045,132


In addition to minimum rental payments, most leases require the tenants to pay
for their pro rata share of specified operating expenses. These payments are
included as operating expense reimbursement in the accompanying statements of
operations.

42



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|8. |  | SHAREHOLDERS EQUITY
|-- |  | --------------------

Common Shares
The Company paid to holders of Common Shares and holders of Common Units
distributions of $196.2 million, $186.1 million, and $171.5 million, during the
years ended December 31, 2003, 2002, and 2001, respectively. On a per share
basis, the Company paid Common Share and Unit distributions of $2.405, $2.37,
and $2.30 during the years ended December 31, 2003, 2002, and 2001,
respectively.

For federal income tax purposes, the following table summarizes the portions of
the Common Share distributions relating to return of capital, ordinary income,
and capital gains:

2003
    
    2002
    
    2001Return of capital
    
    
    
    
    
    
    
    
    
    
    Ordinary income
    
    
    96.0
    %
    
    
    91.6
    %
    
    
    95.0
    %Capital gains
    
    
    4.0
    %
    
    
    8.4
    %
    
    
    5.0
    %


The Companys federal income tax returns are subject to examination by taxing
authorities. Because the application of tax laws and regulations is susceptible
to varying interpretations, the taxability of distributions could be changed at
a later date upon final determination by taxing authorities.

Treasury Shares
The Board of Trustees authorized a share repurchase plan under which the
Company may purchase up to $100 million of the Companys Common Shares and
preferred shares (as defined below). In 1999, the Company repurchased 59,100 of
its Common Shares for $1.3 million.

Preferred Shares
The Series A Cumulative Redeemable Preferred Shares (the Preferred Shares),
which were redeemed on August 28, 2002, were non-voting and had a liquidation
preference of $25.00 per share. The Preferred Shares were redeemed for $125
million.

The Company paid Preferred Share distributions of $9.1 million and $11.0
million for the years ended December 31, 2002 and 2001, respectively. On a per
share basis, the Company paid preferred share distributions of $1.82 and $2.20
for the years ended December 31, 2002 and 2001.

For federal income tax purposes, the following table summarizes the portions of
the preferred shares distributions relating to return of capital, ordinary
income and capital gains:

2003
    
    2002
    
    2001Return of capital
    
    
    
    
    
    
    
    
    
    
    Ordinary income
    
    
    
    
    
    
    100.0
    %
    
    
    95.1
    %Capital gains
    
    
    
    
    
    
    
    
    
    
    4.9
    %


Minority Interest
Minority interest in the accompanying consolidated financial statements
represents the interests of the Common and Preferred Units in Liberty Property
Limited Partnership not held by the Trust. Minority interest is adjusted at
each period end to reflect the ownership percentage of the Common and Preferred
unitholders at that time. A minority interest reclassification occurs between
minority interest and shareholders equity each period there is a transaction
involving ownership interests in Liberty Property Limited Partnership. In
addition, minority interest includes third-party ownership interests in two
consolidated joint venture investments in the United Kingdom. No Common Units
were issued in connection with acquisitions in 2001 or 2002. During 2003,
33,682 Common units were issued in connection with an acquisition. The common
limited partnership interests outstanding as of December 31, 2003 have the same
economic characteristics as would 3,698,203 Common Shares. The common limited
partnership interests share proportionately in the net income or loss and in
any distributions of the Operating Partnership and are exchangeable into the
same number of Common Shares of the Trust.

The Company has outstanding the following Cumulative Redeemable Preferred Units
of the Operating Partnership, (the Preferred Units):

43



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DATE OF
    
    
    
    
    
    
    
    
    
    
    
    LIQUIDATION
    
    DIVIDEND
    
    REDEEMABLEISSUE
    
    ISSUE
    
    AMOUNT
    
    UNITS
    
    PREFERENCE
    
    RATE
    
    AS OF
    
    EXCHANGEABLE AFTER(in 000's)7/28/99
    
    Series B
    
    $
    95,000
    
    
    
    3,800
    
    
    $
    25
    
    
    
    9.25
    %
    
    7/28/04
    
    7/28/09 into Series
B Cumulative
Redeemable
Preferred Shares of
the Trust4/18/00
    
    Series C
    
    $
    20,000
    
    
    
    800
    
    
    $
    25
    
    
    
    9.125
    %
    
    4/18/05
    
    4/18/10 into Series
C Cumulative
Redeemable
Preferred Shares of
the Trust6/10/02
    
    Series D
    
    $
    23,650
    
    
    
    473
    
    
    $
    50
    
    
    
    7.625
    %
    
    6/10/07
    
    6/10/12 into Series
D Cumulative
Redeemable
Preferred Shares of
the Trust


The Company paid the following Preferred Unit distributions for the year ended
December 31:



2003
    
    2002
    
    2001Distributions (in millions)
    
    $
    12.4
    
    
    $
    11.6
    
    
    $
    10.6Distribution per unit:Series B
    
    $
    2.31
    
    
    $
    2.31
    
    
    $
    2.31Series C
    
    $
    2.28
    
    
    $
    2.28
    
    
    $
    2.28Series D
    
    $
    3.81
    
    
    $
    2.13
    
    
    
    


Shareholder Rights Plan
In December 1997, the Board of Trustees of the Company adopted a shareholder
rights plan (the Shareholder Rights Plan). Under the Shareholder Rights Plan,
one Right (as defined in the Shareholder Rights Plan) was attached to each
outstanding Common Share at the close of business on December 31, 1997. In
addition, a Right will be attached to each share of Common Stock issued in the
future. Each Right entitles the registered holder to purchase from the Company,
under certain conditions, a unit (a Rights Plan Unit) consisting of one
one-thousandth of a share of a Series A Junior Participating Preferred Share,
$0.0001 par value, (the Junior Preferred Stock), of the Company, for $100 per
Rights Plan Unit, subject to adjustment. The Rights become exercisable only if
a person or group of affiliated or associated persons (an Acquiring Person)
acquires, or obtains the right to acquire, beneficial ownership of Common
Shares or other voting securities (Voting Stock) that have 10% or more of the
voting power of the outstanding shares of Voting Stock, or if an Acquiring
Person commences to make a tender offer or exchange offer to acquire beneficial
ownership of Voting Stock that has 10% or more of the voting power of the
outstanding shares of Voting Stock. The Rights are redeemable by the Company at
a price of $0.0001 per Right. If not exercised or redeemed, all Rights will
expire on December 31, 2007.

Dividend Reinvestment Plan
The Company has a Dividend Reinvestment and Share Purchase Plan under which
holders of Common Shares may elect to automatically reinvest their
distributions in additional Common Shares and may make optional cash payments
for additional Common Shares. The Company may issue additional Common Shares or
repurchase Common Shares in the open market for purposes of financing its
obligations under the Dividend Reinvestment and Share Purchase Plan. During the
years ended December 31, 2003, 2002, and 2001, 2,056,482, 1,693,837 and 482,822
Common Shares, respectively, were issued through the Dividend Reinvestment and
Share Purchase Plan.



|9. |  | EMPLOYEE BENEFIT PLANS
|-- |  | ----------------------

The Company maintains a 401(k) plan for the benefit of its full-time employees.
The Company matches the employees contributions up to 3% of the employees
salary and may also make annual discretionary contributions. Total expense
recognized by the Company was $406,000, $409,000 and $453,000 for the years
ended 2003, 2002 and 2001, respectively.

The Company registered 750,000 common shares under the Securities Act of 1933,
as amended, in connection with an employee share purchase plan (ESPP). The
ESPP enables eligible employees to purchase shares of the Company at a 15%
discount to fair market value. A total of 9,766, 8,977 and 3,613 common shares
were issued, in accordance with the ESPP, during the years ended December 31,
2003, 2002 and 2001, respectively.

44



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|10. |  | SHARE OPTIONS
|--- |  | -------------

The Companys Share Incentive Plan (Share Incentive Plan), as amended, has
authorized the grant of options to executive officers, other key employees,
non-employee trustees and consultants of up to 9,926,256 shares of the
Companys Common Shares. All options granted have 10-year terms and vest over a
3-year period, with options to purchase up to 20% of the shares exercisable
after the first anniversary, up to 50% after the second anniversary and 100%
after the third anniversary of the date of grant.

The cost related to share-based employee compensation included in the
determination of net income for 2003, 2002 and 2001 is less than that which
would have been recognized if the fair value based method had been applied to
all option awards since the original effective date of SFAS No. 123.

The fair value for the employee option awards was estimated at the date of
grant using a Black-Scholes option pricing model with the following
weighted-average assumptions for 2003, 2002, and 2001:

2003
    
    2002
    
    2001Risk-free interest rate
    
    
    5.0
    %
    
    
    5.0
    %
    
    
    5.0
    %Dividend yield
    
    
    7.5
    %
    
    
    7.5
    %
    
    
    7.9
    %Volatility factor
    
    
    .175
    
    
    
    .175
    
    
    
    .175Weighted-average expected life
    
    8 years
    
    8 years
    
    8 years


The following table illustrates the effect on net income and earnings per share
if the fair value based method had been applied to all outstanding and unvested
option awards in each period (in thousands, except per share amounts).

YEAR ENDED DECEMBER 31,2003
    
    
    2002
    
    
    2001(Restated)Income available to common shareholders
    
    $
    163,610
    
    
    $
    150,237
    
    
    $
    155,537Add: Share-based compensation expense included
in reported net income available to common
shareholders
    
    
    395
    
    
    
    
    
    
    
    Deduct: Total share-based employee compensation
expense determined under fair value based
methods for all awards
    
    
    (1,842
    )
    
    
    (2,135
    )
    
    
    (1,616
    )Pro forma income available to common shareholders
    
    $
    162,163
    
    
    $
    148,102
    
    
    $
    153,921Income per common share:Basic  as reported
    
    $
    2.08
    
    
    $
    2.00
    
    
    $
    2.19Basic  pro forma
    
    $
    2.06
    
    
    $
    1.97
    
    
    $
    2.16Diluted  as reported
    
    $
    2.05
    
    
    $
    1.97
    
    
    $
    2.15Diluted  pro forma
    
    $
    2.03
    
    
    $
    1.94
    
    
    $
    2.13


Pro forma disclosures are not likely to be representative of the effects on
reported net income for future years because of the staggered vesting periods
of the options.

A summary of the Companys share option activity, and related information for
the years ended December 31, 2003, 2002, and 2001 follows:

45



---



##### Table of Contents



2003
    
    
    2002
    
    
    2001WEIGHTED
    
    
    
    
    
    
    WEIGHTED
    
    
    
    
    
    
    WEIGHTEDAVERAGE
    
    
    
    
    
    
    AVERAGE
    
    
    
    
    
    
    AVERAGEOPTIONS
    
    
    EXERCISE
    
    
    OPTIONS
    
    
    EXERCISE
    
    
    OPTIONS
    
    
    EXERCISE(000s)
    
    
    PRICE
    
    
    (000s)
    
    
    PRICE
    
    
    (000s)
    
    
    PRICEOutstanding-beginning of year
    
    
    5,766
    
    
    $
    25.89
    
    
    
    4,947
    
    
    $
    23.86
    
    
    
    4,799
    
    
    $
    22.78Granted
    
    
    336
    
    
    
    31.56
    
    
    
    1,606
    
    
    
    30.23
    
    
    
    1,014
    
    
    
    26.97Exercised
    
    
    (1,611
    )
    
    
    24.26
    
    
    
    (772
    )
    
    
    22.68
    
    
    
    (855
    )
    
    
    21.86Forfeited
    
    
    (38
    )
    
    
    29.00
    
    
    
    (15
    )
    
    
    22.69
    
    
    
    (11
    )
    
    
    22.69Outstanding-end of year
    
    
    4,453
    
    
    $
    26.88
    
    
    
    5,766
    
    
    $
    25.89
    
    
    
    4,947
    
    
    $
    23.86Exercisable at end of year
    
    
    4,903
    
    
    $
    23.30
    
    
    
    4,218
    
    
    $
    22.95
    
    
    
    3,393
    
    
    $
    22.71Weighted-average fair value
of options granted during
the year
    
    $
    1.91
    
    
    
    
    
    
    $
    1.83
    
    
    
    
    
    
    $
    1.45


Exercise prices for options outstanding as of December 31, 2003 ranged from
$19.75 to $34.98. The weighted-average remaining contractual life of those
options is 6.6 years.

Grants of 115,987, 44,134 and 1,255 restricted shares were made under the Share
Incentive Plan during the years ended December 31, 2003, 2002 and 2001,
respectively. These restricted shares vest ratably over a 5-year period
beginning with the anniversary date of the grant.

An additional 1,241,632, 1,691,578, and 3,349,421 Common Shares were reserved
for issuance for future grants under the Share Incentive Plan at December 31,
2003, 2002 and 2001, respectively.



|11. |  | COMMITMENTS AND CONTINGENCIES
|--- |  | -----------------------------

Substantially all of the Properties and land were subject to Phase I
Environmental Assessments and when appropriate Phase II Environmental
Assessments (collectively, the Environmental Assessments) obtained in
contemplation of their acquisition by the Company. The Environmental
Assessments consisted of, among other activities, a visual inspection of each
Property and its neighborhood and a check of pertinent public records. The
Environmental Assessments did not reveal, nor is the Company aware of, any
non-compliance with environmental laws, environmental liability or other
environmental claim that the Company believes would likely have a material
adverse effect on the Company.

Although the Company is engaged in litigation incidental to its business, there
is no legal proceeding to which it is a party which, in the opinion of
management, will materially adversely affect the results of the Companys
operations.

The Company is obligated to make additional capital contributions of
approximately $3.4 million in conjunction with two of the Companys
unconsolidated joint ventures.



|12. |  | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
|--- |  | -------------------------------------------

A summary of quarterly results of operations for the years ended December 31,
2003 and 2002 follows. Certain 2003 and 2002 amounts have been reclassified to
conform to the current presentation of discontinued operations (in thousands,
except per share amounts).

QUARTER ENDEDDEC. 31,
    
    
    SEPT. 30,
    
    
    JUNE 30,
    
    
    MAR. 31,
    
    
    DEC. 31,
    
    
    SEPT. 30,
    
    
    JUNE 30,
    
    
    MAR. 31,2003
    
    
    2003
    
    
    2003
    
    
    2003
    
    
    2002
    
    
    2002
    
    
    2002
    
    
    2002(Restated)Operating revenue
    
    $
    161,140
    
    
    $
    157,710
    
    
    $
    149,870
    
    
    $
    156,312
    
    
    $
    149,198
    
    
    $
    153,813
    
    
    $
    145,259
    
    
    $
    145,174Income from continuing operations
    
    
    37,627
    
    
    
    38,675
    
    
    
    33,331
    
    
    
    41,145
    
    
    
    32,211
    
    
    
    40,253
    
    
    
    39,974
    
    
    
    40,104Discontinued operations
    
    
    258
    
    
    
    434
    
    
    
    11,698
    
    
    
    442
    
    
    
    1,110
    
    
    
    1,387
    
    
    
    4,530
    
    
    
    2,096Income available to common
shareholders
    
    
    37,885
    
    
    
    39,109
    
    
    
    45,029
    
    
    
    41,587
    
    
    
    33,321
    
    
    
    35,712
    
    
    
    41,754
    
    
    
    39,450Income per common share  basic
    
    $
    0.47
    
    
    $
    0.50
    
    
    $
    0.58
    
    
    $
    0.54
    
    
    $
    0.44
    
    
    $
    0.47
    
    
    $
    0.56
    
    
    $
    0.53Income per common share  diluted
    
    $
    0.46
    
    
    $
    0.49
    
    
    $
    0.57
    
    
    $
    0.53
    
    
    $
    0.43
    
    
    $
    0.47
    
    
    $
    0.55
    
    
    $
    0.53


46



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##### Table of Contents



A reconciliation of the restatement of quarter ended September 30, 2002, in
accordance with EITF Topic D-42, is as follows (in thousands):

Income available to common shareholders, as previously reported
    
    $
    39,898Excess of preferred share redemption over carrying amount
    
    
    (4,186
    )Income available to common shareholders, as adjusted
    
    $
    35,712Per share:Income from continuing operations, as previously reported
    
    $
    0.51Excess of preferred share redemption over carrying amount
    
    
    (0.06
    )Income from continuing operations, as adjusted
    
    
    0.45Income from discontinued operations
    
    
    0.02Income per common share, as adjusted
    
    $
    0.47Diluted:Income from continuing operations, as previously reported
    
    $
    0.51Excess of preferred share redemption over carrying amount
    
    
    (0.06
    )Income from continuing operations, as adjusted
    
    
    0.45Income from discontinued operations
    
    
    0.02Income per common share, as adjusted
    
    $
    0.47




|13. |  | SEGMENT INFORMATION
|--- |  | -------------------

The Company operates its portfolio of properties primarily throughout the
Mid-Atlantic, Southeastern and Midwestern United States. Additionally, the
Company owns certain assets in the United Kingdom. The Company reviews the
performance of the portfolio on a geographical basis, as such, the following
regions are considered the Companys reportable segments:



REPORTABLE SEGMENTS
    
    MARKETSDelaware Valley
    
    Southeastern Pennsylvania, New JerseyMidwestMid-Atlantic
    
    Lehigh Valley, Michigan, Minnesota,
Milwaukee/ChicagoMaryland, Piedmont Triad, Greenville, S.C., Richmond/Roanoke, Virginia BeachFlorida
    
    Jacksonville, Orlando, Boca Raton, Tampa, TexasUnited Kingdom
    
    County of Kent


The Companys reportable segments are distinct business units which are each
managed separately in order to concentrate market knowledge within a geographic
area. Within these reportable segments, the Company derives its revenues from
its two product types: industrial properties and office properties.

The Company evaluates performance of the reportable segments based on property
level operating income, which is calculated as rental revenue and operating
expense reimbursement less rental property expenses and real estate taxes. The
accounting policies of the reportable segments are the same as those for the
Company on a consolidated basis. The operating information by segment is as
follows (in thousands):

47



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##### Table of Contents





FOR THE YEAR ENDED DECEMBER 31, 2003DELAWARE VALLEY
    
    
    MIDWESTSOUTHEASTERN
    
    
    
    
    
    
    LEHIGH
    
    
    
    
    
    
    MID-
    
    
    
    
    
    
    UNITEDPENNSYLVANIA
    
    
    OTHER
    
    
    VALLEY
    
    
    OTHER
    
    
    ATLANTIC
    
    
    FLORIDA
    
    
    KINGDOM
    
    
    TOTALOperating revenue
    
    $
    187,836
    
    
    $
    34,872
    
    
    $
    68,519
    
    
    $
    118,296
    
    
    $
    110,067
    
    
    $
    93,065
    
    
    $
    12,377
    
    
    $
    625,032Rental property
expenses and real
estate taxes
    
    
    54,140
    
    
    
    11,780
    
    
    
    17,873
    
    
    
    42,790
    
    
    
    30,198
    
    
    
    27,422
    
    
    
    2,255
    
    
    
    186,458Property level
operating income
    
    $
    133,696
    
    
    $
    23,092
    
    
    $
    50,646
    
    
    $
    75,506
    
    
    $
    79,869
    
    
    $
    65,643
    
    
    $
    10,122
    
    
    
    438,574Interest and other income
    
    
    7,388Interest expense
    
    
    (123,907
    )General and administrative
    
    
    (28,402
    )Depreciation and amortization
    
    
    (122,602
    )Income before property dispositions, income taxes, minority interest
   and equity in earnings of unconsolidated joint ventures
    
    
    171,051Gain on property dispositions
    
    
    447Income taxes
    
    
    (2,326
    )Minority interest
    
    
    (20,138
    )Equity in earnings of unconsolidated joint ventures
    
    
    1,744Discontinued operations net of minority interest
    
    
    12,832Income available to common shareholders
    
    $
    163,610


FOR THE YEAR ENDED DECEMBER 31, 2002 (Restated)DELAWARE VALLEY
    
    
    MIDWESTSOUTHEASTERN
    
    
    
    
    
    
    LEHIGH
    
    
    
    
    
    
    MID-
    
    
    
    
    
    
    UNITEDPENNSYLVANIA
    
    
    OTHER
    
    
    VALLEY
    
    
    OTHER
    
    
    ATLANTIC
    
    
    FLORIDA
    
    
    KINGDOM
    
    
    TOTALOperating revenue
    
    $
    179,150
    
    
    $
    44,990
    
    
    $
    63,466
    
    
    $
    115,793
    
    
    $
    99,924
    
    
    $
    82,302
    
    
    $
    7,819
    
    
    $
    593,444Rental property
expenses and real
estate taxes
    
    
    50,874
    
    
    
    14,264
    
    
    
    13,693
    
    
    
    40,600
    
    
    
    26,896
    
    
    
    24,848
    
    
    
    745
    
    
    
    171,920Property level
operating income
    
    $
    128,276
    
    
    $
    30,726
    
    
    $
    49,773
    
    
    $
    75,193
    
    
    $
    73,028
    
    
    $
    57,454
    
    
    $
    7,074
    
    
    
    421,524Interest and other income
    
    
    8,509Interest expense
    
    
    (116,025
    )General and administrative
    
    
    (21,907
    )Depreciation and amortization
    
    
    (109,661
    )Income before property dispositions, income taxes, minority interest
   and equity in earnings of unconsolidated joint ventures
    
    
    182,440Loss on property dispositions
    
    
    (9,300
    )Income taxes
    
    
    (656
    )Minority interest
    
    
    (20,197
    )Equity in earnings of unconsolidated joint ventures
    
    
    255Discontinued operations net of minority interest
    
    
    9,123Preferred share distributions
    
    
    (7,242
    )Excess of preferred share redemption over carrying amount
    
    
    (4,186
    )Income available to common shareholders
    
    $
    150,237


48



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##### Table of Contents





FOR THE YEAR ENDED DECEMBER 31, 2001DELAWARE VALLEY
    
    
    MIDWESTSOUTHEASTERN
    
    
    
    
    
    
    LEHIGH
    
    
    
    
    
    
    MID-
    
    
    
    
    
    
    UNITEDPENNSYLVANIA
    
    
    OTHER
    
    
    VALLEY
    
    
    OTHER
    
    
    ATLANTIC
    
    
    FLORIDA
    
    
    KINGDOM
    
    
    TOTALOperating revenue
    
    $
    169,433
    
    
    $
    44,317
    
    
    $
    56,067
    
    
    $
    110,095
    
    
    $
    102,946
    
    
    $
    83,298
    
    
    $
    6,740
    
    
    $
    572,896Rental property expenses and
real estate taxes
    
    
    48,891
    
    
    
    14,127
    
    
    
    13,419
    
    
    
    38,838
    
    
    
    26,365
    
    
    
    24,222
    
    
    
    371
    
    
    
    166,233Property level operating income
    
    $
    120,542
    
    
    $
    30,190
    
    
    $
    42,648
    
    
    $
    71,257
    
    
    $
    76,581
    
    
    $
    59,076
    
    
    $
    6,369
    
    
    
    406,663Interest and other income
    
    
    6,713Interest expense
    
    
    (109,932
    )General and administrative
    
    
    (20,683
    )Depreciation and amortization
    
    
    (101,147
    )Income before property dispositions, income taxes, minority interest
   and equity in earnings of unconsolidated joint ventures
    
    
    181,614Gain on property dispositions
    
    
    2,115Income taxes
    
    
    (386
    )Minority interest
    
    
    (19,048
    )Discontinued operations net of minority interest
    
    
    2,242Preferred share distributions
    
    
    (11,000
    )Income available to common shareholders
    
    $
    155,537PRODUCT TYPE INFORMATION
    
    REAL ESTATE RELATED REVENUESYEAR ENDED DECEMBER 31,2003
    
    
    2002
    
    
    2001Industrial
    
    $
    262,627
    
    
    $
    267,330
    
    
    $
    253,928Office
    
    
    362,405
    
    
    
    326,114
    
    
    
    318,968Total operating revenue
    
    $
    625,032
    
    
    $
    593,444
    
    
    $
    572,896ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENTDELAWARE VALLEY
    
    
    MIDWESTSOUTHEASTERN
    
    
    
    
    
    
    LEHIGH
    
    
    
    
    
    
    MID-
    
    
    
    
    
    
    UNITEDPENNSYLVANIA
    
    
    OTHER
    
    
    VALLEY
    
    
    OTHER
    
    
    ATLANTIC
    
    
    FLORIDA
    
    
    KINGDOM
    
    
    TOTALJanuary 1, 2003
    
    $
    971,575
    
    
    $
    139,061
    
    
    $
    377,931
    
    
    $
    724,728
    
    
    $
    681,206
    
    
    $
    590,041
    
    
    $
    68,942
    
    
    $
    3,553,484Additions
    
    
    62,647
    
    
    
    25,163
    
    
    
    73,966
    
    
    
    54,988
    
    
    
    78,721
    
    
    
    19,408
    
    
    
    90,125
    
    
    
    405,018Dispositions
    
    
    (18,841
    )
    
    
    
    
    
    
    (5,107
    )
    
    
    
    
    
    
    (5,254
    )
    
    
    (1,360
    )
    
    
    
    
    
    
    (30,562
    )December 31, 2003
    
    $
    1,015,381
    
    
    $
    164,224
    
    
    $
    446,790
    
    
    $
    779,716
    
    
    $
    754,673
    
    
    $
    608,089
    
    
    $
    159,067
    
    
    
    3,927,940Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (586,736
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    56,869Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    162,483Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    273,452Total assets at December 31, 2003
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    3,834,008


49



---



##### Table of Contents





ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENTDELAWARE VALLEY
    
    
    MIDWESTSOUTHEASTERN
    
    
    
    
    
    
    LEHIGH
    
    
    
    
    
    
    MID-
    
    
    
    
    
    
    UNITEDPENNSYLVANIA
    
    
    OTHER
    
    
    VALLEY
    
    
    OTHER
    
    
    ATLANTIC
    
    
    FLORIDA
    
    
    KINGDOM
    
    
    TOTALJanuary 1, 2002
    
    $
    910,065
    
    
    $
    134,052
    
    
    $
    320,483
    
    
    $
    664,828
    
    
    $
    617,031
    
    
    $
    522,630
    
    
    $
    57,167
    
    
    $
    3,226,256Additions
    
    
    62,862
    
    
    
    8,893
    
    
    
    64,502
    
    
    
    73,269
    
    
    
    64,175
    
    
    
    70,674
    
    
    
    15,369
    
    
    
    359,744Dispositions
    
    
    (1,352
    )
    
    
    (3,884
    )
    
    
    (7,054
    )
    
    
    (13,369
    )
    
    
    
    
    
    
    (3,263
    )
    
    
    (3,594
    )
    
    
    (32,516
    )December 31, 2002
    
    $
    971,575
    
    
    $
    139,061
    
    
    $
    377,931
    
    
    $
    724,728
    
    
    $
    681,206
    
    
    $
    590,041
    
    
    $
    68,942
    
    
    
    3,553,484Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (485,206
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    163,379Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    163,142Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    232,262Total assets at December 31, 2002
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    3,627,061


The Company has restated segment information for the years ended December 31,
2002 and 2001 to reflect a change in the Companys method of internal
reporting.



|14. |  | IMPLEMENTATION OF SFAS NO. 144, ACCOUNTING FOR THE IMPAIRMENT OR DISPOSAL OF LONG-LIVED ASSETS
|--- |  | ------------------------------------------------------------------------------------------------

Discontinued Operations
In accordance with SFAS No. 144 which the Company adopted on January 1, 2002,
net income and gain/(loss) on disposition of real estate for properties sold
subsequent to December 31, 2001 are reflected in the consolidated statements of
operations as discontinued operations. The proceeds from dispositions of
Operating Properties were $40.8 million and $38.4 million for the years ended
December 31, 2003 and 2002, respectively. Below is a summary of the results of
operations of the properties disposed of through the respective disposition
dates (in thousands):

DECEMBER 31,2003
    
    
    2002
    
    
    2001Revenues
    
    $
    2,979
    
    
    $
    6,059
    
    
    $
    3,303Operating expenses
    
    
    (584
    )
    
    
    (1,159
    )
    
    
    (697
    )Interest expense
    
    
    (426
    )
    
    
    (1,046
    )
    
    
    (1,247
    )Depreciation and amortization
    
    
    (500
    )
    
    
    (1,230
    )
    
    
    (631
    )Income before property dispositions and minority interest
    
    $
    1,469
    
    
    $
    2,624
    
    
    $
    728


Sales occurring before December 31, 2001, as well as sales of land and
development properties continue to be reflected as a component of income from
continuing operations.

Asset Impairment
In accordance with SFAS No. 144, the Company recognized a $5.3 million
impairment loss on three parcels of land during the year ended December 31,
2002. This impairment is included in the caption gain (loss) on property
dispositions as a component of income from continuing operations. In addition,
during the year ended December 31, 2002, the Company recognized a $6.0 million
impairment loss on assets held for sale. This loss was subsequently realized
during 2002 upon the disposal of those assets held for sale. The Company
determined this impairment through a comparison of the aggregate future
undiscounted cash flows to be generated by the properties to the carrying value
of the properties. The Company has evaluated each of the properties and land
held for development and has determined that there are no additional valuation
adjustments necessary at December 31, 2003.

50



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##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES10, 20 Liberty Boulevard
    
    Malvern, PA
    
    $
    
    
    
    $
    724,058
    
    
    $
    
    
    
    $
    5,295,611420 Lapp Road
    
    Malvern, PA
    
    
    *
    
    
    
    1,054,418
    
    
    
    
    
    
    
    6,692,977747 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    1,607,238
    
    
    
    
    
    
    
    4,439,81045-67 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    795,143
    
    
    
    
    
    
    
    3,160,11840 Valley Stream Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    322,918
    
    
    
    
    
    
    
    2,315,84850 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    323,971
    
    
    
    
    
    
    
    2,253,69920 Valley Stream Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    465,539
    
    
    
    
    
    
    
    5,142,133800 Town Center Drive
    
    Langhorne, PA
    
    
    
    
    
    
    1,617,150
    
    
    
    
    
    
    
    9,531,32111, 15 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    1,837,050
    
    
    
    
    
    
    
    15,005,064257-275 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    504,611
    
    
    
    
    
    
    
    4,803,453300 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    368,626
    
    
    
    
    
    
    
    1,344,816277-293 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    530,729
    
    
    
    
    
    
    
    2,190,040311 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    397,131
    
    
    
    
    
    
    
    2,471,387325 Technology Drive
    
    Malvern, PA
    
    
    *
    
    
    
    376,444
    
    
    
    
    
    
    
    1,995,0097 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    176,435
    
    
    
    
    
    
    
    4,842,27355 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    215,005
    
    
    
    
    
    
    
    3,576,85465 Valley Stream Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    381,544
    
    
    
    
    
    
    
    6,442,271508 Lapp Road
    
    Malvern, PA
    
    
    *
    
    
    
    331,392
    
    
    
    
    
    
    
    1,896,64210 Valley Stream Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    509,075
    
    
    
    
    
    
    
    3,047,899333 Phoenixville Pike
    
    Malvern, PA
    
    
    1,827,665
    
    
    
    523,530
    
    
    
    
    
    
    
    2,917,37330 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    128,126
    
    
    
    
    
    
    
    385,63475 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    143,074
    
    
    
    
    
    
    
    767,35427-43 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    448,775
    
    
    
    
    
    
    
    2,201,41377-123 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    887,664
    
    
    
    
    
    
    
    4,886,723256 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    161,098
    
    
    
    
    
    
    
    1,785,718205 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    1,368,259
    
    
    
    
    
    
    
    10,454,44812, 14, 16 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    130,689
    
    
    
    
    
    
    
    1,473,905155 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    625,147
    
    
    
    
    
    
    
    2,468,086333 Technology Drive
    
    Malvern, PA
    
    
    *
    
    
    
    157,249
    
    
    
    
    
    
    
    3,312,336510 Lapp Road
    
    Malvern, PA
    
    
    *
    
    
    
    356,950
    
    
    
    
    
    
    
    926,58760 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    865,424
    
    
    
    9,285,000
    
    
    
    4,759,002905 Airport Road
    
    West Chester, PA
    
    
    
    
    
    
    1,715,000
    
    
    
    5,185,000
    
    
    
    858,7868 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    172,600
    
    
    
    1,704,436
    
    
    
    139,05110 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    147,000
    
    
    
    1,451,536
    
    
    
    526,80312 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    103,300
    
    
    
    1,021,036
    
    
    
    320,17714 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    93,100
    
    
    
    920,336
    
    
    
    309,9291 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    400,000
    
    
    
    3,600,000
    
    
    
    473,511701A Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    264,387
    
    
    
    3,772,000
    
    
    
    2,778,014701C Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    84,949
    
    
    
    1,328,000
    
    
    
    340,5201003 Astoria Boulevard
    
    Cherry Hill, NJ
    
    
    
    
    
    
    27,120
    
    
    
    424,880
    
    
    
    488,4763000 Atrium Way
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    500,000
    
    
    
    4,500,000
    
    
    
    3,876,0682151 Cabot Boulevard
    
    Langhorne, PA
    
    
    
    
    
    
    384,100
    
    
    
    3,456,900
    
    
    
    249,314170 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    547,800
    
    
    
    3,137,400
    
    
    
    2,316,556190 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    552,200
    
    
    
    3,162,600
    
    
    
    1,497,093507 Prudential Road
    
    Horsham, PA
    
    
    *
    
    
    
    644,900
    
    
    
    5,804,100
    
    
    
    6,163,58611000, 15000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,585
    
    
    
    4,394,900
    
    
    
    (110,017
    )12000, 14000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    361,800
    
    
    
    3,285,817
    
    
    
    499,27416000, 18000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    289,700
    
    
    
    2,512,683
    
    
    
    555,494400 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    69,402
    
    
    
    
    
    
    
    3,620,810406 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    321,455
    
    
    
    1,539,871
    
    
    
    827,461100 Witmer Road
    
    Horsham, PA
    
    
    7,395,123
    
    
    
    3,102,784
    
    
    
    
    
    
    
    11,820,3983100 Horizon Drive
    
    King of Prussia, PA
    
    
    *
    
    
    
    601,956
    
    
    
    
    
    
    
    2,004,2383300 Horizon Drive
    
    King of Prussia, PA
    
    
    *
    
    
    
    566,403
    
    
    
    
    
    
    
    3,404,3083500 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    1,204,839
    
    
    
    
    
    
    
    2,628,802200 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    495,893
    
    
    
    2,739,093
    
    
    
    331,450767 Electronic Drive
    
    Horsham, PA
    
    
    *
    
    
    
    1,229,685
    
    
    
    
    
    
    
    2,773,208132 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    1,333,642
    
    
    
    
    
    
    
    3,919,4585 Country View Road
    
    Malvern, PA
    
    
    *
    
    
    
    785,168
    
    
    
    4,678,632
    
    
    
    696,703301 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    1,254,021303 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    1,600,2753200 Horizon Drive
    
    King of Prussia, PA
    
    
    *
    
    
    
    928,637
    
    
    
    
    
    
    
    6,491,8853000 Horizon Drive
    
    King of Prussia, PA
    
    
    *
    
    
    
    1,191,449
    
    
    
    
    
    
    
    2,309,358901 Route 73
    
    Marlton, NJ
    
    
    
    
    
    
    334,411
    
    
    
    2,733,314
    
    
    
    619,322111-195 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    407,005
    
    
    
    3,129,058
    
    
    
    (66,380
    )1300 Route 73 North
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    449,400
    
    
    
    3,074,850
    
    
    
    810,819300 Welsh Road  Building 3
    
    Horsham, PA
    
    
    
    
    
    
    180,459
    
    
    
    1,441,473
    
    
    
    298,687300 Welsh Road  Building 4
    
    Horsham, PA
    
    
    
    
    
    
    282,493
    
    
    
    2,256,508
    
    
    
    1,093,2958801 Tinicum Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    2,474,031
    
    
    
    
    
    
    
    43,594,952440 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    717,001
    
    
    
    4,816,121
    
    
    
    2,514,896460 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    705,317
    
    
    
    4,737,487
    
    
    
    983,48350 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    849,576
    
    
    
    
    
    
    
    13,043,717






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES10, 20 Liberty Boulevard
    
    $
    724,846
    
    
    $
    5,294,823
    
    
    $
    6,019,669
    
    
    $
    1,868,230
    
    
    1985
    
    40 yrs.420 Lapp Road
    
    
    1,055,243
    
    
    
    6,692,152
    
    
    
    7,747,395
    
    
    
    2,296,728
    
    
    1989
    
    40 yrs.747 Dresher Road
    
    
    1,607,977
    
    
    
    4,439,071
    
    
    
    6,047,048
    
    
    
    1,512,374
    
    
    1988
    
    40 yrs.45-67 Great Valley Parkway
    
    
    795,831
    
    
    
    3,159,430
    
    
    
    3,955,261
    
    
    
    1,811,709
    
    
    1974
    
    40 yrs.40 Valley Stream Parkway
    
    
    325,775
    
    
    
    2,312,991
    
    
    
    2,638,766
    
    
    
    939,589
    
    
    1987
    
    40 yrs.50 Valley Stream Parkway
    
    
    323,792
    
    
    
    2,253,878
    
    
    
    2,577,670
    
    
    
    931,798
    
    
    1987
    
    40 yrs.20 Valley Stream Parkway
    
    
    466,413
    
    
    
    5,141,259
    
    
    
    5,607,672
    
    
    
    2,214,262
    
    
    1987
    
    40 yrs.800 Town Center Drive
    
    
    1,619,288
    
    
    
    9,529,182
    
    
    
    11,148,471
    
    
    
    4,080,344
    
    
    1987
    
    40 yrs.11, 15 Great Valley Parkway
    
    
    1,837,878
    
    
    
    15,004,236
    
    
    
    16,842,114
    
    
    
    9,161,239
    
    
    1986
    
    40 yrs.257-275 Great Valley Parkway
    
    
    505,458
    
    
    
    4,802,606
    
    
    
    5,308,064
    
    
    
    2,352,335
    
    
    1983
    
    40 yrs.300 Technology Drive
    
    
    374,497
    
    
    
    1,338,945
    
    
    
    1,713,442
    
    
    
    574,132
    
    
    1985
    
    40 yrs.277-293 Great Valley Parkway
    
    
    531,534
    
    
    
    2,189,235
    
    
    
    2,720,769
    
    
    
    1,055,017
    
    
    1984
    
    40 yrs.311 Technology Drive
    
    
    397,948
    
    
    
    2,470,570
    
    
    
    2,868,518
    
    
    
    1,092,141
    
    
    1984
    
    40 yrs.325 Technology Drive
    
    
    385,693
    
    
    
    1,985,761
    
    
    
    2,371,453
    
    
    
    951,788
    
    
    1984
    
    40 yrs.7 Great Valley Parkway
    
    
    177,317
    
    
    
    4,841,392
    
    
    
    5,018,708
    
    
    
    2,194,673
    
    
    1985
    
    40 yrs.55 Valley Stream Parkway
    
    
    215,818
    
    
    
    3,576,041
    
    
    
    3,791,859
    
    
    
    1,598,946
    
    
    1983
    
    40 yrs.65 Valley Stream Parkway
    
    
    382,361
    
    
    
    6,441,454
    
    
    
    6,823,815
    
    
    
    2,620,927
    
    
    1983
    
    40 yrs.508 Lapp Road
    
    
    332,216
    
    
    
    1,895,818
    
    
    
    2,228,034
    
    
    
    910,628
    
    
    1984
    
    40 yrs.10 Valley Stream Parkway
    
    
    509,899
    
    
    
    3,047,075
    
    
    
    3,556,974
    
    
    
    1,426,491
    
    
    1984
    
    40 yrs.333 Phoenixville Pike
    
    
    524,230
    
    
    
    2,916,673
    
    
    
    3,440,903
    
    
    
    1,344,586
    
    
    1985
    
    40 yrs.30 Great Valley Parkway
    
    
    128,783
    
    
    
    384,976
    
    
    
    513,760
    
    
    
    264,396
    
    
    1975
    
    40 yrs.75 Great Valley Parkway
    
    
    143,811
    
    
    
    766,617
    
    
    
    910,428
    
    
    
    349,427
    
    
    1977
    
    40 yrs.27-43 Great Valley Parkway
    
    
    449,447
    
    
    
    2,200,741
    
    
    
    2,650,188
    
    
    
    1,339,931
    
    
    1977
    
    40 yrs.77-123 Great Valley Parkway
    
    
    888,359
    
    
    
    4,886,028
    
    
    
    5,774,387
    
    
    
    2,788,987
    
    
    1978
    
    40 yrs.256 Great Valley Parkway
    
    
    161,949
    
    
    
    1,784,867
    
    
    
    1,946,816
    
    
    
    1,005,955
    
    
    1980
    
    40 yrs.205 Great Valley Parkway
    
    
    1,369,003
    
    
    
    10,453,704
    
    
    
    11,822,707
    
    
    
    5,520,296
    
    
    1981
    
    40 yrs.12, 14, 16 Great Valley Parkway
    
    
    128,767
    
    
    
    1,475,827
    
    
    
    1,604,594
    
    
    
    689,001
    
    
    1982
    
    40 yrs.155 Great Valley Parkway
    
    
    626,068
    
    
    
    2,467,165
    
    
    
    3,093,233
    
    
    
    1,204,530
    
    
    1981
    
    40 yrs.333 Technology Drive
    
    
    158,077
    
    
    
    3,311,508
    
    
    
    3,469,585
    
    
    
    1,452,516
    
    
    1987
    
    40 yrs.510 Lapp Road
    
    
    357,751
    
    
    
    925,786
    
    
    
    1,283,537
    
    
    
    478,667
    
    
    1983
    
    40 yrs.60 Morehall Road
    
    
    884,974
    
    
    
    14,024,452
    
    
    
    14,909,426
    
    
    
    4,483,692
    
    
    1989
    
    40 yrs.905 Airport Road
    
    
    1,735,012
    
    
    
    6,023,774
    
    
    
    7,758,786
    
    
    
    1,686,056
    
    
    1988
    
    40 yrs.8 Stow Road
    
    
    172,945
    
    
    
    1,843,142
    
    
    
    2,016,087
    
    
    
    507,098
    
    
    1988
    
    40 yrs.10 Stow Road
    
    
    147,318
    
    
    
    1,978,021
    
    
    
    2,125,339
    
    
    
    643,743
    
    
    1988
    
    40 yrs.12 Stow Road
    
    
    103,618
    
    
    
    1,340,896
    
    
    
    1,444,513
    
    
    
    445,303
    
    
    1988
    
    40 yrs.14 Stow Road
    
    
    93,418
    
    
    
    1,229,948
    
    
    
    1,323,365
    
    
    
    427,644
    
    
    1988
    
    40 yrs.1 Country View Road
    
    
    406,421
    
    
    
    4,067,090
    
    
    
    4,473,511
    
    
    
    946,471
    
    
    1982
    
    40 yrs.701A Route 73 South
    
    
    271,743
    
    
    
    6,542,658
    
    
    
    6,814,401
    
    
    
    2,416,381
    
    
    1987
    
    40 yrs.701C Route 73 South
    
    
    96,161
    
    
    
    1,657,307
    
    
    
    1,753,468
    
    
    
    519,969
    
    
    1987
    
    40 yrs.1003 Astoria Boulevard
    
    
    32,698
    
    
    
    907,777
    
    
    
    940,476
    
    
    
    326,128
    
    
    1973
    
    40 yrs.3000 Atrium Way
    
    
    512,018
    
    
    
    8,364,050
    
    
    
    8,876,068
    
    
    
    3,169,770
    
    
    1987
    
    40 yrs.2151 Cabot Boulevard
    
    
    389,990
    
    
    
    3,700,324
    
    
    
    4,090,314
    
    
    
    847,588
    
    
    1982
    
    40 yrs.170 South Warner Road
    
    
    458,232
    
    
    
    5,543,524
    
    
    
    6,001,756
    
    
    
    2,319,162
    
    
    1980
    
    40 yrs.190 South Warner Road
    
    
    461,909
    
    
    
    4,749,984
    
    
    
    5,211,893
    
    
    
    1,553,649
    
    
    1980
    
    40 yrs.507 Prudential Road
    
    
    652,919
    
    
    
    11,959,667
    
    
    
    12,612,586
    
    
    
    2,091,096
    
    
    1988
    
    40 yrs.11000, 15000 Commerce Parkway
    
    
    311,950
    
    
    
    4,283,518
    
    
    
    4,595,468
    
    
    
    1,271,109
    
    
    1985
    
    40 yrs.12000, 14000 Commerce Parkway
    
    
    362,855
    
    
    
    3,784,036
    
    
    
    4,146,891
    
    
    
    924,196
    
    
    1985
    
    40 yrs.16000, 18000 Commerce Parkway
    
    
    290,545
    
    
    
    3,067,332
    
    
    
    3,357,877
    
    
    
    855,243
    
    
    1985
    
    40 yrs.400 Lippincott Drive
    
    
    317,799
    
    
    
    3,372,413
    
    
    
    3,690,212
    
    
    
    461,883
    
    
    1999
    
    40 yrs.406 Lippincott Drive
    
    
    327,554
    
    
    
    2,361,233
    
    
    
    2,688,787
    
    
    
    770,948
    
    
    1990
    
    40 yrs.100 Witmer Road
    
    
    3,764,784
    
    
    
    11,158,399
    
    
    
    14,923,182
    
    
    
    1,996,073
    
    
    1996
    
    40 yrs.3100 Horizon Drive
    
    
    611,436
    
    
    
    1,994,758
    
    
    
    2,606,194
    
    
    
    543,587
    
    
    1995
    
    40 yrs.3300 Horizon Drive
    
    
    687,878
    
    
    
    3,282,832
    
    
    
    3,970,711
    
    
    
    668,274
    
    
    1996
    
    40 yrs.3500 Horizon Drive
    
    
    1,223,875
    
    
    
    2,609,766
    
    
    
    3,833,641
    
    
    
    499,542
    
    
    1996
    
    40 yrs.200 Chesterfield Parkway
    
    
    544,649
    
    
    
    3,021,787
    
    
    
    3,566,436
    
    
    
    1,673,892
    
    
    1989
    
    40 yrs.767 Electronic Drive
    
    
    1,241,970
    
    
    
    2,760,923
    
    
    
    4,002,893
    
    
    
    1,085,819
    
    
    1996
    
    40 yrs.132 Welsh Road
    
    
    1,408,041
    
    
    
    3,845,058
    
    
    
    5,253,099
    
    
    
    816,135
    
    
    1998
    
    40 yrs.5 Country View Road
    
    
    786,235
    
    
    
    5,374,267
    
    
    
    6,160,503
    
    
    
    1,223,565
    
    
    1985
    
    40 yrs.301 Lippincott Drive
    
    
    1,069,838
    
    
    
    6,034,184
    
    
    
    7,104,021
    
    
    
    1,349,108
    
    
    1988
    
    40 yrs.303 Lippincott Drive
    
    
    1,069,838
    
    
    
    6,380,438
    
    
    
    7,450,275
    
    
    
    1,461,774
    
    
    1988
    
    40 yrs.3200 Horizon Drive
    
    
    1,210,137
    
    
    
    6,210,385
    
    
    
    7,420,522
    
    
    
    1,262,841
    
    
    1996
    
    40 yrs.3000 Horizon Drive
    
    
    946,703
    
    
    
    2,554,103
    
    
    
    3,500,807
    
    
    
    367,756
    
    
    1997
    
    40 yrs.901 Route 73
    
    
    334,411
    
    
    
    3,352,636
    
    
    
    3,687,047
    
    
    
    637,841
    
    
    1985
    
    40 yrs.111-195 Witmer Road
    
    
    378,205
    
    
    
    3,091,478
    
    
    
    3,469,683
    
    
    
    628,599
    
    
    1987
    
    40 yrs.1300 Route 73 North
    
    
    450,558
    
    
    
    3,884,511
    
    
    
    4,335,069
    
    
    
    952,859
    
    
    1988
    
    40 yrs.300 Welsh Road  Building 3
    
    
    180,459
    
    
    
    1,740,160
    
    
    
    1,920,618
    
    
    
    386,284
    
    
    1983
    
    40 yrs.300 Welsh Road  Building 4
    
    
    282,493
    
    
    
    3,349,802
    
    
    
    3,632,295
    
    
    
    794,504
    
    
    1983
    
    40 yrs.8801 Tinicum Boulevard
    
    
    125,087
    
    
    
    45,943,896
    
    
    
    46,068,983
    
    
    
    7,875,211
    
    
    1997
    
    40 yrs.440 East Swedesford Road
    
    
    717,001
    
    
    
    7,331,018
    
    
    
    8,048,018
    
    
    
    2,005,708
    
    
    1988
    
    40 yrs.460 East Swedesford Road
    
    
    705,317
    
    
    
    5,720,971
    
    
    
    6,426,287
    
    
    
    1,292,113
    
    
    1988
    
    40 yrs.50 Morehall Road
    
    
    1,337,076
    
    
    
    12,556,217
    
    
    
    13,893,293
    
    
    
    2,959,037
    
    
    1997
    
    40 yrs.


51



---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES404 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    131,896
    
    
    
    
    
    
    
    1,650,4312 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,281,870
    
    
    
    7,767,374
    
    
    
    1,130,8795 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,065,951
    
    
    
    
    
    
    
    9,364,439104 Gaither Drive
    
    Mt Laurel, NJ
    
    
    
    
    
    
    132,075
    
    
    
    1,151,988
    
    
    
    240,826200 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    638,513
    
    
    
    5,811,323
    
    
    
    830,836220 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,228
    
    
    
    1,074,441240 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,234
    
    
    
    1,348,085151 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    1,218,086
    
    
    
    6,937,866
    
    
    
    371,5711 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,058,901
    
    
    
    5,343,606
    
    
    
    1,041,557402 Lippincott Drive
    
    Marlton, NJ
    
    
    *
    
    
    
    131,896
    
    
    
    
    
    
    
    1,721,9653604 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    397,178
    
    
    
    
    
    
    
    1,628,5723606 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    789,409
    
    
    
    
    
    
    
    1,940,816650 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,911
    
    
    
    6,722,830
    
    
    
    8,451,148680 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,361
    
    
    
    6,722,830
    
    
    
    8,271,5373000 Lincoln Drive
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    284,052
    
    
    
    2,458,155
    
    
    
    1,437,6456000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,151
    
    
    
    2,022,683
    
    
    
    229,3157000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    260,014
    
    
    
    2,236,684
    
    
    
    328,9118000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,814
    
    
    
    1,995,098
    
    
    
    161,3049000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    286,587
    
    
    
    2,474,820
    
    
    
    568,3511000 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    288,577
    
    
    
    2,546,537
    
    
    
    946,7681025 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    430,990
    
    
    
    3,714,828
    
    
    
    857,3421020 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    494,334
    
    
    
    
    
    
    
    2,986,335761 Fifth Avenue
    
    King of Prussia, PA
    
    
    1,370,963
    
    
    
    256,463
    
    
    
    2,061,468
    
    
    
    571,3391 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    419,460
    
    
    
    3,792,570
    
    
    
    333,6995 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    684,200
    
    
    
    6,181,661
    
    
    
    579,9839 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    652,642
    
    
    
    1,765,065
    
    
    
    656,1701001 Cedar Hollow Road
    
    Malvern, PA
    
    
    
    
    
    
    1,436,814
    
    
    
    
    
    
    
    16,047,6983 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    814,278
    
    
    
    
    
    
    
    4,946,4332000 Crawford Place
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,831
    
    
    
    2,797,744
    
    
    
    1,946,123425 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    1,841,996375 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    1,958,52445 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    4,380,221
    
    
    
    
    
    
    
    15,086,598100 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,320,625
    
    
    
    
    
    
    
    6,885,282181-187 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    360,549
    
    
    
    3,259,984
    
    
    
    494,181104 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    330,111
    
    
    
    2,981,669
    
    
    
    233,299123-135 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    292,360
    
    
    
    2,411,677
    
    
    
    850,351111-159 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    489,032
    
    
    
    4,126,151
    
    
    
    411,234161-175 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    294,673
    
    
    
    2,663,722
    
    
    
    592,942103-109 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    270,906
    
    
    
    2,448,500
    
    
    
    797,209261-283 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    464,871
    
    
    
    3,951,972
    
    
    
    118,798210-223 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    270,282
    
    
    
    2,441,276
    
    
    
    1,478,906231-237 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    436,952
    
    
    
    3,948,963
    
    
    
    376,399100 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    38,729
    
    
    
    349,811
    
    
    
    9,589101 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    651,990
    
    
    
    5,888,989
    
    
    
    688,856506 Prudential Road
    
    Horsham, PA
    
    
    
    
    
    
    208,140
    
    
    
    895,470
    
    
    
    652,633113-123 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    351,072
    
    
    
    3,171,001
    
    
    
    321,833101-111 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    350,561
    
    
    
    3,166,389
    
    
    
    248,639120 Gibraltar Road
    
    Horsham, PA
    
    
    *
    
    
    
    533,142
    
    
    
    4,830,515
    
    
    
    538,360110 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    673,041
    
    
    
    5,776,369
    
    
    
    1,516,830100-107 Lakeside Drive
    
    Horsham, PA
    
    
    *
    
    
    
    239,528
    
    
    
    2,163,498
    
    
    
    625,512200-264 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    502,705
    
    
    
    4,540,597
    
    
    
    882,314300-309 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    369,475
    
    
    
    3,338,761
    
    
    
    1,501,247400-445 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    543,628
    
    
    
    4,910,226
    
    
    
    2,733,309104 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    1,248,148
    
    
    
    
    
    
    
    1,056,101201 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    380,127
    
    
    
    3,433,433
    
    
    
    1,646,9633600 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    236,432
    
    
    
    1,856,252
    
    
    
    16,4683602 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    217,734
    
    
    
    1,759,489
    
    
    
    173,8103 Franklin Plaza
    
    Philadelphia, PA
    
    
    *
    
    
    
    2,483,144
    
    
    
    
    
    
    
    32,150,134400-500 Brandywine Parkway
    
    West Chester, PA
    
    
    *
    
    
    
    845,846
    
    
    
    6,809,025
    
    
    
    446,426600 Brandywine Parkway
    
    West Chester, PA
    
    
    *
    
    
    
    664,899
    
    
    
    5,352,410
    
    
    
    708,0512700 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    764,370
    
    
    
    
    
    
    
    3,673,2872900 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    679,440
    
    
    
    
    
    
    
    3,503,0742500 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    2,663,1462300 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    2,648,281719 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    493,426
    
    
    
    2,812,067
    
    
    
    205,6282100 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,110,111
    
    
    
    
    
    
    
    9,339,0574 Walnut Grove
    
    Horsham, PA
    
    
    
    
    
    
    2,515,115
    
    
    
    
    
    
    
    7,329,2965000 Dearborn Court
    
    Mt. Laurel, NJ
    
    
    *
    
    
    
    1,057,763
    
    
    
    4,191,827
    
    
    
    285,8832250 Hickory Road
    
    Plymouth Meeting, PA
    
    
    
    
    
    
    1,015,851
    
    
    
    9,175,555
    
    
    
    1,090,6323400 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    776,496
    
    
    
    3,139,068
    
    
    
    973,848625 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    180,226
    
    
    
    908,953
    
    
    
    49,751






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES404 Lippincott Drive
    
    
    131,896
    
    
    
    1,650,431
    
    
    
    1,782,327
    
    
    
    449,704
    
    
    1997
    
    40 yrs.2 Walnut Grove Drive
    
    
    1,265,363
    
    
    
    8,914,760
    
    
    
    10,180,123
    
    
    
    1,988,214
    
    
    1989
    
    40 yrs.5 Walnut Grove Drive
    
    
    1,939,712
    
    
    
    8,490,678
    
    
    
    10,430,390
    
    
    
    885,858
    
    
    2000
    
    40 yrs.104 Gaither Drive
    
    
    136,446
    
    
    
    1,388,443
    
    
    
    1,524,889
    
    
    
    243,800
    
    
    1975
    
    40 yrs.200 Gibraltar Road
    
    
    638,513
    
    
    
    6,642,159
    
    
    
    7,280,672
    
    
    
    1,442,360
    
    
    1990
    
    40 yrs.220 Gibraltar Road
    
    
    629,944
    
    
    
    6,807,669
    
    
    
    7,437,613
    
    
    
    1,345,245
    
    
    1990
    
    40 yrs.240 Gibraltar Road
    
    
    629,944
    
    
    
    7,081,320
    
    
    
    7,711,263
    
    
    
    1,219,297
    
    
    1990
    
    40 yrs.151 South Warner Road
    
    
    1,186,972
    
    
    
    7,340,551
    
    
    
    8,527,523
    
    
    
    1,297,432
    
    
    1980
    
    40 yrs.1 Walnut Grove Drive
    
    
    1,058,901
    
    
    
    6,385,163
    
    
    
    7,444,064
    
    
    
    1,629,913
    
    
    1986
    
    40 yrs.402 Lippincott Drive
    
    
    131,896
    
    
    
    1,721,965
    
    
    
    1,853,861
    
    
    
    374,398
    
    
    1997
    
    40 yrs.3604 Horizon Drive
    
    
    350,874
    
    
    
    1,674,876
    
    
    
    2,025,750
    
    
    
    583,832
    
    
    1998
    
    40 yrs.3606 Horizon Drive
    
    
    815,855
    
    
    
    1,914,370
    
    
    
    2,730,225
    
    
    
    525,254
    
    
    1997
    
    40 yrs.650 Swedesford Road
    
    
    952,911
    
    
    
    15,173,978
    
    
    
    16,126,889
    
    
    
    4,393,772
    
    
    1971
    
    40 yrs.680 Swedesford Road
    
    
    952,361
    
    
    
    14,994,367
    
    
    
    15,946,728
    
    
    
    4,403,255
    
    
    1971
    
    40 yrs.3000 Lincoln Drive
    
    
    284,052
    
    
    
    3,895,799
    
    
    
    4,179,852
    
    
    
    1,015,811
    
    
    1983
    
    40 yrs.6000 Commerce Parkway
    
    
    234,151
    
    
    
    2,251,998
    
    
    
    2,486,149
    
    
    
    448,883
    
    
    1985
    
    40 yrs.7000 Commerce Parkway
    
    
    260,014
    
    
    
    2,565,595
    
    
    
    2,825,609
    
    
    
    508,864
    
    
    1984
    
    40 yrs.8000 Commerce Parkway
    
    
    234,814
    
    
    
    2,156,402
    
    
    
    2,391,216
    
    
    
    351,234
    
    
    1983
    
    40 yrs.9000 Commerce Parkway
    
    
    286,587
    
    
    
    3,043,171
    
    
    
    3,329,758
    
    
    
    615,569
    
    
    1983
    
    40 yrs.1000 Briggs Road
    
    
    288,577
    
    
    
    3,493,304
    
    
    
    3,781,882
    
    
    
    711,503
    
    
    1986
    
    40 yrs.1025 Briggs Road
    
    
    430,990
    
    
    
    4,572,169
    
    
    
    5,003,160
    
    
    
    900,467
    
    
    1987
    
    40 yrs.1020 Briggs Road
    
    
    569,184
    
    
    
    2,911,486
    
    
    
    3,480,669
    
    
    
    496,541
    
    
    1999
    
    40 yrs.761 Fifth Avenue
    
    
    256,463
    
    
    
    2,632,807
    
    
    
    2,889,270
    
    
    
    520,995
    
    
    1977
    
    40 yrs.1 Great Valley Parkway
    
    
    419,460
    
    
    
    4,126,269
    
    
    
    4,545,729
    
    
    
    746,484
    
    
    1982
    
    40 yrs.5 Great Valley Parkway
    
    
    684,200
    
    
    
    6,761,644
    
    
    
    7,445,844
    
    
    
    1,172,060
    
    
    1983
    
    40 yrs.9 Stow Road
    
    
    654,779
    
    
    
    2,419,098
    
    
    
    3,073,877
    
    
    
    432,021
    
    
    1989
    
    40 yrs.1001 Cedar Hollow Road
    
    
    1,646,984
    
    
    
    15,837,528
    
    
    
    17,484,512
    
    
    
    3,199,855
    
    
    1998
    
    40 yrs.3 Country View Road
    
    
    1,128,881
    
    
    
    4,631,831
    
    
    
    5,760,711
    
    
    
    636,644
    
    
    1998
    
    40 yrs.2000 Crawford Place
    
    
    310,831
    
    
    
    4,743,867
    
    
    
    5,054,698
    
    
    
    1,381,278
    
    
    1986
    
    40 yrs.425 Technology Drive
    
    
    321,473
    
    
    
    1,711,637
    
    
    
    2,033,110
    
    
    
    503,069
    
    
    1998
    
    40 yrs.375 Technology Drive
    
    
    234,922
    
    
    
    1,914,715
    
    
    
    2,149,638
    
    
    
    427,792
    
    
    1998
    
    40 yrs.45 Liberty Boulevard
    
    
    4,749,748
    
    
    
    14,717,071
    
    
    
    19,466,819
    
    
    
    2,681,498
    
    
    1999
    
    40 yrs.100 Chesterfield Parkway
    
    
    1,349,954
    
    
    
    6,855,953
    
    
    
    8,205,907
    
    
    
    1,470,354
    
    
    1998
    
    40 yrs.181-187 Gibraltar Road
    
    
    360,549
    
    
    
    3,754,165
    
    
    
    4,114,714
    
    
    
    720,631
    
    
    1982
    
    40 yrs.104 Rock Road
    
    
    330,111
    
    
    
    3,214,968
    
    
    
    3,545,079
    
    
    
    463,960
    
    
    1974
    
    40 yrs.123-135 Rock Road
    
    
    393,019
    
    
    
    3,161,369
    
    
    
    3,554,388
    
    
    
    731,348
    
    
    1975
    
    40 yrs.111-159 Gibraltar Road
    
    
    489,032
    
    
    
    4,537,385
    
    
    
    5,026,417
    
    
    
    841,389
    
    
    1981
    
    40 yrs.161-175 Gibraltar Road
    
    
    294,673
    
    
    
    3,256,664
    
    
    
    3,551,337
    
    
    
    538,486
    
    
    1976
    
    40 yrs.103-109 Gibraltar Road
    
    
    270,906
    
    
    
    3,245,708
    
    
    
    3,516,615
    
    
    
    693,278
    
    
    1978
    
    40 yrs.261-283 Gibraltar Road
    
    
    464,871
    
    
    
    4,070,769
    
    
    
    4,535,640
    
    
    
    630,076
    
    
    1978
    
    40 yrs.210-223 Witmer Road
    
    
    270,282
    
    
    
    3,920,182
    
    
    
    4,190,464
    
    
    
    616,469
    
    
    1972
    
    40 yrs.231-237 Gibraltar Road
    
    
    436,952
    
    
    
    4,325,362
    
    
    
    4,762,314
    
    
    
    806,580
    
    
    1981
    
    40 yrs.100 Gibraltar Road
    
    
    38,729
    
    
    
    359,400
    
    
    
    398,129
    
    
    
    54,413
    
    
    1975
    
    40 yrs.101 Gibraltar Road
    
    
    732,552
    
    
    
    6,497,283
    
    
    
    7,229,835
    
    
    
    1,014,787
    
    
    1977
    
    40 yrs.506 Prudential Road
    
    
    208,140
    
    
    
    1,548,102
    
    
    
    1,756,243
    
    
    
    236,134
    
    
    1973
    
    40 yrs.113-123 Rock Road
    
    
    451,731
    
    
    
    3,392,175
    
    
    
    3,843,906
    
    
    
    523,810
    
    
    1975
    
    40 yrs.101-111 Rock Road
    
    
    452,251
    
    
    
    3,313,338
    
    
    
    3,765,589
    
    
    
    583,790
    
    
    1975
    
    40 yrs.120 Gibraltar Road
    
    
    558,142
    
    
    
    5,343,875
    
    
    
    5,902,017
    
    
    
    867,973
    
    
    1980
    
    40 yrs.110 Gibraltar Road
    
    
    673,041
    
    
    
    7,293,199
    
    
    
    7,966,240
    
    
    
    1,046,522
    
    
    1979
    
    40 yrs.100-107 Lakeside Drive
    
    
    255,528
    
    
    
    2,773,010
    
    
    
    3,028,538
    
    
    
    640,683
    
    
    1982
    
    40 yrs.200-264 Lakeside Drive
    
    
    502,705
    
    
    
    5,422,912
    
    
    
    5,925,616
    
    
    
    1,011,324
    
    
    1982
    
    40 yrs.300-309 Lakeside Drive
    
    
    376,475
    
    
    
    4,833,008
    
    
    
    5,209,483
    
    
    
    1,080,831
    
    
    1982
    
    40 yrs.400-445 Lakeside Drive
    
    
    583,628
    
    
    
    7,603,535
    
    
    
    8,187,163
    
    
    
    1,384,236
    
    
    1981
    
    40 yrs.104 Witmer Road
    
    
    189,793
    
    
    
    2,114,456
    
    
    
    2,304,249
    
    
    
    448,428
    
    
    1975
    
    40 yrs.201 Gibraltar Road
    
    
    380,802
    
    
    
    5,079,721
    
    
    
    5,460,523
    
    
    
    667,910
    
    
    1983
    
    40 yrs.3600 Horizon Drive
    
    
    236,432
    
    
    
    1,872,720
    
    
    
    2,109,152
    
    
    
    285,708
    
    
    1989
    
    40 yrs.3602 Horizon Drive
    
    
    217,809
    
    
    
    1,933,224
    
    
    
    2,151,033
    
    
    
    355,521
    
    
    1989
    
    40 yrs.3 Franklin Plaza
    
    
    2,514,519
    
    
    
    32,118,759
    
    
    
    34,633,278
    
    
    
    3,608,286
    
    
    1999
    
    40 yrs.400-500 Brandywine Parkway
    
    
    845,846
    
    
    
    7,255,451
    
    
    
    8,101,297
    
    
    
    1,153,319
    
    
    1988
    
    40 yrs.600 Brandywine Parkway
    
    
    664,899
    
    
    
    6,060,461
    
    
    
    6,725,360
    
    
    
    973,470
    
    
    1988
    
    40 yrs.2700 Horizon Drive
    
    
    867,815
    
    
    
    3,569,842
    
    
    
    4,437,657
    
    
    
    717,384
    
    
    1998
    
    40 yrs.2900 Horizon Drive
    
    
    774,096
    
    
    
    3,408,418
    
    
    
    4,182,514
    
    
    
    591,456
    
    
    1998
    
    40 yrs.2500 Renaissance Boulevard
    
    
    592,886
    
    
    
    2,579,839
    
    
    
    3,172,726
    
    
    
    530,724
    
    
    1999
    
    40 yrs.2300 Renaissance Boulevard
    
    
    574,152
    
    
    
    2,583,708
    
    
    
    3,157,861
    
    
    
    467,470
    
    
    1999
    
    40 yrs.719 Dresher Road
    
    
    495,112
    
    
    
    3,016,009
    
    
    
    3,511,121
    
    
    
    440,556
    
    
    1987
    
    40 yrs.2100 Renaissance Boulevard
    
    
    1,132,519
    
    
    
    9,316,649
    
    
    
    10,449,168
    
    
    
    1,954,619
    
    
    1999
    
    40 yrs.4 Walnut Grove
    
    
    2,515,115
    
    
    
    7,329,296
    
    
    
    9,844,411
    
    
    
    854,565
    
    
    1999
    
    40 yrs.5000 Dearborn Court
    
    
    1,057,763
    
    
    
    4,477,710
    
    
    
    5,535,473
    
    
    
    670,153
    
    
    1988
    
    40 yrs.2250 Hickory Road
    
    
    1,015,851
    
    
    
    10,266,188
    
    
    
    11,282,039
    
    
    
    1,688,393
    
    
    1985
    
    40 yrs.3400 Horizon Drive
    
    
    776,496
    
    
    
    4,112,915
    
    
    
    4,889,411
    
    
    
    756,971
    
    
    1995
    
    40 yrs.625 Heron Drive
    
    
    180,226
    
    
    
    958,705
    
    
    
    1,138,931
    
    
    
    142,375
    
    
    1980
    
    40 yrs.


52



---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES510 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    790,335
    
    
    
    7,901,878
    
    
    
    492,870602 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    524,728
    
    
    
    2,240,478
    
    
    
    7,6501001 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    701,705
    
    
    
    3,505,652
    
    
    
    1,615,2331960 Cuthbert Boulevard
    
    Cherry Hill, NJ
    
    
    
    
    
    
    321,699
    
    
    
    1,291,557
    
    
    
    331,4271970 Cuthbert Boulevard
    
    Cherry Hill, NJ
    
    
    
    
    
    
    321,699
    
    
    
    1,291,558
    
    
    
    56,997300 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    696,061
    
    
    
    3,339,991
    
    
    
    81,629600 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,135,324700 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,096,1502301 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,645,246
    
    
    
    
    
    
    
    30,016,8296 Terry Drive
    
    Newtown, PA
    
    
    
    
    
    
    622,029
    
    
    
    2,228,851
    
    
    
    833,0092520 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,020,000
    
    
    
    
    
    
    
    4,837,99818 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    394,036
    
    
    
    3,976,221
    
    
    
    100,474700 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    2,551,777
    
    
    
    3,020,638
    
    
    
    4,342,6912201 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,519,9642540 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,625,4972560 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,729,25411 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    496,297
    
    
    
    
    
    
    
    3,226,9241015 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    356,987
    
    
    
    
    
    
    
    3,316,456680 Blair Mill Road
    
    Horsham, PA
    
    
    
    
    
    
    3,527,151
    
    
    
    
    
    
    
    12,023,443825 Duportail Road
    
    Wayne, PA
    
    
    
    
    
    
    5,536,619
    
    
    
    16,179,213
    
    
    
    523,0471500 Liberty Ridge
    
    Wayne, PA
    
    
    
    
    
    
    8,287,555
    
    
    
    
    
    
    
    29,878,05617000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    144,515
    
    
    
    
    
    
    
    2,800,4161200 Liberty Ridge Drive
    
    Wayne, PA
    
    
    
    
    
    
    6,215,667
    
    
    
    
    
    
    
    8,462,1692760 Red Lion Road
    
    Philadelphia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    46,261,419200 Precision Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,559,884
    
    
    
    4,759,640
    
    
    
    2,587,92440 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    4,241,137
    
    
    
    17,737,090
    
    
    
    2,182,842102 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    1,110,209
    
    
    
    2,301,302
    
    
    
    879,4154001 Leadenhall Road
    
    Mt. Laurel,  NJ
    
    
    
    
    
    
    3,207,885
    
    
    
    391,167
    
    
    
    18,819,206255 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,086,356
    
    
    
    2,007,214
    
    
    
    2,323355 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    483,045
    
    
    
    898,798
    
    
    
    1,703455 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,351,011
    
    
    
    2,503,449
    
    
    
    76,105555 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    727,420
    
    
    
    1,353,650
    
    
    
    1,74610 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    823,540
    
    
    
    1,341,376
    
    
    
    15,513425 Privet Road
    
    Horsham, PA
    
    
    
    
    
    
    3,326,536
    
    
    
    6,080
    
    
    
    3,245,25514 Lee Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    664,282
    
    
    
    
    
    
    
    5,642,568500 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    472,364
    
    
    
    
    
    
    
    3,209,019300-400 Chesterfield Parkway
    
    Malvern, PA
    
    
    1,852,601
    
    
    
    937,212
    
    
    
    
    
    
    
    4,890,7431655 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    214,431
    
    
    
    
    
    
    
    2,015,9216560 Stonegate Drive
    
    Allentown, PA
    
    
    *
    
    
    
    458,281
    
    
    
    
    
    
    
    2,402,2826370 Hedgewood Drive
    
    Allentown, PA
    
    
    969,957
    
    
    
    540,795
    
    
    
    
    
    
    
    3,191,7696390 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    707,203
    
    
    
    
    
    
    
    2,714,7711495 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    434,640
    
    
    
    
    
    
    
    3,727,2446350 Hedgewood Drive
    
    Allentown, PA
    
    
    1,216,000
    
    
    
    360,027
    
    
    
    
    
    
    
    3,427,4996330 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    531,268
    
    
    
    
    
    
    
    4,585,5351550 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    196,954
    
    
    
    
    
    
    
    3,377,7881560 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    240,069
    
    
    
    
    
    
    
    4,433,8466580 Snowdrift Road
    
    Allentown, PA
    
    
    *
    
    
    
    388,328
    
    
    
    
    
    
    
    2,671,9011510 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    312,209
    
    
    
    
    
    
    
    3,530,4911530 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    211,747
    
    
    
    
    
    
    
    2,776,5816540 Stonegate Drive
    
    Allentown, PA
    
    
    370,938
    
    
    
    422,042
    
    
    
    
    
    
    
    3,908,293974 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    143,500
    
    
    
    
    
    
    
    2,214,101964 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    138,816
    
    
    
    
    
    
    
    1,659,217764 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    141,069
    
    
    
    
    
    
    
    819,4553174 Airport Road
    
    Allentown, PA
    
    
    
    
    
    
    98,986
    
    
    
    
    
    
    
    1,155,9132196 Avenue C
    
    Allentown, PA
    
    
    
    
    
    
    101,159
    
    
    
    
    
    
    
    1,347,9712202 Hanger Place
    
    Allentown, PA
    
    
    *
    
    
    
    137,439
    
    
    
    
    
    
    
    1,317,1332201 Hanger Place
    
    Allentown, PA
    
    
    
    
    
    
    128,454
    
    
    
    
    
    
    
    1,422,860954 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    103,665
    
    
    
    
    
    
    
    1,115,20557 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    390,839
    
    
    
    2,701,161
    
    
    
    542,708754 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    162,115
    
    
    
    1,731,885
    
    
    
    178,420894 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    117,134
    
    
    
    1,048,866
    
    
    
    186,168744 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    159,771
    
    
    
    1,734,229
    
    
    
    247,319944 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    118,521
    
    
    
    1,435,479
    
    
    
    359,7511685 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    244,029
    
    
    
    
    
    
    
    2,252,3456520 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    453,315
    
    
    
    
    
    
    
    1,391,5037437 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    717,488
    
    
    
    5,022,413
    
    
    
    1,877,1552041 Avenue C
    
    Allentown, PA
    
    
    *
    
    
    
    213,599
    
    
    
    1,095,217
    
    
    
    80,1097339 Industrial Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    1,187,776
    
    
    
    
    
    
    
    5,896,1987384 Penn Drive
    
    Allentown, PA
    
    
    *
    
    
    
    651,696
    
    
    
    2,286,518
    
    
    
    505,3027144 Daniels Drive
    
    Allentown, PA
    
    
    
    
    
    
    2,390,217
    
    
    
    2,342,761
    
    
    
    3,708,4907620 Cetronia Road
    
    Allentown, PA
    
    
    
    
    
    
    1,091,806
    
    
    
    3,851,456
    
    
    
    344,762






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES510 Heron Drive
    
    
    790,335
    
    
    
    8,394,747
    
    
    
    9,185,082
    
    
    
    1,264,007
    
    
    1990
    
    40 yrs.602 Heron Drive
    
    
    524,728
    
    
    
    2,248,128
    
    
    
    2,772,856
    
    
    
    322,919
    
    
    1996
    
    40 yrs.1001 Briggs Road
    
    
    701,705
    
    
    
    5,120,886
    
    
    
    5,822,591
    
    
    
    954,735
    
    
    1986
    
    40 yrs.1960 Cuthbert Boulevard
    
    
    321,699
    
    
    
    1,622,985
    
    
    
    1,944,684
    
    
    
    312,460
    
    
    1985
    
    40 yrs.1970 Cuthbert Boulevard
    
    
    321,699
    
    
    
    1,348,555
    
    
    
    1,670,254
    
    
    
    193,759
    
    
    1985
    
    40 yrs.300 Welsh Road
    
    
    696,061
    
    
    
    3,421,619
    
    
    
    4,117,680
    
    
    
    457,919
    
    
    1985
    
    40 yrs.600 Chesterfield Parkway
    
    
    2,050,555
    
    
    
    8,098,519
    
    
    
    10,149,074
    
    
    
    1,436,429
    
    
    1999
    
    40 yrs.700 Chesterfield Parkway
    
    
    2,037,813
    
    
    
    8,072,087
    
    
    
    10,109,900
    
    
    
    1,426,759
    
    
    1999
    
    40 yrs.2301 Renaissance Boulevard
    
    
    4,572,176
    
    
    
    27,089,899
    
    
    
    31,662,075
    
    
    
    1,203,433
    
    
    2002
    
    40 yrs.6 Terry Drive
    
    
    622,205
    
    
    
    3,061,684
    
    
    
    3,683,889
    
    
    
    316,793
    
    
    1981
    
    40 yrs.2520 Renaissance Boulevard
    
    
    978,402
    
    
    
    4,879,596
    
    
    
    5,857,998
    
    
    
    943,804
    
    
    1999
    
    40 yrs.18 Great Valley Parkway
    
    
    398,228
    
    
    
    4,072,504
    
    
    
    4,470,731
    
    
    
    502,271
    
    
    1980
    
    40 yrs.700 Dresher Road
    
    
    2,565,140
    
    
    
    7,349,966
    
    
    
    9,915,106
    
    
    
    1,723,719
    
    
    1987
    
    40 yrs.2201 Renaissance Boulevard
    
    
    2,413,514
    
    
    
    13,106,450
    
    
    
    15,519,964
    
    
    
    1,848,080
    
    
    2000
    
    40 yrs.2540 Renaissance Boulevard
    
    
    274,341
    
    
    
    1,351,156
    
    
    
    1,625,497
    
    
    
    192,633
    
    
    2000
    
    40 yrs.2560 Renaissance Boulevard
    
    
    649,792
    
    
    
    3,079,462
    
    
    
    3,729,254
    
    
    
    419,388
    
    
    2000
    
    40 yrs.11 Great Valley Parkway
    
    
    708,331
    
    
    
    3,014,890
    
    
    
    3,723,221
    
    
    
    340,800
    
    
    2001
    
    40 yrs.1015 Briggs Road
    
    
    470,659
    
    
    
    3,202,784
    
    
    
    3,673,443
    
    
    
    409,919
    
    
    2000
    
    40 yrs.680 Blair Mill Road
    
    
    4,138,577
    
    
    
    11,412,017
    
    
    
    15,550,594
    
    
    
    906,498
    
    
    2001
    
    40 yrs.825 Duportail Road
    
    
    5,539,281
    
    
    
    16,699,598
    
    
    
    22,238,879
    
    
    
    1,585,954
    
    
    1979
    
    40 yrs.1500 Liberty Ridge
    
    
    11,636,499
    
    
    
    26,529,112
    
    
    
    38,165,611
    
    
    
    804,748
    
    
    2002
    
    40 yrs.17000 Commerce Parkway
    
    
    144,515
    
    
    
    2,800,416
    
    
    
    2,944,931
    
    
    
    347,325
    
    
    2001
    
    40 yrs.1200 Liberty Ridge Drive
    
    
    5,223,660
    
    
    
    9,454,175
    
    
    
    14,677,835
    
    
    
    1,097,046
    
    
    2001
    
    40 yrs.2760 Red Lion Road
    
    
    3,705,772
    
    
    
    42,555,647
    
    
    
    46,261,419
    
    
    
    2,624,153
    
    
    2001
    
    40 yrs.200 Precision Drive
    
    
    1,583,060
    
    
    
    7,324,388
    
    
    
    8,907,448
    
    
    
    761,786
    
    
    1997
    
    40 yrs.40 Liberty Boulevard
    
    
    4,241,167
    
    
    
    19,919,901
    
    
    
    24,161,068
    
    
    
    3,025,135
    
    
    1989
    
    40 yrs.102 Rock Road
    
    
    1,113,802
    
    
    
    3,177,123
    
    
    
    4,290,925
    
    
    
    205,344
    
    
    1985
    
    40 yrs.4001 Leadenhall Road
    
    
    2,784,694
    
    
    
    19,633,564
    
    
    
    22,418,258
    
    
    
    641,149
    
    
    2002
    
    40 yrs.255 Business Center Drive
    
    
    1,086,356
    
    
    
    2,009,537
    
    
    
    3,095,892
    
    
    
    8,398
    
    
    2003
    
    40 yrs.355 Business Center Drive
    
    
    483,045
    
    
    
    900,502
    
    
    
    1,383,547
    
    
    
    4,491
    
    
    2003
    
    40 yrs.455 Business Center Drive
    
    
    1,351,011
    
    
    
    2,579,554
    
    
    
    3,930,565
    
    
    
    
    
    
    2003
    
    40 yrs.555 Business Center Drive
    
    
    727,420
    
    
    
    1,355,396
    
    
    
    2,082,817
    
    
    
    6,543
    
    
    2003
    
    40 yrs.10 Great Valley Parkway
    
    
    832,244
    
    
    
    1,348,185
    
    
    
    2,180,429
    
    
    
    8,353
    
    
    2003
    
    40 yrs.425 Privet Road
    
    
    3,320,174
    
    
    
    3,257,696
    
    
    
    6,577,871
    
    
    
    
    
    
    2003
    
    40 yrs.14 Lee Boulevard
    
    
    643,892
    
    
    
    5,662,959
    
    
    
    6,306,850
    
    
    
    1,985,352
    
    
    1988
    
    40 yrs.500 Chesterfield Parkway
    
    
    473,139
    
    
    
    3,208,244
    
    
    
    3,681,383
    
    
    
    1,259,341
    
    
    1988
    
    40 yrs.300-400 Chesterfield Parkway
    
    
    937,942
    
    
    
    4,890,012
    
    
    
    5,827,955
    
    
    
    1,960,475
    
    
    1988
    
    40 yrs.1655 Valley Center Parkway
    
    
    215,095
    
    
    
    2,015,257
    
    
    
    2,230,352
    
    
    
    742,460
    
    
    1993
    
    40 yrs.6560 Stonegate Drive
    
    
    458,945
    
    
    
    2,401,618
    
    
    
    2,860,563
    
    
    
    850,885
    
    
    1989
    
    40 yrs.6370 Hedgewood Drive
    
    
    541,459
    
    
    
    3,191,106
    
    
    
    3,732,564
    
    
    
    1,047,032
    
    
    1990
    
    40 yrs.6390 Hedgewood Drive
    
    
    707,867
    
    
    
    2,714,107
    
    
    
    3,421,974
    
    
    
    1,027,274
    
    
    1990
    
    40 yrs.1495 Valley Center Parkway
    
    
    435,303
    
    
    
    3,726,581
    
    
    
    4,161,884
    
    
    
    1,178,949
    
    
    1990
    
    40 yrs.6350 Hedgewood Drive
    
    
    560,691
    
    
    
    3,226,835
    
    
    
    3,787,526
    
    
    
    1,115,354
    
    
    1989
    
    40 yrs.6330 Hedgewood Drive
    
    
    532,047
    
    
    
    4,584,756
    
    
    
    5,116,803
    
    
    
    1,880,578
    
    
    1988
    
    40 yrs.1550 Valley Center Parkway
    
    
    197,700
    
    
    
    3,377,042
    
    
    
    3,574,742
    
    
    
    1,113,701
    
    
    1988
    
    40 yrs.1560 Valley Center Parkway
    
    
    240,732
    
    
    
    4,433,183
    
    
    
    4,673,915
    
    
    
    1,469,779
    
    
    1988
    
    40 yrs.6580 Snowdrift Road
    
    
    389,081
    
    
    
    2,671,148
    
    
    
    3,060,229
    
    
    
    1,044,271
    
    
    1988
    
    40 yrs.1510 Valley Center Parkway
    
    
    312,873
    
    
    
    3,529,827
    
    
    
    3,842,700
    
    
    
    1,328,019
    
    
    1988
    
    40 yrs.1530 Valley Center Parkway
    
    
    212,492
    
    
    
    2,775,837
    
    
    
    2,988,328
    
    
    
    964,769
    
    
    1988
    
    40 yrs.6540 Stonegate Drive
    
    
    422,730
    
    
    
    3,907,606
    
    
    
    4,330,335
    
    
    
    1,393,079
    
    
    1988
    
    40 yrs.974 Marcon Boulevard
    
    
    144,248
    
    
    
    2,213,353
    
    
    
    2,357,601
    
    
    
    913,601
    
    
    1987
    
    40 yrs.964 Marcon Boulevard
    
    
    139,480
    
    
    
    1,658,553
    
    
    
    1,798,033
    
    
    
    734,348
    
    
    1985
    
    40 yrs.764 Roble Road
    
    
    141,746
    
    
    
    818,778
    
    
    
    960,524
    
    
    
    357,153
    
    
    1985
    
    40 yrs.3174 Airport Road
    
    
    98,986
    
    
    
    1,155,913
    
    
    
    1,254,899
    
    
    
    617,975
    
    
    1979
    
    40 yrs.2196 Avenue C
    
    
    107,307
    
    
    
    1,341,823
    
    
    
    1,449,130
    
    
    
    618,281
    
    
    1980
    
    40 yrs.2202 Hanger Place
    
    
    138,127
    
    
    
    1,316,444
    
    
    
    1,454,572
    
    
    
    693,863
    
    
    1981
    
    40 yrs.2201 Hanger Place
    
    
    129,142
    
    
    
    1,422,171
    
    
    
    1,551,314
    
    
    
    735,389
    
    
    1987
    
    40 yrs.954 Marcon Boulevard
    
    
    104,453
    
    
    
    1,114,417
    
    
    
    1,218,870
    
    
    
    479,010
    
    
    1981
    
    40 yrs.57 South Commerce Way
    
    
    395,459
    
    
    
    3,239,249
    
    
    
    3,634,708
    
    
    
    679,177
    
    
    1986
    
    40 yrs.754 Roble Road
    
    
    163,735
    
    
    
    1,908,685
    
    
    
    2,072,420
    
    
    
    487,713
    
    
    1986
    
    40 yrs.894 Marcon Boulevard
    
    
    118,304
    
    
    
    1,233,864
    
    
    
    1,352,168
    
    
    
    275,810
    
    
    1986
    
    40 yrs.744 Roble Road
    
    
    161,371
    
    
    
    1,979,948
    
    
    
    2,141,319
    
    
    
    510,721
    
    
    1986
    
    40 yrs.944 Marcon Boulevard
    
    
    119,711
    
    
    
    1,794,040
    
    
    
    1,913,751
    
    
    
    437,321
    
    
    1986
    
    40 yrs.1685 Valley Center Parkway
    
    
    198,482
    
    
    
    2,297,892
    
    
    
    2,496,374
    
    
    
    543,349
    
    
    1996
    
    40 yrs.6520 Stonegate Drive
    
    
    484,361
    
    
    
    1,360,458
    
    
    
    1,844,818
    
    
    
    365,834
    
    
    1996
    
    40 yrs.7437 Industrial Boulevard
    
    
    726,651
    
    
    
    6,890,405
    
    
    
    7,617,055
    
    
    
    1,806,660
    
    
    1976
    
    40 yrs.2041 Avenue C
    
    
    213,879
    
    
    
    1,175,046
    
    
    
    1,388,925
    
    
    
    264,133
    
    
    1990
    
    40 yrs.7339 Industrial Boulevard
    
    
    1,197,447
    
    
    
    5,886,527
    
    
    
    7,083,974
    
    
    
    1,190,972
    
    
    1996
    
    40 yrs.7384 Penn Drive
    
    
    652,118
    
    
    
    2,791,398
    
    
    
    3,443,516
    
    
    
    693,481
    
    
    1988
    
    40 yrs.7144 Daniels Drive
    
    
    1,579,169
    
    
    
    6,862,299
    
    
    
    8,441,468
    
    
    
    1,338,728
    
    
    1975
    
    40 yrs.7620 Cetronia Road
    
    
    1,093,724
    
    
    
    4,194,300
    
    
    
    5,288,024
    
    
    
    1,024,347
    
    
    1990
    
    40 yrs.


53



---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES939 Marcon Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    2,220,414
    
    
    
    4,524,393
    
    
    
    858,451100 Brodhead Road
    
    Bethlehem, PA
    
    
    *
    
    
    
    429,416
    
    
    
    2,919,588
    
    
    
    555,4061455 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    670,290
    
    
    
    
    
    
    
    3,719,6951640 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,412,2811650 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,212,4991660 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,186,050400 Nestle Way
    
    Allentown, PA
    
    
    24,726,250
    
    
    
    8,065,500
    
    
    
    
    
    
    
    26,464,67183 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    143,661
    
    
    
    888,128
    
    
    
    443,28785 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    236,708
    
    
    
    987,949
    
    
    
    133,16587 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    253,886
    
    
    
    1,062,881
    
    
    
    159,44889 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    320,000
    
    
    
    
    
    
    
    1,994,8757248 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,670,849
    
    
    
    13,307,408
    
    
    
    909,4556601-6625 W. 78th Street
    
    Bloomington, MN
    
    
    1,155,290
    
    
    
    2,263,060
    
    
    
    
    
    
    
    38,629,23695 Highland Avenue
    
    Bethlehem, PA
    
    
    
    
    
    
    430,593
    
    
    
    3,182,080
    
    
    
    1,084,2552905 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    516,920
    
    
    
    4,646,342
    
    
    
    1,037,3282800 Campus Drive
    
    Plymouth, MN
    
    
    
    
    
    
    395,366
    
    
    
    3,554,512
    
    
    
    814,5432955 Xenium Lane
    
    Plymouth, MN
    
    
    
    
    
    
    151,238
    
    
    
    1,370,140
    
    
    
    309,9779401-9443 Science Center Drive
    
    New Hope, MN
    
    
    
    
    
    
    431,295
    
    
    
    3,888,684
    
    
    
    295,1556321-6325 Bury Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    462,876
    
    
    
    4,151,790
    
    
    
    148,4777115-7173 Shady Oak Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    454,974
    
    
    
    4,089,410
    
    
    
    582,5237660-7716 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    568,706
    
    
    
    5,115,177
    
    
    
    1,910,6657400 Flying Cloud Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    195,982
    
    
    
    1,762,027
    
    
    
    143,78110301-10305 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    120,622
    
    
    
    1,085,226
    
    
    
    94,74710321 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    145,198
    
    
    
    1,305,700
    
    
    
    356,87610333 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    110,746
    
    
    
    995,868
    
    
    
    29,31510349-10357 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    275,903
    
    
    
    2,481,666
    
    
    
    261,14110365-10375 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    291,077
    
    
    
    2,618,194
    
    
    
    249,92810393-10394 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    269,618
    
    
    
    2,423,318
    
    
    
    400,6957078 Shady Oak Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    343,093
    
    
    
    3,085,795
    
    
    
    47,5321525 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    475,686
    
    
    
    
    
    
    
    7,482,7896620 Grant Way
    
    Allentown, PA
    
    
    
    
    
    
    430,824
    
    
    
    1,915,923
    
    
    
    34,22610400 Viking Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,912,391
    
    
    
    
    
    
    
    21,517,88926911-26957 Northwestern Highway
    
    Southfield, MI
    
    
    
    
    
    
    7,799,515
    
    
    
    66,268,817
    
    
    
    6,981,1491650 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    763,067
    
    
    
    7,201,677
    
    
    
    176,7241775 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    331,422
    
    
    
    2,788,073
    
    
    
    50,0801875 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    329,863
    
    
    
    2,774,006
    
    
    
    121,4451850 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    781,054
    
    
    
    7,364,300
    
    
    
    1,833,0431965 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    419,090
    
    
    
    3,578,928
    
    
    
    179,1581960 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    419,146
    
    
    
    3,579,166
    
    
    
    619,07027260 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    456,877
    
    
    
    4,091,196
    
    
    
    363,45727200 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    382,754
    
    
    
    3,425,227
    
    
    
    297,94827280 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    452,860
    
    
    
    4,055,512
    
    
    
    292,19227220 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    203,064
    
    
    
    1,802,592
    
    
    
    170,85627240 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    171,518
    
    
    
    1,518,192
    
    
    
    111,04827300 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    370,378
    
    
    
    3,311,366
    
    
    
    206,941700 Nestle Way
    
    Allentown, PA
    
    
    
    
    
    
    3,473,120
    
    
    
    
    
    
    
    18,047,0255600 & 5610 Rowland Road
    
    Minnetonka, MN
    
    
    
    
    
    
    828,650
    
    
    
    7,399,409
    
    
    
    1,431,7301101 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    98,144
    
    
    
    887,935
    
    
    
    89,9571151 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    164,483
    
    
    
    1,486,220
    
    
    
    209,2711300 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,090
    
    
    
    1,212,752
    
    
    
    371,5301350 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    111,776
    
    
    
    1,011,497
    
    
    
    112,9811376-1400 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,292
    
    
    
    1,213,626
    
    
    
    128,1431352-1374 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    153,275
    
    
    
    1,385,098
    
    
    
    177,3641324-1346 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,090
    
    
    
    1,212,214
    
    
    
    18,4931301-1307 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    111,776
    
    
    
    1,011,121
    
    
    
    118,5491409 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    142,370
    
    
    
    1,286,048
    
    
    
    290,3921304 E Maple Road
    
    Troy, MI
    
    
    
    
    
    
    211,233
    
    
    
    1,906,786
    
    
    
    309,2241334 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    124,296
    
    
    
    1,122,802
    
    
    
    17,9771290 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    85,321
    
    
    
    771,621
    
    
    
    61,0181070 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    68,560
    
    
    
    620,595
    
    
    
    101,041950 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    252,429
    
    
    
    2,265,259
    
    
    
    100,822894 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    181,749
    
    
    
    1,632,243
    
    
    
    194,6931179 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    87,845
    
    
    
    794,365
    
    
    
    74,1491940 Norwood Drive
    
    Troy, MI
    
    
    
    
    
    
    86,836
    
    
    
    785,267
    
    
    
    87,6371311-1331 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    125,407
    
    
    
    1,132,810
    
    
    
    204,0372354 Bellingham Street
    
    Troy, MI
    
    
    
    
    
    
    87,340
    
    
    
    789,817
    
    
    
    19,9282360 Bellingham Street
    
    Troy, MI
    
    
    
    
    
    
    87,340
    
    
    
    789,817
    
    
    
    58,25026442-26450 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    237,687
    
    
    
    2,143,478
    
    
    
    97,39926500 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    311,093
    
    
    
    2,791,804
    
    
    
    212,73826650 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    173,166
    
    
    
    1,562,704
    
    
    
    93,31426700 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    253,338
    
    
    
    2,290,696
    
    
    
    31,076






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES939 Marcon Boulevard
    
    
    2,220,548
    
    
    
    5,382,710
    
    
    
    7,603,258
    
    
    
    1,154,426
    
    
    1980
    
    40 yrs.100 Brodhead Road
    
    
    429,456
    
    
    
    3,474,954
    
    
    
    3,904,410
    
    
    
    676,964
    
    
    1990
    
    40 yrs.1455 Valley Center Parkway
    
    
    545,172
    
    
    
    3,844,812
    
    
    
    4,389,985
    
    
    
    1,264,798
    
    
    1997
    
    40 yrs.1640 Valley Center Parkway
    
    
    190,728
    
    
    
    2,580,553
    
    
    
    2,771,281
    
    
    
    816,593
    
    
    1996
    
    40 yrs.1650 Valley Center Parkway
    
    
    188,896
    
    
    
    2,382,602
    
    
    
    2,571,499
    
    
    
    720,321
    
    
    1997
    
    40 yrs.1660 Valley Center Parkway
    
    
    188,721
    
    
    
    2,356,329
    
    
    
    2,545,050
    
    
    
    543,542
    
    
    1998
    
    40 yrs.400 Nestle Way
    
    
    8,184,096
    
    
    
    26,346,075
    
    
    
    34,530,171
    
    
    
    4,984,497
    
    
    1997
    
    40 yrs.83 South Commerce Way
    
    
    212,744
    
    
    
    1,262,332
    
    
    
    1,475,076
    
    
    
    297,157
    
    
    1989
    
    40 yrs.85 South Commerce Way
    
    
    237,078
    
    
    
    1,120,745
    
    
    
    1,357,822
    
    
    
    219,993
    
    
    1989
    
    40 yrs.87 South Commerce Way
    
    
    253,886
    
    
    
    1,222,329
    
    
    
    1,476,215
    
    
    
    253,200
    
    
    1989
    
    40 yrs.89 South Commerce Way
    
    
    367,706
    
    
    
    1,947,170
    
    
    
    2,314,875
    
    
    
    428,276
    
    
    1998
    
    40 yrs.7248 Industrial Boulevard
    
    
    2,670,673
    
    
    
    14,217,038
    
    
    
    16,887,711
    
    
    
    2,594,944
    
    
    1988
    
    40 yrs.6601-6625 W. 78th Street
    
    
    2,310,246
    
    
    
    38,582,050
    
    
    
    40,892,296
    
    
    
    4,997,822
    
    
    1998
    
    40 yrs.95 Highland Avenue
    
    
    430,593
    
    
    
    4,266,335
    
    
    
    4,696,928
    
    
    
    675,691
    
    
    1985
    
    40 yrs.2905 Northwest Boulevard
    
    
    516,920
    
    
    
    5,683,671
    
    
    
    6,200,590
    
    
    
    1,087,917
    
    
    1983
    
    40 yrs.2800 Campus Drive
    
    
    395,366
    
    
    
    4,369,055
    
    
    
    4,764,421
    
    
    
    728,138
    
    
    1985
    
    40 yrs.2955 Xenium Lane
    
    
    151,238
    
    
    
    1,680,118
    
    
    
    1,831,356
    
    
    
    422,965
    
    
    1985
    
    40 yrs.9401-9443 Science Center Drive
    
    
    510,064
    
    
    
    4,105,070
    
    
    
    4,615,134
    
    
    
    749,900
    
    
    1989
    
    40 yrs.6321-6325 Bury Drive
    
    
    462,876
    
    
    
    4,300,267
    
    
    
    4,763,143
    
    
    
    803,799
    
    
    1988
    
    40 yrs.7115-7173 Shady Oak Road
    
    
    454,974
    
    
    
    4,671,933
    
    
    
    5,126,907
    
    
    
    837,216
    
    
    1984
    
    40 yrs.7660-7716 Golden Triangle Drive
    
    
    1,289,215
    
    
    
    6,305,333
    
    
    
    7,594,548
    
    
    
    1,533,130
    
    
    1988
    
    40 yrs.7400 Flying Cloud Drive
    
    
    195,982
    
    
    
    1,905,809
    
    
    
    2,101,790
    
    
    
    303,766
    
    
    1987
    
    40 yrs.10301-10305 West 70th Street
    
    
    118,300
    
    
    
    1,182,295
    
    
    
    1,300,595
    
    
    
    203,917
    
    
    1984
    
    40 yrs.10321 West 70th Street
    
    
    142,399
    
    
    
    1,665,375
    
    
    
    1,807,774
    
    
    
    243,018
    
    
    1984
    
    40 yrs.10333 West 70th Street
    
    
    108,610
    
    
    
    1,027,319
    
    
    
    1,135,929
    
    
    
    173,716
    
    
    1984
    
    40 yrs.10349-10357 West 70th Street
    
    
    270,584
    
    
    
    2,748,126
    
    
    
    3,018,709
    
    
    
    466,513
    
    
    1985
    
    40 yrs.10365-10375 West 70th Street
    
    
    285,464
    
    
    
    2,873,735
    
    
    
    3,159,198
    
    
    
    486,335
    
    
    1985
    
    40 yrs.10393-10394 West 70th Street
    
    
    264,419
    
    
    
    2,829,212
    
    
    
    3,093,631
    
    
    
    481,725
    
    
    1985
    
    40 yrs.7078 Shady Oak Road
    
    
    336,481
    
    
    
    3,139,939
    
    
    
    3,476,420
    
    
    
    526,320
    
    
    1985
    
    40 yrs.1525 Valley Center Parkway
    
    
    804,104
    
    
    
    7,154,370
    
    
    
    7,958,475
    
    
    
    1,243,068
    
    
    1999
    
    40 yrs.6620 Grant Way
    
    
    430,824
    
    
    
    1,950,149
    
    
    
    2,380,973
    
    
    
    320,615
    
    
    1989
    
    40 yrs.10400 Viking Drive
    
    
    2,938,372
    
    
    
    21,491,907
    
    
    
    24,430,280
    
    
    
    3,599,386
    
    
    1999
    
    40 yrs.26911-26957 Northwestern Highway
    
    
    7,799,515
    
    
    
    73,249,966
    
    
    
    81,049,481
    
    
    
    12,295,918
    
    
    1985
    
    40 yrs.1650 Research Drive
    
    
    763,067
    
    
    
    7,378,401
    
    
    
    8,141,468
    
    
    
    1,189,553
    
    
    1985
    
    40 yrs.1775 Research Drive
    
    
    331,422
    
    
    
    2,838,153
    
    
    
    3,169,575
    
    
    
    467,124
    
    
    1985
    
    40 yrs.1875 Research Drive
    
    
    329,863
    
    
    
    2,895,451
    
    
    
    3,225,314
    
    
    
    502,465
    
    
    1986
    
    40 yrs.1850 Research Drive
    
    
    781,054
    
    
    
    9,197,343
    
    
    
    9,978,397
    
    
    
    1,354,357
    
    
    1986
    
    40 yrs.1965 Research Drive
    
    
    419,090
    
    
    
    3,758,086
    
    
    
    4,177,177
    
    
    
    668,484
    
    
    1987
    
    40 yrs.1960 Research Drive
    
    
    419,146
    
    
    
    4,198,236
    
    
    
    4,617,382
    
    
    
    640,127
    
    
    1987
    
    40 yrs.27260 Haggerty Road
    
    
    456,877
    
    
    
    4,454,653
    
    
    
    4,911,530
    
    
    
    785,308
    
    
    1983
    
    40 yrs.27200 Haggerty Road
    
    
    382,754
    
    
    
    3,723,175
    
    
    
    4,105,929
    
    
    
    669,254
    
    
    1983
    
    40 yrs.27280 Haggerty Road
    
    
    452,860
    
    
    
    4,347,704
    
    
    
    4,800,564
    
    
    
    722,579
    
    
    1983
    
    40 yrs.27220 Haggerty Road
    
    
    203,064
    
    
    
    1,973,448
    
    
    
    2,176,512
    
    
    
    358,608
    
    
    1985
    
    40 yrs.27240 Haggerty Road
    
    
    171,518
    
    
    
    1,629,240
    
    
    
    1,800,757
    
    
    
    282,197
    
    
    1985
    
    40 yrs.27300 Haggerty Road
    
    
    370,378
    
    
    
    3,518,307
    
    
    
    3,888,686
    
    
    
    594,466
    
    
    1985
    
    40 yrs.700 Nestle Way
    
    
    4,174,970
    
    
    
    17,345,175
    
    
    
    21,520,145
    
    
    
    2,482,401
    
    
    1998
    
    40 yrs.5600 & 5610 Rowland Road
    
    
    829,263
    
    
    
    8,830,525
    
    
    
    9,659,789
    
    
    
    1,699,555
    
    
    1988
    
    40 yrs.1101 Allen Drive
    
    
    98,148
    
    
    
    977,888
    
    
    
    1,076,036
    
    
    
    141,697
    
    
    1974
    
    40 yrs.1151 Allen Drive
    
    
    164,486
    
    
    
    1,695,487
    
    
    
    1,859,974
    
    
    
    339,905
    
    
    1974
    
    40 yrs.1300 Rankin Street
    
    
    134,094
    
    
    
    1,584,278
    
    
    
    1,718,372
    
    
    
    360,590
    
    
    1979
    
    40 yrs.1350 Rankin Street
    
    
    111,779
    
    
    
    1,124,475
    
    
    
    1,236,254
    
    
    
    192,334
    
    
    1979
    
    40 yrs.1376-1400 Rankin Street
    
    
    134,296
    
    
    
    1,341,766
    
    
    
    1,476,061
    
    
    
    236,921
    
    
    1979
    
    40 yrs.1352-1374 Rankin Street
    
    
    153,279
    
    
    
    1,562,459
    
    
    
    1,715,737
    
    
    
    265,707
    
    
    1979
    
    40 yrs.1324-1346 Rankin Street
    
    
    134,094
    
    
    
    1,230,703
    
    
    
    1,364,797
    
    
    
    194,506
    
    
    1979
    
    40 yrs.1301-1307 Rankin Street
    
    
    111,779
    
    
    
    1,129,667
    
    
    
    1,241,446
    
    
    
    184,052
    
    
    1978
    
    40 yrs.1409 Allen Drive
    
    
    142,374
    
    
    
    1,576,436
    
    
    
    1,718,810
    
    
    
    296,139
    
    
    1978
    
    40 yrs.1304 E Maple Road
    
    
    211,236
    
    
    
    2,216,007
    
    
    
    2,427,243
    
    
    
    341,638
    
    
    1971
    
    40 yrs.1334 Maplelawn Road
    
    
    124,300
    
    
    
    1,140,775
    
    
    
    1,265,075
    
    
    
    187,154
    
    
    1983
    
    40 yrs.1290 Maplelawn Road
    
    
    85,325
    
    
    
    832,635
    
    
    
    917,960
    
    
    
    129,030
    
    
    1984
    
    40 yrs.1070 Maplelawn Road
    
    
    68,563
    
    
    
    721,633
    
    
    
    790,196
    
    
    
    118,425
    
    
    1982
    
    40 yrs.950 Maplelawn Road
    
    
    252,433
    
    
    
    2,366,077
    
    
    
    2,618,510
    
    
    
    381,583
    
    
    1982
    
    40 yrs.894 Maplelawn Road
    
    
    181,753
    
    
    
    1,826,933
    
    
    
    2,008,686
    
    
    
    258,762
    
    
    1986
    
    40 yrs.1179 Maplelawn Road
    
    
    87,849
    
    
    
    868,510
    
    
    
    956,359
    
    
    
    138,389
    
    
    1984
    
    40 yrs.1940 Norwood Drive
    
    
    86,839
    
    
    
    872,901
    
    
    
    959,740
    
    
    
    141,554
    
    
    1983
    
    40 yrs.1311-1331 Maplelawn Road
    
    
    125,410
    
    
    
    1,336,843
    
    
    
    1,462,254
    
    
    
    252,270
    
    
    1986
    
    40 yrs.2354 Bellingham Street
    
    
    87,344
    
    
    
    809,741
    
    
    
    897,085
    
    
    
    128,887
    
    
    1990
    
    40 yrs.2360 Bellingham Street
    
    
    87,344
    
    
    
    848,063
    
    
    
    935,407
    
    
    
    130,518
    
    
    1985
    
    40 yrs.26442-26450 Haggerty Road
    
    
    237,691
    
    
    
    2,240,873
    
    
    
    2,478,564
    
    
    
    342,464
    
    
    1988
    
    40 yrs.26500 Haggerty Road
    
    
    311,097
    
    
    
    3,004,537
    
    
    
    3,315,635
    
    
    
    453,146
    
    
    1986
    
    40 yrs.26650 Haggerty Road
    
    
    173,170
    
    
    
    1,656,014
    
    
    
    1,829,184
    
    
    
    249,296
    
    
    1988
    
    40 yrs.26700 Haggerty Road
    
    
    253,341
    
    
    
    2,321,768
    
    
    
    2,575,110
    
    
    
    360,579
    
    
    1986
    
    40 yrs.


54



---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES26750 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    292,717
    
    
    
    2,638,688
    
    
    
    194,61326800 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    175,489
    
    
    
    1,583,362
    
    
    
    202,72126842-26850 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    239,606
    
    
    
    2,160,470
    
    
    
    216,58826600 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    455,846
    
    
    
    
    
    
    
    2,527,73026550 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    368,083
    
    
    
    
    
    
    
    2,584,8682920 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    392,026
    
    
    
    3,433,678
    
    
    
    786,4417562 Penn Drive
    
    Allentown, PA
    
    
    *
    
    
    
    269,614
    
    
    
    844,069
    
    
    
    99,3647277 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    462,964
    
    
    
    1,449,009
    
    
    
    310,82150 West Big Beaver Road
    
    Troy, MI
    
    
    
    
    
    
    2,159,678
    
    
    
    19,481,454
    
    
    
    1,359,728100 West Big Beaver Road
    
    Troy, MI
    
    
    
    
    
    
    2,113,006
    
    
    
    19,057,355
    
    
    
    973,2097355 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    489,749
    
    
    
    1,658,091
    
    
    
    204,148794 Roble Road
    
    Allentown, PA
    
    
    *
    
    
    
    1,147,541
    
    
    
    6,088,041
    
    
    
    1,125,8156923 Schantz Spring Road
    
    Allentown, PA
    
    
    
    
    
    
    1,127,805
    
    
    
    3,309,132
    
    
    
    185,0465400-5500 Feltl Road
    
    Minnetonka, MN
    
    
    
    
    
    
    883,895
    
    
    
    7,983,345
    
    
    
    1,435,44410300 Bren Road
    
    Minnetonka, MN
    
    
    
    
    
    
    344,614
    
    
    
    3,110,477
    
    
    
    313,05714630-14650 28th Avenue North
    
    Plymouth, MN
    
    
    *
    
    
    
    198,205
    
    
    
    1,793,422
    
    
    
    517,429245 Executive Drive
    
    Brookfield, WI
    
    
    
    
    
    
    577,067
    
    
    
    5,197,903
    
    
    
    332,3558301 West Parkland Court
    
    Milwaukee, WI
    
    
    
    
    
    
    358,442
    
    
    
    3,233,707
    
    
    
    515,96532991 Hamilton Court
    
    Farmington Hills, MI
    
    
    
    
    
    
    1,065,392
    
    
    
    3,627,675
    
    
    
    947,7647500 West 110th Street
    
    Overland Park, KS
    
    
    
    
    
    
    2,380,493
    
    
    
    9,575,474
    
    
    
    2,546,1167132 Daniels Drive
    
    Allentown, PA
    
    
    5,510,000
    
    
    
    1,623,326
    
    
    
    3,464,626
    
    
    
    3,886,2967695-7699 Anagram Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    760,525
    
    
    
    3,254,758
    
    
    
    25,6227550 Meridian Circle
    
    Maple Grove, MN
    
    
    
    
    
    
    513,250
    
    
    
    2,901,906
    
    
    
    (14,268
    )2800 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    1,934,438
    
    
    
    10,952,503
    
    
    
    477,9863255 Neil Armstrong Boulevard
    
    Eagan, MN
    
    
    
    
    
    
    1,131,017
    
    
    
    
    
    
    
    3,377,7384801 West 81st Street
    
    Bloomington, MN
    
    
    1,876,045
    
    
    
    1,624,701
    
    
    
    2,494,368
    
    
    
    437,6918100 Cedar Avenue
    
    Bloomington, MN
    
    
    4,147,958
    
    
    
    501,313
    
    
    
    3,675,416
    
    
    
    994,2257800 N. 113th Street
    
    Milwaukee, WI
    
    
    
    
    
    
    1,711,964
    
    
    
    6,847,857
    
    
    
    361,4379600 54th Avenue
    
    Plymouth, MN
    
    
    
    
    
    
    332,317
    
    
    
    3,077,820
    
    
    
    129,2778014 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    4,019,258
    
    
    
    
    
    
    
    9,202,7262475-2479 Elliot Avenue
    
    Troy, MI
    
    
    
    
    
    
    128,808
    
    
    
    516,393
    
    
    
    15,13732661 Edward Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    378,838
    
    
    
    2,330,550
    
    
    
    4,05432751 Edward Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    151,410
    
    
    
    859,462
    
    
    
    54,55932853 Edward Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    138,121
    
    
    
    784,426
    
    
    
    86,427555 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    140,862
    
    
    
    799,993
    
    
    
    80,328599 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    132,164
    
    
    
    646,768
    
    
    
    98,690749 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    144,658
    
    
    
    708,054
    
    
    
    10,611750 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    151,458
    
    
    
    741,185
    
    
    
    41,978900 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    157,729
    
    
    
    771,872
    
    
    
    9,046949 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    137,049
    
    
    
    778,338
    
    
    
    5,75131601 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    331,179
    
    
    
    1,879,812
    
    
    
    10,78731651 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    194,012
    
    
    
    1,101,576
    
    
    
    59,16931700 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    373,202
    
    
    
    1,824,721
    
    
    
    3,57531701 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    185,845
    
    
    
    1,054,681
    
    
    
    126,20231751 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    194,063
    
    
    
    1,300,574
    
    
    
    70,02231800 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    217,929
    
    
    
    1,601,469
    
    
    
    29,193800 Tech Row
    
    Madison Heights, MI
    
    
    
    
    
    
    444,977
    
    
    
    2,984,811
    
    
    
    38,899900 Tech Row
    
    Madison Heights, MI
    
    
    
    
    
    
    155,606
    
    
    
    883,725
    
    
    
    24,3701000 Tech Row
    
    Madison Heights, MI
    
    
    
    
    
    
    357,897
    
    
    
    2,628,029
    
    
    
    84,90031771 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    150,944
    
    
    
    645,040
    
    
    
    59,15131791 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    105,606
    
    
    
    649,891
    
    
    
    7,58331811 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    207,599
    
    
    
    1,179,010
    
    
    
    6,61831831 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    158,483
    
    
    
    900,064
    
    
    
    4,82031900 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    269,293
    
    
    
    1,754,498
    
    
    
    44,705800 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    151,704
    
    
    
    1,294,687
    
    
    
    98,221950 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    113,630
    
    
    
    2,162,302
    
    
    
    270,5821000 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    113,512
    
    
    
    1,023,613
    
    
    
    155,2421201 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    302,567
    
    
    
    1,213,232
    
    
    
    26,6871210 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    121,298
    
    
    
    329,051
    
    
    
    27,0931260 Kempar Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    78,720
    
    
    
    385,223
    
    
    
    26,3671280 Kempar Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    142,305
    
    
    
    536,474
    
    
    
    25,15022515 Heslip Drive
    
    Novi, MI
    
    
    
    
    
    
    144,477
    
    
    
    338,277
    
    
    
    54,1517800 Equitable Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,188,525
    
    
    
    3,788,762
    
    
    
    39,0177905 Fuller Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,229,862
    
    
    
    4,075,167
    
    
    
    9,190705 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,484,096
    
    
    
    
    
    
    
    14,852,4399023 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,956,273
    
    
    
    
    
    
    
    4,626,7839801 80th Avenue
    
    Pleasant Prairie, WI
    
    
    
    
    
    
    1,692,077
    
    
    
    7,934,794
    
    
    
    62,49511950 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    391,813
    
    
    
    2,340,118
    
    
    
    322,48311400 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    439,595
    
    
    
    2,357,904
    
    
    
    191,67311425 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    382,256
    
    
    
    2,350,619
    
    
    
    1,038,07311301 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    614,477
    
    
    
    2,626,456
    
    
    
    101,328






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES26750 Haggerty Road
    
    
    292,720
    
    
    
    2,833,298
    
    
    
    3,126,018
    
    
    
    524,470
    
    
    1988
    
    40 yrs.26800 Haggerty Road
    
    
    175,492
    
    
    
    1,786,080
    
    
    
    1,961,572
    
    
    
    310,707
    
    
    1986
    
    40 yrs.26842-26850 Haggerty Road
    
    
    239,609
    
    
    
    2,377,055
    
    
    
    2,616,664
    
    
    
    448,919
    
    
    1988
    
    40 yrs.26600 Haggerty Road
    
    
    537,693
    
    
    
    2,445,883
    
    
    
    2,983,576
    
    
    
    467,468
    
    
    1999
    
    40 yrs.26550 Haggerty Road
    
    
    535,179
    
    
    
    2,417,771
    
    
    
    2,952,951
    
    
    
    432,065
    
    
    2000
    
    40 yrs.2920 Northwest Boulevard
    
    
    384,235
    
    
    
    4,227,909
    
    
    
    4,612,145
    
    
    
    800,026
    
    
    1997
    
    40 yrs.7562 Penn Drive
    
    
    269,614
    
    
    
    943,433
    
    
    
    1,213,047
    
    
    
    148,056
    
    
    1989
    
    40 yrs.7277 Williams Avenue
    
    
    463,123
    
    
    
    1,759,671
    
    
    
    2,222,794
    
    
    
    324,126
    
    
    1989
    
    40 yrs.50 West Big Beaver Road
    
    
    2,159,678
    
    
    
    20,841,181
    
    
    
    23,000,860
    
    
    
    3,237,144
    
    
    1987
    
    40 yrs.100 West Big Beaver Road
    
    
    2,113,006
    
    
    
    20,030,564
    
    
    
    22,143,569
    
    
    
    3,121,276
    
    
    1987
    
    40 yrs.7355 Williams Avenue
    
    
    489,749
    
    
    
    1,862,239
    
    
    
    2,351,988
    
    
    
    292,300
    
    
    1998
    
    40 yrs.794 Roble Road
    
    
    1,147,541
    
    
    
    7,213,857
    
    
    
    8,361,398
    
    
    
    1,087,007
    
    
    1985
    
    40 yrs.6923 Schantz Spring Road
    
    
    1,127,805
    
    
    
    3,494,178
    
    
    
    4,621,983
    
    
    
    497,482
    
    
    1993
    
    40 yrs.5400-5500 Feltl Road
    
    
    883,895
    
    
    
    9,418,789
    
    
    
    10,302,684
    
    
    
    1,439,924
    
    
    1985
    
    40 yrs.10300 Bren Road
    
    
    344,614
    
    
    
    3,423,534
    
    
    
    3,768,147
    
    
    
    551,216
    
    
    1981
    
    40 yrs.14630-14650 28th Avenue North
    
    
    198,205
    
    
    
    2,310,851
    
    
    
    2,509,056
    
    
    
    372,956
    
    
    1978
    
    40 yrs.245 Executive Drive
    
    
    577,067
    
    
    
    5,530,258
    
    
    
    6,107,325
    
    
    
    816,288
    
    
    1984
    
    40 yrs.8301 West Parkland Court
    
    
    358,442
    
    
    
    3,749,672
    
    
    
    4,108,113
    
    
    
    566,983
    
    
    1982
    
    40 yrs.32991 Hamilton Court
    
    
    1,065,392
    
    
    
    4,575,439
    
    
    
    5,640,831
    
    
    
    332,538
    
    
    1989
    
    40 yrs.7500 West 110th Street
    
    
    2,380,493
    
    
    
    12,121,589
    
    
    
    14,502,082
    
    
    
    1,509,653
    
    
    1983
    
    40 yrs.7132 Daniels Drive
    
    
    1,695,610
    
    
    
    7,278,637
    
    
    
    8,974,247
    
    
    
    991,021
    
    
    1988
    
    40 yrs.7695-7699 Anagram Drive
    
    
    760,525
    
    
    
    3,280,379
    
    
    
    4,040,904
    
    
    
    464,445
    
    
    1997
    
    40 yrs.7550 Meridian Circle
    
    
    513,250
    
    
    
    2,887,638
    
    
    
    3,400,888
    
    
    
    405,454
    
    
    1989
    
    40 yrs.2800 Northwest Boulevard
    
    
    1,934,438
    
    
    
    11,430,489
    
    
    
    13,364,926
    
    
    
    1,662,942
    
    
    1995
    
    40 yrs.3255 Neil Armstrong Boulevard
    
    
    1,131,017
    
    
    
    3,377,738
    
    
    
    4,508,756
    
    
    
    422,198
    
    
    1998
    
    40 yrs.4801 West 81st Street
    
    
    1,624,701
    
    
    
    2,932,059
    
    
    
    4,556,760
    
    
    
    464,411
    
    
    1984
    
    40 yrs.8100 Cedar Avenue
    
    
    501,313
    
    
    
    4,669,641
    
    
    
    5,170,954
    
    
    
    574,571
    
    
    1983
    
    40 yrs.7800 N. 113th Street
    
    
    1,711,964
    
    
    
    7,209,294
    
    
    
    8,921,258
    
    
    
    1,010,764
    
    
    1991
    
    40 yrs.9600 54th Avenue
    
    
    332,317
    
    
    
    3,207,097
    
    
    
    3,539,414
    
    
    
    443,043
    
    
    1998
    
    40 yrs.8014 Industrial Boulevard
    
    
    3,645,117
    
    
    
    9,576,867
    
    
    
    13,221,984
    
    
    
    1,085,439
    
    
    1999
    
    40 yrs.2475-2479 Elliot Avenue
    
    
    128,808
    
    
    
    531,531
    
    
    
    660,338
    
    
    
    82,353
    
    
    1984
    
    40 yrs.32661 Edward Avenue
    
    
    378,838
    
    
    
    2,334,604
    
    
    
    2,713,442
    
    
    
    316,109
    
    
    1976
    
    40 yrs.32751 Edward Avenue
    
    
    151,410
    
    
    
    914,021
    
    
    
    1,065,431
    
    
    
    134,532
    
    
    1969
    
    40 yrs.32853 Edward Avenue
    
    
    138,121
    
    
    
    870,853
    
    
    
    1,008,974
    
    
    
    138,807
    
    
    1973
    
    40 yrs.555 East Mandoline Avenue
    
    
    140,862
    
    
    
    880,321
    
    
    
    1,021,183
    
    
    
    132,634
    
    
    1979
    
    40 yrs.599 East Mandoline Avenue
    
    
    132,164
    
    
    
    745,457
    
    
    
    877,622
    
    
    
    119,527
    
    
    1979
    
    40 yrs.749 East Mandoline Avenue
    
    
    144,658
    
    
    
    718,665
    
    
    
    863,323
    
    
    
    100,589
    
    
    1974
    
    40 yrs.750 East Mandoline Avenue
    
    
    151,458
    
    
    
    783,162
    
    
    
    934,621
    
    
    
    107,189
    
    
    1969
    
    40 yrs.900 East Mandoline Avenue
    
    
    157,729
    
    
    
    780,918
    
    
    
    938,647
    
    
    
    104,640
    
    
    1972
    
    40 yrs.949 East Mandoline Avenue
    
    
    137,049
    
    
    
    784,089
    
    
    
    921,138
    
    
    
    110,087
    
    
    1974
    
    40 yrs.31601 Research Park Drive
    
    
    331,179
    
    
    
    1,890,599
    
    
    
    2,221,778
    
    
    
    255,966
    
    
    1985
    
    40 yrs.31651 Research Park Drive
    
    
    194,012
    
    
    
    1,160,745
    
    
    
    1,354,757
    
    
    
    149,315
    
    
    1985
    
    40 yrs.31700 Research Park Drive
    
    
    373,203
    
    
    
    1,828,295
    
    
    
    2,201,498
    
    
    
    247,566
    
    
    1988
    
    40 yrs.31701 Research Park Drive
    
    
    185,845
    
    
    
    1,180,883
    
    
    
    1,366,728
    
    
    
    151,178
    
    
    1985
    
    40 yrs.31751 Research Park Drive
    
    
    194,063
    
    
    
    1,370,596
    
    
    
    1,564,659
    
    
    
    176,358
    
    
    1985
    
    40 yrs.31800 Research Park Drive
    
    
    217,929
    
    
    
    1,630,662
    
    
    
    1,848,591
    
    
    
    225,272
    
    
    1986
    
    40 yrs.800 Tech Row
    
    
    444,977
    
    
    
    3,023,710
    
    
    
    3,468,687
    
    
    
    409,123
    
    
    1986
    
    40 yrs.900 Tech Row
    
    
    155,606
    
    
    
    908,095
    
    
    
    1,063,700
    
    
    
    138,553
    
    
    1986
    
    40 yrs.1000 Tech Row
    
    
    357,897
    
    
    
    2,712,929
    
    
    
    3,070,826
    
    
    
    365,119
    
    
    1987
    
    40 yrs.31771 Sherman Avenue
    
    
    150,944
    
    
    
    704,191
    
    
    
    855,135
    
    
    
    115,400
    
    
    1982
    
    40 yrs.31791 Sherman Avenue
    
    
    105,606
    
    
    
    657,474
    
    
    
    763,080
    
    
    
    92,730
    
    
    1983
    
    40 yrs.31811 Sherman Avenue
    
    
    207,599
    
    
    
    1,185,628
    
    
    
    1,393,227
    
    
    
    162,773
    
    
    1983
    
    40 yrs.31831 Sherman Avenue
    
    
    158,483
    
    
    
    904,885
    
    
    
    1,063,367
    
    
    
    125,298
    
    
    1984
    
    40 yrs.31900 Sherman Avenue
    
    
    269,293
    
    
    
    1,799,202
    
    
    
    2,068,496
    
    
    
    259,461
    
    
    1984
    
    40 yrs.800 East Whitcomb Avenue
    
    
    151,704
    
    
    
    1,392,908
    
    
    
    1,544,613
    
    
    
    232,310
    
    
    1987
    
    40 yrs.950 East Whitcomb Avenue
    
    
    113,630
    
    
    
    2,432,884
    
    
    
    2,546,514
    
    
    
    308,470
    
    
    1988
    
    40 yrs.1000 East Whitcomb Avenue
    
    
    113,512
    
    
    
    1,178,855
    
    
    
    1,292,367
    
    
    
    165,589
    
    
    1980
    
    40 yrs.1201 East Whitcomb Avenue
    
    
    302,567
    
    
    
    1,239,920
    
    
    
    1,542,487
    
    
    
    180,406
    
    
    1980
    
    40 yrs.1210 East Whitcomb Avenue
    
    
    121,298
    
    
    
    356,145
    
    
    
    477,443
    
    
    
    57,867
    
    
    1983
    
    40 yrs.1260 Kempar Avenue
    
    
    78,720
    
    
    
    411,590
    
    
    
    490,310
    
    
    
    58,669
    
    
    1981
    
    40 yrs.1280 Kempar Avenue
    
    
    142,305
    
    
    
    561,624
    
    
    
    703,929
    
    
    
    76,008
    
    
    1983
    
    40 yrs.22515 Heslip Drive
    
    
    144,477
    
    
    
    392,429
    
    
    
    536,906
    
    
    
    60,960
    
    
    1975
    
    40 yrs.7800 Equitable Drive
    
    
    2,188,525
    
    
    
    3,827,779
    
    
    
    6,016,304
    
    
    
    516,849
    
    
    1993
    
    40 yrs.7905 Fuller Road
    
    
    1,230,965
    
    
    
    4,083,254
    
    
    
    5,314,219
    
    
    
    525,530
    
    
    1994
    
    40 yrs.705 Boulder Drive
    
    
    4,486,836
    
    
    
    14,849,699
    
    
    
    19,336,535
    
    
    
    1,276,013
    
    
    2001
    
    40 yrs.9023 Columbine Road
    
    
    1,956,273
    
    
    
    4,626,783
    
    
    
    6,583,056
    
    
    
    580,382
    
    
    1999
    
    40 yrs.9801 80th Avenue
    
    
    1,689,726
    
    
    
    7,999,640
    
    
    
    9,689,366
    
    
    
    1,116,568
    
    
    1994
    
    40 yrs.11950 W. Lake Park Drive
    
    
    394,938
    
    
    
    2,659,477
    
    
    
    3,054,414
    
    
    
    374,041
    
    
    1986
    
    40 yrs.11400 W. Lake Park Drive
    
    
    443,101
    
    
    
    2,546,071
    
    
    
    2,989,172
    
    
    
    310,317
    
    
    1986
    
    40 yrs.11425 W. Lake Park Drive
    
    
    385,305
    
    
    
    3,385,643
    
    
    
    3,770,948
    
    
    
    488,785
    
    
    1987
    
    40 yrs.11301 W. Lake Park Drive
    
    
    619,465
    
    
    
    2,722,797
    
    
    
    3,342,261
    
    
    
    338,457
    
    
    1987
    
    40 yrs.


55



---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES11900 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    347,853
    
    
    
    2,396,887
    
    
    
    495,082651 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,308,646
    
    
    
    
    
    
    
    13,335,86638100 Ecorse Road
    
    Romulus, MI
    
    
    
    
    
    
    955,063
    
    
    
    
    
    
    
    8,890,6256161 Green Valley Drive
    
    Bloomington, MN
    
    
    
    
    
    
    740,378
    
    
    
    3,311,602
    
    
    
    719,4594700 Nathan Lane North
    
    Minneapolis, MN
    
    
    
    
    
    
    1,501,308
    
    
    
    8,446,083
    
    
    
    225,05616620-16650 W Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    586,665
    
    
    
    4,289,907
    
    
    
    254,0558967 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,450,000
    
    
    
    
    
    
    
    3,375,7971600-1630 East Big Beaver Road
    
    Troy, MI
    
    
    
    
    
    
    1,454,406
    
    
    
    2,952,884
    
    
    
    53,69414390 Huntington Avenue
    
    Savage, MN
    
    
    
    
    
    
    1,463,666
    
    
    
    6,271,050
    
    
    
    308,604550-590 Hale Avenue
    
    Oakdale, MN
    
    
    
    
    
    
    765,535
    
    
    
    3,488,754
    
    
    
    212,7647777 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    993,101
    
    
    
    2,136,862
    
    
    
    876,35911414 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    234,443
    
    
    
    
    
    
    
    9,876,3698937 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,325,829
    
    
    
    
    
    
    
    4,354,3377615 Smetana Lane
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,011,517
    
    
    
    
    
    
    
    8,664,5887805 Hudson Road
    
    Woodbury, MN
    
    
    
    
    
    
    1,279,834
    
    
    
    
    
    
    
    9,830,65011520 West Calumet Road
    
    Milwaukee, WI
    
    
    
    
    
    
    341,698
    
    
    
    1,527,548
    
    
    
    48,49412100 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    534,470
    
    
    
    3,239,389
    
    
    
    441,665N26 W23445 Paul Road
    
    Pewaukee, WI
    
    
    
    
    
    
    561,904
    
    
    
    1,928,064
    
    
    
    61,75611200 West Plank Court
    
    Wauwatosa, WI
    
    
    
    
    
    
    330,829
    
    
    
    2,288,853
    
    
    
    1,077,54111020 West Plank Court
    
    Wauwatosa, WI
    
    
    
    
    
    
    464,246
    
    
    
    3,230,511
    
    
    
    29,3132600 Bellingham Drive
    
    Troy, MI
    
    
    
    
    
    
    1,796,869
    
    
    
    
    
    
    
    4,110,9882710 Bellingham Drive
    
    Troy, MI
    
    
    
    
    
    
    1,796,869
    
    
    
    
    
    
    
    4,191,11738000 Ecourse Road
    
    Romulus, MI
    
    
    
    
    
    
    807,660
    
    
    
    
    
    
    
    12,732,02710801 Nesbitt Avenue South
    
    Bloomington, MN
    
    
    
    
    
    
    784,577
    
    
    
    
    
    
    
    4,105,1823773 Corporate Parkway
    
    Center Valley, PA
    
    
    
    
    
    
    738,108
    
    
    
    
    
    
    
    7,485,5017028 Snowdrift Road
    
    Fogelville, PA
    
    
    
    
    
    
    520,473
    
    
    
    959,279
    
    
    
    232,33774 West Broad Street
    
    Bethlehem, PA
    
    
    
    
    
    
    1,096,127
    
    
    
    
    
    
    
    11,851,4274600 Nathan Lane
    
    Minneapolis, MN
    
    
    
    
    
    
    1,063,558
    
    
    
    
    
    
    
    6,082,4138150 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,564,167
    
    
    
    
    
    
    
    8,703,8388250 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    1,025,667
    
    
    
    
    
    
    
    5,261,902650 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    5,208,248
    
    
    
    
    
    
    
    19,106,6058995 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,087,594
    
    
    
    
    
    
    
    3,480,0538911 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    916,687
    
    
    
    
    
    
    
    3,590,0371605 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    729,751
    
    
    
    
    
    
    
    10,084,3125775 West Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,052,018
    
    
    
    3,849,649
    
    
    
    3,288,95110855 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    122,894
    
    
    
    
    
    
    
    2,679,3115715 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    2,115,9305735 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    943,9013400 High Point Boulevard
    
    Bethlehem, PA
    
    
    
    
    
    
    298,227
    
    
    
    
    
    
    
    3,037,8349th & Hamilton Street
    
    Allentown, PA
    
    
    
    
    
    
    615,624
    
    
    
    
    
    
    
    57,065,8007165 Ambassador Drive
    
    Allentown, PA
    
    
    
    
    
    
    792,999
    
    
    
    
    
    
    
    4,533,86815800 West Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    1,289,204
    
    
    
    8,128,035
    
    
    
    586,61012501 & 12701 Whitewater Drive
    
    Minnegonka, MN
    
    
    
    
    
    
    2,175,209
    
    
    
    3,948,085
    
    
    
    3,625,315101-121 N Raddant Road
    
    Batavia, IL
    
    
    
    
    
    
    986,912
    
    
    
    9,984,405
    
    
    
    39,415900 Douglas Road
    
    Batavia, IL
    
    
    
    
    
    
    308,586
    
    
    
    3,116,469
    
    
    
    9,6355150 International Drive
    
    Cudahy, WI
    
    
    
    
    
    
    739,673
    
    
    
    5,108,025
    
    
    
    1,9184523 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    234,564
    
    
    
    
    
    
    
    2,403,9614501 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    319,289
    
    
    
    
    
    
    
    2,545,3424500 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    230,622
    
    
    
    
    
    
    
    2,317,1622427 Penny Road
    
    High Point, NC
    
    
    
    
    
    
    1,165,664
    
    
    
    
    
    
    
    3,456,657180,190 Cochrane Drive
    
    Annapolis, MD
    
    
    
    
    
    
    3,670,256
    
    
    
    
    
    
    
    19,734,4994524 Green Point Drive
    
    High Point, NC
    
    
    *
    
    
    
    182,810
    
    
    
    
    
    
    
    2,239,1994328, 4336 Federal Drive
    
    High Point, NC
    
    
    5,233,360
    
    
    
    521,122
    
    
    
    
    
    
    
    7,143,663200 Centreport Drive
    
    Greensboro, NC
    
    
    *
    
    
    
    331,400
    
    
    
    3,768,600
    
    
    
    491,4057178-80 Columbia Gateway
    
    Columbia, MD
    
    
    
    
    
    
    1,569,237
    
    
    
    4,786,887
    
    
    
    612,7161751 Bluehills Drive
    
    Roanoke, VA
    
    
    
    
    
    
    1,063,728
    
    
    
    8,500,677
    
    
    
    4300 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    2,007,717
    
    
    
    14,927,608
    
    
    
    437,417301 Hill Carter Parkway
    
    Richmond, VA
    
    
    
    
    
    
    659,456
    
    
    
    4,836,010
    
    
    
    4001 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    29,443
    
    
    
    215,914
    
    
    
    101,2965600-5626 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    489,941
    
    
    
    3,592,900
    
    
    
    116,0835650-5674 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    644,384
    
    
    
    4,025,480
    
    
    
    215,8195700 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    408,729
    
    
    
    2,697,348
    
    
    
    49,5093432 Holland Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    173,527
    
    
    
    790,515
    
    
    
    2,4624880 Cox Road
    
    Glen Allen, VA
    
    
    *
    
    
    
    743,898
    
    
    
    4,499,807
    
    
    
    1,142,2234101-4127 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    310,854
    
    
    
    2,279,597
    
    
    
    122,7924201-4261 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    693,203
    
    
    
    5,083,493
    
    
    
    738,2014263-4299 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    256,203
    
    
    
    2,549,649
    
    
    
    1,377,4274301-4335 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    223,696
    
    
    
    1,640,435
    
    
    
    153,9784337-4379 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    325,303
    
    
    
    2,385,557
    
    
    
    765,0614501-4549 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    486,166
    
    
    
    3,565,211
    
    
    
    215,411






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES11900 W. Lake Park Drive
    
    
    350,628
    
    
    
    2,889,195
    
    
    
    3,239,822
    
    
    
    648,517
    
    
    1987
    
    40 yrs.651 Boulder Drive
    
    
    4,308,646
    
    
    
    13,335,866
    
    
    
    17,644,512
    
    
    
    1,512,301
    
    
    2000
    
    40 yrs.38100 Ecorse Road
    
    
    853,063
    
    
    
    8,992,625
    
    
    
    9,845,688
    
    
    
    677,732
    
    
    2000
    
    40 yrs.6161 Green Valley Drive
    
    
    741,194
    
    
    
    4,030,244
    
    
    
    4,771,438
    
    
    
    436,701
    
    
    1992
    
    40 yrs.4700 Nathan Lane North
    
    
    1,501,308
    
    
    
    8,671,139
    
    
    
    10,172,447
    
    
    
    1,017,419
    
    
    1996
    
    40 yrs.16620-16650 W Bluemound Road
    
    
    586,665
    
    
    
    4,543,962
    
    
    
    5,130,627
    
    
    
    497,117
    
    
    1999
    
    40 yrs.8967 Columbine Road
    
    
    1,450,000
    
    
    
    3,375,797
    
    
    
    4,825,797
    
    
    
    381,187
    
    
    2000
    
    40 yrs.1600-1630 East Big Beaver Road
    
    
    1,458,737
    
    
    
    3,002,247
    
    
    
    4,460,984
    
    
    
    312,536
    
    
    1982
    
    40 yrs.14390 Huntington Avenue
    
    
    1,464,521
    
    
    
    6,578,799
    
    
    
    8,043,320
    
    
    
    624,195
    
    
    1988
    
    40 yrs.550-590 Hale Avenue
    
    
    766,390
    
    
    
    3,700,663
    
    
    
    4,467,053
    
    
    
    411,472
    
    
    1996
    
    40 yrs.7777 Golden Triangle Drive
    
    
    993,101
    
    
    
    3,013,221
    
    
    
    4,006,322
    
    
    
    266,383
    
    
    2000
    
    40 yrs.11414 West Park Place
    
    
    491,531
    
    
    
    9,619,281
    
    
    
    10,110,812
    
    
    
    1,010,161
    
    
    2001
    
    40 yrs.8937 Columbine Road
    
    
    1,739,966
    
    
    
    3,940,200
    
    
    
    5,680,166
    
    
    
    316,484
    
    
    2001
    
    40 yrs.7615 Smetana Lane
    
    
    3,000,000
    
    
    
    6,676,105
    
    
    
    9,676,105
    
    
    
    663,385
    
    
    2001
    
    40 yrs.7805 Hudson Road
    
    
    1,385,739
    
    
    
    9,724,746
    
    
    
    11,110,485
    
    
    
    597,129
    
    
    2002
    
    40 yrs.11520 West Calumet Road
    
    
    341,698
    
    
    
    1,576,042
    
    
    
    1,917,740
    
    
    
    153,808
    
    
    1995
    
    40 yrs.12100 West Park Place
    
    
    532,370
    
    
    
    3,683,154
    
    
    
    4,215,524
    
    
    
    358,089
    
    
    1984
    
    40 yrs.N26 W23445 Paul Road
    
    
    561,904
    
    
    
    1,989,820
    
    
    
    2,551,724
    
    
    
    190,315
    
    
    1985
    
    40 yrs.11200 West Plank Court
    
    
    330,829
    
    
    
    3,366,394
    
    
    
    3,697,223
    
    
    
    657,480
    
    
    1988
    
    40 yrs.11020 West Plank Court
    
    
    464,246
    
    
    
    3,259,824
    
    
    
    3,724,071
    
    
    
    292,543
    
    
    1985
    
    40 yrs.2600 Bellingham Drive
    
    
    1,938,746
    
    
    
    3,969,112
    
    
    
    5,907,858
    
    
    
    492,402
    
    
    2002
    
    40 yrs.2710 Bellingham Drive
    
    
    1,938,746
    
    
    
    4,049,240
    
    
    
    5,987,986
    
    
    
    379,391
    
    
    2002
    
    40 yrs.38000 Ecourse Road
    
    
    1,053,337
    
    
    
    12,486,350
    
    
    
    13,539,687
    
    
    
    1,231,790
    
    
    2001
    
    40 yrs.10801 Nesbitt Avenue South
    
    
    786,382
    
    
    
    4,103,377
    
    
    
    4,889,759
    
    
    
    502,557
    
    
    2001
    
    40 yrs.3773 Corporate Parkway
    
    
    794,403
    
    
    
    7,429,206
    
    
    
    8,223,608
    
    
    
    906,426
    
    
    2001
    
    40 yrs.7028 Snowdrift Road
    
    
    524,390
    
    
    
    1,187,700
    
    
    
    1,712,089
    
    
    
    113,877
    
    
    1982
    
    40 yrs.74 West Broad Street
    
    
    1,099,079
    
    
    
    11,848,476
    
    
    
    12,947,554
    
    
    
    873,178
    
    
    2002
    
    40 yrs.4600 Nathan Lane
    
    
    1,038,197
    
    
    
    6,107,774
    
    
    
    7,145,971
    
    
    
    426,593
    
    
    2002
    
    40 yrs.8150 Industrial Boulevard
    
    
    2,571,466
    
    
    
    8,696,539
    
    
    
    11,268,005
    
    
    
    513,198
    
    
    2002
    
    40 yrs.8250 Industrial Boulevard
    
    
    1,035,854
    
    
    
    5,251,715
    
    
    
    6,287,569
    
    
    
    203,423
    
    
    2002
    
    40 yrs.650 Boulder Drive
    
    
    5,242,478
    
    
    
    19,072,376
    
    
    
    24,314,854
    
    
    
    613,280
    
    
    2002
    
    40 yrs.8995 Columbine Road
    
    
    2,055,296
    
    
    
    2,512,352
    
    
    
    4,567,648
    
    
    
    177,418
    
    
    2001
    
    40 yrs.8911 Columbine Road
    
    
    1,718,407
    
    
    
    2,788,316
    
    
    
    4,506,723
    
    
    
    56,931
    
    
    2000
    
    40 yrs.1605 Valley Center Parkway
    
    
    1,766,196
    
    
    
    9,047,867
    
    
    
    10,814,064
    
    
    
    336,661
    
    
    2000
    
    40 yrs.5775 West Old Shakopee Road
    
    
    2,060,644
    
    
    
    7,129,973
    
    
    
    9,190,617
    
    
    
    1,172,000
    
    
    2002
    
    40 yrs.10855 West Park Place
    
    
    424,710
    
    
    
    2,377,495
    
    
    
    2,802,205
    
    
    
    139,488
    
    
    2002
    
    40 yrs.5715 Old Shakopee Road West
    
    
    1,264,758
    
    
    
    4,475,180
    
    
    
    5,739,938
    
    
    
    123,959
    
    
    2002
    
    40 yrs.5735 Old Shakopee Road West
    
    
    1,264,758
    
    
    
    3,303,151
    
    
    
    4,567,910
    
    
    
    130,792
    
    
    2002
    
    40 yrs.3400 High Point Boulevard
    
    
    662,809
    
    
    
    2,673,252
    
    
    
    3,336,061
    
    
    
    121,829
    
    
    2002
    
    40 yrs.9th & Hamilton Street
    
    
    1,162,150
    
    
    
    56,519,274
    
    
    
    57,681,424
    
    
    
    1,045,102
    
    
    2001
    
    40 yrs.7165 Ambassador Drive
    
    
    804,848
    
    
    
    4,522,019
    
    
    
    5,326,867
    
    
    
    154,456
    
    
    2002
    
    40 yrs.15800 West Bluemound Road
    
    
    1,306,811
    
    
    
    8,697,038
    
    
    
    10,003,849
    
    
    
    376,836
    
    
    1994
    
    40 yrs.12501 & 12701 Whitewater Drive
    
    
    2,177,953
    
    
    
    7,570,656
    
    
    
    9,748,609
    
    
    
    13,049
    
    
    1986
    
    40 yrs.101-121 N Raddant Road
    
    
    986,912
    
    
    
    10,023,821
    
    
    
    11,010,733
    
    
    
    83,360
    
    
    2003
    
    40 yrs.900 Douglas Road
    
    
    308,586
    
    
    
    3,126,104
    
    
    
    3,434,690
    
    
    
    26,014
    
    
    2003
    
    40 yrs.5150 International Drive
    
    
    740,708
    
    
    
    5,108,908
    
    
    
    5,849,616
    
    
    
    
    
    
    2003
    
    40 yrs.4523 Green Point Drive
    
    
    235,698
    
    
    
    2,402,828
    
    
    
    2,638,525
    
    
    
    806,066
    
    
    1988
    
    40 yrs.4501 Green Point Drive
    
    
    320,450
    
    
    
    2,544,181
    
    
    
    2,864,631
    
    
    
    830,957
    
    
    1989
    
    40 yrs.4500 Green Point Drive
    
    
    231,692
    
    
    
    2,316,092
    
    
    
    2,547,784
    
    
    
    781,551
    
    
    1989
    
    40 yrs.2427 Penny Road
    
    
    655,240
    
    
    
    3,967,080
    
    
    
    4,622,321
    
    
    
    1,278,140
    
    
    1990
    
    40 yrs.180,190 Cochrane Drive
    
    
    3,752,293
    
    
    
    19,652,462
    
    
    
    23,404,755
    
    
    
    6,259,448
    
    
    1988
    
    40 yrs.4524 Green Point Drive
    
    
    183,888
    
    
    
    2,238,120
    
    
    
    2,422,009
    
    
    
    768,416
    
    
    1989
    
    40 yrs.4328, 4336 Federal Drive
    
    
    825,092
    
    
    
    6,839,692
    
    
    
    7,664,785
    
    
    
    2,435,707
    
    
    1995
    
    40 yrs.200 Centreport Drive
    
    
    332,017
    
    
    
    4,259,389
    
    
    
    4,591,405
    
    
    
    1,067,249
    
    
    1986
    
    40 yrs.7178-80 Columbia Gateway
    
    
    1,571,105
    
    
    
    5,397,734
    
    
    
    6,968,840
    
    
    
    1,542,524
    
    
    1987
    
    40 yrs.1751 Bluehills Drive
    
    
    1,063,728
    
    
    
    8,500,677
    
    
    
    9,564,405
    
    
    
    1,861,084
    
    
    1991
    
    40 yrs.4300 Carolina Avenue
    
    
    2,009,136
    
    
    
    15,363,606
    
    
    
    17,372,742
    
    
    
    3,343,847
    
    
    1985
    
    40 yrs.301 Hill Carter Parkway
    
    
    659,456
    
    
    
    4,836,010
    
    
    
    5,495,466
    
    
    
    1,067,815
    
    
    1989
    
    40 yrs.4001 Carolina Avenue
    
    
    29,443
    
    
    
    317,210
    
    
    
    346,653
    
    
    
    70,921
    
    
    1935
    
    40 yrs.5600-5626 Eastport Boulevard
    
    
    489,941
    
    
    
    3,708,983
    
    
    
    4,198,924
    
    
    
    859,514
    
    
    1989
    
    40 yrs.5650-5674 Eastport Boulevard
    
    
    644,384
    
    
    
    4,241,299
    
    
    
    4,885,683
    
    
    
    1,022,748
    
    
    1990
    
    40 yrs.5700 Eastport Boulevard
    
    
    408,729
    
    
    
    2,746,857
    
    
    
    3,155,586
    
    
    
    607,667
    
    
    1990
    
    40 yrs.3432 Holland Road
    
    
    173,527
    
    
    
    792,977
    
    
    
    966,504
    
    
    
    174,616
    
    
    1989
    
    40 yrs.4880 Cox Road
    
    
    743,898
    
    
    
    5,642,030
    
    
    
    6,385,928
    
    
    
    728,180
    
    
    1995
    
    40 yrs.4101-4127 Carolina Avenue
    
    
    310,854
    
    
    
    2,402,389
    
    
    
    2,713,243
    
    
    
    512,257
    
    
    1973
    
    40 yrs.4201-4261 Carolina Avenue
    
    
    693,203
    
    
    
    5,821,694
    
    
    
    6,514,897
    
    
    
    1,352,571
    
    
    1975
    
    40 yrs.4263-4299 Carolina Avenue
    
    
    256,203
    
    
    
    3,927,076
    
    
    
    4,183,279
    
    
    
    748,381
    
    
    1976
    
    40 yrs.4301-4335 Carolina Avenue
    
    
    223,696
    
    
    
    1,794,413
    
    
    
    2,018,109
    
    
    
    383,297
    
    
    1978
    
    40 yrs.4337-4379 Carolina Avenue
    
    
    325,303
    
    
    
    3,150,618
    
    
    
    3,475,921
    
    
    
    932,261
    
    
    1979
    
    40 yrs.4501-4549 Carolina Avenue
    
    
    486,166
    
    
    
    3,780,622
    
    
    
    4,266,788
    
    
    
    826,801
    
    
    1981
    
    40 yrs.


56



---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES4551-4593 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    474,360
    
    
    
    3,478,646
    
    
    
    158,1004601-4643 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    652,455
    
    
    
    4,784,675
    
    
    
    431,4574645-4683 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    404,616
    
    
    
    2,967,187
    
    
    
    1,009,1474447-4491 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    454,056
    
    
    
    2,729,742
    
    
    
    220,3984401-4445 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    615,038
    
    
    
    4,510,272
    
    
    
    313,44612 S. Third Street
    
    Richmond, VA
    
    
    
    
    
    
    40,539
    
    
    
    184,682
    
    
    
    14,0619601 Cosner Drive
    
    Fredericksburg, VA
    
    
    
    
    
    
    475,262
    
    
    
    3,917,234
    
    
    
    104,5802300 East Parham Road
    
    Richmond, VA
    
    
    
    
    
    
    221,947
    
    
    
    1,011,088
    
    
    
    2,4434344 Federal Drive
    
    High Point, NC
    
    
    *
    
    
    
    484,001
    
    
    
    
    
    
    
    2,592,2085601-5659 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    705,660
    
    
    
    
    
    
    
    4,855,4555900 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    676,661
    
    
    
    
    
    
    
    4,802,999202 Centreport Drive
    
    Greensboro, NC
    
    
    *
    
    
    
    549,948
    
    
    
    5,360,462
    
    
    
    588,195101 Centreport Drive
    
    Greensboro, NC
    
    
    
    
    
    
    826,237
    
    
    
    
    
    
    
    7,825,2284717-4729 Eubank Road
    
    Richmond, VA
    
    
    *
    
    
    
    449,447
    
    
    
    3,294,697
    
    
    
    197,6724000 Piedmont Parkway
    
    High Point, NC
    
    
    *
    
    
    
    592,885
    
    
    
    4,825,615
    
    
    
    537,0814263F-N. Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    91,476
    
    
    
    
    
    
    
    1,637,2304380 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    282,996
    
    
    
    
    
    
    
    2,110,5504388 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    143,661
    
    
    
    
    
    
    
    1,225,3826532 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    354,903
    
    
    
    
    
    
    
    3,715,3086530 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    305,821
    
    
    
    
    
    
    
    4,458,1965000 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    770,214
    
    
    
    3,685,248
    
    
    
    133,5035500 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    443,485
    
    
    
    
    
    
    
    2,741,388510 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    261,961
    
    
    
    2,110,874
    
    
    
    294,549520 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    486,118
    
    
    
    4,083,582
    
    
    
    208,33913001 Kingston Avenue
    
    Richmond, VA
    
    
    
    
    
    
    376,584
    
    
    
    
    
    
    
    2,032,172150 Ridgeview Center Drive
    
    Duncan, SC
    
    
    
    
    
    
    711,353
    
    
    
    8,056,324
    
    
    
    883,526420 Park Avenue
    
    Greenville, SC
    
    
    
    
    
    
    522,548
    
    
    
    2,730,261
    
    
    
    594,3715701-5799 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    694,644
    
    
    
    
    
    
    
    5,608,9694801 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,072,896
    
    
    
    
    
    
    
    8,886,3184160 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    285,882
    
    
    
    
    
    
    
    3,043,517600 H P Way
    
    Chester, VA
    
    
    
    
    
    
    146,126
    
    
    
    
    
    
    
    5,580,1509770 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    341,663
    
    
    
    3,033,309
    
    
    
    40,4869780 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    218,542
    
    
    
    1,940,636
    
    
    
    22,8639790 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    243,791
    
    
    
    2,164,094
    
    
    
    183,0449810 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    266,684
    
    
    
    2,366,901
    
    
    
    396,1479800 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    299,099
    
    
    
    2,654,069
    
    
    
    210,2669820 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    237,779
    
    
    
    2,110,835
    
    
    
    43,9489830 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    296,262
    
    
    
    2,628,933
    
    
    
    97,815500 H P Way
    
    Chester, VA
    
    
    
    
    
    
    142,692
    
    
    
    
    
    
    
    5,233,0379050 Red Branch Road
    
    Columbia, MD
    
    
    
    
    
    
    290,950
    
    
    
    2,577,153
    
    
    
    311,153701 Liberty Way
    
    Richmond, VA
    
    
    
    
    
    
    171,711
    
    
    
    
    
    
    
    5,003,7334194 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    102,372
    
    
    
    
    
    
    
    2,413,0604196 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    66,731
    
    
    
    
    
    
    
    2,151,1884170 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    143,699
    
    
    
    
    
    
    
    2,203,3814180 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    121,329
    
    
    
    
    
    
    
    1,771,2094050 Piedmont Parkway
    
    High Point, NC
    
    
    *
    
    
    
    801,902
    
    
    
    
    
    
    
    18,160,8304198 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    670,292
    
    
    
    3,839,245
    
    
    
    697,72012730 Kingston Avenue
    
    Richmond, VA
    
    
    4,915,381
    
    
    
    171,053
    
    
    
    
    
    
    
    8,200,7644510 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,010,024
    
    
    
    7,151,729
    
    
    
    1,051,539One Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    780,881
    
    
    
    6,199,230
    
    
    
    4,709,47155 Beattie Place
    
    Greenville, SC
    
    
    
    
    
    
    2,643,105
    
    
    
    23,439,801
    
    
    
    2,687,36575 Beattie Place
    
    Greenville, SC
    
    
    
    
    
    
    2,406,646
    
    
    
    17,400,939
    
    
    
    981,7027736 McCloud Road
    
    Greensboro, NC
    
    
    
    
    
    
    591,795
    
    
    
    5,895,312
    
    
    
    351,6122809 South Lynnhaven Road
    
    Virginia Beach, VA
    
    
    *
    
    
    
    953,590
    
    
    
    6,142,742
    
    
    
    786,374200 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    
    
    
    1,116,693
    
    
    
    6,770,480
    
    
    
    722,267208 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    
    
    
    965,177
    
    
    
    6,728,717
    
    
    
    795,4421 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    974,675
    
    
    
    5,579,869
    
    
    
    640,00322 Enterprise Parkway
    
    Hampton, VA
    
    
    *
    
    
    
    1,097,368
    
    
    
    6,760,778
    
    
    
    718,764530 Eastpark Court
    
    Richmond, VA
    
    
    *
    
    
    
    266,883
    
    
    
    
    
    
    
    2,838,265484 Viking Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    891,753
    
    
    
    3,607,890
    
    
    
    197,40510430 Lakeridge Parkway
    
    Ashland, VA
    
    
    
    
    
    
    421,267
    
    
    
    3,770,870
    
    
    
    119,08410456 Lakeridge Parkway
    
    Ashland, VA
    
    
    
    
    
    
    409,261
    
    
    
    3,663,754
    
    
    
    180,3723829-3855 Gaskins Road
    
    Richmond, VA
    
    
    
    
    
    
    364,165
    
    
    
    3,264,114
    
    
    
    6,679629 Phoenix Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    371,694
    
    
    
    2,108,097
    
    
    
    114,62215 Brendan Way
    
    Greenville, SC
    
    
    
    
    
    
    614,192
    
    
    
    3,012,019
    
    
    
    1,107,68211838 Rock Landing Drive
    
    Newport News, VA
    
    
    
    
    
    
    673,942
    
    
    
    2,111,481
    
    
    
    613,39311844 Rock Landing Drive
    
    Newport News, VA
    
    
    
    
    
    
    326,774
    
    
    
    1,391,561
    
    
    
    104,66211846 Rock Landing Drive
    
    Newport News, VA
    
    
    
    
    
    
    299,066
    
    
    
    1,419,266
    
    
    
    339,80911832 Rock Landing Drive
    
    Newport News, VA
    
    
    
    
    
    
    299,066
    
    
    
    1,419,266
    
    
    
    5,607,12810800 Nuckols Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    1,432,462
    
    
    
    
    
    
    
    14,420,8394606 Richlynn Drive
    
    Belcamp, MD
    
    
    
    
    
    
    299,600
    
    
    
    1,818,861
    
    
    
    16,340






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES4551-4593 Carolina Avenue
    
    
    474,360
    
    
    
    3,636,746
    
    
    
    4,111,106
    
    
    
    800,000
    
    
    1982
    
    40 yrs.4601-4643 Carolina Avenue
    
    
    652,455
    
    
    
    5,216,132
    
    
    
    5,868,587
    
    
    
    1,292,564
    
    
    1985
    
    40 yrs.4645-4683 Carolina Avenue
    
    
    404,616
    
    
    
    3,976,334
    
    
    
    4,380,950
    
    
    
    1,467,544
    
    
    1985
    
    40 yrs.4447-4491 Carolina Avenue
    
    
    454,056
    
    
    
    2,950,140
    
    
    
    3,404,196
    
    
    
    666,848
    
    
    1987
    
    40 yrs.4401-4445 Carolina Avenue
    
    
    615,038
    
    
    
    4,823,718
    
    
    
    5,438,756
    
    
    
    1,023,991
    
    
    1988
    
    40 yrs.12 S. Third Street
    
    
    40,539
    
    
    
    198,743
    
    
    
    239,282
    
    
    
    42,272
    
    
    1900
    
    40 yrs.9601 Cosner Drive
    
    
    475,262
    
    
    
    4,021,814
    
    
    
    4,497,076
    
    
    
    861,918
    
    
    1995
    
    40 yrs.2300 East Parham Road
    
    
    221,947
    
    
    
    1,013,531
    
    
    
    1,235,478
    
    
    
    223,319
    
    
    1988
    
    40 yrs.4344 Federal Drive
    
    
    173,623
    
    
    
    2,902,586
    
    
    
    3,076,209
    
    
    
    651,290
    
    
    1996
    
    40 yrs.5601-5659 Eastport Boulevard
    
    
    720,100
    
    
    
    4,841,015
    
    
    
    5,561,115
    
    
    
    1,226,719
    
    
    1996
    
    40 yrs.5900 Eastport Boulevard
    
    
    687,898
    
    
    
    4,791,761
    
    
    
    5,479,660
    
    
    
    831,348
    
    
    1997
    
    40 yrs.202 Centreport Drive
    
    
    549,679
    
    
    
    5,948,926
    
    
    
    6,498,605
    
    
    
    1,391,565
    
    
    1990
    
    40 yrs.101 Centreport Drive
    
    
    826,237
    
    
    
    7,825,228
    
    
    
    8,651,465
    
    
    
    1,240,919
    
    
    1998
    
    40 yrs.4717-4729 Eubank Road
    
    
    452,263
    
    
    
    3,489,553
    
    
    
    3,941,816
    
    
    
    752,954
    
    
    1978
    
    40 yrs.4000 Piedmont Parkway
    
    
    597,368
    
    
    
    5,358,213
    
    
    
    5,955,581
    
    
    
    1,202,729
    
    
    1989
    
    40 yrs.4263F-N. Carolina Avenue
    
    
    91,599
    
    
    
    1,637,106
    
    
    
    1,728,706
    
    
    
    319,292
    
    
    1975
    
    40 yrs.4380 Federal Drive
    
    
    283,368
    
    
    
    2,110,177
    
    
    
    2,393,546
    
    
    
    534,946
    
    
    1997
    
    40 yrs.4388 Federal Drive
    
    
    132,655
    
    
    
    1,236,388
    
    
    
    1,369,043
    
    
    
    313,176
    
    
    1997
    
    40 yrs.6532 Judge Adams Road
    
    
    399,988
    
    
    
    3,670,223
    
    
    
    4,070,211
    
    
    
    584,317
    
    
    1997
    
    40 yrs.6530 Judge Adams Road
    
    
    335,061
    
    
    
    4,428,955
    
    
    
    4,764,016
    
    
    
    573,172
    
    
    1999
    
    40 yrs.5000 Cox Road
    
    
    771,029
    
    
    
    3,817,936
    
    
    
    4,588,965
    
    
    
    714,150
    
    
    1990
    
    40 yrs.5500 Cox Road
    
    
    483,263
    
    
    
    2,701,610
    
    
    
    3,184,873
    
    
    
    484,575
    
    
    1999
    
    40 yrs.510 Eastpark Court
    
    
    262,210
    
    
    
    2,405,174
    
    
    
    2,667,384
    
    
    
    489,184
    
    
    1989
    
    40 yrs.520 Eastpark Court
    
    
    486,598
    
    
    
    4,291,441
    
    
    
    4,778,039
    
    
    
    787,836
    
    
    1989
    
    40 yrs.13001 Kingston Avenue
    
    
    376,701
    
    
    
    2,032,055
    
    
    
    2,408,756
    
    
    
    367,768
    
    
    1998
    
    40 yrs.150 Ridgeview Center Drive
    
    
    711,353
    
    
    
    8,939,850
    
    
    
    9,651,203
    
    
    
    1,911,717
    
    
    1984
    
    40 yrs.420 Park Avenue
    
    
    522,548
    
    
    
    3,324,633
    
    
    
    3,847,180
    
    
    
    768,975
    
    
    1986
    
    40 yrs.5701-5799 Eastport Boulevard
    
    
    700,503
    
    
    
    5,603,110
    
    
    
    6,303,613
    
    
    
    1,160,104
    
    
    1998
    
    40 yrs.4801 Cox Road
    
    
    1,075,620
    
    
    
    8,883,593
    
    
    
    9,959,214
    
    
    
    1,275,824
    
    
    1998
    
    40 yrs.4160 Mendenhall Oaks Parkway
    
    
    545,627
    
    
    
    2,783,772
    
    
    
    3,329,399
    
    
    
    398,461
    
    
    1998
    
    40 yrs.600 H P Way
    
    
    501,752
    
    
    
    5,224,524
    
    
    
    5,726,276
    
    
    
    811,109
    
    
    1997
    
    40 yrs.9770 Patuxent Woods Drive
    
    
    341,663
    
    
    
    3,073,795
    
    
    
    3,415,458
    
    
    
    510,547
    
    
    1986
    
    40 yrs.9780 Patuxent Woods Drive
    
    
    218,542
    
    
    
    1,963,499
    
    
    
    2,182,041
    
    
    
    324,993
    
    
    1986
    
    40 yrs.9790 Patuxent Woods Drive
    
    
    243,791
    
    
    
    2,347,138
    
    
    
    2,590,929
    
    
    
    404,994
    
    
    1986
    
    40 yrs.9810 Patuxent Woods Drive
    
    
    266,684
    
    
    
    2,763,048
    
    
    
    3,029,732
    
    
    
    405,978
    
    
    1986
    
    40 yrs.9800 Patuxent Woods Drive
    
    
    299,099
    
    
    
    2,864,335
    
    
    
    3,163,435
    
    
    
    532,232
    
    
    1988
    
    40 yrs.9820 Patuxent Woods Drive
    
    
    237,779
    
    
    
    2,154,783
    
    
    
    2,392,562
    
    
    
    369,719
    
    
    1988
    
    40 yrs.9830 Patuxent Woods Drive
    
    
    296,262
    
    
    
    2,726,748
    
    
    
    3,023,011
    
    
    
    503,038
    
    
    1986
    
    40 yrs.500 H P Way
    
    
    491,919
    
    
    
    4,883,810
    
    
    
    5,375,729
    
    
    
    658,290
    
    
    1997
    
    40 yrs.9050 Red Branch Road
    
    
    290,950
    
    
    
    2,888,306
    
    
    
    3,179,256
    
    
    
    462,091
    
    
    1972
    
    40 yrs.701 Liberty Way
    
    
    1,188,857
    
    
    
    3,986,587
    
    
    
    5,175,444
    
    
    
    538,794
    
    
    1999
    
    40 yrs.4194 Mendenhall Oaks Parkway
    
    
    265,991
    
    
    
    2,249,441
    
    
    
    2,515,432
    
    
    
    423,612
    
    
    1999
    
    40 yrs.4196 Mendenhall Oaks Parkway
    
    
    173,889
    
    
    
    2,044,030
    
    
    
    2,217,919
    
    
    
    481,931
    
    
    1999
    
    40 yrs.4170 Mendenhall Oaks Parkway
    
    
    373,502
    
    
    
    1,973,578
    
    
    
    2,347,080
    
    
    
    349,997
    
    
    1999
    
    40 yrs.4180 Mendenhall Oaks Parkway
    
    
    315,614
    
    
    
    1,576,923
    
    
    
    1,892,538
    
    
    
    339,319
    
    
    1999
    
    40 yrs.4050 Piedmont Parkway
    
    
    2,042,159
    
    
    
    16,920,573
    
    
    
    18,962,732
    
    
    
    2,300,579
    
    
    1998
    
    40 yrs.4198 Cox Road
    
    
    670,292
    
    
    
    4,536,965
    
    
    
    5,207,257
    
    
    
    810,725
    
    
    1984
    
    40 yrs.12730 Kingston Avenue
    
    
    1,201,072
    
    
    
    7,170,745
    
    
    
    8,371,817
    
    
    
    431,356
    
    
    2001
    
    40 yrs.4510 Cox Road
    
    
    1,010,044
    
    
    
    8,203,248
    
    
    
    9,213,292
    
    
    
    1,476,082
    
    
    1990
    
    40 yrs.One Independence Pointe
    
    
    784,617
    
    
    
    10,904,965
    
    
    
    11,689,582
    
    
    
    1,067,467
    
    
    1982
    
    40 yrs.55 Beattie Place
    
    
    2,645,238
    
    
    
    26,125,032
    
    
    
    28,770,271
    
    
    
    3,929,852
    
    
    1986
    
    40 yrs.75 Beattie Place
    
    
    2,408,577
    
    
    
    18,380,710
    
    
    
    20,789,287
    
    
    
    2,932,418
    
    
    1987
    
    40 yrs.7736 McCloud Road
    
    
    591,795
    
    
    
    6,246,924
    
    
    
    6,838,719
    
    
    
    957,731
    
    
    1986
    
    40 yrs.2809 South Lynnhaven Road
    
    
    953,590
    
    
    
    6,929,117
    
    
    
    7,882,706
    
    
    
    1,084,130
    
    
    1987
    
    40 yrs.200 Golden Oak Court
    
    
    1,116,693
    
    
    
    7,492,747
    
    
    
    8,609,439
    
    
    
    1,236,079
    
    
    1988
    
    40 yrs.208 Golden Oak Court
    
    
    965,177
    
    
    
    7,524,159
    
    
    
    8,489,336
    
    
    
    1,175,318
    
    
    1989
    
    40 yrs.1 Enterprise Parkway
    
    
    974,675
    
    
    
    6,219,872
    
    
    
    7,194,547
    
    
    
    1,097,377
    
    
    1987
    
    40 yrs.22 Enterprise Parkway
    
    
    1,097,368
    
    
    
    7,479,542
    
    
    
    8,576,910
    
    
    
    1,281,379
    
    
    1990
    
    40 yrs.530 Eastpark Court
    
    
    334,772
    
    
    
    2,770,376
    
    
    
    3,105,148
    
    
    
    675,925
    
    
    1999
    
    40 yrs.484 Viking Drive
    
    
    891,753
    
    
    
    3,805,295
    
    
    
    4,697,047
    
    
    
    596,844
    
    
    1987
    
    40 yrs.10430 Lakeridge Parkway
    
    
    421,267
    
    
    
    3,889,953
    
    
    
    4,311,220
    
    
    
    570,870
    
    
    1989
    
    40 yrs.10456 Lakeridge Parkway
    
    
    409,261
    
    
    
    3,844,126
    
    
    
    4,253,387
    
    
    
    575,911
    
    
    1991
    
    40 yrs.3829-3855 Gaskins Road
    
    
    364,165
    
    
    
    3,270,794
    
    
    
    3,634,959
    
    
    
    476,908
    
    
    1988
    
    40 yrs.629 Phoenix Drive
    
    
    371,694
    
    
    
    2,222,719
    
    
    
    2,594,413
    
    
    
    322,091
    
    
    1996
    
    40 yrs.15 Brendan Way
    
    
    614,192
    
    
    
    4,119,701
    
    
    
    4,733,892
    
    
    
    909,457
    
    
    1988
    
    40 yrs.11838 Rock Landing Drive
    
    
    673,942
    
    
    
    2,724,874
    
    
    
    3,398,816
    
    
    
    467,898
    
    
    1986
    
    40 yrs.11844 Rock Landing Drive
    
    
    326,774
    
    
    
    1,496,224
    
    
    
    1,822,997
    
    
    
    246,290
    
    
    1989
    
    40 yrs.11846 Rock Landing Drive
    
    
    299,066
    
    
    
    1,759,076
    
    
    
    2,058,142
    
    
    
    328,017
    
    
    1989
    
    40 yrs.11832 Rock Landing Drive
    
    
    748,582
    
    
    
    6,576,878
    
    
    
    7,325,460
    
    
    
    853,032
    
    
    1988
    
    40 yrs.10800 Nuckols Boulevard
    
    
    1,794,162
    
    
    
    14,059,139
    
    
    
    15,853,301
    
    
    
    1,374,098
    
    
    2000
    
    40 yrs.4606 Richlynn Drive
    
    
    299,600
    
    
    
    1,835,201
    
    
    
    2,134,801
    
    
    
    258,999
    
    
    1985
    
    40 yrs.


57



---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES5700 Cleveland Street
    
    Virginia Beach, VA
    
    
    
    
    
    
    700,112
    
    
    
    9,592,721
    
    
    
    1,172,3494300 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    264,038
    
    
    
    
    
    
    
    1,626,937801 Liberty Way
    
    Richmond, VA
    
    
    
    
    
    
    780,000
    
    
    
    
    
    
    
    6,372,2718945-8975 Guilford Road
    
    Columbia, MD
    
    
    *
    
    
    
    2,428,795
    
    
    
    7,493,740
    
    
    
    301,2527317 Parkway Drive
    
    Hanover, MD
    
    
    
    
    
    
    1,104,359
    
    
    
    1,959,671
    
    
    
    4,3194135 Mendenall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    499,500
    
    
    
    
    
    
    
    2,758,1455 Manhattan Square
    
    Hampton, VA
    
    
    
    
    
    
    207,368
    
    
    
    
    
    
    
    1,570,4334183 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    122,203
    
    
    
    
    
    
    
    3,742,6894189 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    100,106
    
    
    
    
    
    
    
    3,402,2704020 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    94,232
    
    
    
    
    
    
    
    1,682,5496250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,524,2926200 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,724,8526210 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,703,3784 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,509,5035 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,286,404170 Ridgeview Drive
    
    Duncan, SC
    
    
    
    
    
    
    224,162
    
    
    
    109,218
    
    
    
    4,907,027100 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,140,648
    
    
    
    101,824
    
    
    
    8,397,1491309 Executive Boulevard
    
    Cheaspeake, VA
    
    
    
    
    
    
    926,125
    
    
    
    
    
    
    
    5,086,6326509 Franz Warner Parkway
    
    Rock Creek, NC
    
    
    
    
    
    
    360,494
    
    
    
    
    
    
    
    2,822,3511400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    172,320
    
    
    
    
    
    
    
    6,784,4684191 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    217,943
    
    
    
    
    
    
    
    2,928,632200 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,623,612
    
    
    
    
    
    
    
    5,725,88021 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    263,668
    
    
    
    8,167,118
    
    
    
    138,6111305 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    861,020
    
    
    
    
    
    
    
    4,874,975979 Batesville Road
    
    Greenville, SC
    
    
    
    
    
    
    1,190,555
    
    
    
    
    
    
    
    5,609,4821313 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    1,180,036
    
    
    
    
    
    
    
    4,629,6155950 Symphony Woods Road
    
    Columbia, MD
    
    
    
    
    
    
    1,462,762
    
    
    
    11,310,187
    
    
    
    305,82020 Wright Avenue
    
    Hunt Valley, MD
    
    
    
    
    
    
    1,205,946
    
    
    
    
    
    
    
    9,536,9634604 Richlynn Drive
    
    Belcamp, MD
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    693,1371751 Blue Hills Drive Expansion
    
    Roanoke, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,873,660200 Southchase Boulevard
    
    Greenville, SC
    
    
    21,173,702
    
    
    
    512,911
    
    
    
    
    
    
    
    7,343,5631457 Miller Store Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    473,689
    
    
    
    2,663,045
    
    
    
    33,991521 Butler Farm Road
    
    Hampton, VA
    
    
    
    
    
    
    750,769
    
    
    
    2,911,149
    
    
    
    (18,468
    )4 North Park Drive
    
    Hunt Valley, MD
    
    
    6,291,514
    
    
    
    3,269,948
    
    
    
    13,551,370
    
    
    
    4,0056 North Park Drive
    
    Hunt Valley, MD
    
    
    8,026,075
    
    
    
    2,077,949
    
    
    
    8,770,566
    
    
    
    2,47310 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,211,969
    
    
    
    7,816,042
    
    
    
    2,3409101,9111,9115 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    758,951
    
    
    
    
    
    
    
    3,306,3969125,9135,9145 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    900,154
    
    
    
    
    
    
    
    5,496,4985911-5925 Richard Street
    
    Jacksonville, FL
    
    
    
    
    
    
    275,582
    
    
    
    
    
    
    
    508,6088383-8385 Baycenter Road
    
    Jacksonville, FL
    
    
    
    
    
    
    63,703
    
    
    
    
    
    
    
    833,6248775 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    906,804
    
    
    
    
    
    
    
    3,174,4226255 Lake Gray Boulevard
    
    Jacksonville, FL
    
    
    
    
    
    
    813,067
    
    
    
    
    
    
    
    3,746,5768665,8667,8669 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    966,552
    
    
    
    
    
    
    
    4,692,6451200 River Place Blvd.
    
    Jacksonville, FL
    
    
    
    
    
    
    1,028,864
    
    
    
    
    
    
    
    18,685,9505941-5975 Richard Street
    
    Jacksonville, FL
    
    
    
    
    
    
    583,622
    
    
    
    
    
    
    
    1,157,9457970 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    127,520
    
    
    
    
    
    
    
    1,281,5806000-6030 Bowdendale Avenue
    
    Jacksonville, FL
    
    
    
    
    
    
    275,475
    
    
    
    
    
    
    
    1,740,3517898 Baymeadows Way
    
    Jacksonville, FL
    
    
    
    
    
    
    561,802
    
    
    
    
    
    
    
    1,974,6475977-6607 Richard Street
    
    Jacksonville, FL
    
    
    
    
    
    
    180,033
    
    
    
    
    
    
    
    3,249,7657910 & 7948 Baymeadows Way
    
    Jacksonville, FL
    
    
    
    
    
    
    210,299
    
    
    
    
    
    
    
    2,666,9247954 & 7960 Baymeadows Way
    
    Jacksonville, FL
    
    
    
    
    
    
    291,312
    
    
    
    
    
    
    
    2,946,8778787 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    2,076,306
    
    
    
    
    
    
    
    35,412,9187077 Bonneval Road
    
    Jacksonville, FL
    
    
    
    
    
    
    768,000
    
    
    
    5,789,000
    
    
    
    1,437,3764190 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    821,000
    
    
    
    5,866,000
    
    
    
    2,302,90111777 Central Highway
    
    Jacksonville, FL
    
    
    
    
    
    
    92,207
    
    
    
    429,997
    
    
    
    1,275,0504345 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,736,4807016 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    597,181
    
    
    
    
    
    
    
    2,326,4457018 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    840,996
    
    
    
    
    
    
    
    4,226,4247014 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    574,198
    
    
    
    
    
    
    
    3,286,6446620 Southpoint Drive
    
    Jacksonville, FL
    
    
    
    
    
    
    614,602
    
    
    
    4,267,477
    
    
    
    683,5917980 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    330,726
    
    
    
    1,338,101
    
    
    
    17,7769600 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    252,850
    
    
    
    1,297,923
    
    
    
    59,3109700 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    405,362
    
    
    
    1,146,546
    
    
    
    322,3781902 Cypress Lake Drive
    
    Orlando, FL
    
    
    
    
    
    
    523,512
    
    
    
    3,191,790
    
    
    
    866,6869550 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    574,831
    
    
    
    
    
    
    
    2,106,6998250 & 8256 Exchange Place
    
    Orlando, FL
    
    
    
    
    
    
    622,413
    
    
    
    2,507,842
    
    
    
    280,3086600 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    998,432
    
    
    
    4,055,727
    
    
    
    328,4256700 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    620,719
    
    
    
    2,989,746
    
    
    
    676,9174801 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    554,993
    
    
    
    2,993,277
    
    
    
    861,4294801 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    370,017
    
    
    
    1,995,518
    
    
    
    36,9264810 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    369,694
    
    
    
    3,045,639
    
    
    
    406,284






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES5700 Cleveland Street
    
    
    700,564
    
    
    
    10,764,617
    
    
    
    11,465,182
    
    
    
    1,720,441
    
    
    1989
    
    40 yrs.4300 Federal Drive
    
    
    276,038
    
    
    
    1,614,937
    
    
    
    1,890,975
    
    
    
    212,600
    
    
    1998
    
    40 yrs.801 Liberty Way
    
    
    785,059
    
    
    
    6,367,212
    
    
    
    7,152,271
    
    
    
    836,078
    
    
    1999
    
    40 yrs.8945-8975 Guilford Road
    
    
    2,427,065
    
    
    
    7,796,722
    
    
    
    10,223,787
    
    
    
    1,086,067
    
    
    1986
    
    40 yrs.7317 Parkway Drive
    
    
    1,104,359
    
    
    
    1,963,990
    
    
    
    3,068,349
    
    
    
    249,445
    
    
    1983
    
    40 yrs.4135 Mendenall Oaks Parkway
    
    
    500,980
    
    
    
    2,756,665
    
    
    
    3,257,645
    
    
    
    312,546
    
    
    2000
    
    40 yrs.5 Manhattan Square
    
    
    212,694
    
    
    
    1,565,107
    
    
    
    1,777,801
    
    
    
    194,459
    
    
    1999
    
    40 yrs.4183 Eagle Hill Drive
    
    
    526,266
    
    
    
    3,338,626
    
    
    
    3,864,892
    
    
    
    551,065
    
    
    2001
    
    40 yrs.4189 Eagle Hill Drive
    
    
    431,106
    
    
    
    3,071,270
    
    
    
    3,502,376
    
    
    
    291,404
    
    
    2001
    
    40 yrs.4020 Meeting Way
    
    
    378,101
    
    
    
    1,398,680
    
    
    
    1,776,781
    
    
    
    169,614
    
    
    2001
    
    40 yrs.6250 Old Dobbin Lane
    
    
    1,295,000
    
    
    
    3,187,397
    
    
    
    4,482,397
    
    
    
    260,984
    
    
    2002
    
    40 yrs.6200 Old Dobbin Lane
    
    
    1,295,000
    
    
    
    3,387,957
    
    
    
    4,682,957
    
    
    
    166,108
    
    
    2002
    
    40 yrs.6210 Old Dobbin Lane
    
    
    1,295,000
    
    
    
    3,366,483
    
    
    
    4,661,483
    
    
    
    206,075
    
    
    2002
    
    40 yrs.4 Independence Pointe
    
    
    467,438
    
    
    
    3,042,065
    
    
    
    3,509,503
    
    
    
    171,870
    
    
    2002
    
    40 yrs.5 Independence Pointe
    
    
    467,438
    
    
    
    2,818,966
    
    
    
    3,286,404
    
    
    
    266,423
    
    
    2002
    
    40 yrs.170 Ridgeview Drive
    
    
    229,443
    
    
    
    5,010,964
    
    
    
    5,240,407
    
    
    
    302,614
    
    
    2001
    
    40 yrs.100 Westgate Parkway
    
    
    1,456,084
    
    
    
    8,183,537
    
    
    
    9,639,621
    
    
    
    548,937
    
    
    2001
    
    40 yrs.1309 Executive Boulevard
    
    
    955,374
    
    
    
    5,057,383
    
    
    
    6,012,757
    
    
    
    432,854
    
    
    2001
    
    40 yrs.6509 Franz Warner Parkway
    
    
    372,494
    
    
    
    2,810,351
    
    
    
    3,182,845
    
    
    
    211,243
    
    
    2001
    
    40 yrs.1400 Mendenhall Oaks Parkway
    
    
    984,672
    
    
    
    5,972,116
    
    
    
    6,956,788
    
    
    
    228,835
    
    
    2002
    
    40 yrs.4191 Mendenhall Oaks Parkway
    
    
    611,166
    
    
    
    2,535,409
    
    
    
    3,146,575
    
    
    
    208,389
    
    
    2002
    
    40 yrs.200 Westgate Parkway
    
    
    1,072,797
    
    
    
    6,276,695
    
    
    
    7,349,492
    
    
    
    228,710
    
    
    2002
    
    40 yrs.21 Enterprise Parkway
    
    
    265,719
    
    
    
    8,303,678
    
    
    
    8,569,397
    
    
    
    602,339
    
    
    1999
    
    40 yrs.1305 Executive Boulevard
    
    
    1,129,850
    
    
    
    4,606,144
    
    
    
    5,735,994
    
    
    
    189,152
    
    
    2002
    
    40 yrs.979 Batesville Road
    
    
    1,190,431
    
    
    
    5,609,606
    
    
    
    6,800,037
    
    
    
    296,098
    
    
    2002
    
    40 yrs.1313 Executive Boulevard
    
    
    1,708,050
    
    
    
    4,101,602
    
    
    
    5,809,652
    
    
    
    221,775
    
    
    2002
    
    40 yrs.5950 Symphony Woods Road
    
    
    1,467,623
    
    
    
    11,611,147
    
    
    
    13,078,770
    
    
    
    716,249
    
    
    1986
    
    40 yrs.20 Wright Avenue
    
    
    1,861,025
    
    
    
    8,881,883
    
    
    
    10,742,908
    
    
    
    284,732
    
    
    2001
    
    40 yrs.4604 Richlynn Drive
    
    
    
    
    
    
    693,137
    
    
    
    693,137
    
    
    
    21,756
    
    
    2002
    
    40 yrs.1751 Blue Hills Drive Expansion
    
    
    
    
    
    
    4,873,660
    
    
    
    4,873,660
    
    
    
    30,538
    
    
    2003
    
    40 yrs.200 Southchase Boulevard
    
    
    514,642
    
    
    
    7,341,832
    
    
    
    7,856,474
    
    
    
    8,552
    
    
    2003
    
    40 yrs.1457 Miller Store Road
    
    
    473,689
    
    
    
    2,697,036
    
    
    
    3,170,725
    
    
    
    16,748
    
    
    2003
    
    40 yrs.521 Butler Farm Road
    
    
    710,269
    
    
    
    2,933,182
    
    
    
    3,643,450
    
    
    
    12,094
    
    
    2003
    
    40 yrs.4 North Park Drive
    
    
    3,269,948
    
    
    
    13,555,376
    
    
    
    16,825,323
    
    
    
    56,335
    
    
    2003
    
    40 yrs.6 North Park Drive
    
    
    2,077,949
    
    
    
    8,773,039
    
    
    
    10,850,988
    
    
    
    36,456
    
    
    2003
    
    40 yrs.10 North Park Drive
    
    
    2,211,969
    
    
    
    7,818,382
    
    
    
    10,030,351
    
    
    
    32,474
    
    
    2003
    
    40 yrs.9101,9111,9115 Guilford Road
    
    
    765,952
    
    
    
    3,299,395
    
    
    
    4,065,347
    
    
    
    1,625,233
    
    
    1984
    
    40 yrs.9125,9135,9145 Guilford Road
    
    
    920,439
    
    
    
    5,476,213
    
    
    
    6,396,652
    
    
    
    2,859,587
    
    
    1983
    
    40 yrs.5911-5925 Richard Street
    
    
    286,335
    
    
    
    497,856
    
    
    
    784,190
    
    
    
    309,225
    
    
    1977
    
    40 yrs.8383-8385 Baycenter Road
    
    
    65,329
    
    
    
    831,998
    
    
    
    897,327
    
    
    
    440,707
    
    
    1973
    
    40 yrs.8775 Baypine Road
    
    
    913,013
    
    
    
    3,168,213
    
    
    
    4,081,226
    
    
    
    1,189,367
    
    
    1989
    
    40 yrs.6255 Lake Gray Boulevard
    
    
    812,634
    
    
    
    3,747,010
    
    
    
    4,559,643
    
    
    
    1,566,555
    
    
    1987
    
    40 yrs.8665,8667,8669 Baypine Road
    
    
    974,959
    
    
    
    4,684,238
    
    
    
    5,659,197
    
    
    
    1,615,835
    
    
    1987
    
    40 yrs.1200 River Place Blvd.
    
    
    1,046,629
    
    
    
    18,668,185
    
    
    
    19,714,814
    
    
    
    8,332,391
    
    
    1985
    
    40 yrs.5941-5975 Richard Street
    
    
    586,095
    
    
    
    1,155,472
    
    
    
    1,741,567
    
    
    
    694,942
    
    
    1978
    
    40 yrs.7970 Bayberry Road
    
    
    129,979
    
    
    
    1,279,122
    
    
    
    1,409,100
    
    
    
    890,220
    
    
    1978
    
    40 yrs.6000-6030 Bowdendale Avenue
    
    
    275,475
    
    
    
    1,740,351
    
    
    
    2,015,826
    
    
    
    922,902
    
    
    1979
    
    40 yrs.7898 Baymeadows Way
    
    
    568,005
    
    
    
    1,968,444
    
    
    
    2,536,449
    
    
    
    1,020,192
    
    
    1978
    
    40 yrs.5977-6607 Richard Street
    
    
    636,901
    
    
    
    2,792,897
    
    
    
    3,429,798
    
    
    
    1,116,508
    
    
    1980
    
    40 yrs.7910 & 7948 Baymeadows Way
    
    
    211,449
    
    
    
    2,665,774
    
    
    
    2,877,223
    
    
    
    1,337,198
    
    
    1981
    
    40 yrs.7954 & 7960 Baymeadows Way
    
    
    292,667
    
    
    
    2,945,522
    
    
    
    3,238,189
    
    
    
    1,405,924
    
    
    1982
    
    40 yrs.8787 Baypine Road
    
    
    2,028,593
    
    
    
    35,460,631
    
    
    
    37,489,224
    
    
    
    19,353,489
    
    
    1990
    
    40 yrs.7077 Bonneval Road
    
    
    774,020
    
    
    
    7,220,356
    
    
    
    7,994,376
    
    
    
    2,460,030
    
    
    1988
    
    40 yrs.4190 Belfort Road
    
    
    827,420
    
    
    
    8,162,481
    
    
    
    8,989,901
    
    
    
    2,767,470
    
    
    1986
    
    40 yrs.11777 Central Highway
    
    
    140,426
    
    
    
    1,656,828
    
    
    
    1,797,254
    
    
    
    782,636
    
    
    1985
    
    40 yrs.4345 Southpoint Parkway
    
    
    418,093
    
    
    
    8,318,387
    
    
    
    8,736,480
    
    
    
    1,529,897
    
    
    1998
    
    40 yrs.7016 AC Skinner Parkway
    
    
    602,633
    
    
    
    2,320,994
    
    
    
    2,923,626
    
    
    
    732,351
    
    
    1996
    
    40 yrs.7018 AC Skinner Parkway
    
    
    846,461
    
    
    
    4,220,959
    
    
    
    5,067,420
    
    
    
    1,335,563
    
    
    1997
    
    40 yrs.7014 AC Skinner Parkway
    
    
    780,486
    
    
    
    3,080,356
    
    
    
    3,860,842
    
    
    
    713,483
    
    
    1999
    
    40 yrs.6620 Southpoint Drive
    
    
    614,602
    
    
    
    4,951,067
    
    
    
    5,565,670
    
    
    
    1,059,714
    
    
    1984
    
    40 yrs.7980 Bayberry Road
    
    
    330,726
    
    
    
    1,355,877
    
    
    
    1,686,603
    
    
    
    217,604
    
    
    1978
    
    40 yrs.9600 Satellite Boulevard
    
    
    252,850
    
    
    
    1,357,233
    
    
    
    1,610,083
    
    
    
    228,442
    
    
    1989
    
    40 yrs.9700 Satellite Boulevard
    
    
    405,362
    
    
    
    1,468,924
    
    
    
    1,874,286
    
    
    
    217,433
    
    
    1989
    
    40 yrs.1902 Cypress Lake Drive
    
    
    538,512
    
    
    
    4,043,476
    
    
    
    4,581,988
    
    
    
    715,694
    
    
    1989
    
    40 yrs.9550 Satellite Boulevard
    
    
    587,319
    
    
    
    2,094,211
    
    
    
    2,681,530
    
    
    
    399,505
    
    
    1999
    
    40 yrs.8250 & 8256 Exchange Place
    
    
    622,413
    
    
    
    2,788,150
    
    
    
    3,410,563
    
    
    
    517,128
    
    
    1985
    
    40 yrs.6600 Southpoint Parkway
    
    
    1,002,704
    
    
    
    4,379,880
    
    
    
    5,382,584
    
    
    
    990,879
    
    
    1986
    
    40 yrs.6700 Southpoint Parkway
    
    
    624,215
    
    
    
    3,663,167
    
    
    
    4,287,382
    
    
    
    833,970
    
    
    1987
    
    40 yrs.4801 Executive Park Court - 100
    
    
    554,542
    
    
    
    3,855,157
    
    
    
    4,409,699
    
    
    
    719,921
    
    
    1990
    
    40 yrs.4801 Executive Park Court - 200
    
    
    370,039
    
    
    
    2,032,422
    
    
    
    2,402,461
    
    
    
    318,380
    
    
    1990
    
    40 yrs.4810 Executive Park Court
    
    
    370,039
    
    
    
    3,451,577
    
    
    
    3,821,617
    
    
    
    492,400
    
    
    1990
    
    40 yrs.


58



---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES6602 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    388,519
    
    
    
    2,095,293
    
    
    
    155,8446602 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    *
    
    
    
    296,014
    
    
    
    1,596,347
    
    
    
    256,5026631 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    *
    
    
    
    251,613
    
    
    
    1,356,849
    
    
    
    451,4626631 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    406,561
    
    
    
    2,195,070
    
    
    
    179,5454815 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    366,317
    
    
    
    1,975,393
    
    
    
    237,8014815 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    *
    
    
    
    462,522
    
    
    
    2,494,397
    
    
    
    451,0284825 Executive Park Court
    
    Jacksonville, FL
    
    
    *
    
    
    
    601,278
    
    
    
    3,242,491
    
    
    
    73,2534820 Executive Park Court
    
    Jacksonville, FL
    
    
    *
    
    
    
    555,173
    
    
    
    2,693,130
    
    
    
    609,73210511 & 10611 Satellite Boulevard
    
    Orlando, FL
    
    
    *
    
    
    
    517,554
    
    
    
    2,568,186
    
    
    
    323,5891400-1440 Central Florida Parkway
    
    Orlando, FL
    
    
    *
    
    
    
    518,043
    
    
    
    2,561,938
    
    
    
    295,7146601 Executive Park Circle North
    
    Jacksonville, FL
    
    
    
    
    
    
    551,250
    
    
    
    3,128,361
    
    
    
    6401300 Riverplace Boulevard
    
    Jacksonville, FL
    
    
    
    
    
    
    1,804,258
    
    
    
    7,755,572
    
    
    
    1,255,4504901 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    877,964
    
    
    
    2,360,742
    
    
    
    1,925,15716445 Air Center Boulevard
    
    Houston, TX
    
    
    5,693,078
    
    
    
    363,339
    
    
    
    2,509,186
    
    
    
    437,43516405 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    438,853
    
    
    
    3,030,396
    
    
    
    106,5752216 Directors Row
    
    Orlando, FL
    
    
    
    
    
    
    453,918
    
    
    
    2,572,202
    
    
    
    25,8651901 Summit Tower Boulevard
    
    Maitland, FL
    
    
    
    
    
    
    6,078,791
    
    
    
    12,348,567
    
    
    
    347,0803701-3727 Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    767,929
    
    
    
    2,096,504
    
    
    
    102,8174899 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,201
    
    
    
    
    
    
    
    7,955,8904905 Belfort Street
    
    Jacksonville, FL
    
    
    
    
    
    
    638,154
    
    
    
    
    
    
    
    3,461,10116580 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    289,000
    
    
    
    3,559,857
    
    
    
    65,8407251 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,567,8202400 South Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    385,964
    
    
    
    
    
    
    
    2,359,88210245 Centurion Parkway North
    
    Jacksonville, FL
    
    
    
    
    
    
    852,644
    
    
    
    3,510,889
    
    
    
    802,2684887 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,202
    
    
    
    
    
    
    
    7,746,9196501 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    5,541,7917255 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    392,060
    
    
    
    
    
    
    
    2,697,6001755 Trans Central Drive
    
    Houston, TX
    
    
    
    
    
    
    293,534
    
    
    
    3,036,269
    
    
    
    133,3142416 Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    535,964
    
    
    
    
    
    
    
    3,096,36616605 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    298,999
    
    
    
    
    
    
    
    3,770,31510771 Palm Bay Drive
    
    Orlando, FL
    
    
    
    
    
    
    664,605
    
    
    
    
    
    
    
    2,362,81410739 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    797,931
    
    
    
    5,950,894
    
    
    
    9,77510735 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    1,110,988
    
    
    
    6,351,946
    
    
    
    1,256,1568801-19 & 8821-49 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    2,290,001
    
    
    
    15,297,141
    
    
    
    1,427,80810003 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    680,312
    
    
    
    2,120,754
    
    
    
    589,9471090 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    878,320
    
    
    
    2,558,833
    
    
    
    1,274,7155501-5519 Pioneer Park Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    162,000
    
    
    
    1,613,000
    
    
    
    222,3535690-5694 Crenshaw Street
    
    Tampa, FL
    
    
    
    
    
    
    181,923
    
    
    
    1,812,496
    
    
    
    252,3923102, 3104, 3110 Cherry Palm Drive
    
    Tampa, FL
    
    
    
    
    
    
    503,767
    
    
    
    2,787,585
    
    
    
    532,2757020 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    *
    
    
    
    398,257
    
    
    
    
    
    
    
    2,583,2327022 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    *
    
    
    
    706,934
    
    
    
    
    
    
    
    3,244,0808401-8408 Benjamin Road
    
    Tampa, FL
    
    
    
    
    
    
    789,651
    
    
    
    4,454,648
    
    
    
    1,609,9303501 Riga Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    617,289
    
    
    
    3,048,379
    
    
    
    351,328111 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    359,540
    
    
    
    1,461,850
    
    
    
    527,9667930, 8010-20 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    1,408,478
    
    
    
    5,247,246
    
    
    
    410,7527920 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    1,382,648
    
    
    
    2,445,444
    
    
    
    (184,395
    )8154-8198 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    399,088
    
    
    
    2,868,834
    
    
    
    188,1438112-42 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    513,263
    
    
    
    3,230,239
    
    
    
    111,5718212 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    820,882
    
    
    
    2,322,720
    
    
    
    14,210131 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    511,463
    
    
    
    
    
    
    
    4,455,2901701 Clint Moore Boulevard
    
    Boca Raton, FL
    
    
    
    
    
    
    1,430,884
    
    
    
    3,043,553
    
    
    
    284,5327724 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    235,893
    
    
    
    
    
    
    
    2,099,2127802-50 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,715,7837852-98 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,518,8695410 - 5430 Northwest 33rd Avenue
    
    Ft. Lauderdale, FL
    
    
    *
    
    
    
    603,776
    
    
    
    4,176,238
    
    
    
    627,3326500 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,099
    
    
    
    3,046,309
    
    
    
    185,4826600 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,102
    
    
    
    3,047,462
    
    
    
    343,2981500 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    972,232
    
    
    
    3,892,085
    
    
    
    96,6461651 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    95,7831601 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    230,4961501 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    28,3381400 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    1,157,049
    
    
    
    4,620,956
    
    
    
    187,4611405 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    392,138
    
    
    
    1,565,787
    
    
    
    43,078595 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    359,933
    
    
    
    1,437,116
    
    
    
    69,256601 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    164,413
    
    
    
    655,933
    
    
    
    24,625605 SW 16th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    310,778
    
    
    
    1,238,324
    
    
    
    29,6718921 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    224,369
    
    
    
    1,063,882
    
    
    
    858,376951 Broken Sound Parkway
    
    Boca Raton, FL
    
    
    
    
    
    
    1,426,251
    
    
    
    6,098,952
    
    
    
    678,9803400 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,153
    
    
    
    11,345,881
    
    
    
    1,014,6013450 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,152
    
    
    
    11,357,143
    
    
    
    969,8563350 SW 148th Avenue
    
    Miramar, FL
    
    
    
    
    
    
    2,960,511
    
    
    
    
    
    
    
    17,896,746






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES6602 Executive Park Court - 100
    
    
    388,541
    
    
    
    2,251,114
    
    
    
    2,639,656
    
    
    
    420,644
    
    
    1993
    
    40 yrs.6602 Executive Park Court - 200
    
    
    296,032
    
    
    
    1,852,831
    
    
    
    2,148,863
    
    
    
    299,898
    
    
    1993
    
    40 yrs.6631 Executive Park Court - 100
    
    
    251,627
    
    
    
    1,808,297
    
    
    
    2,059,924
    
    
    
    270,165
    
    
    1994
    
    40 yrs.6631 Executive Park Court - 200
    
    
    407,043
    
    
    
    2,374,133
    
    
    
    2,781,176
    
    
    
    415,224
    
    
    1994
    
    40 yrs.4815 Executive Park Court - 100
    
    
    366,339
    
    
    
    2,213,172
    
    
    
    2,579,511
    
    
    
    359,344
    
    
    1995
    
    40 yrs.4815 Executive Park Court - 200
    
    
    462,549
    
    
    
    2,945,398
    
    
    
    3,407,947
    
    
    
    513,883
    
    
    1995
    
    40 yrs.4825 Executive Park Court
    
    
    601,401
    
    
    
    3,315,621
    
    
    
    3,917,022
    
    
    
    518,965
    
    
    1996
    
    40 yrs.4820 Executive Park Court
    
    
    555,213
    
    
    
    3,302,822
    
    
    
    3,858,035
    
    
    
    588,278
    
    
    1997
    
    40 yrs.10511 & 10611 Satellite Boulevard
    
    
    522,991
    
    
    
    2,886,338
    
    
    
    3,409,329
    
    
    
    574,976
    
    
    1985
    
    40 yrs.1400-1440 Central Florida Parkway
    
    
    518,043
    
    
    
    2,857,652
    
    
    
    3,375,695
    
    
    
    429,075
    
    
    1962
    
    40 yrs.6601 Executive Park Circle North
    
    
    551,250
    
    
    
    3,129,001
    
    
    
    3,680,251
    
    
    
    469,150
    
    
    1992
    
    40 yrs.1300 Riverplace Boulevard
    
    
    1,804,258
    
    
    
    9,011,022
    
    
    
    10,815,279
    
    
    
    1,354,902
    
    
    1980
    
    40 yrs.4901 Belfort Road
    
    
    877,964
    
    
    
    4,285,899
    
    
    
    5,163,863
    
    
    
    1,299,378
    
    
    1986
    
    40 yrs.16445 Air Center Boulevard
    
    
    363,339
    
    
    
    2,946,621
    
    
    
    3,309,960
    
    
    
    528,733
    
    
    1997
    
    40 yrs.16405 Air Center Boulevard
    
    
    438,853
    
    
    
    3,136,970
    
    
    
    3,575,823
    
    
    
    507,249
    
    
    1997
    
    40 yrs.2216 Directors Row
    
    
    453,918
    
    
    
    2,598,067
    
    
    
    3,051,985
    
    
    
    360,932
    
    
    1998
    
    40 yrs.1901 Summit Tower Boulevard
    
    
    6,083,206
    
    
    
    12,691,232
    
    
    
    18,774,439
    
    
    
    1,767,932
    
    
    1998
    
    40 yrs.3701-3727 Vineland Road
    
    
    767,929
    
    
    
    2,199,322
    
    
    
    2,967,250
    
    
    
    341,726
    
    
    1985
    
    40 yrs.4899 Belfort Road
    
    
    1,299,351
    
    
    
    7,955,740
    
    
    
    9,255,091
    
    
    
    1,000,445
    
    
    2000
    
    40 yrs.4905 Belfort Street
    
    
    641,272
    
    
    
    3,457,983
    
    
    
    4,099,255
    
    
    
    468,315
    
    
    2000
    
    40 yrs.16580 Air Center Boulevard
    
    
    289,000
    
    
    
    3,625,698
    
    
    
    3,914,698
    
    
    
    407,176
    
    
    1997
    
    40 yrs.7251 Salisbury Road
    
    
    662,559
    
    
    
    2,905,261
    
    
    
    3,567,820
    
    
    
    314,885
    
    
    2000
    
    40 yrs.2400 South Lake Orange Drive
    
    
    642,427
    
    
    
    2,103,419
    
    
    
    2,745,846
    
    
    
    180,860
    
    
    2001
    
    40 yrs.10245 Centurion Parkway North
    
    
    853,704
    
    
    
    4,312,097
    
    
    
    5,165,801
    
    
    
    413,441
    
    
    1996
    
    40 yrs.4887 Belfort Road
    
    
    1,665,915
    
    
    
    7,380,205
    
    
    
    9,046,120
    
    
    
    625,858
    
    
    2002
    
    40 yrs.6501 Lee Vista Boulevard
    
    
    925,671
    
    
    
    5,519,821
    
    
    
    6,445,492
    
    
    
    333,090
    
    
    2001
    
    40 yrs.7255 Salisbury Road
    
    
    680,766
    
    
    
    2,408,894
    
    
    
    3,089,660
    
    
    
    156,292
    
    
    2002
    
    40 yrs.1755 Trans Central Drive
    
    
    306,147
    
    
    
    3,156,970
    
    
    
    3,463,117
    
    
    
    285,969
    
    
    1999
    
    40 yrs.2416 Lake Orange Drive
    
    
    704,800
    
    
    
    2,927,530
    
    
    
    3,632,330
    
    
    
    312,807
    
    
    2002
    
    40 yrs.16605 Air Center Boulevard
    
    
    496,186
    
    
    
    3,573,128
    
    
    
    4,069,314
    
    
    
    310,357
    
    
    2002
    
    40 yrs.10771 Palm Bay Drive
    
    
    685,383
    
    
    
    2,342,035
    
    
    
    3,027,419
    
    
    
    223,856
    
    
    2001
    
    40 yrs.10739 West Little York Road
    
    
    799,560
    
    
    
    5,959,040
    
    
    
    6,758,600
    
    
    
    186,220
    
    
    1999
    
    40 yrs.10735 West Little York Road
    
    
    1,135,483
    
    
    
    7,583,608
    
    
    
    8,719,090
    
    
    
    51,459
    
    
    2000
    
    40 yrs.8801-19 & 8821-49 Fallbrook Drive
    
    
    2,290,002
    
    
    
    16,724,948
    
    
    
    19,014,950
    
    
    
    256,689
    
    
    2000
    
    40 yrs.10003 Satellite Boulevard
    
    
    680,312
    
    
    
    2,710,701
    
    
    
    3,391,012
    
    
    
    
    
    
    2003
    
    40 yrs.1090 Gills Drive
    
    
    878,320
    
    
    
    3,833,548
    
    
    
    4,711,868
    
    
    
    
    
    
    2003
    
    40 yrs.5501-5519 Pioneer Park Boulevard
    
    
    262,416
    
    
    
    1,734,937
    
    
    
    1,997,353
    
    
    
    444,540
    
    
    1981
    
    40 yrs.5690-5694 Crenshaw Street
    
    
    181,923
    
    
    
    2,064,889
    
    
    
    2,246,812
    
    
    
    447,241
    
    
    1979
    
    40 yrs.3102, 3104, 3110 Cherry Palm Drive
    
    
    503,767
    
    
    
    3,319,860
    
    
    
    3,823,627
    
    
    
    776,240
    
    
    1986
    
    40 yrs.7020 AC Skinner Parkway
    
    
    749,811
    
    
    
    2,231,678
    
    
    
    2,981,489
    
    
    
    623,718
    
    
    1996
    
    40 yrs.7022 AC Skinner Parkway
    
    
    853,981
    
    
    
    3,097,033
    
    
    
    3,951,014
    
    
    
    942,442
    
    
    1996
    
    40 yrs.8401-8408 Benjamin Road
    
    
    789,651
    
    
    
    6,064,577
    
    
    
    6,854,229
    
    
    
    1,316,828
    
    
    1986
    
    40 yrs.3501 Riga Boulevard
    
    
    617,289
    
    
    
    3,399,707
    
    
    
    4,016,996
    
    
    
    618,736
    
    
    1987
    
    40 yrs.111 Kelsey Lane
    
    
    359,540
    
    
    
    1,989,816
    
    
    
    2,349,356
    
    
    
    449,913
    
    
    1990
    
    40 yrs.7930, 8010-20 Woodland Center Boulevard
    
    
    1,408,478
    
    
    
    5,657,999
    
    
    
    7,066,476
    
    
    
    1,041,155
    
    
    1990
    
    40 yrs.7920 Woodland Center Boulevard
    
    
    1,082,648
    
    
    
    2,561,049
    
    
    
    3,643,697
    
    
    
    416,050
    
    
    1997
    
    40 yrs.8154-8198 Woodland Center Boulevard
    
    
    399,088
    
    
    
    3,056,976
    
    
    
    3,456,065
    
    
    
    556,137
    
    
    1988
    
    40 yrs.8112-42 Woodland Center Boulevard
    
    
    513,263
    
    
    
    3,341,811
    
    
    
    3,855,073
    
    
    
    557,452
    
    
    1995
    
    40 yrs.8212 Woodland Center Boulevard
    
    
    820,882
    
    
    
    2,336,931
    
    
    
    3,157,813
    
    
    
    388,565
    
    
    1996
    
    40 yrs.131 Kelsey Lane
    
    
    559,527
    
    
    
    4,407,226
    
    
    
    4,966,753
    
    
    
    1,088,149
    
    
    1985
    
    40 yrs.1701 Clint Moore Boulevard
    
    
    1,430,937
    
    
    
    3,328,033
    
    
    
    4,758,969
    
    
    
    502,756
    
    
    1985
    
    40 yrs.7724 Woodland Center Boulevard
    
    
    235,894
    
    
    
    2,099,211
    
    
    
    2,335,105
    
    
    
    409,621
    
    
    1998
    
    40 yrs.7802-50 Woodland Center Boulevard
    
    
    506,949
    
    
    
    2,566,198
    
    
    
    3,073,147
    
    
    
    661,513
    
    
    1999
    
    40 yrs.7852-98 Woodland Center Boulevard
    
    
    506,949
    
    
    
    2,369,285
    
    
    
    2,876,233
    
    
    
    656,169
    
    
    1999
    
    40 yrs.5410 - 5430 Northwest 33rd Avenue
    
    
    625,111
    
    
    
    4,782,236
    
    
    
    5,407,346
    
    
    
    766,044
    
    
    1985
    
    40 yrs.6500 NW 12th Avenue
    
    
    
    
    
    
    3,238,890
    
    
    
    3,238,890
    
    
    
    503,378
    
    
    1989
    
    40 yrs.6600 NW 12th Avenue
    
    
    
    
    
    
    3,397,862
    
    
    
    3,397,862
    
    
    
    565,924
    
    
    1989
    
    40 yrs.1500 SW 5th Court
    
    
    972,232
    
    
    
    3,988,731
    
    
    
    4,960,963
    
    
    
    615,273
    
    
    1957
    
    40 yrs.1651 SW 5th Court
    
    
    203,247
    
    
    
    906,877
    
    
    
    1,110,124
    
    
    
    140,996
    
    
    1990
    
    40 yrs.1601 SW 5th Court
    
    
    203,247
    
    
    
    1,041,590
    
    
    
    1,244,837
    
    
    
    130,128
    
    
    1990
    
    40 yrs.1501 SW 5th Court
    
    
    203,247
    
    
    
    839,431
    
    
    
    1,042,679
    
    
    
    137,982
    
    
    1990
    
    40 yrs.1400 SW 6th Court
    
    
    1,157,049
    
    
    
    4,808,417
    
    
    
    5,965,466
    
    
    
    770,312
    
    
    1986
    
    40 yrs.1405 SW 6th Court
    
    
    392,138
    
    
    
    1,608,866
    
    
    
    2,001,004
    
    
    
    250,669
    
    
    1985
    
    40 yrs.595 SW 13th Terrace
    
    
    359,933
    
    
    
    1,506,372
    
    
    
    1,866,305
    
    
    
    220,324
    
    
    1984
    
    40 yrs.601 SW 13th Terrace
    
    
    164,413
    
    
    
    680,559
    
    
    
    844,971
    
    
    
    100,161
    
    
    1984
    
    40 yrs.605 SW 16th Terrace
    
    
    310,178
    
    
    
    1,268,595
    
    
    
    1,578,773
    
    
    
    185,219
    
    
    1965
    
    40 yrs.8921 Brittany Way
    
    
    254,493
    
    
    
    1,892,134
    
    
    
    2,146,627
    
    
    
    274,814
    
    
    1998
    
    40 yrs.951 Broken Sound Parkway
    
    
    1,426,251
    
    
    
    6,777,931
    
    
    
    8,204,182
    
    
    
    1,137,975
    
    
    1986
    
    40 yrs.3400 Lakeside Drive
    
    
    2,022,153
    
    
    
    12,360,482
    
    
    
    14,382,635
    
    
    
    1,942,087
    
    
    1990
    
    40 yrs.3450 Lakeside Drive
    
    
    2,022,152
    
    
    
    12,326,999
    
    
    
    14,349,151
    
    
    
    2,007,646
    
    
    1990
    
    40 yrs.3350 SW 148th Avenue
    
    
    2,980,689
    
    
    
    17,876,567
    
    
    
    20,857,257
    
    
    
    2,514,112
    
    
    2000
    
    40 yrs.


59



---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES5250 Eagle Trail Drive
    
    Tampa, FL
    
    
    
    
    
    
    952,860
    
    
    
    
    
    
    
    3,457,91713650 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    558,223
    
    
    
    2,171,930
    
    
    
    306,42913630 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    659,797
    
    
    
    2,596,275
    
    
    
    351,353777 Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    4,101,247
    
    
    
    16,077,347
    
    
    
    4,191,2347725 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    553,335
    
    
    
    
    
    
    
    3,226,8601801 Clint Moore Road
    
    Boca Raton, FL
    
    
    
    
    
    
    1,065,068
    
    
    
    4,481,644
    
    
    
    395,0808001 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    350,406
    
    
    
    
    
    
    
    2,247,9464630 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    943,169
    
    
    
    
    
    
    
    12,427,823701-725 South US Hwy 301
    
    Tampa, FL
    
    
    
    
    
    
    419,683
    
    
    
    
    
    
    
    3,642,4134502 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,005,9009001-9015 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    209,841
    
    
    
    
    
    
    
    1,577,7614508 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    498,598
    
    
    
    
    
    
    
    3,057,7527622 Bald Cypress Place
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,305,584901-933 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    500,391
    
    
    
    
    
    
    
    4,012,5014503 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,454,3284505 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,891,0794511 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,753,4677621 Bald Cypress Place
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,482,6832 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    785,565
    
    
    
    
    
    
    
    4,963,53750 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    1,215,608
    
    
    
    
    
    
    
    12,751,72410 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    983,547
    
    
    
    
    
    
    
    6,238,62130 Tower View
    
    West Malling, UK
    
    
    
    
    
    
    1,657,321
    
    
    
    
    
    
    
    14,523,97435 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    812,193
    
    
    
    
    
    
    
    3,369,62339 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    494,508
    
    
    
    
    
    
    
    3,857,7664 Abbey Wood Road
    
    West Malling, UK
    
    
    8,604,466
    
    
    
    
    
    
    
    
    
    
    
    8,596,31018 Kings Hill Avenue
    
    West Malling, UK
    
    
    12,751,326
    
    
    
    829,785
    
    
    
    
    
    
    
    6,978,28930 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,362,491Uxbridge Town Center
    
    London, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    36,500,40511 Tower View
    
    West Malling, UK
    
    
    *
    
    
    
    2,338,963
    
    
    
    7,608,910
    
    
    
    1,209,79117 Kings Hill Avenue
    
    West Malling, UK
    
    
    *
    
    
    
    936,996
    
    
    
    5,276,691
    
    
    
    647,9981 Tower View
    
    West Malling, UK
    
    
    *
    
    
    
    1,790,921
    
    
    
    7,080,179
    
    
    
    926,95132 Tower View
    
    West Malling, UK
    
    
    5,736,311
    
    
    
    1,913,208
    
    
    
    5,444,441
    
    
    
    770,52634 Tower View
    
    West Malling, UK
    
    
    
    
    
    
    1,149,875
    
    
    
    2,998,265
    
    
    
    434,6986 Alexander Grove
    
    West Malling, UK
    
    
    
    
    
    
    1,452,474
    
    
    
    2,725,759
    
    
    
    439,034Subtotal Operating Real Estate
    
    
    
    $
    130,844,003
    
    
    $
    500,233,022
    
    
    $
    1,541,870,674
    
    
    $
    1,885,837,038






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES5250 Eagle Trail Drive
    
    
    952,860
    
    
    
    3,457,917
    
    
    
    4,410,777
    
    
    
    454,611
    
    
    1998
    
    40 yrs.13650 NW 8th Street
    
    
    558,251
    
    
    
    2,478,330
    
    
    
    3,036,581
    
    
    
    370,618
    
    
    1991
    
    40 yrs.13630 NW 8th Street
    
    
    659,825
    
    
    
    2,947,599
    
    
    
    3,607,424
    
    
    
    443,501
    
    
    1991
    
    40 yrs.777 Yamato Road
    
    
    4,501,247
    
    
    
    19,868,581
    
    
    
    24,369,828
    
    
    
    2,808,238
    
    
    1987
    
    40 yrs.7725 Woodland Center Boulevard
    
    
    771,501
    
    
    
    3,008,694
    
    
    
    3,780,195
    
    
    
    353,628
    
    
    1999
    
    40 yrs.1801 Clint Moore Road
    
    
    1,065,068
    
    
    
    4,876,725
    
    
    
    5,941,793
    
    
    
    746,208
    
    
    1986
    
    40 yrs.8001 Woodland Center Boulevard
    
    
    438,061
    
    
    
    2,160,292
    
    
    
    2,598,353
    
    
    
    273,913
    
    
    1999
    
    40 yrs.4630 Woodland Corporate Boulevard
    
    
    1,560,099
    
    
    
    11,810,893
    
    
    
    13,370,992
    
    
    
    1,323,462
    
    
    2000
    
    40 yrs.701-725 South US Hwy 301
    
    
    661,680
    
    
    
    3,400,416
    
    
    
    4,062,096
    
    
    
    590,289
    
    
    2000
    
    40 yrs.4502 Woodland Corporate Boulevard
    
    
    1,071,535
    
    
    
    2,934,365
    
    
    
    4,005,900
    
    
    
    308,188
    
    
    1999
    
    40 yrs.9001-9015 Brittany Way
    
    
    364,514
    
    
    
    1,423,089
    
    
    
    1,787,603
    
    
    
    188,759
    
    
    2000
    
    40 yrs.4508 Woodland Corporate Boulevard
    
    
    556,887
    
    
    
    2,999,463
    
    
    
    3,556,350
    
    
    
    296,077
    
    
    2000
    
    40 yrs.7622 Bald Cypress Place
    
    
    300,000
    
    
    
    1,005,584
    
    
    
    1,305,584
    
    
    
    90,808
    
    
    2000
    
    40 yrs.901-933 US Highway 301 South
    
    
    840,314
    
    
    
    3,672,579
    
    
    
    4,512,893
    
    
    
    428,451
    
    
    2001
    
    40 yrs.4503 Woodland Corporate Boulevard
    
    
    619,913
    
    
    
    2,834,415
    
    
    
    3,454,328
    
    
    
    125,591
    
    
    2002
    
    40 yrs.4505 Woodland Corporate Boulevard
    
    
    716,594
    
    
    
    2,174,485
    
    
    
    2,891,079
    
    
    
    179,291
    
    
    2002
    
    40 yrs.4511 Woodland Corporate Boulevard
    
    
    686,594
    
    
    
    2,066,873
    
    
    
    2,753,467
    
    
    
    150,267
    
    
    2002
    
    40 yrs.7621 Bald Cypress Place
    
    
    447,498
    
    
    
    1,035,185
    
    
    
    1,482,683
    
    
    
    26,448
    
    
    2001
    
    40 yrs.2 Kings Hill Avenue
    
    
    914,312
    
    
    
    4,834,790
    
    
    
    5,749,102
    
    
    
    954,687
    
    
    1996
    
    40 yrs.50 Kings Hill Avenue
    
    
    2,062,237
    
    
    
    11,905,094
    
    
    
    13,967,332
    
    
    
    2,210,123
    
    
    1996
    
    40 yrs.10 Kings Hill Avenue
    
    
    1,068,178
    
    
    
    6,153,990
    
    
    
    7,222,168
    
    
    
    1,033,919
    
    
    1998
    
    40 yrs.30 Tower View
    
    
    2,580,076
    
    
    
    13,601,219
    
    
    
    16,181,295
    
    
    
    1,570,555
    
    
    1999
    
    40 yrs.35 Kings Hill Avenue
    
    
    884,294
    
    
    
    3,297,522
    
    
    
    4,181,816
    
    
    
    435,533
    
    
    1999
    
    40 yrs.39 Kings Hill Avenue
    
    
    857,015
    
    
    
    3,495,259
    
    
    
    4,352,274
    
    
    
    451,857
    
    
    1999
    
    40 yrs.4 Abbey Wood Road
    
    
    2,339,497
    
    
    
    6,256,813
    
    
    
    8,596,310
    
    
    
    515,986
    
    
    2001
    
    40 yrs.18 Kings Hill Avenue
    
    
    2,406,982
    
    
    
    5,401,092
    
    
    
    7,808,074
    
    
    
    786,238
    
    
    1999
    
    40 yrs.30 Kings Hill Avenue
    
    
    3,279,601
    
    
    
    6,082,890
    
    
    
    9,362,491
    
    
    
    206,510
    
    
    2002
    
    40 yrs.Uxbridge Town Center
    
    
    10,378,457
    
    
    
    26,121,948
    
    
    
    36,500,405
    
    
    
    213,532
    
    
    2001
    
    40 yrs.11 Tower View
    
    
    2,550,862
    
    
    
    8,606,802
    
    
    
    11,157,664
    
    
    
    103,762
    
    
    2003
    
    40 yrs.17 Kings Hill Avenue
    
    
    1,037,907
    
    
    
    5,823,778
    
    
    
    6,861,685
    
    
    
    70,034
    
    
    2003
    
    40 yrs.1 Tower View
    
    
    1,983,798
    
    
    
    7,814,253
    
    
    
    9,798,051
    
    
    
    93,971
    
    
    2003
    
    40 yrs.32 Tower View
    
    
    2,119,254
    
    
    
    6,008,921
    
    
    
    8,128,175
    
    
    
    72,261
    
    
    2003
    
    40 yrs.34 Tower View
    
    
    1,273,713
    
    
    
    3,309,125
    
    
    
    4,582,838
    
    
    
    39,794
    
    
    2003
    
    40 yrs.6 Alexander Grove
    
    
    1,608,901
    
    
    
    3,008,366
    
    
    
    4,617,267
    
    
    
    36,177
    
    
    2003
    
    40 yrs.Subtotal Operating Real Estate
    
    $
    564,332,743
    
    
    $
    3,363,607,991
    
    
    $
    3,927,940,734
    
    
    $
    586,736,271


60



---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionDEVELOPMENT IN PROGRESS335 Commerce Drive
    
    Horsham, PA
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    2,848,7914751 League Island Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    992,965
    
    
    
    331,924
    
    
    
    5,875,908Quarry Ridge
    
    Malvern, PA
    
    
    
    
    
    
    5,405,041
    
    
    
    
    
    
    
    946,2003001 Leadenhall Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    1,925,719
    
    
    
    191,390
    
    
    
    272,2058855 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,400,925
    
    
    
    
    
    
    
    1,742,270650 Boulder Drive Expansion
    
    Allentown, PA
    
    
    
    
    
    
    2,861,715
    
    
    
    
    
    
    
    2,468,71311100 West Liberty Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    1,800,000
    
    
    
    
    
    
    
    5,580,707400 Boulder Drive
    
    Breinigsville, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,068,7516250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,490,5624015 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    510,000
    
    
    
    
    
    
    
    881,172Independence Lot 6
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    778,6404300 Federal Drive Expansion
    
    Greensboro, NC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    21,267200 W Cypress Creek Road
    
    Ft Lauderdale, FL
    
    
    
    
    
    
    3,414,989
    
    
    
    2,399,738
    
    
    
    416,4064520 Seedling Circle
    
    Tampa, FL
    
    
    
    
    
    
    854,797
    
    
    
    42,131
    
    
    
    946,629Liberty Square
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,441,000Subtotal Development in Progress
    
    
    
    $
    
    
    
    $
    20,124,257
    
    
    $
    2,965,183
    
    
    $
    33,779,221






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)DEVELOPMENT IN PROGRESS335 Commerce Drive
    
    $
    182,010
    
    
    $
    2,666,781
    
    
    $
    2,848,791
    
    
    $
    
    
    
    2002
    
    N/A4751 League Island Boulevard
    
    
    1,033,798
    
    
    
    6,167,000
    
    
    
    7,200,798
    
    
    
    
    
    
    2003
    
    N/AQuarry Ridge
    
    
    5,405,041
    
    
    
    946,200
    
    
    
    6,351,241
    
    
    
    
    
    
    2003
    
    N/A3001 Leadenhall Road
    
    
    1,936,289
    
    
    
    453,025
    
    
    
    2,389,314
    
    
    
    
    
    
    2003
    
    N/A8855 Columbine Road
    
    
    2,504,591
    
    
    
    638,604
    
    
    
    3,143,195
    
    
    
    
    
    
    2000
    
    N/A650 Boulder Drive Expansion
    
    
    4,719,311
    
    
    
    611,117
    
    
    
    5,330,427
    
    
    
    
    
    
    2001
    
    N/A11100 West Liberty Drive
    
    
    1,800,000
    
    
    
    5,580,707
    
    
    
    7,380,707
    
    
    
    
    
    
    2003
    
    N/A400 Boulder Drive
    
    
    2,864,487
    
    
    
    1,204,264
    
    
    
    4,068,751
    
    
    
    
    
    
    2003
    
    N/A6250 Old Dobbin Lane
    
    
    1,599,259
    
    
    
    2,849,408
    
    
    
    4,448,667
    
    
    
    
    
    
    2000
    
    N/A4015 Meeting Way
    
    
    511,869
    
    
    
    879,303
    
    
    
    1,391,172
    
    
    
    
    
    
    2003
    
    N/AIndependence Lot 6
    
    
    545,698
    
    
    
    232,943
    
    
    
    778,641
    
    
    
    
    
    
    2003
    
    N/A4300 Federal Drive Expansion
    
    
    
    
    
    
    21,267
    
    
    
    21,267
    
    
    
    
    
    
    2003
    
    N/A200 W Cypress Creek Road
    
    
    3,414,989
    
    
    
    2,816,145
    
    
    
    6,231,133
    
    
    
    
    
    
    2003
    
    N/A4520 Seedling Circle
    
    
    854,797
    
    
    
    988,760
    
    
    
    1,843,557
    
    
    
    
    
    
    2003
    
    N/ALiberty Square
    
    
    
    
    
    
    3,441,000
    
    
    
    3,441,000
    
    
    
    
    
    
    2003
    
    N/ASubtotal Development in Progress
    
    $
    27,372,139
    
    
    $
    29,496,523
    
    
    $
    56,868,661
    
    
    $
    


61



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##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionLAND HELD FOR DEVELOPMENTCommodore Business Park
    
    Logan, NJ
    
    $
    
    
    
    $
    1,756,748
    
    
    $
    
    
    
    $
    (229,930
    )Northsight Land
    
    Scottsdale, AZ
    
    
    
    
    
    
    10,518,912
    
    
    
    
    
    
    
    804,5241710 Arch Street
    
    Philadelphia, PA
    
    
    
    
    
    
    7,847,607
    
    
    
    
    
    
    
    13,681,7941722 Arch Street
    
    Philadelphia, PA
    
    
    
    
    
    
    290,475
    
    
    
    
    
    
    
    106,821JFK & Arch Parking Lots
    
    Philadelphia, PA
    
    
    
    
    
    
    18,992,179
    
    
    
    
    
    
    
    521,452300 Fellowship Road Land
    
    Mt Laurel, NJ
    
    
    
    
    
    
    1,512,120
    
    
    
    
    
    
    
    119,613Quarry Ridge Land
    
    Malvern, PA
    
    
    
    
    
    
    8,398,708
    
    
    
    
    
    
    
    1,571,185Dresher Road-PECO Lot II
    
    Horsham, PA
    
    
    
    
    
    
    357,565
    
    
    
    
    
    
    
    168,286Lehigh Valley Corporate Center Land
    
    Bethlehem, PA
    
    
    
    
    
    
    309,058
    
    
    
    
    
    
    
    (42,339
    )Lake Smetana Business Park
    
    Eden Prairie, MN
    
    
    
    
    
    
    4,500,641
    
    
    
    
    
    
    
    (2,313,008
    )LVCC Phase 2 Land
    
    Bethlehem, PA
    
    
    100,000
    
    
    
    3,741,506
    
    
    
    
    
    
    
    3,763,717Romulus Land
    
    Romulus, MI
    
    
    
    
    
    
    788,338
    
    
    
    
    
    
    
    495,409Big Beaver Airport Land
    
    Troy, MI
    
    
    
    
    
    
    6,604,631
    
    
    
    
    
    
    
    (2,275,271
    )Park Place South Land
    
    Milwaukee, WI
    
    
    
    
    
    
    2,362,904
    
    
    
    
    
    
    
    1,917,1756505 Cogswell Road
    
    Romulus, MI
    
    
    
    
    
    
    594,523
    
    
    
    
    
    
    
    3,432,5505705 Old Shakopee Road W. Land
    
    Bloomington, MN
    
    
    
    
    
    
    2,113,223
    
    
    
    
    
    
    
    50,087West Ridge Corporate Center Land
    
    Aurora, IL
    
    
    
    
    
    
    826,547
    
    
    
    
    
    
    
    3,578,797Stabler Land  Lot 12
    
    Upper Saucon, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,081,184Fairgrounds Distribution Ctr Land
    
    Richmond, VA
    
    
    
    
    
    
    100,000
    
    
    
    
    
    
    
    (87,019
    )Mendenhall Business Park I
    
    High Point, NC
    
    
    
    
    
    
    1,910,135
    
    
    
    
    
    
    
    4,614,115Rivers Bend Business Park
    
    Chesterfield, VA
    
    
    
    
    
    
    1,695,415
    
    
    
    
    
    
    
    3,537,678Woodlands Center Land
    
    Sandston, VA
    
    
    
    
    
    
    928,555
    
    
    
    
    
    
    
    770,362501 H P Way
    
    Chesterfield, VA
    
    
    
    
    
    
    165,042
    
    
    
    
    
    
    
    484,965Independence Pointe Land
    
    Greenville, SC
    
    
    
    
    
    
    1,304,084
    
    
    
    
    
    
    
    2,040,441Eastport VII
    
    Richmond, VA
    
    
    
    
    
    
    787,091
    
    
    
    
    
    
    
    843,167Eastport VIII
    
    Richmond, VA
    
    
    
    
    
    
    379,836
    
    
    
    
    
    
    
    6,187Eastport IX
    
    Richmond, VA
    
    
    
    
    
    
    209,856
    
    
    
    
    
    
    
    5,096Southchase Business Park Land
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,574,833Woodfield Land
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    869,141Eagle Hill Business Park Land
    
    High Point, NC
    
    
    
    
    
    
    201,860
    
    
    
    
    
    
    
    854,252Columbia Crossing Land
    
    Columbis, MD
    
    
    
    
    
    
    3,865,848
    
    
    
    
    
    
    
    2,910,705Volvo Center Land
    
    Hampton, VA
    
    
    
    
    
    
    1,650,423
    
    
    
    
    
    
    
    461,317Lakefront Plaza II Land
    
    Hampton, VA
    
    
    121,330
    
    
    
    132,785
    
    
    
    
    
    
    
    68,022Hunt Valley Land
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,166,068
    
    
    
    
    
    
    
    518,4621910 Westerre Land
    
    Richmond, VA
    
    
    
    
    
    
    1,117,293
    
    
    
    
    
    
    
    72,193Brookfield South Land
    
    Mauldin, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    924,832Wythe-Will Land
    
    Williamsburg, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    321,0807024 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    468,643
    
    
    
    
    
    
    
    356,309Silo Bend Land
    
    Tampa, FL
    
    
    
    
    
    
    2,759,980
    
    
    
    
    
    
    
    1,719,772Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    468,643
    
    
    
    
    
    
    
    109,850Butler Plaza Land
    
    Jacksonville, FL
    
    
    
    
    
    
    1,303,792
    
    
    
    
    
    
    
    1,714,406South Center Land
    
    Orlando, FL
    
    
    
    
    
    
    479,859
    
    
    
    
    
    
    
    3,093,715Orlando Corporate Center Land
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    (87,607
    )Salisbury Road Land
    
    Jacksonville, FL
    
    
    
    
    
    
    880,828
    
    
    
    
    
    
    
    689,729Central Green Land
    
    Houston, TX
    
    
    
    
    
    
    1,095,592
    
    
    
    
    
    
    
    844,746Liberty Business Park Land
    
    Jacksonville, FL
    
    
    
    
    
    
    448,097
    
    
    
    
    
    
    
    90,019Woodland Corporate Center Land
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,028,415Boca Colannade Land
    
    Boca Raton, FL
    
    
    
    
    
    
    3,649,792
    
    
    
    
    
    
    
    1,103,7196119 W. Linebaugh Avenue
    
    Tampa, FL
    
    
    
    
    
    
    175,886
    
    
    
    
    
    
    
    22,320Rouse Kent Limited
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,810,942Subtotal Land Held for Development
    
    
    
    $
    221,330
    
    
    $
    100,764,791
    
    
    $
    
    
    
    $
    61,718,210Total All Properties
    
    
    
    $
    131,065,333
    
    
    $
    621,122,070
    
    
    $
    1,544,835,857
    
    
    $
    1,981,334,469






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)LAND HELD FOR DEVELOPMENTCommodore Business Park
    
    $
    1,526,818
    
    
    $
    
    
    
    $
    1,526,818
    
    
    $
    
    
    
    1995
    
    N/ANorthsight Land
    
    
    11,323,436
    
    
    
    
    
    
    
    11,323,436
    
    
    
    
    
    
    2000
    
    N/A1710 Arch Street
    
    
    21,529,401
    
    
    
    
    
    
    
    21,529,401
    
    
    
    
    
    
    2000
    
    N/A1722 Arch Street
    
    
    397,295
    
    
    
    
    
    
    
    397,295
    
    
    
    
    
    
    2000
    
    N/AJFK & Arch Parking Lots
    
    
    19,513,631
    
    
    
    
    
    
    
    19,513,631
    
    
    
    
    
    
    2000
    
    N/A300 Fellowship Road Land
    
    
    1,631,733
    
    
    
    
    
    
    
    1,631,733
    
    
    
    
    
    
    2001
    
    N/AQuarry Ridge Land
    
    
    9,969,893
    
    
    
    
    
    
    
    9,969,893
    
    
    
    
    
    
    2001
    
    N/ADresher Road-PECO Lot II
    
    
    525,851
    
    
    
    
    
    
    
    525,851
    
    
    
    
    
    
    2002
    
    N/ALehigh Valley Corporate Center Land
    
    
    4,271,205
    
    
    
    (4,004,486
    )
    
    
    266,719
    
    
    
    
    
    
    1987
    
    N/ALake Smetana Business Park
    
    
    4,457,185
    
    
    
    (2,269,552
    )
    
    
    2,187,633
    
    
    
    
    
    
    1998
    
    N/ALVCC Phase 2 Land
    
    
    7,505,223
    
    
    
    
    
    
    
    7,505,223
    
    
    
    
    
    
    1998
    
    N/ARomulus Land
    
    
    1,283,747
    
    
    
    
    
    
    
    1,283,747
    
    
    
    
    
    
    1998
    
    N/ABig Beaver Airport Land
    
    
    6,140,767
    
    
    
    (1,811,407
    )
    
    
    4,329,360
    
    
    
    
    
    
    1999
    
    N/APark Place South Land
    
    
    4,280,079
    
    
    
    
    
    
    
    4,280,079
    
    
    
    
    
    
    1999
    
    N/A6505 Cogswell Road
    
    
    755,312
    
    
    
    3,271,762
    
    
    
    4,027,074
    
    
    
    
    
    
    2000
    
    N/A5705 Old Shakopee Road W. Land
    
    
    2,163,310
    
    
    
    
    
    
    
    2,163,310
    
    
    
    
    
    
    2001
    
    N/AWest Ridge Corporate Center Land
    
    
    4,405,344
    
    
    
    
    
    
    
    4,405,344
    
    
    
    
    
    
    2003
    
    N/AStabler Land  Lot 12
    
    
    1,081,184
    
    
    
    
    
    
    
    1,081,184
    
    
    
    
    
    
    2003
    
    N/AFairgrounds Distribution Ctr Land
    
    
    12,981
    
    
    
    
    
    
    
    12,981
    
    
    
    
    
    
    1995
    
    N/AMendenhall Business Park I
    
    
    6,524,251
    
    
    
    
    
    
    
    6,524,251
    
    
    
    
    
    
    1995
    
    N/ARivers Bend Business Park
    
    
    (1,076,679
    )
    
    
    6,309,772
    
    
    
    5,233,093
    
    
    
    
    
    
    1995
    
    N/AWoodlands Center Land
    
    
    1,698,918
    
    
    
    
    
    
    
    1,698,918
    
    
    
    
    
    
    1996
    
    N/A501 H P Way
    
    
    650,007
    
    
    
    
    
    
    
    650,007
    
    
    
    
    
    
    1996
    
    N/AIndependence Pointe Land
    
    
    3,344,525
    
    
    
    
    
    
    
    3,344,525
    
    
    
    
    
    
    1997
    
    N/AEastport VII
    
    
    1,630,258
    
    
    
    
    
    
    
    1,630,258
    
    
    
    
    
    
    1997
    
    N/AEastport VIII
    
    
    386,023
    
    
    
    
    
    
    
    386,023
    
    
    
    
    
    
    1997
    
    N/AEastport IX
    
    
    214,952
    
    
    
    
    
    
    
    214,952
    
    
    
    
    
    
    1997
    
    N/ASouthchase Business Park Land
    
    
    1,574,833
    
    
    
    
    
    
    
    1,574,833
    
    
    
    
    
    
    1998
    
    N/AWoodfield Land
    
    
    869,141
    
    
    
    
    
    
    
    869,141
    
    
    
    
    
    
    1998
    
    N/AEagle Hill Business Park Land
    
    
    1,056,112
    
    
    
    
    
    
    
    1,056,112
    
    
    
    
    
    
    1999
    
    N/AColumbia Crossing Land
    
    
    6,776,553
    
    
    
    
    
    
    
    6,776,553
    
    
    
    
    
    
    2000
    
    N/AVolvo Center Land
    
    
    2,111,740
    
    
    
    
    
    
    
    2,111,740
    
    
    
    
    
    
    2000
    
    N/ALakefront Plaza II Land
    
    
    200,807
    
    
    
    
    
    
    
    200,807
    
    
    
    
    
    
    2001
    
    N/AHunt Valley Land
    
    
    2,684,530
    
    
    
    
    
    
    
    2,684,530
    
    
    
    
    
    
    2001
    
    N/A1910 Westerre Land
    
    
    1,189,486
    
    
    
    
    
    
    
    1,189,486
    
    
    
    
    
    
    2003
    
    N/ABrookfield South Land
    
    
    924,831
    
    
    
    
    
    
    
    924,831
    
    
    
    
    
    
    2003
    
    N/AWythe-Will Land
    
    
    267,680
    
    
    
    53,400
    
    
    
    321,080
    
    
    
    
    
    
    2003
    
    N/A7024 AC Skinner Parkway
    
    
    824,952
    
    
    
    
    
    
    
    824,952
    
    
    
    
    
    
    1995
    
    N/ASilo Bend Land
    
    
    4,479,752
    
    
    
    
    
    
    
    4,479,752
    
    
    
    
    
    
    1996
    
    N/ABelfort Road
    
    
    578,493
    
    
    
    
    
    
    
    578,493
    
    
    
    
    
    
    1998
    
    N/AButler Plaza Land
    
    
    3,018,198
    
    
    
    
    
    
    
    3,018,198
    
    
    
    
    
    
    1998
    
    N/ASouth Center Land
    
    
    3,573,574
    
    
    
    
    
    
    
    3,573,574
    
    
    
    
    
    
    1999
    
    N/AOrlando Corporate Center Land
    
    
    816,094
    
    
    
    
    
    
    
    816,094
    
    
    
    
    
    
    2000
    
    N/ASalisbury Road Land
    
    
    1,570,557
    
    
    
    
    
    
    
    1,570,557
    
    
    
    
    
    
    2000
    
    N/ACentral Green Land
    
    
    1,940,339
    
    
    
    
    
    
    
    1,940,339
    
    
    
    
    
    
    2001
    
    N/ALiberty Business Park Land
    
    
    538,116
    
    
    
    
    
    
    
    538,116
    
    
    
    
    
    
    1995
    
    N/AWoodland Corporate Center Land
    
    
    2,028,415
    
    
    
    
    
    
    
    2,028,415
    
    
    
    
    
    
    1998
    
    N/ABoca Colannade Land
    
    
    4,753,511
    
    
    
    
    
    
    
    4,753,511
    
    
    
    
    
    
    1998
    
    N/A6119 W. Linebaugh Avenue
    
    
    198,205
    
    
    
    
    
    
    
    198,205
    
    
    
    
    
    
    2000
    
    N/ARouse Kent Limited
    
    
    2,810,942
    
    
    
    
    
    
    
    2,810,942
    
    
    
    
    
    
    2003
    
    N/ASubtotal Land Held for Development
    
    $
    160,933,513
    
    
    $
    1,549,488
    
    
    $
    162,483,001
    
    
    $
    Total All Properties
    
    $
    752,638,394
    
    
    $
    3,394,654,002
    
    
    $
    4,147,292,396
    
    
    $
    586,736,271




|* |  | Denotes property is collateralized under mortgages with Nationwide, Principal Mutual, American General, New York Life, Manufacturers Life, USG Annuity and Life and Jackson National Life totalling $264.2 million.
|- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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SCHEDULE III

LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
(In thousands)

A summary of activity for real estate and accumulated depreciation is as
follows:

FOR THE YEARS ENDEDDECEMBER 31,2003
    
    
    2002
    
    
    2001REAL ESTATE:Balance at beginning of year
    
    $
    3,880,005
    
    
    $
    3,642,592
    
    
    $
    3,543,301Additions
    
    
    308,095
    
    
    
    309,602
    
    
    
    377,237Disposition of property
    
    
    (40,808
    )
    
    
    (72,189
    )
    
    
    (277,946
    )Balance at end of year
    
    $
    4,147,292
    
    
    $
    3,880,005
    
    
    $
    3,642,592ACCUMULATED DEPRECIATION:Balance at beginning of year
    
    $
    485,206
    
    
    $
    395,065
    
    
    $
    334,415Depreciation expense
    
    
    105,589
    
    
    
    93,134
    
    
    
    88,193Disposition of property
    
    
    (4,059
    )
    
    
    (2,993
    )
    
    
    (27,543
    )Balance at end of year
    
    $
    586,736
    
    
    $
    485,206
    
    
    $
    395,065


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##### Table of Contents



REPORT OF INDEPENDENT AUDITORS

To The Partners
Liberty Property Limited Partnership

We have audited the accompanying consolidated balance sheets of Liberty
Property Limited Partnership (the Operating Partnership) as of December 31,
2003 and 2002, and the related consolidated statements of operations, owners
equity, and cash flows for each of the three years in the period ended December
31, 2003. Our audits also included the financial statement schedule listed in
the Index at Item 15. These financial statements and schedule are the
responsibility of the Operating Partnerships management. Our responsibility
is to express an opinion on these statements and schedule based on our audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the consolidated financial position of
Liberty Property Limited Partnership at December 31, 2003 and 2002, and the
consolidated results of its operations and its cash flows for each of the three
years in the period ended December 31, 2003 in conformity with accounting
principles generally accepted in the United States. Also, in our opinion, the
related financial statement schedule, when considered in relation to the basic
financial statements taken as a whole, presents fairly in all material respects
the information set forth therein.

As discussed in Note 2, in 2003, the Operating Partnership changed its
accounting for employee compensation and adopted the provisions of EITF Topic
D-42  The Effect on the Calculation of Earnings per Share for the Redemption
or Induced Conversion of Preferred Stock. As discussed in Note 12, in 2002 the
Operating Partnership adopted the provisions of Statement of Financial
Accounting Standards No. 144  Accounting for the Impairment or Disposal of
Long-Lived Assets.

Philadelphia, Pennsylvania
    
    /s/ Ernst & Young LLPFebruary 6, 2004


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CONSOLIDATED BALANCE SHEETS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)

DECEMBER 31,2003
    
    
    2002ASSETSReal estate:Land and land improvements
    
    $
    564,332
    
    
    $
    504,808Buildings and improvements
    
    
    3,363,608
    
    
    
    3,048,676Less accumulated depreciation
    
    
    (586,736
    )
    
    
    (485,206
    )Operating real estate
    
    
    3,341,204
    
    
    
    3,068,278Development in progress
    
    
    56,869
    
    
    
    163,379Land held for development
    
    
    162,483
    
    
    
    163,142Net real estate
    
    
    3,560,556
    
    
    
    3,394,799Cash and cash equivalents
    
    
    21,809
    
    
    
    7,933Restricted cash
    
    
    15,292
    
    
    
    3,138Accounts receivable
    
    
    10,896
    
    
    
    14,349Deferred rent receivable
    
    
    58,015
    
    
    
    48,775Deferred financing and leasing costs, net of accumulated amortization
(2003, $89,560; 2002, $75,833)
    
    
    98,506
    
    
    
    71,544Investments in unconsolidated joint ventures
    
    
    19,631
    
    
    
    14,963Prepaid expenses and other assets
    
    
    49,303
    
    
    
    71,560Total assets
    
    $
    3,834,008
    
    
    $
    3,627,061LIABILITIESMortgage loans
    
    $
    363,866
    
    
    $
    315,263Unsecured notes
    
    
    1,355,000
    
    
    
    1,418,924Credit facility
    
    
    167,000
    
    
    
    132,000Accounts payable
    
    
    14,685
    
    
    
    24,116Accrued interest
    
    
    31,622
    
    
    
    32,571Distribution payable
    
    
    52,384
    
    
    
    48,040Other liabilities
    
    
    96,887
    
    
    
    93,277Total liabilities
    
    
    2,081,444
    
    
    
    2,064,191Minority interest
    
    
    3,455
    
    
    
    7,054OWNERS EQUITYGeneral partners equity  common units
    
    
    1,544,897
    
    
    
    1,354,431Limited partners equity  preferred units
    
    
    135,471
    
    
    
    135,471 common units
    
    
    68,741
    
    
    
    65,914Total owners equity
    
    
    1,749,109
    
    
    
    1,555,816Total liabilities and owners equity
    
    $
    3,834,008
    
    
    $
    3,627,061


See accompanying notes.

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CONSOLIDATED STATEMENTS OF OPERATIONS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS, EXCEPT PER UNIT AMOUNTS)

YEAR ENDED DECEMBER 31,2003
    
    
    2002
    
    
    2001As Restated(Note 2)OPERATING REVENUERental
    
    $
    451,970
    
    
    $
    432,411
    
    
    $
    413,884Operating expense reimbursement
    
    
    173,062
    
    
    
    161,033
    
    
    
    159,012Total operating revenue
    
    
    625,032
    
    
    
    593,444
    
    
    
    572,896OPERATING EXPENSESRental property
    
    
    124,327
    
    
    
    112,092
    
    
    
    110,439Real estate taxes
    
    
    62,131
    
    
    
    59,828
    
    
    
    55,794General and administrative
    
    
    28,402
    
    
    
    21,907
    
    
    
    20,683Depreciation and amortization
    
    
    122,602
    
    
    
    109,661
    
    
    
    101,147Total operating expenses
    
    
    337,462
    
    
    
    303,488
    
    
    
    288,063Operating
Income
    
    
    287,570
    
    
    
    289,956
    
    
    
    284,833OTHER INCOME(EXPENSE)Interest and other income
    
    
    7,388
    
    
    
    8,509
    
    
    
    6,713Interest expense
    
    
    (123,907
    )
    
    
    (116,025
    )
    
    
    (109,932
    )Total other income(expense)
    
    
    (116,519
    )
    
    
    (107,516
    )
    
    
    (103,219
    )Income before property dispositions, income taxes, minority interest
and equity in earnings of unconsolidated joint ventures
    
    
    171,051
    
    
    
    182,440
    
    
    
    181,614Gain (loss) on property dispositions
    
    
    447
    
    
    
    (9,300
    )
    
    
    2,115Income taxes
    
    
    (2,326
    )
    
    
    (656
    )
    
    
    (386
    )Minority interest
    
    
    (673
    )
    
    
    (1,235
    )
    
    
    Equity in earnings of unconsolidated joint ventures
    
    
    1,744
    
    
    
    255
    
    
    
    Income
from continuing operations
    
    
    170,243
    
    
    
    171,504
    
    
    
    183,343Discontinued operations (including net gain on property
dispositions of $11,958
and $6,959 for the years ended December 31, 2003 and 2002)
    
    
    13,427
    
    
    
    9,583
    
    
    
    2,365Net
income
    
    
    183,670
    
    
    
    181,087
    
    
    
    185,708Preferred unit distributions
    
    
    12,416
    
    
    
    18,861
    
    
    
    21,612Excess of preferred unit redemption over carrying amount
    
    
    
    
    
    
    4,186
    
    
    
    Income available to common unitholders
    
    $
    171,254
    
    
    $
    158,040
    
    
    $
    164,096Earnings per common unitBasic:Income from continuing operations
    
    $
    1.92
    
    
    $
    1.88
    
    
    $
    2.16Income from discontinued operations
    
    
    0.16
    
    
    
    0.12
    
    
    
    0.03Income per common unit  basic
    
    $
    2.08
    
    
    $
    2.00
    
    
    $
    2.19Diluted:Income from continuing operations
    
    $
    1.89
    
    
    $
    1.85
    
    
    $
    2.12Income from discontinued operations
    
    
    0.16
    
    
    
    0.12
    
    
    
    0.03Income per common unit  diluted
    
    $
    2.05
    
    
    $
    1.97
    
    
    $
    2.15Weighted
average number of common units outstandingBasic
    
    
    82,268
    
    
    
    78,920
    
    
    
    75,097Diluted
    
    
    83,561
    
    
    
    80,151
    
    
    
    77,493


See accompanying notes.

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##### Table of Contents



CONSOLIDATED STATEMENTS OF OWNERS EQUITY OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)

GENERAL
    
    
    LIMITED
    
    
    TOTALPARTNERS
    
    
    PARTNERS
    
    
    OWNERSEQUITY
    
    
    EQUITY
    
    
    EQUITYOwners equity at January 1, 2001
    
    $
    1,317,368
    
    
    $
    198,769
    
    
    $
    1,516,137Contributions from partners
    
    
    113,799
    
    
    
    (9,915
    )
    
    
    103,884Distributions to partners
    
    
    (177,719
    )
    
    
    (19,804
    )
    
    
    (197,523
    )Foreign currency translation adjustment
    
    
    (664
    )
    
    
    
    
    
    
    (664
    )Net income
    
    
    166,537
    
    
    
    19,171
    
    
    
    185,708Balance at December 31, 2001
    
    
    1,419,321
    
    
    
    188,221
    
    
    
    1,607,542Contributions from partners
    
    
    78,107
    
    
    
    (8,533
    )
    
    
    69,574Distributions to partners
    
    
    (311,605
    )
    
    
    (20,679
    )
    
    
    (332,284
    )Issuance of Operating Partnership Units
    
    
    
    
    
    
    22,954
    
    
    
    22,954Foreign currency translation adjustment
    
    
    6,943
    
    
    
    
    
    
    
    6,943Net income
    
    
    161,665
    
    
    
    19,422
    
    
    
    181,087Balance at December 31, 2002
    
    
    1,354,431
    
    
    
    201,385
    
    
    
    1,555,816Contributions from partners
    
    
    206,620
    
    
    
    2,640
    
    
    
    209,260Distributions to partners
    
    
    (191,632
    )
    
    
    (21,025
    )
    
    
    (212,657
    )Issuance of Operating Partnership Units
    
    
    
    
    
    
    1,151
    
    
    
    1,151Foreign currency translation adjustment
    
    
    11,868
    
    
    
    
    
    
    
    11,868Net income
    
    
    163,610
    
    
    
    20,061
    
    
    
    183,671Balance at December 31, 2003
    
    $
    1,544,897
    
    
    $
    204,212
    
    
    $
    1,749,109


See accompanying notes.

67



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##### Table of Contents



CONSOLIDATED STATEMENTS OF CASH FLOWS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)

YEAR ENDED DECEMBER 31,2003
    
    
    2002
    
    
    2001OPERATING ACTIVITIESNet income
    
    $
    184,343
    
    
    $
    182,322
    
    
    $
    185,708Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    123,102
    
    
    
    110,891
    
    
    
    102,626Amortization of deferred financing costs
    
    
    4,013
    
    
    
    3,979
    
    
    
    4,016Equity in earnings of unconsolidated joint ventures
    
    
    (1,744
    )
    
    
    (255
    )
    
    
    (Gain) loss on property dispositions
    
    
    (12,405
    )
    
    
    2,341
    
    
    
    (2,115
    )Noncash compensation
    
    
    2,877
    
    
    
    1,946
    
    
    
    2,122Changes in operating assets and liabilities:Restricted cash
    
    
    (12,154
    )
    
    
    624
    
    
    
    (514
    )Accounts receivable
    
    
    3,670
    
    
    
    1,121
    
    
    
    (2,846
    )Deferred rent receivable
    
    
    (9,240
    )
    
    
    (8,491
    )
    
    
    (8,610
    )Prepaid expenses and other assets
    
    
    (3,638
    )
    
    
    (17,797
    )
    
    
    18,160Accounts payable
    
    
    (12,592
    )
    
    
    5,059
    
    
    
    3,385Accrued interest
    
    
    (949
    )
    
    
    1,179
    
    
    
    1,914Other liabilities
    
    
    (4,617
    )
    
    
    5,324
    
    
    
    Net cash provided by operating activities
    
    
    260,666
    
    
    
    288,243
    
    
    
    303,846INVESTING ACTIVITIESInvestment in properties
    
    
    (145,997
    )
    
    
    (129,825
    )
    
    
    (57,990
    )Cash paid for business net of cash acquired
    
    
    16,627
    
    
    
    
    
    
    
    Investments in unconsolidated joint ventures
    
    
    (4,918
    )
    
    
    (1,655
    )
    
    
    Distributions from unconsolidated joint ventures
    
    
    3,145
    
    
    
    
    
    
    
    Proceeds from disposition of properties/land
    
    
    49,744
    
    
    
    181,903
    
    
    
    151,604Investment in development in progress
    
    
    (59,953
    )
    
    
    (167,403
    )
    
    
    (255,333
    )Increase in land held for development
    
    
    (27,650
    )
    
    
    (29,838
    )
    
    
    (54,002
    )Increase in deferred leasing costs
    
    
    (22,986
    )
    
    
    (18,786
    )
    
    
    (18,135
    )Net cash used in investing activities
    
    
    (191,988
    )
    
    
    (165,604
    )
    
    
    (233,856
    )FINANCING ACTIVITIESRetirement of convertible debentures
    
    
    
    
    
    
    
    
    
    
    (597
    )Proceeds from issuance of unsecured notes
    
    
    3,683
    
    
    
    148,062
    
    
    
    246,242Repayment of unsecured notes
    
    
    (73,739
    )
    
    
    (100,000
    )
    
    
    Proceeds from mortgage loans
    
    
    1,223
    
    
    
    7,810
    
    
    
    Repayments of mortgage loans
    
    
    (15,436
    )
    
    
    (9,310
    )
    
    
    (31,782
    )Proceeds from credit facility
    
    
    453,950
    
    
    
    444,000
    
    
    
    305,200Repayments on credit facility
    
    
    (418,950
    )
    
    
    (380,000
    )
    
    
    (413,200
    )Increase in deferred financing costs
    
    
    (2,640
    )
    
    
    (1,143
    )
    
    
    Capital contributions
    
    
    206,384
    
    
    
    90,519
    
    
    
    31,538Distributions to partners
    
    
    (212,586
    )
    
    
    (331,756
    )
    
    
    (193,148
    )Net cash used by financing activities
    
    
    (58,111
    )
    
    
    (131,818
    )
    
    
    (55,747
    )Increase (decrease) in cash and cash equivalents
    
    
    10,567
    
    
    
    (9,179
    )
    
    
    14,243Increase (decrease) related to foreign currency translation
    
    
    3,309
    
    
    
    1,484
    
    
    
    (5
    )Cash and cash equivalents at beginning of year
    
    
    7,933
    
    
    
    15,628
    
    
    
    1,390Cash and cash equivalents at end of year
    
    $
    21,809
    
    
    $
    7,933
    
    
    $
    15,628SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONSWrite-off of fully depreciated property and deferred costs
    
    $
    13,187
    
    
    $
    18,608
    
    
    $
    33,567Investment in unconsolidated joint ventures
    
    
    
    
    
    
    13,053
    
    
    
    Issuance of operating partnership units
    
    
    1,151
    
    
    
    
    
    
    
    Acquisition of properties
    
    
    (56,083
    )
    
    
    
    
    
    
    (9,888
    )Assumption of mortgage loans
    
    
    56,083
    
    
    
    
    
    
    
    9,888Conversion of convertible debentures
    
    
    
    
    
    
    
    
    
    
    70,209


See accompanying notes.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP



|1. |  | ORGANIZATION
|-- |  | ------------

Liberty Property Trust (the Trust) is a self-administered and self-managed
Maryland real estate investment trust (a REIT). Substantially all of the
Trusts assets are owned directly or indirectly, and substantially all of the
Trusts operations are conducted directly or indirectly, by its subsidiary,
Liberty Property Limited Partnership, a Pennsylvania limited partnership (the
Operating Partnership and, together with the Trust and their consolidated
subsidiaries, the Company). The Trust is the sole general partner and also a
limited partner of the Operating Partnership, owning 95.7% of the common equity
of the Operating Partnership at December 31, 2003. The Company provides
leasing, property management, development, acquisition, and other
tenant-related services for a portfolio of industrial and office properties
which are located principally within the Mid-Atlantic, Southeastern, and
Midwestern United States.



|2. |  | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|-- |  | ------------------------------------------

Use of Estimates
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to make
estimates and assumptions that affect amounts reported in the financial
statements and accompanying notes. Actual results could differ from those
estimates.

Principles of Consolidation
The Consolidated Financial Statements of the Company include, the Trust, the
Operating Partnership and wholly owned subsidiaries and those subsidiaries in
which the Company owns a majority voting interest with the ability to control
operations of the subsidiaries and where no approval, veto or other important
rights have been granted to the minority shareholders. All significant
intercompany transactions and accounts have been eliminated.

Reclassifications
Certain amounts from prior years have been restated to conform to current-year
presentation.

Real Estate and Depreciation
The Properties are recorded at the lower of cost or fair value and are
depreciated using the straight line method over their estimated useful lives.
The estimated lives are as follows:

Buildings and improvements
    
    40 years (blended)Equipment
    
    5-10 yearsTenant improvements
    
    Term of the related lease


Expenditures directly related to acquisition, or improvement of real estate,
including interest and other costs capitalized during development, are included
in net real estate and are stated at cost. The capitalized costs include
pre-construction costs essential to the development of the property,
development and construction costs, interest costs, real estate taxes, salaries
and other costs incurred during the period of development. Expenditures for
maintenance and repairs are charged to operations as incurred.

In accordance with the Financial Accounting Standards Board (FASB) Statement
of Financial Standards (SFAS) No. 141, Business Combinations, the Company
allocates the purchase price of real estate to land, building and improvements
and intangibles based on the relative fair value of each component. The value
ascribed to in-place leases is based on the rental rates for the existing
leases compared to market rent for leases of similar terms and present valuing
the difference based on market interest rates. Origination values are also
assigned to in-place leases, and, where appropriate, value is assigned to
customer relationships. The Company depreciates the amounts allocated to
building and improvements over 40 years and the amounts allocated to intangible
assets relating to in-place leases, which are included in Deferred financing
and leasing costs in the accompanying balance sheet, over the remaining term of
the related leases.

The Company evaluates its real estate investments upon occurrence of
significant adverse changes in their operations to assess whether any
impairment indicators are present that affect the recovery of the recorded
value. If any real estate investment is considered impaired, a loss is provided
to reduce the carrying value of the property to its estimated fair value.

Investment in Unconsolidated Joint Ventures
The Company accounts for its investments in unconsolidated joint ventures under
the equity method of accounting as the Company exercises significant influence,
but does not control these entities. Under the equity method of accounting the
net equity investment of the Company is reflected on the Consolidated Balance
Sheet

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and the Companys share of net income from the joint venture is included on the
Consolidated Statement of Operations.

Cash and Cash Equivalents
Highly liquid investments with a maturity of three months or less when
purchased are classified as cash equivalents.

Revenues
The Company earns rental income under operating leases with tenants. Rental
income is recognized on a straight line basis over the applicable lease term.
Operating expense reimbursements consisting of amounts due from tenants for
real estate taxes, utilities and other recoverable costs are recognized as
revenue in the period in which the corresponding expenses are incurred.

Termination fees (included in rental revenue) are fees that the Company has
agreed to accept in consideration for permitting certain tenants to terminate
their lease prior to the contractual expiration date. The Company recognizes
termination fees in accordance with Staff Accounting Bulletin 101 when the
following conditions are met:



| | e) |  | the termination agreement is executed,                                      
| | -- |  | ----------------------------------------------------------------------------
|
| | f) |  | the termination fee is determinable,                                        
|
| | g) |  | all landlord services, pursuant to the terminated lease,
have been rendered,
|
| | h) |  | collectibility of the termination fee is assured.                           

Deferred Financing and Leasing Costs
Costs incurred in connection with financing or leasing are capitalized and
amortized over the term of the related loan or lease. Amortization of deferred
financing costs is reported as interest expense. Intangible assets related to
acquired in-place leases are amortized over the terms of the related leases.

Income per Common Unit
The following table sets forth the computation of basic and diluted income per
common unit (in thousands, except per unit amounts):

2003
    
    2002WEIGHTED
    
    
    
    
    
    
    
    
    
    
    WEIGHTEDAVERAGE
    
    
    
    
    
    
    
    
    
    
    AVERAGEINCOME
    
    
    SHARES
    
    
    PER
    
    
    INCOME
    
    
    SHARES
    
    
    
    PER(NUMERATOR)
    
    
    (DENOMINATOR)
    
    
    UNIT
    
    
    (NUMERATOR)
    
    
    (DENOMINATOR)
    
    
    
    UNIT(As Restated)Income from continuing operations
    
    $
    170,243
    
    
    
    
    
    
    
    
    
    
    $
    171,054Less: Preferred unit distributions
    
    
    (12,416
    )
    
    
    
    
    
    
    
    
    
    
    (18,861
    )Excess of preferred unit redemption
over carrying amount
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,186
    )Basic income from continuing operationsIncome from continuing operations available to
common unitholders
    
    
    157,827
    
    
    
    82,268
    
    
    $
    1.92
    
    
    
    148,007
    
    
    
    78,920
    
    
    
    $
    1.88Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,293
    
    
    
    
    
    
    
    
    
    
    
    1,231Diluted income from continuing operationsIncome from continuing operations available to
common unitholders and assumed conversions
    
    
    157,827
    
    
    
    83,561
    
    
    $
    1.89
    
    
    
    148,007
    
    
    
    80,151
    
    
    
    $
    1.85Basic income from discontinued operationsDiscontinued operations net of minority interest
    
    
    13,427
    
    
    
    82,268
    
    
    $
    0.16
    
    
    
    9,583
    
    
    
    78,920
    
    
    
    $
    0.12Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,293
    
    
    
    
    
    
    
    
    
    
    
    1,231Diluted income from discontinued operationsDiscontinued operations net of minority interest
    
    
    13,427
    
    
    
    83,561
    
    
    $
    0.16
    
    
    
    9,583
    
    
    
    80,151
    
    
    
    $
    0.12Basic income per common unitIncome available to common shareholders
    
    
    171,254
    
    
    
    82,268
    
    
    $
    2.08
    
    
    
    158,040
    
    
    
    78,920
    
    
    
    $
    2.00Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,293
    
    
    
    
    
    
    
    
    
    
    
    1,231Diluted income per common unitIncome available to common unitholders and assumed
conversions
    
    $
    171,254
    
    
    
    83,561
    
    
    $
    2.05
    
    
    $
    158,040
    
    
    
    80,151
    
    
    
    $
    1.97


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2001WEIGHTEDAVERAGEINCOME
    
    
    SHARES
    
    
    PER(NUMERATOR)
    
    
    (DENOMINATOR)
    
    
    UNITIncome from continuing operations
    
    $
    183,343Less: Preferred unit distributions
    
    
    (21,612
    )Basic income from continuing operationsIncome from continuing operations available to
common unitholders
    
    
    161,731
    
    
    
    75,097
    
    
    $
    2.16Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,062Convertible debentures
    
    
    2,587
    
    
    
    1,334Diluted income from continuing operationsIncome from continuing operations available to
common unitholders and assumed conversions
    
    
    164,318
    
    
    
    77,493
    
    
    $
    2.12Basic income from discontinued operationsDiscontinued operations net of minority interest
    
    
    2,365
    
    
    
    75,097
    
    
    $
    0.03Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,062Convertible debentures
    
    
    
    
    
    
    1,334Diluted income from discontinued operationsDiscontinued operations net of minority interest
    
    
    2,365
    
    
    
    77,493
    
    
    $
    0.03Basic income per common unitIncome available to common unitholders
    
    
    164,096
    
    
    
    75,097
    
    
    $
    2.19Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,062Convertible debentures
    
    
    2,587
    
    
    
    1,334Diluted income per common unitIncome available to common unitholders and assumed
conversions
    
    $
    166,683
    
    
    
    77,493
    
    
    $
    2.15


Basic income per common unit for the year ended December 31, 2001 would be
$2.20 if the debenture conversions which occurred in 2001 had occurred on
January 1, 2001. The Convertible Debentures matured in 2001.

Fair Value of Financial Instruments
The carrying value of cash and cash equivalents, accounts receivable, prepaid
expenses, accounts payable and other assets and liabilities are reasonable
estimates of fair values because of the short-term maturities of these
investments. The fair value of the Companys long-term debt, which is based on
estimates by management and on rates quoted on December 31, 2003 for comparable
loans, exceeds the aggregate carrying value by approximately $283.1 million at
December 31, 2003.

Income Taxes
In conformity with the Internal Revenue Code and applicable state and local tax
statutes, taxable income or loss of the Operating Partnership is required to be
reported in the tax returns of the partners in accordance with the terms of the
Partnership Agreement. However, the Company is taxed in certain states and the
United Kingdom. Accordingly, the Company has recognized federal, state and
local taxes in accordance with US GAAP, as applicable.

Stock-Based Compensation
The Trust has a share-based employee compensation plan and as such the
Operating Partnership absorbs a proportionate share of the related compensation
expense. Prior to 2003, the Trust accounted for the plan under the recognition
and measurement provisions of APB Opinion No. 25, Accounting for Stock Issued
to Employees, and related Interpretations. No share-based employee
compensation cost was reflected in the 2002 or 2001 net income, as all options
granted under this plan had an intrinsic value of zero on the date of grant.
Effective January 1, 2003, the Trust adopted the fair value recognition
provisions of the FASBs SFAS No. 123, Accounting for Stock-Based
Compensation, prospectively to all employee option awards granted, modified,
or settled after January 1, 2003. Option awards under the Trusts plan vest
over three years. Therefore, the cost related to share-based employee
compensation included in the determination of net income for 2001, 2002 and
2003 is less than that which would have been recognized if the fair value based
method had been applied to all option awards since the original effective date
of SFAS No. 123.

The following table illustrates the effect on net income and earnings per share
if the fair value based method had been applied to all outstanding and unvested
option awards in each period (in thousands, except per unit amounts).

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YEAR ENDED DECEMBER 31,2003
    
    
    2002
    
    
    2001(Restated)Income available to common unitholders
    
    $
    171,254
    
    
    $
    158,040
    
    
    $
    164,096Add: Share-based compensation expense included
in reported net income available to common
unitholders
    
    
    395
    
    
    
    
    
    
    
    Deduct: Total share-based employee
compensation expense determined under fair
value based methods for all awards
    
    
    (1,842
    )
    
    
    (2,135
    )
    
    
    (1,616
    )Pro forma income available to common unitholders
    
    $
    169,807
    
    
    $
    155,905
    
    
    $
    162,480Income per common unit:Basic  as reported
    
    $
    2.08
    
    
    $
    2.00
    
    
    $
    2.19Basic  pro forma
    
    $
    2.06
    
    
    $
    1.97
    
    
    $
    2.16Diluted  as reported
    
    $
    2.05
    
    
    $
    1.97
    
    
    $
    2.15Diluted  pro forma
    
    $
    2.03
    
    
    $
    1.94
    
    
    $
    2.13


Pro forma disclosures are not likely to be representative of the effects on
reported net income for future years because of the staggered vesting periods
of the options.

Foreign Currency Translation
The functional currency for the Companys United Kingdom operations is pounds
sterling. The Company translates their financial statements into US dollars.
Gains and losses resulting from this translation do not impact the results of
operations and are included in general partners equity.

Newly Issued Accounting Standards
In January 2003, the FASB issued Financial Interpretation No. 46 (FIN No.
46), Consolidation of Variable Interest Entities. The consolidation
requirements of FIN No. 46 apply immediately to variable interest entities
created after January 31, 2003. The FASB deferred the effective date for
existing variable interest entities to periods ending after March 15, 2004.
FIN No. 46 requires that a variable interest entity be consolidated by a
company if that company is subject to a majority of the risk of loss from the
variable interest entitys activities or is entitled to receive a majority of
the entitys residual returns or both. The Company continues to evaluate the
impact of FIN No. 46, but does not expect the implementation to materially
affect its financial position or results of operations.

In May 2003, the FASB issued SFAS No. 150, Accounting for Certain Financial
Instruments with Characteristics of both Liabilities and Equity. Certain
provisions of this statement are effective for financial instruments entered
into or modified after May 31, 2003 and otherwise effective at the beginning of
the first interim period beginning June 15, 2003. Other provisions of this
statement have been deferred indefinitely. The Company was not impacted by the
currently effective provisions of SFAS No. 150.

Income available to common unitholders for the year ended December 31, 2002 has
been restated to reflect guidance and clarification of certain issues
surrounding EITF Topic D-42, The Effect on Calculation of Earnings per Share
for the Redemption or Induced Conversion of Preferred Stock, issued July 2003,
which requires the excess of preferred share redemption over carrying amount to
be classified as a reduction in income available to common unitholders. The
effect of the accounting change on income available to common unitholders as
previously reported for 2002 is as follows (in thousands, except per unit amounts):

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Income available for common unitholders, as previously reported
    
    $
    162,226Excess of preferred unit redemption over carrying amount
    
    
    (4,186
    )Income available to common unitholders, as adjusted
    
    $
    158,040Per unit:Basic:Income from continuing operations, as previously reported
    
    $
    1.94Excess of preferred unit redemption over carrying amount
    
    
    (0.06
    )Income from continuing operations, as adjusted
    
    
    1.88Income from discontinued operations
    
    
    0.12Income per common unit, as adjusted
    
    $
    2.00Diluted:Income from continuing operations, as previously reported
    
    $
    1.91Excess of
preferred unit redemption over carrying amount
    
    
    (0.06
    )Income from continuing operations, as adjusted
    
    
    1.85Income from discontinued operations
    
    
    0.12Income per common unit  diluted, as adjusted
    
    $
    1.97




|3. |  | REAL ESTATE
|-- |  | -----------

At December 31, 2003 and 2002, the Company owned and operated industrial and
office properties located principally in suburban mixed-use developments or
business parks. The carrying value of these properties by type is as follows
(in thousands):

LAND
    
    
    BUILDINGSAND LAND
    
    
    AND
    
    
    
    
    
    
    ACCUMULATEDIMPROVEMENTS
    
    
    IMPROVEMENTS
    
    
    TOTAL
    
    
    DEPRECIATION2003:Industrial properties
    
    $
    249,353
    
    
    $
    1,434,187
    
    
    $
    1,683,540
    
    
    $
    264,483Office properties
    
    
    314,979
    
    
    
    1,929,421
    
    
    
    2,244,400
    
    
    
    322,2532003 Total
    
    $
    564,332
    
    
    $
    3,363,608
    
    
    $
    3,927,940
    
    
    $
    586,7362002:Industrial properties
    
    $
    247,667
    
    
    $
    1,383,887
    
    
    $
    1,631,554
    
    
    $
    222,424Office properties
    
    
    257,141
    
    
    
    1,664,789
    
    
    
    1,921,930
    
    
    
    262,7822002 Total
    
    $
    504,808
    
    
    $
    3,048,676
    
    
    $
    3,553,484
    
    
    $
    485,206


Depreciation expense was $105.6 million in 2003, $93.1 million in 2002, and
$88.2 million in 2001.

As of December 31, 2003, the Company has commenced development on 15
properties, which upon completion are expected to comprise approximately 1.5
million square feet of leaseable space. As of December 31, 2003 approximately
$56.9 million has been expended for the development of these projects and an
additional $75.5 million is estimated to be required for completion.



|4. |  | INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
|-- |  | --------------------------------------------

On November 18, 2002, the Company entered into a joint venture agreement
(Liberty Venture I, LP) with the Public Employees Retirement Association of
Colorado. The Company sold or contributed 28 properties with a net book value
of $127.5 million to the joint venture in exchange for a 25% ownership interest
in the joint venture and $108.8 million in cash. The Companys share of the joint venture
earnings is included in equity in earnings of unconsolidated joint ventures in
the accompanying statement of operations. The Company will

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provide development,
leasing and property management services for a fee, and may receive a promoted
interest if certain return thresholds are met.

During the year ended December 31, 2003, the Company contributed one additional
industrial distribution property to the venture with a net book value of
approximately $15.6 million.

The condensed balance sheets as of December 31, 2003 and 2002 and statements of
operations for Liberty Venture I, LP, for the period from inception to December
31, 2002 and for the year ended December 31, 2003 are as follows (in
thousands):

DECEMBER 31,2003
    
    
    2002Balance Sheet:Rental property
    
    $
    119,050
    
    
    $
    108,181Less accumulated depreciation
    
    
    (2,430
    )
    
    
    (287
    )Rental property, net
    
    
    116,620
    
    
    
    107,894Other assets
    
    
    22,697
    
    
    
    18,693Total assets
    
    $
    139,317
    
    
    $
    126,587Mortgage payable
    
    $
    83,279
    
    
    $
    72,250Other liabilities
    
    
    2,006
    
    
    
    1,107Partners capital
    
    
    54,032
    
    
    
    53,230Total liabilities and equity
    
    $
    139,317
    
    
    $
    126,587


YEAR ENDED
    
    
    PERIOD ENDEDDECEMBER 31,
    
    
    DECEMBER 31,2003
    
    
    2002Statement of operations:Total revenues
    
    $
    19,854
    
    
    $
    2,380Operating and other expenses
    
    
    (6,358
    )
    
    
    (620
    )Depreciation and amortization
    
    
    (2,648
    )
    
    
    (331
    )Interest expense
    
    
    (3,870
    )
    
    
    (410
    )Net income
    
    $
    6,978
    
    
    $
    1,019




|5. |  | RELATED PARTY TRANSACTIONS
|-- |  | --------------------------

During the year ended December 31, 2003, the Company exercised its option to
purchase Rouse Kent Limited (RKL) for nominal consideration. As a result of
the purchase, the Companys assets and liabilities increased by approximately
$60 million. The operations of RKL are included in the consolidated financial
statements from July 1, 2003 through December 31, 2003.

RKL owns six buildings which contain 210,000 square feet of leaseable space and
has planning permission for the development of additional commercial space.
RKL is party to a contract with the County of Kent which contract entitles RKL
to participate in proceeds realized from the sale of residential land parcels
to homebuilders.

Pursuant to agreements, the Company provided management services with respect
to RKL for the six months ended June 30, 2003 for $150,000 per quarter and for
the years ended December 31, 2002, and 2001 for $600,000 per year. In addition,
the Company paid a fee to RKL for management services which it provided for the
Companys properties owned in the United Kingdom. For the six months ended June
30, 2003, the fees for these services were $223,000 and for the years ended
December 31, 2002, and 2001, the fees for these services were $662,000 and
$376,000, respectively. The Company recognized interest income on notes
receivable from RKL of $1.9 million for the six months ended June 30, 2003, and
$3.3 million and $2.2 million for the years ended December 31, 2002, and 2001,
respectively.

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|6. |  | INDEBTEDNESS
|-- |  | ------------

Indebtedness consists of mortgage loans, unsecured notes, borrowings under the
credit facility, as defined below and convertible debentures (which matured in
2001). The weighted average interest rates for the years ended December 31,
2003, 2002, and 2001, were approximately 6.9%, 7.1% and 7.5%, respectively.
Interest expense for the years ended December 31, 2003, 2002, and 2001,
aggregated $123.9 million, $116.6 million and $111.2 million, respectively.
Interest costs during these periods of $10.9 million, $16.5 million and $22.3
million, respectively, were capitalized. Cash paid for interest for the years
ended December 31, 2003, 2002, and 2001, was $132.5 million, $128.4 million and
$128.4 million, respectively.

The Company is subject to financial covenants contained in some of the debt
agreements, the most restrictive of which are detailed below under the heading
Credit Facility. The Company is in compliance with the financial covenants.

Mortgage Loans, Unsecured Notes
Mortgage loans with maturities ranging from 2004 to 2012 are collateralized by
and in some instances cross-collateralized by properties with a net book value
of $502.4 million.

As of December 31, 2003, $363.9 million in mortgage loans and $1,355.0 million
in unsecured notes were outstanding. The interest rates on $1,652.4 million of
mortgage loans and unsecured notes are fixed and range from 6.0% to 8.8%.
Interest rates on $66.5 million of mortgage loans float with the base rate of
the respective lending bank or a municipal bond index. The weighted average
remaining term for the mortgage loans and unsecured notes is 5.8 years.

Credit Facility
For the year ended December 31, 2002, the Company utilized a $450 million
unsecured credit facility (the $450 million Credit Facility). The interest
rate on borrowings under the $450 million Credit Facility fluctuated based on
senior debt ratings from Moodys Investors Service, Inc. (Moodys), Standard
& Poors Ratings Group (S&P), and Fitch, Inc. (Fitch).

In January 2003, the Company obtained the $350 million unsecured credit
facility (the $350 million Credit Facility), replacing the $450 million
Credit Facility. Based on the Companys current ratings, the interest rate on
the $350 million Credit Facility is 70 basis points over the LIBOR rate (1.8%
at December 31, 2003). There is also a 20 basis point facility fee on the
current borrowing capacity. The current ratings for the Companys senior
unsecured debt are Baa2, BBB and BBB from Moodys, S&P, and Fitch respectively.
The $350 million Credit Facility contains a competitive bid option, whereby
participating lenders bid on the interest rate to be charged. This feature is
available for up to $150 million of borrowings. The $350 million Credit
Facility has an accordion feature which enables the Company to increase the
facility to $450 million. The $350 million Credit Facility contains financial
covenants, certain of which are set forth below:



| |  |  | total debt to total assets may not exceed 0.55:1;                                                           
| | - |  | ------------------------------------------------------------------------------------------------------------
|
| |  |  | operating cash flows to interest may not be less than 1.85:1;                                               
|
| |  |  | earnings before interest, taxes, depreciation and amortization to
fixed charges may not be less than 1.75:1;
|
| |  |  | unencumbered asset value to unsecured debt may not be less than 175%;                                       
|
| |  |  | unencumbered cash flow to unsecured debt service must exceed 1.5:1                                          

The $350 million Credit Facility expires in January 2006. The $350 million
Credit Facility provides for up to $50 million denominated in Pounds Sterling
or Euros.

The scheduled maturities of principal amortization of the Companys mortgage
loans, $350 million Credit Facility and unsecured notes outstanding and the
related weighted average interest rates are as follows (in thousands, except
percentages):

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WEIGHTEDMORTGAGES
    
    
    
    
    
    
    
    
    
    
    
    
    
    AVERAGEPRINCIPAL
    
    
    PRINCIPAL
    
    
    UNSECURED
    
    
    CREDIT
    
    
    
    
    
    
    INTERESTAMORTIZATION
    
    
    MATURITIES
    
    
    NOTES
    
    
    FACILITY
    
    
    TOTAL
    
    
    RATE2004
    
    $
    8,978
    
    
    $
    61,753
    
    
    $
    100,000
    
    
    $
    
    
    
    $
    170,731
    
    
    
    6.4
    %2005
    
    
    7,977
    
    
    
    115,039
    
    
    
    
    
    
    
    
    
    
    
    123,016
    
    
    
    7.6
    %2006
    
    
    5,828
    
    
    
    43,205
    
    
    
    100,000
    
    
    
    167,000
    
    
    
    316,033
    
    
    
    4.3
    %2007
    
    
    4,947
    
    
    
    1,553
    
    
    
    100,000
    
    
    
    
    
    
    
    106,500
    
    
    
    7.3
    %2008
    
    
    4,553
    
    
    
    34,824
    
    
    
    
    
    
    
    
    
    
    
    39,377
    
    
    
    7.2
    %2009
    
    
    2,212
    
    
    
    42,119
    
    
    
    270,000
    
    
    
    
    
    
    
    314,331
    
    
    
    7.8
    %2010
    
    
    1,559
    
    
    
    
    
    
    
    200,000
    
    
    
    
    
    
    
    201,559
    
    
    
    8.5
    %2011
    
    
    1,324
    
    
    
    3,533
    
    
    
    250,000
    
    
    
    
    
    
    
    254,857
    
    
    
    7.3
    %2012
    
    
    352
    
    
    
    24,110
    
    
    
    235,000
    
    
    
    
    
    
    
    259,462
    
    
    
    6.5
    %2018
    
    
    
    
    
    
    
    
    
    
    100,000
    
    
    
    
    
    
    
    100,000
    
    
    
    7.5
    %$
    37,730
    
    
    $
    326,136
    
    
    $
    1,355,000
    
    
    $
    167,000
    
    
    $
    1,885,866
    
    
    
    6.8
    %


Convertible Debentures
The Convertible Debentures, which matured on July 1, 2001, were exchangeable
for Common Shares of beneficial interest of the Trust (the Common Shares) at
a rate of one Common Share for each $20 outstanding principal amount of
Convertible Debentures, subject to certain adjustments.



|7. |  | LEASING ACTIVITY
|-- |  | ----------------

Future minimum rental payments due from tenants under noncancelable operating
leases as of December 31, 2003 are as follows (in thousands):

2004
    
    $
    400,6572005
    
    
    350,1862006
    
    
    293,6842007
    
    
    249,4752008
    
    
    197,781Thereafter
    
    
    553,349TOTAL
    
    $
    2,045,132


In addition to minimum rental payments, most leases require the tenants to pay
for their pro rata share of specified operating expenses. These payments are
included as operating expense reimbursement in the accompanying statements of
operations.



|8. |  | OWNERS EQUITY
|-- |  | --------------

Common Units
General and Limited partners equity  common units relates to limited
partnership interests of the Operating Partnership issued in connection with
the formation of the Company and certain subsequent acquisitions. No common
units were issued in connection with acquisitions in 2001 or 2002. During
2003, 33,682 Common Units were issued in connection with an acquisition. The
common limited partnership interests outstanding as of December 31, 2003 have
the same economic characteristics as would 3,698,203 Common Shares. The
interests in the Limited Partnership share proportionately in the net income or
loss and in any distributions of the Operating Partnership and are exchangeable
into the same number of Common Shares of the Trust.

Preferred Units
The Company has outstanding the following Cumulative Redeemable Preferred Units
of the Operating Partnership, (the Preferred Units):

76



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DATE OF
    
    
    
    
    
    
    
    
    
    
    
    
    
    LIQUIDATION
    
    DIVIDEND
    
    REDEEMABLE
    
    EXCHANGEABLEISSUE
    
    ISSUE
    
    AMOUNT
    
    UNITS
    
    PREFERENCE
    
    RATE
    
    AS OF
    
    AFTER(in 000's)7/28/99
    
    Series B
    
    $
    95,000
    
    
    
    3,800
    
    
    $
    25
    
    
    
    9.25
    %
    
    
    7/28/04
    
    
    7/28/09 into Series B
Cumulative Redeemable Preferred Shares of the Trust4/18/00
    
    Series C
    
    $
    20,000
    
    
    
    800
    
    
    $
    25
    
    
    
    9.125
    %
    
    
    4/18/05
    
    
    4/18/10 into Series C
Cumulative Redeemable Preferred Shares of the Trust6/10/02
    
    Series D
    
    $
    23,650
    
    
    
    473
    
    
    $
    50
    
    
    
    7.625
    %
    
    
    6/10/07
    
    
    6/10/12 into Series D
Cumulative Redeemable Preferred Shares of the Trust


The Company paid the following Preferred Unit distributions for the year ended
December 31:

2003
    
    2002
    
    2001Distributions (in millions)
    
    $
    12.4
    
    
    $
    11.6
    
    
    $
    10.6Distribution per unit:Series B
    
    $
    2.31
    
    
    $
    2.31
    
    
    $
    2.31Series C
    
    $
    2.28
    
    
    $
    2.28
    
    
    $
    2.28Series D
    
    $
    3.81
    
    
    $
    2.13
    
    
    
    


Minority Interest
Minority interest includes third-party ownership interests in consolidated
joint venture investments.



|9. |  | COMMITMENTS AND CONTINGENCIES
|-- |  | -----------------------------

Substantially all of the Properties and land were subject to Phase I
Environmental Assessments and when appropriate Phase II Environmental
Assessments (collectively, the Environmental Assessments) obtained in
contemplation of their acquisition by the Company. The Environmental
Assessments consisted of, among other activities, a visual inspection of each
Property and its neighborhood and a check of pertinent public records. The
Environmental Assessments did not reveal, nor is the Company aware of, any
non-compliance with environmental laws, environmental liability or other
environmental claim that the Company believes would likely have a material
adverse effect on the Company.

Although the Company is engaged in litigation incidental to its business, there
is no legal proceeding to which it is a party which, in the opinion of
management, will materially adversely affect the results of the Companys
operations.

The Company is obligated to make additional capital contributions of
approximately $3.4 million in conjunction with two of the Companys
unconsolidated joint ventures.



|10. |  | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
|--- |  | -------------------------------------------

A summary of quarterly results of operations for the years ended December 31,
2003 and 2002 follows. Certain 2003 and 2002 amounts have been reclassified to
conform to the current presentation of discontinued operations (in thousands,
except per unit amounts):

QUARTER ENDEDDEC. 31,
    
    
    SEPT. 30,
    
    
    JUNE 30,
    
    
    MAR. 31,
    
    
    DEC. 31,
    
    
    SEPT. 30,
    
    
    JUNE 30,
    
    
    MAR. 31,2003
    
    
    2003
    
    
    2003
    
    
    2003
    
    
    2002
    
    
    2002
    
    
    2002
    
    
    2002(Restated)Operating revenue
    
    $
    161,140
    
    
    $
    157,710
    
    
    $
    149,870
    
    
    $
    156,312
    
    
    $
    149,198
    
    
    $
    153,813
    
    
    $
    145,259
    
    
    $
    145,174Income from continuing operations
    
    
    42,411
    
    
    
    43,601
    
    
    
    38,009
    
    
    
    46,222
    
    
    
    36,886
    
    
    
    45,246
    
    
    
    44,641
    
    
    
    44,731Discontinued operations
    
    
    269
    
    
    
    455
    
    
    
    12,241
    
    
    
    462
    
    
    
    1,164
    
    
    
    1,457
    
    
    
    4,759
    
    
    
    2,203Income available to common unitholders
    
    
    39,576
    
    
    
    40,952
    
    
    
    47,146
    
    
    
    43,580
    
    
    
    34,946
    
    
    
    37,671
    
    
    
    43,892
    
    
    
    41,531Income per common units  basic
    
    $
    0.47
    
    
    $
    0.50
    
    
    $
    0.58
    
    
    $
    0.54
    
    
    $
    0.44
    
    
    $
    0.47
    
    
    $
    0.56
    
    
    $
    0.53Income per common units  diluted
    
    $
    0.46
    
    
    $
    0.49
    
    
    $
    0.57
    
    
    $
    0.53
    
    
    $
    0.43
    
    
    $
    0.47
    
    
    $
    0.55
    
    
    $
    0.53


77



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##### Table of Contents



A reconciliation of the restatement of quarter ended September 30, 2002, in
accordance with EITF Topic D-42, is as follows (in thousands):

Income available to common unitholders, as previously reported
    
    $
    41,857Excess of preferred unit redemption over carrying amount
    
    
    (4,186
    )Income available to common unitholders, as adjusted
    
    $
    37,671Per unit:Basic:Income from continuing operations, as previously reported
    
    $
    0.51Excess of preferred unit redemption over carrying amount
    
    
    (0.06
    )Income from continuing operations, as adjusted
    
    
    0.45Income from discontinued operations
    
    
    0.02Income per common unit, as adjusted
    
    $
    0.47Diluted:Income from continuing operations, as previously reported
    
    $
    0.51Excess of preferred unit redemption over carrying amount
    
    
    (0.06
    )Income from continuing operations, as adjusted
    
    
    0.45Income from discontinued operations
    
    
    0.02Income per common unit, as adjusted
    
    $
    0.47




|11. |  | SEGMENT INFORMATION
|--- |  | -------------------

The Company operates its portfolio of properties primarily throughout the
Mid-Atlantic, Southeastern, and Midwestern United States. Additionally, the
Company owns certain assets in the United Kingdom. The Company reviews the
performance of the portfolio on a geographical basis, as such, the following
regions are considered the Companys reportable segments:

REPORTABLE SEGMENTS
    
    MARKETSDelaware Valley
    
    Southeastern Pennsylvania, New JerseyMidwest
    
    Lehigh Valley, Michigan, Minnesota,
Milwaukee/ChicagoMid-Atlantic
    
    Maryland, Piedmont Triad,
Greenville, S.C., Richmond/Roanoke, Virginia BeachFlorida
    
    Jacksonville, Orlando, Boca Raton, Tampa, TexasUnited Kingdom
    
    County of Kent


The Companys reportable segments are distinct business units which are each
managed separately in order to concentrate market knowledge within a geographic
area. Within these reportable segments, the Company derives its revenues from
its two product types: industrial properties and office properties.

The Company evaluates performance of the reportable segments based on property
level operating income, which is calculated as rental revenue and operating
expense reimbursement less rental expenses and real estate taxes. The
accounting policies of the reportable segments are the same as those for the
Company on a consolidated basis. The operating information by segment is as
follows (in thousands):

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FOR THE YEAR ENDED DECEMBER 31, 2003DELAWARE VALLEY
    
    MIDWESTSOUTHEASTERN
    
    
    
    
    
    
    LEHIGH
    
    
    
    
    
    
    MID-
    
    
    
    
    
    
    UNITEDPENNSYLVANIA
    
    
    OTHER
    
    
    VALLEY
    
    
    OTHER
    
    
    ATLANTIC
    
    
    FLORIDA
    
    
    KINGDOM
    
    
    TOTALOperating revenue
    
    $
    187,836
    
    
    $
    34,872
    
    
    $
    68,519
    
    
    $
    118,296
    
    
    $
    110,067
    
    
    $
    93,065
    
    
    $
    12,377
    
    
    $
    625,032Rental property
expenses and real
estate taxes
    
    
    54,140
    
    
    
    11,780
    
    
    
    17,873
    
    
    
    42,790
    
    
    
    30,198
    
    
    
    27,422
    
    
    
    2,255
    
    
    
    186,458Property level
operating income
    
    $
    133,696
    
    
    $
    23,092
    
    
    $
    50,646
    
    
    $
    75,506
    
    
    $
    79,869
    
    
    $
    65,643
    
    
    $
    10,122
    
    
    
    438,574Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,388Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (123,907
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (28,402
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (122,602
    )Income before property dispositions, income taxes and
equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    171,051Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    447Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,326
    )Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (673
    )Equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,744Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,427Preferred unit
distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (12,416
    )Income available to common unitholders
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    171,254


FOR THE YEAR ENDED DECEMBER 31, 2002 (Restated)DELAWARE VALLEY
    
    MIDWESTSOUTHEASTERN
    
    
    
    
    
    
    LEHIGH
    
    
    
    
    
    
    MID-
    
    
    
    
    
    
    UNITEDPENNSYLVANIA
    
    
    OTHER
    
    
    VALLEY
    
    
    OTHER
    
    
    ATLANTIC
    
    
    FLORIDA
    
    
    KINGDOM
    
    
    TOTALOperating revenue
    
    $
    179,150
    
    
    $
    44,990
    
    
    $
    63,466
    
    
    $
    115,793
    
    
    $
    99,924
    
    
    $
    82,302
    
    
    $
    7,819
    
    
    $
    593,444Rental property
expenses and real
estate taxes
    
    
    50,874
    
    
    
    14,264
    
    
    
    13,693
    
    
    
    40,600
    
    
    
    26,896
    
    
    
    24,848
    
    
    
    745
    
    
    
    171,920Property level
operating income
    
    $
    128,276
    
    
    $
    30,726
    
    
    $
    49,773
    
    
    $
    75,193
    
    
    $
    73,028
    
    
    $
    57,454
    
    
    $
    7,074
    
    
    
    421,524Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,509Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (116,025
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (21,907
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (109,661
    )Income before property dispositions, income taxes and
equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    182,440Loss on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (9,300
    )Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (656
    )Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,235
    )Equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    255Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,583Preferred unit distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (18,861
    )Excess of preferred unit redemption over carrying amount
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,186
    )Income available to common unitholders
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    158,040


79



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FOR THE YEAR ENDED DECEMBER 31, 2001DELAWARE VALLEY
    
    MIDWESTSOUTHEASTERN
    
    
    
    
    
    
    LEHIGH
    
    
    
    
    
    
    MID-
    
    
    
    
    
    
    UNITEDPENNSYLVANIA
    
    
    OTHER
    
    
    VALLEY
    
    
    OTHER
    
    
    ATLANTIC
    
    
    FLORIDA
    
    
    KINGDOM
    
    
    TOTALOperating revenue
    
    $
    169,433
    
    
    $
    44,317
    
    
    $
    56,067
    
    
    $
    110,095
    
    
    $
    102,946
    
    
    $
    83,298
    
    
    $
    6,740
    
    
    $
    572,896Rental property expenses and
real estate taxes
    
    
    48,891
    
    
    
    14,127
    
    
    
    13,419
    
    
    
    38,838
    
    
    
    26,365
    
    
    
    24,222
    
    
    
    371
    
    
    
    166,233Property level operating income
    
    $
    120,542
    
    
    $
    30,190
    
    
    $
    42,648
    
    
    $
    71,257
    
    
    $
    76,581
    
    
    $
    59,076
    
    
    $
    6,369
    
    
    
    406,663Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,713Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (109,932
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (20,683
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (101,147
    )Income before property dispositions, income taxes and
equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    181,614Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,115Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (386
    )Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,365Preferred unit distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (21,612
    )Income available to common unitholders
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    164,096


PRODUCT TYPE INFORMATION
    
    REAL ESTATE RELATED REVENUESYEAR ENDED DECEMBER 31,2003
    
    
    2002
    
    
    2001Industrial
    
    $
    262,627
    
    
    $
    267,330
    
    
    $
    253,928Office
    
    
    362,405
    
    
    
    326,114
    
    
    
    318,968Total real estate related revenues
    
    $
    625,032
    
    
    $
    593,444
    
    
    $
    572,896


ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENTDELAWARE VALLEY
    
    MIDWESTSOUTHEASTERN
    
    
    
    
    
    
    LEHIGH
    
    
    
    
    
    
    MID-
    
    
    
    
    
    
    UNITEDPENNSYLVANIA
    
    
    OTHER
    
    
    VALLEY
    
    
    OTHER
    
    
    ATLANTIC
    
    
    FLORIDA
    
    
    KINGDOM
    
    
    TOTALJanuary 1, 2003
    
    $
    971,575
    
    
    $
    139,061
    
    
    $
    377,931
    
    
    $
    724,728
    
    
    $
    681,206
    
    
    $
    590,041
    
    
    $
    68,942
    
    
    $
    3,553,484Additions
    
    
    62,647
    
    
    
    25,163
    
    
    
    73,966
    
    
    
    54,988
    
    
    
    78,721
    
    
    
    19,408
    
    
    
    90,125
    
    
    
    405,018Dispositions
    
    
    (18,841
    )
    
    
    
    
    
    
    (5,107
    )
    
    
    
    
    
    
    (5,254
    )
    
    
    (1,360
    )
    
    
    
    
    
    
    (30,562
    )December 31, 2003
    
    $
    1,015,381
    
    
    $
    164,224
    
    
    $
    446,790
    
    
    $
    779,716
    
    
    $
    754,673
    
    
    $
    608,089
    
    
    $
    159,067
    
    
    
    3,927,940Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (586,736
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    56,869Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    162,483Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    273,452Total assets at December 31, 2003
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    3,834,008


80



---



##### Table of Contents



ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENTDELAWARE VALLEY
    
    MIDWESTSOUTHEASTERN
    
    
    
    
    
    
    LEHIGH
    
    
    
    
    
    
    MID-
    
    
    
    
    
    
    UNITEDPENNSYLVANIA
    
    
    OTHER
    
    
    VALLEY
    
    
    OTHER
    
    
    ATLANTIC
    
    
    FLORIDA
    
    
    KINGDOM
    
    
    TOTALJanuary 1, 2002
    
    $
    910,065
    
    
    $
    134,052
    
    
    $
    320,483
    
    
    $
    664,828
    
    
    $
    617,031
    
    
    $
    522,630
    
    
    $
    57,167
    
    
    $
    3,226,256Additions
    
    
    62,862
    
    
    
    8,893
    
    
    
    64,502
    
    
    
    73,269
    
    
    
    64,175
    
    
    
    70,674
    
    
    
    15,369
    
    
    
    359,744Dispositions
    
    
    (1,352
    )
    
    
    (3,884
    )
    
    
    (7,054
    )
    
    
    (13,369
    )
    
    
    
    
    
    
    (3,263
    )
    
    
    (3,594
    )
    
    
    (32,516
    )December 31, 2002
    
    $
    971,575
    
    
    $
    139,061
    
    
    $
    377,931
    
    
    $
    724,728
    
    
    $
    681,206
    
    
    $
    590,041
    
    
    $
    68,942
    
    
    
    3,553,484Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (485,206
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    163,379Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    163,142Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    232,262Total assets at December 31, 2002
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    3,627,061


The Company has restated segment information for the years ended December 31,
2002 and 2001 to reflect a change in the Companys method of internal
reporting.



|12. |  | IMPLEMENTATION OF SFAS NO. 144 ACCOUNTING FOR THE IMPAIRMENT OR DISPOSAL
OF LONG-LIVED ASSETS
|--- |  | -----------------------------------------------------------------------------------------------

Discontinued Operations
In accordance with SFAS No. 144 which the Company adopted on January 1, 2002,
net income and gain/(loss) on disposition of real estate for properties sold
subsequent to December 31, 2001 are reflected in the consolidated statements of
operations as discontinued operations. The proceeds from dispositions of
operating properties were $40.8 million and $38.4 million for the years ended
December 31, 2003 and 2002, respectively. Below is a summary of the results of
operations of the properties disposed of through the respective disposition
dates (in thousands):

DECEMBER 31,2003
    
    
    2002
    
    
    2001Revenues
    
    $
    2,979
    
    
    $
    6,059
    
    
    $
    3,303Operating expenses
    
    
    (584
    )
    
    
    (1,159
    )
    
    
    (697
    )Interest expense
    
    
    (426
    )
    
    
    (1,046
    )
    
    
    (1,247
    )Depreciation and amortization
    
    
    (500
    )
    
    
    (1,230
    )
    
    
    (631
    )Income before property dispositions
    
    $
    1,469
    
    
    $
    2,624
    
    
    $
    728


Sales occurring before December 31, 2001, as well as sales of land and
development properties continue to be reflected as a component of income from
continuing operations.

Asset Impairment
In accordance with SFAS No. 144 the Company recognized a $5.3 million
impairment loss on three parcels of land. This impairment is included in the
caption gain (loss) on property dispositions as a component of income from
continuing operations. In addition, during the year ended December 31, 2002,
the Company recognized a $6.0 million impairment loss on assets held for sale.
This loss was subsequently realized during 2002 upon the disposal of those
assets held for sale. The Company determined this impairment through a
comparison of the aggregate future undiscounted cash flows to be generated by
the properties to the carrying value of the properties. The Company has
evaluated each of the Properties and land held for development and has
determined that there are no additional valuation adjustments necessary at
December 31, 2003.

81



---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES10, 20 Liberty Boulevard
    
    Malvern, PA
    
    $
    
    
    
    $
    724,058
    
    
    $
    
    
    
    $
    5,295,611420 Lapp Road
    
    Malvern, PA
    
    
    *
    
    
    
    1,054,418
    
    
    
    
    
    
    
    6,692,977747 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    1,607,238
    
    
    
    
    
    
    
    4,439,81045-67 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    795,143
    
    
    
    
    
    
    
    3,160,11840 Valley Stream Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    322,918
    
    
    
    
    
    
    
    2,315,84850 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    323,971
    
    
    
    
    
    
    
    2,253,69920 Valley Stream Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    465,539
    
    
    
    
    
    
    
    5,142,133800 Town Center Drive
    
    Langhorne, PA
    
    
    
    
    
    
    1,617,150
    
    
    
    
    
    
    
    9,531,32111,15 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    1,837,050
    
    
    
    
    
    
    
    15,005,064257-275 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    504,611
    
    
    
    
    
    
    
    4,803,453300 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    368,626
    
    
    
    
    
    
    
    1,344,816277-293 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    530,729
    
    
    
    
    
    
    
    2,190,040311 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    397,131
    
    
    
    
    
    
    
    2,471,387325 Technology Drive
    
    Malvern, PA
    
    
    *
    
    
    
    376,444
    
    
    
    
    
    
    
    1,995,0097 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    176,435
    
    
    
    
    
    
    
    4,842,27355 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    215,005
    
    
    
    
    
    
    
    3,576,85465 Valley Stream Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    381,544
    
    
    
    
    
    
    
    6,442,271508 Lapp Road
    
    Malvern, PA
    
    
    *
    
    
    
    331,392
    
    
    
    
    
    
    
    1,896,64210 Valley Stream Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    509,075
    
    
    
    
    
    
    
    3,047,899333 Phoenixville Pike
    
    Malvern, PA
    
    
    1,827,665
    
    
    
    523,530
    
    
    
    
    
    
    
    2,917,37330 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    128,126
    
    
    
    
    
    
    
    385,63475 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    143,074
    
    
    
    
    
    
    
    767,35427-43 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    448,775
    
    
    
    
    
    
    
    2,201,41377-123 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    887,664
    
    
    
    
    
    
    
    4,886,723256 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    161,098
    
    
    
    
    
    
    
    1,785,718205 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    1,368,259
    
    
    
    
    
    
    
    10,454,44812,14,16 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    130,689
    
    
    
    
    
    
    
    1,473,905155 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    625,147
    
    
    
    
    
    
    
    2,468,086333 Technology Drive
    
    Malvern, PA
    
    
    *
    
    
    
    157,249
    
    
    
    
    
    
    
    3,312,336510 Lapp Road
    
    Malvern, PA
    
    
    *
    
    
    
    356,950
    
    
    
    
    
    
    
    926,58760 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    865,424
    
    
    
    9,285,000
    
    
    
    4,759,002905 Airport Road
    
    West Chester, PA
    
    
    
    
    
    
    1,715,000
    
    
    
    5,185,000
    
    
    
    858,7868 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    172,600
    
    
    
    1,704,436
    
    
    
    139,05110 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    147,000
    
    
    
    1,451,536
    
    
    
    526,80312 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    103,300
    
    
    
    1,021,036
    
    
    
    320,17714 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    93,100
    
    
    
    920,336
    
    
    
    309,9291 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    400,000
    
    
    
    3,600,000
    
    
    
    473,511701A Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    264,387
    
    
    
    3,772,000
    
    
    
    2,778,014701C Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    84,949
    
    
    
    1,328,000
    
    
    
    340,5201008 Astoria Boulevard
    
    Cherry Hill, NJ
    
    
    
    
    
    
    27,120
    
    
    
    424,880
    
    
    
    488,4763000 Atrium Way
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    500,000
    
    
    
    4,500,000
    
    
    
    3,876,0682151 Cabot Boulevard
    
    Langhorne, PA
    
    
    
    
    
    
    384,100
    
    
    
    3,456,900
    
    
    
    249,314170 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    547,800
    
    
    
    3,137,400
    
    
    
    2,316,556190 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    552,200
    
    
    
    3,162,600
    
    
    
    1,497,093507 Prudential Road
    
    Horsham, PA
    
    
    *
    
    
    
    644,900
    
    
    
    5,804,100
    
    
    
    6,163,58611000, 15000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,585
    
    
    
    4,394,900
    
    
    
    (110,017
    )12000, 14000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    361,800
    
    
    
    3,285,817
    
    
    
    499,27416000, 18000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    289,700
    
    
    
    2,512,683
    
    
    
    555,494400 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    69,402
    
    
    
    
    
    
    
    3,620,810406 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    321,455
    
    
    
    1,539,871
    
    
    
    827,461100 Witmer Road
    
    Horsham, PA
    
    
    7,395,123
    
    
    
    3,102,784
    
    
    
    
    
    
    
    11,820,3983100 Horizon Drive
    
    King of Prussia, PA
    
    
    *
    
    
    
    601,956
    
    
    
    
    
    
    
    2,004,2383300 Horizon Drive
    
    King of Prussia, PA
    
    
    *
    
    
    
    566,403
    
    
    
    
    
    
    
    3,404,3083500 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    1,204,839
    
    
    
    
    
    
    
    2,628,802200 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    495,893
    
    
    
    2,739,093
    
    
    
    331,450767 Electronic Drive
    
    Horsham, PA
    
    
    *
    
    
    
    1,229,685
    
    
    
    
    
    
    
    2,773,208132 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    1,333,642
    
    
    
    
    
    
    
    3,919,4585 Country View Road
    
    Malvern, PA
    
    
    *
    
    
    
    785,168
    
    
    
    4,678,632
    
    
    
    696,703301 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    1,254,021303 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    1,600,2753200 Horizon Drive
    
    King of Prussia, PA
    
    
    *
    
    
    
    928,637
    
    
    
    
    
    
    
    6,491,8853000 Horizon Drive
    
    King of Prussia, PA
    
    
    *
    
    
    
    1,191,449
    
    
    
    
    
    
    
    2,309,358901 Route 73
    
    Marlton, NJ
    
    
    
    
    
    
    334,411
    
    
    
    2,733,314
    
    
    
    619,322111-195 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    407,005
    
    
    
    3,129,058
    
    
    
    (66,380
    )1300 Route 73 North
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    449,400
    
    
    
    3,074,850
    
    
    
    810,819300 Welsh Road  Building 3
    
    Horsham, PA
    
    
    
    
    
    
    180,459
    
    
    
    1,441,473
    
    
    
    298,687300 Welsh Road  Building 4
    
    Horsham, PA
    
    
    
    
    
    
    282,493
    
    
    
    2,256,508
    
    
    
    1,093,2958801 Tinicum Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    2,474,031
    
    
    
    
    
    
    
    43,594,952440 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    717,001
    
    
    
    4,816,121
    
    
    
    2,514,896






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES10, 20 Liberty Boulevard
    
    $
    724,846
    
    
    $
    5,294,823
    
    
    $
    6,019,669
    
    
    $
    1,868,230
    
    
    1985
    
    40 yrs.420 Lapp Road
    
    
    1,055,243
    
    
    
    6,692,152
    
    
    
    7,747,395
    
    
    
    2,296,728
    
    
    1989
    
    40 yrs.747 Dresher Road
    
    
    1,607,977
    
    
    
    4,439,071
    
    
    
    6,047,048
    
    
    
    1,512,374
    
    
    1988
    
    40 yrs.45-67 Great Valley Parkway
    
    
    795,831
    
    
    
    3,159,430
    
    
    
    3,955,261
    
    
    
    1,811,709
    
    
    1974
    
    40 yrs.40 Valley Stream Parkway
    
    
    325,775
    
    
    
    2,312,991
    
    
    
    2,638,766
    
    
    
    939,589
    
    
    1987
    
    40 yrs.50 Valley Stream Parkway
    
    
    323,792
    
    
    
    2,253,878
    
    
    
    2,577,670
    
    
    
    931,798
    
    
    1987
    
    40 yrs.20 Valley Stream Parkway
    
    
    466,413
    
    
    
    5,141,259
    
    
    
    5,607,672
    
    
    
    2,214,262
    
    
    1987
    
    40 yrs.800 Town Center Drive
    
    
    1,619,288
    
    
    
    9,529,182
    
    
    
    11,148,471
    
    
    
    4,080,344
    
    
    1987
    
    40 yrs.11,15 Great Valley Parkway
    
    
    1,837,878
    
    
    
    15,004,236
    
    
    
    16,842,114
    
    
    
    9,161,239
    
    
    1986
    
    40 yrs.257-275 Great Valley Parkway
    
    
    505,458
    
    
    
    4,802,606
    
    
    
    5,308,064
    
    
    
    2,352,335
    
    
    1983
    
    40 yrs.300 Technology Drive
    
    
    374,497
    
    
    
    1,338,945
    
    
    
    1,713,442
    
    
    
    574,132
    
    
    1985
    
    40 yrs.277-293 Great Valley Parkway
    
    
    531,534
    
    
    
    2,189,235
    
    
    
    2,720,769
    
    
    
    1,055,017
    
    
    1984
    
    40 yrs.311 Technology Drive
    
    
    397,948
    
    
    
    2,470,570
    
    
    
    2,868,518
    
    
    
    1,092,141
    
    
    1984
    
    40 yrs.325 Technology Drive
    
    
    385,693
    
    
    
    1,985,761
    
    
    
    2,371,453
    
    
    
    951,788
    
    
    1984
    
    40 yrs.7 Great Valley Parkway
    
    
    177,317
    
    
    
    4,841,392
    
    
    
    5,018,708
    
    
    
    2,194,673
    
    
    1985
    
    40 yrs.55 Valley Stream Parkway
    
    
    215,818
    
    
    
    3,576,041
    
    
    
    3,791,859
    
    
    
    1,598,946
    
    
    1983
    
    40 yrs.65 Valley Stream Parkway
    
    
    382,361
    
    
    
    6,441,454
    
    
    
    6,823,815
    
    
    
    2,620,927
    
    
    1983
    
    40 yrs.508 Lapp Road
    
    
    332,216
    
    
    
    1,895,818
    
    
    
    2,228,034
    
    
    
    910,628
    
    
    1984
    
    40 yrs.10 Valley Stream Parkway
    
    
    509,899
    
    
    
    3,047,075
    
    
    
    3,556,974
    
    
    
    1,426,491
    
    
    1984
    
    40 yrs.333 Phoenixville Pike
    
    
    524,230
    
    
    
    2,916,673
    
    
    
    3,440,903
    
    
    
    1,344,586
    
    
    1985
    
    40 yrs.30 Great Valley Parkway
    
    
    128,783
    
    
    
    384,976
    
    
    
    513,760
    
    
    
    264,396
    
    
    1975
    
    40 yrs.75 Great Valley Parkway
    
    
    143,811
    
    
    
    766,617
    
    
    
    910,428
    
    
    
    349,427
    
    
    1977
    
    40 yrs.27-43 Great Valley Parkway
    
    
    449,447
    
    
    
    2,200,741
    
    
    
    2,650,188
    
    
    
    1,339,931
    
    
    1977
    
    40 yrs.77-123 Great Valley Parkway
    
    
    888,359
    
    
    
    4,886,028
    
    
    
    5,774,387
    
    
    
    2,788,987
    
    
    1978
    
    40 yrs.256 Great Valley Parkway
    
    
    161,949
    
    
    
    1,784,867
    
    
    
    1,946,816
    
    
    
    1,005,955
    
    
    1980
    
    40 yrs.205 Great Valley Parkway
    
    
    1,369,003
    
    
    
    10,453,704
    
    
    
    11,822,707
    
    
    
    5,520,296
    
    
    1981
    
    40 yrs.12,14,16 Great Valley Parkway
    
    
    128,767
    
    
    
    1,475,827
    
    
    
    1,604,594
    
    
    
    689,001
    
    
    1982
    
    40 yrs.155 Great Valley Parkway
    
    
    626,068
    
    
    
    2,467,165
    
    
    
    3,093,233
    
    
    
    1,204,530
    
    
    1981
    
    40 yrs.333 Technology Drive
    
    
    158,077
    
    
    
    3,311,508
    
    
    
    3,469,585
    
    
    
    1,452,516
    
    
    1987
    
    40 yrs.510 Lapp Road
    
    
    357,751
    
    
    
    925,786
    
    
    
    1,283,537
    
    
    
    478,667
    
    
    1983
    
    40 yrs.60 Morehall Road
    
    
    884,974
    
    
    
    14,024,452
    
    
    
    14,909,426
    
    
    
    4,483,692
    
    
    1989
    
    40 yrs.905 Airport Road
    
    
    1,735,012
    
    
    
    6,023,774
    
    
    
    7,758,786
    
    
    
    1,686,056
    
    
    1988
    
    40 yrs.8 Stow Road
    
    
    172,945
    
    
    
    1,843,142
    
    
    
    2,016,087
    
    
    
    507,098
    
    
    1988
    
    40 yrs.10 Stow Road
    
    
    147,318
    
    
    
    1,978,021
    
    
    
    2,125,339
    
    
    
    643,743
    
    
    1988
    
    40 yrs.12 Stow Road
    
    
    103,618
    
    
    
    1,340,896
    
    
    
    1,444,513
    
    
    
    445,303
    
    
    1988
    
    40 yrs.14 Stow Road
    
    
    93,418
    
    
    
    1,229,948
    
    
    
    1,323,365
    
    
    
    427,644
    
    
    1988
    
    40 yrs.1 Country View Road
    
    
    406,421
    
    
    
    4,067,090
    
    
    
    4,473,511
    
    
    
    946,471
    
    
    1982
    
    40 yrs.701A Route 73 South
    
    
    271,743
    
    
    
    6,542,658
    
    
    
    6,814,401
    
    
    
    2,416,381
    
    
    1987
    
    40 yrs.701C Route 73 South
    
    
    96,161
    
    
    
    1,657,307
    
    
    
    1,753,468
    
    
    
    519,969
    
    
    1987
    
    40 yrs.1008 Astoria Boulevard
    
    
    32,698
    
    
    
    907,777
    
    
    
    940,476
    
    
    
    326,128
    
    
    1973
    
    40 yrs.3000 Atrium Way
    
    
    512,018
    
    
    
    8,364,050
    
    
    
    8,876,068
    
    
    
    3,169,770
    
    
    1987
    
    40 yrs.2151 Cabot Boulevard
    
    
    389,990
    
    
    
    3,700,324
    
    
    
    4,090,314
    
    
    
    847,588
    
    
    1982
    
    40 yrs.170 South Warner Road
    
    
    458,232
    
    
    
    5,543,524
    
    
    
    6,001,756
    
    
    
    2,319,162
    
    
    1980
    
    40 yrs.190 South Warner Road
    
    
    461,909
    
    
    
    4,749,984
    
    
    
    5,211,893
    
    
    
    1,553,649
    
    
    1980
    
    40 yrs.507 Prudential Road
    
    
    652,919
    
    
    
    11,959,667
    
    
    
    12,612,586
    
    
    
    2,091,096
    
    
    1988
    
    40 yrs.11000, 15000 Commerce Parkway
    
    
    311,950
    
    
    
    4,283,518
    
    
    
    4,595,468
    
    
    
    1,271,109
    
    
    1985
    
    40 yrs.12000, 14000 Commerce Parkway
    
    
    362,855
    
    
    
    3,784,036
    
    
    
    4,146,891
    
    
    
    924,196
    
    
    1985
    
    40 yrs.16000, 18000 Commerce Parkway
    
    
    290,545
    
    
    
    3,067,332
    
    
    
    3,357,877
    
    
    
    855,243
    
    
    1985
    
    40 yrs.400 Lippincott Drive
    
    
    317,799
    
    
    
    3,372,413
    
    
    
    3,690,212
    
    
    
    461,883
    
    
    1999
    
    40 yrs.406 Lippincott Drive
    
    
    327,554
    
    
    
    2,361,233
    
    
    
    2,688,787
    
    
    
    770,948
    
    
    1990
    
    40 yrs.100 Witmer Road
    
    
    3,764,784
    
    
    
    11,158,399
    
    
    
    14,923,182
    
    
    
    1,996,073
    
    
    1996
    
    40 yrs.3100 Horizon Drive
    
    
    611,436
    
    
    
    1,994,758
    
    
    
    2,606,194
    
    
    
    543,587
    
    
    1995
    
    40 yrs.3300 Horizon Drive
    
    
    687,878
    
    
    
    3,282,832
    
    
    
    3,970,711
    
    
    
    668,274
    
    
    1996
    
    40 yrs.3500 Horizon Drive
    
    
    1,223,875
    
    
    
    2,609,766
    
    
    
    3,833,641
    
    
    
    499,542
    
    
    1996
    
    40 yrs.200 Chesterfield Parkway
    
    
    544,649
    
    
    
    3,021,787
    
    
    
    3,566,436
    
    
    
    1,673,892
    
    
    1989
    
    40 yrs.767 Electronic Drive
    
    
    1,241,970
    
    
    
    2,760,923
    
    
    
    4,002,893
    
    
    
    1,085,819
    
    
    1996
    
    40 yrs.132 Welsh Road
    
    
    1,408,041
    
    
    
    3,845,058
    
    
    
    5,253,099
    
    
    
    816,135
    
    
    1998
    
    40 yrs.5 Country View Road
    
    
    786,235
    
    
    
    5,374,267
    
    
    
    6,160,503
    
    
    
    1,223,565
    
    
    1985
    
    40 yrs.301 Lippincott Drive
    
    
    1,069,838
    
    
    
    6,034,184
    
    
    
    7,104,021
    
    
    
    1,349,108
    
    
    1988
    
    40 yrs.303 Lippincott Drive
    
    
    1,069,838
    
    
    
    6,380,438
    
    
    
    7,450,275
    
    
    
    1,461,774
    
    
    1988
    
    40 yrs.3200 Horizon Drive
    
    
    1,210,137
    
    
    
    6,210,385
    
    
    
    7,420,522
    
    
    
    1,262,841
    
    
    1996
    
    40 yrs.3000 Horizon Drive
    
    
    946,703
    
    
    
    2,554,103
    
    
    
    3,500,807
    
    
    
    367,756
    
    
    1997
    
    40 yrs.901 Route 73
    
    
    334,411
    
    
    
    3,352,636
    
    
    
    3,687,047
    
    
    
    637,841
    
    
    1985
    
    40 yrs.111-195 Witmer Road
    
    
    378,205
    
    
    
    3,091,478
    
    
    
    3,469,683
    
    
    
    628,599
    
    
    1987
    
    40 yrs.1300 Route 73 North
    
    
    450,558
    
    
    
    3,884,511
    
    
    
    4,335,069
    
    
    
    952,859
    
    
    1988
    
    40 yrs.300 Welsh Road  Building 3
    
    
    180,459
    
    
    
    1,740,160
    
    
    
    1,920,618
    
    
    
    386,284
    
    
    1983
    
    40 yrs.300 Welsh Road  Building 4
    
    
    282,493
    
    
    
    3,349,802
    
    
    
    3,632,295
    
    
    
    794,504
    
    
    1983
    
    40 yrs.8801 Tinicum Boulevard
    
    
    125,087
    
    
    
    45,943,896
    
    
    
    46,068,983
    
    
    
    7,875,211
    
    
    1997
    
    40 yrs.440 East Swedesford Road
    
    
    717,001
    
    
    
    7,331,018
    
    
    
    8,048,018
    
    
    
    2,005,708
    
    
    1988
    
    40 yrs.


82



---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES460 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    705,317
    
    
    
    4,737,487
    
    
    
    983,48350 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    849,576
    
    
    
    
    
    
    
    13,043,717404 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    131,896
    
    
    
    
    
    
    
    1,650,4312 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,281,870
    
    
    
    7,767,374
    
    
    
    1,130,8795 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,065,951
    
    
    
    
    
    
    
    9,364,439104 Gaither Drive
    
    Mt Laurel, NJ
    
    
    
    
    
    
    132,075
    
    
    
    1,151,988
    
    
    
    240,826200 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    638,513
    
    
    
    5,811,323
    
    
    
    830,836220 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,228
    
    
    
    1,074,441240 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,234
    
    
    
    1,348,085151 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    1,218,086
    
    
    
    6,937,866
    
    
    
    371,5711 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,058,901
    
    
    
    5,343,606
    
    
    
    1,041,557402 Lippincott Drive
    
    Marlton, NJ
    
    
    *
    
    
    
    131,896
    
    
    
    
    
    
    
    1,721,9653604 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    397,178
    
    
    
    
    
    
    
    1,628,5723606 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    789,409
    
    
    
    
    
    
    
    1,940,816650 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,911
    
    
    
    6,722,830
    
    
    
    8,451,148680 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,361
    
    
    
    6,722,830
    
    
    
    8,271,5373000 Lincoln Drive
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    284,052
    
    
    
    2,458,155
    
    
    
    1,437,6456000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,151
    
    
    
    2,022,683
    
    
    
    229,3157000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    260,014
    
    
    
    2,236,684
    
    
    
    328,9118000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,814
    
    
    
    1,995,098
    
    
    
    161,3049000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    286,587
    
    
    
    2,474,820
    
    
    
    568,3511000 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    288,577
    
    
    
    2,546,537
    
    
    
    946,7681025 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    430,990
    
    
    
    3,714,828
    
    
    
    857,3421020 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    494,334
    
    
    
    
    
    
    
    2,986,335761 Fifth Avenue
    
    King of Prussia, PA
    
    
    1,370,963
    
    
    
    256,463
    
    
    
    2,061,468
    
    
    
    571,3391 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    419,460
    
    
    
    3,792,570
    
    
    
    333,6995 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    684,200
    
    
    
    6,181,661
    
    
    
    579,9839 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    652,642
    
    
    
    1,765,065
    
    
    
    656,1701001 Cedar Hollow Road
    
    Malvern, PA
    
    
    
    
    
    
    1,436,814
    
    
    
    
    
    
    
    16,047,6983 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    814,278
    
    
    
    
    
    
    
    4,946,4332000 Crawford Place
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,831
    
    
    
    2,797,744
    
    
    
    1,946,123425 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    1,841,996375 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    1,958,52445 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    4,380,221
    
    
    
    
    
    
    
    15,086,598100 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,320,625
    
    
    
    
    
    
    
    6,885,282181-187 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    360,549
    
    
    
    3,259,984
    
    
    
    494,181104 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    330,111
    
    
    
    2,981,669
    
    
    
    233,299123-135 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    292,360
    
    
    
    2,411,677
    
    
    
    850,351111-159 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    489,032
    
    
    
    4,126,151
    
    
    
    411,234161-175 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    294,673
    
    
    
    2,663,722
    
    
    
    592,942103-109 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    270,906
    
    
    
    2,448,500
    
    
    
    797,209261-283 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    464,871
    
    
    
    3,951,972
    
    
    
    118,798210-223 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    270,282
    
    
    
    2,441,276
    
    
    
    1,478,906231-237 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    436,952
    
    
    
    3,948,963
    
    
    
    376,399100 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    38,729
    
    
    
    349,811
    
    
    
    9,589101 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    651,990
    
    
    
    5,888,989
    
    
    
    688,856506 Prudential Road
    
    Horsham, PA
    
    
    
    
    
    
    208,140
    
    
    
    895,470
    
    
    
    652,633113-123 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    351,072
    
    
    
    3,171,001
    
    
    
    321,833101-111 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    350,561
    
    
    
    3,166,389
    
    
    
    248,639120 Gibraltar Road
    
    Horsham, PA
    
    
    *
    
    
    
    533,142
    
    
    
    4,830,515
    
    
    
    538,360110 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    673,041
    
    
    
    5,776,369
    
    
    
    1,516,830100-107 Lakeside Drive
    
    Horsham, PA
    
    
    *
    
    
    
    239,528
    
    
    
    2,163,498
    
    
    
    625,512200-264 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    502,705
    
    
    
    4,540,597
    
    
    
    882,314300-309 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    369,475
    
    
    
    3,338,761
    
    
    
    1,501,247400-445 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    543,628
    
    
    
    4,910,226
    
    
    
    2,733,309104 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    1,248,148
    
    
    
    
    
    
    
    1,056,101201 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    380,127
    
    
    
    3,433,433
    
    
    
    1,646,9633600 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    236,432
    
    
    
    1,856,252
    
    
    
    16,4683602 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    217,734
    
    
    
    1,759,489
    
    
    
    173,8103 Franklin Plaza
    
    Philadelphia, PA
    
    
    *
    
    
    
    2,483,144
    
    
    
    
    
    
    
    32,150,134400-500 Brandywine Parkway
    
    West Chester, PA
    
    
    *
    
    
    
    845,846
    
    
    
    6,809,025
    
    
    
    446,426600 Brandywine Parkway
    
    West Chester, PA
    
    
    *
    
    
    
    664,899
    
    
    
    5,352,410
    
    
    
    708,0512700 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    764,370
    
    
    
    
    
    
    
    3,673,2872900 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    679,440
    
    
    
    
    
    
    
    3,503,0742500 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    2,663,1462300 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    2,648,281719 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    493,426
    
    
    
    2,812,067
    
    
    
    205,6282100 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,110,111
    
    
    
    
    
    
    
    9,339,0574 Walnut Grove
    
    Horsham, PA
    
    
    
    
    
    
    2,515,115
    
    
    
    
    
    
    
    7,329,296






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES460 East Swedesford Road
    
    
    705,317
    
    
    
    5,720,971
    
    
    
    6,426,287
    
    
    
    1,292,113
    
    
    1988
    
    40 yrs.50 Morehall Road
    
    
    1,337,076
    
    
    
    12,556,217
    
    
    
    13,893,293
    
    
    
    2,959,037
    
    
    1997
    
    40 yrs.404 Lippincott Drive
    
    
    131,896
    
    
    
    1,650,431
    
    
    
    1,782,327
    
    
    
    449,704
    
    
    1997
    
    40 yrs.2 Walnut Grove Drive
    
    
    1,265,363
    
    
    
    8,914,760
    
    
    
    10,180,123
    
    
    
    1,988,214
    
    
    1989
    
    40 yrs.5 Walnut Grove Drive
    
    
    1,939,712
    
    
    
    8,490,678
    
    
    
    10,430,390
    
    
    
    885,858
    
    
    2000
    
    40 yrs.104 Gaither Drive
    
    
    136,446
    
    
    
    1,388,443
    
    
    
    1,524,889
    
    
    
    243,800
    
    
    1975
    
    40 yrs.200 Gibraltar Road
    
    
    638,513
    
    
    
    6,642,159
    
    
    
    7,280,672
    
    
    
    1,442,360
    
    
    1990
    
    40 yrs.220 Gibraltar Road
    
    
    629,944
    
    
    
    6,807,669
    
    
    
    7,437,613
    
    
    
    1,345,245
    
    
    1990
    
    40 yrs.240 Gibraltar Road
    
    
    629,944
    
    
    
    7,081,320
    
    
    
    7,711,263
    
    
    
    1,219,297
    
    
    1990
    
    40 yrs.151 South Warner Road
    
    
    1,186,972
    
    
    
    7,340,551
    
    
    
    8,527,523
    
    
    
    1,297,432
    
    
    1980
    
    40 yrs.1 Walnut Grove Drive
    
    
    1,058,901
    
    
    
    6,385,163
    
    
    
    7,444,064
    
    
    
    1,629,913
    
    
    1986
    
    40 yrs.402 Lippincott Drive
    
    
    131,896
    
    
    
    1,721,965
    
    
    
    1,853,861
    
    
    
    374,398
    
    
    1997
    
    40 yrs.3604 Horizon Drive
    
    
    350,874
    
    
    
    1,674,876
    
    
    
    2,025,750
    
    
    
    583,832
    
    
    1998
    
    40 yrs.3606 Horizon Drive
    
    
    815,855
    
    
    
    1,914,370
    
    
    
    2,730,225
    
    
    
    525,254
    
    
    1997
    
    40 yrs.650 Swedesford Road
    
    
    952,911
    
    
    
    15,173,978
    
    
    
    16,126,889
    
    
    
    4,393,772
    
    
    1971
    
    40 yrs.680 Swedesford Road
    
    
    952,361
    
    
    
    14,994,367
    
    
    
    15,946,728
    
    
    
    4,403,255
    
    
    1971
    
    40 yrs.3000 Lincoln Drive
    
    
    284,052
    
    
    
    3,895,799
    
    
    
    4,179,852
    
    
    
    1,015,811
    
    
    1983
    
    40 yrs.6000 Commerce Parkway
    
    
    234,151
    
    
    
    2,251,998
    
    
    
    2,486,149
    
    
    
    448,883
    
    
    1985
    
    40 yrs.7000 Commerce Parkway
    
    
    260,014
    
    
    
    2,565,595
    
    
    
    2,825,609
    
    
    
    508,864
    
    
    1984
    
    40 yrs.8000 Commerce Parkway
    
    
    234,814
    
    
    
    2,156,402
    
    
    
    2,391,216
    
    
    
    351,234
    
    
    1983
    
    40 yrs.9000 Commerce Parkway
    
    
    286,587
    
    
    
    3,043,171
    
    
    
    3,329,758
    
    
    
    615,569
    
    
    1983
    
    40 yrs.1000 Briggs Road
    
    
    288,577
    
    
    
    3,493,304
    
    
    
    3,781,882
    
    
    
    711,503
    
    
    1986
    
    40 yrs.1025 Briggs Road
    
    
    430,990
    
    
    
    4,572,169
    
    
    
    5,003,160
    
    
    
    900,467
    
    
    1987
    
    40 yrs.1020 Briggs Road
    
    
    569,184
    
    
    
    2,911,486
    
    
    
    3,480,669
    
    
    
    496,541
    
    
    1999
    
    40 yrs.761 Fifth Avenue
    
    
    256,463
    
    
    
    2,632,807
    
    
    
    2,889,270
    
    
    
    520,995
    
    
    1977
    
    40 yrs.1 Great Valley Parkway
    
    
    419,460
    
    
    
    4,126,269
    
    
    
    4,545,729
    
    
    
    746,484
    
    
    1982
    
    40 yrs.5 Great Valley Parkway
    
    
    684,200
    
    
    
    6,761,644
    
    
    
    7,445,844
    
    
    
    1,172,060
    
    
    1983
    
    40 yrs.9 Stow Road
    
    
    654,779
    
    
    
    2,419,098
    
    
    
    3,073,877
    
    
    
    432,021
    
    
    1989
    
    40 yrs.1001 Cedar Hollow Road
    
    
    1,646,984
    
    
    
    15,837,528
    
    
    
    17,484,512
    
    
    
    3,199,855
    
    
    1998
    
    40 yrs.3 Country View Road
    
    
    1,128,881
    
    
    
    4,631,831
    
    
    
    5,760,711
    
    
    
    636,644
    
    
    1998
    
    40 yrs.2000 Crawford Place
    
    
    310,831
    
    
    
    4,743,867
    
    
    
    5,054,698
    
    
    
    1,381,278
    
    
    1986
    
    40 yrs.425 Technology Drive
    
    
    321,473
    
    
    
    1,711,637
    
    
    
    2,033,110
    
    
    
    503,069
    
    
    1998
    
    40 yrs.375 Technology Drive
    
    
    234,922
    
    
    
    1,914,715
    
    
    
    2,149,638
    
    
    
    427,792
    
    
    1998
    
    40 yrs.45 Liberty Boulevard
    
    
    4,749,748
    
    
    
    14,717,071
    
    
    
    19,466,819
    
    
    
    2,681,498
    
    
    1999
    
    40 yrs.100 Chesterfield Parkway
    
    
    1,349,954
    
    
    
    6,855,953
    
    
    
    8,205,907
    
    
    
    1,470,354
    
    
    1998
    
    40 yrs.181-187 Gibraltar Road
    
    
    360,549
    
    
    
    3,754,165
    
    
    
    4,114,714
    
    
    
    720,631
    
    
    1982
    
    40 yrs.104 Rock Road
    
    
    330,111
    
    
    
    3,214,968
    
    
    
    3,545,079
    
    
    
    463,960
    
    
    1974
    
    40 yrs.123-135 Rock Road
    
    
    393,019
    
    
    
    3,161,369
    
    
    
    3,554,388
    
    
    
    731,348
    
    
    1975
    
    40 yrs.111-159 Gibraltar Road
    
    
    489,032
    
    
    
    4,537,385
    
    
    
    5,026,417
    
    
    
    841,389
    
    
    1981
    
    40 yrs.161-175 Gibraltar Road
    
    
    294,673
    
    
    
    3,256,664
    
    
    
    3,551,337
    
    
    
    538,486
    
    
    1976
    
    40 yrs.103-109 Gibraltar Road
    
    
    270,906
    
    
    
    3,245,708
    
    
    
    3,516,615
    
    
    
    693,278
    
    
    1978
    
    40 yrs.261-283 Gibraltar Road
    
    
    464,871
    
    
    
    4,070,769
    
    
    
    4,535,640
    
    
    
    630,076
    
    
    1978
    
    40 yrs.210-223 Witmer Road
    
    
    270,282
    
    
    
    3,920,182
    
    
    
    4,190,464
    
    
    
    616,469
    
    
    1972
    
    40 yrs.231-237 Gibraltar Road
    
    
    436,952
    
    
    
    4,325,362
    
    
    
    4,762,314
    
    
    
    806,580
    
    
    1981
    
    40 yrs.100 Gibraltar Road
    
    
    38,729
    
    
    
    359,400
    
    
    
    398,129
    
    
    
    54,413
    
    
    1975
    
    40 yrs.101 Gibraltar Road
    
    
    732,552
    
    
    
    6,497,283
    
    
    
    7,229,835
    
    
    
    1,014,787
    
    
    1977
    
    40 yrs.506 Prudential Road
    
    
    208,140
    
    
    
    1,548,102
    
    
    
    1,756,243
    
    
    
    236,134
    
    
    1973
    
    40 yrs.113-123 Rock Road
    
    
    451,731
    
    
    
    3,392,175
    
    
    
    3,843,906
    
    
    
    523,810
    
    
    1975
    
    40 yrs.101-111 Rock Road
    
    
    452,251
    
    
    
    3,313,338
    
    
    
    3,765,589
    
    
    
    583,790
    
    
    1975
    
    40 yrs.120 Gibraltar Road
    
    
    558,142
    
    
    
    5,343,875
    
    
    
    5,902,017
    
    
    
    867,973
    
    
    1980
    
    40 yrs.110 Gibraltar Road
    
    
    673,041
    
    
    
    7,293,199
    
    
    
    7,966,240
    
    
    
    1,046,522
    
    
    1979
    
    40 yrs.100-107 Lakeside Drive
    
    
    255,528
    
    
    
    2,773,010
    
    
    
    3,028,538
    
    
    
    640,683
    
    
    1982
    
    40 yrs.200-264 Lakeside Drive
    
    
    502,705
    
    
    
    5,422,912
    
    
    
    5,925,616
    
    
    
    1,011,324
    
    
    1982
    
    40 yrs.300-309 Lakeside Drive
    
    
    376,475
    
    
    
    4,833,008
    
    
    
    5,209,483
    
    
    
    1,080,831
    
    
    1982
    
    40 yrs.400-445 Lakeside Drive
    
    
    583,628
    
    
    
    7,603,535
    
    
    
    8,187,163
    
    
    
    1,384,236
    
    
    1981
    
    40 yrs.104 Witmer Road
    
    
    189,793
    
    
    
    2,114,456
    
    
    
    2,304,249
    
    
    
    448,428
    
    
    1975
    
    40 yrs.201 Gibraltar Road
    
    
    380,802
    
    
    
    5,079,721
    
    
    
    5,460,523
    
    
    
    667,910
    
    
    1983
    
    40 yrs.3600 Horizon Drive
    
    
    236,432
    
    
    
    1,872,720
    
    
    
    2,109,152
    
    
    
    285,708
    
    
    1989
    
    40 yrs.3602 Horizon Drive
    
    
    217,809
    
    
    
    1,933,224
    
    
    
    2,151,033
    
    
    
    355,521
    
    
    1989
    
    40 yrs.3 Franklin Plaza
    
    
    2,514,519
    
    
    
    32,118,759
    
    
    
    34,633,278
    
    
    
    3,608,286
    
    
    1999
    
    40 yrs.400-500 Brandywine Parkway
    
    
    845,846
    
    
    
    7,255,451
    
    
    
    8,101,297
    
    
    
    1,153,319
    
    
    1988
    
    40 yrs.600 Brandywine Parkway
    
    
    664,899
    
    
    
    6,060,461
    
    
    
    6,725,360
    
    
    
    973,470
    
    
    1988
    
    40 yrs.2700 Horizon Drive
    
    
    867,815
    
    
    
    3,569,842
    
    
    
    4,437,657
    
    
    
    717,384
    
    
    1998
    
    40 yrs.2900 Horizon Drive
    
    
    774,096
    
    
    
    3,408,418
    
    
    
    4,182,514
    
    
    
    591,456
    
    
    1998
    
    40 yrs.2500 Renaissance Boulevard
    
    
    592,886
    
    
    
    2,579,839
    
    
    
    3,172,726
    
    
    
    530,724
    
    
    1999
    
    40 yrs.2300 Renaissance Boulevard
    
    
    574,152
    
    
    
    2,583,708
    
    
    
    3,157,861
    
    
    
    467,470
    
    
    1999
    
    40 yrs.719 Dresher Road
    
    
    495,112
    
    
    
    3,016,009
    
    
    
    3,511,121
    
    
    
    440,556
    
    
    1987
    
    40 yrs.2100 Renaissance Boulevard
    
    
    1,132,519
    
    
    
    9,316,649
    
    
    
    10,449,168
    
    
    
    1,954,619
    
    
    1999
    
    40 yrs.4 Walnut Grove
    
    
    2,515,115
    
    
    
    7,329,296
    
    
    
    9,844,411
    
    
    
    854,565
    
    
    1999
    
    40 yrs.


83



---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES5000 Dearborn Court
    
    Mt. Laurel, NJ
    
    
    *
    
    
    
    1,057,763
    
    
    
    4,191,827
    
    
    
    285,8832250 Hickory Road
    
    Plymouth Meeting, PA
    
    
    
    
    
    
    1,015,851
    
    
    
    9,175,555
    
    
    
    1,090,6323400 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    776,496
    
    
    
    3,139,068
    
    
    
    973,848625 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    180,226
    
    
    
    908,953
    
    
    
    49,751510 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    790,335
    
    
    
    7,901,878
    
    
    
    492,870602 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    524,728
    
    
    
    2,240,478
    
    
    
    7,6501001 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    701,705
    
    
    
    3,505,652
    
    
    
    1,615,2331960 Cuthbert Boulevard
    
    Cherry Hill, NJ
    
    
    
    
    
    
    321,699
    
    
    
    1,291,557
    
    
    
    331,4271970 Cuthbert Boulevard
    
    Cherry Hill, NJ
    
    
    
    
    
    
    321,699
    
    
    
    1,291,558
    
    
    
    56,997300 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    696,061
    
    
    
    3,339,991
    
    
    
    81,629600 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,135,324700 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,096,1502301 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,645,246
    
    
    
    
    
    
    
    30,016,8296 Terry Drive
    
    Newtown, PA
    
    
    
    
    
    
    622,029
    
    
    
    2,228,851
    
    
    
    833,0092520 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,020,000
    
    
    
    
    
    
    
    4,837,99818 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    394,036
    
    
    
    3,976,221
    
    
    
    100,474700 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    2,551,777
    
    
    
    3,020,638
    
    
    
    4,342,6912201 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,519,9642540 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,625,4972560 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,729,25411 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    496,297
    
    
    
    
    
    
    
    3,226,9241015 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    356,987
    
    
    
    
    
    
    
    3,316,456680 Blair Mill Road
    
    Horsham, PA
    
    
    
    
    
    
    3,527,151
    
    
    
    
    
    
    
    12,023,443825 Duportail Road
    
    Wayne, PA
    
    
    
    
    
    
    5,536,619
    
    
    
    16,179,213
    
    
    
    523,0471500 Liberty Ridge
    
    Wayne, PA
    
    
    
    
    
    
    8,287,555
    
    
    
    
    
    
    
    29,878,05617000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    144,515
    
    
    
    
    
    
    
    2,800,4161200 Liberty Ridge Drive
    
    Wayne, PA
    
    
    
    
    
    
    6,215,667
    
    
    
    
    
    
    
    8,462,1692760 Red Lion Road
    
    Philadelphia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    46,261,419200 Precision Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,559,884
    
    
    
    4,759,640
    
    
    
    2,587,92440 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    4,241,137
    
    
    
    17,737,090
    
    
    
    2,182,842102 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    1,110,209
    
    
    
    2,301,302
    
    
    
    879,4154001 Leadenhall Road
    
    Mt. Laurel,  NJ
    
    
    
    
    
    
    3,207,885
    
    
    
    391,167
    
    
    
    18,819,206255 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,086,356
    
    
    
    2,007,214
    
    
    
    2,323355 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    483,045
    
    
    
    898,798
    
    
    
    1,703455 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,351,011
    
    
    
    2,503,449
    
    
    
    76,105555 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    727,420
    
    
    
    1,353,650
    
    
    
    1,74610 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    823,540
    
    
    
    1,341,376
    
    
    
    15,513425 Privet Road
    
    Horsham, PA
    
    
    
    
    
    
    3,326,536
    
    
    
    6,080
    
    
    
    3,245,25514 Lee Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    664,282
    
    
    
    
    
    
    
    5,642,568500 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    472,364
    
    
    
    
    
    
    
    3,209,019300-400 Chesterfield Parkway
    
    Malvern, PA
    
    
    1,852,601
    
    
    
    937,212
    
    
    
    
    
    
    
    4,890,7431655 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    214,431
    
    
    
    
    
    
    
    2,015,9216560 Stonegate Drive
    
    Allentown, PA
    
    
    *
    
    
    
    458,281
    
    
    
    
    
    
    
    2,402,2826370 Hedgewood Drive
    
    Allentown, PA
    
    
    969,957
    
    
    
    540,795
    
    
    
    
    
    
    
    3,191,7696390 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    707,203
    
    
    
    
    
    
    
    2,714,7711495 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    434,640
    
    
    
    
    
    
    
    3,727,2446350 Hedgewood Drive
    
    Allentown, PA
    
    
    1,216,000
    
    
    
    360,027
    
    
    
    
    
    
    
    3,427,4996330 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    531,268
    
    
    
    
    
    
    
    4,585,5351550 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    196,954
    
    
    
    
    
    
    
    3,377,7881560 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    240,069
    
    
    
    
    
    
    
    4,433,8466580 Snowdrift Road
    
    Allentown, PA
    
    
    *
    
    
    
    388,328
    
    
    
    
    
    
    
    2,671,9011510 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    312,209
    
    
    
    
    
    
    
    3,530,4911530 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    211,747
    
    
    
    
    
    
    
    2,776,5816540 Stonegate Drive
    
    Allentown, PA
    
    
    370,938
    
    
    
    422,042
    
    
    
    
    
    
    
    3,908,293974 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    143,500
    
    
    
    
    
    
    
    2,214,101964 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    138,816
    
    
    
    
    
    
    
    1,659,217764 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    141,069
    
    
    
    
    
    
    
    819,4553174 Airport Road
    
    Allentown, PA
    
    
    
    
    
    
    98,986
    
    
    
    
    
    
    
    1,155,9132196 Avenue C
    
    Allentown, PA
    
    
    
    
    
    
    101,159
    
    
    
    
    
    
    
    1,347,9712202 Hanger Place
    
    Allentown, PA
    
    
    *
    
    
    
    137,439
    
    
    
    
    
    
    
    1,317,1332201 Hanger Place
    
    Allentown, PA
    
    
    
    
    
    
    128,454
    
    
    
    
    
    
    
    1,422,860954 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    103,665
    
    
    
    
    
    
    
    1,115,20557 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    390,839
    
    
    
    2,701,161
    
    
    
    542,708754 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    162,115
    
    
    
    1,731,885
    
    
    
    178,420894 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    117,134
    
    
    
    1,048,866
    
    
    
    186,168744 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    159,771
    
    
    
    1,734,229
    
    
    
    247,319944 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    118,521
    
    
    
    1,435,479
    
    
    
    359,7511685 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    244,029
    
    
    
    
    
    
    
    2,252,3456520 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    453,315
    
    
    
    
    
    
    
    1,391,503






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES5000 Dearborn Court
    
    
    1,057,763
    
    
    
    4,477,710
    
    
    
    5,535,473
    
    
    
    670,153
    
    
    1988
    
    40 yrs.2250 Hickory Road
    
    
    1,015,851
    
    
    
    10,266,188
    
    
    
    11,282,039
    
    
    
    1,688,393
    
    
    1985
    
    40 yrs.3400 Horizon Drive
    
    
    776,496
    
    
    
    4,112,915
    
    
    
    4,889,411
    
    
    
    756,971
    
    
    1995
    
    40 yrs.625 Heron Drive
    
    
    180,226
    
    
    
    958,705
    
    
    
    1,138,931
    
    
    
    142,375
    
    
    1980
    
    40 yrs.510 Heron Drive
    
    
    790,335
    
    
    
    8,394,747
    
    
    
    9,185,082
    
    
    
    1,264,007
    
    
    1990
    
    40 yrs.602 Heron Drive
    
    
    524,728
    
    
    
    2,248,128
    
    
    
    2,772,856
    
    
    
    322,919
    
    
    1996
    
    40 yrs.1001 Briggs Road
    
    
    701,705
    
    
    
    5,120,886
    
    
    
    5,822,591
    
    
    
    954,735
    
    
    1986
    
    40 yrs.1960 Cuthbert Boulevard
    
    
    321,699
    
    
    
    1,622,985
    
    
    
    1,944,684
    
    
    
    312,460
    
    
    1985
    
    40 yrs.1970 Cuthbert Boulevard
    
    
    321,699
    
    
    
    1,348,555
    
    
    
    1,670,254
    
    
    
    193,759
    
    
    1985
    
    40 yrs.300 Welsh Road
    
    
    696,061
    
    
    
    3,421,619
    
    
    
    4,117,680
    
    
    
    457,919
    
    
    1985
    
    40 yrs.600 Chesterfield Parkway
    
    
    2,050,555
    
    
    
    8,098,519
    
    
    
    10,149,074
    
    
    
    1,436,429
    
    
    1999
    
    40 yrs.700 Chesterfield Parkway
    
    
    2,037,813
    
    
    
    8,072,087
    
    
    
    10,109,900
    
    
    
    1,426,759
    
    
    1999
    
    40 yrs.2301 Renaissance Boulevard
    
    
    4,572,176
    
    
    
    27,089,899
    
    
    
    31,662,075
    
    
    
    1,203,433
    
    
    2002
    
    40 yrs.6 Terry Drive
    
    
    622,205
    
    
    
    3,061,684
    
    
    
    3,683,889
    
    
    
    316,793
    
    
    1981
    
    40 yrs.2520 Renaissance Boulevard
    
    
    978,402
    
    
    
    4,879,596
    
    
    
    5,857,998
    
    
    
    943,804
    
    
    1999
    
    40 yrs.18 Great Valley Parkway
    
    
    398,228
    
    
    
    4,072,504
    
    
    
    4,470,731
    
    
    
    502,271
    
    
    1980
    
    40 yrs.700 Dresher Road
    
    
    2,565,140
    
    
    
    7,349,966
    
    
    
    9,915,106
    
    
    
    1,723,719
    
    
    1987
    
    40 yrs.2201 Renaissance Boulevard
    
    
    2,413,514
    
    
    
    13,106,450
    
    
    
    15,519,964
    
    
    
    1,848,080
    
    
    2000
    
    40 yrs.2540 Renaissance Boulevard
    
    
    274,341
    
    
    
    1,351,156
    
    
    
    1,625,497
    
    
    
    192,633
    
    
    2000
    
    40 yrs.2560 Renaissance Boulevard
    
    
    649,792
    
    
    
    3,079,462
    
    
    
    3,729,254
    
    
    
    419,388
    
    
    2000
    
    40 yrs.11 Great Valley Parkway
    
    
    708,331
    
    
    
    3,014,890
    
    
    
    3,723,221
    
    
    
    340,800
    
    
    2001
    
    40 yrs.1015 Briggs Road
    
    
    470,659
    
    
    
    3,202,784
    
    
    
    3,673,443
    
    
    
    409,919
    
    
    2000
    
    40 yrs.680 Blair Mill Road
    
    
    4,138,577
    
    
    
    11,412,017
    
    
    
    15,550,594
    
    
    
    906,498
    
    
    2001
    
    40 yrs.825 Duportail Road
    
    
    5,539,281
    
    
    
    16,699,598
    
    
    
    22,238,879
    
    
    
    1,585,954
    
    
    1979
    
    40 yrs.1500 Liberty Ridge
    
    
    11,636,499
    
    
    
    26,529,112
    
    
    
    38,165,611
    
    
    
    804,748
    
    
    2002
    
    40 yrs.17000 Commerce Parkway
    
    
    144,515
    
    
    
    2,800,416
    
    
    
    2,944,931
    
    
    
    347,325
    
    
    2001
    
    40 yrs.1200 Liberty Ridge Drive
    
    
    5,223,660
    
    
    
    9,454,175
    
    
    
    14,677,835
    
    
    
    1,097,046
    
    
    2001
    
    40 yrs.2760 Red Lion Road
    
    
    3,705,772
    
    
    
    42,555,647
    
    
    
    46,261,419
    
    
    
    2,624,153
    
    
    2001
    
    40 yrs.200 Precision Drive
    
    
    1,583,060
    
    
    
    7,324,388
    
    
    
    8,907,448
    
    
    
    761,786
    
    
    1997
    
    40 yrs.40 Liberty Boulevard
    
    
    4,241,167
    
    
    
    19,919,901
    
    
    
    24,161,068
    
    
    
    3,025,135
    
    
    1989
    
    40 yrs.102 Rock Road
    
    
    1,113,802
    
    
    
    3,177,123
    
    
    
    4,290,925
    
    
    
    205,344
    
    
    1985
    
    40 yrs.4001 Leadenhall Road
    
    
    2,784,694
    
    
    
    19,633,564
    
    
    
    22,418,258
    
    
    
    641,149
    
    
    2002
    
    40 yrs.255 Business Center Drive
    
    
    1,086,356
    
    
    
    2,009,537
    
    
    
    3,095,892
    
    
    
    8,398
    
    
    2003
    
    40 yrs.355 Business Center Drive
    
    
    483,045
    
    
    
    900,502
    
    
    
    1,383,547
    
    
    
    4,491
    
    
    2003
    
    40 yrs.455 Business Center Drive
    
    
    1,351,011
    
    
    
    2,579,554
    
    
    
    3,930,565
    
    
    
    
    
    
    2003
    
    40 yrs.555 Business Center Drive
    
    
    727,420
    
    
    
    1,355,396
    
    
    
    2,082,817
    
    
    
    6,543
    
    
    2003
    
    40 yrs.10 Great Valley Parkway
    
    
    832,244
    
    
    
    1,348,185
    
    
    
    2,180,429
    
    
    
    8,353
    
    
    2003
    
    40 yrs.425 Privet Road
    
    
    3,320,174
    
    
    
    3,257,696
    
    
    
    6,577,871
    
    
    
    
    
    
    2003
    
    40 yrs.14 Lee Boulevard
    
    
    643,892
    
    
    
    5,662,959
    
    
    
    6,306,850
    
    
    
    1,985,352
    
    
    1988
    
    40 yrs.500 Chesterfield Parkway
    
    
    473,139
    
    
    
    3,208,244
    
    
    
    3,681,383
    
    
    
    1,259,341
    
    
    1988
    
    40 yrs.300-400 Chesterfield Parkway
    
    
    937,942
    
    
    
    4,890,012
    
    
    
    5,827,955
    
    
    
    1,960,475
    
    
    1988
    
    40 yrs.1655 Valley Center Parkway
    
    
    215,095
    
    
    
    2,015,257
    
    
    
    2,230,352
    
    
    
    742,460
    
    
    1993
    
    40 yrs.6560 Stonegate Drive
    
    
    458,945
    
    
    
    2,401,618
    
    
    
    2,860,563
    
    
    
    850,885
    
    
    1989
    
    40 yrs.6370 Hedgewood Drive
    
    
    541,459
    
    
    
    3,191,106
    
    
    
    3,732,564
    
    
    
    1,047,032
    
    
    1990
    
    40 yrs.6390 Hedgewood Drive
    
    
    707,867
    
    
    
    2,714,107
    
    
    
    3,421,974
    
    
    
    1,027,274
    
    
    1990
    
    40 yrs.1495 Valley Center Parkway
    
    
    435,303
    
    
    
    3,726,581
    
    
    
    4,161,884
    
    
    
    1,178,949
    
    
    1990
    
    40 yrs.6350 Hedgewood Drive
    
    
    560,691
    
    
    
    3,226,835
    
    
    
    3,787,526
    
    
    
    1,115,354
    
    
    1989
    
    40 yrs.6330 Hedgewood Drive
    
    
    532,047
    
    
    
    4,584,756
    
    
    
    5,116,803
    
    
    
    1,880,578
    
    
    1988
    
    40 yrs.1550 Valley Center Parkway
    
    
    197,700
    
    
    
    3,377,042
    
    
    
    3,574,742
    
    
    
    1,113,701
    
    
    1988
    
    40 yrs.1560 Valley Center Parkway
    
    
    240,732
    
    
    
    4,433,183
    
    
    
    4,673,915
    
    
    
    1,469,779
    
    
    1988
    
    40 yrs.6580 Snowdrift Road
    
    
    389,081
    
    
    
    2,671,148
    
    
    
    3,060,229
    
    
    
    1,044,271
    
    
    1988
    
    40 yrs.1510 Valley Center Parkway
    
    
    312,873
    
    
    
    3,529,827
    
    
    
    3,842,700
    
    
    
    1,328,019
    
    
    1988
    
    40 yrs.1530 Valley Center Parkway
    
    
    212,492
    
    
    
    2,775,837
    
    
    
    2,988,328
    
    
    
    964,769
    
    
    1988
    
    40 yrs.6540 Stonegate Drive
    
    
    422,730
    
    
    
    3,907,606
    
    
    
    4,330,335
    
    
    
    1,393,079
    
    
    1988
    
    40 yrs.974 Marcon Boulevard
    
    
    144,248
    
    
    
    2,213,353
    
    
    
    2,357,601
    
    
    
    913,601
    
    
    1987
    
    40 yrs.964 Marcon Boulevard
    
    
    139,480
    
    
    
    1,658,553
    
    
    
    1,798,033
    
    
    
    734,348
    
    
    1985
    
    40 yrs.764 Roble Road
    
    
    141,746
    
    
    
    818,778
    
    
    
    960,524
    
    
    
    357,153
    
    
    1985
    
    40 yrs.3174 Airport Road
    
    
    98,986
    
    
    
    1,155,913
    
    
    
    1,254,899
    
    
    
    617,975
    
    
    1979
    
    40 yrs.2196 Avenue C
    
    
    107,307
    
    
    
    1,341,823
    
    
    
    1,449,130
    
    
    
    618,281
    
    
    1980
    
    40 yrs.2202 Hanger Place
    
    
    138,127
    
    
    
    1,316,444
    
    
    
    1,454,572
    
    
    
    693,863
    
    
    1981
    
    40 yrs.2201 Hanger Place
    
    
    129,142
    
    
    
    1,422,171
    
    
    
    1,551,314
    
    
    
    735,389
    
    
    1987
    
    40 yrs.954 Marcon Boulevard
    
    
    104,453
    
    
    
    1,114,417
    
    
    
    1,218,870
    
    
    
    479,010
    
    
    1981
    
    40 yrs.57 South Commerce Way
    
    
    395,459
    
    
    
    3,239,249
    
    
    
    3,634,708
    
    
    
    679,177
    
    
    1986
    
    40 yrs.754 Roble Road
    
    
    163,735
    
    
    
    1,908,685
    
    
    
    2,072,420
    
    
    
    487,713
    
    
    1986
    
    40 yrs.894 Marcon Boulevard
    
    
    118,304
    
    
    
    1,233,864
    
    
    
    1,352,168
    
    
    
    275,810
    
    
    1986
    
    40 yrs.744 Roble Road
    
    
    161,371
    
    
    
    1,979,948
    
    
    
    2,141,319
    
    
    
    510,721
    
    
    1986
    
    40 yrs.944 Marcon Boulevard
    
    
    119,711
    
    
    
    1,794,040
    
    
    
    1,913,751
    
    
    
    437,321
    
    
    1986
    
    40 yrs.1685 Valley Center Parkway
    
    
    198,482
    
    
    
    2,297,892
    
    
    
    2,496,374
    
    
    
    543,349
    
    
    1996
    
    40 yrs.6520 Stonegate Drive
    
    
    484,361
    
    
    
    1,360,458
    
    
    
    1,844,818
    
    
    
    365,834
    
    
    1996
    
    40 yrs.


84



---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES7437 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    717,488
    
    
    
    5,022,413
    
    
    
    1,877,1552041 Avenue C
    
    Allentown, PA
    
    
    *
    
    
    
    213,599
    
    
    
    1,095,217
    
    
    
    80,1097339 Industrial Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    1,187,776
    
    
    
    
    
    
    
    5,896,1987384 Penn Drive
    
    Allentown, PA
    
    
    *
    
    
    
    651,696
    
    
    
    2,286,518
    
    
    
    505,3027144 Daniels Drive
    
    Allentown, PA
    
    
    
    
    
    
    2,390,217
    
    
    
    2,342,761
    
    
    
    3,708,4907620 Cetronia Road
    
    Allentown, PA
    
    
    
    
    
    
    1,091,806
    
    
    
    3,851,456
    
    
    
    344,762939 Marcon Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    2,220,414
    
    
    
    4,524,393
    
    
    
    858,451100 Brodhead Road
    
    Bethlehem, PA
    
    
    *
    
    
    
    429,416
    
    
    
    2,919,588
    
    
    
    555,4061455 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    670,290
    
    
    
    
    
    
    
    3,719,6951640 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,412,2811650 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,212,4991660 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,186,050400 Nestle Way
    
    Allentown, PA
    
    
    24,726,250
    
    
    
    8,065,500
    
    
    
    
    
    
    
    26,464,67183 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    143,661
    
    
    
    888,128
    
    
    
    443,28785 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    236,708
    
    
    
    987,949
    
    
    
    133,16587 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    253,886
    
    
    
    1,062,881
    
    
    
    159,44889 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    320,000
    
    
    
    
    
    
    
    1,994,8757248 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,670,849
    
    
    
    13,307,408
    
    
    
    909,4556601-6625 W. 78th Street
    
    Bloomington, MN
    
    
    1,155,290
    
    
    
    2,263,060
    
    
    
    
    
    
    
    38,629,23695 Highland Avenue
    
    Bethlehem, PA
    
    
    
    
    
    
    430,593
    
    
    
    3,182,080
    
    
    
    1,084,2552905 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    516,920
    
    
    
    4,646,342
    
    
    
    1,037,3282800 Campus Drive
    
    Plymouth, MN
    
    
    
    
    
    
    395,366
    
    
    
    3,554,512
    
    
    
    814,5432955 Xenium Lane
    
    Plymouth, MN
    
    
    
    
    
    
    151,238
    
    
    
    1,370,140
    
    
    
    309,9779401-9443 Science Center Drive
    
    New Hope, MN
    
    
    
    
    
    
    431,295
    
    
    
    3,888,684
    
    
    
    295,1556321-6325 Bury Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    462,876
    
    
    
    4,151,790
    
    
    
    148,4777115-7173 Shady Oak Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    454,974
    
    
    
    4,089,410
    
    
    
    582,5237660-7716 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    568,706
    
    
    
    5,115,177
    
    
    
    1,910,6657400 Flying Cloud Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    195,982
    
    
    
    1,762,027
    
    
    
    143,78110301-10305 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    120,622
    
    
    
    1,085,226
    
    
    
    94,74710321 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    145,198
    
    
    
    1,305,700
    
    
    
    356,87610333 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    110,746
    
    
    
    995,868
    
    
    
    29,31510349-10357 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    275,903
    
    
    
    2,481,666
    
    
    
    261,14110365-10375 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    291,077
    
    
    
    2,618,194
    
    
    
    249,92810393-10394 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    269,618
    
    
    
    2,423,318
    
    
    
    400,6957078 Shady Oak Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    343,093
    
    
    
    3,085,795
    
    
    
    47,5321525 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    475,686
    
    
    
    
    
    
    
    7,482,7896620 Grant Way
    
    Allentown, PA
    
    
    
    
    
    
    430,824
    
    
    
    1,915,923
    
    
    
    34,22610400 Viking Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,912,391
    
    
    
    
    
    
    
    21,517,88926911-26957 Northwestern Highway
    
    Southfield, MI
    
    
    
    
    
    
    7,799,515
    
    
    
    66,268,817
    
    
    
    6,981,1491650 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    763,067
    
    
    
    7,201,677
    
    
    
    176,7241775 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    331,422
    
    
    
    2,788,073
    
    
    
    50,0801875 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    329,863
    
    
    
    2,774,006
    
    
    
    121,4451850 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    781,054
    
    
    
    7,364,300
    
    
    
    1,833,0431965 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    419,090
    
    
    
    3,578,928
    
    
    
    179,1581960 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    419,146
    
    
    
    3,579,166
    
    
    
    619,07027260 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    456,877
    
    
    
    4,091,196
    
    
    
    363,45727200 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    382,754
    
    
    
    3,425,227
    
    
    
    297,94827280 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    452,860
    
    
    
    4,055,512
    
    
    
    292,19227220 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    203,064
    
    
    
    1,802,592
    
    
    
    170,85627240 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    171,518
    
    
    
    1,518,192
    
    
    
    111,04827300 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    370,378
    
    
    
    3,311,366
    
    
    
    206,941700 Nestle Way
    
    Allentown, PA
    
    
    
    
    
    
    3,473,120
    
    
    
    
    
    
    
    18,047,0255600 & 5610 Rowland Road
    
    Minnetonka, MN
    
    
    
    
    
    
    828,650
    
    
    
    7,399,409
    
    
    
    1,431,7301101 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    98,144
    
    
    
    887,935
    
    
    
    89,9571151 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    164,483
    
    
    
    1,486,220
    
    
    
    209,2711300 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,090
    
    
    
    1,212,752
    
    
    
    371,5301350 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    111,776
    
    
    
    1,011,497
    
    
    
    112,9811376-1400 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,292
    
    
    
    1,213,626
    
    
    
    128,1431352-1374 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    153,275
    
    
    
    1,385,098
    
    
    
    177,3641324-1346 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,090
    
    
    
    1,212,214
    
    
    
    18,4931301-1307 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    111,776
    
    
    
    1,011,121
    
    
    
    118,5491409 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    142,370
    
    
    
    1,286,048
    
    
    
    290,3921304 E Maple Road
    
    Troy, MI
    
    
    
    
    
    
    211,233
    
    
    
    1,906,786
    
    
    
    309,2241334 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    124,296
    
    
    
    1,122,802
    
    
    
    17,9771290 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    85,321
    
    
    
    771,621
    
    
    
    61,0181070 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    68,560
    
    
    
    620,595
    
    
    
    101,041950 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    252,429
    
    
    
    2,265,259
    
    
    
    100,822894 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    181,749
    
    
    
    1,632,243
    
    
    
    194,6931179 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    87,845
    
    
    
    794,365
    
    
    
    74,149






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES7437 Industrial Boulevard
    
    
    726,651
    
    
    
    6,890,405
    
    
    
    7,617,055
    
    
    
    1,806,660
    
    
    1976
    
    40 yrs.2041 Avenue C
    
    
    213,879
    
    
    
    1,175,046
    
    
    
    1,388,925
    
    
    
    264,133
    
    
    1990
    
    40 yrs.7339 Industrial Boulevard
    
    
    1,197,447
    
    
    
    5,886,527
    
    
    
    7,083,974
    
    
    
    1,190,972
    
    
    1996
    
    40 yrs.7384 Penn Drive
    
    
    652,118
    
    
    
    2,791,398
    
    
    
    3,443,516
    
    
    
    693,481
    
    
    1988
    
    40 yrs.7144 Daniels Drive
    
    
    1,579,169
    
    
    
    6,862,299
    
    
    
    8,441,468
    
    
    
    1,338,728
    
    
    1975
    
    40 yrs.7620 Cetronia Road
    
    
    1,093,724
    
    
    
    4,194,300
    
    
    
    5,288,024
    
    
    
    1,024,347
    
    
    1990
    
    40 yrs.939 Marcon Boulevard
    
    
    2,220,548
    
    
    
    5,382,710
    
    
    
    7,603,258
    
    
    
    1,154,426
    
    
    1980
    
    40 yrs.100 Brodhead Road
    
    
    429,456
    
    
    
    3,474,954
    
    
    
    3,904,410
    
    
    
    676,964
    
    
    1990
    
    40 yrs.1455 Valley Center Parkway
    
    
    545,172
    
    
    
    3,844,812
    
    
    
    4,389,985
    
    
    
    1,264,798
    
    
    1997
    
    40 yrs.1640 Valley Center Parkway
    
    
    190,728
    
    
    
    2,580,553
    
    
    
    2,771,281
    
    
    
    816,593
    
    
    1996
    
    40 yrs.1650 Valley Center Parkway
    
    
    188,896
    
    
    
    2,382,602
    
    
    
    2,571,499
    
    
    
    720,321
    
    
    1997
    
    40 yrs.1660 Valley Center Parkway
    
    
    188,721
    
    
    
    2,356,329
    
    
    
    2,545,050
    
    
    
    543,542
    
    
    1998
    
    40 yrs.400 Nestle Way
    
    
    8,184,096
    
    
    
    26,346,075
    
    
    
    34,530,171
    
    
    
    4,984,497
    
    
    1997
    
    40 yrs.83 South Commerce Way
    
    
    212,744
    
    
    
    1,262,332
    
    
    
    1,475,076
    
    
    
    297,157
    
    
    1989
    
    40 yrs.85 South Commerce Way
    
    
    237,078
    
    
    
    1,120,745
    
    
    
    1,357,822
    
    
    
    219,993
    
    
    1989
    
    40 yrs.87 South Commerce Way
    
    
    253,886
    
    
    
    1,222,329
    
    
    
    1,476,215
    
    
    
    253,200
    
    
    1989
    
    40 yrs.89 South Commerce Way
    
    
    367,706
    
    
    
    1,947,170
    
    
    
    2,314,875
    
    
    
    428,276
    
    
    1998
    
    40 yrs.7248 Industrial Boulevard
    
    
    2,670,673
    
    
    
    14,217,038
    
    
    
    16,887,711
    
    
    
    2,594,944
    
    
    1988
    
    40 yrs.6601-6625 W. 78th Street
    
    
    2,310,246
    
    
    
    38,582,050
    
    
    
    40,892,296
    
    
    
    4,997,822
    
    
    1998
    
    40 yrs.95 Highland Avenue
    
    
    430,593
    
    
    
    4,266,335
    
    
    
    4,696,928
    
    
    
    675,691
    
    
    1985
    
    40 yrs.2905 Northwest Boulevard
    
    
    516,920
    
    
    
    5,683,671
    
    
    
    6,200,590
    
    
    
    1,087,917
    
    
    1983
    
    40 yrs.2800 Campus Drive
    
    
    395,366
    
    
    
    4,369,055
    
    
    
    4,764,421
    
    
    
    728,138
    
    
    1985
    
    40 yrs.2955 Xenium Lane
    
    
    151,238
    
    
    
    1,680,118
    
    
    
    1,831,356
    
    
    
    422,965
    
    
    1985
    
    40 yrs.9401-9443 Science Center Drive
    
    
    510,064
    
    
    
    4,105,070
    
    
    
    4,615,134
    
    
    
    749,900
    
    
    1989
    
    40 yrs.6321-6325 Bury Drive
    
    
    462,876
    
    
    
    4,300,267
    
    
    
    4,763,143
    
    
    
    803,799
    
    
    1988
    
    40 yrs.7115-7173 Shady Oak Road
    
    
    454,974
    
    
    
    4,671,933
    
    
    
    5,126,907
    
    
    
    837,216
    
    
    1984
    
    40 yrs.7660-7716 Golden Triangle Drive
    
    
    1,289,215
    
    
    
    6,305,333
    
    
    
    7,594,548
    
    
    
    1,533,130
    
    
    1988
    
    40 yrs.7400 Flying Cloud Drive
    
    
    195,982
    
    
    
    1,905,809
    
    
    
    2,101,790
    
    
    
    303,766
    
    
    1987
    
    40 yrs.10301-10305 West 70th Street
    
    
    118,300
    
    
    
    1,182,295
    
    
    
    1,300,595
    
    
    
    203,917
    
    
    1984
    
    40 yrs.10321 West 70th Street
    
    
    142,399
    
    
    
    1,665,375
    
    
    
    1,807,774
    
    
    
    243,018
    
    
    1984
    
    40 yrs.10333 West 70th Street
    
    
    108,610
    
    
    
    1,027,319
    
    
    
    1,135,929
    
    
    
    173,716
    
    
    1984
    
    40 yrs.10349-10357 West 70th Street
    
    
    270,584
    
    
    
    2,748,126
    
    
    
    3,018,709
    
    
    
    466,513
    
    
    1985
    
    40 yrs.10365-10375 West 70th Street
    
    
    285,464
    
    
    
    2,873,735
    
    
    
    3,159,198
    
    
    
    486,335
    
    
    1985
    
    40 yrs.10393-10394 West 70th Street
    
    
    264,419
    
    
    
    2,829,212
    
    
    
    3,093,631
    
    
    
    481,725
    
    
    1985
    
    40 yrs.7078 Shady Oak Road
    
    
    336,481
    
    
    
    3,139,939
    
    
    
    3,476,420
    
    
    
    526,320
    
    
    1985
    
    40 yrs.1525 Valley Center Parkway
    
    
    804,104
    
    
    
    7,154,370
    
    
    
    7,958,475
    
    
    
    1,243,068
    
    
    1999
    
    40 yrs.6620 Grant Way
    
    
    430,824
    
    
    
    1,950,149
    
    
    
    2,380,973
    
    
    
    320,615
    
    
    1989
    
    40 yrs.10400 Viking Drive
    
    
    2,938,372
    
    
    
    21,491,907
    
    
    
    24,430,280
    
    
    
    3,599,386
    
    
    1999
    
    40 yrs.26911-26957 Northwestern Highway
    
    
    7,799,515
    
    
    
    73,249,966
    
    
    
    81,049,481
    
    
    
    12,295,918
    
    
    1985
    
    40 yrs.1650 Research Drive
    
    
    763,067
    
    
    
    7,378,401
    
    
    
    8,141,468
    
    
    
    1,189,553
    
    
    1985
    
    40 yrs.1775 Research Drive
    
    
    331,422
    
    
    
    2,838,153
    
    
    
    3,169,575
    
    
    
    467,124
    
    
    1985
    
    40 yrs.1875 Research Drive
    
    
    329,863
    
    
    
    2,895,451
    
    
    
    3,225,314
    
    
    
    502,465
    
    
    1986
    
    40 yrs.1850 Research Drive
    
    
    781,054
    
    
    
    9,197,343
    
    
    
    9,978,397
    
    
    
    1,354,357
    
    
    1986
    
    40 yrs.1965 Research Drive
    
    
    419,090
    
    
    
    3,758,086
    
    
    
    4,177,177
    
    
    
    668,484
    
    
    1987
    
    40 yrs.1960 Research Drive
    
    
    419,146
    
    
    
    4,198,236
    
    
    
    4,617,382
    
    
    
    640,127
    
    
    1987
    
    40 yrs.27260 Haggerty Road
    
    
    456,877
    
    
    
    4,454,653
    
    
    
    4,911,530
    
    
    
    785,308
    
    
    1983
    
    40 yrs.27200 Haggerty Road
    
    
    382,754
    
    
    
    3,723,175
    
    
    
    4,105,929
    
    
    
    669,254
    
    
    1983
    
    40 yrs.27280 Haggerty Road
    
    
    452,860
    
    
    
    4,347,704
    
    
    
    4,800,564
    
    
    
    722,579
    
    
    1983
    
    40 yrs.27220 Haggerty Road
    
    
    203,064
    
    
    
    1,973,448
    
    
    
    2,176,512
    
    
    
    358,608
    
    
    1985
    
    40 yrs.27240 Haggerty Road
    
    
    171,518
    
    
    
    1,629,240
    
    
    
    1,800,757
    
    
    
    282,197
    
    
    1985
    
    40 yrs.27300 Haggerty Road
    
    
    370,378
    
    
    
    3,518,307
    
    
    
    3,888,686
    
    
    
    594,466
    
    
    1985
    
    40 yrs.700 Nestle Way
    
    
    4,174,970
    
    
    
    17,345,175
    
    
    
    21,520,145
    
    
    
    2,482,401
    
    
    1998
    
    40 yrs.5600 & 5610 Rowland Road
    
    
    829,263
    
    
    
    8,830,525
    
    
    
    9,659,789
    
    
    
    1,699,555
    
    
    1988
    
    40 yrs.1101 Allen Drive
    
    
    98,148
    
    
    
    977,888
    
    
    
    1,076,036
    
    
    
    141,697
    
    
    1974
    
    40 yrs.1151 Allen Drive
    
    
    164,486
    
    
    
    1,695,487
    
    
    
    1,859,974
    
    
    
    339,905
    
    
    1974
    
    40 yrs.1300 Rankin Street
    
    
    134,094
    
    
    
    1,584,278
    
    
    
    1,718,372
    
    
    
    360,590
    
    
    1979
    
    40 yrs.1350 Rankin Street
    
    
    111,779
    
    
    
    1,124,475
    
    
    
    1,236,254
    
    
    
    192,334
    
    
    1979
    
    40 yrs.1376-1400 Rankin Street
    
    
    134,296
    
    
    
    1,341,766
    
    
    
    1,476,061
    
    
    
    236,921
    
    
    1979
    
    40 yrs.1352-1374 Rankin Street
    
    
    153,279
    
    
    
    1,562,459
    
    
    
    1,715,737
    
    
    
    265,707
    
    
    1979
    
    40 yrs.1324-1346 Rankin Street
    
    
    134,094
    
    
    
    1,230,703
    
    
    
    1,364,797
    
    
    
    194,506
    
    
    1979
    
    40 yrs.1301-1307 Rankin Street
    
    
    111,779
    
    
    
    1,129,667
    
    
    
    1,241,446
    
    
    
    184,052
    
    
    1978
    
    40 yrs.1409 Allen Drive
    
    
    142,374
    
    
    
    1,576,436
    
    
    
    1,718,810
    
    
    
    296,139
    
    
    1978
    
    40 yrs.1304 E Maple Road
    
    
    211,236
    
    
    
    2,216,007
    
    
    
    2,427,243
    
    
    
    341,638
    
    
    1971
    
    40 yrs.1334 Maplelawn Road
    
    
    124,300
    
    
    
    1,140,775
    
    
    
    1,265,075
    
    
    
    187,154
    
    
    1983
    
    40 yrs.1290 Maplelawn Road
    
    
    85,325
    
    
    
    832,635
    
    
    
    917,960
    
    
    
    129,030
    
    
    1984
    
    40 yrs.1070 Maplelawn Road
    
    
    68,563
    
    
    
    721,633
    
    
    
    790,196
    
    
    
    118,425
    
    
    1982
    
    40 yrs.950 Maplelawn Road
    
    
    252,433
    
    
    
    2,366,077
    
    
    
    2,618,510
    
    
    
    381,583
    
    
    1982
    
    40 yrs.894 Maplelawn Road
    
    
    181,753
    
    
    
    1,826,933
    
    
    
    2,008,686
    
    
    
    258,762
    
    
    1986
    
    40 yrs.1179 Maplelawn Road
    
    
    87,849
    
    
    
    868,510
    
    
    
    956,359
    
    
    
    138,389
    
    
    1984
    
    40 yrs.


85



---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES1940 Norwood Drive
    
    Troy, MI
    
    
    
    
    
    
    86,836
    
    
    
    785,267
    
    
    
    87,6371311-1331 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    125,407
    
    
    
    1,132,810
    
    
    
    204,0372354 Bellingham Street
    
    Troy, MI
    
    
    
    
    
    
    87,340
    
    
    
    789,817
    
    
    
    19,9282360 Bellingham Street
    
    Troy, MI
    
    
    
    
    
    
    87,340
    
    
    
    789,817
    
    
    
    58,25026442-26450 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    237,687
    
    
    
    2,143,478
    
    
    
    97,39926500 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    311,093
    
    
    
    2,791,804
    
    
    
    212,73826650 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    173,166
    
    
    
    1,562,704
    
    
    
    93,31426700 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    253,338
    
    
    
    2,290,696
    
    
    
    31,07626750 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    292,717
    
    
    
    2,638,688
    
    
    
    194,61326800 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    175,489
    
    
    
    1,583,362
    
    
    
    202,72126842-26850 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    239,606
    
    
    
    2,160,470
    
    
    
    216,58826600 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    455,846
    
    
    
    
    
    
    
    2,527,73026550 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    368,083
    
    
    
    
    
    
    
    2,584,8682920 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    392,026
    
    
    
    3,433,678
    
    
    
    786,4417562 Penn Drive
    
    Allentown, PA
    
    
    *
    
    
    
    269,614
    
    
    
    844,069
    
    
    
    99,3647277 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    462,964
    
    
    
    1,449,009
    
    
    
    310,82150 West Big Beaver Road
    
    Troy, MI
    
    
    
    
    
    
    2,159,678
    
    
    
    19,481,454
    
    
    
    1,359,728100 West Big Beaver Road
    
    Troy, MI
    
    
    
    
    
    
    2,113,006
    
    
    
    19,057,355
    
    
    
    973,2097355 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    489,749
    
    
    
    1,658,091
    
    
    
    204,148794 Roble Road
    
    Allentown, PA
    
    
    *
    
    
    
    1,147,541
    
    
    
    6,088,041
    
    
    
    1,125,8156923 Schantz Spring Road
    
    Allentown, PA
    
    
    
    
    
    
    1,127,805
    
    
    
    3,309,132
    
    
    
    185,0465400-5500 Feltl Road
    
    Minnetonka, MN
    
    
    
    
    
    
    883,895
    
    
    
    7,983,345
    
    
    
    1,435,44410300 Bren Road
    
    Minnetonka, MN
    
    
    
    
    
    
    344,614
    
    
    
    3,110,477
    
    
    
    313,05714630-14650 28th Avenue North
    
    Plymouth, MN
    
    
    *
    
    
    
    198,205
    
    
    
    1,793,422
    
    
    
    517,429245 Executive Drive
    
    Brookfield, WI
    
    
    
    
    
    
    577,067
    
    
    
    5,197,903
    
    
    
    332,3558301 West Parkland Court
    
    Milwaukee, WI
    
    
    
    
    
    
    358,442
    
    
    
    3,233,707
    
    
    
    515,96532991 Hamilton Court
    
    Farmington Hills, MI
    
    
    
    
    
    
    1,065,392
    
    
    
    3,627,675
    
    
    
    947,7647500 West 110th Street
    
    Overland Park, KS
    
    
    
    
    
    
    2,380,493
    
    
    
    9,575,474
    
    
    
    2,546,1167132 Daniels Drive
    
    Allentown, PA
    
    
    5,510,000
    
    
    
    1,623,326
    
    
    
    3,464,626
    
    
    
    3,886,2967695-7699 Anagram Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    760,525
    
    
    
    3,254,758
    
    
    
    25,6227550 Meridian Circle
    
    Maple Grove, MN
    
    
    
    
    
    
    513,250
    
    
    
    2,901,906
    
    
    
    (14,268
    )2800 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    1,934,438
    
    
    
    10,952,503
    
    
    
    477,9863255 Neil Armstrong Boulevard
    
    Eagan, MN
    
    
    
    
    
    
    1,131,017
    
    
    
    
    
    
    
    3,377,7384801 West 81st Street
    
    Bloomington, MN
    
    
    1,876,045
    
    
    
    1,624,701
    
    
    
    2,494,368
    
    
    
    437,6918100 Cedar Avenue
    
    Bloomington, MN
    
    
    4,147,958
    
    
    
    501,313
    
    
    
    3,675,416
    
    
    
    994,2257800 N. 113th Street
    
    Milwaukee, WI
    
    
    
    
    
    
    1,711,964
    
    
    
    6,847,857
    
    
    
    361,4379600 54th Avenue
    
    Plymouth, MN
    
    
    
    
    
    
    332,317
    
    
    
    3,077,820
    
    
    
    129,2778014 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    4,019,258
    
    
    
    
    
    
    
    9,202,7262475-2479 Elliot Avenue
    
    Troy, MI
    
    
    
    
    
    
    128,808
    
    
    
    516,393
    
    
    
    15,13732661 Edward Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    378,838
    
    
    
    2,330,550
    
    
    
    4,05432751 Edward Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    151,410
    
    
    
    859,462
    
    
    
    54,55932853 Edward Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    138,121
    
    
    
    784,426
    
    
    
    86,427555 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    140,862
    
    
    
    799,993
    
    
    
    80,328599 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    132,164
    
    
    
    646,768
    
    
    
    98,690749 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    144,658
    
    
    
    708,054
    
    
    
    10,611750 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    151,458
    
    
    
    741,185
    
    
    
    41,978900 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    157,729
    
    
    
    771,872
    
    
    
    9,046949 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    137,049
    
    
    
    778,338
    
    
    
    5,75131601 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    331,179
    
    
    
    1,879,812
    
    
    
    10,78731651 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    194,012
    
    
    
    1,101,576
    
    
    
    59,16931700 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    373,202
    
    
    
    1,824,721
    
    
    
    3,57531701 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    185,845
    
    
    
    1,054,681
    
    
    
    126,20231751 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    194,063
    
    
    
    1,300,574
    
    
    
    70,02231800 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    217,929
    
    
    
    1,601,469
    
    
    
    29,193800 Tech Row
    
    Madison Heights, MI
    
    
    
    
    
    
    444,977
    
    
    
    2,984,811
    
    
    
    38,899900 Tech Row
    
    Madison Heights, MI
    
    
    
    
    
    
    155,606
    
    
    
    883,725
    
    
    
    24,3701000 Tech Row
    
    Madison Heights, MI
    
    
    
    
    
    
    357,897
    
    
    
    2,628,029
    
    
    
    84,90031771 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    150,944
    
    
    
    645,040
    
    
    
    59,15131791 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    105,606
    
    
    
    649,891
    
    
    
    7,58331811 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    207,599
    
    
    
    1,179,010
    
    
    
    6,61831831 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    158,483
    
    
    
    900,064
    
    
    
    4,82031900 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    269,293
    
    
    
    1,754,498
    
    
    
    44,705800 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    151,704
    
    
    
    1,294,687
    
    
    
    98,221950 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    113,630
    
    
    
    2,162,302
    
    
    
    270,5821000 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    113,512
    
    
    
    1,023,613
    
    
    
    155,2421201 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    302,567
    
    
    
    1,213,232
    
    
    
    26,6871210 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    121,298
    
    
    
    329,051
    
    
    
    27,0931260 Kempar Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    78,720
    
    
    
    385,223
    
    
    
    26,3671280 Kempar Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    142,305
    
    
    
    536,474
    
    
    
    25,150






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES1940 Norwood Drive
    
    
    86,839
    
    
    
    872,901
    
    
    
    959,740
    
    
    
    141,554
    
    
    1983
    
    40 yrs.1311-1331 Maplelawn Road
    
    
    125,410
    
    
    
    1,336,843
    
    
    
    1,462,254
    
    
    
    252,270
    
    
    1986
    
    40 yrs.2354 Bellingham Street
    
    
    87,344
    
    
    
    809,741
    
    
    
    897,085
    
    
    
    128,887
    
    
    1990
    
    40 yrs.2360 Bellingham Street
    
    
    87,344
    
    
    
    848,063
    
    
    
    935,407
    
    
    
    130,518
    
    
    1985
    
    40 yrs.26442-26450 Haggerty Road
    
    
    237,691
    
    
    
    2,240,873
    
    
    
    2,478,564
    
    
    
    342,464
    
    
    1988
    
    40 yrs.26500 Haggerty Road
    
    
    311,097
    
    
    
    3,004,537
    
    
    
    3,315,635
    
    
    
    453,146
    
    
    1986
    
    40 yrs.26650 Haggerty Road
    
    
    173,170
    
    
    
    1,656,014
    
    
    
    1,829,184
    
    
    
    249,296
    
    
    1988
    
    40 yrs.26700 Haggerty Road
    
    
    253,341
    
    
    
    2,321,768
    
    
    
    2,575,110
    
    
    
    360,579
    
    
    1986
    
    40 yrs.26750 Haggerty Road
    
    
    292,720
    
    
    
    2,833,298
    
    
    
    3,126,018
    
    
    
    524,470
    
    
    1988
    
    40 yrs.26800 Haggerty Road
    
    
    175,492
    
    
    
    1,786,080
    
    
    
    1,961,572
    
    
    
    310,707
    
    
    1986
    
    40 yrs.26842-26850 Haggerty Road
    
    
    239,609
    
    
    
    2,377,055
    
    
    
    2,616,664
    
    
    
    448,919
    
    
    1988
    
    40 yrs.26600 Haggerty Road
    
    
    537,693
    
    
    
    2,445,883
    
    
    
    2,983,576
    
    
    
    467,468
    
    
    1999
    
    40 yrs.26550 Haggerty Road
    
    
    535,179
    
    
    
    2,417,771
    
    
    
    2,952,951
    
    
    
    432,065
    
    
    2000
    
    40 yrs.2920 Northwest Boulevard
    
    
    384,235
    
    
    
    4,227,909
    
    
    
    4,612,145
    
    
    
    800,026
    
    
    1997
    
    40 yrs.7562 Penn Drive
    
    
    269,614
    
    
    
    943,433
    
    
    
    1,213,047
    
    
    
    148,056
    
    
    1989
    
    40 yrs.7277 Williams Avenue
    
    
    463,123
    
    
    
    1,759,671
    
    
    
    2,222,794
    
    
    
    324,126
    
    
    1989
    
    40 yrs.50 West Big Beaver Road
    
    
    2,159,678
    
    
    
    20,841,181
    
    
    
    23,000,860
    
    
    
    3,237,144
    
    
    1987
    
    40 yrs.100 West Big Beaver Road
    
    
    2,113,006
    
    
    
    20,030,564
    
    
    
    22,143,569
    
    
    
    3,121,276
    
    
    1987
    
    40 yrs.7355 Williams Avenue
    
    
    489,749
    
    
    
    1,862,239
    
    
    
    2,351,988
    
    
    
    292,300
    
    
    1998
    
    40 yrs.794 Roble Road
    
    
    1,147,541
    
    
    
    7,213,857
    
    
    
    8,361,398
    
    
    
    1,087,007
    
    
    1985
    
    40 yrs.6923 Schantz Spring Road
    
    
    1,127,805
    
    
    
    3,494,178
    
    
    
    4,621,983
    
    
    
    497,482
    
    
    1993
    
    40 yrs.5400-5500 Feltl Road
    
    
    883,895
    
    
    
    9,418,789
    
    
    
    10,302,684
    
    
    
    1,439,924
    
    
    1985
    
    40 yrs.10300 Bren Road
    
    
    344,614
    
    
    
    3,423,534
    
    
    
    3,768,147
    
    
    
    551,216
    
    
    1981
    
    40 yrs.14630-14650 28th Avenue North
    
    
    198,205
    
    
    
    2,310,851
    
    
    
    2,509,056
    
    
    
    372,956
    
    
    1978
    
    40 yrs.245 Executive Drive
    
    
    577,067
    
    
    
    5,530,258
    
    
    
    6,107,325
    
    
    
    816,288
    
    
    1984
    
    40 yrs.8301 West Parkland Court
    
    
    358,442
    
    
    
    3,749,672
    
    
    
    4,108,113
    
    
    
    566,983
    
    
    1982
    
    40 yrs.32991 Hamilton Court
    
    
    1,065,392
    
    
    
    4,575,439
    
    
    
    5,640,831
    
    
    
    332,538
    
    
    1989
    
    40 yrs.7500 West 110th Street
    
    
    2,380,493
    
    
    
    12,121,589
    
    
    
    14,502,082
    
    
    
    1,509,653
    
    
    1983
    
    40 yrs.7132 Daniels Drive
    
    
    1,695,610
    
    
    
    7,278,637
    
    
    
    8,974,247
    
    
    
    991,021
    
    
    1988
    
    40 yrs.7695-7699 Anagram Drive
    
    
    760,525
    
    
    
    3,280,379
    
    
    
    4,040,904
    
    
    
    464,445
    
    
    1997
    
    40 yrs.7550 Meridian Circle
    
    
    513,250
    
    
    
    2,887,638
    
    
    
    3,400,888
    
    
    
    405,454
    
    
    1989
    
    40 yrs.2800 Northwest Boulevard
    
    
    1,934,438
    
    
    
    11,430,489
    
    
    
    13,364,926
    
    
    
    1,662,942
    
    
    1995
    
    40 yrs.3255 Neil Armstrong Boulevard
    
    
    1,131,017
    
    
    
    3,377,738
    
    
    
    4,508,756
    
    
    
    422,198
    
    
    1998
    
    40 yrs.4801 West 81st Street
    
    
    1,624,701
    
    
    
    2,932,059
    
    
    
    4,556,760
    
    
    
    464,411
    
    
    1984
    
    40 yrs.8100 Cedar Avenue
    
    
    501,313
    
    
    
    4,669,641
    
    
    
    5,170,954
    
    
    
    574,571
    
    
    1983
    
    40 yrs.7800 N. 113th Street
    
    
    1,711,964
    
    
    
    7,209,294
    
    
    
    8,921,258
    
    
    
    1,010,764
    
    
    1991
    
    40 yrs.9600 54th Avenue
    
    
    332,317
    
    
    
    3,207,097
    
    
    
    3,539,414
    
    
    
    443,043
    
    
    1998
    
    40 yrs.8014 Industrial Boulevard
    
    
    3,645,117
    
    
    
    9,576,867
    
    
    
    13,221,984
    
    
    
    1,085,439
    
    
    1999
    
    40 yrs.2475-2479 Elliot Avenue
    
    
    128,808
    
    
    
    531,531
    
    
    
    660,338
    
    
    
    82,353
    
    
    1984
    
    40 yrs.32661 Edward Avenue
    
    
    378,838
    
    
    
    2,334,604
    
    
    
    2,713,442
    
    
    
    316,109
    
    
    1976
    
    40 yrs.32751 Edward Avenue
    
    
    151,410
    
    
    
    914,021
    
    
    
    1,065,431
    
    
    
    134,532
    
    
    1969
    
    40 yrs.32853 Edward Avenue
    
    
    138,121
    
    
    
    870,853
    
    
    
    1,008,974
    
    
    
    138,807
    
    
    1973
    
    40 yrs.555 East Mandoline Avenue
    
    
    140,862
    
    
    
    880,321
    
    
    
    1,021,183
    
    
    
    132,634
    
    
    1979
    
    40 yrs.599 East Mandoline Avenue
    
    
    132,164
    
    
    
    745,457
    
    
    
    877,622
    
    
    
    119,527
    
    
    1979
    
    40 yrs.749 East Mandoline Avenue
    
    
    144,658
    
    
    
    718,665
    
    
    
    863,323
    
    
    
    100,589
    
    
    1974
    
    40 yrs.750 East Mandoline Avenue
    
    
    151,458
    
    
    
    783,162
    
    
    
    934,621
    
    
    
    107,189
    
    
    1969
    
    40 yrs.900 East Mandoline Avenue
    
    
    157,729
    
    
    
    780,918
    
    
    
    938,647
    
    
    
    104,640
    
    
    1972
    
    40 yrs.949 East Mandoline Avenue
    
    
    137,049
    
    
    
    784,089
    
    
    
    921,138
    
    
    
    110,087
    
    
    1974
    
    40 yrs.31601 Research Park Drive
    
    
    331,179
    
    
    
    1,890,599
    
    
    
    2,221,778
    
    
    
    255,966
    
    
    1985
    
    40 yrs.31651 Research Park Drive
    
    
    194,012
    
    
    
    1,160,745
    
    
    
    1,354,757
    
    
    
    149,315
    
    
    1985
    
    40 yrs.31700 Research Park Drive
    
    
    373,203
    
    
    
    1,828,295
    
    
    
    2,201,498
    
    
    
    247,566
    
    
    1988
    
    40 yrs.31701 Research Park Drive
    
    
    185,845
    
    
    
    1,180,883
    
    
    
    1,366,728
    
    
    
    151,178
    
    
    1985
    
    40 yrs.31751 Research Park Drive
    
    
    194,063
    
    
    
    1,370,596
    
    
    
    1,564,659
    
    
    
    176,358
    
    
    1985
    
    40 yrs.31800 Research Park Drive
    
    
    217,929
    
    
    
    1,630,662
    
    
    
    1,848,591
    
    
    
    225,272
    
    
    1986
    
    40 yrs.800 Tech Row
    
    
    444,977
    
    
    
    3,023,710
    
    
    
    3,468,687
    
    
    
    409,123
    
    
    1986
    
    40 yrs.900 Tech Row
    
    
    155,606
    
    
    
    908,095
    
    
    
    1,063,700
    
    
    
    138,553
    
    
    1986
    
    40 yrs.1000 Tech Row
    
    
    357,897
    
    
    
    2,712,929
    
    
    
    3,070,826
    
    
    
    365,119
    
    
    1987
    
    40 yrs.31771 Sherman Avenue
    
    
    150,944
    
    
    
    704,191
    
    
    
    855,135
    
    
    
    115,400
    
    
    1982
    
    40 yrs.31791 Sherman Avenue
    
    
    105,606
    
    
    
    657,474
    
    
    
    763,080
    
    
    
    92,730
    
    
    1983
    
    40 yrs.31811 Sherman Avenue
    
    
    207,599
    
    
    
    1,185,628
    
    
    
    1,393,227
    
    
    
    162,773
    
    
    1983
    
    40 yrs.31831 Sherman Avenue
    
    
    158,483
    
    
    
    904,885
    
    
    
    1,063,367
    
    
    
    125,298
    
    
    1984
    
    40 yrs.31900 Sherman Avenue
    
    
    269,293
    
    
    
    1,799,202
    
    
    
    2,068,496
    
    
    
    259,461
    
    
    1984
    
    40 yrs.800 East Whitcomb Avenue
    
    
    151,704
    
    
    
    1,392,908
    
    
    
    1,544,613
    
    
    
    232,310
    
    
    1987
    
    40 yrs.950 East Whitcomb Avenue
    
    
    113,630
    
    
    
    2,432,884
    
    
    
    2,546,514
    
    
    
    308,470
    
    
    1988
    
    40 yrs.1000 East Whitcomb Avenue
    
    
    113,512
    
    
    
    1,178,855
    
    
    
    1,292,367
    
    
    
    165,589
    
    
    1980
    
    40 yrs.1201 East Whitcomb Avenue
    
    
    302,567
    
    
    
    1,239,920
    
    
    
    1,542,487
    
    
    
    180,406
    
    
    1980
    
    40 yrs.1210 East Whitcomb Avenue
    
    
    121,298
    
    
    
    356,145
    
    
    
    477,443
    
    
    
    57,867
    
    
    1983
    
    40 yrs.1260 Kempar Avenue
    
    
    78,720
    
    
    
    411,590
    
    
    
    490,310
    
    
    
    58,669
    
    
    1981
    
    40 yrs.1280 Kempar Avenue
    
    
    142,305
    
    
    
    561,624
    
    
    
    703,929
    
    
    
    76,008
    
    
    1983
    
    40 yrs.


86



---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES22515 Heslip Drive
    
    Novi, MI
    
    
    
    
    
    
    144,477
    
    
    
    338,277
    
    
    
    54,1517800 Equitable Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,188,525
    
    
    
    3,788,762
    
    
    
    39,0177905 Fuller Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,229,862
    
    
    
    4,075,167
    
    
    
    9,190705 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,484,096
    
    
    
    
    
    
    
    14,852,4399023 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,956,273
    
    
    
    
    
    
    
    4,626,7839801 80th Avenue
    
    Pleasant Prairie, WI
    
    
    
    
    
    
    1,692,077
    
    
    
    7,934,794
    
    
    
    62,49511950 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    391,813
    
    
    
    2,340,118
    
    
    
    322,48311400 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    439,595
    
    
    
    2,357,904
    
    
    
    191,67311425 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    382,256
    
    
    
    2,350,619
    
    
    
    1,038,07311301 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    614,477
    
    
    
    2,626,456
    
    
    
    101,32811900 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    347,853
    
    
    
    2,396,887
    
    
    
    495,082651 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,308,646
    
    
    
    
    
    
    
    13,335,86638100 Ecorse Road
    
    Romulus, MI
    
    
    
    
    
    
    955,063
    
    
    
    
    
    
    
    8,890,6256161 Green Valley Drive
    
    Bloomington, MN
    
    
    
    
    
    
    740,378
    
    
    
    3,311,602
    
    
    
    719,4594700 Nathan Lane North
    
    Minneapolis, MN
    
    
    
    
    
    
    1,501,308
    
    
    
    8,446,083
    
    
    
    225,05616620-16650 W Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    586,665
    
    
    
    4,289,907
    
    
    
    254,0558967 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,450,000
    
    
    
    
    
    
    
    3,375,7971600-1630 East Big Beaver Road
    
    Troy, MI
    
    
    
    
    
    
    1,454,406
    
    
    
    2,952,884
    
    
    
    53,69414390 Huntington Avenue
    
    Savage, MN
    
    
    
    
    
    
    1,463,666
    
    
    
    6,271,050
    
    
    
    308,604550-590 Hale Avenue
    
    Oakdale, MN
    
    
    
    
    
    
    765,535
    
    
    
    3,488,754
    
    
    
    212,7647777 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    993,101
    
    
    
    2,136,862
    
    
    
    876,35911414 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    234,443
    
    
    
    
    
    
    
    9,876,3698937 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,325,829
    
    
    
    
    
    
    
    4,354,3377615 Smetana Lane
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,011,517
    
    
    
    
    
    
    
    8,664,5887805 Hudson Road
    
    Woodbury, MN
    
    
    
    
    
    
    1,279,834
    
    
    
    
    
    
    
    9,830,65011520 West Calumet Road
    
    Milwaukee, WI
    
    
    
    
    
    
    341,698
    
    
    
    1,527,548
    
    
    
    48,49412100 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    534,470
    
    
    
    3,239,389
    
    
    
    441,665N26 W23445 Paul Road
    
    Pewaukee, WI
    
    
    
    
    
    
    561,904
    
    
    
    1,928,064
    
    
    
    61,75611200 West Plank Court
    
    Wauwatosa, WI
    
    
    
    
    
    
    330,829
    
    
    
    2,288,853
    
    
    
    1,077,54111020 West Plank Court
    
    Wauwatosa, WI
    
    
    
    
    
    
    464,246
    
    
    
    3,230,511
    
    
    
    29,3132600 Bellingham Drive
    
    Troy, MI
    
    
    
    
    
    
    1,796,869
    
    
    
    
    
    
    
    4,110,9882710 Bellingham Drive
    
    Troy, MI
    
    
    
    
    
    
    1,796,869
    
    
    
    
    
    
    
    4,191,11738000 Ecourse Road
    
    Romulus, MI
    
    
    
    
    
    
    807,660
    
    
    
    
    
    
    
    12,732,02710801 Nesbitt Avenue South
    
    Bloomington, MN
    
    
    
    
    
    
    784,577
    
    
    
    
    
    
    
    4,105,1823773 Corporate Parkway
    
    Center Valley, PA
    
    
    
    
    
    
    738,108
    
    
    
    
    
    
    
    7,485,5017028 Snowdrift Road
    
    Fogelville, PA
    
    
    
    
    
    
    520,473
    
    
    
    959,279
    
    
    
    232,33774 West Broad Street
    
    Bethlehem, PA
    
    
    
    
    
    
    1,096,127
    
    
    
    
    
    
    
    11,851,4274600 Nathan Lane
    
    Minneapolis, MN
    
    
    
    
    
    
    1,063,558
    
    
    
    
    
    
    
    6,082,4138150 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,564,167
    
    
    
    
    
    
    
    8,703,8388250 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    1,025,667
    
    
    
    
    
    
    
    5,261,902650 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    5,208,248
    
    
    
    
    
    
    
    19,106,6058995 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,087,594
    
    
    
    
    
    
    
    3,480,0538911 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    916,687
    
    
    
    
    
    
    
    3,590,0371605 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    729,751
    
    
    
    
    
    
    
    10,084,3125775 West Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,052,018
    
    
    
    3,849,649
    
    
    
    3,288,95110855 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    122,894
    
    
    
    
    
    
    
    2,679,3115715 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    2,115,9305735 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    943,9013400 High Point Boulevard
    
    Bethlehem, PA
    
    
    
    
    
    
    298,227
    
    
    
    
    
    
    
    3,037,8349th & Hamilton Street
    
    Allentown, PA
    
    
    
    
    
    
    615,624
    
    
    
    
    
    
    
    57,065,8007165 Ambassador Drive
    
    Allentown, PA
    
    
    
    
    
    
    792,999
    
    
    
    
    
    
    
    4,533,86815800 West Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    1,289,204
    
    
    
    8,128,035
    
    
    
    586,61012501 & 12701 Whitewater Drive
    
    Minnegonka, MN
    
    
    
    
    
    
    2,175,209
    
    
    
    3,948,085
    
    
    
    3,625,315101-121 N Raddant Road
    
    Batavia, IL
    
    
    
    
    
    
    986,912
    
    
    
    9,984,405
    
    
    
    39,4151070 Swanson
+ 506-530 Kingsland
    
    Batavia, IL
    
    
    
    
    
    
    1,100,812
    
    
    
    11,135,499
    
    
    
    36,314900 Douglas Road
    
    Batavia, IL
    
    
    
    
    
    
    308,586
    
    
    
    3,116,469
    
    
    
    9,6355150 International Drive
    
    Cudahy, WI
    
    
    
    
    
    
    739,673
    
    
    
    5,108,025
    
    
    
    1,9184523 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    234,564
    
    
    
    
    
    
    
    2,403,9614501 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    319,289
    
    
    
    
    
    
    
    2,545,3424500 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    230,622
    
    
    
    
    
    
    
    2,317,1622427 Penny Road
    
    High Point, NC
    
    
    
    
    
    
    1,165,664
    
    
    
    
    
    
    
    3,456,657180,190 Cochrane Drive
    
    Annapolis, MD
    
    
    
    
    
    
    3,670,256
    
    
    
    
    
    
    
    19,734,4994524 Green Point Drive
    
    High Point, NC
    
    
    *
    
    
    
    182,810
    
    
    
    
    
    
    
    2,239,1994328, 4336 Federal Drive
    
    High Point, NC
    
    
    5,233,360
    
    
    
    521,122
    
    
    
    
    
    
    
    7,143,663200 Centreport Drive
    
    Greensboro, NC
    
    
    *
    
    
    
    331,400
    
    
    
    3,768,600
    
    
    
    491,4057178-80 Columbia Gateway
    
    Columbia, MD
    
    
    
    
    
    
    1,569,237
    
    
    
    4,786,887
    
    
    
    612,7161751 Bluehills Drive
    
    Roanoke, VA
    
    
    
    
    
    
    1,063,728
    
    
    
    8,500,677
    
    
    
    4300 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    2,007,717
    
    
    
    14,927,608
    
    
    
    437,417301 Hill Carter Parkway
    
    Richmond, VA
    
    
    
    
    
    
    659,456
    
    
    
    4,836,010
    
    
    
    






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES22515 Heslip Drive
    
    
    144,477
    
    
    
    392,429
    
    
    
    536,906
    
    
    
    60,960
    
    
    1975
    
    40 yrs.7800 Equitable Drive
    
    
    2,188,525
    
    
    
    3,827,779
    
    
    
    6,016,304
    
    
    
    516,849
    
    
    1993
    
    40 yrs.7905 Fuller Road
    
    
    1,230,965
    
    
    
    4,083,254
    
    
    
    5,314,219
    
    
    
    525,530
    
    
    1994
    
    40 yrs.705 Boulder Drive
    
    
    4,486,836
    
    
    
    14,849,699
    
    
    
    19,336,535
    
    
    
    1,276,013
    
    
    2001
    
    40 yrs.9023 Columbine Road
    
    
    1,956,273
    
    
    
    4,626,783
    
    
    
    6,583,056
    
    
    
    580,382
    
    
    1999
    
    40 yrs.9801 80th Avenue
    
    
    1,689,726
    
    
    
    7,999,640
    
    
    
    9,689,366
    
    
    
    1,116,568
    
    
    1994
    
    40 yrs.11950 W. Lake Park Drive
    
    
    394,938
    
    
    
    2,659,477
    
    
    
    3,054,414
    
    
    
    374,041
    
    
    1986
    
    40 yrs.11400 W. Lake Park Drive
    
    
    443,101
    
    
    
    2,546,071
    
    
    
    2,989,172
    
    
    
    310,317
    
    
    1986
    
    40 yrs.11425 W. Lake Park Drive
    
    
    385,305
    
    
    
    3,385,643
    
    
    
    3,770,948
    
    
    
    488,785
    
    
    1987
    
    40 yrs.11301 W. Lake Park Drive
    
    
    619,465
    
    
    
    2,722,797
    
    
    
    3,342,261
    
    
    
    338,457
    
    
    1987
    
    40 yrs.11900 W. Lake Park Drive
    
    
    350,628
    
    
    
    2,889,195
    
    
    
    3,239,822
    
    
    
    648,517
    
    
    1987
    
    40 yrs.651 Boulder Drive
    
    
    4,308,646
    
    
    
    13,335,866
    
    
    
    17,644,512
    
    
    
    1,512,301
    
    
    2000
    
    40 yrs.38100 Ecorse Road
    
    
    853,063
    
    
    
    8,992,625
    
    
    
    9,845,688
    
    
    
    677,732
    
    
    2000
    
    40 yrs.6161 Green Valley Drive
    
    
    741,194
    
    
    
    4,030,244
    
    
    
    4,771,438
    
    
    
    436,701
    
    
    1992
    
    40 yrs.4700 Nathan Lane North
    
    
    1,501,308
    
    
    
    8,671,139
    
    
    
    10,172,447
    
    
    
    1,017,419
    
    
    1996
    
    40 yrs.16620-16650 W Bluemound Road
    
    
    586,665
    
    
    
    4,543,962
    
    
    
    5,130,627
    
    
    
    497,117
    
    
    1999
    
    40 yrs.8967 Columbine Road
    
    
    1,450,000
    
    
    
    3,375,797
    
    
    
    4,825,797
    
    
    
    381,187
    
    
    2000
    
    40 yrs.1600-1630 East Big Beaver Road
    
    
    1,458,737
    
    
    
    3,002,247
    
    
    
    4,460,984
    
    
    
    312,536
    
    
    1982
    
    40 yrs.14390 Huntington Avenue
    
    
    1,464,521
    
    
    
    6,578,799
    
    
    
    8,043,320
    
    
    
    624,195
    
    
    1988
    
    40 yrs.550-590 Hale Avenue
    
    
    766,390
    
    
    
    3,700,663
    
    
    
    4,467,053
    
    
    
    411,472
    
    
    1996
    
    40 yrs.7777 Golden Triangle Drive
    
    
    993,101
    
    
    
    3,013,221
    
    
    
    4,006,322
    
    
    
    266,383
    
    
    2000
    
    40 yrs.11414 West Park Place
    
    
    491,531
    
    
    
    9,619,281
    
    
    
    10,110,812
    
    
    
    1,010,161
    
    
    2001
    
    40 yrs.8937 Columbine Road
    
    
    1,739,966
    
    
    
    3,940,200
    
    
    
    5,680,166
    
    
    
    316,484
    
    
    2001
    
    40 yrs.7615 Smetana Lane
    
    
    3,000,000
    
    
    
    6,676,105
    
    
    
    9,676,105
    
    
    
    663,385
    
    
    2001
    
    40 yrs.7805 Hudson Road
    
    
    1,385,739
    
    
    
    9,724,746
    
    
    
    11,110,485
    
    
    
    597,129
    
    
    2002
    
    40 yrs.11520 West Calumet Road
    
    
    341,698
    
    
    
    1,576,042
    
    
    
    1,917,740
    
    
    
    153,808
    
    
    1995
    
    40 yrs.12100 West Park Place
    
    
    532,370
    
    
    
    3,683,154
    
    
    
    4,215,524
    
    
    
    358,089
    
    
    1984
    
    40 yrs.N26 W23445 Paul Road
    
    
    561,904
    
    
    
    1,989,820
    
    
    
    2,551,724
    
    
    
    190,315
    
    
    1985
    
    40 yrs.11200 West Plank Court
    
    
    330,829
    
    
    
    3,366,394
    
    
    
    3,697,223
    
    
    
    657,480
    
    
    1988
    
    40 yrs.11020 West Plank Court
    
    
    464,246
    
    
    
    3,259,824
    
    
    
    3,724,071
    
    
    
    292,543
    
    
    1985
    
    40 yrs.2600 Bellingham Drive
    
    
    1,938,746
    
    
    
    3,969,112
    
    
    
    5,907,858
    
    
    
    492,402
    
    
    2002
    
    40 yrs.2710 Bellingham Drive
    
    
    1,938,746
    
    
    
    4,049,240
    
    
    
    5,987,986
    
    
    
    379,391
    
    
    2002
    
    40 yrs.38000 Ecourse Road
    
    
    1,053,337
    
    
    
    12,486,350
    
    
    
    13,539,687
    
    
    
    1,231,790
    
    
    2001
    
    40 yrs.10801 Nesbitt Avenue South
    
    
    786,382
    
    
    
    4,103,377
    
    
    
    4,889,759
    
    
    
    502,557
    
    
    2001
    
    40 yrs.3773 Corporate Parkway
    
    
    794,403
    
    
    
    7,429,206
    
    
    
    8,223,608
    
    
    
    906,426
    
    
    2001
    
    40 yrs.7028 Snowdrift Road
    
    
    524,390
    
    
    
    1,187,700
    
    
    
    1,712,089
    
    
    
    113,877
    
    
    1982
    
    40 yrs.74 West Broad Street
    
    
    1,099,079
    
    
    
    11,848,476
    
    
    
    12,947,554
    
    
    
    873,178
    
    
    2002
    
    40 yrs.4600 Nathan Lane
    
    
    1,038,197
    
    
    
    6,107,774
    
    
    
    7,145,971
    
    
    
    426,593
    
    
    2002
    
    40 yrs.8150 Industrial Boulevard
    
    
    2,571,466
    
    
    
    8,696,539
    
    
    
    11,268,005
    
    
    
    513,198
    
    
    2002
    
    40 yrs.8250 Industrial Boulevard
    
    
    1,035,854
    
    
    
    5,251,715
    
    
    
    6,287,569
    
    
    
    203,423
    
    
    2002
    
    40 yrs.650 Boulder Drive
    
    
    5,242,478
    
    
    
    19,072,376
    
    
    
    24,314,854
    
    
    
    613,280
    
    
    2002
    
    40 yrs.8995 Columbine Road
    
    
    2,055,296
    
    
    
    2,512,352
    
    
    
    4,567,648
    
    
    
    177,418
    
    
    2001
    
    40 yrs.8911 Columbine Road
    
    
    1,718,407
    
    
    
    2,788,316
    
    
    
    4,506,723
    
    
    
    56,931
    
    
    2000
    
    40 yrs.1605 Valley Center Parkway
    
    
    1,766,196
    
    
    
    9,047,867
    
    
    
    10,814,064
    
    
    
    336,661
    
    
    2000
    
    40 yrs.5775 West Old Shakopee Road
    
    
    2,060,644
    
    
    
    7,129,973
    
    
    
    9,190,617
    
    
    
    1,172,000
    
    
    2002
    
    40 yrs.10855 West Park Place
    
    
    424,710
    
    
    
    2,377,495
    
    
    
    2,802,205
    
    
    
    139,488
    
    
    2002
    
    40 yrs.5715 Old Shakopee Road West
    
    
    1,264,758
    
    
    
    4,475,180
    
    
    
    5,739,938
    
    
    
    123,959
    
    
    2002
    
    40 yrs.5735 Old Shakopee Road West
    
    
    1,264,758
    
    
    
    3,303,151
    
    
    
    4,567,910
    
    
    
    130,792
    
    
    2002
    
    40 yrs.3400 High Point Boulevard
    
    
    662,809
    
    
    
    2,673,252
    
    
    
    3,336,061
    
    
    
    121,829
    
    
    2002
    
    40 yrs.9th & Hamilton Street
    
    
    1,162,150
    
    
    
    56,519,274
    
    
    
    57,681,424
    
    
    
    1,045,102
    
    
    2001
    
    40 yrs.7165 Ambassador Drive
    
    
    804,848
    
    
    
    4,522,019
    
    
    
    5,326,867
    
    
    
    154,456
    
    
    2002
    
    40 yrs.15800 West Bluemound Road
    
    
    1,306,811
    
    
    
    8,697,038
    
    
    
    10,003,849
    
    
    
    376,836
    
    
    1994
    
    40 yrs.12501 & 12701 Whitewater Drive
    
    
    2,177,953
    
    
    
    7,570,656
    
    
    
    9,748,609
    
    
    
    13,049
    
    
    1986
    
    40 yrs.101-121 N Raddant Road
    
    
    986,912
    
    
    
    10,023,821
    
    
    
    11,010,733
    
    
    
    83,360
    
    
    2003
    
    40 yrs.1070 Swanson
+ 506-530 Kingsland
    
    
    1,100,812
    
    
    
    11,171,813
    
    
    
    12,272,625
    
    
    
    92,960
    
    
    2003
    
    40 yrs.900 Douglas Road
    
    
    308,586
    
    
    
    3,126,104
    
    
    
    3,434,690
    
    
    
    26,014
    
    
    2003
    
    40 yrs.5150 International Drive
    
    
    740,708
    
    
    
    5,108,908
    
    
    
    5,849,616
    
    
    
    
    
    
    2003
    
    40 yrs.4523 Green Point Drive
    
    
    235,698
    
    
    
    2,402,828
    
    
    
    2,638,525
    
    
    
    806,066
    
    
    1988
    
    40 yrs.4501 Green Point Drive
    
    
    320,450
    
    
    
    2,544,181
    
    
    
    2,864,631
    
    
    
    830,957
    
    
    1989
    
    40 yrs.4500 Green Point Drive
    
    
    231,692
    
    
    
    2,316,092
    
    
    
    2,547,784
    
    
    
    781,551
    
    
    1989
    
    40 yrs.2427 Penny Road
    
    
    655,240
    
    
    
    3,967,080
    
    
    
    4,622,321
    
    
    
    1,278,140
    
    
    1990
    
    40 yrs.180,190 Cochrane Drive
    
    
    3,752,293
    
    
    
    19,652,462
    
    
    
    23,404,755
    
    
    
    6,259,448
    
    
    1988
    
    40 yrs.4524 Green Point Drive
    
    
    183,888
    
    
    
    2,238,120
    
    
    
    2,422,009
    
    
    
    768,416
    
    
    1989
    
    40 yrs.4328, 4336 Federal Drive
    
    
    825,092
    
    
    
    6,839,692
    
    
    
    7,664,785
    
    
    
    2,435,707
    
    
    1995
    
    40 yrs.200 Centreport Drive
    
    
    332,017
    
    
    
    4,259,389
    
    
    
    4,591,405
    
    
    
    1,067,249
    
    
    1986
    
    40 yrs.7178-80 Columbia Gateway
    
    
    1,571,105
    
    
    
    5,397,734
    
    
    
    6,968,840
    
    
    
    1,542,524
    
    
    1987
    
    40 yrs.1751 Bluehills Drive
    
    
    1,063,728
    
    
    
    8,500,677
    
    
    
    9,564,405
    
    
    
    1,861,084
    
    
    1991
    
    40 yrs.4300 Carolina Avenue
    
    
    2,009,136
    
    
    
    15,363,606
    
    
    
    17,372,742
    
    
    
    3,343,847
    
    
    1985
    
    40 yrs.301 Hill Carter Parkway
    
    
    659,456
    
    
    
    4,836,010
    
    
    
    5,495,466
    
    
    
    1,067,815
    
    
    1989
    
    40 yrs.


87



---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES4001 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    29,443
    
    
    
    215,914
    
    
    
    101,2965600-5626 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    489,941
    
    
    
    3,592,900
    
    
    
    116,0835650-5674 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    644,384
    
    
    
    4,025,480
    
    
    
    215,8195700 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    408,729
    
    
    
    2,697,348
    
    
    
    49,5093432 Holland Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    173,527
    
    
    
    790,515
    
    
    
    2,4624880 Cox Road
    
    Glen Allen, VA
    
    
    *
    
    
    
    743,898
    
    
    
    4,499,807
    
    
    
    1,142,2234101-4127 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    310,854
    
    
    
    2,279,597
    
    
    
    122,7924201-4261 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    693,203
    
    
    
    5,083,493
    
    
    
    738,2014263-4299 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    256,203
    
    
    
    2,549,649
    
    
    
    1,377,4274301-4335 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    223,696
    
    
    
    1,640,435
    
    
    
    153,9784337-4379 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    325,303
    
    
    
    2,385,557
    
    
    
    765,0614501-4549 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    486,166
    
    
    
    3,565,211
    
    
    
    215,4114551-4593 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    474,360
    
    
    
    3,478,646
    
    
    
    158,1004601-4643 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    652,455
    
    
    
    4,784,675
    
    
    
    431,4574645-4683 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    404,616
    
    
    
    2,967,187
    
    
    
    1,009,1474447-4491 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    454,056
    
    
    
    2,729,742
    
    
    
    220,3984401-4445 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    615,038
    
    
    
    4,510,272
    
    
    
    313,44612 S. Third Street
    
    Richmond, VA
    
    
    
    
    
    
    40,539
    
    
    
    184,682
    
    
    
    14,0619601 Cosner Drive
    
    Fredericksburg, VA
    
    
    
    
    
    
    475,262
    
    
    
    3,917,234
    
    
    
    104,5802300 East Parham Road
    
    Richmond, VA
    
    
    
    
    
    
    221,947
    
    
    
    1,011,088
    
    
    
    2,4434344 Federal Drive
    
    High Point, NC
    
    
    *
    
    
    
    484,001
    
    
    
    
    
    
    
    2,592,2085601-5659 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    705,660
    
    
    
    
    
    
    
    4,855,4555900 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    676,661
    
    
    
    
    
    
    
    4,802,999202 Centreport Drive
    
    Greensboro, NC
    
    
    *
    
    
    
    549,948
    
    
    
    5,360,462
    
    
    
    588,195101 Centreport Drive
    
    Greensboro, NC
    
    
    
    
    
    
    826,237
    
    
    
    
    
    
    
    7,825,2284717-4729 Eubank Road
    
    Richmond, VA
    
    
    *
    
    
    
    449,447
    
    
    
    3,294,697
    
    
    
    197,6724000 Piedmont Parkway
    
    High Point, NC
    
    
    *
    
    
    
    592,885
    
    
    
    4,825,615
    
    
    
    537,0814263F-N. Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    91,476
    
    
    
    
    
    
    
    1,637,2304380 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    282,996
    
    
    
    
    
    
    
    2,110,5504388 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    143,661
    
    
    
    
    
    
    
    1,225,3826532 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    354,903
    
    
    
    
    
    
    
    3,715,3086530 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    305,821
    
    
    
    
    
    
    
    4,458,1965000 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    770,214
    
    
    
    3,685,248
    
    
    
    133,5035500 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    443,485
    
    
    
    
    
    
    
    2,741,388510 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    261,961
    
    
    
    2,110,874
    
    
    
    294,549520 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    486,118
    
    
    
    4,083,582
    
    
    
    208,33913001 Kingston Avenue
    
    Richmond, VA
    
    
    
    
    
    
    376,584
    
    
    
    
    
    
    
    2,032,172150 Ridgeview Center Drive
    
    Duncan, SC
    
    
    
    
    
    
    711,353
    
    
    
    8,056,324
    
    
    
    883,526420 Park Avenue
    
    Greenville, SC
    
    
    
    
    
    
    522,548
    
    
    
    2,730,261
    
    
    
    594,3715701-5799 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    694,644
    
    
    
    
    
    
    
    5,608,9694801 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,072,896
    
    
    
    
    
    
    
    8,886,3184160 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    285,882
    
    
    
    
    
    
    
    3,043,517600 H P Way
    
    Chester, VA
    
    
    
    
    
    
    146,126
    
    
    
    
    
    
    
    5,580,1509770 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    341,663
    
    
    
    3,033,309
    
    
    
    40,4869780 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    218,542
    
    
    
    1,940,636
    
    
    
    22,8639790 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    243,791
    
    
    
    2,164,094
    
    
    
    183,0449810 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    266,684
    
    
    
    2,366,901
    
    
    
    396,1479800 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    299,099
    
    
    
    2,654,069
    
    
    
    210,2669820 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    237,779
    
    
    
    2,110,835
    
    
    
    43,9489830 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    296,262
    
    
    
    2,628,933
    
    
    
    97,815500 H P Way
    
    Chester, VA
    
    
    
    
    
    
    142,692
    
    
    
    
    
    
    
    5,233,0379050 Red Branch Road
    
    Columbia, MD
    
    
    
    
    
    
    290,950
    
    
    
    2,577,153
    
    
    
    311,153701 Liberty Way
    
    Richmond, VA
    
    
    
    
    
    
    171,711
    
    
    
    
    
    
    
    5,003,7334194 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    102,372
    
    
    
    
    
    
    
    2,413,0604196 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    66,731
    
    
    
    
    
    
    
    2,151,1884170 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    143,699
    
    
    
    
    
    
    
    2,203,3814180 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    121,329
    
    
    
    
    
    
    
    1,771,2094050 Piedmont Parkway
    
    High Point , NC
    
    
    *
    
    
    
    801,902
    
    
    
    
    
    
    
    18,160,8304198 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    670,292
    
    
    
    3,839,245
    
    
    
    697,72012730 Kingston Avenue
    
    Richmond, VA
    
    
    4,915,381
    
    
    
    171,053
    
    
    
    
    
    
    
    8,200,7644510 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,010,024
    
    
    
    7,151,729
    
    
    
    1,051,539One Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    780,881
    
    
    
    6,199,230
    
    
    
    4,709,47155 Beattie Place
    
    Greenville, SC
    
    
    
    
    
    
    2,643,105
    
    
    
    23,439,801
    
    
    
    2,687,36575 Beattie Place
    
    Greenville, SC
    
    
    
    
    
    
    2,406,646
    
    
    
    17,400,939
    
    
    
    981,7027736 McCloud Road
    
    Greensboro, NC
    
    
    
    
    
    
    591,795
    
    
    
    5,895,312
    
    
    
    351,6122809 South Lynnhaven Road
    
    Virginia Beach, VA
    
    
    *
    
    
    
    953,590
    
    
    
    6,142,742
    
    
    
    786,374200 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    
    
    
    1,116,693
    
    
    
    6,770,480
    
    
    
    722,267208 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    
    
    
    965,177
    
    
    
    6,728,717
    
    
    
    795,4421 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    974,675
    
    
    
    5,579,869
    
    
    
    640,003






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES4001 Carolina Avenue
    
    
    29,443
    
    
    
    317,210
    
    
    
    346,653
    
    
    
    70,921
    
    
    1935
    
    40 yrs.5600-5626 Eastport Boulevard
    
    
    489,941
    
    
    
    3,708,983
    
    
    
    4,198,924
    
    
    
    859,514
    
    
    1989
    
    40 yrs.5650-5674 Eastport Boulevard
    
    
    644,384
    
    
    
    4,241,299
    
    
    
    4,885,683
    
    
    
    1,022,748
    
    
    1990
    
    40 yrs.5700 Eastport Boulevard
    
    
    408,729
    
    
    
    2,746,857
    
    
    
    3,155,586
    
    
    
    607,667
    
    
    1990
    
    40 yrs.3432 Holland Road
    
    
    173,527
    
    
    
    792,977
    
    
    
    966,504
    
    
    
    174,616
    
    
    1989
    
    40 yrs.4880 Cox Road
    
    
    743,898
    
    
    
    5,642,030
    
    
    
    6,385,928
    
    
    
    728,180
    
    
    1995
    
    40 yrs.4101-4127 Carolina Avenue
    
    
    310,854
    
    
    
    2,402,389
    
    
    
    2,713,243
    
    
    
    512,257
    
    
    1973
    
    40 yrs.4201-4261 Carolina Avenue
    
    
    693,203
    
    
    
    5,821,694
    
    
    
    6,514,897
    
    
    
    1,352,571
    
    
    1975
    
    40 yrs.4263-4299 Carolina Avenue
    
    
    256,203
    
    
    
    3,927,076
    
    
    
    4,183,279
    
    
    
    748,381
    
    
    1976
    
    40 yrs.4301-4335 Carolina Avenue
    
    
    223,696
    
    
    
    1,794,413
    
    
    
    2,018,109
    
    
    
    383,297
    
    
    1978
    
    40 yrs.4337-4379 Carolina Avenue
    
    
    325,303
    
    
    
    3,150,618
    
    
    
    3,475,921
    
    
    
    932,261
    
    
    1979
    
    40 yrs.4501-4549 Carolina Avenue
    
    
    486,166
    
    
    
    3,780,622
    
    
    
    4,266,788
    
    
    
    826,801
    
    
    1981
    
    40 yrs.4551-4593 Carolina Avenue
    
    
    474,360
    
    
    
    3,636,746
    
    
    
    4,111,106
    
    
    
    800,000
    
    
    1982
    
    40 yrs.4601-4643 Carolina Avenue
    
    
    652,455
    
    
    
    5,216,132
    
    
    
    5,868,587
    
    
    
    1,292,564
    
    
    1985
    
    40 yrs.4645-4683 Carolina Avenue
    
    
    404,616
    
    
    
    3,976,334
    
    
    
    4,380,950
    
    
    
    1,467,544
    
    
    1985
    
    40 yrs.4447-4491 Carolina Avenue
    
    
    454,056
    
    
    
    2,950,140
    
    
    
    3,404,196
    
    
    
    666,848
    
    
    1987
    
    40 yrs.4401-4445 Carolina Avenue
    
    
    615,038
    
    
    
    4,823,718
    
    
    
    5,438,756
    
    
    
    1,023,991
    
    
    1988
    
    40 yrs.12 S. Third Street
    
    
    40,539
    
    
    
    198,743
    
    
    
    239,282
    
    
    
    42,272
    
    
    1900
    
    40 yrs.9601 Cosner Drive
    
    
    475,262
    
    
    
    4,021,814
    
    
    
    4,497,076
    
    
    
    861,918
    
    
    1995
    
    40 yrs.2300 East Parham Road
    
    
    221,947
    
    
    
    1,013,531
    
    
    
    1,235,478
    
    
    
    223,319
    
    
    1988
    
    40 yrs.4344 Federal Drive
    
    
    173,623
    
    
    
    2,902,586
    
    
    
    3,076,209
    
    
    
    651,290
    
    
    1996
    
    40 yrs.5601-5659 Eastport Boulevard
    
    
    720,100
    
    
    
    4,841,015
    
    
    
    5,561,115
    
    
    
    1,226,719
    
    
    1996
    
    40 yrs.5900 Eastport Boulevard
    
    
    687,898
    
    
    
    4,791,761
    
    
    
    5,479,660
    
    
    
    831,348
    
    
    1997
    
    40 yrs.202 Centreport Drive
    
    
    549,679
    
    
    
    5,948,926
    
    
    
    6,498,605
    
    
    
    1,391,565
    
    
    1990
    
    40 yrs.101 Centreport Drive
    
    
    826,237
    
    
    
    7,825,228
    
    
    
    8,651,465
    
    
    
    1,240,919
    
    
    1998
    
    40 yrs.4717-4729 Eubank Road
    
    
    452,263
    
    
    
    3,489,553
    
    
    
    3,941,816
    
    
    
    752,954
    
    
    1978
    
    40 yrs.4000 Piedmont Parkway
    
    
    597,368
    
    
    
    5,358,213
    
    
    
    5,955,581
    
    
    
    1,202,729
    
    
    1989
    
    40 yrs.4263F-N. Carolina Avenue
    
    
    91,599
    
    
    
    1,637,106
    
    
    
    1,728,706
    
    
    
    319,292
    
    
    1975
    
    40 yrs.4380 Federal Drive
    
    
    283,368
    
    
    
    2,110,177
    
    
    
    2,393,546
    
    
    
    534,946
    
    
    1997
    
    40 yrs.4388 Federal Drive
    
    
    132,655
    
    
    
    1,236,388
    
    
    
    1,369,043
    
    
    
    313,176
    
    
    1997
    
    40 yrs.6532 Judge Adams Road
    
    
    399,988
    
    
    
    3,670,223
    
    
    
    4,070,211
    
    
    
    584,317
    
    
    1997
    
    40 yrs.6530 Judge Adams Road
    
    
    335,061
    
    
    
    4,428,955
    
    
    
    4,764,016
    
    
    
    573,172
    
    
    1999
    
    40 yrs.5000 Cox Road
    
    
    771,029
    
    
    
    3,817,936
    
    
    
    4,588,965
    
    
    
    714,150
    
    
    1990
    
    40 yrs.5500 Cox Road
    
    
    483,263
    
    
    
    2,701,610
    
    
    
    3,184,873
    
    
    
    484,575
    
    
    1999
    
    40 yrs.510 Eastpark Court
    
    
    262,210
    
    
    
    2,405,174
    
    
    
    2,667,384
    
    
    
    489,184
    
    
    1989
    
    40 yrs.520 Eastpark Court
    
    
    486,598
    
    
    
    4,291,441
    
    
    
    4,778,039
    
    
    
    787,836
    
    
    1989
    
    40 yrs.13001 Kingston Avenue
    
    
    376,701
    
    
    
    2,032,055
    
    
    
    2,408,756
    
    
    
    367,768
    
    
    1998
    
    40 yrs.150 Ridgeview Center Drive
    
    
    711,353
    
    
    
    8,939,850
    
    
    
    9,651,203
    
    
    
    1,911,717
    
    
    1984
    
    40 yrs.420 Park Avenue
    
    
    522,548
    
    
    
    3,324,633
    
    
    
    3,847,180
    
    
    
    768,975
    
    
    1986
    
    40 yrs.5701-5799 Eastport Boulevard
    
    
    700,503
    
    
    
    5,603,110
    
    
    
    6,303,613
    
    
    
    1,160,104
    
    
    1998
    
    40 yrs.4801 Cox Road
    
    
    1,075,620
    
    
    
    8,883,593
    
    
    
    9,959,214
    
    
    
    1,275,824
    
    
    1998
    
    40 yrs.4160 Mendenhall Oaks Parkway
    
    
    545,627
    
    
    
    2,783,772
    
    
    
    3,329,399
    
    
    
    398,461
    
    
    1998
    
    40 yrs.600 H P Way
    
    
    501,752
    
    
    
    5,224,524
    
    
    
    5,726,276
    
    
    
    811,109
    
    
    1997
    
    40 yrs.9770 Patuxent Woods Drive
    
    
    341,663
    
    
    
    3,073,795
    
    
    
    3,415,458
    
    
    
    510,547
    
    
    1986
    
    40 yrs.9780 Patuxent Woods Drive
    
    
    218,542
    
    
    
    1,963,499
    
    
    
    2,182,041
    
    
    
    324,993
    
    
    1986
    
    40 yrs.9790 Patuxent Woods Drive
    
    
    243,791
    
    
    
    2,347,138
    
    
    
    2,590,929
    
    
    
    404,994
    
    
    1986
    
    40 yrs.9810 Patuxent Woods Drive
    
    
    266,684
    
    
    
    2,763,048
    
    
    
    3,029,732
    
    
    
    405,978
    
    
    1986
    
    40 yrs.9800 Patuxent Woods Drive
    
    
    299,099
    
    
    
    2,864,335
    
    
    
    3,163,435
    
    
    
    532,232
    
    
    1988
    
    40 yrs.9820 Patuxent Woods Drive
    
    
    237,779
    
    
    
    2,154,783
    
    
    
    2,392,562
    
    
    
    369,719
    
    
    1988
    
    40 yrs.9830 Patuxent Woods Drive
    
    
    296,262
    
    
    
    2,726,748
    
    
    
    3,023,011
    
    
    
    503,038
    
    
    1986
    
    40 yrs.500 H P Way
    
    
    491,919
    
    
    
    4,883,810
    
    
    
    5,375,729
    
    
    
    658,290
    
    
    1997
    
    40 yrs.9050 Red Branch Road
    
    
    290,950
    
    
    
    2,888,306
    
    
    
    3,179,256
    
    
    
    462,091
    
    
    1972
    
    40 yrs.701 Liberty Way
    
    
    1,188,857
    
    
    
    3,986,587
    
    
    
    5,175,444
    
    
    
    538,794
    
    
    1999
    
    40 yrs.4194 Mendenhall Oaks Parkway
    
    
    265,991
    
    
    
    2,249,441
    
    
    
    2,515,432
    
    
    
    423,612
    
    
    1999
    
    40 yrs.4196 Mendenhall Oaks Parkway
    
    
    173,889
    
    
    
    2,044,030
    
    
    
    2,217,919
    
    
    
    481,931
    
    
    1999
    
    40 yrs.4170 Mendenhall Oaks Parkway
    
    
    373,502
    
    
    
    1,973,578
    
    
    
    2,347,080
    
    
    
    349,997
    
    
    1999
    
    40 yrs.4180 Mendenhall Oaks Parkway
    
    
    315,614
    
    
    
    1,576,923
    
    
    
    1,892,538
    
    
    
    339,319
    
    
    1999
    
    40 yrs.4050 Piedmont Parkway
    
    
    2,042,159
    
    
    
    16,920,573
    
    
    
    18,962,732
    
    
    
    2,300,579
    
    
    1998
    
    40 yrs.4198 Cox Road
    
    
    670,292
    
    
    
    4,536,965
    
    
    
    5,207,257
    
    
    
    810,725
    
    
    1984
    
    40 yrs.12730 Kingston Avenue
    
    
    1,201,072
    
    
    
    7,170,745
    
    
    
    8,371,817
    
    
    
    431,356
    
    
    2001
    
    40 yrs.4510 Cox Road
    
    
    1,010,044
    
    
    
    8,203,248
    
    
    
    9,213,292
    
    
    
    1,476,082
    
    
    1990
    
    40 yrs.One Independence Pointe
    
    
    784,617
    
    
    
    10,904,965
    
    
    
    11,689,582
    
    
    
    1,067,467
    
    
    1982
    
    40 yrs.55 Beattie Place
    
    
    2,645,238
    
    
    
    26,125,032
    
    
    
    28,770,271
    
    
    
    3,929,852
    
    
    1986
    
    40 yrs.75 Beattie Place
    
    
    2,408,577
    
    
    
    18,380,710
    
    
    
    20,789,287
    
    
    
    2,932,418
    
    
    1987
    
    40 yrs.7736 McCloud Road
    
    
    591,795
    
    
    
    6,246,924
    
    
    
    6,838,719
    
    
    
    957,731
    
    
    1986
    
    40 yrs.2809 South Lynnhaven Road
    
    
    953,590
    
    
    
    6,929,117
    
    
    
    7,882,706
    
    
    
    1,084,130
    
    
    1987
    
    40 yrs.200 Golden Oak Court
    
    
    1,116,693
    
    
    
    7,492,747
    
    
    
    8,609,439
    
    
    
    1,236,079
    
    
    1988
    
    40 yrs.208 Golden Oak Court
    
    
    965,177
    
    
    
    7,524,159
    
    
    
    8,489,336
    
    
    
    1,175,318
    
    
    1989
    
    40 yrs.1 Enterprise Parkway
    
    
    974,675
    
    
    
    6,219,872
    
    
    
    7,194,547
    
    
    
    1,097,377
    
    
    1987
    
    40 yrs.


88



---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES22 Enterprise Parkway
    
    Hampton, VA
    
    
    *
    
    
    
    1,097,368
    
    
    
    6,760,778
    
    
    
    718,764530 Eastpark Court
    
    Richmond, VA
    
    
    *
    
    
    
    266,883
    
    
    
    
    
    
    
    2,838,265484 Viking Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    891,753
    
    
    
    3,607,890
    
    
    
    197,40510430 Lakeridge Parkway
    
    Ashland, VA
    
    
    
    
    
    
    421,267
    
    
    
    3,770,870
    
    
    
    119,08410456 Lakeridge Parkway
    
    Ashland, VA
    
    
    
    
    
    
    409,261
    
    
    
    3,663,754
    
    
    
    180,3723829-3855 Gaskins Road
    
    Richmond, VA
    
    
    
    
    
    
    364,165
    
    
    
    3,264,114
    
    
    
    6,679629 Phoenix Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    371,694
    
    
    
    2,108,097
    
    
    
    114,62215 Brendan Way
    
    Greenville, SC
    
    
    
    
    
    
    614,192
    
    
    
    3,012,019
    
    
    
    1,107,68211838 Rock Landing Drive
    
    Newport News, VA
    
    
    
    
    
    
    673,942
    
    
    
    2,111,481
    
    
    
    613,39311844 Rock Landing Drive
    
    Newport News, VA
    
    
    
    
    
    
    326,774
    
    
    
    1,391,561
    
    
    
    104,66211846 Rock Landing Drive
    
    Newport News, VA
    
    
    
    
    
    
    299,066
    
    
    
    1,419,266
    
    
    
    339,80911832 Rock Landing Drive
    
    Newport News, VA
    
    
    
    
    
    
    299,066
    
    
    
    1,419,266
    
    
    
    5,607,12810800 Nuckols Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    1,432,462
    
    
    
    
    
    
    
    14,420,8394606 Richlynn Drive
    
    Belcamp, MD
    
    
    
    
    
    
    299,600
    
    
    
    1,818,861
    
    
    
    16,3405700 Cleveland Street
    
    Virginia Beach, VA
    
    
    
    
    
    
    700,112
    
    
    
    9,592,721
    
    
    
    1,172,3494300 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    264,038
    
    
    
    
    
    
    
    1,626,937801 Liberty Way
    
    Richmond, VA
    
    
    
    
    
    
    780,000
    
    
    
    
    
    
    
    6,372,2718945-8975 Guilford Road
    
    Columbia, MD
    
    
    *
    
    
    
    2,428,795
    
    
    
    7,493,740
    
    
    
    301,2527317 Parkway Drive
    
    Hanover, MD
    
    
    
    
    
    
    1,104,359
    
    
    
    1,959,671
    
    
    
    4,3194135 Mendenall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    499,500
    
    
    
    
    
    
    
    2,758,1455 Manhattan Square
    
    Hampton, VA
    
    
    
    
    
    
    207,368
    
    
    
    
    
    
    
    1,570,4334183 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    122,203
    
    
    
    
    
    
    
    3,742,6894189 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    100,106
    
    
    
    
    
    
    
    3,402,2704020 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    94,232
    
    
    
    
    
    
    
    1,682,5496250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,524,2926200 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,724,8526210 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,703,3784 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,509,5035 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,286,404170 Ridgeview Drive
    
    Duncan, SC
    
    
    
    
    
    
    224,162
    
    
    
    109,218
    
    
    
    4,907,027100 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,140,648
    
    
    
    101,824
    
    
    
    8,397,1491309 Executive Boulevard
    
    Cheaspeake, VA
    
    
    
    
    
    
    926,125
    
    
    
    
    
    
    
    5,086,6326509 Franz Warner Parkway
    
    Rock Creek, NC
    
    
    
    
    
    
    360,494
    
    
    
    
    
    
    
    2,822,3511400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    172,320
    
    
    
    
    
    
    
    6,784,4684191 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    217,943
    
    
    
    
    
    
    
    2,928,632200 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,623,612
    
    
    
    
    
    
    
    5,725,88021 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    263,668
    
    
    
    8,167,118
    
    
    
    138,6111305 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    861,020
    
    
    
    
    
    
    
    4,874,975979 Batesville Road
    
    Greenville, SC
    
    
    
    
    
    
    1,190,555
    
    
    
    
    
    
    
    5,609,4821313 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    1,180,036
    
    
    
    
    
    
    
    4,629,6155950 Symphony Woods Road
    
    Columbia, MD
    
    
    
    
    
    
    1,462,762
    
    
    
    11,310,187
    
    
    
    305,82020 Wright Avenue
    
    Hunt Valley, MD
    
    
    
    
    
    
    1,205,946
    
    
    
    
    
    
    
    9,536,9634604 Richlynn Drive
    
    Belcamp, MD
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    693,1371751 Blue Hills Drive Expansion
    
    Roanoke, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,873,660200 Southchase Boulevard
    
    Greenville, SC
    
    
    21,173,702
    
    
    
    512,911
    
    
    
    
    
    
    
    7,343,5631457 Miller Store Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    473,689
    
    
    
    2,663,045
    
    
    
    33,991521 Butler Farm Road
    
    Hampton, VA
    
    
    
    
    
    
    750,769
    
    
    
    2,911,149
    
    
    
    (18,468
    )4 North Park Drive
    
    Hunt Valley, MD
    
    
    6,291,514
    
    
    
    3,269,948
    
    
    
    13,551,370
    
    
    
    4,0056 North Park Drive
    
    Hunt Valley, MD
    
    
    8,026,075
    
    
    
    2,077,949
    
    
    
    8,770,566
    
    
    
    2,47310 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,211,969
    
    
    
    7,816,042
    
    
    
    2,3409101,9111,9115 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    758,951
    
    
    
    
    
    
    
    3,306,3969125,9135,9145 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    900,154
    
    
    
    
    
    
    
    5,496,4985911-5925 Richard Street
    
    Jacksonville, FL
    
    
    
    
    
    
    275,582
    
    
    
    
    
    
    
    508,6088383-8385 Baycenter Road
    
    Jacksonville, FL
    
    
    
    
    
    
    63,703
    
    
    
    
    
    
    
    833,6248775 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    906,804
    
    
    
    
    
    
    
    3,174,4226255 Lake Gray Boulevard
    
    Jacksonville, FL
    
    
    
    
    
    
    813,067
    
    
    
    
    
    
    
    3,746,5768665,8667,8669 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    966,552
    
    
    
    
    
    
    
    4,692,6451200 River Place Blvd.
    
    Jacksonville, FL
    
    
    
    
    
    
    1,028,864
    
    
    
    
    
    
    
    18,685,9505941-5975 Richard Street
    
    Jacksonville, FL
    
    
    
    
    
    
    583,622
    
    
    
    
    
    
    
    1,157,9457970 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    127,520
    
    
    
    
    
    
    
    1,281,5806000-6030 Bowdendale Avenue
    
    Jacksonville, FL
    
    
    
    
    
    
    275,475
    
    
    
    
    
    
    
    1,740,3517898 Baymeadows Way
    
    Jacksonville, FL
    
    
    
    
    
    
    561,802
    
    
    
    
    
    
    
    1,974,6475977-6607 Richard Street
    
    Jacksonville, FL
    
    
    
    
    
    
    180,033
    
    
    
    
    
    
    
    3,249,7657910 & 7948 Baymeadows Way
    
    Jacksonville, FL
    
    
    
    
    
    
    210,299
    
    
    
    
    
    
    
    2,666,9247954 & 7960 Baymeadows Way
    
    Jacksonville, FL
    
    
    
    
    
    
    291,312
    
    
    
    
    
    
    
    2,946,8778787 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    2,076,306
    
    
    
    
    
    
    
    35,412,9187077 Bonneval Road
    
    Jacksonville, FL
    
    
    
    
    
    
    768,000
    
    
    
    5,789,000
    
    
    
    1,437,3764190 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    821,000
    
    
    
    5,866,000
    
    
    
    2,302,90111777 Central Highway
    
    Jacksonville, FL
    
    
    
    
    
    
    92,207
    
    
    
    429,997
    
    
    
    1,275,050






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES22 Enterprise Parkway
    
    
    1,097,368
    
    
    
    7,479,542
    
    
    
    8,576,910
    
    
    
    1,281,379
    
    
    1990
    
    40 yrs.530 Eastpark Court
    
    
    334,772
    
    
    
    2,770,376
    
    
    
    3,105,148
    
    
    
    675,925
    
    
    1999
    
    40 yrs.484 Viking Drive
    
    
    891,753
    
    
    
    3,805,295
    
    
    
    4,697,047
    
    
    
    596,844
    
    
    1987
    
    40 yrs.10430 Lakeridge Parkway
    
    
    421,267
    
    
    
    3,889,953
    
    
    
    4,311,220
    
    
    
    570,870
    
    
    1989
    
    40 yrs.10456 Lakeridge Parkway
    
    
    409,261
    
    
    
    3,844,126
    
    
    
    4,253,387
    
    
    
    575,911
    
    
    1991
    
    40 yrs.3829-3855 Gaskins Road
    
    
    364,165
    
    
    
    3,270,794
    
    
    
    3,634,959
    
    
    
    476,908
    
    
    1988
    
    40 yrs.629 Phoenix Drive
    
    
    371,694
    
    
    
    2,222,719
    
    
    
    2,594,413
    
    
    
    322,091
    
    
    1996
    
    40 yrs.15 Brendan Way
    
    
    614,192
    
    
    
    4,119,701
    
    
    
    4,733,892
    
    
    
    909,457
    
    
    1988
    
    40 yrs.11838 Rock Landing Drive
    
    
    673,942
    
    
    
    2,724,874
    
    
    
    3,398,816
    
    
    
    467,898
    
    
    1986
    
    40 yrs.11844 Rock Landing Drive
    
    
    326,774
    
    
    
    1,496,224
    
    
    
    1,822,997
    
    
    
    246,290
    
    
    1989
    
    40 yrs.11846 Rock Landing Drive
    
    
    299,066
    
    
    
    1,759,076
    
    
    
    2,058,142
    
    
    
    328,017
    
    
    1989
    
    40 yrs.11832 Rock Landing Drive
    
    
    748,582
    
    
    
    6,576,878
    
    
    
    7,325,460
    
    
    
    853,032
    
    
    1988
    
    40 yrs.10800 Nuckols Boulevard
    
    
    1,794,162
    
    
    
    14,059,139
    
    
    
    15,853,301
    
    
    
    1,374,098
    
    
    2000
    
    40 yrs.4606 Richlynn Drive
    
    
    299,600
    
    
    
    1,835,201
    
    
    
    2,134,801
    
    
    
    258,999
    
    
    1985
    
    40 yrs.5700 Cleveland Street
    
    
    700,564
    
    
    
    10,764,617
    
    
    
    11,465,182
    
    
    
    1,720,441
    
    
    1989
    
    40 yrs.4300 Federal Drive
    
    
    276,038
    
    
    
    1,614,937
    
    
    
    1,890,975
    
    
    
    212,600
    
    
    1998
    
    40 yrs.801 Liberty Way
    
    
    785,059
    
    
    
    6,367,212
    
    
    
    7,152,271
    
    
    
    836,078
    
    
    1999
    
    40 yrs.8945-8975 Guilford Road
    
    
    2,427,065
    
    
    
    7,796,722
    
    
    
    10,223,787
    
    
    
    1,086,067
    
    
    1986
    
    40 yrs.7317 Parkway Drive
    
    
    1,104,359
    
    
    
    1,963,990
    
    
    
    3,068,349
    
    
    
    249,445
    
    
    1983
    
    40 yrs.4135 Mendenall Oaks Parkway
    
    
    500,980
    
    
    
    2,756,665
    
    
    
    3,257,645
    
    
    
    312,546
    
    
    2000
    
    40 yrs.5 Manhattan Square
    
    
    212,694
    
    
    
    1,565,107
    
    
    
    1,777,801
    
    
    
    194,459
    
    
    1999
    
    40 yrs.4183 Eagle Hill Drive
    
    
    526,266
    
    
    
    3,338,626
    
    
    
    3,864,892
    
    
    
    551,065
    
    
    2001
    
    40 yrs.4189 Eagle Hill Drive
    
    
    431,106
    
    
    
    3,071,270
    
    
    
    3,502,376
    
    
    
    291,404
    
    
    2001
    
    40 yrs.4020 Meeting Way
    
    
    378,101
    
    
    
    1,398,680
    
    
    
    1,776,781
    
    
    
    169,614
    
    
    2001
    
    40 yrs.6250 Old Dobbin Lane
    
    
    1,295,000
    
    
    
    3,187,397
    
    
    
    4,482,397
    
    
    
    260,984
    
    
    2002
    
    40 yrs.6200 Old Dobbin Lane
    
    
    1,295,000
    
    
    
    3,387,957
    
    
    
    4,682,957
    
    
    
    166,108
    
    
    2002
    
    40 yrs.6210 Old Dobbin Lane
    
    
    1,295,000
    
    
    
    3,366,483
    
    
    
    4,661,483
    
    
    
    206,075
    
    
    2002
    
    40 yrs.4 Independence Pointe
    
    
    467,438
    
    
    
    3,042,065
    
    
    
    3,509,503
    
    
    
    171,870
    
    
    2002
    
    40 yrs.5 Independence Pointe
    
    
    467,438
    
    
    
    2,818,966
    
    
    
    3,286,404
    
    
    
    266,423
    
    
    2002
    
    40 yrs.170 Ridgeview Drive
    
    
    229,443
    
    
    
    5,010,964
    
    
    
    5,240,407
    
    
    
    302,614
    
    
    2001
    
    40 yrs.100 Westgate Parkway
    
    
    1,456,084
    
    
    
    8,183,537
    
    
    
    9,639,621
    
    
    
    548,937
    
    
    2001
    
    40 yrs.1309 Executive Boulevard
    
    
    955,374
    
    
    
    5,057,383
    
    
    
    6,012,757
    
    
    
    432,854
    
    
    2001
    
    40 yrs.6509 Franz Warner Parkway
    
    
    372,494
    
    
    
    2,810,351
    
    
    
    3,182,845
    
    
    
    211,243
    
    
    2001
    
    40 yrs.1400 Mendenhall Oaks Parkway
    
    
    984,672
    
    
    
    5,972,116
    
    
    
    6,956,788
    
    
    
    228,835
    
    
    2002
    
    40 yrs.4191 Mendenhall Oaks Parkway
    
    
    611,166
    
    
    
    2,535,409
    
    
    
    3,146,575
    
    
    
    208,389
    
    
    2002
    
    40 yrs.200 Westgate Parkway
    
    
    1,072,797
    
    
    
    6,276,695
    
    
    
    7,349,492
    
    
    
    228,710
    
    
    2002
    
    40 yrs.21 Enterprise Parkway
    
    
    265,719
    
    
    
    8,303,678
    
    
    
    8,569,397
    
    
    
    602,339
    
    
    1999
    
    40 yrs.1305 Executive Boulevard
    
    
    1,129,850
    
    
    
    4,606,144
    
    
    
    5,735,994
    
    
    
    189,152
    
    
    2002
    
    40 yrs.979 Batesville Road
    
    
    1,190,431
    
    
    
    5,609,606
    
    
    
    6,800,037
    
    
    
    296,098
    
    
    2002
    
    40 yrs.1313 Executive Boulevard
    
    
    1,708,050
    
    
    
    4,101,602
    
    
    
    5,809,652
    
    
    
    221,775
    
    
    2002
    
    40 yrs.5950 Symphony Woods Road
    
    
    1,467,623
    
    
    
    11,611,147
    
    
    
    13,078,770
    
    
    
    716,249
    
    
    1986
    
    40 yrs.20 Wright Avenue
    
    
    1,861,025
    
    
    
    8,881,883
    
    
    
    10,742,908
    
    
    
    284,732
    
    
    2001
    
    40 yrs.4604 Richlynn Drive
    
    
    
    
    
    
    693,137
    
    
    
    693,137
    
    
    
    21,756
    
    
    2002
    
    40 yrs.1751 Blue Hills Drive Expansion
    
    
    
    
    
    
    4,873,660
    
    
    
    4,873,660
    
    
    
    30,538
    
    
    2003
    
    40 yrs.200 Southchase Boulevard
    
    
    514,642
    
    
    
    7,341,832
    
    
    
    7,856,474
    
    
    
    8,552
    
    
    2003
    
    40 yrs.1457 Miller Store Road
    
    
    473,689
    
    
    
    2,697,036
    
    
    
    3,170,725
    
    
    
    16,748
    
    
    2003
    
    40 yrs.521 Butler Farm Road
    
    
    710,269
    
    
    
    2,933,182
    
    
    
    3,643,450
    
    
    
    12,094
    
    
    2003
    
    40 yrs.4 North Park Drive
    
    
    3,269,948
    
    
    
    13,555,376
    
    
    
    16,825,323
    
    
    
    56,335
    
    
    2003
    
    40 yrs.6 North Park Drive
    
    
    2,077,949
    
    
    
    8,773,039
    
    
    
    10,850,988
    
    
    
    36,456
    
    
    2003
    
    40 yrs.10 North Park Drive
    
    
    2,211,969
    
    
    
    7,818,382
    
    
    
    10,030,351
    
    
    
    32,474
    
    
    2003
    
    40 yrs.9101,9111,9115 Guilford Road
    
    
    765,952
    
    
    
    3,299,395
    
    
    
    4,065,347
    
    
    
    1,625,233
    
    
    1984
    
    40 yrs.9125,9135,9145 Guilford Road
    
    
    920,439
    
    
    
    5,476,213
    
    
    
    6,396,652
    
    
    
    2,859,587
    
    
    1983
    
    40 yrs.5911-5925 Richard Street
    
    
    286,335
    
    
    
    497,856
    
    
    
    784,190
    
    
    
    309,225
    
    
    1977
    
    40 yrs.8383-8385 Baycenter Road
    
    
    65,329
    
    
    
    831,998
    
    
    
    897,327
    
    
    
    440,707
    
    
    1973
    
    40 yrs.8775 Baypine Road
    
    
    913,013
    
    
    
    3,168,213
    
    
    
    4,081,226
    
    
    
    1,189,367
    
    
    1989
    
    40 yrs.6255 Lake Gray Boulevard
    
    
    812,634
    
    
    
    3,747,010
    
    
    
    4,559,643
    
    
    
    1,566,555
    
    
    1987
    
    40 yrs.8665,8667,8669 Baypine Road
    
    
    974,959
    
    
    
    4,684,238
    
    
    
    5,659,197
    
    
    
    1,615,835
    
    
    1987
    
    40 yrs.1200 River Place Blvd.
    
    
    1,046,629
    
    
    
    18,668,185
    
    
    
    19,714,814
    
    
    
    8,332,391
    
    
    1985
    
    40 yrs.5941-5975 Richard Street
    
    
    586,095
    
    
    
    1,155,472
    
    
    
    1,741,567
    
    
    
    694,942
    
    
    1978
    
    40 yrs.7970 Bayberry Road
    
    
    129,979
    
    
    
    1,279,122
    
    
    
    1,409,100
    
    
    
    890,220
    
    
    1978
    
    40 yrs.6000-6030 Bowdendale Avenue
    
    
    275,475
    
    
    
    1,740,351
    
    
    
    2,015,826
    
    
    
    922,902
    
    
    1979
    
    40 yrs.7898 Baymeadows Way
    
    
    568,005
    
    
    
    1,968,444
    
    
    
    2,536,449
    
    
    
    1,020,192
    
    
    1978
    
    40 yrs.5977-6607 Richard Street
    
    
    636,901
    
    
    
    2,792,897
    
    
    
    3,429,798
    
    
    
    1,116,508
    
    
    1980
    
    40 yrs.7910 & 7948 Baymeadows Way
    
    
    211,449
    
    
    
    2,665,774
    
    
    
    2,877,223
    
    
    
    1,337,198
    
    
    1981
    
    40 yrs.7954 & 7960 Baymeadows Way
    
    
    292,667
    
    
    
    2,945,522
    
    
    
    3,238,189
    
    
    
    1,405,924
    
    
    1982
    
    40 yrs.8787 Baypine Road
    
    
    2,028,593
    
    
    
    35,460,631
    
    
    
    37,489,224
    
    
    
    19,353,489
    
    
    1990
    
    40 yrs.7077 Bonneval Road
    
    
    774,020
    
    
    
    7,220,356
    
    
    
    7,994,376
    
    
    
    2,460,030
    
    
    1988
    
    40 yrs.4190 Belfort Road
    
    
    827,420
    
    
    
    8,162,481
    
    
    
    8,989,901
    
    
    
    2,767,470
    
    
    1986
    
    40 yrs.11777 Central Highway
    
    
    140,426
    
    
    
    1,656,828
    
    
    
    1,797,254
    
    
    
    782,636
    
    
    1985
    
    40 yrs.


89



---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES4345 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,736,4807016 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    597,181
    
    
    
    
    
    
    
    2,326,4457018 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    840,996
    
    
    
    
    
    
    
    4,226,4247014 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    574,198
    
    
    
    
    
    
    
    3,286,6446620 Southpoint Drive
    
    Jacksonville, FL
    
    
    
    
    
    
    614,602
    
    
    
    4,267,477
    
    
    
    683,5917980 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    330,726
    
    
    
    1,338,101
    
    
    
    17,7769600 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    252,850
    
    
    
    1,297,923
    
    
    
    59,3109700 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    405,362
    
    
    
    1,146,546
    
    
    
    322,3781902 Cypress Lake Drive
    
    Orlando, FL
    
    
    
    
    
    
    523,512
    
    
    
    3,191,790
    
    
    
    866,6869550 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    574,831
    
    
    
    
    
    
    
    2,106,6998250 & 8256 Exchange Place
    
    Orlando, FL
    
    
    
    
    
    
    622,413
    
    
    
    2,507,842
    
    
    
    280,3086600 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    998,432
    
    
    
    4,055,727
    
    
    
    328,4256700 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    620,719
    
    
    
    2,989,746
    
    
    
    676,9174801 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    554,993
    
    
    
    2,993,277
    
    
    
    861,4294801 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    370,017
    
    
    
    1,995,518
    
    
    
    36,9264810 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    369,694
    
    
    
    3,045,639
    
    
    
    406,2846602 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    388,519
    
    
    
    2,095,293
    
    
    
    155,8446602 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    *
    
    
    
    296,014
    
    
    
    1,596,347
    
    
    
    256,5026631 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    *
    
    
    
    251,613
    
    
    
    1,356,849
    
    
    
    451,4626631 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    406,561
    
    
    
    2,195,070
    
    
    
    179,5454815 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    366,317
    
    
    
    1,975,393
    
    
    
    237,8014815 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    *
    
    
    
    462,522
    
    
    
    2,494,397
    
    
    
    451,0284825 Executive Park Court
    
    Jacksonville, FL
    
    
    *
    
    
    
    601,278
    
    
    
    3,242,491
    
    
    
    73,2534820 Executive Park Court
    
    Jacksonville, FL
    
    
    *
    
    
    
    555,173
    
    
    
    2,693,130
    
    
    
    609,73210511 & 10611 Satellite Boulevard
    
    Orlando, FL
    
    
    *
    
    
    
    517,554
    
    
    
    2,568,186
    
    
    
    323,5891400-1440 Central Florida Parkway
    
    Orlando, FL
    
    
    *
    
    
    
    518,043
    
    
    
    2,561,938
    
    
    
    295,7146601 Executive Park Circle North
    
    Jacksonville, FL
    
    
    
    
    
    
    551,250
    
    
    
    3,128,361
    
    
    
    6401300 Riverplace Boulevard
    
    Jacksonville, FL
    
    
    
    
    
    
    1,804,258
    
    
    
    7,755,572
    
    
    
    1,255,4504901 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    877,964
    
    
    
    2,360,742
    
    
    
    1,925,15716445 Air Center Boulevard
    
    Houston, TX
    
    
    5,693,078
    
    
    
    363,339
    
    
    
    2,509,186
    
    
    
    437,43516405 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    438,853
    
    
    
    3,030,396
    
    
    
    106,5752216 Directors Row
    
    Orlando, FL
    
    
    
    
    
    
    453,918
    
    
    
    2,572,202
    
    
    
    25,8651901 Summit Tower Boulevard
    
    Maitland, FL
    
    
    
    
    
    
    6,078,791
    
    
    
    12,348,567
    
    
    
    347,0803701-3727 Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    767,929
    
    
    
    2,096,504
    
    
    
    102,8174899 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,201
    
    
    
    
    
    
    
    7,955,8904905 Belfort Street
    
    Jacksonville, FL
    
    
    
    
    
    
    638,154
    
    
    
    
    
    
    
    3,461,10116580 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    289,000
    
    
    
    3,559,857
    
    
    
    65,8407251 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,567,8202400 South Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    385,964
    
    
    
    
    
    
    
    2,359,88210245 Centurion Parkway North
    
    Jacksonville, FL
    
    
    
    
    
    
    852,644
    
    
    
    3,510,889
    
    
    
    802,2684887 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,202
    
    
    
    
    
    
    
    7,746,9196501 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    5,541,7917255 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    392,060
    
    
    
    
    
    
    
    2,697,6001755 Trans Central Drive
    
    Houston, TX
    
    
    
    
    
    
    293,534
    
    
    
    3,036,269
    
    
    
    133,3142416 Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    535,964
    
    
    
    
    
    
    
    3,096,36616605 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    298,999
    
    
    
    
    
    
    
    3,770,31510771 Palm Bay Drive
    
    Orlando, FL
    
    
    
    
    
    
    664,605
    
    
    
    
    
    
    
    2,362,81410739 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    797,931
    
    
    
    5,950,894
    
    
    
    9,77510735 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    1,110,988
    
    
    
    6,351,946
    
    
    
    1,256,1568801-19 & 8821-49 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    2,290,001
    
    
    
    15,297,141
    
    
    
    1,427,80810003 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    680,312
    
    
    
    2,120,754
    
    
    
    589,9471090 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    878,320
    
    
    
    2,558,833
    
    
    
    1,274,7155501-5519 Pioneer Park Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    162,000
    
    
    
    1,613,000
    
    
    
    222,3535690-5694 Crenshaw Street
    
    Tampa, FL
    
    
    
    
    
    
    181,923
    
    
    
    1,812,496
    
    
    
    252,3923102,3104,3110 Cherry Palm Drive
    
    Tampa, FL
    
    
    
    
    
    
    503,767
    
    
    
    2,787,585
    
    
    
    532,2757020 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    *
    
    
    
    398,257
    
    
    
    
    
    
    
    2,583,2327022 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    *
    
    
    
    706,934
    
    
    
    
    
    
    
    3,244,0808401-8408 Benjamin Road
    
    Tampa, FL
    
    
    
    
    
    
    789,651
    
    
    
    4,454,648
    
    
    
    1,609,9303501 Riga Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    617,289
    
    
    
    3,048,379
    
    
    
    351,328111 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    359,540
    
    
    
    1,461,850
    
    
    
    527,9667930, 8010-20 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    1,408,478
    
    
    
    5,247,246
    
    
    
    410,7527920 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    1,382,648
    
    
    
    2,445,444
    
    
    
    (184,395
    )8154-8198 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    399,088
    
    
    
    2,868,834
    
    
    
    188,1438112-42 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    513,263
    
    
    
    3,230,239
    
    
    
    111,5718212 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    820,882
    
    
    
    2,322,720
    
    
    
    14,210131 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    511,463
    
    
    
    
    
    
    
    4,455,2901701 Clint Moore Boulevard
    
    Boca Raton, FL
    
    
    
    
    
    
    1,430,884
    
    
    
    3,043,553
    
    
    
    284,5327724 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    235,893
    
    
    
    
    
    
    
    2,099,2127802-50 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,715,783






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES4345 Southpoint Parkway
    
    
    418,093
    
    
    
    8,318,387
    
    
    
    8,736,480
    
    
    
    1,529,897
    
    
    1998
    
    40 yrs.7016 AC Skinner Parkway
    
    
    602,633
    
    
    
    2,320,994
    
    
    
    2,923,626
    
    
    
    732,351
    
    
    1996
    
    40 yrs.7018 AC Skinner Parkway
    
    
    846,461
    
    
    
    4,220,959
    
    
    
    5,067,420
    
    
    
    1,335,563
    
    
    1997
    
    40 yrs.7014 AC Skinner Parkway
    
    
    780,486
    
    
    
    3,080,356
    
    
    
    3,860,842
    
    
    
    713,483
    
    
    1999
    
    40 yrs.6620 Southpoint Drive
    
    
    614,602
    
    
    
    4,951,067
    
    
    
    5,565,670
    
    
    
    1,059,714
    
    
    1984
    
    40 yrs.7980 Bayberry Road
    
    
    330,726
    
    
    
    1,355,877
    
    
    
    1,686,603
    
    
    
    217,604
    
    
    1978
    
    40 yrs.9600 Satellite Boulevard
    
    
    252,850
    
    
    
    1,357,233
    
    
    
    1,610,083
    
    
    
    228,442
    
    
    1989
    
    40 yrs.9700 Satellite Boulevard
    
    
    405,362
    
    
    
    1,468,924
    
    
    
    1,874,286
    
    
    
    217,433
    
    
    1989
    
    40 yrs.1902 Cypress Lake Drive
    
    
    538,512
    
    
    
    4,043,476
    
    
    
    4,581,988
    
    
    
    715,694
    
    
    1989
    
    40 yrs.9550 Satellite Boulevard
    
    
    587,319
    
    
    
    2,094,211
    
    
    
    2,681,530
    
    
    
    399,505
    
    
    1999
    
    40 yrs.8250 & 8256 Exchange Place
    
    
    622,413
    
    
    
    2,788,150
    
    
    
    3,410,563
    
    
    
    517,128
    
    
    1985
    
    40 yrs.6600 Southpoint Parkway
    
    
    1,002,704
    
    
    
    4,379,880
    
    
    
    5,382,584
    
    
    
    990,879
    
    
    1986
    
    40 yrs.6700 Southpoint Parkway
    
    
    624,215
    
    
    
    3,663,167
    
    
    
    4,287,382
    
    
    
    833,970
    
    
    1987
    
    40 yrs.4801 Executive Park Court - 100
    
    
    554,542
    
    
    
    3,855,157
    
    
    
    4,409,699
    
    
    
    719,921
    
    
    1990
    
    40 yrs.4801 Executive Park Court - 200
    
    
    370,039
    
    
    
    2,032,422
    
    
    
    2,402,461
    
    
    
    318,380
    
    
    1990
    
    40 yrs.4810 Executive Park Court
    
    
    370,039
    
    
    
    3,451,577
    
    
    
    3,821,617
    
    
    
    492,400
    
    
    1990
    
    40 yrs.6602 Executive Park Court - 100
    
    
    388,541
    
    
    
    2,251,114
    
    
    
    2,639,656
    
    
    
    420,644
    
    
    1993
    
    40 yrs.6602 Executive Park Court - 200
    
    
    296,032
    
    
    
    1,852,831
    
    
    
    2,148,863
    
    
    
    299,898
    
    
    1993
    
    40 yrs.6631 Executive Park Court - 100
    
    
    251,627
    
    
    
    1,808,297
    
    
    
    2,059,924
    
    
    
    270,165
    
    
    1994
    
    40 yrs.6631 Executive Park Court - 200
    
    
    407,043
    
    
    
    2,374,133
    
    
    
    2,781,176
    
    
    
    415,224
    
    
    1994
    
    40 yrs.4815 Executive Park Court - 100
    
    
    366,339
    
    
    
    2,213,172
    
    
    
    2,579,511
    
    
    
    359,344
    
    
    1995
    
    40 yrs.4815 Executive Park Court - 200
    
    
    462,549
    
    
    
    2,945,398
    
    
    
    3,407,947
    
    
    
    513,883
    
    
    1995
    
    40 yrs.4825 Executive Park Court
    
    
    601,401
    
    
    
    3,315,621
    
    
    
    3,917,022
    
    
    
    518,965
    
    
    1996
    
    40 yrs.4820 Executive Park Court
    
    
    555,213
    
    
    
    3,302,822
    
    
    
    3,858,035
    
    
    
    588,278
    
    
    1997
    
    40 yrs.10511 & 10611 Satellite Boulevard
    
    
    522,991
    
    
    
    2,886,338
    
    
    
    3,409,329
    
    
    
    574,976
    
    
    1985
    
    40 yrs.1400-1440 Central Florida Parkway
    
    
    518,043
    
    
    
    2,857,652
    
    
    
    3,375,695
    
    
    
    429,075
    
    
    1962
    
    40 yrs.6601 Executive Park Circle North
    
    
    551,250
    
    
    
    3,129,001
    
    
    
    3,680,251
    
    
    
    469,150
    
    
    1992
    
    40 yrs.1300 Riverplace Boulevard
    
    
    1,804,258
    
    
    
    9,011,022
    
    
    
    10,815,279
    
    
    
    1,354,902
    
    
    1980
    
    40 yrs.4901 Belfort Road
    
    
    877,964
    
    
    
    4,285,899
    
    
    
    5,163,863
    
    
    
    1,299,378
    
    
    1986
    
    40 yrs.16445 Air Center Boulevard
    
    
    363,339
    
    
    
    2,946,621
    
    
    
    3,309,960
    
    
    
    528,733
    
    
    1997
    
    40 yrs.16405 Air Center Boulevard
    
    
    438,853
    
    
    
    3,136,970
    
    
    
    3,575,823
    
    
    
    507,249
    
    
    1997
    
    40 yrs.2216 Directors Row
    
    
    453,918
    
    
    
    2,598,067
    
    
    
    3,051,985
    
    
    
    360,932
    
    
    1998
    
    40 yrs.1901 Summit Tower Boulevard
    
    
    6,083,206
    
    
    
    12,691,232
    
    
    
    18,774,439
    
    
    
    1,767,932
    
    
    1998
    
    40 yrs.3701-3727 Vineland Road
    
    
    767,929
    
    
    
    2,199,322
    
    
    
    2,967,250
    
    
    
    341,726
    
    
    1985
    
    40 yrs.4899 Belfort Road
    
    
    1,299,351
    
    
    
    7,955,740
    
    
    
    9,255,091
    
    
    
    1,000,445
    
    
    2000
    
    40 yrs.4905 Belfort Street
    
    
    641,272
    
    
    
    3,457,983
    
    
    
    4,099,255
    
    
    
    468,315
    
    
    2000
    
    40 yrs.16580 Air Center Boulevard
    
    
    289,000
    
    
    
    3,625,698
    
    
    
    3,914,698
    
    
    
    407,176
    
    
    1997
    
    40 yrs.7251 Salisbury Road
    
    
    662,559
    
    
    
    2,905,261
    
    
    
    3,567,820
    
    
    
    314,885
    
    
    2000
    
    40 yrs.2400 South Lake Orange Drive
    
    
    642,427
    
    
    
    2,103,419
    
    
    
    2,745,846
    
    
    
    180,860
    
    
    2001
    
    40 yrs.10245 Centurion Parkway North
    
    
    853,704
    
    
    
    4,312,097
    
    
    
    5,165,801
    
    
    
    413,441
    
    
    1996
    
    40 yrs.4887 Belfort Road
    
    
    1,665,915
    
    
    
    7,380,205
    
    
    
    9,046,120
    
    
    
    625,858
    
    
    2002
    
    40 yrs.6501 Lee Vista Boulevard
    
    
    925,671
    
    
    
    5,519,821
    
    
    
    6,445,492
    
    
    
    333,090
    
    
    2001
    
    40 yrs.7255 Salisbury Road
    
    
    680,766
    
    
    
    2,408,894
    
    
    
    3,089,660
    
    
    
    156,292
    
    
    2002
    
    40 yrs.1755 Trans Central Drive
    
    
    306,147
    
    
    
    3,156,970
    
    
    
    3,463,117
    
    
    
    285,969
    
    
    1999
    
    40 yrs.2416 Lake Orange Drive
    
    
    704,800
    
    
    
    2,927,530
    
    
    
    3,632,330
    
    
    
    312,807
    
    
    2002
    
    40 yrs.16605 Air Center Boulevard
    
    
    496,186
    
    
    
    3,573,128
    
    
    
    4,069,314
    
    
    
    310,357
    
    
    2002
    
    40 yrs.10771 Palm Bay Drive
    
    
    685,383
    
    
    
    2,342,035
    
    
    
    3,027,419
    
    
    
    223,856
    
    
    2001
    
    40 yrs.10739 West Little York Road
    
    
    799,560
    
    
    
    5,959,040
    
    
    
    6,758,600
    
    
    
    186,220
    
    
    1999
    
    40 yrs.10735 West Little York Road
    
    
    1,135,483
    
    
    
    7,583,608
    
    
    
    8,719,090
    
    
    
    51,459
    
    
    2000
    
    40 yrs.8801-19 & 8821-49 Fallbrook Drive
    
    
    2,290,002
    
    
    
    16,724,948
    
    
    
    19,014,950
    
    
    
    256,689
    
    
    2000
    
    40 yrs.10003 Satellite Boulevard
    
    
    680,312
    
    
    
    2,710,701
    
    
    
    3,391,012
    
    
    
    
    
    
    2003
    
    40 yrs.1090 Gills Drive
    
    
    878,320
    
    
    
    3,833,548
    
    
    
    4,711,868
    
    
    
    
    
    
    2003
    
    40 yrs.5501-5519 Pioneer Park Boulevard
    
    
    262,416
    
    
    
    1,734,937
    
    
    
    1,997,353
    
    
    
    444,540
    
    
    1981
    
    40 yrs.5690-5694 Crenshaw Street
    
    
    181,923
    
    
    
    2,064,889
    
    
    
    2,246,812
    
    
    
    447,241
    
    
    1979
    
    40 yrs.3102,3104,3110 Cherry Palm Drive
    
    
    503,767
    
    
    
    3,319,860
    
    
    
    3,823,627
    
    
    
    776,240
    
    
    1986
    
    40 yrs.7020 AC Skinner Parkway
    
    
    749,811
    
    
    
    2,231,678
    
    
    
    2,981,489
    
    
    
    623,718
    
    
    1996
    
    40 yrs.7022 AC Skinner Parkway
    
    
    853,981
    
    
    
    3,097,033
    
    
    
    3,951,014
    
    
    
    942,442
    
    
    1996
    
    40 yrs.8401-8408 Benjamin Road
    
    
    789,651
    
    
    
    6,064,577
    
    
    
    6,854,229
    
    
    
    1,316,828
    
    
    1986
    
    40 yrs.3501 Riga Boulevard
    
    
    617,289
    
    
    
    3,399,707
    
    
    
    4,016,996
    
    
    
    618,736
    
    
    1987
    
    40 yrs.111 Kelsey Lane
    
    
    359,540
    
    
    
    1,989,816
    
    
    
    2,349,356
    
    
    
    449,913
    
    
    1990
    
    40 yrs.7930, 8010-20 Woodland Center Boulevard
    
    
    1,408,478
    
    
    
    5,657,999
    
    
    
    7,066,476
    
    
    
    1,041,155
    
    
    1990
    
    40 yrs.7920 Woodland Center Boulevard
    
    
    1,082,648
    
    
    
    2,561,049
    
    
    
    3,643,697
    
    
    
    416,050
    
    
    1997
    
    40 yrs.8154-8198 Woodland Center Boulevard
    
    
    399,088
    
    
    
    3,056,976
    
    
    
    3,456,065
    
    
    
    556,137
    
    
    1988
    
    40 yrs.8112-42 Woodland Center Boulevard
    
    
    513,263
    
    
    
    3,341,811
    
    
    
    3,855,073
    
    
    
    557,452
    
    
    1995
    
    40 yrs.8212 Woodland Center Boulevard
    
    
    820,882
    
    
    
    2,336,931
    
    
    
    3,157,813
    
    
    
    388,565
    
    
    1996
    
    40 yrs.131 Kelsey Lane
    
    
    559,527
    
    
    
    4,407,226
    
    
    
    4,966,753
    
    
    
    1,088,149
    
    
    1985
    
    40 yrs.1701 Clint Moore Boulevard
    
    
    1,430,937
    
    
    
    3,328,033
    
    
    
    4,758,969
    
    
    
    502,756
    
    
    1985
    
    40 yrs.7724 Woodland Center Boulevard
    
    
    235,894
    
    
    
    2,099,211
    
    
    
    2,335,105
    
    
    
    409,621
    
    
    1998
    
    40 yrs.7802-50 Woodland Center Boulevard
    
    
    506,949
    
    
    
    2,566,198
    
    
    
    3,073,147
    
    
    
    661,513
    
    
    1999
    
    40 yrs.


90



---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionOPERATING PROPERTIES7852-98 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,518,8695410 - 5430 Northwest 33rd Avenue
    
    Ft. Lauderdale, FL
    
    
    *
    
    
    
    603,776
    
    
    
    4,176,238
    
    
    
    627,3326500 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,099
    
    
    
    3,046,309
    
    
    
    185,4826600 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,102
    
    
    
    3,047,462
    
    
    
    343,2981500 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    972,232
    
    
    
    3,892,085
    
    
    
    96,6461651 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    95,7831601 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    230,4961501 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    28,3381400 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    1,157,049
    
    
    
    4,620,956
    
    
    
    187,4611405 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    392,138
    
    
    
    1,565,787
    
    
    
    43,078595 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    359,933
    
    
    
    1,437,116
    
    
    
    69,256601 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    164,413
    
    
    
    655,933
    
    
    
    24,625605 SW 16th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    310,778
    
    
    
    1,238,324
    
    
    
    29,6718921 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    224,369
    
    
    
    1,063,882
    
    
    
    858,376951 Broken Sound Parkway
    
    Boca Raton, FL
    
    
    
    
    
    
    1,426,251
    
    
    
    6,098,952
    
    
    
    678,9803400 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,153
    
    
    
    11,345,881
    
    
    
    1,014,6013450 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,152
    
    
    
    11,357,143
    
    
    
    969,8563350 SW 148th Avenue
    
    Miramar, FL
    
    
    
    
    
    
    2,960,511
    
    
    
    
    
    
    
    17,896,7465250 Eagle Trail Drive
    
    Tampa, FL
    
    
    
    
    
    
    952,860
    
    
    
    
    
    
    
    3,457,91713650 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    558,223
    
    
    
    2,171,930
    
    
    
    306,42913630 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    659,797
    
    
    
    2,596,275
    
    
    
    351,353777 Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    4,101,247
    
    
    
    16,077,347
    
    
    
    4,191,2347725 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    553,335
    
    
    
    
    
    
    
    3,226,8601801 Clint Moore Road
    
    Boca Raton, FL
    
    
    
    
    
    
    1,065,068
    
    
    
    4,481,644
    
    
    
    395,0808001 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    350,406
    
    
    
    
    
    
    
    2,247,9464630 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    943,169
    
    
    
    
    
    
    
    12,427,823701-725 South US Hwy 301
    
    Tampa, FL
    
    
    
    
    
    
    419,683
    
    
    
    
    
    
    
    3,642,4134502 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,005,9009001-9015 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    209,841
    
    
    
    
    
    
    
    1,577,7614508 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    498,598
    
    
    
    
    
    
    
    3,057,7527622 Bald Cypress Place
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,305,584901-933 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    500,391
    
    
    
    
    
    
    
    4,012,5014503 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,454,3284505 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,891,0794511 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,753,4677621 Bald Cypress Place
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,482,6832 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    785,565
    
    
    
    
    
    
    
    4,963,53750 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    1,215,608
    
    
    
    
    
    
    
    12,751,72410 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    983,547
    
    
    
    
    
    
    
    6,238,62130 Tower View
    
    West Malling, UK
    
    
    
    
    
    
    1,657,321
    
    
    
    
    
    
    
    14,523,97435 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    812,193
    
    
    
    
    
    
    
    3,369,62339 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    494,508
    
    
    
    
    
    
    
    3,857,7664 Abbey Wood Road
    
    West Malling, UK
    
    
    8,604,466
    
    
    
    
    
    
    
    
    
    
    
    8,596,31018 Kings Hill Avenue
    
    West Malling, UK
    
    
    12,751,326
    
    
    
    829,785
    
    
    
    
    
    
    
    6,978,28930 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,362,491Uxbridge Town Center
    
    London, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    36,500,40511 Tower View
    
    West Malling, UK
    
    
    *
    
    
    
    2,338,963
    
    
    
    7,608,910
    
    
    
    1,209,79117 Kings Hill Avenue
    
    West Malling, UK
    
    
    *
    
    
    
    936,996
    
    
    
    5,276,691
    
    
    
    647,9981 Tower View
    
    West Malling, UK
    
    
    *
    
    
    
    1,790,921
    
    
    
    7,080,179
    
    
    
    926,95132 Tower View
    
    West Malling, UK
    
    
    5,736,311
    
    
    
    1,913,208
    
    
    
    5,444,441
    
    
    
    770,52634 Tower View
    
    West Malling, UK
    
    
    
    
    
    
    1,149,875
    
    
    
    2,998,265
    
    
    
    434,6986 Alexander Grove
    
    West Malling, UK
    
    
    
    
    
    
    1,452,474
    
    
    
    2,725,759
    
    
    
    439,034Subtotal Operating Real Estate
    
    
    
    $
    130,844,003
    
    
    $
    500,233,022
    
    
    $
    1,541,870,674
    
    
    $
    1,885,837,038






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)OPERATING PROPERTIES7852-98 Woodland Center Boulevard
    
    
    506,949
    
    
    
    2,369,285
    
    
    
    2,876,233
    
    
    
    656,169
    
    
    1999
    
    40 yrs.5410 - 5430 Northwest 33rd Avenue
    
    
    625,111
    
    
    
    4,782,236
    
    
    
    5,407,346
    
    
    
    766,044
    
    
    1985
    
    40 yrs.6500 NW 12th Avenue
    
    
    
    
    
    
    3,238,890
    
    
    
    3,238,890
    
    
    
    503,378
    
    
    1989
    
    40 yrs.6600 NW 12th Avenue
    
    
    
    
    
    
    3,397,862
    
    
    
    3,397,862
    
    
    
    565,924
    
    
    1989
    
    40 yrs.1500 SW 5th Court
    
    
    972,232
    
    
    
    3,988,731
    
    
    
    4,960,963
    
    
    
    615,273
    
    
    1957
    
    40 yrs.1651 SW 5th Court
    
    
    203,247
    
    
    
    906,877
    
    
    
    1,110,124
    
    
    
    140,996
    
    
    1990
    
    40 yrs.1601 SW 5th Court
    
    
    203,247
    
    
    
    1,041,590
    
    
    
    1,244,837
    
    
    
    130,128
    
    
    1990
    
    40 yrs.1501 SW 5th Court
    
    
    203,247
    
    
    
    839,431
    
    
    
    1,042,679
    
    
    
    137,982
    
    
    1990
    
    40 yrs.1400 SW 6th Court
    
    
    1,157,049
    
    
    
    4,808,417
    
    
    
    5,965,466
    
    
    
    770,312
    
    
    1986
    
    40 yrs.1405 SW 6th Court
    
    
    392,138
    
    
    
    1,608,866
    
    
    
    2,001,004
    
    
    
    250,669
    
    
    1985
    
    40 yrs.595 SW 13th Terrace
    
    
    359,933
    
    
    
    1,506,372
    
    
    
    1,866,305
    
    
    
    220,324
    
    
    1984
    
    40 yrs.601 SW 13th Terrace
    
    
    164,413
    
    
    
    680,559
    
    
    
    844,971
    
    
    
    100,161
    
    
    1984
    
    40 yrs.605 SW 16th Terrace
    
    
    310,178
    
    
    
    1,268,595
    
    
    
    1,578,773
    
    
    
    185,219
    
    
    1965
    
    40 yrs.8921 Brittany Way
    
    
    254,493
    
    
    
    1,892,134
    
    
    
    2,146,627
    
    
    
    274,814
    
    
    1998
    
    40 yrs.951 Broken Sound Parkway
    
    
    1,426,251
    
    
    
    6,777,931
    
    
    
    8,204,182
    
    
    
    1,137,975
    
    
    1986
    
    40 yrs.3400 Lakeside Drive
    
    
    2,022,153
    
    
    
    12,360,482
    
    
    
    14,382,635
    
    
    
    1,942,087
    
    
    1990
    
    40 yrs.3450 Lakeside Drive
    
    
    2,022,152
    
    
    
    12,326,999
    
    
    
    14,349,151
    
    
    
    2,007,646
    
    
    1990
    
    40 yrs.3350 SW 148th Avenue
    
    
    2,980,689
    
    
    
    17,876,567
    
    
    
    20,857,257
    
    
    
    2,514,112
    
    
    2000
    
    40 yrs.5250 Eagle Trail Drive
    
    
    952,860
    
    
    
    3,457,917
    
    
    
    4,410,777
    
    
    
    454,611
    
    
    1998
    
    40 yrs.13650 NW 8th Street
    
    
    558,251
    
    
    
    2,478,330
    
    
    
    3,036,581
    
    
    
    370,618
    
    
    1991
    
    40 yrs.13630 NW 8th Street
    
    
    659,825
    
    
    
    2,947,599
    
    
    
    3,607,424
    
    
    
    443,501
    
    
    1991
    
    40 yrs.777 Yamato Road
    
    
    4,501,247
    
    
    
    19,868,581
    
    
    
    24,369,828
    
    
    
    2,808,238
    
    
    1987
    
    40 yrs.7725 Woodland Center Boulevard
    
    
    771,501
    
    
    
    3,008,694
    
    
    
    3,780,195
    
    
    
    353,628
    
    
    1999
    
    40 yrs.1801 Clint Moore Road
    
    
    1,065,068
    
    
    
    4,876,725
    
    
    
    5,941,793
    
    
    
    746,208
    
    
    1986
    
    40 yrs.8001 Woodland Center Boulevard
    
    
    438,061
    
    
    
    2,160,292
    
    
    
    2,598,353
    
    
    
    273,913
    
    
    1999
    
    40 yrs.4630 Woodland Corporate Boulevard
    
    
    1,560,099
    
    
    
    11,810,893
    
    
    
    13,370,992
    
    
    
    1,323,462
    
    
    2000
    
    40 yrs.701-725 South US Hwy 301
    
    
    661,680
    
    
    
    3,400,416
    
    
    
    4,062,096
    
    
    
    590,289
    
    
    2000
    
    40 yrs.4502 Woodland Corporate Boulevard
    
    
    1,071,535
    
    
    
    2,934,365
    
    
    
    4,005,900
    
    
    
    308,188
    
    
    1999
    
    40 yrs.9001-9015 Brittany Way
    
    
    364,514
    
    
    
    1,423,089
    
    
    
    1,787,603
    
    
    
    188,759
    
    
    2000
    
    40 yrs.4508 Woodland Corporate Boulevard
    
    
    556,887
    
    
    
    2,999,463
    
    
    
    3,556,350
    
    
    
    296,077
    
    
    2000
    
    40 yrs.7622 Bald Cypress Place
    
    
    300,000
    
    
    
    1,005,584
    
    
    
    1,305,584
    
    
    
    90,808
    
    
    2000
    
    40 yrs.901-933 US Highway 301 South
    
    
    840,314
    
    
    
    3,672,579
    
    
    
    4,512,893
    
    
    
    428,451
    
    
    2001
    
    40 yrs.4503 Woodland Corporate Boulevard
    
    
    619,913
    
    
    
    2,834,415
    
    
    
    3,454,328
    
    
    
    125,591
    
    
    2002
    
    40 yrs.4505 Woodland Corporate Boulevard
    
    
    716,594
    
    
    
    2,174,485
    
    
    
    2,891,079
    
    
    
    179,291
    
    
    2002
    
    40 yrs.4511 Woodland Corporate Boulevard
    
    
    686,594
    
    
    
    2,066,873
    
    
    
    2,753,467
    
    
    
    150,267
    
    
    2002
    
    40 yrs.7621 Bald Cypress Place
    
    
    447,498
    
    
    
    1,035,185
    
    
    
    1,482,683
    
    
    
    26,448
    
    
    2001
    
    40 yrs.2 Kings Hill Avenue
    
    
    914,312
    
    
    
    4,834,790
    
    
    
    5,749,102
    
    
    
    954,687
    
    
    1996
    
    40 yrs.50 Kings Hill Avenue
    
    
    2,062,237
    
    
    
    11,905,094
    
    
    
    13,967,332
    
    
    
    2,210,123
    
    
    1996
    
    40 yrs.10 Kings Hill Avenue
    
    
    1,068,178
    
    
    
    6,153,990
    
    
    
    7,222,168
    
    
    
    1,033,919
    
    
    1998
    
    40 yrs.30 Tower View
    
    
    2,580,076
    
    
    
    13,601,219
    
    
    
    16,181,295
    
    
    
    1,570,555
    
    
    1999
    
    40 yrs.35 Kings Hill Avenue
    
    
    884,294
    
    
    
    3,297,522
    
    
    
    4,181,816
    
    
    
    435,533
    
    
    1999
    
    40 yrs.39 Kings Hill Avenue
    
    
    857,015
    
    
    
    3,495,259
    
    
    
    4,352,274
    
    
    
    451,857
    
    
    1999
    
    40 yrs.4 Abbey Wood Road
    
    
    2,339,497
    
    
    
    6,256,813
    
    
    
    8,596,310
    
    
    
    515,986
    
    
    2001
    
    40 yrs.18 Kings Hill Avenue
    
    
    2,406,982
    
    
    
    5,401,092
    
    
    
    7,808,074
    
    
    
    786,238
    
    
    1999
    
    40 yrs.30 Kings Hill Avenue
    
    
    3,279,601
    
    
    
    6,082,890
    
    
    
    9,362,491
    
    
    
    206,510
    
    
    2002
    
    40 yrs.Uxbridge Town Center
    
    
    10,378,457
    
    
    
    26,121,948
    
    
    
    36,500,405
    
    
    
    213,532
    
    
    2001
    
    40 yrs.11 Tower View
    
    
    2,550,862
    
    
    
    8,606,802
    
    
    
    11,157,664
    
    
    
    103,762
    
    
    2003
    
    40 yrs.17 Kings Hill Avenue
    
    
    1,037,907
    
    
    
    5,823,778
    
    
    
    6,861,685
    
    
    
    70,034
    
    
    2003
    
    40 yrs.1 Tower View
    
    
    1,983,798
    
    
    
    7,814,253
    
    
    
    9,798,051
    
    
    
    93,971
    
    
    2003
    
    40 yrs.32 Tower View
    
    
    2,119,254
    
    
    
    6,008,921
    
    
    
    8,128,175
    
    
    
    72,261
    
    
    2003
    
    40 yrs.34 Tower View
    
    
    1,273,713
    
    
    
    3,309,125
    
    
    
    4,582,838
    
    
    
    39,794
    
    
    2003
    
    40 yrs.6 Alexander Grove
    
    
    1,608,901
    
    
    
    3,008,366
    
    
    
    4,617,267
    
    
    
    36,177
    
    
    2003
    
    40 yrs.Subtotal Operating Real Estate
    
    $
    564,332,743
    
    
    $
    3,363,607,991
    
    
    $
    3,927,940,734
    
    
    $
    586,736,271


91



---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionDEVELOPMENT IN PROGRESS335 Commerce Drive
    
    Horsham, PA
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    2,848,7914751 League Island Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    992,965
    
    
    
    331,924
    
    
    
    5,875,908Quarry Ridge
    
    Malvern, PA
    
    
    
    
    
    
    5,405,041
    
    
    
    
    
    
    
    946,2003001 Leadenhall Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    1,925,719
    
    
    
    191,390
    
    
    
    272,2058855 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,400,925
    
    
    
    
    
    
    
    1,742,270650 Boulder Drive Expansion
    
    Allentown, PA
    
    
    
    
    
    
    2,861,715
    
    
    
    
    
    
    
    2,468,71311100 West Liberty Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    1,800,000
    
    
    
    
    
    
    
    5,580,707400 Boulder Drive
    
    Breinigsville, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,068,7516250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,490,5624015 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    510,000
    
    
    
    
    
    
    
    881,172Independence Lot 6
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    778,6404300 Federal Drive Expansion
    
    Greensboro, NC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    21,267200 W Cypress Creek Road
    
    Ft Lauderdale, FL
    
    
    
    
    
    
    3,414,989
    
    
    
    2,399,738
    
    
    
    416,4064520 Seedling Circle
    
    Tampa, FL
    
    
    
    
    
    
    854,797
    
    
    
    42,131
    
    
    
    946,629Liberty Square
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,441,000Subtotal Development in Progress
    
    
    
    $
    
    
    
    $
    20,124,257
    
    
    $
    2,965,183
    
    
    $
    33,779,221






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)DEVELOPMENT IN PROGRESS335 Commerce Drive
    
    $
    182,010
    
    
    $
    2,666,781
    
    
    $
    2,848,791
    
    
    $
    
    
    
    2002
    
    N/A4751 League Island Boulevard
    
    
    1,033,798
    
    
    
    6,167,000
    
    
    
    7,200,798
    
    
    
    
    
    
    2003
    
    N/AQuarry Ridge
    
    
    5,405,041
    
    
    
    946,200
    
    
    
    6,351,241
    
    
    
    
    
    
    2003
    
    N/A3001 Leadenhall Road
    
    
    1,936,289
    
    
    
    453,025
    
    
    
    2,389,314
    
    
    
    
    
    
    2003
    
    N/A8855 Columbine Road
    
    
    2,504,591
    
    
    
    638,604
    
    
    
    3,143,195
    
    
    
    
    
    
    2000
    
    N/A650 Boulder Drive Expansion
    
    
    4,719,311
    
    
    
    611,117
    
    
    
    5,330,427
    
    
    
    
    
    
    2001
    
    N/A11100 West Liberty Drive
    
    
    1,800,000
    
    
    
    5,580,707
    
    
    
    7,380,707
    
    
    
    
    
    
    2003
    
    N/A400 Boulder Drive
    
    
    2,864,487
    
    
    
    1,204,264
    
    
    
    4,068,751
    
    
    
    
    
    
    2003
    
    N/A6250 Old Dobbin Lane
    
    
    1,599,259
    
    
    
    2,849,408
    
    
    
    4,448,667
    
    
    
    
    
    
    2000
    
    N/A4015 Meeting Way
    
    
    511,869
    
    
    
    879,303
    
    
    
    1,391,172
    
    
    
    
    
    
    2003
    
    N/AIndependence Lot 6
    
    
    545,698
    
    
    
    232,943
    
    
    
    778,641
    
    
    
    
    
    
    2003
    
    N/A4300 Federal Drive Expansion
    
    
    
    
    
    
    21,267
    
    
    
    21,267
    
    
    
    
    
    
    2003
    
    N/A200 W Cypress Creek Road
    
    
    3,414,989
    
    
    
    2,816,145
    
    
    
    6,231,133
    
    
    
    
    
    
    2003
    
    N/A4520 Seedling Circle
    
    
    854,797
    
    
    
    988,760
    
    
    
    1,843,557
    
    
    
    
    
    
    2003
    
    N/ALiberty Square
    
    
    
    
    
    
    3,441,000
    
    
    
    3,441,000
    
    
    
    
    
    
    2003
    
    N/ASubtotal Development in Progress
    
    $
    27,372,139
    
    
    $
    29,496,523
    
    
    $
    56,868,661
    
    
    $
    


92



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##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2003

CostsCapitalizedSubsequentInitial Cost
    
    toProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    AcquisitionLAND HELD FOR DEVELOPMENTCommodore Business Park
    
    Logan, NJ
    
    $
    
    
    
    $
    1,756,748
    
    
    $
    
    
    
    $
    (229,930
    )Northsight Land
    
    Scottsdale, AZ
    
    
    
    
    
    
    10,518,912
    
    
    
    
    
    
    
    804,5241710 Arch Street
    
    Philadelphia, PA
    
    
    
    
    
    
    7,847,607
    
    
    
    
    
    
    
    13,681,7941722 Arch Street
    
    Philadelphia, PA
    
    
    
    
    
    
    290,475
    
    
    
    
    
    
    
    106,821JFK & Arch Parking Lots
    
    Philadelphia, PA
    
    
    
    
    
    
    18,992,179
    
    
    
    
    
    
    
    521,452300 Fellowship Road Land
    
    Mt Laurel, NJ
    
    
    
    
    
    
    1,512,120
    
    
    
    
    
    
    
    119,613Quarry Ridge Land
    
    Malvern, PA
    
    
    
    
    
    
    8,398,708
    
    
    
    
    
    
    
    1,571,185Dresher Road-PECO Lot II
    
    Horsham, PA
    
    
    
    
    
    
    357,565
    
    
    
    
    
    
    
    168,286Lehigh Valley Corporate Center Land
    
    Bethlehem, PA
    
    
    
    
    
    
    309,058
    
    
    
    
    
    
    
    (42,339
    )Lake Smetana Business Park
    
    Eden Prairie, MN
    
    
    
    
    
    
    4,500,641
    
    
    
    
    
    
    
    (2,313,008
    )LVCC Phase 2 Land
    
    Bethlehem, PA
    
    
    100,000
    
    
    
    3,741,506
    
    
    
    
    
    
    
    3,763,717Romulus Land
    
    Romulus, MI
    
    
    
    
    
    
    788,338
    
    
    
    
    
    
    
    495,409Big Beaver Airport Land
    
    Troy, MI
    
    
    
    
    
    
    6,604,631
    
    
    
    
    
    
    
    (2,275,271
    )Park Place South Land
    
    Milwaukee, WI
    
    
    
    
    
    
    2,362,904
    
    
    
    
    
    
    
    1,917,1756505 Cogswell Road
    
    Romulus, MI
    
    
    
    
    
    
    594,523
    
    
    
    
    
    
    
    3,432,5505705 Old Shakopee Road W. Land
    
    Bloomington, MN
    
    
    
    
    
    
    2,113,223
    
    
    
    
    
    
    
    50,087West Ridge Corporate Center Land
    
    Aurora, IL
    
    
    
    
    
    
    826,547
    
    
    
    
    
    
    
    3,578,797Stabler Land  Lot 12
    
    Upper Saucon, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,081,184Fairgrounds Distribution Ctr Land
    
    Richmond, VA
    
    
    
    
    
    
    100,000
    
    
    
    
    
    
    
    (87,019
    )Mendenhall Business Park I
    
    High Point, NC
    
    
    
    
    
    
    1,910,135
    
    
    
    
    
    
    
    4,614,115Rivers Bend Business Park
    
    Chesterfield, VA
    
    
    
    
    
    
    1,695,415
    
    
    
    
    
    
    
    3,537,678Woodlands Center Land
    
    Sandston, VA
    
    
    
    
    
    
    928,555
    
    
    
    
    
    
    
    770,362501 H P Way
    
    Chesterfield, VA
    
    
    
    
    
    
    165,042
    
    
    
    
    
    
    
    484,965Independence Pointe Land
    
    Greenville, SC
    
    
    
    
    
    
    1,304,084
    
    
    
    
    
    
    
    2,040,441Eastport VII
    
    Richmond, VA
    
    
    
    
    
    
    787,091
    
    
    
    
    
    
    
    843,167Eastport VIII
    
    Richmond, VA
    
    
    
    
    
    
    379,836
    
    
    
    
    
    
    
    6,187Eastport IX
    
    Richmond, VA
    
    
    
    
    
    
    209,856
    
    
    
    
    
    
    
    5,096Southchase Business Park Land
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,574,833Woodfield Land
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    869,141Eagle Hill Business Park Land
    
    High Point, NC
    
    
    
    
    
    
    201,860
    
    
    
    
    
    
    
    854,252Columbia Crossing Land
    
    Columbis, MD
    
    
    
    
    
    
    3,865,848
    
    
    
    
    
    
    
    2,910,705Volvo Center Land
    
    Hampton, VA
    
    
    
    
    
    
    1,650,423
    
    
    
    
    
    
    
    461,317Lakefront Plaza II Land
    
    Hampton, VA
    
    
    121,330
    
    
    
    132,785
    
    
    
    
    
    
    
    68,022Hunt Valley Land
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,166,068
    
    
    
    
    
    
    
    518,4621910 Westerre Land
    
    Richmond, VA
    
    
    
    
    
    
    1,117,293
    
    
    
    
    
    
    
    72,193Brookfield South Land
    
    Mauldin, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    924,832Wythe-Will Land
    
    Williamsburg, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    321,0807024 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    468,643
    
    
    
    
    
    
    
    356,309Silo Bend Land
    
    Tampa, FL
    
    
    
    
    
    
    2,759,980
    
    
    
    
    
    
    
    1,719,772Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    468,643
    
    
    
    
    
    
    
    109,850Butler Plaza Land
    
    Jacksonville, FL
    
    
    
    
    
    
    1,303,792
    
    
    
    
    
    
    
    1,714,406South Center Land
    
    Orlando, FL
    
    
    
    
    
    
    479,859
    
    
    
    
    
    
    
    3,093,715Orlando Corporate Center Land
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    (87,607
    )Salisbury Road Land
    
    Jacksonville, FL
    
    
    
    
    
    
    880,828
    
    
    
    
    
    
    
    689,729Central Green Land
    
    Houston, TX
    
    
    
    
    
    
    1,095,592
    
    
    
    
    
    
    
    844,746Liberty Business Park Land
    
    Jacksonville, FL
    
    
    
    
    
    
    448,097
    
    
    
    
    
    
    
    90,019Woodland Corporate Center Land
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,028,415Boca Colannade Land
    
    Boca Raton, FL
    
    
    
    
    
    
    3,649,792
    
    
    
    
    
    
    
    1,103,7196119 W. Linebaugh Avenue
    
    Tampa, FL
    
    
    
    
    
    
    175,886
    
    
    
    
    
    
    
    22,320Rouse Kent Limited
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,810,942Subtotal Land Held for Development
    
    
    
    $
    221,330
    
    
    $
    100,764,791
    
    
    $
    
    
    
    $
    61,718,210Total All Properties
    
    
    
    $
    131,065,333
    
    
    $
    621,122,070
    
    
    $
    1,544,835,857
    
    
    $
    1,981,334,469






[Continued from above table, first column(s) repeated]

Date ofGross Amount Carried at Close of Period
    
    Accumulated
    
    Construction
    
    DepreciableLand and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Improvements
    
    Improvements
    
    12/31/2003
    
    12/31/03
    
    Acquisition
    
    (years)LAND HELD FOR DEVELOPMENTCommodore Business Park
    
    $
    1,526,818
    
    
    $
    
    
    
    $
    1,526,818
    
    
    $
    
    
    
    1995
    
    N/ANorthsight Land
    
    
    11,323,436
    
    
    
    
    
    
    
    11,323,436
    
    
    
    
    
    
    2000
    
    N/A1710 Arch Street
    
    
    21,529,401
    
    
    
    
    
    
    
    21,529,401
    
    
    
    
    
    
    2000
    
    N/A1722 Arch Street
    
    
    397,295
    
    
    
    
    
    
    
    397,295
    
    
    
    
    
    
    2000
    
    N/AJFK & Arch Parking Lots
    
    
    19,513,631
    
    
    
    
    
    
    
    19,513,631
    
    
    
    
    
    
    2000
    
    N/A300 Fellowship Road Land
    
    
    1,631,733
    
    
    
    
    
    
    
    1,631,733
    
    
    
    
    
    
    2001
    
    N/AQuarry Ridge Land
    
    
    9,969,893
    
    
    
    
    
    
    
    9,969,893
    
    
    
    
    
    
    2001
    
    N/ADresher Road-PECO Lot II
    
    
    525,851
    
    
    
    
    
    
    
    525,851
    
    
    
    
    
    
    2002
    
    N/ALehigh Valley Corporate Center Land
    
    
    4,271,205
    
    
    
    (4,004,486
    )
    
    
    266,719
    
    
    
    
    
    
    1987
    
    N/ALake Smetana Business Park
    
    
    4,457,185
    
    
    
    (2,269,552
    )
    
    
    2,187,633
    
    
    
    
    
    
    1998
    
    N/ALVCC Phase 2 Land
    
    
    7,505,223
    
    
    
    
    
    
    
    7,505,223
    
    
    
    
    
    
    1998
    
    N/ARomulus Land
    
    
    1,283,747
    
    
    
    
    
    
    
    1,283,747
    
    
    
    
    
    
    1998
    
    N/ABig Beaver Airport Land
    
    
    6,140,767
    
    
    
    (1,811,407
    )
    
    
    4,329,360
    
    
    
    
    
    
    1999
    
    N/APark Place South Land
    
    
    4,280,079
    
    
    
    
    
    
    
    4,280,079
    
    
    
    
    
    
    1999
    
    N/A6505 Cogswell Road
    
    
    755,312
    
    
    
    3,271,762
    
    
    
    4,027,074
    
    
    
    
    
    
    2000
    
    N/A5705 Old Shakopee Road W. Land
    
    
    2,163,310
    
    
    
    
    
    
    
    2,163,310
    
    
    
    
    
    
    2001
    
    N/AWest Ridge Corporate Center Land
    
    
    4,405,344
    
    
    
    
    
    
    
    4,405,344
    
    
    
    
    
    
    2003
    
    N/AStabler Land  Lot 12
    
    
    1,081,184
    
    
    
    
    
    
    
    1,081,184
    
    
    
    
    
    
    2003
    
    N/AFairgrounds Distribution Ctr Land
    
    
    12,981
    
    
    
    
    
    
    
    12,981
    
    
    
    
    
    
    1995
    
    N/AMendenhall Business Park I
    
    
    6,524,251
    
    
    
    
    
    
    
    6,524,251
    
    
    
    
    
    
    1995
    
    N/ARivers Bend Business Park
    
    
    (1,076,679
    )
    
    
    6,309,772
    
    
    
    5,233,093
    
    
    
    
    
    
    1995
    
    N/AWoodlands Center Land
    
    
    1,698,918
    
    
    
    
    
    
    
    1,698,918
    
    
    
    
    
    
    1996
    
    N/A501 H P Way
    
    
    650,007
    
    
    
    
    
    
    
    650,007
    
    
    
    
    
    
    1996
    
    N/AIndependence Pointe Land
    
    
    3,344,525
    
    
    
    
    
    
    
    3,344,525
    
    
    
    
    
    
    1997
    
    N/AEastport VII
    
    
    1,630,258
    
    
    
    
    
    
    
    1,630,258
    
    
    
    
    
    
    1997
    
    N/AEastport VIII
    
    
    386,023
    
    
    
    
    
    
    
    386,023
    
    
    
    
    
    
    1997
    
    N/AEastport IX
    
    
    214,952
    
    
    
    
    
    
    
    214,952
    
    
    
    
    
    
    1997
    
    N/ASouthchase Business Park Land
    
    
    1,574,833
    
    
    
    
    
    
    
    1,574,833
    
    
    
    
    
    
    1998
    
    N/AWoodfield Land
    
    
    869,141
    
    
    
    
    
    
    
    869,141
    
    
    
    
    
    
    1998
    
    N/AEagle Hill Business Park Land
    
    
    1,056,112
    
    
    
    
    
    
    
    1,056,112
    
    
    
    
    
    
    1999
    
    N/AColumbia Crossing Land
    
    
    6,776,553
    
    
    
    
    
    
    
    6,776,553
    
    
    
    
    
    
    2000
    
    N/AVolvo Center Land
    
    
    2,111,740
    
    
    
    
    
    
    
    2,111,740
    
    
    
    
    
    
    2000
    
    N/ALakefront Plaza II Land
    
    
    200,807
    
    
    
    
    
    
    
    200,807
    
    
    
    
    
    
    2001
    
    N/AHunt Valley Land
    
    
    2,684,530
    
    
    
    
    
    
    
    2,684,530
    
    
    
    
    
    
    2001
    
    N/A1910 Westerre Land
    
    
    1,189,486
    
    
    
    
    
    
    
    1,189,486
    
    
    
    
    
    
    2003
    
    N/ABrookfield South Land
    
    
    924,831
    
    
    
    
    
    
    
    924,831
    
    
    
    
    
    
    2003
    
    N/AWythe-Will Land
    
    
    267,680
    
    
    
    53,400
    
    
    
    321,080
    
    
    
    
    
    
    2003
    
    N/A7024 AC Skinner Parkway
    
    
    824,952
    
    
    
    
    
    
    
    824,952
    
    
    
    
    
    
    1995
    
    N/ASilo Bend Land
    
    
    4,479,752
    
    
    
    
    
    
    
    4,479,752
    
    
    
    
    
    
    1996
    
    N/ABelfort Road
    
    
    578,493
    
    
    
    
    
    
    
    578,493
    
    
    
    
    
    
    1998
    
    N/AButler Plaza Land
    
    
    3,018,198
    
    
    
    
    
    
    
    3,018,198
    
    
    
    
    
    
    1998
    
    N/ASouth Center Land
    
    
    3,573,574
    
    
    
    
    
    
    
    3,573,574
    
    
    
    
    
    
    1999
    
    N/AOrlando Corporate Center Land
    
    
    816,094
    
    
    
    
    
    
    
    816,094
    
    
    
    
    
    
    2000
    
    N/ASalisbury Road Land
    
    
    1,570,557
    
    
    
    
    
    
    
    1,570,557
    
    
    
    
    
    
    2000
    
    N/ACentral Green Land
    
    
    1,940,339
    
    
    
    
    
    
    
    1,940,339
    
    
    
    
    
    
    2001
    
    N/ALiberty Business Park Land
    
    
    538,116
    
    
    
    
    
    
    
    538,116
    
    
    
    
    
    
    1995
    
    N/AWoodland Corporate Center Land
    
    
    2,028,415
    
    
    
    
    
    
    
    2,028,415
    
    
    
    
    
    
    1998
    
    N/ABoca Colannade Land
    
    
    4,753,511
    
    
    
    
    
    
    
    4,753,511
    
    
    
    
    
    
    1998
    
    N/A6119 W. Linebaugh Avenue
    
    
    198,205
    
    
    
    
    
    
    
    198,205
    
    
    
    
    
    
    2000
    
    N/ARouse Kent Limited
    
    
    2,810,942
    
    
    
    
    
    
    
    2,810,942
    
    
    
    
    
    
    2003
    
    N/ASubtotal Land Held for Development
    
    $
    160,933,513
    
    
    $
    1,549,488
    
    
    $
    162,483,001
    
    
    $
    Total All Properties
    
    $
    752,638,394
    
    
    $
    3,394,654,002
    
    
    $
    4,147,292,396
    
    
    $
    586,736,271




|* |  | Denotes property is collateralized under mortgages with Nationwide, Principal Mutual, American General, New York Life,
Manufacturers Life, USG Annuity and Life and Jackson National Life totalling $264.2 million.
|- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

93



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##### Table of Contents



SCHEDULE III

LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
(In thousands)

A summary of activity for real estate and accumulated depreciation is as
follows:

FOR THE YEARS ENDED DECEMBER 31,2003
    
    2002
    
    2001REAL ESTATE:Balance at beginning of year
    
    $
    3,880,005
    
    
    $
    3,642,592
    
    
    $
    3,543,301Additions
    
    
    308,095
    
    
    
    309,602
    
    
    
    377,237Disposition of property
    
    
    (40,808
    )
    
    
    (72,189
    )
    
    
    (277,946
    )Balance at end of year
    
    $
    4,147,292
    
    
    $
    3,880,005
    
    
    $
    3,642,592ACCUMULATED DEPRECIATION:Balance at beginning of year
    
    $
    485,206
    
    
    $
    395,065
    
    
    $
    334,415Depreciation expense
    
    
    105,589
    
    
    
    93,134
    
    
    
    88,193Disposition of property
    
    
    (4,059
    )
    
    
    (2,993
    )
    
    
    (27,543
    )Balance at end of year
    
    $
    586,736
    
    
    $
    485,206
    
    
    $
    395,065


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|ITEM 9. |  | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|------- |  | ------------------------------------------------------------------------------------

None.






|ITEM 9A. |  | CONTROLS AND PROCEDURES
|-------- |  | -----------------------

Evaluation of Disclosure Controls and
Procedures
The Companys management, with the participation of its Chief Executive Officer
and Chief Financial Officer, evaluated the effectiveness of its disclosure
controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act)
as of the end of the period covered by this report. Based on this evaluation,
the Companys Chief Executive Officer and Chief Financial Officer have
concluded that its disclosure controls and procedures, as of the end of the
period covered by this report, are functioning effectively to provide
reasonable assurance that information required to be disclosed by the Company
in its reports filed or submitted under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in SECs
rules and forms. Disclosure controls and procedures include, without
limitation, controls and procedures designed to ensure that information
required to be disclosed by the Company in the reports that are filed or
submitted under the Exchange Act is accumulated and communicated to the
Companys management, including its principal executive and principal financial
officers, or persons performing similar functions, as appropriate to allow
timely decisions regarding required disclosure.

It should be noted that the design of any system of controls is based in part
on certain assumptions about the likelihood of future events. A control
system, no matter how well designed and implemented, can provide only
reasonable, not absolute assurance, that the objectives of the control system
will be met.

Changes in Internal Controls
There are no significant changes in internal controls or other factors that
could significantly affect the Companys internal controls subsequent to the
date of our evaluation.

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PART III






|ITEM 10. |  | TRUSTEES AND EXECUTIVE OFFICERS OF THE REGISTRANTS
|-------- |  | --------------------------------------------------

The information required by Item 10 shall be included in the Proxy Statement to
be filed relating to the Companys 2004 Annual Meeting of Shareholders and is
incorporated herein by reference.






|ITEM 11. |  | EXECUTIVE COMPENSATION
|-------- |  | ----------------------

The information required by Item 11 shall be included in the Proxy Statement to
be filed relating to the Companys 2004 Annual Meeting of Shareholders and is
incorporated herein by reference.






|ITEM 12. |  | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
|-------- |  | --------------------------------------------------------------

The information required by Item 12 shall be included in the Proxy Statement to
be filed relating to the Companys 2004 Annual Meeting of Shareholders and is
incorporated herein by reference.

Securities Authorized for Issuance Under Equity Compensation Plans
The information required by Item 12 shall be included in the Proxy Statement to
be filed relating to the Companys 2004 Annual Meeting of Shareholders and is
incorporated herein by reference.






|ITEM 13. |  | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
|-------- |  | ----------------------------------------------

The information required by Item 13 shall be included in the Proxy Statement to
be filed relating to the Companys 2004 Annual Meeting of Shareholders and is
incorporated herein by reference.






|ITEM 14. |  | PRINCIPAL ACCOUNTANT FEES AND SERVICES
|-------- |  | --------------------------------------

The information required by Item 14 shall be included in the Proxy Statement to
be filed relating to the Companys 2004 Annual Meeting of Shareholders and is
incorporated herein by reference.

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PART IV






|ITEM 15. |  | EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
|-------- |  | ---------------------------------------------------------------

The following consolidated Financial Statements of Liberty Property Trust and
Liberty Property Limited Partnership are included in Item 8.



|1. |  | REPORTS OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS AND CONSOLIDATED
FINANCIAL STATEMENTS
|-- |  | ----------------------------------------------------------------------------------------

Report of Independent Auditors  Liberty Property Trust

Financial Statements  Liberty Property Trust

Balance Sheets:
Liberty Property Trust Consolidated as of December 31, 2003 and 2002

Statements of Operations:
Liberty Property Trust Consolidated for the years ended December 31, 2003, 2002
and 2001

Statements of Shareholders Equity:
Liberty Property Trust Consolidated for the years ended December 31, 2003, 2002
and 2001

Statements of Cash Flows:
Liberty Property Trust Consolidated for the years ended December 31, 2003, 2002
and 2001

Notes to Consolidated Financial Statements  Liberty Property Trust

Report of Independent Auditors  Liberty Property Limited Partnership

Financial Statements  Liberty Property Limited Partnership

Balance Sheets:
Liberty Property Limited Partnership Consolidated as of December 31, 2003 and
2002

Statements of Operations:
Liberty Property Limited Partnership Consolidated for the years ended December
31, 2003, 2002 and 2001

Statements of Owners Equity:
Liberty Property Limited Partnership Consolidated for the years ended December
31, 2003, 2002 and 2001

Statements of Cash Flows:
Liberty Property Limited Partnership Consolidated for the years ended December
31, 2003, 2002 and 2001

Notes to Consolidated Financial Statements  Liberty Property Limited
Partnership



|2. |  | FINANCIAL STATEMENT SCHEDULES:
|-- |  | ------------------------------

Schedule III  Real Estate and Accumulated Depreciation as of December 31, 2003
for Liberty Property Trust

All other schedules are omitted because they are not required or the required
information is shown in the financial statements or notes thereto.

Schedule III  Real Estate and Accumulated Depreciation as of December 31, 2003
for Liberty Property Limited Partnership

All other schedules are omitted because they are not required or the required
information is shown in the financial statements or notes thereto.



|3. |  | EXHIBITS
|-- |  | --------

The following exhibits are filed herewith or are incorporated by reference to
exhibits previously filed.

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EXHIBIT NO.
    
    DESCRIPTION3.1.1
    
    Amended and Restated Declaration of Trust of the Trust (Incorporated by
reference to Exhibit 3.1.1 filed with the Registrants Current Report on
Form 8-K filed with the Commission on June 25, 1997 (the June 1997 Form
8-K)).3.1.2
    
    Articles Supplementary to the Amended and Restated Declaration of Trust
of the Trust Establishing and Fixing the Rights and Preferences of a
Series of Preferred Shares of Beneficial Interest (Incorporated by
reference to Exhibit 1 filed with the Trusts Registration Statement on
Form 8-A filed with the Commission on August 8, 1997 (the August 1997
Form 8-A)).3.1.3
    
    Articles Supplementary to the Amended and Restated Declaration of Trust
of the Trust Relating to Designation, Preferences, and Rights of Series A
Junior Participating Preferred Shares of the Trust. (Incorporated by
reference to Exhibit 3.1.3 filed with the Registrants Annual Report on
Form 10-K for the fiscal year ended December 3l, 1997).3.1.4
    
    Articles Supplementary to the Amended and Restated Declaration of Trust
of the Trust relating to the 9.25% Series B Cumulative Redeemable
Preferred Shares of Beneficial Interest (Incorporated by reference to
Exhibit 3.1.2 filed with the Registrants Quarterly Report on Form 10-Q
for the fiscal quarter ended June 30, 1999 (the Second Quarter 1999 Form
10-Q)).3.1.5
    
    Articles Supplementary to the Amended and Restated Declaration of Trust
of the Trust relating to the 9.125% Series C Cumulative Redeemable
Preferred Shares of Beneficial Interest. (Incorporated by reference to
Exhibit 3.1.1 filed with the Registrants Quarterly Report on Form 10-Q
for the fiscal quarter ended March 31, 2000 (the First Quarter 2000 Form
10-Q)).3.1.6
    
    Articles Supplementary to the Amended and Restated Declaration of Trust
of the Trust relating to the 7.625% Series D Cumulative Redeemable
Preferred Shares of Beneficial Interest. (Incorporated by reference to
Exhibit 3.1.1 filed with the Registrants Quarterly Report on Form 10-Q
for the fiscal quarter ended June 30, 2002 (the Second Quarter 2002 Form
10-Q)).3.1.7
    
    Second Restated and Amended Agreement of Limited Partnership of the
Operating Partnership, dated as of October 22, 1997 (Incorporated by
reference to Exhibit 3.1.1 filed with the Registrants Quarterly Report on
Form 10-Q for the fiscal quarter ended September 30, 1997 (the Third
Quarter 1997 Form 10-Q)).3.1.8
    
    First Amendment to Second Restated and Amended Agreement of Limited
Partnership of the Operating Partnership (Incorporated by reference to
Exhibit 3.1.1 filed with the Second Quarter 1999 Form 10-Q).3.1.9
    
    Second Amendment to Second Restated and Amended Agreement of Limited
Partnership of the Operating Partnership. (Incorporated by reference to
Exhibit 3.1.2 to the First Quarter 2000 Form 10-Q).3.1.10
    
    Third Amendment to Second Restated and Amended Agreement of Limited
Partnership of the Operating Partnership (Incorporated by reference to
Exhibit 3.1.2 to the Second Quarter 2002 10-Q).3.1.11*
    
    Amended and Restated Schedule A to the Second Restated and Amended
Agreement of Limited Partnership of the Operating Partnership.3.2
    
    Amended and Restated By-Laws of the Trust. (Incorporated by reference to
Exhibit 3.1.3 filed with the Registrants Quarterly Report Form 10-Q for
the fiscal quarter ended June 30, 2000 (the Second Quarter 2000 Form
10-Q)).4.1
    
    Rights Agreement, dated as of December 17, 1997, by and between the Trust
and the Rights Agent (Incorporated by reference to Exhibit 1 filed with
the Trusts Registration Statement on Form 8-A filed with the Commission
on December 23, 1997).


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EXHIBIT NO.
    
    DESCRIPTION4.2
    
    Indenture (the First Indenture), dated as of August 14, 1997, between
the Operating Partnership, as Obligor, and The First National Bank of
Chicago (First Chicago), as Trustee (Incorporated by reference to
Exhibit 10.1 filed with the Third Quarter 1997 Form 10-Q).4.3
    
    First Supplemental Indenture, dated as of August 14, 1997, between the
Operating Partnership, as Issuer, and First Chicago, as Trustee,
supplementing the First Indenture and relating to $100,000,000 principal
amount of the 7.10% Senior Notes due 2004 and $100,000,000 principal
amount of the 7.25% Senior Notes due 2007 of the Operating Partnership
(Incorporated by reference to Exhibit 10.2 filed with the Third Quarter
1997 Form 10-Q).4.4
    
    Senior Indenture (the Second Indenture), dated as of October 24, 1997,
between the Operating Partnership, as Obligor, and First Chicago, as
Trustee (Incorporated by reference to Exhibit 10.3 filed with the Third
Quarter 1997 Form 10-Q).4.5
    
    First Supplemental Indenture, dated as of October 24, 1997, between the
Operating Partnership, as Issuer, and First Chicago, as Trustee,
supplementing the Second Indenture and relating to the Fixed Rate and
Floating Rate Medium-Term Notes due Nine Months or More from Date of Issue
of the Operating Partnership (Incorporated by reference to Exhibit 10.4
filed with the Third Quarter 1997 Form 10-Q).4.6
    
    Second Supplemental Indenture, dated as of January 12, 1998, between the
Operating Partnership, as Issuer, and First Chicago, as Trustee,
supplementing the Second Indenture, and relating to the Fixed Rate and
Floating Rate Medium-Term Notes due Nine Months or more from Date of Issue
of the Operating Partnership (Incorporated by reference to Exhibit 4.1
filed with the Registrants Quarterly Report on Form 10-Q for the fiscal
quarter ended March 31, 1998 (the First Quarter 1998 Form 10-Q)).4.7
    
    Third Supplemental Indenture, dated as of April 20, 1999, between the
Operating Partnership, as Issuer, and the First National Bank of Chicago,
as Trustee, supplementing the Second Indenture and relating to the
$250,000,000 principal amount of 7.75% Senior Notes, due 2009 of the
Operating Partnership (Incorporated by reference to Exhibit 4 filed with
the Registrants Quarterly Report on Form 10-Q for the fiscal quarter
ended March 31, 1999 (the First Quarter 1999 Form 10-Q)).4.8
    
    Fourth Supplemental Indenture, dated as of July 26, 2000, between the
Operating Partnership, as Issuer, and Bank One Trust Company, N.A., as
Trustee, supplementing the Senior Indenture, dated as of October 24, 1997,
between the Operating Partnership, as Obligor, and Bank One Trust Company,
N.A. (as successor to the First National Bank of Chicago), as Trustee, and
relating to $200,000,000 principal amount of 8.5% Senior Notes due 2010 of
the Operating Partnership. (Incorporated by reference to Exhibit 4 to the
Second Quarter 2000 Form 10-Q).4.9
    
    Fifth Supplemental Indenture, dated as of March 14, 2001, between the
Operating Partnership, as Issuer, and Bank One Trust Company, N.A., as
Trustee, supplementing the Senior Indenture, dated as of October 24, 1997,
between the Operating Partnership, as Obligor, and Bank One Trust Company,
N.A. (as successor to the First National Bank of Chicago), as Trustee, and
relating to $250,000,000 principal amount of 7.25% Senior Notes due 2011
of the Operating Partnership. (Incorporated by reference to Exhibit 4.10
filed with the Registrants Annual Report on Form 10-K for the fiscal year
ended December 31, 2000).4.10
    
    Sixth Supplemental Indenture, dated as of August 22, 2002, between
Liberty Property Limited Partnership, as Issuer, and Bank One Trust
Company, N.A., as Trustee, supplementing the Senior Indenture, dated as of
October 24, 1997, between Liberty Property Limited Partnership, as
Obligor, and Bank One Trust Company, N.A. (as successor to the First
National Bank of Chicago), as Trustee, and relating to $150,000,000
principal amount of 6.375% Senior Notes due 2012 of Liberty Property
Limited Partnership. (Incorporated by reference to Exhibit 3.1.1 filed
with the Registrants Quarterly Report on Form 10Q for the fiscal quarter
ended September 30, 2002 (the Third Quarter 2002 Form 10-Q)).4.11
    
    Note, Relating to the Issuance by the Operating Partnership, on January
22, 1998, of $75 Million Principal Amount of its 6.375% Medium-Term Notes
due 2013, Putable/Callable 2003 (Incorporated by reference to Exhibit 4.2
filed with the First Quarter 1998 Form 10-Q).


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EXHIBIT NO.
    
    DESCRIPTION4.12
    
    Note, Relating to the Issuance by the Operating Partnership, on January
23, 1998, of $100 Million Principal Amount of its 7.50% Medium-Term Notes
due 2018 (Incorporated by reference to Exhibit 4.3 filed with the First
Quarter 1998 Form 10-Q).4.13
    
    Note, Relating to the Issuance by the Operating Partnership, on June 5,
1998, of $100 Million Principal Amount of its 6.60% Medium-Term Notes due
2002. (Incorporated by reference to Exhibit 4 filed with the Registrants
Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 1998
(the Second Quarter 1998 Form 10-Q)).4.14
    
    Note, Relating to the Issuance by the Operating Partnership on November
24, 1998, of $20 Million Principal Amount of its 8.125% Medium-Term Notes
due January 15, 2009 (Incorporated by reference to Exhibit 4.11 filed with
the Registrants Annual Report on Form 10-K for the fiscal year ended
December 31, 1998).10.1
    
    Liberty Property Trust Amended and Restated Share Incentive Plan
(Incorporated by reference to Exhibit 4 filed with the Registration
Statement on S-8 filed with the Commission on June 7, 2001.)10.2
    
    Liberty Property Trust Amended and Restated Share Incentive Plan dated as
of February 28, 2002. (Incorporated by reference to Exhibit 10.1 to the
Second Quarter 2002 Form 10-Q).10.3
    
    Contribution Agreement (Incorporated by reference to Exhibit 10.5 filed
with the Form S-11).10.4
    
    Amended and Restated Limited Partnership Agreements of Pre-existing
Pennsylvania Partnerships (Incorporated by reference to Exhibit 10.6 filed
with the Form S-11).10.5
    
    Agreement of Sale for the Acquisition Properties (Incorporated by
reference to Exhibit 10.7 filed with the Form S-11).10.6
    
    Option Agreement and Right of First Offer (Incorporated by reference to
Exhibit 10.8 filed with the Form S-11).10.7
    
    Form of Indemnity Agreement (Incorporated by reference to Exhibit 10.9
filed with the Form S-11).10.8
    
    Contribution Agreement among the Trust, the Operating Partnership and the
Contributing Owners described therein, related to the Lingerfelt
Properties (Incorporated by reference to Exhibit 10.1 filed with the
Registrants Current Report on Form 8-K filed with the Commission on March
3, 1995).10.9
    
    Credit Agreement, dated as of January 16, 2003, by and among the
Operating Partnership, the Trust, certain affiliated co-borrowers, the
Banks named therein and Fleet National Bank, as agent for itself and the
other lending institutions.10.10
    
    Multi-Currency Credit Agreement, dated as of January 16, 2003, by and
among the Operating Partnership, the Trust, certain affiliated
co-borrowers, the Banks named therein and Fleet National Bank, as agent
for itself and the other lending institutions.10.11
    
    Liberty Property Trust  Amended Management Severance Plan.
(Incorporated by reference to Exhibit 10.9 filed with Registrants Annual
Report on Form 10-K for the year ended December 31, 2001).10.12
    
    Liberty Property Trust  Employee Stock Purchase Plan. (Incorporated by
reference to Exhibit 10.14 filed with the Registrants Annual Report on
Form 10-K for the year ended December 31, 2000).12.1*
    
    Ratio of Earnings to Combined Fixed Charges and Ratio of Earnings to
Fixed Charges.


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EXHIBIT NO.
    
    DESCRIPTION21*
    
    Subsidiaries.23.1*
    
    Consent of Ernst & Young LLP relating to financial statements of the Trust.23.2*
    
    Consent of Ernst & Young LLP relating to financial statements of the Operating Partnership.31.1*
    
    Certifications of the Chief Executive Officer of Liberty Property Trust
required by Rule 13a-14(a) under the Securities Exchange Act of 1934.31.2*
    
    Certifications of the Chief Financial Officer of Liberty Property Trust
required by Rule 13a-14(a) under the Securities Exchange Act of 1934.31.3*
    
    Certifications of the Chief Executive Officer of Liberty Property Trust,
in its capacity as the general partner of Liberty Property Limited
Partnership, required by Rule 13a-14(a) under the Securities Exchange Act
of 1934.31.4*
    
    Certifications of the Chief Financial Officer of Liberty Property Trust,
in its capacity as the general partner of Liberty Property Limited
Partnership, required by Rule 13a-14(a) under the Securities Exchange Act
of 1934.32.1*
    
    Certifications of the Chief Executive Officer of Liberty Property Trust
required under Rule 13a-14(b) of the Securities Exchange Act of 1934, as
amended. (This exhibit shall not be deemed filed for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liability of that section. Further, this exhibit
shall not be deemed to be incorporated by reference into any filing under
the Securities Act of 1933, as amended, or the Securities Exchange Act of
1934, as amended.)32.2*
    
    Certifications of the Chief Financial Officer of Liberty Property Trust
required by Rule 13a-14(b) under the Securities Exchange Act of 1934, as
amended. (This exhibit shall not be deemed filed for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liability of that section. Further, this exhibit
shall not be deemed to be incorporated by reference into any filing under
the Securities Act of 1933, as amended, or the Securities Exchange Act of
1934, as amended.)32.3*
    
    Certifications of the Chief Executive Officer of Liberty Property Trust,
in its capacity as the general partner of Liberty Property Limited
Partnership, required by Rule 13a-14(b) under the Securities Exchange Act
of 1934, as amended. (This exhibit shall not be deemed filed for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
or otherwise subject to the liability of that section. Further, this
exhibit shall not be deemed to be incorporated by reference into any
filing under the Securities Act of 1933, as amended, or the Securities
Exchange Act of 1934, as amended.)32.4*
    
    Certifications of the Chief Financial Officer of Liberty Property Trust,
in its capacity as the general partner of Liberty Property Limited
Partnership, required by Rule 13a-14(b) under the Securities Exchange Act
of 1934, as amended. (This exhibit shall not be deemed filed for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
or otherwise subject to the liability of that section. Further, this
exhibit shall not be deemed to be incorporated by reference into any
filing under the Securities Act of 1933, as amended, or the Securities
Exchange Act of 1934, as amended.)(B)
    
    REPORTS ON FORM 8-KDuring the quarter ended December 31, 2003, the Registrant filed the
following Current Reports on Form 8-K:Current Report on Form 8-K dated December 11, 2003 reporting Items 5
and 7 and containing as Exhibits certain law firm opinions and an
underwriting agreement dated December 9, 2003, by and between Liberty
Property Trust and certain underwriters.In addition, on October 27, 2003, the Company furnished a Current
Report on Form 8-K reporting Items 12, 7 and 9 and containing as an
Exhibit the Press Release dated October 20, 2003 issued by Liberty
Property Trust and Liberty Property Limited Partnership.




---

|* |  | Filed herewith
|- |  | --------------

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.

LIBERTY PROPERTY TRUSTDate: March 10, 2004
    
    By: /s/ WILLIAM P. HANKOWSKYWILLIAM P. HANKOWSKYCHAIRMAN, PRESIDENT AND
CHIEF EXECUTIVE OFFICER


Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant in the capacities and on the dates indicated.

/s/ WILLIAM P. HANKOWSKY
    
    Chairman of the Board of Trustees,
President and Chief Executive Officer
(Principal Executive Officer)
    
    March 10, 2004William P. Hankowsky/s/ GEORGE J. ALBURGER, JR.
    
    Executive Vice President and
Chief Financial Officer
(Principal Financial and Accounting Officer)
    
    March 10, 2004George J. Alburger, Jr./s/ M. LEANNE LACHMAN
    
    Trustee
    
    March 10, 2004M. Leanne Lachman/s/ FREDERICK F. BUCHHOLZ
    
    Trustee
    
    March 10, 2004Frederick F. Buchholz/s/ J. ANTHONY HAYDEN
    
    Trustee
    
    March 10, 2004J. Anthony Hayden/s/ DAVID L. LINGERFELT
    
    Trustee
    
    March 10, 2004David L. Lingerfelt/s/ JOHN A. MILLER, CLU
    
    Trustee
    
    March 10, 2004John A. Miller, CLU/s/ STEPHEN B. SIEGEL
    
    Trustee
    
    March 10, 2004Stephen B. Siegel/s/ THOMAS C. DELOACH, JR.
    
    Trustee
    
    March 10, 2004Thomas C. DeLoach, Jr./s/ DANIEL P. GARTON
    
    Trustee
    
    March 10, 2004Daniel P. Garton


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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.

LIBERTY PROPERTY LIMITED PARTNERSHIPBY: Liberty Property Trust
General PartnerDate: March 10, 2004
    
    By: /s/ WILLIAM P. HANKOWSKYWILLIAM P. HANKOWSKYCHAIRMAN, PRESIDENT AND
CHIEF EXECUTIVE OFFICER


Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant in the capacities and on the dates indicated.

/s/ WILLIAM P. HANKOWSKY
    
    Chairman of the Board of
Trustees, President and Chief
Executive Officer
Trustee of the General Partner
    
    March 10, 2004William P. Hankowsky/s/ M. LEANNE LACHMAN
    
    Trustee of the General Partner
    
    March 10, 2004M. Leanne Lachman/s/ FREDERICK F. BUCHHOLZ
    
    Trustee of the General Partner
    
    March 10, 2004Frederick F. Buchholz/s/ J. ANTHONY HAYDEN
    
    Trustee of the General Partner
    
    March 10, 2004J. Anthony Hayden/s/ DAVID L. LINGERFELT
    
    Trustee of the General Partner
    
    March 10, 2004David L. Lingerfelt/s/ JOHN A. MILLER, CLU
    
    Trustee of the General Partner
    
    March 10, 2004John A. Miller, CLU/s/ STEPHEN B. SIEGEL
    
    Trustee of the General Partner
    
    March 10, 2004Stephen B. Siegel/s/ THOMAS C. DELOACH, JR.
    
    Trustee of the General Partner
    
    March 10, 2004Thomas C. DeLoach, Jr./s/ DANIEL P. GARTON
    
    Trustee of the General Partner
    
    March 10, 2004Daniel P. Garton


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EXHIBIT INDEX

EXHIBIT NO.
    
    DESCRIPTION3.1.11
    
    Amendment and Restated Schedule A to the Second Restated and Amended
Agreement of Limited Partnership of the Operating Partnership.12.1
    
    Ratio of Earnings to Combined Fixed Charges and Ratio of Earnings to Fixed Charges.21
    
    Subsidiaries.23.1
    
    Consent of Ernst & Young LLP relating to financial statements of the Trust.23.2
    
    Consent of Ernst & Young LLP relating to financial statements of the Operating Partnership.31.1
    
    Certifications of the Chief Executive Officer of Liberty Property Trust
required by Rule 13a-14(a) under the Securities Exchange Act of 1934.31.2
    
    Certifications of the Chief Financial Officer of Liberty Property Trust
required by Rule 13a-14(a) under the Securities Exchange Act of 1934.31.3
    
    Certifications of the Chief Executive Officer of Liberty Property Trust,
in its capacity as the general partner of Liberty Property Limited
Partnership, required by Rule 13a-14(a) under the Securities Exchange Act
of 1934.31.4
    
    Certifications of the Chief Financial Officer of Liberty Property Trust,
in its capacity as the general partner of Liberty Property Limited
Partnership, required by Rule 13a-14(a) under the Securities Exchange Act
of 1934.32.1
    
    Certifications of the Chief Executive Officer of Liberty Property Trust
required under Rule 13a-14(b) of the Securities Exchange Act of 1934, as
amended. (This exhibit shall not be deemed filed for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liability of that section. Further, this exhibit
shall not be deemed to be incorporated by reference into any filing under
the Securities Act of 1933, as amended, or the Securities Exchange Act of
1934, as amended.)32.2
    
    Certifications of the Chief Financial Officer of Liberty Property Trust
required by Rule 13a-14(b) under the Securities Exchange Act of 1934, as
amended. (This exhibit shall not be deemed filed for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liability of that section. Further, this exhibit
shall not be deemed to be incorporated by reference into any filing under
the Securities Act of 1933, as amended, or the Securities Exchange Act of
1934, as amended.)32.3
    
    Certifications of the Chief Executive Officer of Liberty Property Trust,
in its capacity as the general partner of Liberty Property Limited
Partnership, required by Rule 13a-14(b) under the Securities Exchange Act
of 1934, as amended. (This exhibit shall not be deemed filed for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
or otherwise subject to the liability of that section. Further, this
exhibit shall not be deemed to be incorporated by reference into any
filing under the Securities Act of 1933, as amended, or the Securities
Exchange Act of 1934, as amended.)32.4
    
    Certifications of the Chief Financial Officer of Liberty Property Trust,
in its capacity as the general partner of Liberty Property Limited
Partnership, required by Rule 13a-14(b) under the Securities Exchange Act
of 1934, as amended. (This exhibit shall not be deemed filed for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
or otherwise subject to the liability of that section. Further, this
exhibit shall not be deemed to be incorporated by reference into any
filing under the Securities Act of 1933, as amended, or the Securities
Exchange Act of 1934, as amended.)


104