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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 For
the fiscal year ended December 31, 2005
 OR
 o
    
    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 TRUST
LIBERTY PROPERTY LIMITED PARTNERSHIP
 
  MARYLAND(Liberty Property Trust)PENNSYLVANIA(Liberty Property Limited Partnership)
    
    23-7768996
23-2766549(State or Other Jurisdiction
    
    (I.R.S. Employerof Incorporation or Organization)
    
    Identification Number)500 Chesterfield Parkway
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:
 TITLE OF EACH CLASS
    
    NAME OF EACH EXCHANGE
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
   þ o
  o þ
  þ o
 þ
  þ o o
  o þ




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INDEX
 PAGEPART IItem 1. Business
    
    
    4Item 1A. Risk Factors
    
    
    8Item 1B. Unresolved Staff Comments
    
    
    16Item 2. Properties
    
    
    16Item 3. Legal Proceedings
    
    
    18Item 4. Submission of Matters to a Vote of Security Holders
    
    
    18PART IIItem 5. Market for Registrants Common Equity, Related
Shareholder Matters and Issuer Purchases of Equity
Securities
    
    
    18Item 6. Selected Financial Data
    
    
    19Item 7. Managements Discussion and Analysis of Financial
Condition and Results of Operations
    
    
    21Item 7A. Quantitative and Qualitative Disclosures About Market Risk
    
    
    32Item 8. Financial Statements and Supplementary Data
    
    
    32Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure
    
    
    107Item 9A. Controls and Procedures
    
    
    107Item 9B. Other Information
    
    
    107PART IIIItem 10. Trustees and Executive Officers of the Registrants
    
    
    108Item 11. Executive Compensation
    
    
    108Item 12. Security Ownership of Certain Beneficial Owners and
Management and Related Shareholder Matters
    
    
    108Item 13. Certain Relationships and Related Transactions
    
    
    108Item 14. Principal Accountant Fees and Services
    
    
    108PART IVItem 15. Exhibits and Financial Statement Schedules
    
    
    109Signatures for Liberty Property Trust
    
    
    117Signatures for Liberty Property Limited Partnership
    
    
    118Exhibit Index
    
    
    119Amended and Restated Schedule AAmended and Restated Credit AgreementStatement re: Computation of RatiosSubsidiariesConsent of Ernst & Young LLP relating to financial statements of the TrustConsent of Ernst & Young LLP relating to financial statements of the Operting PartnershipCertifications of the Chief Executive OfficerCertifications of the Chief Financial OfficerCertifications of the Chief Executive Officer, in his capacity as the general partnerCertification of the Chief Financial Officer, in his capacity as the general partnerCertifications of the Chief Executive Officer, required under Rule 13a-14(b)Certifications of the Chief Financial Officer, required under Rule 13a-14(b)Certifications of the Chief Executive Officer, in his capacity as the general partner, required by Rule 13a-14(b)Certifications of the Chief Financial Officer, in his capacity as the general partner, required by Rule 13a-14(b)
 2




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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, joint
venture relationships, 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. The Company assumes no obligation
to update or supplement forward looking statements that become untrue because of subsequent events.
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, risks
relating to acquisition and disposition activities, risks relating to joint venture relationships
and any possible need to perform under certain guarantees that we have issued or may issue in
connection with such relationships, 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. 3




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PART I
 
 ITEM 1. BUSINESS
 The Company
       4




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Management and Employees
  Reportable Segments
    
    MarketsDelaware Valley
    
    Southeastern Pennsylvania; New JerseyMidwest
    
    Lehigh Valley, Pennsylvania; Michigan; Minnesota; Milwaukee; ChicagoMid-Atlantic
    
    Maryland; Piedmont Triad, NC; Greenville, SC; Richmond; Virginia BeachFlorida
    
    Jacksonville; Orlando; Boca Raton; Tampa; TexasUnited Kingdom
    
    County of Kent
 Business Objective and Strategies for Growth
  Products
  Markets
  Organizational Plan
  Internal Growth Strategies
  5




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Maintain High Occupancies
  Cost Controls
  Customer Service Initiatives
  External Growth Strategies
  Development
    Square FeetPercent Leased
    
    
    TotalScheduled In-Service Date
    
    Ind-Dist.
    
    
    Ind-Flex
    
    
    Office
    
    
    Total
    
    
    December 31, 2005
    
    
    Investment1st Quarter 2006
    
    
    608
    
    
    
    129
    
    
    
    102
    
    
    
    839
    
    
    
    92.3
    %
    
    $
    48,1112nd Quarter 2006
    
    
    25
    
    
    
    134
    
    
    
    198
    
    
    
    357
    
    
    
    86.8
    %
    
    
    51,8013rd Quarter 2006
    
    
    130
    
    
    
    
    
    
    
    192
    
    
    
    322
    
    
    
    86.8
    %
    
    
    38,7404th Quarter 2006
    
    
    
    
    
    
    48
    
    
    
    170
    
    
    
    218
    
    
    
    39.4
    %
    
    
    35,5731st Quarter 2007
    
    
    
    
    
    
    79
    
    
    
    77
    
    
    
    156
    
    
    
    33.9
    %
    
    
    17,7052nd Quarter 2007
    
    
    1,300
    
    
    
    
    
    
    
    208
    
    
    
    1,508
    
    
    
    0.3
    %
    
    
    107,7333rd Quarter 2007
    
    
    800
    
    
    
    
    
    
    
    110
    
    
    
    910
    
    
    
    
    
    
    
    56,2733rd Quarter 2008
    
    
    
    
    
    
    
    
    
    
    1,253
    
    
    
    1,253
    
    
    
    72.8
    %
    
    
    459,566Total
    
    
    2,863
    
    
    
    390
    
    
    
    2,310
    
    
    
    5,563
    
    
    
    43.5
    %
    
    $
    815,502
 1 2
 6




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Acquisitions/Dispositions
    Joint Ventures
    United Kingdom Operations
    7




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ITEM 1A. RISK FACTORS
  Risks Related to Our Business
 Unfavorable events affecting 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 have a negative effect on our cash flow from
operations and inhibit growth.
  
    
    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
     We may not be able to compete successfully with other entities that operate in our industry.
   We may experience increased operating costs, which could adversely affect our operations.
  8




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Our ability to achieve growth in operating income depends in part on our ability to develop
properties which may suffer under certain circumstances.
   
    
    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 may 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 alter or discontinue our development
efforts, past and future costs of the investment may need to be expensed 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 that 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 Comcast Center project is subject to a number of risks related to its development,
construction, financing and leasing.
 1 2
    9




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##### Table of Contents



We face risks associated with property acquisitions.
  
    
    when we are able to locate a desirable 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
  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.
  We may not be able to access financial markets to obtain capital on a timely basis, or on
acceptable terms.
  
    
    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.
    10




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Our degree of leverage could limit our ability to obtain additional financing or affect the market
price of our common stock.
  Further issuances of equity securities may be dilutive to current shareholders.
  An increase in interest rates would increase our interest costs on variable rate debt and could
adversely impact our ability to refinance existing debt.
  Property ownership through joint ventures will limit our ability to act exclusively in our
interests.
  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.
  We may experience economic harm if any damage to our Properties is not covered by insurance.
   Potential liability for environmental contamination could result in substantial costs.
  11




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
    
    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
   
    
    the environmental assessments and updates will 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
  12




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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.
  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.
  Terrorist attacks and other acts of violence or war may adversely impact our operating results and
may affect markets on which our securities are traded.
   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.
   13




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Risks associated with potential borrowings necessary to make distributions to qualify as a REIT.
  Certain officers of the Trust may not have the same interests as shareholders as to certain tax
laws.
  
    
    when certain of our Properties are sold
    
    when debt on those Properties is refinanced
    
    if we are involved in a tender offer or merger
  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.
      14




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Various factors out of our control could hurt the market value of our publicly traded securities.
    Transactions by the Trust or the Operating Partnership could adversely affect debt holders.
  15




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ITEM 1B. UNRESOLVED STAFF COMMENTS
  
 ITEM 2. PROPERTIES
    Type
    
    Net Rent (1)
    
    
    Square Feet
    
    
    % LeasedDelaware Valley
    
    Industrial
    
    -Distribution
    
    $
    12,488
    
    
    
    1,887
    
    
    
    97.4
    %-Flex
    
    
    28,374
    
    
    
    2,948
    
    
    
    93.6
    %Office
    
    
    
    
    109,106
    
    
    
    7,867
    
    
    
    92.1
    %Total
    
    
    
    
    149,968
    
    
    
    12,702
    
    
    
    93.2
    %Midwest
    
    Industrial
    
    -Distribution
    
    
    56,030
    
    
    
    14,869
    
    
    
    97.0
    %-Flex
    
    
    41,456
    
    
    
    5,503
    
    
    
    92.3
    %Office
    
    
    
    
    52,712
    
    
    
    4,446
    
    
    
    69.0
    %Total
    
    
    
    
    150,198
    
    
    
    24,818
    
    
    
    94.7
    %Mid-Atlantic
    
    Industrial
    
    -Distribution
    
    
    24,717
    
    
    
    7,401
    
    
    
    81.4
    %-Flex
    
    
    8,724
    
    
    
    1,074
    
    
    
    94.9
    %Office
    
    
    
    
    51,339
    
    
    
    4,920
    
    
    
    85.2
    %Total
    
    
    
    
    84,780
    
    
    
    13,395
    
    
    
    83.9
    %Florida
    
    Industrial
    
    -Distribution
    
    
    16,219
    
    
    
    4,029
    
    
    
    98.2
    %-Flex
    
    
    22,346
    
    
    
    3,021
    
    
    
    92.9
    %Office
    
    
    
    
    29,271
    
    
    
    2,613
    
    
    
    86.4
    %Total
    
    
    
    
    67,836
    
    
    
    9,663
    
    
    
    93.3
    %United Kingdom
    
    Industrial
    
    -Distribution
    
    
    
    
    
    
    
    
    
    
    -Flex
    
    
    
    
    
    
    
    
    
    
    Office
    
    
    
    
    668
    
    
    
    35
    
    
    
    77.4
    %Total
    
    
    
    
    668
    
    
    
    35
    
    
    
    77.4
    %Joint Ventures (2)
    
    Industrial
    
    -Distribution
    
    
    12,319
    
    
    
    3,223
    
    
    
    99.8
    %Flex
    
    
    3,636
    
    
    
    170
    
    
    
    78.5
    %Office
    
    
    
    
    11,339
    
    
    
    365
    
    
    
    98.1
    %Total
    
    
    
    
    27,294
    
    
    
    3,758
    
    
    
    98.6
    %TOTAL
    
    Industrial
    
    -Distribution
    
    
    121,773
    
    
    
    31,409
    
    
    
    93.8
    %-Flex
    
    
    104,536
    
    
    
    12,716
    
    
    
    93.8
    %Office
    
    
    
    
    254,435
    
    
    
    20,246
    
    
    
    88.7
    %Total
    
    
    
    $
    480,744
    
    
    
    64,371
    
    
    
    92.2
    %
 
 (1)
    
    Net rent represents the contractual rent per square foot times the tenants square feet
leased at December 31, 2005 for tenants in occupancy. Net rent does not include the
tenants obligation to pay property operating expenses and real estate taxes.(2)
    
    Joint Ventures represent the 42 properties owned by unconsolidated joint ventures. 16




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Total Properties In Operation
 Wholly Owned Properties:
 Industrial-Distribution
    
    
    Industrial-Flex
    
    
    Office
    
    
    TotalSquare
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    AnnualYear
    
    Feet
    
    
    Net Rent (1)
    
    
    Feet
    
    
    Net Rent (1)
    
    
    Feet
    
    
    Net Rent (1)
    
    
    Feet
    
    
    Net Rent (1)2006
    
    
    2,698
    
    
    $
    10,193
    
    
    
    1,669
    
    
    $
    14,236
    
    
    
    1,585
    
    
    $
    21,938
    
    
    
    5,952
    
    
    $
    46,3672007
    
    
    3,787
    
    
    
    16,617
    
    
    
    2,104
    
    
    
    19,051
    
    
    
    2,215
    
    
    
    30,932
    
    
    
    8,106
    
    
    
    66,6002008
    
    
    3,653
    
    
    
    14,441
    
    
    
    2,229
    
    
    
    20,534
    
    
    
    2,732
    
    
    
    39,934
    
    
    
    8,614
    
    
    
    74,9092009
    
    
    3,692
    
    
    
    17,296
    
    
    
    1,646
    
    
    
    15,333
    
    
    
    2,842
    
    
    
    43,846
    
    
    
    8,180
    
    
    
    76,4752010
    
    
    2,129
    
    
    
    10,717
    
    
    
    1,531
    
    
    
    13,890
    
    
    
    2,292
    
    
    
    34,784
    
    
    
    5,952
    
    
    
    59,3912011
    
    
    1,647
    
    
    
    8,207
    
    
    
    603
    
    
    
    6,880
    
    
    
    1,523
    
    
    
    24,088
    
    
    
    3,773
    
    
    
    39,175Thereafter
    
    
    8,634
    
    
    
    47,483
    
    
    
    2,006
    
    
    
    21,568
    
    
    
    4,421
    
    
    
    77,949
    
    
    
    15,061
    
    
    
    147,000Total
    
    
    26,240
    
    
    $
    124,954
    
    
    
    11,788
    
    
    $
    111,492
    
    
    
    17,610
    
    
    $
    273,471
    
    
    
    55,638
    
    
    $
    509,917Total Square Feet
    
    
    28,186
    
    
    
    
    
    
    
    12,546
    
    
    
    
    
    
    
    19,881
    
    
    
    
    
    
    
    60,613Percent of Total
Annual Net Rent
    
    
    
    
    
    
    24.5
    %
    
    
    
    
    
    
    21.9
    %
    
    
    
    
    
    
    53.6
    %
    
    
    
    
    
    
    100.0
    %
 Joint Venture Properties:
 Industrial-Distribution
    
    
    Industrial-Flex
    
    
    Office
    
    
    TotalSquare
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    AnnualYear
    
    Feet
    
    
    Net Rent (1)
    
    
    Feet
    
    
    Net Rent (1)
    
    
    Feet
    
    
    Net Rent (1)
    
    
    Feet
    
    
    Net Rent (1)2006
    
    
    525
    
    
    $
    1,469
    
    
    
    15
    
    
    $
    400
    
    
    
    5
    
    
    $
    150
    
    
    
    545
    
    
    $
    2,0192007
    
    
    321
    
    
    
    1,258
    
    
    
    51
    
    
    
    1,324
    
    
    
    25
    
    
    
    772
    
    
    
    397
    
    
    
    3,3542008
    
    
    663
    
    
    
    3,138
    
    
    
    9
    
    
    
    268
    
    
    
    30
    
    
    
    951
    
    
    
    702
    
    
    
    4,3572009
    
    
    30
    
    
    
    215
    
    
    
    11
    
    
    
    286
    
    
    
    61
    
    
    
    1,990
    
    
    
    102
    
    
    
    2,4912010
    
    
    36
    
    
    
    183
    
    
    
    20
    
    
    
    655
    
    
    
    65
    
    
    
    2,237
    
    
    
    121
    
    
    
    3,0752011
    
    
    337
    
    
    
    1,414
    
    
    
    10
    
    
    
    301
    
    
    
    86
    
    
    
    2,688
    
    
    
    433
    
    
    
    4,403Thereafter
    
    
    1,303
    
    
    
    6,941
    
    
    
    18
    
    
    
    500
    
    
    
    85
    
    
    
    2,726
    
    
    
    1,406
    
    
    
    10,167Total
    
    
    3,215
    
    
    $
    14,618
    
    
    
    134
    
    
    $
    3,734
    
    
    
    357
    
    
    $
    11,514
    
    
    
    3,706
    
    
    $
    29,866Total Square Feet
    
    
    3,223
    
    
    
    
    
    
    
    170
    
    
    
    
    
    
    
    365
    
    
    
    
    
    
    
    3,758Percent of Total
Annual Net Rent
    
    
    
    
    
    
    48.9
    %
    
    
    
    
    
    
    12.5
    %
    
    
    
    
    
    
    38.6
    %
    
    
    
    
    
    
    100.0
    %
 
 (1)
    
    Annual net rent equals the contractual rent per square foot at the time of lease
expiration for those tenants in occupancy at December 31, 2005 times the tenants square
feet leased at December 31, 2005.  Percentage
    
    
    
    
    
    
    PercentageTop 10 Office Tenants
    
    of Net Rent
    
    
    Top 10 Industrial Tenants
    
    
    of Net RentThe Vanguard Group, Inc
    
    
    3.3
    %
    
    TJX Corp.
    
    
    1.2
    %GlaxoSmithKline, LLC
    
    
    2.0
    %
    
    Kellogg USA, Inc.
    
    
    1.0
    %PPL Energy Plus, LLC
    
    
    1.5
    %
    
    Wakefern Food Corp.
    
    
    1.0
    %GMAC Mortgage Corporation
    
    
    1.3
    %
    
    The Government of the United States of America
    
    
    0.7
    %Sanofi Winthrop, Inc.
    
    
    1.3
    %
    
    DSC Logistics
    
    
    0.6
    %PNC Bank, National Association
    
    
    1.1
    %
    
    LTD Commodities, Inc.
    
    
    0.5
    %Express Scripts, Inc.
    
    
    1.1
    %
    
    Menlo Logistics
    
    
    0.5
    %Aetna Life Insurance Company
    
    
    0.9
    %
    
    Whirlpool Corporation
    
    
    0.5
    %Cendant Operations, Inc.
    
    
    0.8
    %
    
    Nexus Distribution Corp.
    
    
    0.5
    %Sungard Data Systems, Inc.
    
    
    0.7
    %
    
    Dial Corporation
    
    
    0.5
    %14.0
    %
    
    
    
    
    
    
    7.0
    %
 17




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##### Table of Contents



ITEM 3. LEGAL PROCEEDINGS
  
 ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
  
 PART II
 
 ITEM 5. MARKET FOR THE REGISTRANTS COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND RELATED ISSUER
PURCHASES OF EQUITY SECURITIES
  DividendsDeclared PerHigh
    
    
    Low
    
    
    Common Share2005Fourth Quarter
    
    $
    43.98
    
    
    $
    39.15
    
    
    $
    0.615Third Quarter
    
    
    45.80
    
    
    
    40.80
    
    
    
    0.615Second Quarter
    
    
    44.77
    
    
    
    38.19
    
    
    
    0.61First Quarter
    
    
    43.09
    
    
    
    38.77
    
    
    
    0.612004Fourth Quarter
    
    $
    43.20
    
    
    $
    39.83
    
    
    $
    0.61Third Quarter
    
    
    41.72
    
    
    
    38.31
    
    
    
    0.61Second Quarter
    
    
    45.35
    
    
    
    35.05
    
    
    
    0.605First Quarter
    
    
    45.47
    
    
    
    36.82
    
    
    
    0.605
   18




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##### Table of Contents



ITEM 6. SELECTED FINANCIAL DATA
  Year Ended December 31,Operating DataIn thousands, except per share data
    
    2005
    
    2004
    
    2003
    
    2002
    
    2001Total operating revenue
    
    $
    680,730
    
    
    $
    628,327
    
    
    $
    593,886
    
    
    $
    561,578
    
    
    $
    541,941Income from continuing operations
    
    $
    213,838
    
    
    $
    145,539
    
    
    $
    143,375
    
    
    $
    143,052
    
    
    $
    154,596Income available to common shareholders
    
    $
    249,351
    
    
    $
    161,443
    
    
    $
    163,610
    
    
    $
    150,237
    
    
    $
    155,537Basic:Income from continuing operations
    
    $
    2.46
    
    
    $
    1.72
    
    
    $
    1.82
    
    
    $
    1.75
    
    
    $
    2.02Income from discontinued operations
    
    $
    0.41
    
    
    $
    0.19
    
    
    $
    0.26
    
    
    $
    0.25
    
    
    $
    0.17Income per
common share  basic
    
    $
    2.87
    
    
    $
    1.91
    
    
    $
    2.08
    
    
    $
    2.00
    
    
    $
    2.19Diluted:Income from continuing operations
    
    $
    2.42
    
    
    $
    1.70
    
    
    $
    1.80
    
    
    $
    1.73
    
    
    $
    1.99Income from discontinued operations
    
    $
    0.40
    
    
    $
    0.18
    
    
    $
    0.25
    
    
    $
    0.24
    
    
    $
    0.16Income per
common share  diluted
    
    $
    2.82
    
    
    $
    1.88
    
    
    $
    2.05
    
    
    $
    1.97
    
    
    $
    2.15Distributions paid per common share
    
    $
    2.445
    
    
    $
    2.425
    
    
    $
    2.405
    
    
    $
    2.37
    
    
    $
    2.30Distributions paid per preferred share
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    1.82
    
    
    $
    2.20Weighted
average number of shares outstanding  basic(1)
    
    
    86,986
    
    
    
    84,534
    
    
    
    78,575
    
    
    
    75,041
    
    
    
    71,184Weighted average number of shares outstanding  diluted
(2)
    
    
    88,376
    
    
    
    86,024
    
    
    
    79,868
    
    
    
    76,272
    
    
    
    73,580
 Balance Sheet Data
    
    December 31,In thousands
    
    2005
    
    2004
    
    2003
    
    2002
    
    2001Net real estate
    
    $
    4,095,202
    
    
    $
    3,798,763
    
    
    $
    3,544,234
    
    
    $
    3,374,491
    
    
    $
    3,227,135Total assets
    
    
    4,497,529
    
    
    
    4,162,827
    
    
    
    3,832,553
    
    
    
    3,625,099
    
    
    
    3,552,825Total indebtedness
    
    
    2,249,178
    
    
    
    2,133,171
    
    
    
    1,885,866
    
    
    
    1,866,187
    
    
    
    1,753,131Shareholders equity
    
    
    1,709,182
    
    
    
    1,596,259
    
    
    
    1,544,897
    
    
    
    1,354,431
    
    
    
    1,419,321
 Other Data
    
    Year Ended December 31,Dollars in thousands
    
    2005
    
    2004
    
    2003
    
    2002
    
    2001Cash provided by operating activities
    
    $
    359,697
    
    
    $
    293,336
    
    
    $
    263,811
    
    
    $
    288,243
    
    
    $
    303,846Cash used in investing activities
    
    
    (286,633
    )
    
    
    (373,975
    )
    
    
    (195,133
    )
    
    
    (165,604
    )
    
    
    (233,856
    )Cash (used in) provided by financing activities
    
    
    (38,418
    )
    
    
    89,618
    
    
    
    (58,111
    )
    
    
    (131,818
    )
    
    
    (55,747
    )Funds from operations available to common shareholders
(3)
    
    
    293,973
    
    
    
    291,144
    
    
    
    280,921
    
    
    
    260,750
    
    
    
    262,782Total leaseable square footage of properties at end of
period (in thousands) (4)
    
    
    64,371
    
    
    
    61,655
    
    
    
    57,149
    
    
    
    54,166
    
    
    
    49,771Number of properties at end of period (4)
    
    
    718
    
    
    
    723
    
    
    
    702
    
    
    
    680
    
    
    
    645Percentage leased at end of period (4)
    
    
    92
    %
    
    
    92
    %
    
    
    92
    %
    
    
    91
    %
    
    
    94
    %
 
 (1)
    
    Basic weighted average number of shares includes only vested Common Shares outstanding during
the year.(2)
    
    Diluted weighted average number of shares outstanding includes the vested and unvested Common
Shares outstanding during the year as well as the dilutive effect of outstanding options for
the year ended December 31, 2005, 2004, 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). The Convertible Debentures matured in
July 2001.(3)
    
    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 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 REITs 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 19




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##### Table of Contents



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. A reconciliation of Funds from operations to Net Income may be found on page
31.(4)
    
    Leasing statistics include 42 properties equaling 3.8 million square feet owned by joint
ventures in which the Company has an ownership interest. The joint venture properties are
98.6% leased at December 31, 2005. 20




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##### Table of Contents



ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 Overview
         21




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Forward-Looking Statements
  Critical Accounting Policies and Estimates
   Capitalized Costs
  Revenue Recognition
  Allowance for Doubtful Accounts
  22




---



##### Table of Contents



Impairment of Real Estate
  Intangibles
  Results of Operations
   Comparison of Year Ended December 31, 2005 to Year Ended December 31, 2004.
 Overview
   23




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##### Table of Contents



Segments
   Year Ended
    
    
    % IncreaseDecember 31, 2005
    
    
    December 31, 2004
    
    
    (Decrease)Delaware Valley SE Pennsylvania
    
    $
    137,802
    
    
    $
    131,369
    
    
    
    4.9
    % Other
    
    
    24,910
    
    
    
    22,027
    
    
    
    13.1
    %(1)Midwest Lehigh Valley
    
    
    66,000
    
    
    
    54,930
    
    
    
    20.2
    %(2) Other
    
    
    75,047
    
    
    
    71,234
    
    
    
    5.4
    %Mid-Atlantic
    
    
    83,432
    
    
    
    81,608
    
    
    
    2.2
    %Florida
    
    
    65,186
    
    
    
    59,779
    
    
    
    9.0
    %(3)United Kingdom
    
    
    16,650
    
    
    
    16,566
    
    
    
    0.5
    %Total property
level operating
income (4)
    
    $
    469,027
    
    
    $
    437,513
    
    
    
    7.2
    %
 
 (1)
    
    The increase for the year ended December 31, 2005 versus the year ended December 31, 2004 is
primarily due to the delivery of $30.0 million of completed development during 2004.
Completed development in 2004 contributed to property level income for a partial period in
2004 as compared to a full year in 2005.(2)
    
    The increase for the year ended December 31, 2005 versus the year ended December 31, 2004 is
primarily due to the delivery of $85.7 million in completed development and property
acquisitions of $121.1 million during 2004 and 2005. Acquisitions and completed development
in 2004 contributed to property level operating income for a partial period in 2004 as
compared to a full year in 2005.(3)
    
    The increase for the year ended December 31, 2005 versus the year ended December 31, 2004 is
primarily due to the delivery of $31.7 million in completed development and property
acquisitions of $86.0 million during 2004 and 2005. Acquisitions and completed development in
2004 contributed to property level operating income for a partial period in 2004 as compared
to a full year in 2005.(4)
    
    See a reconciliation of property level operating income to net income in the Same Store
comparison below. Same Store
    24




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##### Table of Contents



Year Ended December 31,2005
    
    
    2004(in thousands)Same Store:Rental revenue
    
    $
    411,465
    
    
    $
    416,292Operating expenses:Rental property expense
    
    
    130,713
    
    
    
    122,963Real estate taxes
    
    
    62,000
    
    
    
    60,826Operating expense recovery
    
    
    (178,953
    )
    
    
    (170,126
    )Unrecovered operating expenses
    
    
    13,760
    
    
    
    13,663Property level operating income
    
    
    397,705
    
    
    
    402,629Less straight line rent
    
    
    6,046
    
    
    
    9,986Cash basis property level operating income
    
    $
    391,659
    
    
    $
    392,643Reconciliation of non-GAAP financial measure:Property level operating income  same store
    
    $
    397,705
    
    
    $
    402,629Property level operating income  properties purchased or developed
subsequent to January 1, 2004
    
    
    54,677
    
    
    
    24,007Termination fees
    
    
    16,645
    
    
    
    10,877Total property level operating income
    
    
    469,027
    
    
    
    437,513General and administrative expense
    
    
    (38,138
    )
    
    
    (33,759
    )Depreciation and amortization expense
    
    
    (146,526
    )
    
    
    (129,298
    )Other income (expense)
    
    
    (120,995
    )
    
    
    (109,340
    )Gain on property dispositions
    
    
    84,295
    
    
    
    496Income taxes
    
    
    (14,827
    )
    
    
    (1,820
    )Minority interest
    
    
    (21,538
    )
    
    
    (17,478
    )Equity in earnings (loss) of unconsolidated joint ventures
    
    
    2,540
    
    
    
    (775
    )Discontinued operations, net of minority interest
    
    
    35,513
    
    
    
    15,904Net income
    
    $
    249,351
    
    
    $
    161,443
 General and Administrative
  Depreciation and Amortization
  Interest Expense
  Other
  25




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##### Table of Contents



Comparison of Year Ended December 31, 2004 to Year Ended December 31, 2003.
 Overview
   Segments
   Year Ended
    
    
    % IncreaseDecember 31, 2004
    
    
    December 31, 2003
    
    
    (Decrease)Delaware Valley SE Pennsylvania
    
    $
    131,369
    
    
    $
    131,160
    
    
    
    0.2
    % Other
    
    
    22,027
    
    
    
    21,847
    
    
    
    0.8
    %Midwest Lehigh Valley
    
    
    54,930
    
    
    
    50,607
    
    
    
    8.5
    %(1) Other
    
    
    71,234
    
    
    
    71,739
    
    
    
    (0.7
    %)Mid-Atlantic
    
    
    81,608
    
    
    
    74,457
    
    
    
    9.6
    %(2)Florida
    
    
    59,779
    
    
    
    57,710
    
    
    
    3.6
    %United Kingdom
    
    
    16,566
    
    
    
    10,127
    
    
    
    63.6
    %(3)Total property
level operating
income (4)
    
    $
    437,513
    
    
    $
    417,647
    
    
    
    4.8
    %
 
 (1)
    
    The increase for the year ended December 31, 2004 versus the year ended December 31, 2003 is
primarily due to the delivery of $99.2 million in completed development during 2003 and 2004
and property acquisitions of $71.8 million in 2004. Acquisitions and completed development in
2003 contributed to property level operating income for a partial period in 2003 as compared
to a full year in 2004.(2)
    
    The increase for the year ended December 31, 2004 versus the year ended December 31, 2003 is
due to $131.9 million in property acquisitions that were made during 2003 and 2004.
Acquisitions in 2003 contributed to property level operating income for a partial period in
2003 as compared to a full year in 2004.(3)
    
    The increase for the year ended December 31, 2004 versus the year ended December 31, 2003 is
primarily due to the purchase of six properties equalling
approximately 210,000 square feet on July 1, 2003.(4)
    
    See a reconciliation of property level operating income to net income in the Same Store
comparison below. 26




---



##### Table of Contents



Same Store
    Year Ended December 31,2004
    
    
    2003(in thousands)Prior Year Same Store:Rental revenue
    
    $
    413,299
    
    
    $
    414,743Operating expenses:Rental property expense
    
    
    123,778
    
    
    
    118,628Real estate taxes
    
    
    59,657
    
    
    
    58,898Operating expense recovery
    
    
    (169,914
    )
    
    
    (167,387
    )Unrecovered operating expenses
    
    
    13,521
    
    
    
    10,139Property level operating income
    
    
    399,778
    
    
    
    404,604Less straight line rent
    
    
    8,724
    
    
    
    9,037Cash basis property level operating income
    
    $
    391,054
    
    
    $
    395,567Reconciliation of non-GAAP financial measure:Property level operating income  prior year same store
    
    $
    399,778
    
    
    $
    404,604Property level operating income  properties purchased or developed
subsequent to January 1, 2003
    
    
    26,858
    
    
    
    (1,035
    )Termination fees
    
    
    10,877
    
    
    
    14,078Total property level operating income
    
    
    437,513
    
    
    
    417,647General and administrative expense
    
    
    (33,759
    )
    
    
    (28,316
    )Depreciation and amortization expense
    
    
    (129,298
    )
    
    
    (116,557
    )Other income (expense)
    
    
    (109,340
    )
    
    
    (109,469
    )Gain on property dispositions
    
    
    496
    
    
    
    447Income taxes
    
    
    (1,820
    )
    
    
    (2,326
    )Minority interest
    
    
    (17,478
    )
    
    
    (19,795
    )Equity in (loss) earnings of unconsolidated joint ventures
    
    
    (775
    )
    
    
    1,744Discontinued operations, net of minority interest
    
    
    15,904
    
    
    
    20,235Net income
    
    $
    161,443
    
    
    $
    163,610
 General and Administrative
  27




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Depreciation and Amortization
  Interest Expense
  Other
    Liquidity and Capital Resources
      28




---



##### Table of Contents



Payments Due By PeriodLess than 1
    
    
    
    
    
    
    
    
    
    
    More thanContractual Obligations
    
    Total
    
    
    year
    
    
    1-3 years
    
    
    3-5 years
    
    
    5 yearsLong-term debt (1)
    
    $
    2,945,782
    
    
    $
    280,341
    
    
    $
    393,373
    
    
    $
    943,125
    
    
    $
    1,328,943Capital lease obligations
    
    
    5,819
    
    
    
    162
    
    
    
    336
    
    
    
    630
    
    
    
    4,691Operating lease obligations
    
    
    11,382
    
    
    
    618
    
    
    
    1,044
    
    
    
    634
    
    
    
    9,086Share of mortgage debt of
unconsolidated joint ventures
    
    
    52,145
    
    
    
    
    
    
    
    
    
    
    
    52,145
    
    
    
    Property development commitments
    
    
    490,578
    
    
    
    54,747
    
    
    
    435,831
    
    
    
    
    
    
    
    Joint venture capital commitments
    
    
    2,464
    
    
    
    1,509
    
    
    
    955
    
    
    
    
    
    
    
    Letter of credit
    
    
    1,343
    
    
    
    1,343
    
    
    
    
    
    
    
    
    
    
    
    Purchase obligations (2)
    
    
    54,250
    
    
    
    54,250
    
    
    
    
    
    
    
    
    
    
    
    Master lease obligation
    
    
    2,727
    
    
    
    1,318
    
    
    
    1,409
    
    
    
    
    
    
    
    Total
    
    $
    3,566,490
    
    
    $
    394,288
    
    
    $
    832,948
    
    
    $
    996,534
    
    
    $
    1,342,720
 
 (1)
    
    Includes principal and interest payments. Interest payments assume current credit facility
borrowings and interest rates remain at the December 31, 2005 level until maturity.(2)
    
    Purchase obligations include obligations to acquire property. General
   29




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Off-Balance Sheet Arrangements
  Calculation of Funds from Operations
  30




---



##### Table of Contents



Year Ended December 31,2005
    
    
    2004
    
    
    2003Reconciliation of net income to FFO  basic:Net income
    
    $
    249,351
    
    
    $
    161,443
    
    
    $
    163,610Basic
 income available to common shareholders
    
    
    249,351
    
    
    
    161,443
    
    
    
    163,610Basic  income available to common shareholders per weighted
average share
    
    $
    2.87
    
    
    $
    1.91
    
    
    $
    2.08Adjustments:Depreciation and amortization of unconsolidated joint ventures
    
    
    1,316
    
    
    
    2,566
    
    
    
    663Depreciation and amortization
    
    
    147,669
    
    
    
    133,682
    
    
    
    120,826Gain on property dispositions, net of income tax
    
    
    (114,381
    )
    
    
    (13,502
    )
    
    
    (11,822
    )Minority interest share in addback for depreciation and amortization,
gain on property dispositions, net of income tax
    
    
    (1,363
    )
    
    
    (5,093
    )
    
    
    (4,858
    )Funds from operations available to common shareholders  basic
    
    $
    282,592
    
    
    $
    279,096
    
    
    $
    268,419Basic Funds from operations available to common shareholders per
weighted average share
    
    $
    3.25
    
    
    $
    3.30
    
    
    $
    3.42Reconciliation of net income to FFO  diluted:Net income
    
    $
    249,351
    
    
    $
    161,443
    
    
    $
    163,610Diluted  income available to common shareholders
    
    
    249,351
    
    
    
    161,443
    
    
    
    163,610Diluted  income available to common shareholders per weighted
average share
    
    $
    2.82
    
    
    $
    1.88
    
    
    $
    2.05Adjustments:Depreciation and amortization of unconsolidated joint ventures
    
    
    1,316
    
    
    
    2,566
    
    
    
    663Depreciation and amortization
    
    
    147,669
    
    
    
    133,682
    
    
    
    120,826Gain on property dispositions, net of income tax
    
    
    (114,381
    )
    
    
    (13,502
    )
    
    
    (11,822
    )Minority interest less preferred share distributions
    
    
    10,018
    
    
    
    6,955
    
    
    
    7,644Funds from operations available to common shareholders  diluted
    
    $
    293,973
    
    
    $
    291,144
    
    
    $
    280,921Diluted Funds from operations available to common shareholders per
weighted average share
    
    $
    3.20
    
    
    $
    3.25
    
    
    $
    3.36Reconciliation of weighted average shares:Weighted average common shares  all basic calculations
    
    
    86,986
    
    
    
    84,534
    
    
    
    78,575Dilutive shares for long term compensation plans
    
    
    1,390
    
    
    
    1,490
    
    
    
    1,293Diluted shares for net income calculations
    
    
    88,376
    
    
    
    86,024
    
    
    
    79,868Weighted average common units
    
    
    3,555
    
    
    
    3,676
    
    
    
    3,693Diluted shares for Funds from operations calculations
    
    
    91,931
    
    
    
    89,700
    
    
    
    83,561
 Inflation
  31




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##### Table of Contents



ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
        
 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
  32




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##### Table of Contents



Managements Annual Report on Internal Control Over Financial Reporting
 To the Shareholders of Liberty Property Trust:
  Internal Control  Integrated Framework
    33




---



##### Table of Contents



Report of Independent Registered Public Accounting Firm
 The Board of Trustees and Shareholders of Liberty Property Trust
     .
  /s/ Ernst & Young LLP
 
 34




---



##### Table of Contents



Report of Independent Registered Public Accounting Firm
 The Board of Trustees and Shareholders of Liberty Property Trust
    
 /s/Ernst & Young LLP
 
 35




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##### Table of Contents



CONSOLIDATED BALANCE SHEETS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
 DECEMBER 31,2005
    
    
    2004ASSETSReal estate:Land and land improvements
    
    $
    629,962
    
    
    $
    622,987Buildings and improvements
    
    
    3,730,481
    
    
    
    3,616,204Less accumulated depreciation
    
    
    (748,818
    )
    
    
    (692,649
    )Operating real estate
    
    
    3,611,625
    
    
    
    3,546,542Development in progress
    
    
    324,924
    
    
    
    81,099Land held for development
    
    
    158,653
    
    
    
    171,122Net real estate
    
    
    4,095,202
    
    
    
    3,798,763Cash and cash equivalents
    
    
    61,629
    
    
    
    33,667Restricted cash
    
    
    29,085
    
    
    
    34,626Accounts receivable, net of allowance
    
    
    19,529
    
    
    
    21,502Deferred rent receivable
    
    
    72,818
    
    
    
    66,528Deferred financing and leasing costs, net of accumulated amortization
(2005, $106,752; 2004, $91,117)
    
    
    121,085
    
    
    
    106,940Investments in unconsolidated joint ventures
    
    
    33,522
    
    
    
    24,372Assets held for sale, net
    
    
    12,654
    
    
    
    12,799Prepaid expenses and other assets
    
    
    52,005
    
    
    
    63,630Total assets
    
    $
    4,497,529
    
    
    $
    4,162,827LIABILITIESMortgage loans
    
    $
    238,728
    
    
    $
    366,171Unsecured notes
    
    
    1,755,000
    
    
    
    1,455,000Credit facility
    
    
    255,450
    
    
    
    312,000Accounts payable
    
    
    32,919
    
    
    
    24,288Accrued interest
    
    
    34,892
    
    
    
    34,994Dividend payable
    
    
    56,490
    
    
    
    54,485Other liabilities
    
    
    161,735
    
    
    
    111,764Total liabilities
    
    
    2,535,214
    
    
    
    2,358,702Minority interest
    
    
    253,133
    
    
    
    207,866SHAREHOLDERS EQUITYCommon shares of beneficial interest, $.001 par value, 191,200,000 shares
authorized,
88,415,764 (includes 59,100 in treasury) and 85,734,380 (includes 59,100 in
treasury) shares issued and outstanding as of December 31, 2005 and 2004,
respectively
    
    
    88
    
    
    
    86Additional paid-in capital
    
    
    1,799,068
    
    
    
    1,705,913Accumulated other comprehensive income
    
    
    9,906
    
    
    
    25,105Distributions in excess of net income
    
    
    (98,553
    )
    
    
    (133,518
    )Common shares held in treasury, at cost, 59,100 shares as of December 31, 2005
and 2004
    
    
    (1,327
    )
    
    
    (1,327
    )Total shareholders equity
    
    
    1,709,182
    
    
    
    1,596,259Total liabilities and shareholders equity
    
    $
    4,497,529
    
    
    $
    4,162,827
  36




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##### Table of Contents



CONSOLIDATED STATEMENTS OF OPERATIONS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
 YEAR ENDED DECEMBER 31,2005
    
    
    2004
    
    
    2003OPERATING REVENUERental
    
    $
    486,121
    
    
    $
    452,753
    
    
    $
    430,435Operating expense reimbursement
    
    
    194,609
    
    
    
    175,574
    
    
    
    163,451Total operating revenue
    
    
    680,730
    
    
    
    628,327
    
    
    
    593,886OPERATING EXPENSERental property
    
    
    142,838
    
    
    
    128,005
    
    
    
    116,505Real estate taxes
    
    
    68,865
    
    
    
    62,809
    
    
    
    59,734General and administrative
    
    
    38,138
    
    
    
    33,759
    
    
    
    28,316Depreciation and amortization
    
    
    146,526
    
    
    
    129,298
    
    
    
    116,557Total operating expenses
    
    
    396,367
    
    
    
    353,871
    
    
    
    321,112Operating Income
    
    
    284,363
    
    
    
    274,456
    
    
    
    272,774OTHER INCOME (EXPENSE)Interest and other income
    
    
    8,622
    
    
    
    7,290
    
    
    
    8,285Interest expense
    
    
    (129,617
    )
    
    
    (116,630
    )
    
    
    (117,754
    )Total other income (expense)
    
    
    (120,995
    )
    
    
    (109,340
    )
    
    
    (109,469
    )Income before property dispositions, income taxes, minority interest
and equity in earnings (loss) of unconsolidated joint ventures
    
    
    163,368
    
    
    
    165,116
    
    
    
    163,305Gain on property dispositions
    
    
    84,295
    
    
    
    496
    
    
    
    447Income taxes
    
    
    (14,827
    )
    
    
    (1,820
    )
    
    
    (2,326
    )Minority interest
    
    
    (21,538
    )
    
    
    (17,478
    )
    
    
    (19,795
    )Equity in earnings (loss) of unconsolidated joint ventures
    
    
    2,540
    
    
    
    (775
    )
    
    
    1,744Income from continuing operations
    
    
    213,838
    
    
    
    145,539
    
    
    
    143,375Discontinued operations, net of minority interest (including net gain on property
dispositions of $37,915, $11,603, and $11,958 for the years ended December
31, 2005, 2004 and 2003, respectively)
    
    
    35,513
    
    
    
    15,904
    
    
    
    20,235Net income
    
    $
    249,351
    
    
    $
    161,443
    
    
    $
    163,610Earnings per shareBasic:Income from continuing operations
    
    $
    2.46
    
    
    $
    1.72
    
    
    $
    1.82Income from discontinued operations
    
    
    0.41
    
    
    
    0.19
    
    
    
    0.26Income per
common share  basic
    
    $
    2.87
    
    
    $
    1.91
    
    
    $
    2.08Diluted:Income from continuing operations
    
    $
    2.42
    
    
    $
    1.70
    
    
    $
    1.80Income from discontinued operations
    
    
    0.40
    
    
    
    0.18
    
    
    
    0.25Income per
common share  diluted
    
    $
    2.82
    
    
    $
    1.88
    
    
    $
    2.05Weighted average number of common shares outstandingBasic
    
    
    86,986
    
    
    
    84,534
    
    
    
    78,575Diluted
    
    
    88,376
    
    
    
    86,024
    
    
    
    79,868
  37




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##### Table of Contents



CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY OF LIBERTY PROPERTY TRUST
(IN THOUSANDS)
 COMMON
    
    
    
    
    
    
    ACCUMULATED
    
    
    
    
    
    
    COMMONSHARES OF
    
    
    ADDITIONAL
    
    
    OTHER
    
    
    DISTRIBUTIONS
    
    
    SHARES
    
    
    TOTALBENEFICIAL
    
    
    PAID-IN
    
    
    COMPREHENSIVE
    
    
    IN EXCESS OF NET
    
    
    HELD IN
    
    
    SHAREHOLDERSINTEREST
    
    
    CAPITAL
    
    
    INCOME
    
    
    INCOME
    
    
    TREASURY
    
    

EQUITYBalance at January 1, 2003
    
    $
    76
    
    
    $
    1,413,336
    
    
    $
    2,842
    
    
    $
    (60,496
    )
    
    $
    (1,327
    )
    
    $
    1,354,431Net proceeds from the issuance of
common shares
    
    
    7
    
    
    
    206,377
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    206,384Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    163,610
    
    
    
    
    
    
    
    163,610Distributions on common shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (191,632
    )
    
    
    
    
    
    
    (191,632
    )Noncash compensation
    
    
    
    
    
    
    2,877
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,877Minority interest reclassification
    
    
    
    
    
    
    (2,641
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,641
    )Foreign currency translation
adjustment
    
    
    
    
    
    
    
    
    
    
    11,868
    
    
    
    
    
    
    
    
    
    
    
    11,868Balance at December 31, 2003
    
    
    83
    
    
    
    1,619,949
    
    
    
    14,710
    
    
    
    (88,518
    )
    
    
    (1,327
    )
    
    
    1,544,897Net proceeds from the issuance of
common shares
    
    
    3
    
    
    
    85,168
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    85,171Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    161,443
    
    
    
    
    
    
    
    161,443Distributions on common shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (206,443
    )
    
    
    
    
    
    
    (206,443
    )Noncash compensation
    
    
    
    
    
    
    2,388
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,388Minority interest reclassification
    
    
    
    
    
    
    (1,592
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,592
    )Foreign currency translation
adjustment
    
    
    
    
    
    
    
    
    
    
    10,395
    
    
    
    
    
    
    
    
    
    
    
    10,395Balance at December 31, 2004
    
    
    86
    
    
    
    1,705,913
    
    
    
    25,105
    
    
    
    (133,518
    )
    
    
    (1,327
    )
    
    
    1,596,259Net proceeds from the issuance of
common shares
    
    
    2
    
    
    
    86,460
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    86,462Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    249,351
    
    
    
    
    
    
    
    249,351Distributions on common shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (214,386
    )
    
    
    
    
    
    
    (214,386
    )Noncash compensation
    
    
    
    
    
    
    5,032
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,032Minority interest reclassification
    
    
    
    
    
    
    1,663
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,663Foreign currency translation
adjustment
    
    
    
    
    
    
    
    
    
    
    (15,199
    )
    
    
    
    
    
    
    
    
    
    
    (15,199
    )Balance at December 31, 2005
    
    $
    88
    
    
    $
    1,799,068
    
    
    $
    9,906
    
    
    $
    (98,553
    )
    
    $
    (1,327
    )
    
    $
    1,709,182
  38




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##### Table of Contents



CONSOLIDATED STATEMENTS OF CASH FLOWS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS)
 YEAR ENDED DECEMBER 31,2005
    
    
    2004
    
    
    2003OPERATING ACTIVITIESNet income
    
    $
    249,351
    
    
    $
    161,443
    
    
    $
    163,610Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    150,722
    
    
    
    136,700
    
    
    
    123,102Amortization of deferred financing costs
    
    
    4,758
    
    
    
    4,315
    
    
    
    4,013Equity in (earnings) loss of unconsolidated joint ventures
    
    
    (2,540
    )
    
    
    775
    
    
    
    (1,744
    )Distributions from unconsolidated joint ventures
    
    
    4,651
    
    
    
    682
    
    
    
    3,145Minority interest in net income
    
    
    22,965
    
    
    
    18,167
    
    
    
    20,733Gain on property dispositions
    
    
    (122,210
    )
    
    
    (12,099
    )
    
    
    (12,405
    )Noncash compensation
    
    
    3,980
    
    
    
    2,388
    
    
    
    2,877Changes in operating assets and liabilities:Restricted cash
    
    
    3,849
    
    
    
    (19,334
    )
    
    
    (12,154
    )Accounts receivable
    
    
    1,804
    
    
    
    (8,449
    )
    
    
    5,125Deferred rent receivable
    
    
    (6,290
    )
    
    
    (8,513
    )
    
    
    (9,240
    )Prepaid expenses and other assets
    
    
    (12,488
    )
    
    
    (12,046
    )
    
    
    (3,638
    )Accounts payable
    
    
    8,894
    
    
    
    8,859
    
    
    
    (11,848
    )Accrued interest
    
    
    (102
    )
    
    
    2,166
    
    
    
    257Other liabilities
    
    
    52,353
    
    
    
    18,282
    
    
    
    (8,022
    )Net cash provided by operating activities
    
    
    359,697
    
    
    
    293,336
    
    
    
    263,811INVESTING ACTIVITIESInvestment in properties
    
    
    (324,340
    )
    
    
    (253,017
    )
    
    
    (145,997
    )Cash paid for business, net of cash acquired
    
    
    
    
    
    
    
    
    
    
    16,627Investments in unconsolidated joint ventures
    
    
    (13,790
    )
    
    
    (6,198
    )
    
    
    (4,918
    )Proceeds from disposition of properties/land
    
    
    415,144
    
    
    
    54,140
    
    
    
    49,744Investment in development in progress
    
    
    (235,078
    )
    
    
    (105,208
    )
    
    
    (59,953
    )Investment in land held for development
    
    
    (91,436
    )
    
    
    (34,132
    )
    
    
    (27,650
    )Increase in deferred leasing costs
    
    
    (37,133
    )
    
    
    (29,560
    )
    
    
    (22,986
    )Net cash used in investing activities
    
    
    (286,633
    )
    
    
    (373,975
    )
    
    
    (195,133
    )FINANCING ACTIVITIESNet proceeds from issuance of common shares
    
    
    87,514
    
    
    
    85,171
    
    
    
    206,384Net proceeds from issuance of preferred units
    
    
    48,686
    
    
    
    
    
    
    
    Net proceeds from issuance of unsecured notes
    
    
    296,424
    
    
    
    197,517
    
    
    
    3,683Repayments of unsecured notes
    
    
    
    
    
    
    (100,000
    )
    
    
    (73,739
    )Proceeds from mortgage loans
    
    
    
    
    
    
    9,618
    
    
    
    1,223Repayments of mortgage loans
    
    
    (173,926
    )
    
    
    (23,592
    )
    
    
    (15,436
    )Proceeds from credit facility
    
    
    784,800
    
    
    
    477,800
    
    
    
    453,950Repayments on credit facility
    
    
    (841,350
    )
    
    
    (332,800
    )
    
    
    (418,950
    )Increase in deferred financing costs
    
    
    (3,465
    )
    
    
    (199
    )
    
    
    (2,640
    )Distributions paid on common shares
    
    
    (212,305
    )
    
    
    (204,339
    )
    
    
    (187,293
    )Contributions from minority interests
    
    
    
    
    
    
    1,158
    
    
    
    637Distributions to minority interests
    
    
    (3,937
    )
    
    
    
    
    
    
    Distributions paid on units
    
    
    (20,859
    )
    
    
    (20,716
    )
    
    
    (25,930
    )Net cash (used in) provided by financing activities
    
    
    (38,418
    )
    
    
    89,618
    
    
    
    (58,111
    )Increase in cash and cash equivalents
    
    
    34,646
    
    
    
    8,979
    
    
    
    10,567(Decrease) increase in cash and cash equivalents related to foreign currency
translation
    
    
    (6,684
    )
    
    
    2,879
    
    
    
    3,309Cash and cash equivalents at beginning of year
    
    
    33,667
    
    
    
    21,809
    
    
    
    7,933Cash and cash equivalents at end of year
    
    $
    61,629
    
    
    $
    33,667
    
    
    $
    21,809SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONSWrite-off of fully depreciated property and deferred costs
    
    $
    83,794
    
    
    $
    27,990
    
    
    $
    13,187Issuance of operating partnership units
    
    
    
    
    
    
    
    
    
    
    1,151Acquisition of properties
    
    
    (51,716
    )
    
    
    (11,305
    )
    
    
    (56,083
    )Assumption of mortgage loans
    
    
    51,716
    
    
    
    11,305
    
    
    
    56,083
  39




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##### Table of Contents



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF LIBERTY PROPERTY TRUST
 1. ORGANIZATION
  2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Use of Estimates
  Principles of Consolidation
  Reclassifications
  Real Estate and Depreciation
  Buildings and improvements
    
    40 years (blended)Equipment
    
    5-10 yearsTenant improvements
    
    Term of the related lease
    40




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##### Table of Contents



Investments in Unconsolidated Joint Ventures
  Cash and Cash Equivalents
  Restricted Cash
  Accounts Receivable
   Deferred Rent Receivable
  Revenues
   a)
    
    the termination agreement is executed,b)
    
    the termination fee is determinable,c)
    
    all landlord services, pursuant to the terminated lease, have been
rendered, andd)
    
    collectibility of the termination fee is assured.
 Deferred Financing and Leasing Costs
  41




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##### Table of Contents



Income per Common Share
  2005
    
    
    
    
    
    
    
    
    
    
    2004Weighted
    
    
    
    
    
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    
    
    
    
    
    AverageIncome
    
    
    Shares
    
    
    Per
    
    
    Income
    
    
    Shares
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    Share
    
    
    (Numerator)
    
    
    (Denominator)
    
    
    ShareIncome from continuing operations
    
    $
    213,838
    
    
    
    
    
    
    
    
    
    
    $
    145,539Basic income from continuing operationsIncome from continuing operations available to
common shareholders
    
    
    213,838
    
    
    
    86,986
    
    
    $
    2.46
    
    
    
    145,539
    
    
    
    84,534
    
    
    $
    1.72Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,390
    
    
    
    
    
    
    
    
    
    
    
    1,490Diluted income from continuing operationsIncome from continuing operations available
to common shareholders and assumed conversions
    
    
    213,838
    
    
    
    88,376
    
    
    $
    2.42
    
    
    
    145,539
    
    
    
    86,024
    
    
    $
    1.70Basic income from discontinued operationsDiscontinued operations net of minority interest
    
    
    35,513
    
    
    
    86,986
    
    
    $
    0.41
    
    
    
    15,904
    
    
    
    84,534
    
    
    $
    0.19Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,390
    
    
    
    
    
    
    
    
    
    
    
    1,490Diluted income from discontinued operationsDiscontinued operations net of minority interest
    
    
    35,513
    
    
    
    88,376
    
    
    $
    0.40
    
    
    
    15,904
    
    
    
    86,024
    
    
    $
    0.18Basic income per common shareIncome available to common shareholders
    
    
    249,351
    
    
    
    86,986
    
    
    $
    2.87
    
    
    
    161,443
    
    
    
    84,534
    
    
    $
    1.91Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,390
    
    
    
    
    
    
    
    
    
    
    
    1,490Diluted income per common shareIncome available to common shareholders and
assumed
conversions
    
    $
    249,351
    
    
    
    88,376
    
    
    $
    2.82
    
    
    $
    161,443
    
    
    
    86,024
    
    
    $
    1.88
 2003WeightedAverageIncome
    
    
    Shares
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    ShareIncome from continuing operations
    
    $
    143,375Basic income from continuing operationsIncome from continuing operations available to
common shareholders
    
    
    143,375
    
    
    
    78,575
    
    
    $
    1.82Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,293Diluted income from continuing operationsIncome from continuing operations available to
common shareholders and assumed conversions
    
    
    143,375
    
    
    
    79,868
    
    
    $
    1.80Basic income from discontinued operationsDiscontinued operations net of minority interest
    
    
    20,235
    
    
    
    78,575
    
    
    $
    0.26Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,293Diluted income from discontinued operationsDiscontinued operations net of minority interest
    
    
    20,235
    
    
    
    79,868
    
    
    $
    0.25Basic income per common shareIncome available to common shareholders
    
    
    163,610
    
    
    
    78,575
    
    
    $
    2.08Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,293Diluted income per common shareIncome available to common shareholders and
assumed
conversions
    
    $
    163,610
    
    
    
    79,868
    
    
    $
    2.05
 Fair Value of Financial Instruments
  42




---



##### Table of Contents



Income Taxes
    Stock-Based Compensation
  Foreign Currency Translation
  Recently Issued Accounting Standards
 
SFAS No. 123 (revised 2004)
 Accounting for
Stock-Based Compensation. Accounting for Stock
Issued to Employees Statement of Cash Flows .
 SFAS No. 153
  43




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##### Table of Contents



Emerging Issues Task Force (EITF) Issue No. 04-5
  Interpretation of FASB Statement No. 143 (FIN 47)
 Accounting for Asset Retirement Obligations
 3. REAL ESTATE
  Land
    
    
    BuildingsAnd Land
    
    
    And
    
    
    
    
    
    
    AccumulatedImprovements
    
    
    Improvements
    
    
    Total
    
    
    Depreciation2005:Industrial properties
    
    $
    308,404
    
    
    $
    1,669,294
    
    
    $
    1,977,698
    
    
    $
    339,465Office properties
    
    
    321,558
    
    
    
    2,061,187
    
    
    
    2,382,745
    
    
    
    409,3532005 Total
    
    $
    629,962
    
    
    $
    3,730,481
    
    
    $
    4,360,443
    
    
    $
    748,8182004:Industrial properties
    
    $
    293,282
    
    
    $
    1,588,513
    
    
    $
    1,881,795
    
    
    $
    308,963Office properties
    
    
    329,705
    
    
    
    2,027,691
    
    
    
    2,357,396
    
    
    
    383,6862004 Total
    
    $
    622,987
    
    
    $
    3,616,204
    
    
    $
    4,239,191
    
    
    $
    692,649
   44




---



##### Table of Contents



2005 Sales
 Number of
    
    
    LeasableBuildings
    
    
    Square Feet
    
    
    Proceeds(in thousands)SegmentDelaware ValleySoutheastern Pennsylvania
    
    
    2
    
    
    
    139,760
    
    
    $
    7,864Other
    
    
    3
    
    
    
    177,733
    
    
    
    12,333MidwestLehigh Valley
    
    
    2
    
    
    
    142,204
    
    
    
    8,676Other
    
    
    18
    
    
    
    400,262
    
    
    
    23,236Mid-Atlantic
    
    
    4
    
    
    
    727,732
    
    
    
    51,570Florida
    
    
    6
    
    
    
    726,632
    
    
    
    53,834United Kingdom
    
    
    16
    
    
    
    602,175
    
    
    
    263,343Total
    
    
    51
    
    
    
    2,916,498
    
    
    $
    420,856
 2004 Sales
 Number of
    
    
    LeasableBuildings
    
    
    Square Feet
    
    
    Proceeds(in thousands)SegmentDelaware ValleySoutheastern Pennsylvania
    
    
    3
    
    
    
    248,073
    
    
    $
    30,814Other
    
    
    1
    
    
    
    45,390
    
    
    
    1,950MidwestLehigh Valley
    
    
    
    
    
    
    
    
    
    
    Other
    
    
    3
    
    
    
    303,723
    
    
    
    13,150Mid-Atlantic
    
    
    
    
    
    
    
    
    
    
    Florida
    
    
    3
    
    
    
    163,330
    
    
    
    5,205United Kingdom
    
    
    
    
    
    
    
    
    
    
    Total
    
    
    10
    
    
    
    760,516
    
    
    $
    51,119
 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
    45




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##### Table of Contents



Balance Sheets:
 December 31, 2005Liberty Venture
    
    
    Kings HillVenture I, LLC
    
    
    Unit Trust
    
    
    Other
    
    
    TotalReal estate assets
    
    $
    121,092
    
    
    $
    202,200
    
    
    $
    
    
    
    $
    323,292Accumulated depreciation
    
    
    (7,579
    )
    
    
    (284
    )
    
    
    
    
    
    
    (7,863
    )Real estate assets, net
    
    
    113,513
    
    
    
    201,916
    
    
    
    
    
    
    
    315,429Land held for development
    
    
    2,750
    
    
    
    
    
    
    
    37,812
    
    
    
    40,562Other assets
    
    
    14,922
    
    
    
    18,499
    
    
    
    9,980
    
    
    
    43,401Total assets
    
    $
    131,185
    
    
    $
    220,415
    
    
    $
    47,792
    
    
    $
    399,392Debt
    
    $
    77,826
    
    
    $
    163,448
    
    
    $
    
    
    
    $
    241,274Other liabilities
    
    
    2,284
    
    
    
    44,028
    
    
    
    678
    
    
    
    46,990Equity
    
    
    51,075
    
    
    
    12,939
    
    
    
    47,114
    
    
    
    111,128Total liabilities and equity
    
    $
    131,185
    
    
    $
    220,415
    
    
    $
    47,792
    
    
    $
    399,392Companys net investment in
unconsolidated joint ventures
    
    $
    12,310
    
    
    $
    
    
    
    $
    21,212
    
    
    $
    33,522
 December 31, 2004Liberty Venture
    
    
    Kings HillVenture I, LLC
    
    
    Unit Trust
    
    
    Other
    
    
    TotalReal estate assets
    
    $
    128,727
    
    
    $
    
    
    
    $
    
    
    
    $
    128,727Accumulated depreciation
    
    
    (5,183
    )
    
    
    
    
    
    
    
    
    
    
    (5,183
    )Real estate assets, net
    
    
    123,544
    
    
    
    
    
    
    
    
    
    
    
    123,544Land held for development
    
    
    2,686
    
    
    
    
    
    
    
    22,543
    
    
    
    25,229Other assets
    
    
    16,945
    
    
    
    
    
    
    
    2,747
    
    
    
    19,692Total assets
    
    $
    143,175
    
    
    $
    
    
    
    $
    25,290
    
    
    $
    168,465Debt
    
    $
    86,585
    
    
    $
    
    
    
    $
    
    
    
    $
    86,585Other liabilities
    
    
    3,183
    
    
    
    
    
    
    
    391
    
    
    
    3,574Equity
    
    
    53,407
    
    
    $
    
    
    
    
    24,899
    
    
    
    78,306Total liabilities and equity
    
    $
    143,175
    
    
    $
    
    
    
    $
    25,290
    
    
    $
    168,465Companys net investment in
unconsolidated joint ventures
    
    $
    13,035
    
    
    $
    
    
    
    $
    11,337
    
    
    $
    24,372
 Statements of Operations:
 Year Ended December 31, 2005Liberty Venture
    
    
    Kings HillVenture I, LLC
    
    
    Unit Trust
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    18,592
    
    
    $
    745
    
    
    $
    
    
    
    $
    19,337Operating expense
    
    
    5,859
    
    
    
    201
    
    
    
    32
    
    
    
    6,09212,733
    
    
    
    544
    
    
    
    (32
    )
    
    
    13,245Interest
    
    
    4,569
    
    
    
    634
    
    
    
    
    
    
    
    5,203Depreciation and amortization
    
    
    4,933
    
    
    
    386
    
    
    
    
    
    
    
    5,319Other (income)/expense
    
    
    184
    
    
    
    33
    
    
    
    (3,066
    )
    
    
    (2,849
    )(Gain)/loss on sale
    
    
    (7,555
    )
    
    
    
    
    
    
    
    
    
    
    (7,555
    )Net income (loss)
    
    $
    10,602
    
    
    $
    (509
    )
    
    $
    3,034
    
    
    $
    13,127Companys equity in earnings
(loss) of unconsolidated joint
ventures
    
    $
    2,650
    
    
    $
    (110
    )
    
    $
    
    
    
    $
    2,540
 Year Ended December 31, 2004Liberty Venture
    
    
    Kings HillVenture I, LLC
    
    
    Unit Trust
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    18,746
    
    
    $
    
    
    
    $
    
    
    
    $
    18,746Operating expense
    
    
    6,736
    
    
    
    
    
    
    
    
    
    
    
    6,73612,010
    
    
    
    
    
    
    
    
    
    
    
    12,010Interest
    
    
    4,426
    
    
    
    
    
    
    
    
    
    
    
    4,426Depreciation and amortization
    
    
    10,683
    
    
    
    
    
    
    
    
    
    
    
    10,683Net loss
    
    $
    (3,099
    )
    
    $
    
    
    
    $
    
    
    
    $
    (3,099
    )Companys equity in loss of
unconsolidated joint ventures
    
    $
    (775
    )
    
    $
    
    
    
    $
    
    
    
    $
    (775
    )
 46




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##### Table of Contents



Year Ended December 31, 2003Liberty Venture
    
    
    Kings HillVenture I, LLC
    
    
    Unit Trust
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    19,400
    
    
    $
    
    
    
    $
    
    
    
    $
    19,400Operating expense
    
    
    6,276
    
    
    
    
    
    
    
    
    
    
    
    6,27613,124
    
    
    
    
    
    
    
    
    
    
    
    13,124Interest
    
    
    3,870
    
    
    
    
    
    
    
    
    
    
    
    3,870Depreciation and amortization
    
    
    4,401
    
    
    
    
    
    
    
    
    
    
    
    4,401Net income
    
    $
    4,853
    
    
    $
    
    
    
    $
    
    
    
    $
    4,853Companys equity in earnings
of unconsolidated joint
ventures
    
    $
    1,744
    
    
    $
    
    
    
    $
    
    
    
    $
    1,744
 5. RELATED PARTY TRANSACTIONS
    6. INDEBTEDNESS
     Mortgage Loans, Unsecured Notes
   47




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##### Table of Contents



Credit Facility
  
    
    total debt to total assets may not exceed 0.60:1;
    
    earnings before interest, taxes, depreciation and amortization to fixed charges may
not be less than 1.50:1;
    
    unsecured debt to unencumbered asset value must equal or be less than 60%; and
    
    unencumbered net operating income to unsecured interest expense must equal or exceed 200%.
  WeightedMortgages
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    AveragePrincipal
    
    
    Principal
    
    
    Unsecured
    
    
    Credit
    
    
    
    
    
    
    InterestAmortization
    
    
    Maturities
    
    
    Notes
    
    
    Facility
    
    
    Total
    
    
    Rate2006
    
    $
    9,323
    
    
    $
    40,895
    
    
    $
    100,000
    
    
    $
    
    
    
    $
    150,218
    
    
    
    7.1
    %2007
    
    
    8,748
    
    
    
    1,553
    
    
    
    100,000
    
    
    
    
    
    
    
    110,301
    
    
    
    7.2
    %2008
    
    
    8,053
    
    
    
    45,259
    
    
    
    
    
    
    
    
    
    
    
    53,312
    
    
    
    6.6
    %2009
    
    
    5,652
    
    
    
    46,148
    
    
    
    270,000
    
    
    
    
    
    
    
    321,800
    
    
    
    7.8
    %2010
    
    
    4,827
    
    
    
    4,738
    
    
    
    200,000
    
    
    
    255,450
    
    
    
    465,015
    
    
    
    6.4
    %2011
    
    
    4,101
    
    
    
    10,730
    
    
    
    250,000
    
    
    
    
    
    
    
    264,831
    
    
    
    7.3
    %2012
    
    
    3,219
    
    
    
    32,910
    
    
    
    235,000
    
    
    
    
    
    
    
    271,129
    
    
    
    6.5
    %2013
    
    
    2,691
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,691
    
    
    
    6.0
    %2014
    
    
    2,857
    
    
    
    
    
    
    
    200,000
    
    
    
    
    
    
    
    202,857
    
    
    
    5.7
    %2015
    
    
    3,033
    
    
    
    
    
    
    
    300,000
    
    
    
    
    
    
    
    303,033
    
    
    
    5.1
    %2016 & thereafter
    
    
    3,991
    
    
    
    
    
    
    
    100,000
    
    
    
    
    
    
    
    103,991
    
    
    
    7.4
    %$
    56,495
    
    
    $
    182,233
    
    
    $
    1,755,000
    
    
    $
    255,450
    
    
    $
    2,249,178
    
    
    
    6.6
    %
 7. LEASING ACTIVITY
  2006
    
    $
    448,0982007
    
    
    400,0912008
    
    
    343,4922009
    
    
    271,3062010
    
    
    211,230Thereafter
    
    
    593,904TOTAL
    
    $
    2,268,121
  48




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##### Table of Contents



8. SHAREHOLDERS EQUITY
 Common Shares
   2005
    
    
    2004
    
    
    2003Return of capital
    
    
    
    
    
    
    8.0
    %
    
    
    Ordinary income
    
    
    62.8
    %
    
    
    87.3
    %
    
    
    96.0
    %Capital gains
    
    
    37.2
    %
    
    
    4.7
    %
    
    
    4.0
    %
  Treasury Shares
  Minority Interest
  49




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##### Table of Contents



Dateof
    
    
    
    
    
    
    
    
    
    
    
    Liquidation
    
    Dividend
    
 RedeemableIssue
    
    Issue
    
    Amount
    
    Units
    
    Preference
    
    Rate
    
    As of
    
    Exchangeable after(in ooos)7/28/99
    
    Series B
    
    $
    95,000
    
    
    
    3,800
    
    
    $
    25
    
    
    
    7.45
    %
    
    8/31/09
    
    1/1/14 into Series B
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
Trust6/16/05
    
    Series E
    
    $
    20,000
    
    
    
    400
    
    
    $
    50
    
    
    
    7.00
    %
    
    6/16/10
    
    6/16/15 into Series E
Cumulative Redeemable
Preferred Shares of the
Trust6/30/05
    
    Series F
    
    $
    44,000
    
    
    
    880
    
    
    $
    50
    
    
    
    6.65
    %
    
    6/30/10
    
    6/30/15 into Series F
Cumulative Redeemable
Preferred Shares of the
Trust8/23/05
    
    Series F
    
    $
    6,000
    
    
    
    120
    
    
    $
    50
    
    
    
    6.65
    %
    
    6/30/10
    
    6/30/15 into Series F
Cumulative Redeemable
Preferred Shares of the
Trust
    2005
    
    
    2004
    
    
    2003Distributions (in millions)
    
    $
    12.1
    
    
    $
    11.8
    
    
    $
    12.4Distribution per unit:Series B
    
    $
    1.86
    
    
    $
    2.16
    
    
    $
    2.31Series C
    
    $
    1.05
    
    
    $
    2.28
    
    
    $
    2.28Series D
    
    $
    3.81
    
    
    $
    3.81
    
    
    $
    3.81Series E
    
    $
    1.90
    
    
    
    
    
    
    
    Series F
    
    $
    1.61
    
    
    
    
    
    
    
    
 Shareholder Rights Plan
  Dividend Reinvestment and Share Purchase Plan
  50




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##### Table of Contents



9. EMPLOYEE BENEFIT PLANS
   10. SHARE OPTIONS
    2005
    
    
    2004
    
    
    2003Risk-free interest rate
    
    
    4.4
    %
    
    
    4.0
    %
    
    
    5.0
    %Dividend yield
    
    
    5.9
    %
    
    
    6.2
    %
    
    
    7.5
    %Volatility factor
    
    
    0.184
    
    
    
    0.172
    
    
    
    0.175Weighted-average expected life
    
    8 years
    
    8 years
    
    8 years
  Year Ended December 31,2005
    
    
    2004
    
    
    2003Income available to common shareholders
    
    $
    249,351
    
    
    $
    161,443
    
    
    $
    163,610Add: Share-based compensation expense included
in reported net income available to common
shareholders
    
    
    616
    
    
    
    349
    
    
    
    395Deduct: Total share-based employee compensation
expense determined under fair value based
methods for all awards
    
    
    (746
    )
    
    
    (1,199
    )
    
    
    (1,842
    )Pro forma income available to common shareholders
    
    $
    249,221
    
    
    $
    160,593
    
    
    $
    162,163Income per common share:Basic  as reported
    
    $
    2.87
    
    
    $
    1.91
    
    
    $
    2.08Basic  pro forma
    
    $
    2.87
    
    
    $
    1.90
    
    
    $
    2.06Diluted  as reported
    
    $
    2.82
    
    
    $
    1.88
    
    
    $
    2.05Diluted  pro forma
    
    $
    2.82
    
    
    $
    1.87
    
    
    $
    2.03
 51




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##### Table of Contents



2005
    
    
    2004
    
    
    2003Weighted
    
    
    
    
    
    
    Weighted
    
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    
    Average
    
    
    
    
    
    
    AverageOptions
    
    
    Exercise
    
    
    Options
    
    
    Exercise
    
    
    Options
    
    
    Exercise(000s)
    
    
    Price
    
    
    (000s)
    
    
    Price
    
    
    (000s)
    
    
    PriceOutstanding-beginning of year
    
    
    3,902
    
    
    $
    28.26
    
    
    
    4,453
    
    
    $
    26.88
    
    
    
    5,766
    
    
    $
    25.89Granted
    
    
    228
    
    
    
    41.34
    
    
    
    292
    
    
    
    43.07
    
    
    
    336
    
    
    
    31.56Exercised
    
    
    (592
    )
    
    
    26.74
    
    
    
    (841
    )
    
    
    25.89
    
    
    
    (1,611
    )
    
    
    24.26Forfeited
    
    
    (17
    )
    
    
    40.57
    
    
    
    (2
    )
    
    
    30.31
    
    
    
    (38
    )
    
    
    29.00Outstanding-end of year
    
    
    3,521
    
    
    $
    29.31
    
    
    
    3,902
    
    
    $
    28.26
    
    
    
    4,453
    
    
    $
    26.88Exercisable at end of year
    
    
    2,909
    
    
    $
    27.19
    
    
    
    2,556
    
    
    $
    25.62
    
    
    
    2,816
    
    
    $
    23.30Weighted-average fair value of
options granted during the year
    
    $
    3.86
    
    
    
    
    
    
    $
    3.15
    
    
    
    
    
    
    $
    1.91
    11. COMMITMENTS AND CONTINGENCIES
     52




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##### Table of Contents



12. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
  Quarter EndedDec. 31,
    
    
    Sept. 30,
    
    
    June 30,
    
    
    Mar. 31,
    
    
    Dec. 31,
    
    
    Sept. 30,
    
    
    June 30,
    
    
    Mar. 31,2005
    
    
    2005
    
    
    2005
    
    
    2005
    
    
    2004
    
    
    2004
    
    
    2004
    
    
    2004Operating revenue
    
    $
    171,888
    
    
    $
    169,552
    
    
    $
    174,026
    
    
    $
    165,264
    
    
    $
    160,863
    
    
    $
    157,168
    
    
    $
    155,729
    
    
    $
    154,567Income from continuing operations
    
    
    104,769
    
    
    
    33,405
    
    
    
    37,025
    
    
    
    38,639
    
    
    
    38,126
    
    
    
    35,447
    
    
    
    36,285
    
    
    
    35,681Discontinued operations
    
    
    2,547
    
    
    
    18,470
    
    
    
    7,532
    
    
    
    6,964
    
    
    
    7,813
    
    
    
    4,031
    
    
    
    1,070
    
    
    
    2,990Income available to common
shareholders
    
    
    107,316
    
    
    
    51,875
    
    
    
    44,557
    
    
    
    45,603
    
    
    
    45,939
    
    
    
    39,478
    
    
    
    37,355
    
    
    
    38,671Income per common share  basic
    
    $
    1.22
    
    
    $
    0.59
    
    
    $
    0.51
    
    
    $
    0.53
    
    
    $
    0.54
    
    
    $
    0.47
    
    
    $
    0.44
    
    
    $
    0.46Income per common share  diluted
    
    $
    1.20
    
    
    $
    0.58
    
    
    $
    0.51
    
    
    $
    0.52
    
    
    $
    0.53
    
    
    $
    0.46
    
    
    $
    0.44
    
    
    $
    0.45
 13. SEGMENT INFORMATION
  Reportable Segments
    
    MarketsDelaware Valley
    
    Southeastern Pennsylvania; New JerseyMidwest
    
    Lehigh Valley, Pennsylvania; Michigan; Minnesota; Milwaukee/ChicagoMid-Atlantic
    
    Maryland; Piedmont Triad, NC; Greenville, SC; Richmond; Virginia BeachFlorida
    
    Jacksonville; Orlando; Boca Raton; Tampa; TexasUnited Kingdom
    
    County of Kent
  53




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##### Table of Contents



FOR THE YEAR ENDED DECEMBER 31, 2005
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalOperating revenue
    
    $
    194,710
    
    
    $
    38,774
    
    
    $
    89,155
    
    
    $
    119,723
    
    
    $
    120,892
    
    
    $
    97,145
    
    
    $
    20,331
    
    
    $
    680,730Rental property
expenses and real
estate taxes
    
    
    56,908
    
    
    
    13,864
    
    
    
    23,155
    
    
    
    44,676
    
    
    
    37,460
    
    
    
    31,959
    
    
    
    3,681
    
    
    
    211,703Property level
operating income
    
    $
    137,802
    
    
    $
    24,910
    
    
    $
    66,000
    
    
    $
    75,047
    
    
    $
    83,432
    
    
    $
    65,186
    
    
    $
    16,650
    
    
    
    469,027Interest and other
income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,622Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (129,617
    )General and
administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (38,138
    )Depreciation and
amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (146,526
    )Income before property dispositions, income taxes, minority interest
and equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    163,368Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    84,295Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (14,827
    )Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (21,538
    )Equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,540Discontinued operations net of minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    35,513Income available to common shareholders
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    249,351
 FOR
THE YEAR ENDED DECEMBER 31, 2004
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalOperating revenue
    
    $
    184,704
    
    
    $
    33,643
    
    
    $
    75,427
    
    
    $
    113,347
    
    
    $
    114,307
    
    
    $
    87,165
    
    
    $
    19,734
    
    
    $
    628,327Rental property
expenses and real
estate taxes
    
    
    53,335
    
    
    
    11,616
    
    
    
    20,497
    
    
    
    42,113
    
    
    
    32,699
    
    
    
    27,386
    
    
    
    3,168
    
    
    
    190,814Property level
operating income
    
    $
    131,369
    
    
    $
    22,027
    
    
    $
    54,930
    
    
    $
    71,234
    
    
    $
    81,608
    
    
    $
    59,779
    
    
    $
    16,566
    
    
    
    437,513Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,290Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (116,630
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (33,759
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (129,298
    )Income before property dispositions, income taxes, minority interest
and equity in loss of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    165,116Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    496Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,820
    )Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (17,478
    )Equity in loss of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (775
    )Discontinued operations net of minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,904Income available to common shareholders
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    161,443
 54




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##### Table of Contents



FOR THE YEAR ENDED DECEMBER 31, 2003
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalOperating revenue
    
    $
    183,110
    
    
    $
    32,725
    
    
    $
    67,902
    
    
    $
    112,355
    
    
    $
    103,105
    
    
    $
    82,312
    
    
    $
    12,377
    
    
    $
    593,886Rental property
expenses and real
estate taxes
    
    
    51,950
    
    
    
    10,878
    
    
    
    17,295
    
    
    
    40,616
    
    
    
    28,648
    
    
    
    24,602
    
    
    
    2,250
    
    
    
    176,239Property level
operating income
    
    $
    131,160
    
    
    $
    21,847
    
    
    $
    50,607
    
    
    $
    71,739
    
    
    $
    74,457
    
    
    $
    57,710
    
    
    $
    10,127
    
    
    
    417,647Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,285Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (117,754
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (28,316
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (116,557
    )Income before property dispositions, income taxes, minority interest
and equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    163,305Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    447Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,326
    )Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (19,795
    )Equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,744Discontinued operations net of minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    20,235Income available to common shareholders
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    163,610
 Product Type Information
    
    Real Estate Related RevenuesYear Ended December 31,2005
    
    
    2004
    
    
    2003Industrial
    
    $
    285,894
    
    
    $
    262,529
    
    
    $
    246,247Office
    
    
    394,836
    
    
    
    365,798
    
    
    
    347,639Total operating revenue
    
    $
    680,730
    
    
    $
    628,327
    
    
    $
    593,886
 ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalJanuary 1, 2005
    
    $
    1,020,714
    
    
    $
    193,784
    
    
    $
    566,194
    
    
    $
    800,611
    
    
    $
    828,809
    
    
    $
    659,775
    
    
    $
    169,304
    
    
    $
    4,239,191Additions
    
    
    44,071
    
    
    
    15,191
    
    
    
    84,698
    
    
    
    115,619
    
    
    
    115,341
    
    
    
    37,796
    
    
    
    10,832
    
    
    
    423,548Dispositions
    
    
    (4,587
    )
    
    
    (21,953
    )
    
    
    (5,987
    )
    
    
    (26,842
    )
    
    
    (30,415
    )
    
    
    (42,214
    )
    
    
    (170,298
    )
    
    
    (302,296
    )December 31, 2005
    
    $
    1,060,198
    
    
    $
    187,022
    
    
    $
    644,905
    
    
    $
    889,388
    
    
    $
    913,735
    
    
    $
    655,357
    
    
    $
    9,838
    
    
    
    4,360,443Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (748,818
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    324,924Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    158,653Assets held for sale, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,654Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    389,673Total assets at December 31, 2005
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    4,497,529
 55




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##### Table of Contents



ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalJanuary 1, 2004
    
    $
    1,014,562
    
    
    $
    164,224
    
    
    $
    446,738
    
    
    $
    778,036
    
    
    $
    739,202
    
    
    $
    608,089
    
    
    $
    159,067
    
    
    $
    3,909,918Additions
    
    
    29,824
    
    
    
    31,082
    
    
    
    119,456
    
    
    
    35,484
    
    
    
    89,607
    
    
    
    55,667
    
    
    
    10,237
    
    
    
    371,357Dispositions
    
    
    (23,672
    )
    
    
    (1,522
    )
    
    
    
    
    
    
    (12,909
    )
    
    
    
    
    
    
    (3,981
    )
    
    
    
    
    
    
    (42,084
    )December 31, 2004
    
    $
    1,020,714
    
    
    $
    193,784
    
    
    $
    566,194
    
    
    $
    800,611
    
    
    $
    828,809
    
    
    $
    659,775
    
    
    $
    169,304
    
    
    
    4,239,191Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (692,649
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    81,099Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    171,122Assets held for sale, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,799Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    351,265Total assets at December 31, 2004
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    4,162,827
 14. SFAS NO. 144, ACCOUNTING FOR THE IMPAIRMENT OR DISPOSAL OF LONG-LIVED ASSETS
 Discontinued Operations
    December 31,2005
    
    
    2004
    
    
    2003Revenues
    
    $
    12,352
    
    
    $
    26,513
    
    
    $
    28,888Operating expenses
    
    
    (3,822
    )
    
    
    (6,439
    )
    
    
    (6,549
    )Interest expense
    
    
    (5,811
    )
    
    
    (7,867
    )
    
    
    (6,579
    )Depreciation and amortization
    
    
    (3,694
    )
    
    
    (7,217
    )
    
    
    (6,545
    )Income before property dispositions and minority interest
    
    $
    (975
    )
    
    $
    4,990
    
    
    $
    9,215
  Allocation
of Interest to Discontinued Operations
 Asset Impairment
  56




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##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES1501 Perryman Road
    
    Aberdeen, MD
    
    $
    
    
    
    $
    5,813,324
    
    
    $
    18,874,059
    
    
    $
    84
    
    
    $
    5,813,080
    
    
    $
    18,874,387
    
    
    $
    24,687,467
    
    
    $
    
    
    
    
    2005
    
    
    40 yrs.2196 Avenue C
    
    Allentown, PA
    
    
    
    
    
    
    101,159
    
    
    
    
    
    
    
    1,347,970
    
    
    
    107,307
    
    
    
    1,341,822
    
    
    
    1,449,129
    
    
    
    704,986
    
    
    
    1980
    
    
    40 yrs.2202 Hanger Place
    
    Allentown, PA
    
    
    
    *
    
    
    137,439
    
    
    
    
    
    
    
    1,341,155
    
    
    
    138,127
    
    
    
    1,340,466
    
    
    
    1,478,594
    
    
    
    785,363
    
    
    
    1981
    
    
    40 yrs.7437 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    717,488
    
    
    
    5,022,413
    
    
    
    1,872,180
    
    
    
    726,651
    
    
    
    6,885,429
    
    
    
    7,612,080
    
    
    
    2,223,838
    
    
    
    1976
    
    
    40 yrs.7339 Industrial Boulevard
    
    Allentown, PA
    
    
    
    *
    
    
    1,187,776
    
    
    
    
    
    
    
    6,049,516
    
    
    
    1,197,447
    
    
    
    6,039,845
    
    
    
    7,237,293
    
    
    
    1,605,166
    
    
    
    1996
    
    
    40 yrs.400 Nestle Way
    
    Allentown, PA
    
    
    24,080,572
    
    
    
    8,065,500
    
    
    
    
    
    
    
    26,870,897
    
    
    
    8,184,096
    
    
    
    26,752,301
    
    
    
    34,936,397
    
    
    
    6,429,317
    
    
    
    1997
    
    
    40 yrs.7248 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,670,849
    
    
    
    13,307,408
    
    
    
    1,097,573
    
    
    
    2,670,673
    
    
    
    14,405,156
    
    
    
    17,075,829
    
    
    
    3,351,205
    
    
    
    1988
    
    
    40 yrs.700 Nestle Way
    
    Allentown, PA
    
    
    
    
    
    
    3,473,120
    
    
    
    
    
    
    
    18,085,441
    
    
    
    4,174,970
    
    
    
    17,383,591
    
    
    
    21,558,561
    
    
    
    3,503,834
    
    
    
    1998
    
    
    40 yrs.7562 Penn Drive
    
    Allentown, PA
    
    
    
    
    
    
    269,614
    
    
    
    844,069
    
    
    
    131,443
    
    
    
    269,614
    
    
    
    975,512
    
    
    
    1,245,126
    
    
    
    202,120
    
    
    
    1989
    
    
    40 yrs.7277 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    462,964
    
    
    
    1,449,009
    
    
    
    315,821
    
    
    
    463,123
    
    
    
    1,764,671
    
    
    
    2,227,794
    
    
    
    442,488
    
    
    
    1989
    
    
    40 yrs.7355 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    489,749
    
    
    
    1,658,091
    
    
    
    304,294
    
    
    
    489,749
    
    
    
    1,962,385
    
    
    
    2,452,134
    
    
    
    407,004
    
    
    
    1998
    
    
    40 yrs.794 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    1,147,541
    
    
    
    6,088,041
    
    
    
    1,125,815
    
    
    
    1,147,541
    
    
    
    7,213,857
    
    
    
    8,361,398
    
    
    
    1,564,453
    
    
    
    1985
    
    
    40 yrs.6923 Schantz Spring Road
    
    Allentown, PA
    
    
    
    *
    
    
    1,127,805
    
    
    
    3,309,132
    
    
    
    348,419
    
    
    
    1,127,805
    
    
    
    3,657,551
    
    
    
    4,785,355
    
    
    
    722,630
    
    
    
    1993
    
    
    40 yrs.7132 Daniels Drive
    
    Allentown, PA
    
    
    
    
    
    
    1,623,326
    
    
    
    3,464,626
    
    
    
    4,070,191
    
    
    
    1,695,610
    
    
    
    7,462,532
    
    
    
    9,158,142
    
    
    
    1,375,466
    
    
    
    1988
    
    
    40 yrs.8014 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    4,019,258
    
    
    
    
    
    
    
    9,440,262
    
    
    
    3,645,117
    
    
    
    9,814,403
    
    
    
    13,459,520
    
    
    
    1,782,189
    
    
    
    1999
    
    
    40 yrs.705 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,484,096
    
    
    
    
    
    
    
    14,852,439
    
    
    
    4,486,836
    
    
    
    14,849,699
    
    
    
    19,336,535
    
    
    
    2,012,358
    
    
    
    2001
    
    
    40 yrs.651 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,308,646
    
    
    
    
    
    
    
    13,280,682
    
    
    
    4,308,646
    
    
    
    13,280,682
    
    
    
    17,589,328
    
    
    
    2,219,533
    
    
    
    2000
    
    
    40 yrs.8150 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,564,167
    
    
    
    
    
    
    
    8,703,838
    
    
    
    2,571,466
    
    
    
    8,696,539
    
    
    
    11,268,005
    
    
    
    1,114,060
    
    
    
    2002
    
    
    40 yrs.8250 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    1,025,667
    
    
    
    
    
    
    
    5,214,510
    
    
    
    1,035,854
    
    
    
    5,204,323
    
    
    
    6,240,177
    
    
    
    480,968
    
    
    
    2002
    
    
    40 yrs.650 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    5,208,248
    
    
    
    
    
    
    
    19,527,776
    
    
    
    5,242,478
    
    
    
    19,493,547
    
    
    
    24,736,024
    
    
    
    1,597,932
    
    
    
    2002
    
    
    40 yrs.650 Boulder Drive Expansion
    
    Allentown, PA
    
    
    
    
    
    
    2,861,715
    
    
    
    
    
    
    
    9,015,365
    
    
    
    4,719,311
    
    
    
    7,157,769
    
    
    
    11,877,080
    
    
    
    223,811
    
    
    
    2001
    
    
    40 yrs.7165 Ambassador Drive
    
    Allentown, PA
    
    
    
    
    
    
    792,999
    
    
    
    
    
    
    
    4,533,868
    
    
    
    804,848
    
    
    
    4,522,019
    
    
    
    5,326,867
    
    
    
    442,696
    
    
    
    2002
    
    
    40 yrs.835 W Hamilton Street
    
    Allentown, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    59,269,393
    
    
    
    1,233,597
    
    
    
    58,035,796
    
    
    
    59,269,393
    
    
    
    4,284,836
    
    
    
    2004
    
    
    40 yrs.200 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,722,683
    
    
    
    18,922,645
    
    
    
    178,925
    
    
    
    4,722,683
    
    
    
    19,101,570
    
    
    
    23,824,253
    
    
    
    593,798
    
    
    
    2004
    
    
    40 yrs.250 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    2,600,622
    
    
    
    12,099,145
    
    
    
    130,329
    
    
    
    2,600,622
    
    
    
    12,229,474
    
    
    
    14,830,096
    
    
    
    381,617
    
    
    
    2004
    
    
    40 yrs.6560 Stonegate Drive
    
    Allentown, PA
    
    
    
    *
    
    
    458,281
    
    
    
    
    
    
    
    2,411,971
    
    
    
    458,945
    
    
    
    2,411,307
    
    
    
    2,870,252
    
    
    
    992,783
    
    
    
    1989
    
    
    40 yrs.6370 Hedgewood Drive
    
    Allentown, PA
    
    
    942,053
    
    
    
    540,795
    
    
    
    
    
    
    
    3,233,886
    
    
    
    541,459
    
    
    
    3,233,222
    
    
    
    3,774,681
    
    
    
    1,242,135
    
    
    
    1990
    
    
    40 yrs.6390 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    707,203
    
    
    
    
    
    
    
    2,801,290
    
    
    
    707,867
    
    
    
    2,800,625
    
    
    
    3,508,493
    
    
    
    1,216,709
    
    
    
    1990
    
    
    40 yrs.6350 Hedgewood Drive
    
    Allentown, PA
    
    
    1,158,301
    
    
    
    360,027
    
    
    
    
    
    
    
    3,458,418
    
    
    
    560,691
    
    
    
    3,257,754
    
    
    
    3,818,445
    
    
    
    1,297,997
    
    
    
    1989
    
    
    40 yrs.6330 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    531,268
    
    
    
    
    
    
    
    4,905,648
    
    
    
    532,047
    
    
    
    4,904,869
    
    
    
    5,436,916
    
    
    
    2,171,204
    
    
    
    1988
    
    
    40 yrs.6580 Snowdrift Road
    
    Allentown, PA
    
    
    
    *
    
    
    388,328
    
    
    
    
    
    
    
    3,284,907
    
    
    
    389,081
    
    
    
    3,284,155
    
    
    
    3,673,235
    
    
    
    1,326,388
    
    
    
    1988
    
    
    40 yrs.6540 Stonegate Drive
    
    Allentown, PA
    
    
    1,458,938
    
    
    
    422,042
    
    
    
    
    
    
    
    3,893,307
    
    
    
    422,730
    
    
    
    3,892,620
    
    
    
    4,315,349
    
    
    
    1,687,429
    
    
    
    1988
    
    
    40 yrs.974 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    143,500
    
    
    
    
    
    
    
    2,462,419
    
    
    
    144,248
    
    
    
    2,461,672
    
    
    
    2,605,919
    
    
    
    1,083,837
    
    
    
    1987
    
    
    40 yrs.964 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    138,816
    
    
    
    
    
    
    
    1,667,008
    
    
    
    139,480
    
    
    
    1,666,344
    
    
    
    1,805,824
    
    
    
    837,998
    
    
    
    1985
    
    
    40 yrs.764 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    141,069
    
    
    
    
    
    
    
    864,405
    
    
    
    141,746
    
    
    
    863,728
    
    
    
    1,005,474
    
    
    
    415,161
    
    
    
    1985
    
    
    40 yrs.3174 Airport Road
    
    Allentown, PA
    
    
    
    
    
    
    98,986
    
    
    
    
    
    
    
    1,155,913
    
    
    
    98,986
    
    
    
    1,155,913
    
    
    
    1,254,899
    
    
    
    689,117
    
    
    
    1979
    
    
    40 yrs.2201 Hanger Place
    
    Allentown, PA
    
    
    
    
    
    
    128,454
    
    
    
    
    
    
    
    1,869,709
    
    
    
    129,142
    
    
    
    1,869,021
    
    
    
    1,998,163
    
    
    
    984,040
    
    
    
    1987
    
    
    40 yrs.954 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    103,665
    
    
    
    
    
    
    
    1,110,937
    
    
    
    104,453
    
    
    
    1,110,149
    
    
    
    1,214,602
    
    
    
    551,293
    
    
    
    1981
    
    
    40 yrs.754 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    162,115
    
    
    
    1,731,885
    
    
    
    186,641
    
    
    
    163,735
    
    
    
    1,916,906
    
    
    
    2,080,641
    
    
    
    608,794
    
    
    
    1986
    
    
    40 yrs.894 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    117,134
    
    
    
    1,048,866
    
    
    
    321,307
    
    
    
    118,304
    
    
    
    1,369,003
    
    
    
    1,487,307
    
    
    
    340,905
    
    
    
    1986
    
    
    40 yrs.744 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    159,771
    
    
    
    1,734,229
    
    
    
    270,068
    
    
    
    161,371
    
    
    
    2,002,697
    
    
    
    2,164,068
    
    
    
    612,315
    
    
    
    1986
    
    
    40 yrs.944 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    118,521
    
    
    
    1,435,479
    
    
    
    433,413
    
    
    
    119,711
    
    
    
    1,867,702
    
    
    
    1,987,413
    
    
    
    566,716
    
    
    
    1986
    
    
    40 yrs.6520 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    453,315
    
    
    
    
    
    
    
    1,795,242
    
    
    
    484,361
    
    
    
    1,764,196
    
    
    
    2,248,557
    
    
    
    511,996
    
    
    
    1996
    
    
    40 yrs.2041 Avenue C
    
    Allentown, PA
    
    
    
    *
    
    
    213,599
    
    
    
    1,095,217
    
    
    
    83,135
    
    
    
    213,879
    
    
    
    1,178,072
    
    
    
    1,391,951
    
    
    
    324,353
    
    
    
    1990
    
    
    40 yrs.7144 Daniels Drive
    
    Allentown, PA
    
    
    
    
    
    
    2,390,217
    
    
    
    2,342,761
    
    
    
    3,721,684
    
    
    
    1,579,169
    
    
    
    6,875,493
    
    
    
    8,454,662
    
    
    
    1,678,004
    
    
    
    1975
    
    
    40 yrs.7620 Cetronia Road
    
    Allentown, PA
    
    
    
    
    
    
    1,091,806
    
    
    
    3,851,456
    
    
    
    353,007
    
    
    
    1,093,724
    
    
    
    4,202,545
    
    
    
    5,296,269
    
    
    
    1,258,767
    
    
    
    1990
    
    
    40 yrs.939 Marcon Boulevard
    
    Allentown, PA
    
    
    
    *
    
    
    2,220,414
    
    
    
    4,524,393
    
    
    
    858,451
    
    
    
    2,220,548
    
    
    
    5,382,710
    
    
    
    7,603,257
    
    
    
    1,434,359
    
    
    
    1980
    
    
    40 yrs.180,190 Cochrane Drive
    
    Annapolis, MD
    
    
    
    
    
    
    3,670,256
    
    
    
    
    
    
    
    20,870,918
    
    
    
    3,752,293
    
    
    
    20,788,881
    
    
    
    24,541,174
    
    
    
    7,864,852
    
    
    
    1988
    
    
    40 yrs.10430 Lakeridge Parkway
    
    Ashland, VA
    
    
    
    
    
    
    421,267
    
    
    
    3,770,870
    
    
    
    282,587
    
    
    
    421,267
    
    
    
    4,053,457
    
    
    
    4,474,724
    
    
    
    824,454
    
    
    
    1989
    
    
    40 yrs.10456 Lakeridge Parkway
    
    Ashland, VA
    
    
    
    
    
    
    409,261
    
    
    
    3,663,754
    
    
    
    418,398
    
    
    
    409,261
    
    
    
    4,082,152
    
    
    
    4,491,413
    
    
    
    857,776
    
    
    
    1991
    
    
    40 yrs.2453 Prospect Street
    
    Aurora, IL
    
    
    
    
    
    
    1,780,395
    
    
    
    6,608,091
    
    
    
    435,893
    
    
    
    1,563,076
    
    
    
    7,261,304
    
    
    
    8,824,379
    
    
    
    1,484
    
    
    
    2004
    
    
    40 yrs.1000 Bilter Road
    
    Aurora, IL
    
    
    
    
    
    
    5,136,177
    
    
    
    22,491,870
    
    
    
    1,902,155
    
    
    
    5,120,004
    
    
    
    24,410,199
    
    
    
    29,530,202
    
    
    
    590,155
    
    
    
    2005
    
    
    40 yrs.101-121 N Raddant Road
    
    Batavia, IL
    
    
    6,130,347
    
    
    
    986,912
    
    
    
    9,984,405
    
    
    
    46,363
    
    
    
    986,912
    
    
    
    10,030,769
    
    
    
    11,017,681
    
    
    
    585,008
    
    
    
    2003
    
    
    40 yrs.1070 Swanson + 506-530 Kingsland
    
    Batavia, IL
    
    
    7,884,881
    
    
    
    1,100,812
    
    
    
    11,135,499
    
    
    
    36,314
    
    
    
    1,100,812
    
    
    
    11,171,813
    
    
    
    12,272,625
    
    
    
    651,403
    
    
    
    2003
    
    
    40 yrs.900 Douglas Road
    
    Batavia, IL
    
    
    
    
    
    
    308,586
    
    
    
    3,116,469
    
    
    
    9,635
    
    
    
    308,586
    
    
    
    3,126,104
    
    
    
    3,434,690
    
    
    
    182,278
    
    
    
    2003
    
    
    40 yrs.4606 Richlynn Drive
    
    Belcamp, MD
    
    
    
    
    
    
    299,600
    
    
    
    1,818,861
    
    
    
    712,787
    
    
    
    299,600
    
    
    
    2,531,649
    
    
    
    2,831,249
    
    
    
    404,490
    
    
    
    1985
    
    
    40 yrs.41199 Van Born Road
    
    Bellville, MI
    
    
    
    
    
    
    1,829,396
    
    
    
    6,765,015
    
    
    
    8,133
    
    
    
    1,829,396
    
    
    
    6,773,148
    
    
    
    8,602,543
    
    
    
    
    
    
    
    2005
    
    
    40 yrs.41133 Van Born Road
    
    Bellville, MI
    
    
    
    
    
    
    1,829,560
    
    
    
    6,454,755
    
    
    
    94,444
    
    
    
    1,829,560
    
    
    
    6,549,199
    
    
    
    8,378,759
    
    
    
    
    
    
    
    2005
    
    
    40 yrs.1655 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    214,431
    
    
    
    
    
    
    
    1,994,597
    
    
    
    215,095
    
    
    
    1,993,932
    
    
    
    2,209,028
    
    
    
    866,099
    
    
    
    1993
    
    
    40 yrs.100 Brodhead Road
    
    Bethlehem, PA
    
    
    
    *
    
    
    429,416
    
    
    
    2,919,588
    
    
    
    725,250
    
    
    
    429,456
    
    
    
    3,644,798
    
    
    
    4,074,254
    
    
    
    906,161
    
    
    
    1990
    
    
    40 yrs.1455 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    670,290
    
    
    
    
    
    
    
    3,732,375
    
    
    
    545,172
    
    
    
    3,857,492
    
    
    
    4,402,665
    
    
    
    1,611,685
    
    
    
    1997
    
    
    40 yrs.1640 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,412,280
    
    
    
    190,728
    
    
    
    2,580,553
    
    
    
    2,771,280
    
    
    
    1,044,485
    
    
    
    1996
    
    
    40 yrs.1650 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,212,500
    
    
    
    188,896
    
    
    
    2,382,604
    
    
    
    2,571,500
    
    
    
    872,451
    
    
    
    1997
    
    
    40 yrs.
 57




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES1660 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,257,716
    
    
    
    188,721
    
    
    
    2,427,995
    
    
    
    2,616,716
    
    
    
    672,667
    
    
    
    1998
    
    
    40 yrs.83 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    143,661
    
    
    
    888,128
    
    
    
    513,515
    
    
    
    212,744
    
    
    
    1,332,560
    
    
    
    1,545,304
    
    
    
    440,910
    
    
    
    1989
    
    
    40 yrs.85 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    236,708
    
    
    
    987,949
    
    
    
    157,065
    
    
    
    237,078
    
    
    
    1,144,644
    
    
    
    1,381,722
    
    
    
    281,971
    
    
    
    1989
    
    
    40 yrs.87 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    253,886
    
    
    
    1,062,881
    
    
    
    217,298
    
    
    
    253,886
    
    
    
    1,280,179
    
    
    
    1,534,065
    
    
    
    336,003
    
    
    
    1989
    
    
    40 yrs.89 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    320,000
    
    
    
    
    
    
    
    2,003,316
    
    
    
    367,706
    
    
    
    1,955,611
    
    
    
    2,323,316
    
    
    
    620,848
    
    
    
    1998
    
    
    40 yrs.95 Highland Avenue
    
    Bethlehem, PA
    
    
    
    
    
    
    430,593
    
    
    
    3,182,080
    
    
    
    1,387,950
    
    
    
    430,593
    
    
    
    4,570,029
    
    
    
    5,000,623
    
    
    
    1,067,777
    
    
    
    1985
    
    
    40 yrs.1525 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    475,686
    
    
    
    
    
    
    
    7,753,820
    
    
    
    804,104
    
    
    
    7,425,402
    
    
    
    8,229,506
    
    
    
    1,670,311
    
    
    
    1999
    
    
    40 yrs.74 West Broad Street
    
    Bethlehem, PA
    
    
    
    
    
    
    1,096,127
    
    
    
    
    
    
    
    13,350,023
    
    
    
    1,099,079
    
    
    
    13,347,071
    
    
    
    14,446,150
    
    
    
    1,877,308
    
    
    
    2002
    
    
    40 yrs.1605 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    729,751
    
    
    
    
    
    
    
    10,808,550
    
    
    
    1,766,196
    
    
    
    9,772,105
    
    
    
    11,538,301
    
    
    
    1,104,687
    
    
    
    2000
    
    
    40 yrs.3400 High Point Boulevard
    
    Bethlehem, PA
    
    
    
    
    
    
    298,227
    
    
    
    
    
    
    
    3,047,434
    
    
    
    662,809
    
    
    
    2,682,852
    
    
    
    3,345,661
    
    
    
    284,945
    
    
    
    2002
    
    
    40 yrs.1495 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    434,640
    
    
    
    
    
    
    
    3,803,574
    
    
    
    435,303
    
    
    
    3,802,911
    
    
    
    4,238,214
    
    
    
    1,391,226
    
    
    
    1990
    
    
    40 yrs.1550 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    196,954
    
    
    
    
    
    
    
    3,437,457
    
    
    
    197,700
    
    
    
    3,436,711
    
    
    
    3,634,411
    
    
    
    1,328,963
    
    
    
    1988
    
    
    40 yrs.1560 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    240,069
    
    
    
    
    
    
    
    4,413,646
    
    
    
    240,732
    
    
    
    4,412,983
    
    
    
    4,653,715
    
    
    
    1,872,674
    
    
    
    1988
    
    
    40 yrs.1510 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    312,209
    
    
    
    
    
    
    
    3,753,072
    
    
    
    312,873
    
    
    
    3,752,408
    
    
    
    4,065,281
    
    
    
    1,566,332
    
    
    
    1988
    
    
    40 yrs.1530 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    211,747
    
    
    
    
    
    
    
    2,987,198
    
    
    
    212,492
    
    
    
    2,986,453
    
    
    
    3,198,945
    
    
    
    1,135,268
    
    
    
    1988
    
    
    40 yrs.57 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    390,839
    
    
    
    2,701,161
    
    
    
    662,728
    
    
    
    395,459
    
    
    
    3,359,269
    
    
    
    3,754,728
    
    
    
    1,000,978
    
    
    
    1986
    
    
    40 yrs.1685 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    244,029
    
    
    
    
    
    
    
    2,280,697
    
    
    
    198,482
    
    
    
    2,326,244
    
    
    
    2,524,726
    
    
    
    739,638
    
    
    
    1996
    
    
    40 yrs.6601-6625 W. 78th Street
    
    Bloomington, MN
    
    
    
    
    
    
    2,263,060
    
    
    
    
    
    
    
    38,629,236
    
    
    
    2,310,246
    
    
    
    38,582,050
    
    
    
    40,892,296
    
    
    
    6,929,276
    
    
    
    1998
    
    
    40 yrs.4801 West 81st Street
    
    Bloomington, MN
    
    
    
    
    
    
    1,624,701
    
    
    
    2,494,368
    
    
    
    648,314
    
    
    
    1,624,701
    
    
    
    3,142,681
    
    
    
    4,767,383
    
    
    
    724,405
    
    
    
    1984
    
    
    40 yrs.8100 Cedar Avenue
    
    Bloomington, MN
    
    
    
    
    
    
    501,313
    
    
    
    3,675,416
    
    
    
    971,824
    
    
    
    501,313
    
    
    
    4,647,240
    
    
    
    5,148,553
    
    
    
    1,001,604
    
    
    
    1983
    
    
    40 yrs.6161 Green Valley Drive
    
    Bloomington, MN
    
    
    
    
    
    
    740,378
    
    
    
    3,311,602
    
    
    
    732,919
    
    
    
    741,194
    
    
    
    4,043,704
    
    
    
    4,784,898
    
    
    
    642,225
    
    
    
    1992
    
    
    40 yrs.10801 Nesbitt Avenue South
    
    Bloomington, MN
    
    
    
    
    
    
    784,577
    
    
    
    
    
    
    
    4,105,182
    
    
    
    786,382
    
    
    
    4,103,377
    
    
    
    4,889,759
    
    
    
    797,154
    
    
    
    2001
    
    
    40 yrs.5775 West Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,052,018
    
    
    
    3,849,649
    
    
    
    3,288,993
    
    
    
    2,060,644
    
    
    
    7,130,015
    
    
    
    9,190,660
    
    
    
    2,054,843
    
    
    
    2002
    
    
    40 yrs.5715 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    1,953,949
    
    
    
    1,264,758
    
    
    
    4,313,199
    
    
    
    5,577,958
    
    
    
    592,805
    
    
    
    2002
    
    
    40 yrs.5735 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    1,089,483
    
    
    
    1,264,758
    
    
    
    3,448,732
    
    
    
    4,713,491
    
    
    
    338,168
    
    
    
    2002
    
    
    40 yrs.1701 Clint Moore Boulevard
    
    Boca Raton, FL
    
    
    
    
    
    
    1,430,884
    
    
    
    3,043,553
    
    
    
    643,990
    
    
    
    1,430,937
    
    
    
    3,687,490
    
    
    
    5,118,427
    
    
    
    721,615
    
    
    
    1985
    
    
    40 yrs.951 Broken Sound Parkway
    
    Boca Raton, FL
    
    
    
    
    
    
    1,426,251
    
    
    
    6,098,952
    
    
    
    845,468
    
    
    
    1,426,251
    
    
    
    6,944,420
    
    
    
    8,370,670
    
    
    
    1,775,105
    
    
    
    1986
    
    
    40 yrs.777 Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    4,101,247
    
    
    
    16,077,347
    
    
    
    4,729,322
    
    
    
    4,501,247
    
    
    
    20,406,669
    
    
    
    24,907,916
    
    
    
    4,270,586
    
    
    
    1987
    
    
    40 yrs.1801 Clint Moore Road
    
    Boca Raton, FL
    
    
    
    
    
    
    1,065,068
    
    
    
    4,481,644
    
    
    
    462,220
    
    
    
    1,065,068
    
    
    
    4,943,864
    
    
    
    6,008,933
    
    
    
    1,060,278
    
    
    
    1986
    
    
    40 yrs.400 Boulder Drive
    
    Breinigsville, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,252,051
    
    
    
    2,865,575
    
    
    
    10,386,476
    
    
    
    13,252,051
    
    
    
    368,063
    
    
    
    2003
    
    
    40 yrs.860 Nestle Way
    
    Breinigsville, PA
    
    
    
    
    
    
    8,118,881
    
    
    
    18,885,486
    
    
    
    1,390,794
    
    
    
    8,118,881
    
    
    
    20,276,280
    
    
    
    28,395,161
    
    
    
    167,113
    
    
    
    2004
    
    
    40 yrs.602 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    524,728
    
    
    
    2,240,478
    
    
    
    7,650
    
    
    
    524,728
    
    
    
    2,248,128
    
    
    
    2,772,856
    
    
    
    435,284
    
    
    
    1996
    
    
    40 yrs.245 Executive Drive
    
    Brookfield, WI
    
    
    
    
    
    
    577,067
    
    
    
    5,197,903
    
    
    
    2,517,341
    
    
    
    577,067
    
    
    
    7,715,244
    
    
    
    8,292,311
    
    
    
    1,171,101
    
    
    
    1984
    
    
    40 yrs.16620-16650 W Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    586,665
    
    
    
    4,289,907
    
    
    
    641,920
    
    
    
    586,665
    
    
    
    4,931,828
    
    
    
    5,518,492
    
    
    
    790,717
    
    
    
    1999
    
    
    40 yrs.15800 West Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    1,289,204
    
    
    
    8,128,035
    
    
    
    1,263,239
    
    
    
    1,306,811
    
    
    
    9,373,667
    
    
    
    10,680,478
    
    
    
    1,030,788
    
    
    
    1994
    
    
    40 yrs.20700 Swenson Drive
    
    Brookfield, WI
    
    
    
    
    
    
    830,008
    
    
    
    12,276,445
    
    
    
    209,223
    
    
    
    830,008
    
    
    
    12,485,668
    
    
    
    13,315,676
    
    
    
    44,449
    
    
    
    2005
    
    
    40 yrs.20800 Swenson Drive
    
    Brookfield, WI
    
    
    
    
    
    
    1,023,466
    
    
    
    10,729,219
    
    
    
    345,767
    
    
    
    1,023,466
    
    
    
    11,074,986
    
    
    
    12,098,451
    
    
    
    38,883
    
    
    
    2005
    
    
    40 yrs.20935 Swenson Drive
    
    Brookfield, WI
    
    
    
    
    
    
    571,389
    
    
    
    10,238,547
    
    
    
    174,635
    
    
    
    571,389
    
    
    
    10,413,181
    
    
    
    10,984,570
    
    
    
    37,151
    
    
    
    2005
    
    
    40 yrs.20975 Swenson Drive
    
    Brookfield, WI
    
    
    
    
    
    
    675,422
    
    
    
    8,910,651
    
    
    
    412,619
    
    
    
    677,372
    
    
    
    9,321,320
    
    
    
    9,998,692
    
    
    
    32,226
    
    
    
    2005
    
    
    40 yrs.1485 W. Commerce Avenue
    
    Carlisle, PA
    
    
    
    
    
    
    4,249,868
    
    
    
    13,886,039
    
    
    
    49,205
    
    
    
    4,253,027
    
    
    
    13,932,086
    
    
    
    18,185,112
    
    
    
    348,233
    
    
    
    2004
    
    
    40 yrs.3773 Corporate Parkway
    
    Center Valley, PA
    
    
    
    
    
    
    738,108
    
    
    
    
    
    
    
    7,597,697
    
    
    
    794,874
    
    
    
    7,540,931
    
    
    
    8,335,805
    
    
    
    1,462,903
    
    
    
    2001
    
    
    40 yrs.1309 Executive Boulevard
    
    Cheaspeake, VA
    
    
    
    
    
    
    926,125
    
    
    
    
    
    
    
    5,086,632
    
    
    
    955,374
    
    
    
    5,057,383
    
    
    
    6,012,757
    
    
    
    690,591
    
    
    
    2001
    
    
    40 yrs.1960 Cuthbert Boulevard
    
    Cherry Hill, NJ
    
    
    
    
    
    
    321,699
    
    
    
    1,291,557
    
    
    
    542,915
    
    
    
    321,699
    
    
    
    1,834,473
    
    
    
    2,156,172
    
    
    
    456,176
    
    
    
    1985
    
    
    40 yrs.1970 Cuthbert Boulevard
    
    Cherry Hill, NJ
    
    
    
    
    
    
    321,699
    
    
    
    1,291,558
    
    
    
    233,697
    
    
    
    321,699
    
    
    
    1,525,255
    
    
    
    1,846,954
    
    
    
    283,559
    
    
    
    1985
    
    
    40 yrs.7 Carnegie Plaza
    
    Cherry Hill, NJ
    
    
    
    
    
    
    2,000,000
    
    
    
    3,493,983
    
    
    
    3,217,287
    
    
    
    2,005,475
    
    
    
    6,705,794
    
    
    
    8,711,270
    
    
    
    208,263
    
    
    
    2004
    
    
    40 yrs.1305 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    861,020
    
    
    
    
    
    
    
    4,874,601
    
    
    
    1,129,850
    
    
    
    4,605,771
    
    
    
    5,735,621
    
    
    
    527,850
    
    
    
    2002
    
    
    40 yrs.1313 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    1,180,036
    
    
    
    
    
    
    
    4,629,615
    
    
    
    1,708,050
    
    
    
    4,101,602
    
    
    
    5,809,652
    
    
    
    443,799
    
    
    
    2002
    
    
    40 yrs.500 Independence Parkway
    
    Chesapeake, VA
    
    
    3,890,463
    
    
    
    864,150
    
    
    
    4,427,285
    
    
    
    66,501
    
    
    
    866,609
    
    
    
    4,491,328
    
    
    
    5,357,937
    
    
    
    228,169
    
    
    
    2004
    
    
    40 yrs.700 Independence Parkway
    
    Chesapeake, VA
    
    
    7,204,561
    
    
    
    1,950,375
    
    
    
    8,273,910
    
    
    
    (906,932
    )
    
    
    1,951,135
    
    
    
    7,366,217
    
    
    
    9,317,352
    
    
    
    402,649
    
    
    
    2004
    
    
    40 yrs.501 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    1,202,556
    
    
    
    5,975,538
    
    
    
    1,024,000
    
    
    
    1,292,273
    
    
    
    6,909,821
    
    
    
    8,202,094
    
    
    
    149,113
    
    
    
    2005
    
    
    40 yrs.505 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    1,292,062
    
    
    
    6,456,515
    
    
    
    1,122,658
    
    
    
    1,292,254
    
    
    
    7,578,979
    
    
    
    8,871,234
    
    
    
    166,862
    
    
    
    2005
    
    
    40 yrs.510 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    2,012,149
    
    
    
    7,546,882
    
    
    
    299,240
    
    
    
    2,014,689
    
    
    
    7,843,582
    
    
    
    9,858,271
    
    
    
    192,555
    
    
    
    2005
    
    
    40 yrs.600 H P Way
    
    Chester, VA
    
    
    
    
    
    
    146,126
    
    
    
    
    
    
    
    5,317,497
    
    
    
    501,752
    
    
    
    4,961,871
    
    
    
    5,463,623
    
    
    
    1,058,137
    
    
    
    1997
    
    
    40 yrs.500 H P Way
    
    Chester, VA
    
    
    
    
    
    
    142,692
    
    
    
    
    
    
    
    5,070,943
    
    
    
    491,919
    
    
    
    4,721,717
    
    
    
    5,213,635
    
    
    
    874,593
    
    
    
    1997
    
    
    40 yrs.9101,9111,9115 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    758,951
    
    
    
    
    
    
    
    3,508,048
    
    
    
    765,952
    
    
    
    3,501,047
    
    
    
    4,266,999
    
    
    
    1,831,843
    
    
    
    1984
    
    
    40 yrs.9125,9135,9145 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    900,154
    
    
    
    
    
    
    
    5,689,577
    
    
    
    920,439
    
    
    
    5,669,293
    
    
    
    6,589,731
    
    
    
    3,246,973
    
    
    
    1983
    
    
    40 yrs.7178-80 Columbia Gateway
    
    Columbia, MD
    
    
    
    
    
    
    1,569,237
    
    
    
    4,786,887
    
    
    
    1,607,974
    
    
    
    1,571,105
    
    
    
    6,392,992
    
    
    
    7,964,098
    
    
    
    1,953,105
    
    
    
    1987
    
    
    40 yrs.9770 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    341,663
    
    
    
    3,033,309
    
    
    
    142,055
    
    
    
    341,663
    
    
    
    3,175,364
    
    
    
    3,517,027
    
    
    
    677,183
    
    
    
    1986
    
    
    40 yrs.9780 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    218,542
    
    
    
    1,940,636
    
    
    
    125,207
    
    
    
    218,542
    
    
    
    2,065,843
    
    
    
    2,284,384
    
    
    
    435,146
    
    
    
    1986
    
    
    40 yrs.9790 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    243,791
    
    
    
    2,164,094
    
    
    
    183,044
    
    
    
    243,791
    
    
    
    2,347,138
    
    
    
    2,590,929
    
    
    
    599,732
    
    
    
    1986
    
    
    40 yrs.9810 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    266,684
    
    
    
    2,366,901
    
    
    
    536,740
    
    
    
    266,684
    
    
    
    2,903,641
    
    
    
    3,170,325
    
    
    
    650,361
    
    
    
    1986
    
    
    40 yrs.9800 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    299,099
    
    
    
    2,654,069
    
    
    
    474,398
    
    
    
    299,099
    
    
    
    3,128,467
    
    
    
    3,427,567
    
    
    
    716,219
    
    
    
    1988
    
    
    40 yrs.9820 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    237,779
    
    
    
    2,110,835
    
    
    
    50,193
    
    
    
    237,779
    
    
    
    2,161,028
    
    
    
    2,398,807
    
    
    
    478,162
    
    
    
    1988
    
    
    40 yrs.
 58




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES9830 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    296,262
    
    
    
    2,628,933
    
    
    
    143,928
    
    
    
    296,262
    
    
    
    2,772,861
    
    
    
    3,069,124
    
    
    
    636,470
    
    
    
    1986
    
    
    40 yrs.9050 Red Branch Road
    
    Columbia, MD
    
    
    
    
    
    
    290,950
    
    
    
    2,577,153
    
    
    
    718,572
    
    
    
    290,950
    
    
    
    3,295,725
    
    
    
    3,586,675
    
    
    
    616,194
    
    
    
    1972
    
    
    40 yrs.8945-8975 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    2,428,795
    
    
    
    7,493,740
    
    
    
    822,282
    
    
    
    2,427,065
    
    
    
    8,317,752
    
    
    
    10,744,817
    
    
    
    1,636,438
    
    
    
    1986
    
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,529,318
    
    
    
    1,295,000
    
    
    
    3,192,423
    
    
    
    4,487,423
    
    
    
    485,845
    
    
    
    2002
    
    
    40 yrs.6200 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,726,880
    
    
    
    1,295,000
    
    
    
    3,389,986
    
    
    
    4,684,986
    
    
    
    414,939
    
    
    
    2002
    
    
    40 yrs.6210 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,722,092
    
    
    
    1,307,300
    
    
    
    3,372,898
    
    
    
    4,680,198
    
    
    
    483,713
    
    
    
    2002
    
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,780,749
    
    
    
    1,599,259
    
    
    
    3,139,595
    
    
    
    4,738,854
    
    
    
    211,557
    
    
    
    2000
    
    
    40 yrs.5950 Symphony Woods Road
    
    Columbia, MD
    
    
    
    
    
    
    1,462,762
    
    
    
    11,310,187
    
    
    
    980,190
    
    
    
    1,467,623
    
    
    
    12,285,517
    
    
    
    13,753,140
    
    
    
    1,418,071
    
    
    
    1986
    
    
    40 yrs.5150 International Drive
    
    Cudahy, WI
    
    
    
    
    
    
    739,673
    
    
    
    5,108,025
    
    
    
    250,327
    
    
    
    741,858
    
    
    
    5,356,167
    
    
    
    6,098,024
    
    
    
    252,995
    
    
    
    2003
    
    
    40 yrs.3255 Neil Armstrong Boulevard
    
    Eagan, MN
    
    
    
    
    
    
    1,131,017
    
    
    
    
    
    
    
    3,393,423
    
    
    
    1,131,017
    
    
    
    3,393,423
    
    
    
    4,524,441
    
    
    
    591,576
    
    
    
    1998
    
    
    40 yrs.6321-6325 Bury Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    462,876
    
    
    
    4,151,790
    
    
    
    301,563
    
    
    
    462,876
    
    
    
    4,453,353
    
    
    
    4,916,229
    
    
    
    1,050,521
    
    
    
    1988
    
    
    40 yrs.7660-7716 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    568,706
    
    
    
    5,115,177
    
    
    
    2,627,196
    
    
    
    1,289,215
    
    
    
    7,021,864
    
    
    
    8,311,079
    
    
    
    2,173,542
    
    
    
    1988
    
    
    40 yrs.7400 Flying Cloud Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    195,982
    
    
    
    1,762,027
    
    
    
    136,431
    
    
    
    195,982
    
    
    
    1,898,459
    
    
    
    2,094,440
    
    
    
    394,855
    
    
    
    1987
    
    
    40 yrs.10301-10305 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    120,622
    
    
    
    1,085,226
    
    
    
    109,698
    
    
    
    118,300
    
    
    
    1,197,246
    
    
    
    1,315,546
    
    
    
    267,707
    
    
    
    1984
    
    
    40 yrs.10321 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    145,198
    
    
    
    1,305,700
    
    
    
    355,229
    
    
    
    142,399
    
    
    
    1,663,728
    
    
    
    1,806,127
    
    
    
    400,559
    
    
    
    1984
    
    
    40 yrs.10333 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    110,746
    
    
    
    995,868
    
    
    
    32,756
    
    
    
    108,610
    
    
    
    1,030,760
    
    
    
    1,139,370
    
    
    
    225,138
    
    
    
    1984
    
    
    40 yrs.10349-10357 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    275,903
    
    
    
    2,481,666
    
    
    
    584,392
    
    
    
    270,584
    
    
    
    3,071,377
    
    
    
    3,341,961
    
    
    
    619,935
    
    
    
    1985
    
    
    40 yrs.10365-10375 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    291,077
    
    
    
    2,618,194
    
    
    
    506,997
    
    
    
    285,464
    
    
    
    3,130,804
    
    
    
    3,416,267
    
    
    
    639,068
    
    
    
    1985
    
    
    40 yrs.10393-10394 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    269,618
    
    
    
    2,423,318
    
    
    
    775,855
    
    
    
    264,419
    
    
    
    3,204,372
    
    
    
    3,468,791
    
    
    
    640,365
    
    
    
    1985
    
    
    40 yrs.7078 Shady Oak Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    343,093
    
    
    
    3,085,795
    
    
    
    150,672
    
    
    
    336,481
    
    
    
    3,243,079
    
    
    
    3,579,560
    
    
    
    692,034
    
    
    
    1985
    
    
    40 yrs.10400 Viking Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,912,391
    
    
    
    
    
    
    
    22,662,863
    
    
    
    2,938,372
    
    
    
    22,636,882
    
    
    
    25,575,254
    
    
    
    4,954,367
    
    
    
    1999
    
    
    40 yrs.7695-7699 Anagram Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    760,525
    
    
    
    3,254,758
    
    
    
    605,146
    
    
    
    760,525
    
    
    
    3,859,903
    
    
    
    4,620,429
    
    
    
    675,192
    
    
    
    1997
    
    
    40 yrs.7800 Equitable Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,188,525
    
    
    
    3,788,762
    
    
    
    95,205
    
    
    
    2,188,525
    
    
    
    3,883,967
    
    
    
    6,072,492
    
    
    
    721,965
    
    
    
    1993
    
    
    40 yrs.7905 Fuller Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,229,862
    
    
    
    4,075,167
    
    
    
    25,345
    
    
    
    1,230,965
    
    
    
    4,099,409
    
    
    
    5,330,374
    
    
    
    730,033
    
    
    
    1994
    
    
    40 yrs.9023 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,956,273
    
    
    
    
    
    
    
    4,873,578
    
    
    
    1,956,273
    
    
    
    4,873,578
    
    
    
    6,829,851
    
    
    
    899,524
    
    
    
    1999
    
    
    40 yrs.8967 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,450,000
    
    
    
    
    
    
    
    3,575,107
    
    
    
    1,450,000
    
    
    
    3,575,107
    
    
    
    5,025,107
    
    
    
    616,893
    
    
    
    2000
    
    
    40 yrs.7777 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    993,101
    
    
    
    2,136,862
    
    
    
    903,324
    
    
    
    993,101
    
    
    
    3,040,185
    
    
    
    4,033,286
    
    
    
    425,146
    
    
    
    2000
    
    
    40 yrs.8937 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,325,829
    
    
    
    
    
    
    
    4,287,274
    
    
    
    1,739,966
    
    
    
    3,873,137
    
    
    
    5,613,103
    
    
    
    578,525
    
    
    
    2001
    
    
    40 yrs.7615 Smetana Lane
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,011,517
    
    
    
    
    
    
    
    8,665,025
    
    
    
    3,000,555
    
    
    
    6,675,988
    
    
    
    9,676,542
    
    
    
    1,146,158
    
    
    
    2001
    
    
    40 yrs.8995 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,087,594
    
    
    
    
    
    
    
    3,664,053
    
    
    
    2,055,296
    
    
    
    2,696,352
    
    
    
    4,751,648
    
    
    
    344,658
    
    
    
    2001
    
    
    40 yrs.8911 Columbine Road (B2)
    
    Eden Prairie, MN
    
    
    
    
    
    
    916,687
    
    
    
    
    
    
    
    3,608,469
    
    
    
    1,718,407
    
    
    
    2,806,748
    
    
    
    4,525,156
    
    
    
    213,862
    
    
    
    2000
    
    
    40 yrs.8855 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,400,925
    
    
    
    
    
    
    
    5,226,016
    
    
    
    1,599,757
    
    
    
    5,027,185
    
    
    
    6,626,941
    
    
    
    197,523
    
    
    
    2000
    
    
    40 yrs.27260 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    456,877
    
    
    
    4,091,196
    
    
    
    633,559
    
    
    
    456,877
    
    
    
    4,724,755
    
    
    
    5,181,633
    
    
    
    1,090,466
    
    
    
    1983
    
    
    40 yrs.27200 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    382,754
    
    
    
    3,425,227
    
    
    
    454,131
    
    
    
    382,754
    
    
    
    3,879,358
    
    
    
    4,262,112
    
    
    
    959,305
    
    
    
    1983
    
    
    40 yrs.27280 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    452,860
    
    
    
    4,055,512
    
    
    
    421,431
    
    
    
    452,860
    
    
    
    4,476,943
    
    
    
    4,929,802
    
    
    
    1,018,962
    
    
    
    1983
    
    
    40 yrs.27220 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    203,064
    
    
    
    1,802,592
    
    
    
    174,383
    
    
    
    203,064
    
    
    
    1,976,975
    
    
    
    2,180,039
    
    
    
    482,880
    
    
    
    1985
    
    
    40 yrs.27240 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    171,518
    
    
    
    1,518,192
    
    
    
    209,332
    
    
    
    171,518
    
    
    
    1,727,524
    
    
    
    1,899,041
    
    
    
    389,624
    
    
    
    1985
    
    
    40 yrs.27300 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    370,378
    
    
    
    3,311,366
    
    
    
    663,297
    
    
    
    370,378
    
    
    
    3,974,663
    
    
    
    4,345,042
    
    
    
    795,677
    
    
    
    1985
    
    
    40 yrs.26442-26450 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    237,687
    
    
    
    2,143,478
    
    
    
    151,776
    
    
    
    237,691
    
    
    
    2,295,251
    
    
    
    2,532,941
    
    
    
    468,876
    
    
    
    1988
    
    
    40 yrs.26500 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    311,093
    
    
    
    2,791,804
    
    
    
    433,197
    
    
    
    311,097
    
    
    
    3,224,997
    
    
    
    3,536,094
    
    
    
    636,041
    
    
    
    1986
    
    
    40 yrs.26650 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    173,166
    
    
    
    1,562,704
    
    
    
    142,562
    
    
    
    173,170
    
    
    
    1,705,262
    
    
    
    1,878,432
    
    
    
    334,224
    
    
    
    1988
    
    
    40 yrs.26700 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    253,338
    
    
    
    2,290,696
    
    
    
    103,104
    
    
    
    253,341
    
    
    
    2,393,797
    
    
    
    2,647,138
    
    
    
    479,514
    
    
    
    1986
    
    
    40 yrs.26750 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    292,717
    
    
    
    2,638,688
    
    
    
    249,370
    
    
    
    292,720
    
    
    
    2,888,055
    
    
    
    3,180,775
    
    
    
    678,657
    
    
    
    1988
    
    
    40 yrs.26800 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    175,489
    
    
    
    1,583,362
    
    
    
    243,144
    
    
    
    175,492
    
    
    
    1,826,503
    
    
    
    2,001,995
    
    
    
    435,691
    
    
    
    1986
    
    
    40 yrs.26842-26850 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    239,606
    
    
    
    2,160,470
    
    
    
    347,508
    
    
    
    239,609
    
    
    
    2,507,974
    
    
    
    2,747,584
    
    
    
    631,875
    
    
    
    1988
    
    
    40 yrs.26600 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    455,846
    
    
    
    
    
    
    
    2,910,598
    
    
    
    537,693
    
    
    
    2,828,750
    
    
    
    3,366,444
    
    
    
    682,893
    
    
    
    1999
    
    
    40 yrs.26550 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    368,083
    
    
    
    
    
    
    
    2,646,871
    
    
    
    535,179
    
    
    
    2,479,775
    
    
    
    3,014,954
    
    
    
    600,743
    
    
    
    2000
    
    
    40 yrs.32991 Hamilton Court
    
    Farmington Hills, MI
    
    
    
    
    
    
    1,065,392
    
    
    
    3,627,675
    
    
    
    1,151,817
    
    
    
    1,065,392
    
    
    
    4,779,492
    
    
    
    5,844,884
    
    
    
    535,720
    
    
    
    1989
    
    
    40 yrs.7028 Snowdrift Road
    
    Fogelville, PA
    
    
    
    
    
    
    520,473
    
    
    
    959,279
    
    
    
    260,567
    
    
    
    524,390
    
    
    
    1,215,930
    
    
    
    1,740,319
    
    
    
    212,044
    
    
    
    1982
    
    
    40 yrs.414 Commerce Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,267,194
    
    
    
    2,217,460
    
    
    
    151,499
    
    
    
    1,267,937
    
    
    
    2,368,216
    
    
    
    3,636,153
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.275 Commerce Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,775,894
    
    
    
    2,160,855
    
    
    
    121,017
    
    
    
    1,789,023
    
    
    
    2,268,742
    
    
    
    4,057,766
    
    
    
    
    
    
    
    2005
    
    
    40 yrs.1250 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,639,166
    
    
    
    1,928,574
    
    
    
    92,973
    
    
    
    1,650,456
    
    
    
    2,010,257
    
    
    
    3,660,713
    
    
    
    
    
    
    
    2005
    
    
    40 yrs.106 Southchase Boulevard
    
    Fountain Inn, SC
    
    
    
    
    
    
    201,944
    
    
    
    
    
    
    
    5,124,478
    
    
    
    703,280
    
    
    
    4,623,142
    
    
    
    5,326,422
    
    
    
    9,821
    
    
    
    2005
    
    
    40 yrs.9601 Cosner Drive
    
    Fredericksburg, VA
    
    
    
    
    
    
    475,262
    
    
    
    3,917,234
    
    
    
    214,221
    
    
    
    475,262
    
    
    
    4,131,454
    
    
    
    4,606,716
    
    
    
    1,071,091
    
    
    
    1995
    
    
    40 yrs.5410 - 5430 Northwest 33rd Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    603,776
    
    
    
    4,176,238
    
    
    
    1,027,286
    
    
    
    625,111
    
    
    
    5,182,189
    
    
    
    5,807,300
    
    
    
    1,113,938
    
    
    
    1985
    
    
    40 yrs.6500 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,099
    
    
    
    3,046,309
    
    
    
    243,266
    
    
    
    
    
    
    
    3,296,674
    
    
    
    3,296,674
    
    
    
    767,686
    
    
    
    1989
    
    
    40 yrs.6600 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,102
    
    
    
    3,047,462
    
    
    
    458,816
    
    
    
    
    
    
    
    3,513,380
    
    
    
    3,513,380
    
    
    
    793,835
    
    
    
    1989
    
    
    40 yrs.4880 Cox Road
    
    Glen Allen, VA
    
    
    
    *
    
    
    743,898
    
    
    
    4,499,807
    
    
    
    1,168,482
    
    
    
    743,898
    
    
    
    5,668,289
    
    
    
    6,412,187
    
    
    
    1,040,769
    
    
    
    1995
    
    
    40 yrs.5000 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    770,214
    
    
    
    3,685,248
    
    
    
    334,094
    
    
    
    771,029
    
    
    
    4,018,528
    
    
    
    4,789,556
    
    
    
    974,447
    
    
    
    1990
    
    
    40 yrs.5500 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    443,485
    
    
    
    
    
    
    
    2,743,086
    
    
    
    483,263
    
    
    
    2,703,308
    
    
    
    3,186,571
    
    
    
    662,748
    
    
    
    1999
    
    
    40 yrs.4801 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,072,896
    
    
    
    
    
    
    
    10,165,699
    
    
    
    1,075,620
    
    
    
    10,162,975
    
    
    
    11,238,595
    
    
    
    1,941,101
    
    
    
    1998
    
    
    40 yrs.4198 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    670,292
    
    
    
    3,839,245
    
    
    
    939,693
    
    
    
    670,292
    
    
    
    4,778,938
    
    
    
    5,449,229
    
    
    
    1,120,326
    
    
    
    1984
    
    
    40 yrs.4510 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,010,024
    
    
    
    7,151,729
    
    
    
    1,663,136
    
    
    
    1,010,044
    
    
    
    8,814,845
    
    
    
    9,824,889
    
    
    
    2,112,992
    
    
    
    1990
    
    
    40 yrs.
 59




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES4121 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,083,006
    
    
    
    6,035,653
    
    
    
    422,899
    
    
    
    1,083,006
    
    
    
    6,458,552
    
    
    
    7,541,558
    
    
    
    222,712
    
    
    
    2004
    
    
    40 yrs.200 Centreport Drive
    
    Greensboro, NC
    
    
    
    *
    
    
    331,400
    
    
    
    3,768,600
    
    
    
    617,010
    
    
    
    332,017
    
    
    
    4,384,994
    
    
    
    4,717,010
    
    
    
    1,338,420
    
    
    
    1986
    
    
    40 yrs.101 Centreport Drive
    
    Greensboro, NC
    
    
    
    
    
    
    826,237
    
    
    
    
    
    
    
    7,973,119
    
    
    
    826,237
    
    
    
    7,973,119
    
    
    
    8,799,355
    
    
    
    1,690,873
    
    
    
    1998
    
    
    40 yrs.7736 McCloud Road
    
    Greensboro, NC
    
    
    
    
    
    
    591,795
    
    
    
    5,895,312
    
    
    
    619,040
    
    
    
    591,795
    
    
    
    6,514,352
    
    
    
    7,106,147
    
    
    
    1,315,174
    
    
    
    1986
    
    
    40 yrs.4300 Federal Drive Expansion
    
    Greensboro, NC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    463,523
    
    
    
    
    
    
    
    463,523
    
    
    
    463,523
    
    
    
    20,770
    
    
    
    2003
    
    
    40 yrs.202 Centreport Drive
    
    Greensboro, NC
    
    
    
    *
    
    
    549,948
    
    
    
    5,360,462
    
    
    
    700,556
    
    
    
    549,679
    
    
    
    6,061,286
    
    
    
    6,610,965
    
    
    
    1,793,553
    
    
    
    1990
    
    
    40 yrs.420 Park Avenue
    
    Greenville, SC
    
    
    
    *
    
    
    522,548
    
    
    
    2,730,261
    
    
    
    960,232
    
    
    
    522,548
    
    
    
    3,690,493
    
    
    
    4,213,041
    
    
    
    993,177
    
    
    
    1986
    
    
    40 yrs.One Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    780,881
    
    
    
    6,199,230
    
    
    
    6,280,623
    
    
    
    784,617
    
    
    
    12,476,117
    
    
    
    13,260,734
    
    
    
    1,818,151
    
    
    
    1982
    
    
    40 yrs.55 Beattie Place
    
    Greenville, SC
    
    
    
    
    
    
    2,643,105
    
    
    
    23,439,801
    
    
    
    9,599,090
    
    
    
    2,645,238
    
    
    
    33,036,758
    
    
    
    35,681,996
    
    
    
    5,890,713
    
    
    
    1986
    
    
    40 yrs.75 Beattie Place
    
    Greenville, SC
    
    
    
    *
    
    
    2,406,646
    
    
    
    17,400,939
    
    
    
    1,622,607
    
    
    
    2,408,577
    
    
    
    19,021,615
    
    
    
    21,430,192
    
    
    
    4,083,670
    
    
    
    1987
    
    
    40 yrs.15 Brendan Way
    
    Greenville, SC
    
    
    
    
    
    
    614,192
    
    
    
    3,012,019
    
    
    
    1,265,102
    
    
    
    614,192
    
    
    
    4,277,121
    
    
    
    4,891,313
    
    
    
    1,284,775
    
    
    
    1988
    
    
    40 yrs.4 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,509,503
    
    
    
    467,438
    
    
    
    3,042,065
    
    
    
    3,509,503
    
    
    
    463,107
    
    
    
    2002
    
    
    40 yrs.5 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,286,404
    
    
    
    467,438
    
    
    
    2,818,966
    
    
    
    3,286,404
    
    
    
    507,478
    
    
    
    2002
    
    
    40 yrs.200 Southchase Boulevard
    
    Greenville, SC
    
    
    
    
    
    
    512,911
    
    
    
    
    
    
    
    6,273,615
    
    
    
    515,542
    
    
    
    6,270,984
    
    
    
    6,786,525
    
    
    
    322,423
    
    
    
    2003
    
    
    40 yrs.6 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,061,966
    
    
    
    545,698
    
    
    
    2,516,268
    
    
    
    3,061,966
    
    
    
    115,829
    
    
    
    2003
    
    
    40 yrs.1 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    974,675
    
    
    
    5,579,869
    
    
    
    799,060
    
    
    
    974,675
    
    
    
    6,378,929
    
    
    
    7,353,604
    
    
    
    1,521,211
    
    
    
    1987
    
    
    40 yrs.22 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    1,097,368
    
    
    
    6,760,778
    
    
    
    830,894
    
    
    
    1,097,368
    
    
    
    7,591,672
    
    
    
    8,689,040
    
    
    
    1,820,507
    
    
    
    1990
    
    
    40 yrs.5 Manhattan Square
    
    Hampton, VA
    
    
    
    
    
    
    207,368
    
    
    
    
    
    
    
    1,663,695
    
    
    
    212,694
    
    
    
    1,658,368
    
    
    
    1,871,063
    
    
    
    374,309
    
    
    
    1999
    
    
    40 yrs.21 Enterprise Parkway
    
    Hampton, VA
    
    
    454,608
    
    
    
    263,668
    
    
    
    8,167,118
    
    
    
    464,956
    
    
    
    265,719
    
    
    
    8,630,024
    
    
    
    8,895,743
    
    
    
    1,095,055
    
    
    
    1999
    
    
    40 yrs.521 Butler Farm Road
    
    Hampton, VA
    
    
    
    
    
    
    750,769
    
    
    
    2,911,149
    
    
    
    160,297
    
    
    
    710,486
    
    
    
    3,111,728
    
    
    
    3,822,215
    
    
    
    175,244
    
    
    
    2003
    
    
    40 yrs.7317 Parkway Drive
    
    Hanover, MD
    
    
    
    
    
    
    1,104,359
    
    
    
    1,959,671
    
    
    
    79,319
    
    
    
    1,104,359
    
    
    
    2,038,990
    
    
    
    3,143,349
    
    
    
    372,288
    
    
    
    1983
    
    
    40 yrs.500 McCarthy Drive
    
    Harrisburg, PA
    
    
    
    
    
    
    5,194,872
    
    
    
    19,991,436
    
    
    
    4,099,799
    
    
    
    5,687,013
    
    
    
    23,599,094
    
    
    
    29,286,107
    
    
    
    320,900
    
    
    
    2005
    
    
    40 yrs.4170 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    143,699
    
    
    
    
    
    
    
    2,205,698
    
    
    
    373,502
    
    
    
    1,975,894
    
    
    
    2,349,397
    
    
    
    487,978
    
    
    
    1999
    
    
    40 yrs.4180 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    121,329
    
    
    
    
    
    
    
    1,834,221
    
    
    
    315,614
    
    
    
    1,639,936
    
    
    
    1,955,550
    
    
    
    422,342
    
    
    
    1999
    
    
    40 yrs.4050 Piedmont Parkway
    
    High Point , NC
    
    
    
    
    
    
    801,902
    
    
    
    
    
    
    
    19,441,413
    
    
    
    2,042,159
    
    
    
    18,201,156
    
    
    
    20,243,315
    
    
    
    3,264,385
    
    
    
    1998
    
    
    40 yrs.4523 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    234,564
    
    
    
    
    
    
    
    2,403,961
    
    
    
    235,698
    
    
    
    2,402,827
    
    
    
    2,638,525
    
    
    
    977,437
    
    
    
    1988
    
    
    40 yrs.4501 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    319,289
    
    
    
    
    
    
    
    2,553,785
    
    
    
    320,450
    
    
    
    2,552,624
    
    
    
    2,873,074
    
    
    
    1,052,143
    
    
    
    1989
    
    
    40 yrs.4500 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    230,622
    
    
    
    
    
    
    
    2,328,582
    
    
    
    231,692
    
    
    
    2,327,513
    
    
    
    2,559,204
    
    
    
    1,007,744
    
    
    
    1989
    
    
    40 yrs.2427 Penny Road
    
    High Point, NC
    
    
    
    
    
    
    1,165,664
    
    
    
    
    
    
    
    3,467,001
    
    
    
    655,240
    
    
    
    3,977,424
    
    
    
    4,632,665
    
    
    
    1,488,176
    
    
    
    1990
    
    
    40 yrs.4524 Green Point Drive
    
    High Point, NC
    
    
    
    *
    
    
    182,810
    
    
    
    
    
    
    
    2,344,143
    
    
    
    183,888
    
    
    
    2,343,064
    
    
    
    2,526,953
    
    
    
    952,091
    
    
    
    1989
    
    
    40 yrs.4328, 4336 Federal Drive
    
    High Point, NC
    
    
    5,014,776
    
    
    
    521,122
    
    
    
    
    
    
    
    7,237,290
    
    
    
    825,092
    
    
    
    6,933,319
    
    
    
    7,758,412
    
    
    
    3,022,263
    
    
    
    1995
    
    
    40 yrs.4344 Federal Drive
    
    High Point, NC
    
    
    
    *
    
    
    484,001
    
    
    
    
    
    
    
    2,728,066
    
    
    
    173,623
    
    
    
    3,038,445
    
    
    
    3,212,068
    
    
    
    883,683
    
    
    
    1996
    
    
    40 yrs.4000 Piedmont Parkway
    
    High Point, NC
    
    
    
    *
    
    
    592,885
    
    
    
    4,825,615
    
    
    
    726,684
    
    
    
    597,368
    
    
    
    5,547,816
    
    
    
    6,145,185
    
    
    
    1,548,882
    
    
    
    1989
    
    
    40 yrs.4380 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    282,996
    
    
    
    
    
    
    
    2,210,549
    
    
    
    283,368
    
    
    
    2,210,177
    
    
    
    2,493,545
    
    
    
    659,365
    
    
    
    1997
    
    
    40 yrs.4388 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    143,661
    
    
    
    
    
    
    
    1,225,791
    
    
    
    132,655
    
    
    
    1,236,797
    
    
    
    1,369,452
    
    
    
    395,409
    
    
    
    1997
    
    
    40 yrs.4160 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    285,882
    
    
    
    
    
    
    
    3,351,143
    
    
    
    545,627
    
    
    
    3,091,398
    
    
    
    3,637,025
    
    
    
    587,826
    
    
    
    1998
    
    
    40 yrs.4194 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    102,372
    
    
    
    
    
    
    
    2,580,368
    
    
    
    265,991
    
    
    
    2,416,749
    
    
    
    2,682,740
    
    
    
    556,232
    
    
    
    1999
    
    
    40 yrs.4196 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    66,731
    
    
    
    
    
    
    
    2,241,658
    
    
    
    173,889
    
    
    
    2,134,500
    
    
    
    2,308,389
    
    
    
    637,482
    
    
    
    1999
    
    
    40 yrs.4300 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    264,038
    
    
    
    
    
    
    
    1,626,937
    
    
    
    276,038
    
    
    
    1,614,937
    
    
    
    1,890,975
    
    
    
    294,402
    
    
    
    1998
    
    
    40 yrs.4135 Mendenall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    499,500
    
    
    
    
    
    
    
    2,811,431
    
    
    
    500,980
    
    
    
    2,809,951
    
    
    
    3,310,931
    
    
    
    474,890
    
    
    
    2000
    
    
    40 yrs.4183 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    122,203
    
    
    
    
    
    
    
    3,748,139
    
    
    
    526,266
    
    
    
    3,344,076
    
    
    
    3,870,342
    
    
    
    914,771
    
    
    
    2001
    
    
    40 yrs.4189 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    100,106
    
    
    
    
    
    
    
    3,429,622
    
    
    
    431,106
    
    
    
    3,098,622
    
    
    
    3,529,728
    
    
    
    594,341
    
    
    
    2001
    
    
    40 yrs.4020 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    94,232
    
    
    
    
    
    
    
    1,682,549
    
    
    
    378,101
    
    
    
    1,398,680
    
    
    
    1,776,781
    
    
    
    278,138
    
    
    
    2001
    
    
    40 yrs.1400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    172,320
    
    
    
    
    
    
    
    6,897,916
    
    
    
    984,672
    
    
    
    6,085,564
    
    
    
    7,070,236
    
    
    
    681,048
    
    
    
    2002
    
    
    40 yrs.4191 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    217,943
    
    
    
    
    
    
    
    3,119,682
    
    
    
    611,166
    
    
    
    2,726,459
    
    
    
    3,337,625
    
    
    
    400,445
    
    
    
    2002
    
    
    40 yrs.4015 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    510,000
    
    
    
    
    
    
    
    2,793,668
    
    
    
    511,869
    
    
    
    2,791,799
    
    
    
    3,303,668
    
    
    
    63,178
    
    
    
    2003
    
    
    40 yrs.4195 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    107,586
    
    
    
    
    
    
    
    3,348,110
    
    
    
    505,700
    
    
    
    2,949,996
    
    
    
    3,455,696
    
    
    
    29,740
    
    
    
    2004
    
    
    40 yrs.100 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    3,102,784
    
    
    
    
    
    
    
    11,907,333
    
    
    
    3,764,784
    
    
    
    11,245,333
    
    
    
    15,010,117
    
    
    
    2,569,983
    
    
    
    1996
    
    
    40 yrs.132 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    1,333,642
    
    
    
    
    
    
    
    4,219,965
    
    
    
    1,408,041
    
    
    
    4,145,566
    
    
    
    5,553,607
    
    
    
    1,142,261
    
    
    
    1998
    
    
    40 yrs.111-195 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    407,005
    
    
    
    3,129,058
    
    
    
    31,932
    
    
    
    378,205
    
    
    
    3,189,791
    
    
    
    3,567,995
    
    
    
    819,731
    
    
    
    1987
    
    
    40 yrs.300 Welsh Road  Building 3
    
    Horsham, PA
    
    
    
    
    
    
    180,459
    
    
    
    1,441,473
    
    
    
    358,107
    
    
    
    180,459
    
    
    
    1,799,579
    
    
    
    1,980,038
    
    
    
    515,510
    
    
    
    1983
    
    
    40 yrs.300 Welsh Road  Building 4
    
    Horsham, PA
    
    
    
    
    
    
    282,493
    
    
    
    2,256,508
    
    
    
    1,226,326
    
    
    
    282,493
    
    
    
    3,482,833
    
    
    
    3,765,327
    
    
    
    995,706
    
    
    
    1983
    
    
    40 yrs.2 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,281,870
    
    
    
    7,767,374
    
    
    
    1,283,643
    
    
    
    1,265,363
    
    
    
    9,067,523
    
    
    
    10,332,887
    
    
    
    2,544,131
    
    
    
    1989
    
    
    40 yrs.5 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,065,951
    
    
    
    
    
    
    
    9,757,586
    
    
    
    1,939,712
    
    
    
    8,883,825
    
    
    
    10,823,537
    
    
    
    1,564,095
    
    
    
    2000
    
    
    40 yrs.200 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    638,513
    
    
    
    5,811,323
    
    
    
    1,278,883
    
    
    
    638,513
    
    
    
    7,090,205
    
    
    
    7,728,719
    
    
    
    1,935,192
    
    
    
    1990
    
    
    40 yrs.220 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,228
    
    
    
    1,090,771
    
    
    
    629,944
    
    
    
    6,823,999
    
    
    
    7,453,943
    
    
    
    1,877,615
    
    
    
    1990
    
    
    40 yrs.240 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,234
    
    
    
    1,648,022
    
    
    
    629,944
    
    
    
    7,381,256
    
    
    
    8,011,200
    
    
    
    1,933,734
    
    
    
    1990
    
    
    40 yrs.1 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,058,901
    
    
    
    5,343,606
    
    
    
    1,042,557
    
    
    
    1,058,901
    
    
    
    6,386,163
    
    
    
    7,445,064
    
    
    
    1,916,794
    
    
    
    1986
    
    
    40 yrs.181-187 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    360,549
    
    
    
    3,259,984
    
    
    
    506,596
    
    
    
    360,549
    
    
    
    3,766,580
    
    
    
    4,127,129
    
    
    
    969,633
    
    
    
    1982
    
    
    40 yrs.104 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    330,111
    
    
    
    2,981,669
    
    
    
    233,299
    
    
    
    330,111
    
    
    
    3,214,968
    
    
    
    3,545,079
    
    
    
    625,032
    
    
    
    1974
    
    
    40 yrs.123-135 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    292,360
    
    
    
    2,411,677
    
    
    
    871,675
    
    
    
    393,019
    
    
    
    3,182,693
    
    
    
    3,575,712
    
    
    
    899,589
    
    
    
    1975
    
    
    40 yrs.111-159 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    489,032
    
    
    
    4,126,151
    
    
    
    530,590
    
    
    
    489,032
    
    
    
    4,656,741
    
    
    
    5,145,773
    
    
    
    1,130,221
    
    
    
    1981
    
    
    40 yrs.161-175 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    294,673
    
    
    
    2,663,722
    
    
    
    764,367
    
    
    
    294,673
    
    
    
    3,428,089
    
    
    
    3,722,762
    
    
    
    738,619
    
    
    
    1976
    
    
    40 yrs.
 60




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES103-109 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    270,906
    
    
    
    2,448,500
    
    
    
    798,112
    
    
    
    270,906
    
    
    
    3,246,611
    
    
    
    3,517,517
    
    
    
    930,047
    
    
    
    1978
    
    
    40 yrs.261-283 Gibraltar Road
    
    Horsham, PA
    
    
    
    *
    
    
    464,871
    
    
    
    3,951,972
    
    
    
    118,797
    
    
    
    464,871
    
    
    
    4,070,769
    
    
    
    4,535,640
    
    
    
    838,375
    
    
    
    1978
    
    
    40 yrs.210-223 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    270,282
    
    
    
    2,441,276
    
    
    
    1,667,822
    
    
    
    270,282
    
    
    
    4,109,098
    
    
    
    4,379,380
    
    
    
    832,920
    
    
    
    1972
    
    
    40 yrs.231-237 Gibraltar Road
    
    Horsham, PA
    
    
    
    *
    
    
    436,952
    
    
    
    3,948,963
    
    
    
    553,574
    
    
    
    436,952
    
    
    
    4,502,537
    
    
    
    4,939,489
    
    
    
    1,056,121
    
    
    
    1981
    
    
    40 yrs.100 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    38,729
    
    
    
    349,811
    
    
    
    9,589
    
    
    
    38,729
    
    
    
    359,400
    
    
    
    398,129
    
    
    
    72,416
    
    
    
    1975
    
    
    40 yrs.101 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    651,990
    
    
    
    5,888,989
    
    
    
    1,348,413
    
    
    
    732,552
    
    
    
    7,156,840
    
    
    
    7,889,392
    
    
    
    1,473,017
    
    
    
    1977
    
    
    40 yrs.506 Prudential Road
    
    Horsham, PA
    
    
    
    
    
    
    208,140
    
    
    
    895,470
    
    
    
    652,633
    
    
    
    208,140
    
    
    
    1,548,102
    
    
    
    1,756,243
    
    
    
    316,801
    
    
    
    1973
    
    
    40 yrs.113-123 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    351,072
    
    
    
    3,171,001
    
    
    
    333,995
    
    
    
    451,731
    
    
    
    3,404,336
    
    
    
    3,856,068
    
    
    
    727,545
    
    
    
    1975
    
    
    40 yrs.101-111 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    350,561
    
    
    
    3,166,389
    
    
    
    260,902
    
    
    
    452,251
    
    
    
    3,325,602
    
    
    
    3,777,852
    
    
    
    759,807
    
    
    
    1975
    
    
    40 yrs.120 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    533,142
    
    
    
    4,830,515
    
    
    
    600,104
    
    
    
    558,142
    
    
    
    5,405,620
    
    
    
    5,963,761
    
    
    
    1,229,822
    
    
    
    1980
    
    
    40 yrs.110 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    673,041
    
    
    
    5,776,369
    
    
    
    2,105,987
    
    
    
    673,041
    
    
    
    7,882,356
    
    
    
    8,555,397
    
    
    
    1,645,034
    
    
    
    1979
    
    
    40 yrs.100-107 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    239,528
    
    
    
    2,163,498
    
    
    
    658,861
    
    
    
    255,528
    
    
    
    2,806,359
    
    
    
    3,061,887
    
    
    
    775,985
    
    
    
    1982
    
    
    40 yrs.200-264 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    502,705
    
    
    
    4,540,597
    
    
    
    1,108,942
    
    
    
    502,705
    
    
    
    5,649,539
    
    
    
    6,152,244
    
    
    
    1,484,453
    
    
    
    1982
    
    
    40 yrs.300-309 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    369,475
    
    
    
    3,338,761
    
    
    
    1,718,544
    
    
    
    376,475
    
    
    
    5,050,304
    
    
    
    5,426,780
    
    
    
    1,531,806
    
    
    
    1982
    
    
    40 yrs.400-445 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    543,628
    
    
    
    4,910,226
    
    
    
    2,761,305
    
    
    
    583,628
    
    
    
    7,631,532
    
    
    
    8,215,159
    
    
    
    1,845,758
    
    
    
    1981
    
    
    40 yrs.104 Witmer Road
    
    Horsham, PA
    
    
    
    *
    
    
    1,248,148
    
    
    
    
    
    
    
    1,133,690
    
    
    
    189,793
    
    
    
    2,192,045
    
    
    
    2,381,838
    
    
    
    637,974
    
    
    
    1975
    
    
    40 yrs.201 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    380,127
    
    
    
    3,433,433
    
    
    
    1,925,225
    
    
    
    380,802
    
    
    
    5,357,983
    
    
    
    5,738,785
    
    
    
    1,027,400
    
    
    
    1983
    
    
    40 yrs.719 Dresher Road
    
    Horsham, PA
    
    
    
    *
    
    
    493,426
    
    
    
    2,812,067
    
    
    
    205,125
    
    
    
    495,112
    
    
    
    3,015,506
    
    
    
    3,510,618
    
    
    
    598,685
    
    
    
    1987
    
    
    40 yrs.4 Walnut Grove
    
    Horsham, PA
    
    
    
    *
    
    
    2,515,115
    
    
    
    
    
    
    
    7,329,299
    
    
    
    2,515,115
    
    
    
    7,329,299
    
    
    
    9,844,415
    
    
    
    1,221,857
    
    
    
    1999
    
    
    40 yrs.300 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    696,061
    
    
    
    3,339,991
    
    
    
    522,138
    
    
    
    696,061
    
    
    
    3,862,128
    
    
    
    4,558,189
    
    
    
    744,409
    
    
    
    1985
    
    
    40 yrs.700 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    2,551,777
    
    
    
    3,020,638
    
    
    
    4,433,228
    
    
    
    2,565,140
    
    
    
    7,440,503
    
    
    
    10,005,643
    
    
    
    2,987,753
    
    
    
    1987
    
    
    40 yrs.680 Blair Mill Road
    
    Horsham, PA
    
    
    
    
    
    
    3,527,151
    
    
    
    
    
    
    
    12,048,609
    
    
    
    4,138,577
    
    
    
    11,437,183
    
    
    
    15,575,760
    
    
    
    2,327,967
    
    
    
    2001
    
    
    40 yrs.102 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    1,110,209
    
    
    
    2,301,302
    
    
    
    1,133,191
    
    
    
    1,114,985
    
    
    
    3,429,717
    
    
    
    4,544,702
    
    
    
    380,921
    
    
    
    1985
    
    
    40 yrs.335 Commerce Drive
    
    Horsham, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,367,455
    
    
    
    182,335
    
    
    
    8,185,120
    
    
    
    8,367,455
    
    
    
    159,143
    
    
    
    2002
    
    
    40 yrs.507 Prudential Road Expansion
    
    Horsham, PA
    
    
    
    
    
    
    357,565
    
    
    
    
    
    
    
    2,089,100
    
    
    
    478,406
    
    
    
    1,968,259
    
    
    
    2,446,666
    
    
    
    73,025
    
    
    
    2002
    
    
    40 yrs.255 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,086,356
    
    
    
    2,007,214
    
    
    
    416,718
    
    
    
    1,078,769
    
    
    
    2,431,519
    
    
    
    3,510,287
    
    
    
    119,701
    
    
    
    2003
    
    
    40 yrs.355 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    483,045
    
    
    
    898,798
    
    
    
    265,466
    
    
    
    479,200
    
    
    
    1,168,110
    
    
    
    1,647,310
    
    
    
    73,000
    
    
    
    2003
    
    
    40 yrs.455 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,351,011
    
    
    
    2,503,449
    
    
    
    907,019
    
    
    
    1,343,370
    
    
    
    3,418,109
    
    
    
    4,761,479
    
    
    
    95,825
    
    
    
    2003
    
    
    40 yrs.555 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    727,420
    
    
    
    1,353,650
    
    
    
    172,448
    
    
    
    723,016
    
    
    
    1,530,503
    
    
    
    2,253,519
    
    
    
    129,467
    
    
    
    2003
    
    
    40 yrs.747 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    1,607,238
    
    
    
    
    
    
    
    4,886,080
    
    
    
    1,607,977
    
    
    
    4,885,340
    
    
    
    6,493,318
    
    
    
    1,939,962
    
    
    
    1988
    
    
    40 yrs.507 Prudential Road
    
    Horsham, PA
    
    
    
    *
    
    
    644,900
    
    
    
    5,804,100
    
    
    
    6,337,783
    
    
    
    652,974
    
    
    
    12,133,809
    
    
    
    12,786,783
    
    
    
    3,219,265
    
    
    
    1988
    
    
    40 yrs.767 Electronic Drive
    
    Horsham, PA
    
    
    
    *
    
    
    1,229,685
    
    
    
    
    
    
    
    2,773,209
    
    
    
    1,241,970
    
    
    
    2,760,924
    
    
    
    4,002,893
    
    
    
    1,365,414
    
    
    
    1996
    
    
    40 yrs.16445 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    363,339
    
    
    
    2,509,186
    
    
    
    538,075
    
    
    
    363,339
    
    
    
    3,047,261
    
    
    
    3,410,600
    
    
    
    803,325
    
    
    
    1997
    
    
    40 yrs.16405 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    438,853
    
    
    
    3,030,396
    
    
    
    409,107
    
    
    
    438,853
    
    
    
    3,439,502
    
    
    
    3,878,355
    
    
    
    699,139
    
    
    
    1997
    
    
    40 yrs.16580 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    289,000
    
    
    
    3,559,857
    
    
    
    258,107
    
    
    
    289,000
    
    
    
    3,817,964
    
    
    
    4,106,965
    
    
    
    685,016
    
    
    
    1997
    
    
    40 yrs.1755 Trans Central Drive
    
    Houston, TX
    
    
    
    
    
    
    293,534
    
    
    
    3,036,269
    
    
    
    199,433
    
    
    
    306,147
    
    
    
    3,223,088
    
    
    
    3,529,235
    
    
    
    490,709
    
    
    
    1999
    
    
    40 yrs.16605 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    298,999
    
    
    
    
    
    
    
    3,770,315
    
    
    
    496,186
    
    
    
    3,573,128
    
    
    
    4,069,314
    
    
    
    630,823
    
    
    
    2002
    
    
    40 yrs.10739 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    797,931
    
    
    
    5,950,894
    
    
    
    390,237
    
    
    
    799,560
    
    
    
    6,339,502
    
    
    
    7,139,062
    
    
    
    589,823
    
    
    
    1999
    
    
    40 yrs.10735 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    1,110,988
    
    
    
    6,351,946
    
    
    
    1,657,286
    
    
    
    1,135,483
    
    
    
    7,984,738
    
    
    
    9,120,220
    
    
    
    491,593
    
    
    
    2000
    
    
    40 yrs.8801-19 & 8821-49 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    2,290,001
    
    
    
    15,297,141
    
    
    
    1,524,283
    
    
    
    2,290,002
    
    
    
    16,821,423
    
    
    
    19,111,425
    
    
    
    1,135,046
    
    
    
    2000
    
    
    40 yrs.16685 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,935,268
    
    
    
    414,691
    
    
    
    2,520,577
    
    
    
    2,935,268
    
    
    
    106,656
    
    
    
    2004
    
    
    40 yrs.8825-8839 N Sam Houston Pkwy
    
    Houston, TX
    
    
    
    
    
    
    638,453
    
    
    
    3,258,815
    
    
    
    244,728
    
    
    
    638,477
    
    
    
    3,503,518
    
    
    
    4,141,995
    
    
    
    34,913
    
    
    
    2004
    
    
    40 yrs.8850-8872 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    504,317
    
    
    
    2,878,351
    
    
    
    1,038,044
    
    
    
    504,341
    
    
    
    3,916,371
    
    
    
    4,420,712
    
    
    
    51,930
    
    
    
    2004
    
    
    40 yrs.8802-8824 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    1,114,406
    
    
    
    6,364,767
    
    
    
    637,096
    
    
    
    1,114,433
    
    
    
    7,001,836
    
    
    
    8,116,269
    
    
    
    233,693
    
    
    
    2004
    
    
    40 yrs.16602 Central Green Boulevard
    
    Houston, TX
    
    
    
    
    
    
    284,403
    
    
    
    
    
    
    
    4,528,739
    
    
    
    503,779
    
    
    
    4,309,363
    
    
    
    4,813,142
    
    
    
    45,201
    
    
    
    2005
    
    
    40 yrs.20 Wright Avenue
    
    Hunt Valley, MD
    
    
    
    
    
    
    1,205,946
    
    
    
    
    
    
    
    9,667,077
    
    
    
    1,861,025
    
    
    
    9,011,998
    
    
    
    10,873,023
    
    
    
    995,153
    
    
    
    2001
    
    
    40 yrs.4 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    3,269,948
    
    
    
    13,551,370
    
    
    
    820,361
    
    
    
    3,269,948
    
    
    
    14,371,731
    
    
    
    17,641,679
    
    
    
    824,227
    
    
    
    2003
    
    
    40 yrs.6 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,077,949
    
    
    
    8,770,566
    
    
    
    1,000,467
    
    
    
    2,077,949
    
    
    
    9,771,033
    
    
    
    11,848,982
    
    
    
    651,192
    
    
    
    2003
    
    
    40 yrs.10 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,211,969
    
    
    
    7,816,042
    
    
    
    50,967
    
    
    
    2,211,969
    
    
    
    7,867,009
    
    
    
    10,078,978
    
    
    
    426,459
    
    
    
    2003
    
    
    40 yrs.307 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    3,538,319
    
    
    
    14,190,832
    
    
    
    6,678,883
    
    
    
    3,542,881
    
    
    
    20,865,153
    
    
    
    24,408,034
    
    
    
    11,372
    
    
    
    2004
    
    
    40 yrs.309 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    613,667
    
    
    
    2,458,204
    
    
    
    566,706
    
    
    
    615,096
    
    
    
    3,023,480
    
    
    
    3,638,577
    
    
    
    32,100
    
    
    
    2004
    
    
    40 yrs.311 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    313,365
    
    
    
    1,281,093
    
    
    
    133,314
    
    
    
    314,572
    
    
    
    1,413,200
    
    
    
    1,727,773
    
    
    
    1,186
    
    
    
    2004
    
    
    40 yrs.8775 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    906,804
    
    
    
    
    
    
    
    3,352,440
    
    
    
    913,013
    
    
    
    3,346,231
    
    
    
    4,259,244
    
    
    
    1,400,466
    
    
    
    1989
    
    
    40 yrs.6255 Lake Gray Boulevard
    
    Jacksonville, FL
    
    
    
    
    
    
    813,067
    
    
    
    
    
    
    
    3,917,635
    
    
    
    812,634
    
    
    
    3,918,068
    
    
    
    4,730,702
    
    
    
    1,899,761
    
    
    
    1987
    
    
    40 yrs.8665,8667,8669 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    966,552
    
    
    
    
    
    
    
    5,750,503
    
    
    
    974,959
    
    
    
    5,742,096
    
    
    
    6,717,055
    
    
    
    2,270,711
    
    
    
    1987
    
    
    40 yrs.7970 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    127,520
    
    
    
    
    
    
    
    1,350,044
    
    
    
    129,979
    
    
    
    1,347,585
    
    
    
    1,477,564
    
    
    
    967,916
    
    
    
    1978
    
    
    40 yrs.7898 Baymeadows Way
    
    Jacksonville, FL
    
    
    
    
    
    
    561,802
    
    
    
    
    
    
    
    1,998,616
    
    
    
    568,005
    
    
    
    1,992,413
    
    
    
    2,560,418
    
    
    
    1,113,730
    
    
    
    1978
    
    
    40 yrs.7910 & 7948 Baymeadows Way
    
    Jacksonville, FL
    
    
    
    
    
    
    210,299
    
    
    
    
    
    
    
    2,666,923
    
    
    
    211,449
    
    
    
    2,665,773
    
    
    
    2,877,222
    
    
    
    1,481,846
    
    
    
    1981
    
    
    40 yrs.7954 & 7960 Baymeadows Way
    
    Jacksonville, FL
    
    
    
    
    
    
    291,312
    
    
    
    
    
    
    
    2,946,876
    
    
    
    292,667
    
    
    
    2,945,521
    
    
    
    3,238,188
    
    
    
    1,566,033
    
    
    
    1982
    
    
    40 yrs.7077 Bonneval Road
    
    Jacksonville, FL
    
    
    
    
    
    
    768,000
    
    
    
    5,789,000
    
    
    
    1,994,584
    
    
    
    774,020
    
    
    
    7,777,564
    
    
    
    8,551,584
    
    
    
    2,956,960
    
    
    
    1988
    
    
    40 yrs.4190 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    821,000
    
    
    
    5,866,000
    
    
    
    3,499,284
    
    
    
    827,420
    
    
    
    9,358,864
    
    
    
    10,186,284
    
    
    
    3,484,746
    
    
    
    1986
    
    
    40 yrs.7020 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    *
    
    
    398,257
    
    
    
    
    
    
    
    2,741,010
    
    
    
    749,811
    
    
    
    2,389,456
    
    
    
    3,139,267
    
    
    
    899,968
    
    
    
    1996
    
    
    40 yrs.7022 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    *
    
    
    706,934
    
    
    
    
    
    
    
    3,593,671
    
    
    
    853,981
    
    
    
    3,446,624
    
    
    
    4,300,605
    
    
    
    1,221,731
    
    
    
    1996
    
    
    40 yrs.
 61




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES11777 Central Highway
    
    Jacksonville, FL
    
    
    
    
    
    
    92,207
    
    
    
    429,997
    
    
    
    1,275,050
    
    
    
    140,426
    
    
    
    1,656,828
    
    
    
    1,797,254
    
    
    
    935,684
    
    
    
    1985
    
    
    40 yrs.4345 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,798,125
    
    
    
    418,093
    
    
    
    8,380,032
    
    
    
    8,798,125
    
    
    
    2,120,675
    
    
    
    1998
    
    
    40 yrs.7016 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    597,181
    
    
    
    
    
    
    
    2,333,385
    
    
    
    602,633
    
    
    
    2,327,934
    
    
    
    2,930,566
    
    
    
    943,824
    
    
    
    1996
    
    
    40 yrs.7018 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    840,996
    
    
    
    
    
    
    
    4,507,239
    
    
    
    846,461
    
    
    
    4,501,774
    
    
    
    5,348,235
    
    
    
    1,685,975
    
    
    
    1997
    
    
    40 yrs.7014 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    574,198
    
    
    
    
    
    
    
    3,571,300
    
    
    
    780,486
    
    
    
    3,365,013
    
    
    
    4,145,498
    
    
    
    996,728
    
    
    
    1999
    
    
    40 yrs.6620 Southpoint Drive
    
    Jacksonville, FL
    
    
    
    
    
    
    614,602
    
    
    
    4,267,477
    
    
    
    765,593
    
    
    
    614,602
    
    
    
    5,033,069
    
    
    
    5,647,672
    
    
    
    1,386,974
    
    
    
    1984
    
    
    40 yrs.7980 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    330,726
    
    
    
    1,338,101
    
    
    
    32,776
    
    
    
    330,726
    
    
    
    1,370,877
    
    
    
    1,701,603
    
    
    
    294,337
    
    
    
    1978
    
    
    40 yrs.6600 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    998,432
    
    
    
    4,055,727
    
    
    
    829,894
    
    
    
    1,002,704
    
    
    
    4,881,349
    
    
    
    5,884,053
    
    
    
    1,283,949
    
    
    
    1986
    
    
    40 yrs.6700 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    620,719
    
    
    
    2,989,746
    
    
    
    750,311
    
    
    
    624,215
    
    
    
    3,736,561
    
    
    
    4,360,776
    
    
    
    1,209,894
    
    
    
    1987
    
    
    40 yrs.4801
Executive Park Court  100
    
    Jacksonville, FL
    
    
    
    *
    
    
    554,993
    
    
    
    2,993,277
    
    
    
    861,429
    
    
    
    554,542
    
    
    
    3,855,157
    
    
    
    4,409,699
    
    
    
    1,067,174
    
    
    
    1990
    
    
    40 yrs.4801
Executive Park Court  200
    
    Jacksonville, FL
    
    
    
    *
    
    
    370,017
    
    
    
    1,995,518
    
    
    
    348,862
    
    
    
    370,039
    
    
    
    2,344,358
    
    
    
    2,714,397
    
    
    
    476,094
    
    
    
    1990
    
    
    40 yrs.4810 Executive Park Court
    
    Jacksonville, FL
    
    
    
    *
    
    
    369,694
    
    
    
    3,045,639
    
    
    
    806,820
    
    
    
    370,039
    
    
    
    3,852,113
    
    
    
    4,222,153
    
    
    
    720,862
    
    
    
    1990
    
    
    40 yrs.6602
Executive Park Court  100
    
    Jacksonville, FL
    
    
    
    *
    
    
    388,519
    
    
    
    2,095,293
    
    
    
    145,006
    
    
    
    388,541
    
    
    
    2,240,277
    
    
    
    2,628,818
    
    
    
    561,730
    
    
    
    1993
    
    
    40 yrs.6602
Executive Park Court  200
    
    Jacksonville, FL
    
    
    
    *
    
    
    296,014
    
    
    
    1,596,347
    
    
    
    407,277
    
    
    
    296,032
    
    
    
    2,003,606
    
    
    
    2,299,638
    
    
    
    444,228
    
    
    
    1993
    
    
    40 yrs.6631
Executive Park Court  100
    
    Jacksonville, FL
    
    
    
    *
    
    
    251,613
    
    
    
    1,356,849
    
    
    
    485,462
    
    
    
    251,627
    
    
    
    1,842,297
    
    
    
    2,093,924
    
    
    
    498,377
    
    
    
    1994
    
    
    40 yrs.6631
Executive Park Court  200
    
    Jacksonville, FL
    
    
    
    *
    
    
    406,561
    
    
    
    2,195,070
    
    
    
    223,189
    
    
    
    407,043
    
    
    
    2,417,777
    
    
    
    2,824,820
    
    
    
    585,761
    
    
    
    1994
    
    
    40 yrs.4815
Executive Park Court  100
    
    Jacksonville, FL
    
    
    
    *
    
    
    366,317
    
    
    
    1,975,393
    
    
    
    299,174
    
    
    
    366,339
    
    
    
    2,274,545
    
    
    
    2,640,884
    
    
    
    646,432
    
    
    
    1995
    
    
    40 yrs.4815
Executive Park Court  200
    
    Jacksonville, FL
    
    
    
    *
    
    
    462,522
    
    
    
    2,494,397
    
    
    
    438,798
    
    
    
    462,549
    
    
    
    2,933,168
    
    
    
    3,395,717
    
    
    
    738,437
    
    
    
    1995
    
    
    40 yrs.4825 Executive Park Court
    
    Jacksonville, FL
    
    
    
    *
    
    
    601,278
    
    
    
    3,242,491
    
    
    
    278,174
    
    
    
    601,401
    
    
    
    3,520,542
    
    
    
    4,121,943
    
    
    
    772,873
    
    
    
    1996
    
    
    40 yrs.4820 Executive Park Court
    
    Jacksonville, FL
    
    
    
    *
    
    
    555,173
    
    
    
    2,693,130
    
    
    
    765,939
    
    
    
    555,213
    
    
    
    3,459,030
    
    
    
    4,014,242
    
    
    
    809,113
    
    
    
    1997
    
    
    40 yrs.6601 Executive Park Circle North
    
    Jacksonville, FL
    
    
    
    
    
    
    551,250
    
    
    
    3,128,361
    
    
    
    1,130
    
    
    
    551,250
    
    
    
    3,129,491
    
    
    
    3,680,741
    
    
    
    625,531
    
    
    
    1992
    
    
    40 yrs.4901 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    877,964
    
    
    
    2,360,742
    
    
    
    1,926,500
    
    
    
    877,964
    
    
    
    4,287,242
    
    
    
    5,165,206
    
    
    
    1,504,672
    
    
    
    1986
    
    
    40 yrs.4899 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,201
    
    
    
    
    
    
    
    7,870,616
    
    
    
    1,207,751
    
    
    
    7,962,066
    
    
    
    9,169,817
    
    
    
    1,533,178
    
    
    
    2000
    
    
    40 yrs.4905 Belfort Street
    
    Jacksonville, FL
    
    
    
    
    
    
    638,154
    
    
    
    
    
    
    
    3,461,609
    
    
    
    641,272
    
    
    
    3,458,491
    
    
    
    4,099,763
    
    
    
    763,747
    
    
    
    2000
    
    
    40 yrs.7251 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,567,820
    
    
    
    662,559
    
    
    
    2,905,261
    
    
    
    3,567,820
    
    
    
    603,510
    
    
    
    2000
    
    
    40 yrs.10245 Centurion Parkway North
    
    Jacksonville, FL
    
    
    
    
    
    
    852,644
    
    
    
    3,510,889
    
    
    
    997,845
    
    
    
    853,704
    
    
    
    4,507,673
    
    
    
    5,361,378
    
    
    
    807,437
    
    
    
    1996
    
    
    40 yrs.4887 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,202
    
    
    
    
    
    
    
    7,876,809
    
    
    
    1,665,915
    
    
    
    7,510,096
    
    
    
    9,176,011
    
    
    
    1,165,848
    
    
    
    2002
    
    
    40 yrs.7255 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    392,060
    
    
    
    
    
    
    
    2,698,852
    
    
    
    680,766
    
    
    
    2,410,146
    
    
    
    3,090,912
    
    
    
    380,810
    
    
    
    2002
    
    
    40 yrs.3200 Horizon Drive
    
    King of Prussia, PA
    
    
    
    *
    
    
    928,637
    
    
    
    
    
    
    
    7,094,141
    
    
    
    1,210,137
    
    
    
    6,812,640
    
    
    
    8,022,777
    
    
    
    2,213,089
    
    
    
    1996
    
    
    40 yrs.440 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    717,001
    
    
    
    4,816,121
    
    
    
    2,686,176
    
    
    
    717,001
    
    
    
    7,502,297
    
    
    
    8,219,298
    
    
    
    2,483,653
    
    
    
    1988
    
    
    40 yrs.460 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    705,317
    
    
    
    4,737,487
    
    
    
    1,560,144
    
    
    
    705,317
    
    
    
    6,297,632
    
    
    
    7,002,948
    
    
    
    1,696,501
    
    
    
    1988
    
    
    40 yrs.151 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    1,218,086
    
    
    
    6,937,866
    
    
    
    360,761
    
    
    
    1,186,972
    
    
    
    7,329,741
    
    
    
    8,516,713
    
    
    
    1,673,333
    
    
    
    1980
    
    
    40 yrs.3604 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    397,178
    
    
    
    
    
    
    
    1,628,512
    
    
    
    350,874
    
    
    
    1,674,816
    
    
    
    2,025,690
    
    
    
    653,537
    
    
    
    1998
    
    
    40 yrs.3606 Horizon Drive
    
    King of Prussia, PA
    
    
    1,413,163
    
    
    
    789,409
    
    
    
    
    
    
    
    1,940,816
    
    
    
    815,855
    
    
    
    1,914,370
    
    
    
    2,730,225
    
    
    
    689,224
    
    
    
    1997
    
    
    40 yrs.650 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,911
    
    
    
    6,722,830
    
    
    
    9,089,949
    
    
    
    952,911
    
    
    
    15,812,779
    
    
    
    16,765,690
    
    
    
    5,244,628
    
    
    
    1971
    
    
    40 yrs.680 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,361
    
    
    
    6,722,830
    
    
    
    8,350,943
    
    
    
    952,361
    
    
    
    15,073,774
    
    
    
    16,026,134
    
    
    
    5,262,278
    
    
    
    1971
    
    
    40 yrs.3600 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    236,432
    
    
    
    1,856,252
    
    
    
    78,474
    
    
    
    236,432
    
    
    
    1,934,726
    
    
    
    2,171,158
    
    
    
    379,334
    
    
    
    1989
    
    
    40 yrs.3602 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    217,734
    
    
    
    1,759,489
    
    
    
    338,288
    
    
    
    217,809
    
    
    
    2,097,701
    
    
    
    2,315,510
    
    
    
    479,231
    
    
    
    1989
    
    
    40 yrs.2700 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    764,370
    
    
    
    
    
    
    
    3,682,257
    
    
    
    867,815
    
    
    
    3,578,812
    
    
    
    4,446,627
    
    
    
    988,562
    
    
    
    1998
    
    
    40 yrs.2900 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    679,440
    
    
    
    
    
    
    
    3,503,074
    
    
    
    774,096
    
    
    
    3,408,418
    
    
    
    4,182,514
    
    
    
    818,000
    
    
    
    1998
    
    
    40 yrs.2500 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    2,786,056
    
    
    
    592,886
    
    
    
    2,702,749
    
    
    
    3,295,636
    
    
    
    781,214
    
    
    
    1999
    
    
    40 yrs.2300 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    2,650,651
    
    
    
    574,152
    
    
    
    2,586,078
    
    
    
    3,160,231
    
    
    
    651,608
    
    
    
    1999
    
    
    40 yrs.2100 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,110,111
    
    
    
    
    
    
    
    9,382,851
    
    
    
    1,132,519
    
    
    
    9,360,443
    
    
    
    10,492,962
    
    
    
    2,385,803
    
    
    
    1999
    
    
    40 yrs.3400 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    776,496
    
    
    
    3,139,068
    
    
    
    976,258
    
    
    
    776,496
    
    
    
    4,115,325
    
    
    
    4,891,821
    
    
    
    1,014,959
    
    
    
    1995
    
    
    40 yrs.2301 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,645,246
    
    
    
    
    
    
    
    30,056,189
    
    
    
    4,581,649
    
    
    
    27,119,785
    
    
    
    31,701,434
    
    
    
    3,132,370
    
    
    
    2002
    
    
    40 yrs.2520 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,020,000
    
    
    
    
    
    
    
    4,970,045
    
    
    
    978,402
    
    
    
    5,011,643
    
    
    
    5,990,045
    
    
    
    1,614,544
    
    
    
    1999
    
    
    40 yrs.2201 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,548,161
    
    
    
    2,413,514
    
    
    
    13,134,647
    
    
    
    15,548,161
    
    
    
    2,818,115
    
    
    
    2000
    
    
    40 yrs.2540 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,625,497
    
    
    
    274,341
    
    
    
    1,351,156
    
    
    
    1,625,497
    
    
    
    294,618
    
    
    
    2000
    
    
    40 yrs.2560 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,729,254
    
    
    
    649,792
    
    
    
    3,079,462
    
    
    
    3,729,254
    
    
    
    645,260
    
    
    
    2000
    
    
    40 yrs.170 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    547,800
    
    
    
    3,137,400
    
    
    
    2,719,699
    
    
    
    458,232
    
    
    
    5,946,667
    
    
    
    6,404,899
    
    
    
    2,680,019
    
    
    
    1980
    
    
    40 yrs.190 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    552,200
    
    
    
    3,162,600
    
    
    
    1,738,565
    
    
    
    461,909
    
    
    
    4,991,455
    
    
    
    5,453,365
    
    
    
    2,012,776
    
    
    
    1980
    
    
    40 yrs.3100 Horizon Drive
    
    King of Prussia, PA
    
    
    
    *
    
    
    601,956
    
    
    
    
    
    
    
    2,086,737
    
    
    
    611,436
    
    
    
    2,077,258
    
    
    
    2,688,694
    
    
    
    695,232
    
    
    
    1995
    
    
    40 yrs.3300 Horizon Drive
    
    King of Prussia, PA
    
    
    
    *
    
    
    566,403
    
    
    
    
    
    
    
    3,404,307
    
    
    
    687,878
    
    
    
    3,282,831
    
    
    
    3,970,709
    
    
    
    832,455
    
    
    
    1996
    
    
    40 yrs.3500 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    1,204,839
    
    
    
    
    
    
    
    2,630,229
    
    
    
    1,223,875
    
    
    
    2,611,193
    
    
    
    3,835,068
    
    
    
    631,300
    
    
    
    1996
    
    
    40 yrs.3000 Horizon Drive
    
    King of Prussia, PA
    
    
    
    *
    
    
    1,191,449
    
    
    
    
    
    
    
    2,309,358
    
    
    
    946,703
    
    
    
    2,554,103
    
    
    
    3,500,806
    
    
    
    495,987
    
    
    
    1997
    
    
    40 yrs.800 Town Center Drive
    
    Langhorne, PA
    
    
    
    
    
    
    1,617,150
    
    
    
    
    
    
    
    10,240,772
    
    
    
    1,619,288
    
    
    
    10,238,634
    
    
    
    11,857,922
    
    
    
    4,683,208
    
    
    
    1987
    
    
    40 yrs.8301 Industrial Boulevard
    
    Lehigh, PA
    
    
    
    
    
    
    11,249,550
    
    
    
    
    
    
    
    43,069,316
    
    
    
    11,254,716
    
    
    
    43,064,150
    
    
    
    54,318,866
    
    
    
    219,396
    
    
    
    2005
    
    
    40 yrs.32853 Edward Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    138,121
    
    
    
    784,426
    
    
    
    (9,444
    )
    
    
    138,121
    
    
    
    774,982
    
    
    
    913,103
    
    
    
    172,477
    
    
    
    1973
    
    
    40 yrs.750 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    151,458
    
    
    
    741,185
    
    
    
    (64,799
    )
    
    
    151,458
    
    
    
    676,386
    
    
    
    827,844
    
    
    
    150,937
    
    
    
    1969
    
    
    40 yrs.900 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    157,729
    
    
    
    771,872
    
    
    
    (36,404
    )
    
    
    157,729
    
    
    
    735,468
    
    
    
    893,197
    
    
    
    205,060
    
    
    
    1972
    
    
    40 yrs.949 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    137,049
    
    
    
    778,338
    
    
    
    (91,758
    )
    
    
    137,049
    
    
    
    686,580
    
    
    
    823,629
    
    
    
    149,403
    
    
    
    1974
    
    
    40 yrs.31700 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    373,202
    
    
    
    1,824,721
    
    
    
    (133,207
    )
    
    
    373,203
    
    
    
    1,691,513
    
    
    
    2,064,716
    
    
    
    339,163
    
    
    
    1988
    
    
    40 yrs.800 Tech Row
    
    Madison Heights, MI
    
    
    
    
    
    
    444,977
    
    
    
    2,984,811
    
    
    
    (79,329
    )
    
    
    444,977
    
    
    
    2,905,482
    
    
    
    3,350,459
    
    
    
    575,827
    
    
    
    1986
    
    
    40 yrs.
 62




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES31771 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    150,944
    
    
    
    645,040
    
    
    
    (5,334
    )
    
    
    150,944
    
    
    
    639,705
    
    
    
    790,650
    
    
    
    185,874
    
    
    
    1982
    
    
    40 yrs.31791 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    105,606
    
    
    
    649,891
    
    
    
    (43,885
    )
    
    
    105,606
    
    
    
    606,006
    
    
    
    711,612
    
    
    
    127,804
    
    
    
    1983
    
    
    40 yrs.31811 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    207,599
    
    
    
    1,179,010
    
    
    
    (124,831
    )
    
    
    207,599
    
    
    
    1,054,179
    
    
    
    1,261,778
    
    
    
    225,302
    
    
    
    1983
    
    
    40 yrs.31831 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    158,483
    
    
    
    900,064
    
    
    
    (62,164
    )
    
    
    158,483
    
    
    
    837,900
    
    
    
    996,383
    
    
    
    172,857
    
    
    
    1984
    
    
    40 yrs.31900 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    269,293
    
    
    
    1,754,498
    
    
    
    348,385
    
    
    
    269,293
    
    
    
    2,102,883
    
    
    
    2,372,176
    
    
    
    409,916
    
    
    
    1984
    
    
    40 yrs.950 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    113,630
    
    
    
    2,162,302
    
    
    
    45,984
    
    
    
    113,630
    
    
    
    2,208,286
    
    
    
    2,321,916
    
    
    
    510,476
    
    
    
    1988
    
    
    40 yrs.1201 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    302,567
    
    
    
    1,213,232
    
    
    
    (146,471
    )
    
    
    302,567
    
    
    
    1,066,761
    
    
    
    1,369,328
    
    
    
    244,630
    
    
    
    1980
    
    
    40 yrs.1210 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    121,298
    
    
    
    329,051
    
    
    
    (25,294
    )
    
    
    121,298
    
    
    
    303,758
    
    
    
    425,056
    
    
    
    87,693
    
    
    
    1983
    
    
    40 yrs.1901 Summit Tower Boulevard
    
    Maitland, FL
    
    
    
    
    
    
    6,078,791
    
    
    
    12,348,567
    
    
    
    420,175
    
    
    
    6,083,206
    
    
    
    12,764,327
    
    
    
    18,847,534
    
    
    
    2,402,364
    
    
    
    1998
    
    
    40 yrs.45-67 Great Valley Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    795,143
    
    
    
    
    
    
    
    3,237,185
    
    
    
    795,831
    
    
    
    3,236,497
    
    
    
    4,032,328
    
    
    
    2,003,355
    
    
    
    1974
    
    
    40 yrs.11,15 Great Valley Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    1,837,050
    
    
    
    
    
    
    
    15,005,064
    
    
    
    1,837,878
    
    
    
    15,004,237
    
    
    
    16,842,114
    
    
    
    9,667,868
    
    
    
    1986
    
    
    40 yrs.27-43 Great Valley Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    448,775
    
    
    
    
    
    
    
    2,546,102
    
    
    
    449,447
    
    
    
    2,545,430
    
    
    
    2,994,877
    
    
    
    1,473,355
    
    
    
    1977
    
    
    40 yrs.1 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    400,000
    
    
    
    3,600,000
    
    
    
    1,004,993
    
    
    
    406,421
    
    
    
    4,598,572
    
    
    
    5,004,993
    
    
    
    1,189,429
    
    
    
    1982
    
    
    40 yrs.200 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    495,893
    
    
    
    2,739,093
    
    
    
    395,972
    
    
    
    544,649
    
    
    
    3,086,309
    
    
    
    3,630,958
    
    
    
    1,842,759
    
    
    
    1989
    
    
    40 yrs.50 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    849,576
    
    
    
    
    
    
    
    13,043,717
    
    
    
    1,337,076
    
    
    
    12,556,217
    
    
    
    13,893,293
    
    
    
    3,878,780
    
    
    
    1997
    
    
    40 yrs.1 Great Valley Parkway
    
    Malvern, PA
    
    
    4,661,040
    
    
    
    419,460
    
    
    
    3,792,570
    
    
    
    333,900
    
    
    
    419,460
    
    
    
    4,126,469
    
    
    
    4,545,930
    
    
    
    960,954
    
    
    
    1982
    
    
    40 yrs.5 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    684,200
    
    
    
    6,181,661
    
    
    
    1,137,394
    
    
    
    684,200
    
    
    
    7,319,055
    
    
    
    8,003,255
    
    
    
    1,619,395
    
    
    
    1983
    
    
    40 yrs.1001 Cedar Hollow Road
    
    Malvern, PA
    
    
    
    
    
    
    1,436,814
    
    
    
    
    
    
    
    16,047,698
    
    
    
    1,646,984
    
    
    
    15,837,528
    
    
    
    17,484,512
    
    
    
    4,381,995
    
    
    
    1998
    
    
    40 yrs.3 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    814,278
    
    
    
    
    
    
    
    4,946,433
    
    
    
    1,128,881
    
    
    
    4,631,830
    
    
    
    5,760,711
    
    
    
    868,510
    
    
    
    1998
    
    
    40 yrs.425 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    2,014,653
    
    
    
    321,473
    
    
    
    1,884,294
    
    
    
    2,205,767
    
    
    
    638,494
    
    
    
    1998
    
    
    40 yrs.375 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    1,958,524
    
    
    
    234,922
    
    
    
    1,914,715
    
    
    
    2,149,638
    
    
    
    627,157
    
    
    
    1998
    
    
    40 yrs.45 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    4,380,221
    
    
    
    
    
    
    
    15,313,598
    
    
    
    4,749,748
    
    
    
    14,944,071
    
    
    
    19,693,819
    
    
    
    3,842,589
    
    
    
    1999
    
    
    40 yrs.100 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,320,625
    
    
    
    
    
    
    
    6,973,669
    
    
    
    1,349,954
    
    
    
    6,944,340
    
    
    
    8,294,294
    
    
    
    1,994,886
    
    
    
    1998
    
    
    40 yrs.600 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,135,324
    
    
    
    2,050,555
    
    
    
    8,098,519
    
    
    
    10,149,074
    
    
    
    2,052,929
    
    
    
    1999
    
    
    40 yrs.700 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,096,150
    
    
    
    2,037,813
    
    
    
    8,072,087
    
    
    
    10,109,900
    
    
    
    2,034,360
    
    
    
    1999
    
    
    40 yrs.18 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    394,036
    
    
    
    3,976,221
    
    
    
    100,474
    
    
    
    398,228
    
    
    
    4,072,504
    
    
    
    4,470,731
    
    
    
    716,566
    
    
    
    1980
    
    
    40 yrs.11 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    496,297
    
    
    
    
    
    
    
    3,226,924
    
    
    
    708,331
    
    
    
    3,014,890
    
    
    
    3,723,221
    
    
    
    577,888
    
    
    
    2001
    
    
    40 yrs.40 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    4,241,137
    
    
    
    17,737,090
    
    
    
    2,182,842
    
    
    
    4,241,167
    
    
    
    19,919,901
    
    
    
    24,161,068
    
    
    
    4,896,375
    
    
    
    1989
    
    
    40 yrs.2 West Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    5,405,041
    
    
    
    
    
    
    
    10,622,545
    
    
    
    5,405,042
    
    
    
    10,622,545
    
    
    
    16,027,587
    
    
    
    21,632
    
    
    
    2003
    
    
    40 yrs.10 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    823,540
    
    
    
    1,341,376
    
    
    
    177,288
    
    
    
    832,244
    
    
    
    1,509,959
    
    
    
    2,342,203
    
    
    
    81,811
    
    
    
    2003
    
    
    40 yrs.10, 20 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    724,058
    
    
    
    
    
    
    
    5,758,730
    
    
    
    724,846
    
    
    
    5,757,942
    
    
    
    6,482,788
    
    
    
    2,300,840
    
    
    
    1985
    
    
    40 yrs.420 Lapp Road
    
    Malvern, PA
    
    
    
    *
    
    
    1,054,418
    
    
    
    
    
    
    
    6,995,372
    
    
    
    1,055,243
    
    
    
    6,994,547
    
    
    
    8,049,790
    
    
    
    2,831,754
    
    
    
    1989
    
    
    40 yrs.14 Lee Boulevard
    
    Malvern, PA
    
    
    
    *
    
    
    664,282
    
    
    
    
    
    
    
    5,804,147
    
    
    
    643,892
    
    
    
    5,824,537
    
    
    
    6,468,429
    
    
    
    2,442,002
    
    
    
    1988
    
    
    40 yrs.500 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    472,364
    
    
    
    
    
    
    
    3,209,021
    
    
    
    473,139
    
    
    
    3,208,246
    
    
    
    3,681,385
    
    
    
    1,590,141
    
    
    
    1988
    
    
    40 yrs.300-400 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    937,212
    
    
    
    
    
    
    
    5,301,111
    
    
    
    937,942
    
    
    
    5,300,381
    
    
    
    6,238,323
    
    
    
    2,391,456
    
    
    
    1988
    
    
    40 yrs.40 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    322,918
    
    
    
    
    
    
    
    3,226,218
    
    
    
    325,775
    
    
    
    3,223,361
    
    
    
    3,549,136
    
    
    
    1,142,135
    
    
    
    1987
    
    
    40 yrs.50 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    323,971
    
    
    
    
    
    
    
    2,324,307
    
    
    
    323,792
    
    
    
    2,324,486
    
    
    
    2,648,278
    
    
    
    1,058,801
    
    
    
    1987
    
    
    40 yrs.20 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    465,539
    
    
    
    
    
    
    
    5,655,563
    
    
    
    466,413
    
    
    
    5,654,689
    
    
    
    6,121,102
    
    
    
    2,658,736
    
    
    
    1987
    
    
    40 yrs.257-275 Great Valley Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    504,611
    
    
    
    
    
    
    
    4,989,196
    
    
    
    505,458
    
    
    
    4,988,349
    
    
    
    5,493,807
    
    
    
    2,771,418
    
    
    
    1983
    
    
    40 yrs.300 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    368,626
    
    
    
    
    
    
    
    1,344,816
    
    
    
    374,497
    
    
    
    1,338,945
    
    
    
    1,713,442
    
    
    
    665,708
    
    
    
    1985
    
    
    40 yrs.277-293 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    530,729
    
    
    
    
    
    
    
    2,321,857
    
    
    
    531,534
    
    
    
    2,321,052
    
    
    
    2,852,586
    
    
    
    1,224,085
    
    
    
    1984
    
    
    40 yrs.311 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    397,131
    
    
    
    
    
    
    
    2,672,846
    
    
    
    397,948
    
    
    
    2,672,029
    
    
    
    3,069,977
    
    
    
    1,310,656
    
    
    
    1984
    
    
    40 yrs.7 Great Valley Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    176,435
    
    
    
    
    
    
    
    4,890,532
    
    
    
    177,317
    
    
    
    4,889,650
    
    
    
    5,066,967
    
    
    
    2,632,459
    
    
    
    1985
    
    
    40 yrs.55 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    215,005
    
    
    
    
    
    
    
    3,615,244
    
    
    
    215,818
    
    
    
    3,614,431
    
    
    
    3,830,249
    
    
    
    1,786,728
    
    
    
    1983
    
    
    40 yrs.65 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    381,544
    
    
    
    
    
    
    
    7,032,009
    
    
    
    382,361
    
    
    
    7,031,193
    
    
    
    7,413,553
    
    
    
    3,463,697
    
    
    
    1983
    
    
    40 yrs.508 Lapp Road
    
    Malvern, PA
    
    
    
    *
    
    
    331,392
    
    
    
    
    
    
    
    2,033,164
    
    
    
    332,216
    
    
    
    2,032,340
    
    
    
    2,364,556
    
    
    
    1,165,242
    
    
    
    1984
    
    
    40 yrs.10 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    509,075
    
    
    
    
    
    
    
    3,089,935
    
    
    
    509,899
    
    
    
    3,089,111
    
    
    
    3,599,010
    
    
    
    1,621,446
    
    
    
    1984
    
    
    40 yrs.333 Phoenixville Pike
    
    Malvern, PA
    
    
    
    
    
    
    523,530
    
    
    
    
    
    
    
    2,917,373
    
    
    
    524,230
    
    
    
    2,916,673
    
    
    
    3,440,903
    
    
    
    1,502,374
    
    
    
    1985
    
    
    40 yrs.30 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    128,126
    
    
    
    
    
    
    
    385,634
    
    
    
    128,783
    
    
    
    384,977
    
    
    
    513,760
    
    
    
    298,378
    
    
    
    1975
    
    
    40 yrs.75 Great Valley Parkway
    
    Malvern, PA
    
    
    436,318
    
    
    
    143,074
    
    
    
    
    
    
    
    772,076
    
    
    
    143,811
    
    
    
    771,338
    
    
    
    915,150
    
    
    
    503,959
    
    
    
    1977
    
    
    40 yrs.77-123 Great Valley Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    887,664
    
    
    
    
    
    
    
    5,435,544
    
    
    
    888,359
    
    
    
    5,434,849
    
    
    
    6,323,208
    
    
    
    3,174,678
    
    
    
    1978
    
    
    40 yrs.256 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    161,098
    
    
    
    
    
    
    
    1,785,717
    
    
    
    161,949
    
    
    
    1,784,866
    
    
    
    1,946,815
    
    
    
    1,107,351
    
    
    
    1980
    
    
    40 yrs.205 Great Valley Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    1,368,259
    
    
    
    
    
    
    
    10,620,333
    
    
    
    1,369,003
    
    
    
    10,619,589
    
    
    
    11,988,592
    
    
    
    6,405,095
    
    
    
    1981
    
    
    40 yrs.12,14,16 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    130,689
    
    
    
    
    
    
    
    1,560,924
    
    
    
    128,767
    
    
    
    1,562,846
    
    
    
    1,691,613
    
    
    
    811,850
    
    
    
    1982
    
    
    40 yrs.155 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    625,147
    
    
    
    
    
    
    
    2,627,280
    
    
    
    626,068
    
    
    
    2,626,359
    
    
    
    3,252,427
    
    
    
    1,462,181
    
    
    
    1981
    
    
    40 yrs.333 Technology Drive
    
    Malvern, PA
    
    
    
    *
    
    
    157,249
    
    
    
    
    
    
    
    4,584,680
    
    
    
    158,077
    
    
    
    4,583,852
    
    
    
    4,741,929
    
    
    
    1,708,999
    
    
    
    1987
    
    
    40 yrs.510 Lapp Road
    
    Malvern, PA
    
    
    
    *
    
    
    356,950
    
    
    
    
    
    
    
    926,587
    
    
    
    357,751
    
    
    
    925,786
    
    
    
    1,283,537
    
    
    
    541,042
    
    
    
    1983
    
    
    40 yrs.60 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    865,424
    
    
    
    9,285,000
    
    
    
    4,971,296
    
    
    
    884,974
    
    
    
    14,236,746
    
    
    
    15,121,720
    
    
    
    5,730,583
    
    
    
    1989
    
    
    40 yrs.5 Country View Road
    
    Malvern, PA
    
    
    
    *
    
    
    785,168
    
    
    
    4,678,632
    
    
    
    856,961
    
    
    
    786,235
    
    
    
    5,534,526
    
    
    
    6,320,761
    
    
    
    1,741,206
    
    
    
    1985
    
    
    40 yrs.7550 Meridian Circle
    
    Maple Grove, MN
    
    
    
    
    
    
    513,250
    
    
    
    2,901,906
    
    
    
    146,306
    
    
    
    513,250
    
    
    
    3,048,211
    
    
    
    3,561,461
    
    
    
    609,420
    
    
    
    1989
    
    
    40 yrs.8 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    172,600
    
    
    
    1,704,436
    
    
    
    139,565
    
    
    
    172,945
    
    
    
    1,843,657
    
    
    
    2,016,602
    
    
    
    601,855
    
    
    
    1988
    
    
    40 yrs.10 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    147,000
    
    
    
    1,451,536
    
    
    
    526,803
    
    
    
    147,318
    
    
    
    1,978,021
    
    
    
    2,125,339
    
    
    
    899,963
    
    
    
    1988
    
    
    40 yrs.12 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    103,300
    
    
    
    1,021,036
    
    
    
    341,204
    
    
    
    103,618
    
    
    
    1,361,923
    
    
    
    1,465,541
    
    
    
    544,471
    
    
    
    1988
    
    
    40 yrs.
 63




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES14 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    93,100
    
    
    
    920,336
    
    
    
    431,684
    
    
    
    93,418
    
    
    
    1,351,703
    
    
    
    1,445,120
    
    
    
    524,126
    
    
    
    1988
    
    
    40 yrs.701A Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    264,387
    
    
    
    3,772,000
    
    
    
    3,386,416
    
    
    
    271,743
    
    
    
    7,151,060
    
    
    
    7,422,803
    
    
    
    3,031,119
    
    
    
    1987
    
    
    40 yrs.701C Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    84,949
    
    
    
    1,328,000
    
    
    
    401,665
    
    
    
    96,161
    
    
    
    1,718,453
    
    
    
    1,814,614
    
    
    
    626,395
    
    
    
    1987
    
    
    40 yrs.400 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    69,402
    
    
    
    
    
    
    
    3,671,296
    
    
    
    317,799
    
    
    
    3,422,899
    
    
    
    3,740,699
    
    
    
    759,649
    
    
    
    1999
    
    
    40 yrs.406 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    321,455
    
    
    
    1,539,871
    
    
    
    895,587
    
    
    
    327,554
    
    
    
    2,429,358
    
    
    
    2,756,912
    
    
    
    901,488
    
    
    
    1990
    
    
    40 yrs.301 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    1,264,020
    
    
    
    1,069,838
    
    
    
    6,044,183
    
    
    
    7,114,020
    
    
    
    1,842,156
    
    
    
    1988
    
    
    40 yrs.303 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    1,753,857
    
    
    
    1,069,838
    
    
    
    6,534,019
    
    
    
    7,603,857
    
    
    
    2,025,357
    
    
    
    1988
    
    
    40 yrs.901 Route 73
    
    Marlton, NJ
    
    
    
    
    
    
    334,411
    
    
    
    2,733,314
    
    
    
    828,076
    
    
    
    334,411
    
    
    
    3,561,390
    
    
    
    3,895,801
    
    
    
    903,061
    
    
    
    1985
    
    
    40 yrs.404 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    131,896
    
    
    
    
    
    
    
    1,650,431
    
    
    
    131,896
    
    
    
    1,650,431
    
    
    
    1,782,327
    
    
    
    588,015
    
    
    
    1997
    
    
    40 yrs.402 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    131,896
    
    
    
    
    
    
    
    1,721,965
    
    
    
    131,896
    
    
    
    1,721,965
    
    
    
    1,853,861
    
    
    
    580,999
    
    
    
    1997
    
    
    40 yrs.9 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    652,642
    
    
    
    1,765,065
    
    
    
    922,076
    
    
    
    654,779
    
    
    
    2,685,004
    
    
    
    3,339,783
    
    
    
    659,579
    
    
    
    1989
    
    
    40 yrs.8301 West Parkland Court
    
    Milwaukee, WI
    
    
    
    
    
    
    358,442
    
    
    
    3,233,707
    
    
    
    532,454
    
    
    
    358,442
    
    
    
    3,766,161
    
    
    
    4,124,602
    
    
    
    842,371
    
    
    
    1982
    
    
    40 yrs.7800 N. 113th Street
    
    Milwaukee, WI
    
    
    
    
    
    
    1,711,964
    
    
    
    6,847,857
    
    
    
    392,036
    
    
    
    1,711,964
    
    
    
    7,239,893
    
    
    
    8,951,858
    
    
    
    1,488,857
    
    
    
    1991
    
    
    40 yrs.11950 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    391,813
    
    
    
    2,340,118
    
    
    
    385,633
    
    
    
    394,938
    
    
    
    2,722,627
    
    
    
    3,117,564
    
    
    
    592,843
    
    
    
    1986
    
    
    40 yrs.11400 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    439,595
    
    
    
    2,357,904
    
    
    
    194,180
    
    
    
    443,101
    
    
    
    2,548,578
    
    
    
    2,991,678
    
    
    
    451,053
    
    
    
    1986
    
    
    40 yrs.11425 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    382,256
    
    
    
    2,350,619
    
    
    
    957,723
    
    
    
    385,305
    
    
    
    3,305,293
    
    
    
    3,690,598
    
    
    
    824,326
    
    
    
    1987
    
    
    40 yrs.11301 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    614,477
    
    
    
    2,626,456
    
    
    
    101,328
    
    
    
    619,465
    
    
    
    2,722,797
    
    
    
    3,342,261
    
    
    
    474,539
    
    
    
    1987
    
    
    40 yrs.11900 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    347,853
    
    
    
    2,396,887
    
    
    
    1,059,217
    
    
    
    350,628
    
    
    
    3,453,330
    
    
    
    3,803,957
    
    
    
    855,963
    
    
    
    1987
    
    
    40 yrs.11414 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    234,443
    
    
    
    
    
    
    
    11,022,640
    
    
    
    491,531
    
    
    
    10,765,552
    
    
    
    11,257,083
    
    
    
    1,947,442
    
    
    
    2001
    
    
    40 yrs.11520 West Calumet Road
    
    Milwaukee, WI
    
    
    
    
    
    
    341,698
    
    
    
    1,527,548
    
    
    
    78,494
    
    
    
    341,698
    
    
    
    1,606,042
    
    
    
    1,947,740
    
    
    
    235,786
    
    
    
    1995
    
    
    40 yrs.12100 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    534,470
    
    
    
    3,239,389
    
    
    
    483,040
    
    
    
    532,370
    
    
    
    3,724,529
    
    
    
    4,256,899
    
    
    
    634,224
    
    
    
    1984
    
    
    40 yrs.10855 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    122,894
    
    
    
    
    
    
    
    2,984,397
    
    
    
    424,710
    
    
    
    2,682,580
    
    
    
    3,107,290
    
    
    
    302,898
    
    
    
    2002
    
    
    40 yrs.11100 West Liberty Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    1,800,000
    
    
    
    
    
    
    
    7,181,452
    
    
    
    1,801,024
    
    
    
    7,180,428
    
    
    
    8,981,452
    
    
    
    485,404
    
    
    
    2003
    
    
    40 yrs.4700 Nathan Lane North
    
    Minneapolis, MN
    
    
    
    
    
    
    1,501,308
    
    
    
    8,446,083
    
    
    
    225,056
    
    
    
    1,501,308
    
    
    
    8,671,139
    
    
    
    10,172,447
    
    
    
    1,450,830
    
    
    
    1996
    
    
    40 yrs.4600 Nathan Lane
    
    Minneapolis, MN
    
    
    
    
    
    
    1,063,558
    
    
    
    
    
    
    
    6,683,083
    
    
    
    1,038,197
    
    
    
    6,708,444
    
    
    
    7,746,641
    
    
    
    949,850
    
    
    
    2002
    
    
    40 yrs.12501 & 12701 Whitewater Drive
    
    Minnegonka, MN
    
    
    
    
    
    
    2,175,209
    
    
    
    3,948,085
    
    
    
    5,641,054
    
    
    
    2,177,953
    
    
    
    9,586,395
    
    
    
    11,764,348
    
    
    
    454,175
    
    
    
    1986
    
    
    40 yrs.5600 & 5610 Rowland Road
    
    Minnetonka, MN
    
    
    
    
    
    
    828,650
    
    
    
    7,399,409
    
    
    
    1,579,087
    
    
    
    829,263
    
    
    
    8,977,882
    
    
    
    9,807,146
    
    
    
    2,488,832
    
    
    
    1988
    
    
    40 yrs.5400-5500 Feltl Road
    
    Minnetonka, MN
    
    
    
    
    
    
    883,895
    
    
    
    7,983,345
    
    
    
    1,827,071
    
    
    
    883,895
    
    
    
    9,810,416
    
    
    
    10,694,311
    
    
    
    2,102,836
    
    
    
    1985
    
    
    40 yrs.10300 Bren Road
    
    Minnetonka, MN
    
    
    
    
    
    
    344,614
    
    
    
    3,110,477
    
    
    
    339,685
    
    
    
    344,614
    
    
    
    3,450,162
    
    
    
    3,794,776
    
    
    
    745,347
    
    
    
    1981
    
    
    40 yrs.3400 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,153
    
    
    
    11,345,881
    
    
    
    1,206,694
    
    
    
    2,022,153
    
    
    
    12,552,575
    
    
    
    14,574,728
    
    
    
    2,758,940
    
    
    
    1990
    
    
    40 yrs.3450 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,152
    
    
    
    11,357,143
    
    
    
    1,972,320
    
    
    
    2,022,152
    
    
    
    13,329,463
    
    
    
    15,351,615
    
    
    
    2,979,767
    
    
    
    1990
    
    
    40 yrs.3350 SW 148th Avenue
    
    Miramar, FL
    
    
    
    
    
    
    2,960,511
    
    
    
    
    
    
    
    17,921,351
    
    
    
    2,980,689
    
    
    
    17,901,173
    
    
    
    20,881,862
    
    
    
    3,623,669
    
    
    
    2000
    
    
    40 yrs.300 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,267,999
    
    
    
    1,098,904
    
    
    
    6,169,095
    
    
    
    7,267,999
    
    
    
    212,031
    
    
    
    2004
    
    
    40 yrs.3001 Leadenhall Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    1,925,719
    
    
    
    191,390
    
    
    
    10,965,396
    
    
    
    1,936,489
    
    
    
    11,146,016
    
    
    
    13,082,505
    
    
    
    453,201
    
    
    
    2003
    
    
    40 yrs.4001 Leadenhall Road
    
    Mt. Laurel,  NJ
    
    
    
    
    
    
    3,207,885
    
    
    
    391,167
    
    
    
    18,844,592
    
    
    
    2,784,694
    
    
    
    19,658,950
    
    
    
    22,443,644
    
    
    
    2,044,056
    
    
    
    2002
    
    
    40 yrs.3000 Atrium Way
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    500,000
    
    
    
    4,500,000
    
    
    
    4,124,861
    
    
    
    512,018
    
    
    
    8,612,844
    
    
    
    9,124,861
    
    
    
    3,738,227
    
    
    
    1987
    
    
    40 yrs.11000, 15000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,585
    
    
    
    4,394,900
    
    
    
    252,018
    
    
    
    311,950
    
    
    
    4,645,553
    
    
    
    4,957,503
    
    
    
    1,703,636
    
    
    
    1985
    
    
    40 yrs.12000, 14000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    361,800
    
    
    
    3,285,817
    
    
    
    703,601
    
    
    
    362,855
    
    
    
    3,988,363
    
    
    
    4,351,218
    
    
    
    1,279,682
    
    
    
    1985
    
    
    40 yrs.16000, 18000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    289,700
    
    
    
    2,512,683
    
    
    
    578,994
    
    
    
    290,545
    
    
    
    3,090,832
    
    
    
    3,381,377
    
    
    
    1,045,910
    
    
    
    1985
    
    
    40 yrs.1300 Route 73 North
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    449,400
    
    
    
    3,074,850
    
    
    
    1,693,803
    
    
    
    450,558
    
    
    
    4,767,495
    
    
    
    5,218,053
    
    
    
    1,327,465
    
    
    
    1988
    
    
    40 yrs.3000 Lincoln Drive
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    284,052
    
    
    
    2,458,155
    
    
    
    1,680,241
    
    
    
    284,052
    
    
    
    4,138,396
    
    
    
    4,422,448
    
    
    
    1,253,011
    
    
    
    1983
    
    
    40 yrs.6000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,151
    
    
    
    2,022,683
    
    
    
    693,212
    
    
    
    234,151
    
    
    
    2,715,895
    
    
    
    2,950,046
    
    
    
    681,110
    
    
    
    1985
    
    
    40 yrs.7000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    260,014
    
    
    
    2,236,684
    
    
    
    429,449
    
    
    
    260,014
    
    
    
    2,666,133
    
    
    
    2,926,147
    
    
    
    664,422
    
    
    
    1984
    
    
    40 yrs.8000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,814
    
    
    
    1,995,098
    
    
    
    317,849
    
    
    
    234,814
    
    
    
    2,312,947
    
    
    
    2,547,761
    
    
    
    516,811
    
    
    
    1983
    
    
    40 yrs.9000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    286,587
    
    
    
    2,474,820
    
    
    
    577,045
    
    
    
    286,587
    
    
    
    3,051,865
    
    
    
    3,338,452
    
    
    
    915,454
    
    
    
    1983
    
    
    40 yrs.1000 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    288,577
    
    
    
    2,546,537
    
    
    
    1,345,162
    
    
    
    288,577
    
    
    
    3,891,698
    
    
    
    4,180,276
    
    
    
    1,251,599
    
    
    
    1986
    
    
    40 yrs.1025 Briggs Road
    
    Mt. Laurel, NJ
    
    
    1,189,115
    
    
    
    430,990
    
    
    
    3,714,828
    
    
    
    1,295,796
    
    
    
    430,990
    
    
    
    5,010,624
    
    
    
    5,441,614
    
    
    
    1,296,661
    
    
    
    1987
    
    
    40 yrs.1020 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    494,334
    
    
    
    
    
    
    
    2,986,335
    
    
    
    569,184
    
    
    
    2,911,486
    
    
    
    3,480,669
    
    
    
    712,534
    
    
    
    1999
    
    
    40 yrs.2000 Crawford Place
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,831
    
    
    
    2,797,744
    
    
    
    2,366,269
    
    
    
    310,831
    
    
    
    5,164,013
    
    
    
    5,474,844
    
    
    
    1,845,462
    
    
    
    1986
    
    
    40 yrs.5000 Dearborn Court
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    1,057,763
    
    
    
    4,191,827
    
    
    
    329,209
    
    
    
    1,057,763
    
    
    
    4,521,037
    
    
    
    5,578,799
    
    
    
    973,990
    
    
    
    1988
    
    
    40 yrs.1001 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    701,705
    
    
    
    3,505,652
    
    
    
    2,000,167
    
    
    
    701,705
    
    
    
    5,505,820
    
    
    
    6,207,525
    
    
    
    1,480,906
    
    
    
    1986
    
    
    40 yrs.1015 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    356,987
    
    
    
    
    
    
    
    3,466,980
    
    
    
    470,659
    
    
    
    3,353,307
    
    
    
    3,823,967
    
    
    
    656,280
    
    
    
    2000
    
    
    40 yrs.17000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    144,515
    
    
    
    
    
    
    
    2,813,663
    
    
    
    144,515
    
    
    
    2,813,663
    
    
    
    2,958,178
    
    
    
    531,822
    
    
    
    2001
    
    
    40 yrs.9401-9443 Science Center Drive
    
    New Hope, MN
    
    
    
    
    
    
    431,295
    
    
    
    3,888,684
    
    
    
    481,742
    
    
    
    510,064
    
    
    
    4,291,657
    
    
    
    4,801,721
    
    
    
    988,653
    
    
    
    1989
    
    
    40 yrs.6 Terry Drive
    
    Newtown, PA
    
    
    
    
    
    
    622,029
    
    
    
    2,228,851
    
    
    
    828,769
    
    
    
    622,205
    
    
    
    3,057,443
    
    
    
    3,679,648
    
    
    
    658,178
    
    
    
    1981
    
    
    40 yrs.22515 Heslip Drive
    
    Novi, MI
    
    
    
    
    
    
    144,477
    
    
    
    338,277
    
    
    
    16,653
    
    
    
    144,477
    
    
    
    354,930
    
    
    
    499,407
    
    
    
    120,200
    
    
    
    1975
    
    
    40 yrs.550-590 Hale Avenue
    
    Oakdale, MN
    
    
    
    
    
    
    765,535
    
    
    
    3,488,754
    
    
    
    317,153
    
    
    
    766,390
    
    
    
    3,805,052
    
    
    
    4,571,442
    
    
    
    672,634
    
    
    
    1996
    
    
    40 yrs.1879 Lamont Avenue
    
    Odenton, MD
    
    
    
    
    
    
    1,976,000
    
    
    
    8,099,579
    
    
    
    2,331,500
    
    
    
    2,011,030
    
    
    
    10,396,049
    
    
    
    12,407,079
    
    
    
    237,802
    
    
    
    2004
    
    
    40 yrs.350 Winmeyer Avenue
    
    Odenton, MD
    
    
    
    
    
    
    1,778,400
    
    
    
    7,289,165
    
    
    
    791,323
    
    
    
    1,809,927
    
    
    
    8,048,960
    
    
    
    9,858,888
    
    
    
    121,962
    
    
    
    2004
    
    
    40 yrs.9600 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    252,850
    
    
    
    1,297,923
    
    
    
    62,116
    
    
    
    252,850
    
    
    
    1,360,039
    
    
    
    1,612,889
    
    
    
    300,574
    
    
    
    1989
    
    
    40 yrs.9700 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    405,362
    
    
    
    1,146,546
    
    
    
    350,093
    
    
    
    405,362
    
    
    
    1,496,639
    
    
    
    1,902,001
    
    
    
    339,374
    
    
    
    1989
    
    
    40 yrs.1902 Cypress Lake Drive
    
    Orlando, FL
    
    
    
    
    
    
    523,512
    
    
    
    3,191,790
    
    
    
    880,341
    
    
    
    538,512
    
    
    
    4,057,131
    
    
    
    4,595,643
    
    
    
    965,687
    
    
    
    1989
    
    
    40 yrs.9550 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    574,831
    
    
    
    
    
    
    
    2,149,304
    
    
    
    587,319
    
    
    
    2,136,816
    
    
    
    2,724,135
    
    
    
    534,050
    
    
    
    1999
    
    
    40 yrs.
 64




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES10511 & 10611 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    517,554
    
    
    
    2,568,186
    
    
    
    385,623
    
    
    
    522,991
    
    
    
    2,948,372
    
    
    
    3,471,363
    
    
    
    762,624
    
    
    
    1985
    
    
    40 yrs.1400-1440 Central Florida Parkway
    
    Orlando, FL
    
    
    
    
    
    
    518,043
    
    
    
    2,561,938
    
    
    
    294,022
    
    
    
    518,043
    
    
    
    2,855,960
    
    
    
    3,374,003
    
    
    
    615,064
    
    
    
    1962
    
    
    40 yrs.2216 Directors Row
    
    Orlando, FL
    
    
    
    
    
    
    453,918
    
    
    
    2,572,202
    
    
    
    25,865
    
    
    
    453,918
    
    
    
    2,598,067
    
    
    
    3,051,985
    
    
    
    491,031
    
    
    
    1998
    
    
    40 yrs.3701-3727 Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    767,929
    
    
    
    2,096,504
    
    
    
    145,949
    
    
    
    767,929
    
    
    
    2,242,454
    
    
    
    3,010,382
    
    
    
    475,560
    
    
    
    1985
    
    
    40 yrs.2400 South Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    385,964
    
    
    
    
    
    
    
    2,404,272
    
    
    
    642,427
    
    
    
    2,147,809
    
    
    
    2,790,236
    
    
    
    298,291
    
    
    
    2001
    
    
    40 yrs.6501 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    5,541,791
    
    
    
    925,671
    
    
    
    5,519,821
    
    
    
    6,445,492
    
    
    
    609,015
    
    
    
    2001
    
    
    40 yrs.2416 Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    535,964
    
    
    
    
    
    
    
    3,165,095
    
    
    
    704,800
    
    
    
    2,996,258
    
    
    
    3,701,059
    
    
    
    640,443
    
    
    
    2002
    
    
    40 yrs.10771 Palm Bay Drive
    
    Orlando, FL
    
    
    
    
    
    
    664,605
    
    
    
    
    
    
    
    2,362,814
    
    
    
    685,383
    
    
    
    2,342,035
    
    
    
    3,027,419
    
    
    
    341,034
    
    
    
    2001
    
    
    40 yrs.10003 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    680,312
    
    
    
    2,120,754
    
    
    
    1,568,071
    
    
    
    680,312
    
    
    
    3,688,825
    
    
    
    4,369,137
    
    
    
    227,541
    
    
    
    2003
    
    
    40 yrs.1090 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    878,320
    
    
    
    2,558,833
    
    
    
    1,784,767
    
    
    
    878,320
    
    
    
    4,343,601
    
    
    
    5,221,920
    
    
    
    197,098
    
    
    
    2003
    
    
    40 yrs.2202 Taft-Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,630,654
    
    
    
    1,283,713
    
    
    
    5,346,941
    
    
    
    6,630,654
    
    
    
    255,362
    
    
    
    2004
    
    
    40 yrs.7315 Kingspointe Parkway
    
    Orlando, FL
    
    
    
    
    
    
    1,931,697
    
    
    
    6,388,203
    
    
    
    2,216,978
    
    
    
    1,932,004
    
    
    
    8,604,875
    
    
    
    10,536,878
    
    
    
    223,035
    
    
    
    2004
    
    
    40 yrs.2351 Investors Row
    
    Orlando, FL
    
    
    
    
    
    
    2,261,924
    
    
    
    7,496,249
    
    
    
    10,608
    
    
    
    2,263,211
    
    
    
    7,505,570
    
    
    
    9,768,781
    
    
    
    187,699
    
    
    
    2004
    
    
    40 yrs.2256 Taft-Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    467,296
    
    
    
    
    
    
    
    2,461,652
    
    
    
    825,673
    
    
    
    2,103,275
    
    
    
    2,928,948
    
    
    
    39,684
    
    
    
    2005
    
    
    40 yrs.1950 Summitt Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    2,573,700
    
    
    
    17,478,646
    
    
    
    356,895
    
    
    
    2,583,667
    
    
    
    17,825,574
    
    
    
    20,409,241
    
    
    
    318,627
    
    
    
    2005
    
    
    40 yrs.1958 Summit Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    2,573,961
    
    
    
    11,206,937
    
    
    
    8,404,103
    
    
    
    2,583,216
    
    
    
    19,601,785
    
    
    
    22,185,001
    
    
    
    351,841
    
    
    
    2005
    
    
    40 yrs.7500 West 110th Street
    
    Overland Park, KS
    
    
    
    
    
    
    2,380,493
    
    
    
    9,575,474
    
    
    
    3,105,049
    
    
    
    2,380,493
    
    
    
    12,680,523
    
    
    
    15,061,015
    
    
    
    2,551,895
    
    
    
    1983
    
    
    40 yrs.N26 W23445 Paul Road
    
    Pewaukee, WI
    
    
    
    
    
    
    561,904
    
    
    
    1,928,064
    
    
    
    113,241
    
    
    
    561,904
    
    
    
    2,041,305
    
    
    
    2,603,209
    
    
    
    297,858
    
    
    
    1985
    
    
    40 yrs.8801 Tinicum Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    2,474,031
    
    
    
    
    
    
    
    43,598,952
    
    
    
    125,087
    
    
    
    45,947,896
    
    
    
    46,072,983
    
    
    
    10,826,464
    
    
    
    1997
    
    
    40 yrs.3 Franklin Plaza
    
    Philadelphia, PA
    
    
    
    
    
    
    2,483,144
    
    
    
    
    
    
    
    32,150,134
    
    
    
    2,514,519
    
    
    
    32,118,759
    
    
    
    34,633,278
    
    
    
    5,288,182
    
    
    
    1999
    
    
    40 yrs.2760 Red Lion Road
    
    Philadelphia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    46,541,271
    
    
    
    3,985,624
    
    
    
    42,555,647
    
    
    
    46,541,271
    
    
    
    4,754,159
    
    
    
    2001
    
    
    40 yrs.4751 League Island Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    992,965
    
    
    
    331,924
    
    
    
    6,730,979
    
    
    
    1,022,081
    
    
    
    7,033,787
    
    
    
    8,055,868
    
    
    
    365,684
    
    
    
    2003
    
    
    40 yrs.9801 80th Avenue
    
    Pleasant Prairie, WI
    
    
    
    
    
    
    1,692,077
    
    
    
    7,934,794
    
    
    
    62,495
    
    
    
    1,689,726
    
    
    
    7,999,640
    
    
    
    9,689,366
    
    
    
    1,517,661
    
    
    
    1994
    
    
    40 yrs.2250 Hickory Road
    
    Plymouth Meeting, PA
    
    
    
    
    
    
    1,015,851
    
    
    
    9,175,555
    
    
    
    1,488,543
    
    
    
    1,032,507
    
    
    
    10,647,442
    
    
    
    11,679,949
    
    
    
    2,414,384
    
    
    
    1985
    
    
    40 yrs.2905 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    516,920
    
    
    
    4,646,342
    
    
    
    1,615,793
    
    
    
    516,920
    
    
    
    6,262,136
    
    
    
    6,779,055
    
    
    
    1,576,713
    
    
    
    1983
    
    
    40 yrs.2800 Campus Drive
    
    Plymouth, MN
    
    
    
    
    
    
    395,366
    
    
    
    3,554,512
    
    
    
    866,525
    
    
    
    395,366
    
    
    
    4,421,037
    
    
    
    4,816,403
    
    
    
    1,112,379
    
    
    
    1985
    
    
    40 yrs.2955 Xenium Lane
    
    Plymouth, MN
    
    
    
    
    
    
    151,238
    
    
    
    1,370,140
    
    
    
    401,075
    
    
    
    151,238
    
    
    
    1,771,215
    
    
    
    1,922,453
    
    
    
    551,389
    
    
    
    1985
    
    
    40 yrs.2920 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    392,026
    
    
    
    3,433,678
    
    
    
    655,417
    
    
    
    384,235
    
    
    
    4,096,886
    
    
    
    4,481,121
    
    
    
    1,062,974
    
    
    
    1997
    
    
    40 yrs.14630-14650 28th Avenue North
    
    Plymouth, MN
    
    
    
    
    
    
    198,205
    
    
    
    1,793,422
    
    
    
    644,591
    
    
    
    198,205
    
    
    
    2,438,013
    
    
    
    2,636,218
    
    
    
    563,179
    
    
    
    1978
    
    
    40 yrs.2800 Northwest Boulevard
    
    Plymouth, MN
    
    
    3,963,999
    
    
    
    1,934,438
    
    
    
    10,952,503
    
    
    
    476,212
    
    
    
    1,934,438
    
    
    
    11,428,715
    
    
    
    13,363,152
    
    
    
    2,344,172
    
    
    
    1995
    
    
    40 yrs.9600 54th Avenue
    
    Plymouth, MN
    
    
    
    
    
    
    332,317
    
    
    
    3,077,820
    
    
    
    1,053,822
    
    
    
    332,317
    
    
    
    4,131,642
    
    
    
    4,463,959
    
    
    
    658,927
    
    
    
    1998
    
    
    40 yrs.1500 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    972,232
    
    
    
    3,892,085
    
    
    
    186,080
    
    
    
    972,232
    
    
    
    4,078,165
    
    
    
    5,050,397
    
    
    
    868,958
    
    
    
    1957
    
    
    40 yrs.1651 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    126,108
    
    
    
    203,247
    
    
    
    937,202
    
    
    
    1,140,449
    
    
    
    218,072
    
    
    
    1990
    
    
    40 yrs.1601 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    403,403
    
    
    
    203,247
    
    
    
    1,214,496
    
    
    
    1,417,743
    
    
    
    238,976
    
    
    
    1990
    
    
    40 yrs.1501 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    34,338
    
    
    
    203,247
    
    
    
    845,431
    
    
    
    1,048,679
    
    
    
    182,175
    
    
    
    1990
    
    
    40 yrs.1400 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    1,157,049
    
    
    
    4,620,956
    
    
    
    263,427
    
    
    
    1,157,049
    
    
    
    4,884,382
    
    
    
    6,041,432
    
    
    
    998,636
    
    
    
    1986
    
    
    40 yrs.1405 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    392,138
    
    
    
    1,565,787
    
    
    
    78,994
    
    
    
    392,138
    
    
    
    1,644,781
    
    
    
    2,036,920
    
    
    
    347,683
    
    
    
    1985
    
    
    40 yrs.595 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    359,933
    
    
    
    1,437,116
    
    
    
    85,041
    
    
    
    359,933
    
    
    
    1,522,157
    
    
    
    1,882,090
    
    
    
    307,330
    
    
    
    1984
    
    
    40 yrs.601 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    164,413
    
    
    
    655,933
    
    
    
    40,501
    
    
    
    164,413
    
    
    
    696,434
    
    
    
    860,846
    
    
    
    134,187
    
    
    
    1984
    
    
    40 yrs.605 SW 16th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    310,778
    
    
    
    1,238,324
    
    
    
    353,372
    
    
    
    310,178
    
    
    
    1,592,296
    
    
    
    1,902,474
    
    
    
    255,293
    
    
    
    1965
    
    
    40 yrs.4300 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    2,007,717
    
    
    
    14,927,608
    
    
    
    440,967
    
    
    
    2,009,136
    
    
    
    15,367,156
    
    
    
    17,376,292
    
    
    
    4,108,304
    
    
    
    1985
    
    
    40 yrs.301 Hill Carter Parkway
    
    Richmond, VA
    
    
    
    
    
    
    659,456
    
    
    
    4,836,010
    
    
    
    625
    
    
    
    659,456
    
    
    
    4,836,635
    
    
    
    5,496,091
    
    
    
    1,309,815
    
    
    
    1989
    
    
    40 yrs.4001 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    29,443
    
    
    
    215,914
    
    
    
    305,691
    
    
    
    29,443
    
    
    
    521,605
    
    
    
    551,048
    
    
    
    98,697
    
    
    
    1935
    
    
    40 yrs.5600-5626 Eastport Boulevard
    
    Richmond, VA
    
    
    
    *
    
    
    489,941
    
    
    
    3,592,900
    
    
    
    199,379
    
    
    
    489,941
    
    
    
    3,792,279
    
    
    
    4,282,220
    
    
    
    1,110,878
    
    
    
    1989
    
    
    40 yrs.5650-5674 Eastport Boulevard
    
    Richmond, VA
    
    
    
    *
    
    
    644,384
    
    
    
    4,025,480
    
    
    
    210,079
    
    
    
    644,384
    
    
    
    4,235,559
    
    
    
    4,879,943
    
    
    
    1,281,114
    
    
    
    1990
    
    
    40 yrs.5700 Eastport Boulevard
    
    Richmond, VA
    
    
    
    *
    
    
    408,729
    
    
    
    2,697,348
    
    
    
    827,685
    
    
    
    408,729
    
    
    
    3,525,033
    
    
    
    3,933,762
    
    
    
    813,558
    
    
    
    1990
    
    
    40 yrs.4101-4127 Carolina Avenue
    
    Richmond, VA
    
    
    
    *
    
    
    310,854
    
    
    
    2,279,597
    
    
    
    567,636
    
    
    
    310,854
    
    
    
    2,847,233
    
    
    
    3,158,087
    
    
    
    669,779
    
    
    
    1973
    
    
    40 yrs.4201-4261 Carolina Avenue
    
    Richmond, VA
    
    
    
    *
    
    
    693,203
    
    
    
    5,083,493
    
    
    
    852,515
    
    
    
    693,203
    
    
    
    5,936,008
    
    
    
    6,629,211
    
    
    
    1,732,857
    
    
    
    1975
    
    
    40 yrs.4263-4299 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    256,203
    
    
    
    2,549,649
    
    
    
    1,539,234
    
    
    
    256,203
    
    
    
    4,088,883
    
    
    
    4,345,086
    
    
    
    1,024,433
    
    
    
    1976
    
    
    40 yrs.4301-4335 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    223,696
    
    
    
    1,640,435
    
    
    
    623,939
    
    
    
    223,696
    
    
    
    2,264,374
    
    
    
    2,488,070
    
    
    
    475,129
    
    
    
    1978
    
    
    40 yrs.4337-4379 Carolina Avenue
    
    Richmond, VA
    
    
    
    *
    
    
    325,303
    
    
    
    2,385,557
    
    
    
    858,723
    
    
    
    325,303
    
    
    
    3,244,280
    
    
    
    3,569,583
    
    
    
    1,170,470
    
    
    
    1979
    
    
    40 yrs.4501-4549 Carolina Avenue
    
    Richmond, VA
    
    
    
    *
    
    
    486,166
    
    
    
    3,565,211
    
    
    
    466,377
    
    
    
    486,166
    
    
    
    4,031,588
    
    
    
    4,517,754
    
    
    
    1,047,640
    
    
    
    1981
    
    
    40 yrs.4551-4593 Carolina Avenue
    
    Richmond, VA
    
    
    
    *
    
    
    474,360
    
    
    
    3,478,646
    
    
    
    251,242
    
    
    
    474,360
    
    
    
    3,729,888
    
    
    
    4,204,248
    
    
    
    990,449
    
    
    
    1982
    
    
    40 yrs.4601-4643 Carolina Avenue
    
    Richmond, VA
    
    
    
    *
    
    
    652,455
    
    
    
    4,784,675
    
    
    
    488,112
    
    
    
    652,455
    
    
    
    5,272,787
    
    
    
    5,925,242
    
    
    
    1,605,933
    
    
    
    1985
    
    
    40 yrs.4645-4683 Carolina Avenue
    
    Richmond, VA
    
    
    
    *
    
    
    404,616
    
    
    
    2,967,187
    
    
    
    1,077,200
    
    
    
    404,616
    
    
    
    4,044,387
    
    
    
    4,449,003
    
    
    
    1,672,722
    
    
    
    1985
    
    
    40 yrs.4447-4491 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    454,056
    
    
    
    2,729,742
    
    
    
    293,897
    
    
    
    454,056
    
    
    
    3,023,639
    
    
    
    3,477,695
    
    
    
    860,701
    
    
    
    1987
    
    
    40 yrs.4401-4445 Carolina Avenue
    
    Richmond, VA
    
    
    
    *
    
    
    615,038
    
    
    
    4,510,272
    
    
    
    397,983
    
    
    
    615,038
    
    
    
    4,908,255
    
    
    
    5,523,293
    
    
    
    1,315,034
    
    
    
    1988
    
    
    40 yrs.2300 East Parham Road
    
    Richmond, VA
    
    
    
    
    
    
    221,947
    
    
    
    1,011,088
    
    
    
    2,443
    
    
    
    221,947
    
    
    
    1,013,531
    
    
    
    1,235,478
    
    
    
    291,544
    
    
    
    1988
    
    
    40 yrs.5601-5659 Eastport Boulevard
    
    Richmond, VA
    
    
    
    *
    
    
    705,660
    
    
    
    
    
    
    
    4,687,838
    
    
    
    720,100
    
    
    
    4,673,398
    
    
    
    5,393,498
    
    
    
    1,545,623
    
    
    
    1996
    
    
    40 yrs.5900 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    676,661
    
    
    
    
    
    
    
    4,805,572
    
    
    
    687,898
    
    
    
    4,794,335
    
    
    
    5,482,233
    
    
    
    1,130,238
    
    
    
    1997
    
    
    40 yrs.4717-4729 Eubank Road
    
    Richmond, VA
    
    
    
    *
    
    
    449,447
    
    
    
    3,294,697
    
    
    
    464,789
    
    
    
    452,263
    
    
    
    3,756,669
    
    
    
    4,208,932
    
    
    
    977,794
    
    
    
    1978
    
    
    40 yrs.4263F-N. Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    91,476
    
    
    
    
    
    
    
    1,643,294
    
    
    
    91,599
    
    
    
    1,643,171
    
    
    
    1,734,770
    
    
    
    403,420
    
    
    
    1975
    
    
    40 yrs.510 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    261,961
    
    
    
    2,110,874
    
    
    
    295,549
    
    
    
    262,210
    
    
    
    2,406,174
    
    
    
    2,668,384
    
    
    
    714,887
    
    
    
    1989
    
    
    40 yrs.
 65




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES520 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    486,118
    
    
    
    4,083,582
    
    
    
    223,503
    
    
    
    486,598
    
    
    
    4,306,606
    
    
    
    4,793,203
    
    
    
    1,047,303
    
    
    
    1989
    
    
    40 yrs.13001 Kingston Avenue
    
    Richmond, VA
    
    
    
    
    
    
    376,584
    
    
    
    
    
    
    
    2,032,172
    
    
    
    376,701
    
    
    
    2,032,055
    
    
    
    2,408,756
    
    
    
    465,543
    
    
    
    1998
    
    
    40 yrs.5701-5799 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    694,644
    
    
    
    
    
    
    
    5,627,694
    
    
    
    700,503
    
    
    
    5,621,836
    
    
    
    6,322,338
    
    
    
    1,491,794
    
    
    
    1998
    
    
    40 yrs.701 Liberty Way
    
    Richmond, VA
    
    
    
    *
    
    
    171,711
    
    
    
    
    
    
    
    5,255,576
    
    
    
    1,188,857
    
    
    
    4,238,430
    
    
    
    5,427,287
    
    
    
    772,538
    
    
    
    1999
    
    
    40 yrs.12730 Kingston Avenue
    
    Richmond, VA
    
    
    
    
    
    
    171,053
    
    
    
    
    
    
    
    8,200,764
    
    
    
    1,201,072
    
    
    
    7,170,745
    
    
    
    8,371,817
    
    
    
    790,126
    
    
    
    2001
    
    
    40 yrs.530 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    266,883
    
    
    
    
    
    
    
    2,909,058
    
    
    
    334,772
    
    
    
    2,841,168
    
    
    
    3,175,941
    
    
    
    882,208
    
    
    
    1999
    
    
    40 yrs.3829-3855 Gaskins Road
    
    Richmond, VA
    
    
    
    
    
    
    364,165
    
    
    
    3,264,114
    
    
    
    39,764
    
    
    
    364,165
    
    
    
    3,303,879
    
    
    
    3,668,044
    
    
    
    644,339
    
    
    
    1988
    
    
    40 yrs.10800 Nuckols Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    1,432,462
    
    
    
    
    
    
    
    14,420,839
    
    
    
    1,794,162
    
    
    
    14,059,139
    
    
    
    15,853,301
    
    
    
    2,077,508
    
    
    
    2000
    
    
    40 yrs.801 Liberty Way
    
    Richmond, VA
    
    
    
    *
    
    
    780,000
    
    
    
    
    
    
    
    6,408,701
    
    
    
    785,059
    
    
    
    6,403,642
    
    
    
    7,188,701
    
    
    
    1,309,444
    
    
    
    1999
    
    
    40 yrs.100 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,140,648
    
    
    
    101,824
    
    
    
    8,408,649
    
    
    
    1,456,084
    
    
    
    8,195,037
    
    
    
    9,651,121
    
    
    
    1,007,686
    
    
    
    2001
    
    
    40 yrs.200 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,623,612
    
    
    
    
    
    
    
    5,900,379
    
    
    
    1,072,797
    
    
    
    6,451,195
    
    
    
    7,523,992
    
    
    
    643,127
    
    
    
    2002
    
    
    40 yrs.1001 Boulders Parkway
    
    Richmond, VA
    
    
    
    
    
    
    2,073,739
    
    
    
    5,634,796
    
    
    
    251,657
    
    
    
    2,079,643
    
    
    
    5,880,549
    
    
    
    7,960,191
    
    
    
    73,860
    
    
    
    2005
    
    
    40 yrs.7400 Beaufont Springs Drive
    
    Richmond, VA
    
    
    
    
    
    
    808,581
    
    
    
    7,273,850
    
    
    
    245,912
    
    
    
    810,743
    
    
    
    7,517,600
    
    
    
    8,328,343
    
    
    
    76,665
    
    
    
    2005
    
    
    40 yrs.1100 Boulders Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,276,936
    
    
    
    12,052,192
    
    
    
    233,584
    
    
    
    1,280,662
    
    
    
    12,282,050
    
    
    
    13,562,712
    
    
    
    22
    
    
    
    2005
    
    
    40 yrs.12 S. Third Street
    
    Richmond, VA
    
    
    
    
    
    
    40,539
    
    
    
    184,682
    
    
    
    14,061
    
    
    
    40,539
    
    
    
    198,743
    
    
    
    239,282
    
    
    
    52,216
    
    
    
    1900
    
    
    40 yrs.6532 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    354,903
    
    
    
    
    
    
    
    3,718,126
    
    
    
    399,988
    
    
    
    3,673,042
    
    
    
    4,073,029
    
    
    
    854,530
    
    
    
    1997
    
    
    40 yrs.6530 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    305,821
    
    
    
    
    
    
    
    4,458,196
    
    
    
    335,061
    
    
    
    4,428,955
    
    
    
    4,764,016
    
    
    
    793,188
    
    
    
    1999
    
    
    40 yrs.6509 Franz Warner Parkway
    
    Rock Creek, NC
    
    
    
    
    
    
    360,494
    
    
    
    
    
    
    
    2,829,679
    
    
    
    372,494
    
    
    
    2,817,679
    
    
    
    3,190,173
    
    
    
    407,971
    
    
    
    2001
    
    
    40 yrs.38100 Ecorse Road
    
    Romulus, MI
    
    
    
    
    
    
    955,063
    
    
    
    
    
    
    
    7,899,055
    
    
    
    853,063
    
    
    
    8,001,055
    
    
    
    8,854,118
    
    
    
    1,073,201
    
    
    
    2000
    
    
    40 yrs.38000 Ecourse Road
    
    Romulus, MI
    
    
    
    
    
    
    807,660
    
    
    
    
    
    
    
    12,732,027
    
    
    
    1,053,337
    
    
    
    12,486,350
    
    
    
    13,539,687
    
    
    
    2,097,585
    
    
    
    2001
    
    
    40 yrs.26911-26957 Northwestern Highway
    
    Southfield, MI
    
    
    
    
    
    
    7,799,515
    
    
    
    66,268,817
    
    
    
    8,494,884
    
    
    
    7,799,515
    
    
    
    74,763,701
    
    
    
    82,563,216
    
    
    
    16,502,680
    
    
    
    1985
    
    
    40 yrs.13650 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    558,223
    
    
    
    2,171,930
    
    
    
    306,706
    
    
    
    558,251
    
    
    
    2,478,607
    
    
    
    3,036,859
    
    
    
    560,899
    
    
    
    1991
    
    
    40 yrs.13630 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    659,797
    
    
    
    2,596,275
    
    
    
    772,671
    
    
    
    659,825
    
    
    
    3,368,917
    
    
    
    4,028,742
    
    
    
    703,238
    
    
    
    1991
    
    
    40 yrs.5501-5519 Pioneer Park Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    162,000
    
    
    
    1,613,000
    
    
    
    258,142
    
    
    
    262,416
    
    
    
    1,770,726
    
    
    
    2,033,142
    
    
    
    547,688
    
    
    
    1981
    
    
    40 yrs.5690-5694 Crenshaw Street
    
    Tampa, FL
    
    
    
    
    
    
    181,923
    
    
    
    1,812,496
    
    
    
    218,763
    
    
    
    181,923
    
    
    
    2,031,260
    
    
    
    2,213,183
    
    
    
    553,538
    
    
    
    1979
    
    
    40 yrs.3102,3104,3110 Cherry Palm Drive
    
    Tampa, FL
    
    
    
    
    
    
    503,767
    
    
    
    2,787,585
    
    
    
    1,669,638
    
    
    
    982,207
    
    
    
    3,978,783
    
    
    
    4,960,990
    
    
    
    1,018,143
    
    
    
    1986
    
    
    40 yrs.8401-8408 Benjamin Road
    
    Tampa, FL
    
    
    
    
    
    
    789,651
    
    
    
    4,454,648
    
    
    
    1,899,353
    
    
    
    769,789
    
    
    
    6,373,862
    
    
    
    7,143,652
    
    
    
    1,930,800
    
    
    
    1986
    
    
    40 yrs.3501 Riga Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    617,289
    
    
    
    3,048,379
    
    
    
    454,271
    
    
    
    617,289
    
    
    
    3,502,650
    
    
    
    4,119,939
    
    
    
    896,940
    
    
    
    1987
    
    
    40 yrs.111 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    359,540
    
    
    
    1,461,850
    
    
    
    908,769
    
    
    
    359,540
    
    
    
    2,370,619
    
    
    
    2,730,159
    
    
    
    620,004
    
    
    
    1990
    
    
    40 yrs.7930, 8010-20 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    *
    
    
    1,408,478
    
    
    
    5,247,246
    
    
    
    903,228
    
    
    
    1,408,478
    
    
    
    6,150,475
    
    
    
    7,558,952
    
    
    
    1,431,770
    
    
    
    1990
    
    
    40 yrs.7920 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    *
    
    
    1,382,648
    
    
    
    2,445,444
    
    
    
    (276,436
    )
    
    
    1,082,648
    
    
    
    2,469,008
    
    
    
    3,551,656
    
    
    
    552,184
    
    
    
    1997
    
    
    40 yrs.8154-8198 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    *
    
    
    399,088
    
    
    
    2,868,834
    
    
    
    420,131
    
    
    
    399,088
    
    
    
    3,288,965
    
    
    
    3,688,053
    
    
    
    803,686
    
    
    
    1988
    
    
    40 yrs.8112-42 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    *
    
    
    513,263
    
    
    
    3,230,239
    
    
    
    533,544
    
    
    
    513,263
    
    
    
    3,763,784
    
    
    
    4,277,046
    
    
    
    761,297
    
    
    
    1995
    
    
    40 yrs.8212 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    *
    
    
    820,882
    
    
    
    2,322,720
    
    
    
    14,210
    
    
    
    820,882
    
    
    
    2,336,931
    
    
    
    3,157,813
    
    
    
    505,452
    
    
    
    1996
    
    
    40 yrs.131 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    511,463
    
    
    
    
    
    
    
    4,455,291
    
    
    
    559,527
    
    
    
    4,407,227
    
    
    
    4,966,754
    
    
    
    1,495,878
    
    
    
    1985
    
    
    40 yrs.7724 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    235,893
    
    
    
    
    
    
    
    2,143,685
    
    
    
    235,894
    
    
    
    2,143,684
    
    
    
    2,379,578
    
    
    
    536,691
    
    
    
    1998
    
    
    40 yrs.7802-50 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,711,761
    
    
    
    506,949
    
    
    
    2,562,177
    
    
    
    3,069,125
    
    
    
    940,408
    
    
    
    1999
    
    
    40 yrs.7852-98 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,692,052
    
    
    
    506,949
    
    
    
    2,542,467
    
    
    
    3,049,416
    
    
    
    865,665
    
    
    
    1999
    
    
    40 yrs.8921 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    224,369
    
    
    
    1,063,882
    
    
    
    1,078,376
    
    
    
    254,493
    
    
    
    2,112,134
    
    
    
    2,366,627
    
    
    
    386,134
    
    
    
    1998
    
    
    40 yrs.5250 Eagle Trail Drive
    
    Tampa, FL
    
    
    
    
    
    
    952,860
    
    
    
    
    
    
    
    3,501,917
    
    
    
    952,860
    
    
    
    3,501,917
    
    
    
    4,454,776
    
    
    
    631,873
    
    
    
    1998
    
    
    40 yrs.7725 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    553,335
    
    
    
    
    
    
    
    3,345,476
    
    
    
    771,501
    
    
    
    3,127,310
    
    
    
    3,898,811
    
    
    
    540,286
    
    
    
    1999
    
    
    40 yrs.8001 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    350,406
    
    
    
    
    
    
    
    2,407,337
    
    
    
    438,061
    
    
    
    2,319,683
    
    
    
    2,757,744
    
    
    
    413,367
    
    
    
    1999
    
    
    40 yrs.4630 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    943,169
    
    
    
    
    
    
    
    12,592,708
    
    
    
    1,560,099
    
    
    
    11,975,778
    
    
    
    13,535,877
    
    
    
    1,961,943
    
    
    
    2000
    
    
    40 yrs.701-725 South US Hwy 301
    
    Tampa, FL
    
    
    
    
    
    
    419,683
    
    
    
    
    
    
    
    3,719,472
    
    
    
    661,680
    
    
    
    3,477,475
    
    
    
    4,139,155
    
    
    
    905,109
    
    
    
    2000
    
    
    40 yrs.4502 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,005,900
    
    
    
    1,071,535
    
    
    
    2,934,365
    
    
    
    4,005,900
    
    
    
    454,996
    
    
    
    1999
    
    
    40 yrs.9001-9015 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    209,841
    
    
    
    
    
    
    
    1,555,906
    
    
    
    364,514
    
    
    
    1,401,234
    
    
    
    1,765,748
    
    
    
    294,884
    
    
    
    2000
    
    
    40 yrs.4508 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    498,598
    
    
    
    
    
    
    
    3,057,752
    
    
    
    556,887
    
    
    
    2,999,463
    
    
    
    3,556,350
    
    
    
    481,275
    
    
    
    2000
    
    
    40 yrs.7622 Bald Cypress Place
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,305,584
    
    
    
    300,000
    
    
    
    1,005,584
    
    
    
    1,305,584
    
    
    
    144,521
    
    
    
    2000
    
    
    40 yrs.901-933 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    500,391
    
    
    
    
    
    
    
    4,023,528
    
    
    
    840,314
    
    
    
    3,683,605
    
    
    
    4,523,919
    
    
    
    795,906
    
    
    
    2001
    
    
    40 yrs.4503 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,454,328
    
    
    
    619,913
    
    
    
    2,834,415
    
    
    
    3,454,328
    
    
    
    315,727
    
    
    
    2002
    
    
    40 yrs.4505 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,891,079
    
    
    
    716,594
    
    
    
    2,174,485
    
    
    
    2,891,079
    
    
    
    365,159
    
    
    
    2002
    
    
    40 yrs.4511 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,840,907
    
    
    
    686,594
    
    
    
    2,154,313
    
    
    
    2,840,907
    
    
    
    302,759
    
    
    
    2002
    
    
    40 yrs.7621 Bald Cypress Place
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,482,613
    
    
    
    447,498
    
    
    
    1,035,115
    
    
    
    1,482,613
    
    
    
    89,641
    
    
    
    2001
    
    
    40 yrs.4520 Seedling Circle
    
    Tampa, FL
    
    
    
    
    
    
    854,797
    
    
    
    42,131
    
    
    
    2,721,233
    
    
    
    854,797
    
    
    
    2,763,364
    
    
    
    3,618,161
    
    
    
    116,845
    
    
    
    2003
    
    
    40 yrs.501 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    898,884
    
    
    
    
    
    
    
    3,499,853
    
    
    
    900,508
    
    
    
    3,498,229
    
    
    
    4,398,737
    
    
    
    92,280
    
    
    
    2004
    
    
    40 yrs.9002-9036 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    492,320
    
    
    
    
    
    
    
    3,964,055
    
    
    
    899,284
    
    
    
    3,557,092
    
    
    
    4,456,375
    
    
    
    185,361
    
    
    
    2004
    
    
    40 yrs.1650 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    763,067
    
    
    
    7,201,677
    
    
    
    1,107,575
    
    
    
    763,067
    
    
    
    8,309,252
    
    
    
    9,072,318
    
    
    
    1,600,015
    
    
    
    1985
    
    
    40 yrs.1775 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    331,422
    
    
    
    2,788,073
    
    
    
    648,666
    
    
    
    331,422
    
    
    
    3,436,739
    
    
    
    3,768,161
    
    
    
    637,270
    
    
    
    1985
    
    
    40 yrs.1875 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    329,863
    
    
    
    2,774,006
    
    
    
    229,619
    
    
    
    329,863
    
    
    
    3,003,625
    
    
    
    3,333,487
    
    
    
    657,192
    
    
    
    1986
    
    
    40 yrs.1850 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    781,054
    
    
    
    7,364,300
    
    
    
    2,051,384
    
    
    
    781,054
    
    
    
    9,415,684
    
    
    
    10,196,738
    
    
    
    2,007,507
    
    
    
    1986
    
    
    40 yrs.1965 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    419,090
    
    
    
    3,578,928
    
    
    
    347,399
    
    
    
    419,090
    
    
    
    3,926,327
    
    
    
    4,345,418
    
    
    
    917,900
    
    
    
    1987
    
    
    40 yrs.1960 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    419,146
    
    
    
    3,579,166
    
    
    
    635,418
    
    
    
    419,146
    
    
    
    4,214,584
    
    
    
    4,633,730
    
    
    
    956,481
    
    
    
    1987
    
    
    40 yrs.1101 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    98,144
    
    
    
    887,935
    
    
    
    326,837
    
    
    
    98,148
    
    
    
    1,214,768
    
    
    
    1,312,916
    
    
    
    328,596
    
    
    
    1974
    
    
    40 yrs.
 66




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES1151 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    164,483
    
    
    
    1,486,220
    
    
    
    209,271
    
    
    
    164,486
    
    
    
    1,695,487
    
    
    
    1,859,974
    
    
    
    466,361
    
    
    
    1974
    
    
    40 yrs.1300 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,090
    
    
    
    1,212,752
    
    
    
    371,530
    
    
    
    134,094
    
    
    
    1,584,278
    
    
    
    1,718,372
    
    
    
    549,399
    
    
    
    1979
    
    
    40 yrs.1350 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    111,776
    
    
    
    1,011,497
    
    
    
    181,054
    
    
    
    111,779
    
    
    
    1,192,547
    
    
    
    1,304,327
    
    
    
    270,056
    
    
    
    1979
    
    
    40 yrs.1376-1400 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,292
    
    
    
    1,213,626
    
    
    
    274,369
    
    
    
    134,296
    
    
    
    1,487,992
    
    
    
    1,622,287
    
    
    
    331,077
    
    
    
    1979
    
    
    40 yrs.1352-1374 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    153,275
    
    
    
    1,385,098
    
    
    
    285,361
    
    
    
    153,279
    
    
    
    1,670,455
    
    
    
    1,823,734
    
    
    
    407,580
    
    
    
    1979
    
    
    40 yrs.1324-1346 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,090
    
    
    
    1,212,214
    
    
    
    124,406
    
    
    
    134,094
    
    
    
    1,336,616
    
    
    
    1,470,710
    
    
    
    271,915
    
    
    
    1979
    
    
    40 yrs.1301-1307 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    111,776
    
    
    
    1,011,121
    
    
    
    138,922
    
    
    
    111,779
    
    
    
    1,150,040
    
    
    
    1,261,819
    
    
    
    245,086
    
    
    
    1978
    
    
    40 yrs.1409 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    142,370
    
    
    
    1,286,048
    
    
    
    408,471
    
    
    
    142,374
    
    
    
    1,694,516
    
    
    
    1,836,889
    
    
    
    421,332
    
    
    
    1978
    
    
    40 yrs.1304 E Maple Road
    
    Troy, MI
    
    
    
    
    
    
    211,233
    
    
    
    1,906,786
    
    
    
    349,157
    
    
    
    211,236
    
    
    
    2,255,940
    
    
    
    2,467,176
    
    
    
    482,604
    
    
    
    1971
    
    
    40 yrs.1334 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    124,296
    
    
    
    1,122,802
    
    
    
    39,409
    
    
    
    124,300
    
    
    
    1,162,208
    
    
    
    1,286,507
    
    
    
    247,380
    
    
    
    1983
    
    
    40 yrs.1290 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    85,321
    
    
    
    771,621
    
    
    
    223,628
    
    
    
    85,325
    
    
    
    995,245
    
    
    
    1,080,570
    
    
    
    188,319
    
    
    
    1984
    
    
    40 yrs.1070 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    68,560
    
    
    
    620,595
    
    
    
    106,600
    
    
    
    68,563
    
    
    
    727,191
    
    
    
    795,755
    
    
    
    170,394
    
    
    
    1982
    
    
    40 yrs.950 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    252,429
    
    
    
    2,265,259
    
    
    
    176,543
    
    
    
    252,433
    
    
    
    2,441,798
    
    
    
    2,694,231
    
    
    
    534,630
    
    
    
    1982
    
    
    40 yrs.894 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    181,749
    
    
    
    1,632,243
    
    
    
    761,128
    
    
    
    181,753
    
    
    
    2,393,367
    
    
    
    2,575,120
    
    
    
    524,568
    
    
    
    1986
    
    
    40 yrs.1940 Norwood Drive
    
    Troy, MI
    
    
    
    
    
    
    86,836
    
    
    
    785,267
    
    
    
    87,637
    
    
    
    86,839
    
    
    
    872,901
    
    
    
    959,740
    
    
    
    193,218
    
    
    
    1983
    
    
    40 yrs.1311-1331 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    125,407
    
    
    
    1,132,810
    
    
    
    204,037
    
    
    
    125,410
    
    
    
    1,336,843
    
    
    
    1,462,254
    
    
    
    365,092
    
    
    
    1986
    
    
    40 yrs.2354 Bellingham Street
    
    Troy, MI
    
    
    
    
    
    
    87,340
    
    
    
    789,817
    
    
    
    19,928
    
    
    
    87,344
    
    
    
    809,741
    
    
    
    897,085
    
    
    
    170,975
    
    
    
    1990
    
    
    40 yrs.2360 Bellingham Street
    
    Troy, MI
    
    
    
    
    
    
    87,340
    
    
    
    789,817
    
    
    
    58,250
    
    
    
    87,344
    
    
    
    848,063
    
    
    
    935,407
    
    
    
    172,987
    
    
    
    1985
    
    
    40 yrs.50 West Big Beaver Road
    
    Troy, MI
    
    
    
    
    
    
    2,159,678
    
    
    
    19,481,454
    
    
    
    2,053,901
    
    
    
    2,159,678
    
    
    
    21,535,355
    
    
    
    23,695,033
    
    
    
    4,578,446
    
    
    
    1987
    
    
    40 yrs.100 West Big Beaver Road
    
    Troy, MI
    
    
    
    
    
    
    2,113,006
    
    
    
    19,057,355
    
    
    
    2,167,108
    
    
    
    2,113,006
    
    
    
    21,224,463
    
    
    
    23,337,469
    
    
    
    4,359,088
    
    
    
    1987
    
    
    40 yrs.1600-1630 East Big Beaver Road
    
    Troy, MI
    
    
    
    
    
    
    1,454,406
    
    
    
    2,952,884
    
    
    
    53,694
    
    
    
    1,458,737
    
    
    
    3,002,247
    
    
    
    4,460,984
    
    
    
    462,592
    
    
    
    1982
    
    
    40 yrs.2600 Bellingham Drive
    
    Troy, MI
    
    
    
    
    
    
    1,796,869
    
    
    
    
    
    
    
    4,095,318
    
    
    
    1,938,746
    
    
    
    3,953,441
    
    
    
    5,892,187
    
    
    
    902,648
    
    
    
    2002
    
    
    40 yrs.2710 Bellingham Drive
    
    Troy, MI
    
    
    
    
    
    
    1,796,869
    
    
    
    
    
    
    
    4,721,835
    
    
    
    1,938,746
    
    
    
    4,579,958
    
    
    
    6,518,704
    
    
    
    911,389
    
    
    
    2002
    
    
    40 yrs.3432 Holland Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    173,527
    
    
    
    790,515
    
    
    
    2,462
    
    
    
    173,527
    
    
    
    792,977
    
    
    
    966,504
    
    
    
    214,298
    
    
    
    1989
    
    
    40 yrs.2809 South Lynnhaven Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    953,590
    
    
    
    6,142,742
    
    
    
    1,039,718
    
    
    
    953,590
    
    
    
    7,182,460
    
    
    
    8,136,050
    
    
    
    1,588,070
    
    
    
    1987
    
    
    40 yrs.200 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    *
    
    
    1,116,693
    
    
    
    6,770,480
    
    
    
    931,872
    
    
    
    1,116,693
    
    
    
    7,702,352
    
    
    
    8,819,044
    
    
    
    1,737,979
    
    
    
    1988
    
    
    40 yrs.208 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    *
    
    
    965,177
    
    
    
    6,728,717
    
    
    
    1,128,434
    
    
    
    965,177
    
    
    
    7,857,151
    
    
    
    8,822,329
    
    
    
    1,779,740
    
    
    
    1989
    
    
    40 yrs.484 Viking Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    891,753
    
    
    
    3,607,890
    
    
    
    476,860
    
    
    
    891,753
    
    
    
    4,084,750
    
    
    
    4,976,502
    
    
    
    878,637
    
    
    
    1987
    
    
    40 yrs.629 Phoenix Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    371,694
    
    
    
    2,108,097
    
    
    
    192,844
    
    
    
    371,694
    
    
    
    2,300,941
    
    
    
    2,672,635
    
    
    
    468,249
    
    
    
    1996
    
    
    40 yrs.5700 Cleveland Street
    
    Virginia Beach, VA
    
    
    
    
    
    
    700,112
    
    
    
    9,592,721
    
    
    
    1,656,986
    
    
    
    700,564
    
    
    
    11,249,254
    
    
    
    11,949,819
    
    
    
    2,592,377
    
    
    
    1989
    
    
    40 yrs.1457 Miller Store Road
    
    Virginia Beach, VA
    
    
    1,768,123
    
    
    
    473,689
    
    
    
    2,663,045
    
    
    
    327,736
    
    
    
    474,746
    
    
    
    2,989,725
    
    
    
    3,464,470
    
    
    
    185,376
    
    
    
    2003
    
    
    40 yrs.11020 West Plank Court
    
    Wauwatosa, WI
    
    
    
    
    
    
    464,246
    
    
    
    3,230,511
    
    
    
    (519,943
    )
    
    
    464,246
    
    
    
    2,710,568
    
    
    
    3,174,814
    
    
    
    453,347
    
    
    
    1985
    
    
    40 yrs.825 Duportail Road
    
    Wayne, PA
    
    
    
    
    
    
    5,536,619
    
    
    
    16,179,213
    
    
    
    575,491
    
    
    
    5,539,281
    
    
    
    16,752,043
    
    
    
    22,291,324
    
    
    
    2,424,182
    
    
    
    1979
    
    
    40 yrs.1500 Liberty Ridge
    
    Wayne, PA
    
    
    
    
    
    
    8,287,555
    
    
    
    
    
    
    
    31,221,790
    
    
    
    11,636,499
    
    
    
    27,872,847
    
    
    
    39,509,346
    
    
    
    3,126,431
    
    
    
    2002
    
    
    40 yrs.1200 Liberty Ridge Drive
    
    Wayne, PA
    
    
    
    
    
    
    6,215,667
    
    
    
    
    
    
    
    8,637,849
    
    
    
    5,223,660
    
    
    
    9,629,855
    
    
    
    14,853,515
    
    
    
    2,029,762
    
    
    
    2001
    
    
    40 yrs.11300-90 West Theodore Trecker Way
    
    West Allis, WI
    
    
    
    
    
    
    500,565
    
    
    
    1,591,678
    
    
    
    103,028
    
    
    
    504,996
    
    
    
    1,690,275
    
    
    
    2,195,271
    
    
    
    
    
    
    
    2005
    
    
    40 yrs.11548 West Theodore Trecker Way
    
    West Allis, WI
    
    
    
    
    
    
    660,068
    
    
    
    4,640,578
    
    
    
    24,851
    
    
    
    662,751
    
    
    
    4,662,746
    
    
    
    5,325,497
    
    
    
    65,241
    
    
    
    2005
    
    
    40 yrs.11420 West Theodore Trecker Way
    
    West Allis, WI
    
    
    
    
    
    
    348,146
    
    
    
    2,057,483
    
    
    
    12,510
    
    
    
    349,728
    
    
    
    2,068,411
    
    
    
    2,418,139
    
    
    
    28,932
    
    
    
    2005
    
    
    40 yrs.400-500 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    845,846
    
    
    
    6,809,025
    
    
    
    451,726
    
    
    
    845,846
    
    
    
    7,260,751
    
    
    
    8,106,597
    
    
    
    1,545,518
    
    
    
    1988
    
    
    40 yrs.600 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    664,899
    
    
    
    5,352,410
    
    
    
    716,066
    
    
    
    664,899
    
    
    
    6,068,476
    
    
    
    6,733,375
    
    
    
    1,372,613
    
    
    
    1988
    
    
    40 yrs.905 Airport Road
    
    West Chester, PA
    
    
    
    
    
    
    1,715,000
    
    
    
    5,185,000
    
    
    
    866,637
    
    
    
    1,735,012
    
    
    
    6,031,625
    
    
    
    7,766,637
    
    
    
    2,164,900
    
    
    
    1988
    
    
    40 yrs.Liberty Square
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    273,650
    
    
    
    9,564,327
    
    
    
    9,837,977
    
    
    
    
    
    
    
    2005
    
    
    40 yrs.3612 La Grange Parkway
    
    Williamsburg, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,687,810
    
    
    
    887,234
    
    
    
    4,800,577
    
    
    
    5,687,810
    
    
    
    162,428
    
    
    
    2003
    
    
    40 yrs.7805 Hudson Road
    
    Woodbury, MN
    
    
    
    
    
    
    1,279,834
    
    
    
    
    
    
    
    10,338,324
    
    
    
    1,385,739
    
    
    
    10,232,420
    
    
    
    11,618,158
    
    
    
    1,498,600
    
    
    
    2002
    
    
    40 yrs.Subtotal Operating Real Estate
    
    
    
    $
    71,651,258
    
    
    $
    573,622,674
    
    
    $
    1,777,453,153
    
    
    $
    2,009,367,173
    
    
    $
    629,962,000
    
    
    $
    3,730,481,000
    
    
    $
    4,360,443,000
    
    
    $
    748,818,000
 67




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)DEVELOPMENT PROPERTIES8400 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    7,531,500
    
    
    
    
    
    
    
    6,438,875
    
    
    
    
    
    
    
    13,970,375
    
    
    
    13,970,375
    
    
    
    
    
    
    
    2005
    
    
    
    N/A901 Bilter Road
    
    Aurora, IL
    
    
    
    
    
    
    5,649,052
    
    
    
    
    
    
    
    13,484,249
    
    
    
    
    
    
    
    19,133,301
    
    
    
    19,133,301
    
    
    
    
    
    
    
    2004
    
    
    
    N/A1301 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,814,505
    
    
    
    
    
    
    
    2,814,505
    
    
    
    2,814,505
    
    
    
    
    
    
    
    2005
    
    
    
    N/A6230 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    3,004,075
    
    
    
    
    
    
    
    6,833,827
    
    
    
    
    
    
    
    9,837,902
    
    
    
    9,837,902
    
    
    
    
    
    
    
    2004
    
    
    
    N/A420 Deleware Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    2,766,931
    
    
    
    
    
    
    
    5,870,073
    
    
    
    
    
    
    
    8,637,004
    
    
    
    8,637,004
    
    
    
    
    
    
    
    2004
    
    
    
    N/A200 W Cypress Creek Road
    
    Ft Lauderdale, FL
    
    
    
    
    
    
    3,414,989
    
    
    
    2,399,738
    
    
    
    6,852,963
    
    
    
    
    
    
    
    12,667,690
    
    
    
    12,667,690
    
    
    
    
    
    
    
    2003
    
    
    
    N/A2 Independence Point
    
    Greenville, SC
    
    
    
    
    
    
    371,600
    
    
    
    
    
    
    
    2,347,301
    
    
    
    
    
    
    
    2,718,901
    
    
    
    2,718,901
    
    
    
    
    
    
    
    2005
    
    
    
    N/A600 Industrial Drive
    
    Harrisburg, PA
    
    
    
    
    
    
    7,743,800
    
    
    
    
    
    
    
    4,206,745
    
    
    
    
    
    
    
    11,950,545
    
    
    
    11,950,545
    
    
    
    
    
    
    
    2005
    
    
    
    N/A1498 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    94,274
    
    
    
    
    
    
    
    1,118,564
    
    
    
    
    
    
    
    1,212,838
    
    
    
    1,212,838
    
    
    
    
    
    
    
    1999
    
    
    
    N/A400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,698,078
    
    
    
    
    
    
    
    1,698,078
    
    
    
    1,698,078
    
    
    
    
    
    
    
    2004
    
    
    
    N/A5201 Gate Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    3,836,532
    
    
    
    
    
    
    
    8,906,863
    
    
    
    
    
    
    
    12,743,395
    
    
    
    12,743,395
    
    
    
    
    
    
    
    2005
    
    
    
    N/A7528 Walker Way
    
    Lehigh Valley, PA
    
    
    
    
    
    
    893,441
    
    
    
    
    
    
    
    4,111,637
    
    
    
    
    
    
    
    5,005,078
    
    
    
    5,005,078
    
    
    
    
    
    
    
    2004
    
    
    
    N/A75 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    419,731
    
    
    
    
    
    
    
    1,751,644
    
    
    
    
    
    
    
    2,171,375
    
    
    
    2,171,375
    
    
    
    
    
    
    
    2003
    
    
    
    N/A65 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    557,174
    
    
    
    
    
    
    
    2,652,752
    
    
    
    
    
    
    
    3,209,926
    
    
    
    3,209,926
    
    
    
    
    
    
    
    2004
    
    
    
    N/A11050 West Liberty Drive
    
    Milvaukee, WI
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,468,136
    
    
    
    
    
    
    
    2,468,136
    
    
    
    2,468,136
    
    
    
    
    
    
    
    2005
    
    
    
    N/A302 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    1,512,120
    
    
    
    
    
    
    
    2,268,486
    
    
    
    
    
    
    
    3,780,605
    
    
    
    3,780,605
    
    
    
    
    
    
    
    2001
    
    
    
    N/A17th & JFK Tower
    
    Philadelphia, PA
    
    
    
    
    
    
    22,430,038
    
    
    
    
    
    
    
    101,594,438
    
    
    
    
    
    
    
    124,024,476
    
    
    
    124,024,476
    
    
    
    
    
    
    
    2005
    
    
    
    N/A1 Crescent Drive
    
    Philadelphia, PA
    
    
    
    
    
    
    567,280
    
    
    
    
    
    
    
    10,664,954
    
    
    
    
    
    
    
    11,232,234
    
    
    
    11,232,234
    
    
    
    
    
    
    
    2004
    
    
    
    N/A3900 Westerre Parkway
    
    Richmond, VA
    
    
    
    
    
    
    392,184
    
    
    
    
    
    
    
    8,220,581
    
    
    
    
    
    
    
    8,612,765
    
    
    
    8,612,765
    
    
    
    
    
    
    
    2005
    
    
    
    N/A6505 Cogswell Road
    
    Romulus, MI
    
    
    
    
    
    
    594,523
    
    
    
    
    
    
    
    7,087,829
    
    
    
    
    
    
    
    7,682,353
    
    
    
    7,682,353
    
    
    
    
    
    
    
    2000
    
    
    
    N/A38100 Ecorse Road Expansion
    
    Romulus, MI
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    49,703
    
    
    
    
    
    
    
    49,703
    
    
    
    49,703
    
    
    
    
    
    
    
    2005
    
    
    
    N/A8501 East Raintree Drive
    
    Scottsdale, AZ
    
    
    
    
    
    
    4,076,412
    
    
    
    
    
    
    
    11,281,969
    
    
    
    
    
    
    
    15,358,381
    
    
    
    15,358,381
    
    
    
    
    
    
    
    2005
    
    
    
    N/A6950 Harbor View Blvd
    
    Suffolk, VA
    
    
    
    
    
    
    929,844
    
    
    
    
    
    
    
    6,019,100
    
    
    
    
    
    
    
    6,948,944
    
    
    
    6,948,944
    
    
    
    
    
    
    
    2004
    
    
    
    N/A8900-34 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    537,194
    
    
    
    
    
    
    
    2,285,528
    
    
    
    
    
    
    
    2,822,723
    
    
    
    2,822,723
    
    
    
    
    
    
    
    2005
    
    
    
    N/A200-34 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    330,097
    
    
    
    
    
    
    
    3,539,403
    
    
    
    
    
    
    
    3,869,500
    
    
    
    3,869,500
    
    
    
    
    
    
    
    2005
    
    
    
    N/A1646 Rankin Road
    
    Houston, TX
    
    
    
    
    
    
    329,961
    
    
    
    
    
    
    
    3,108,463
    
    
    
    
    
    
    
    3,438,423
    
    
    
    3,438,423
    
    
    
    
    
    
    
    2005
    
    
    
    N/A3701 Corporate Parkway
    
    Upper Saucon, PA
    
    
    
    
    
    
    1,078,674
    
    
    
    
    
    
    
    3,362,688
    
    
    
    
    
    
    
    4,441,362
    
    
    
    4,441,362
    
    
    
    
    
    
    
    2003
    
    
    
    N/A42 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,864,051
    
    
    
    
    
    
    
    12,864,051
    
    
    
    12,864,051
    
    
    
    
    
    
    
    2005
    
    
    
    N/A777 Township Line Road
    
    Yardley, PA
    
    
    
    
    
    
    3,436,013
    
    
    
    
    
    
    
    6,123,418
    
    
    
    
    
    
    
    9,559,431
    
    
    
    9,559,431
    
    
    
    
    
    
    
    2005
    
    
    
    N/ASubtotal Development in Progress
    
    
    
    $
    
    
    
    $
    72,497,442
    
    
    $
    2,399,738
    
    
    $
    250,026,820
    
    
    $
    
    
    
    $
    324,924,000
    
    
    $
    324,924,000
    
    
    $
    
 68




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)LAND HELD FOR DEVELOPMENTPerryman Road Land
    
    Aberdeen, MD
    
    $
    
    
    
    $
    12,046,811
    
    
    $
    
    
    
    $
    
    
    
    $
    12,046,811
    
    
    $
    
    
    
    $
    12,046,811
    
    
    $
    
    
    
    
    2005
    
    
    
    N/AWest Ridge Corporate Center Land
    
    Aurora, IL
    
    
    
    
    
    
    826,547
    
    
    
    
    
    
    
    10,626,723
    
    
    
    11,453,270
    
    
    
    
    
    
    
    11,453,270
    
    
    
    
    
    
    
    2003
    
    
    
    N/ALVCC Phase 2 Land
    
    Bethlehem, PA
    
    
    
    
    
    
    3,741,506
    
    
    
    
    
    
    
    2,418,375
    
    
    
    6,159,881
    
    
    
    
    
    
    
    6,159,881
    
    
    
    
    
    
    
    1998
    
    
    
    N/ALehigh Valley Corporate Center Land
    
    Bethlehem, PA
    
    
    
    
    
    
    309,058
    
    
    
    
    
    
    
    (42,339
    )
    
    
    266,719
    
    
    
    
    
    
    
    266,719
    
    
    
    
    
    
    
    1987
    
    
    
    N/A5705 Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,113,223
    
    
    
    
    
    
    
    50,087
    
    
    
    2,163,310
    
    
    
    
    
    
    
    2,163,310
    
    
    
    
    
    
    
    2001
    
    
    
    N/ABoca Colannade Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    3,649,792
    
    
    
    
    
    
    
    1,103,719
    
    
    
    4,753,511
    
    
    
    
    
    
    
    4,753,511
    
    
    
    
    
    
    
    1998
    
    
    
    N/ARivers Bend Land
    
    Chesterfield, VA
    
    
    
    
    
    
    1,695,415
    
    
    
    
    
    
    
    3,807,147
    
    
    
    5,502,561
    
    
    
    
    
    
    
    5,502,561
    
    
    
    
    
    
    
    1995
    
    
    
    N/A501 Hewlett Packard Way
    
    Chesterfield, VA
    
    
    
    
    
    
    165,042
    
    
    
    
    
    
    
    484,965
    
    
    
    650,007
    
    
    
    
    
    
    
    650,007
    
    
    
    
    
    
    
    1996
    
    
    
    N/AColumbia Crossing Land
    
    Columbis, MD
    
    
    
    
    
    
    3,865,848
    
    
    
    
    
    
    
    417,920
    
    
    
    4,283,768
    
    
    
    
    
    
    
    4,283,768
    
    
    
    
    
    
    
    2000
    
    
    
    N/ALiberty Place Land
    
    Eden Prairie, MN
    
    
    
    
    
    
    4,500,641
    
    
    
    
    
    
    
    (2,308,762
    )
    
    
    2,191,880
    
    
    
    
    
    
    
    2,191,880
    
    
    
    
    
    
    
    1998
    
    
    
    N/AIndependence Pointe Land
    
    Greenville, SC
    
    
    
    
    
    
    932,484
    
    
    
    
    
    
    
    1,512,636
    
    
    
    2,445,120
    
    
    
    
    
    
    
    2,445,120
    
    
    
    
    
    
    
    1997
    
    
    
    N/ASouthchase Business Park Land
    
    Greenville, SC
    
    
    
    
    
    
    1,369,712
    
    
    
    
    
    
    
    596,521
    
    
    
    1,966,232
    
    
    
    
    
    
    
    1,966,232
    
    
    
    
    
    
    
    1998
    
    
    
    N/AVolvo Center Land
    
    Hampton, VA
    
    
    
    
    
    
    1,650,423
    
    
    
    
    
    
    
    (515,359
    )
    
    
    1,135,065
    
    
    
    
    
    
    
    1,135,065
    
    
    
    
    
    
    
    2000
    
    
    
    N/ALakefront Plaza II Land
    
    Hampton, VA
    
    
    
    
    
    
    132,785
    
    
    
    
    
    
    
    92,583
    
    
    
    225,368
    
    
    
    
    
    
    
    225,368
    
    
    
    
    
    
    
    2001
    
    
    
    N/APatapsco Valley Business Center
    
    Hanover, MD
    
    
    
    
    
    
    4,299,366
    
    
    
    
    
    
    
    1,694,367
    
    
    
    5,993,733
    
    
    
    
    
    
    
    5,993,733
    
    
    
    
    
    
    
    2004
    
    
    
    N/AMendenhall Land
    
    High Point, NC
    
    
    
    
    
    
    1,910,135
    
    
    
    
    
    
    
    4,253,485
    
    
    
    6,163,620
    
    
    
    
    
    
    
    6,163,620
    
    
    
    
    
    
    
    1995
    
    
    
    N/APiedmont Centre Land
    
    High Point, NC
    
    
    
    
    
    
    1,621,044
    
    
    
    
    
    
    
    241,932
    
    
    
    1,862,976
    
    
    
    
    
    
    
    1,862,976
    
    
    
    
    
    
    
    2004
    
    
    
    N/AHorsham Business Center Land
    
    Horsham, PA
    
    
    
    
    
    
    9,620,495
    
    
    
    
    
    
    
    (9,539,695
    )
    
    
    80,800
    
    
    
    
    
    
    
    80,800
    
    
    
    
    
    
    
    2005
    
    
    
    N/ACommonwealth Corporate Center Land
    
    Horsham, PA
    
    
    
    
    
    
    3,047,683
    
    
    
    
    
    
    
    3,995
    
    
    
    3,051,677
    
    
    
    
    
    
    
    3,051,677
    
    
    
    
    
    
    
    2005
    
    
    
    N/ACentral Green Land
    
    Houston, TX
    
    
    
    
    
    
    481,229
    
    
    
    
    
    
    
    13,185
    
    
    
    494,414
    
    
    
    
    
    
    
    494,414
    
    
    
    
    
    
    
    2001
    
    
    
    N/ANoxell Land
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,166,068
    
    
    
    
    
    
    
    838,437
    
    
    
    3,004,505
    
    
    
    
    
    
    
    3,004,505
    
    
    
    
    
    
    
    2001
    
    
    
    N/ALiberty Business Park Land
    
    Jacksonville, FL
    
    
    
    
    
    
    448,097
    
    
    
    
    
    
    
    90,019
    
    
    
    538,116
    
    
    
    
    
    
    
    538,116
    
    
    
    
    
    
    
    1995
    
    
    
    N/A7024 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    468,643
    
    
    
    
    
    
    
    356,309
    
    
    
    824,952
    
    
    
    
    
    
    
    824,952
    
    
    
    
    
    
    
    1995
    
    
    
    N/ABelfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    468,643
    
    
    
    
    
    
    
    109,850
    
    
    
    578,493
    
    
    
    
    
    
    
    578,493
    
    
    
    
    
    
    
    1998
    
    
    
    N/AButler Plaza Land
    
    Jacksonville, FL
    
    
    
    
    
    
    1,303,792
    
    
    
    
    
    
    
    1,714,406
    
    
    
    3,018,198
    
    
    
    
    
    
    
    3,018,198
    
    
    
    
    
    
    
    1998
    
    
    
    N/ASalisbury Road Land
    
    Jacksonville, FL
    
    
    
    
    
    
    880,828
    
    
    
    
    
    
    
    698,516
    
    
    
    1,579,344
    
    
    
    
    
    
    
    1,579,344
    
    
    
    
    
    
    
    2000
    
    
    
    N/ASkinner Land Parcel B
    
    Jacksonville, FL
    
    
    
    
    
    
    2,306,191
    
    
    
    
    
    
    
    592
    
    
    
    2,306,783
    
    
    
    
    
    
    
    2,306,783
    
    
    
    
    
    
    
    2005
    
    
    
    N/ABoulders Business Center Land
    
    Lehigh, PA
    
    
    
    
    
    
    25,581,432
    
    
    
    
    
    
    
    (6,263,273
    )
    
    
    19,318,159
    
    
    
    
    
    
    
    19,318,159
    
    
    
    
    
    
    
    2004
    
    
    
    N/AMill Run Land
    
    Lehigh, PA
    
    
    
    
    
    
    2,882,221
    
    
    
    
    
    
    
    31,423
    
    
    
    2,913,643
    
    
    
    
    
    
    
    2,913,643
    
    
    
    
    
    
    
    2005
    
    
    
    N/ACommodore Business Park
    
    Logan, NJ
    
    
    
    
    
    
    1,756,748
    
    
    
    
    
    
    
    (60,293
    )
    
    
    1,696,455
    
    
    
    
    
    
    
    1,696,455
    
    
    
    
    
    
    
    1995
    
    
    
    N/AQuarry Ridge Land
    
    Malvern, PA
    
    
    
    
    
    
    8,398,708
    
    
    
    
    
    
    
    2,803,093
    
    
    
    11,186,285
    
    
    
    15,515
    
    
    
    11,201,800
    
    
    
    
    
    
    
    2001
    
    
    
    N/APark Place South Land
    
    Milwaukee, WI
    
    
    
    
    
    
    2,362,904
    
    
    
    
    
    
    
    1,180,869
    
    
    
    3,543,774
    
    
    
    
    
    
    
    3,543,774
    
    
    
    
    
    
    
    1999
    
    
    
    N/A306 & 330 Fellowship Road
    
    Mount Laurel, NJ
    
    
    
    
    
    
    3,730,570
    
    
    
    
    
    
    
    
    
    
    
    3,730,570
    
    
    
    
    
    
    
    3,730,570
    
    
    
    
    
    
    
    2005
    
    
    
    N/AOrlando Corporate Center Land
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    (73,850
    )
    
    
    829,851
    
    
    
    
    
    
    
    829,851
    
    
    
    
    
    
    
    2000
    
    
    
    N/ABeeland Industrial Park Land
    
    Orlando, FL
    
    
    
    
    
    
    1,780,809
    
    
    
    
    
    
    
    563,071
    
    
    
    2,343,880
    
    
    
    
    
    
    
    2,343,880
    
    
    
    
    
    
    
    2004
    
    
    
    N/ASouth Center Land  Phase II
    
    Orlando, FL
    
    
    
    
    
    
    838,853
    
    
    
    
    
    
    
    (77,577
    )
    
    
    761,276
    
    
    
    
    
    
    
    761,276
    
    
    
    
    
    
    
    2004
    
    
    
    N/AMaitland Summit Park Land
    
    Orlando, FL
    
    
    
    
    
    
    4,388,905
    
    
    
    
    
    
    
    23,512
    
    
    
    4,412,417
    
    
    
    
    
    
    
    4,412,417
    
    
    
    
    
    
    
    2005
    
    
    
    N/AJFK & Arch Parking Lots/Land (West)
    
    Philadelphia, PA
    
    
    
    
    
    
    4,700,222
    
    
    
    
    
    
    
    (1,633,306
    )
    
    
    3,066,916
    
    
    
    
    
    
    
    3,066,916
    
    
    
    
    
    
    
    2000
    
    
    
    N/AEastport VII
    
    Richmond, VA
    
    
    
    
    
    
    787,091
    
    
    
    
    
    
    
    843,729
    
    
    
    1,630,820
    
    
    
    
    
    
    
    1,630,820
    
    
    
    
    
    
    
    1997
    
    
    
    N/AEastport VIII
    
    Richmond, VA
    
    
    
    
    
    
    379,836
    
    
    
    
    
    
    
    6,187
    
    
    
    386,023
    
    
    
    
    
    
    
    386,023
    
    
    
    
    
    
    
    1997
    
    
    
    N/AEastport IX
    
    Richmond, VA
    
    
    
    
    
    
    209,856
    
    
    
    
    
    
    
    5,096
    
    
    
    214,952
    
    
    
    
    
    
    
    214,952
    
    
    
    
    
    
    
    1997
    
    
    
    N/AWesterre Land
    
    Richmond, VA
    
    
    
    
    
    
    725,109
    
    
    
    
    
    
    
    267,056
    
    
    
    992,165
    
    
    
    
    
    
    
    992,165
    
    
    
    
    
    
    
    2003
    
    
    
    N/AIRS Distribution Ctr Land
    
    Richmond, VA
    
    
    
    
    
    
    100,000
    
    
    
    
    
    
    
    (87,019
    )
    
    
    12,981
    
    
    
    
    
    
    
    12,981
    
    
    
    
    
    
    
    1995
    
    
    
    N/ARomulus Land
    
    Romulus, MI
    
    
    
    
    
    
    788,338
    
    
    
    
    
    
    
    624,330
    
    
    
    1,412,668
    
    
    
    
    
    
    
    1,412,668
    
    
    
    
    
    
    
    1998
    
    
    
    N/AWoodlands Center Land
    
    Sandston, VA
    
    
    
    
    
    
    928,555
    
    
    
    
    
    
    
    285,461
    
    
    
    1,214,017
    
    
    
    
    
    
    
    1,214,017
    
    
    
    
    
    
    
    1996
    
    
    
    N/ANorthsight Land
    
    Scottsdale, AZ
    
    
    
    
    
    
    7,247,107
    
    
    
    
    
    
    
    
    
    
    
    7,247,107
    
    
    
    
    
    
    
    7,247,107
    
    
    
    
    
    
    
    2005
    
    
    
    N/AWoodlands Center Land
    
    Suffolk, VA
    
    
    
    
    
    
    678,039
    
    
    
    
    
    
    
    11,461
    
    
    
    689,500
    
    
    
    
    
    
    
    689,500
    
    
    
    
    
    
    
    2005
    
    
    
    N/AWoodlands Center Land
    
    Suffolk, VA
    
    
    
    
    
    
    904,052
    
    
    
    
    
    
    
    14,245
    
    
    
    918,297
    
    
    
    
    
    
    
    918,297
    
    
    
    
    
    
    
    2005
    
    
    
    N/ASilo Bend Land
    
    Tampa, FL
    
    
    
    
    
    
    81,802
    
    
    
    
    
    
    
    1,660,245
    
    
    
    1,742,047
    
    
    
    
    
    
    
    1,742,047
    
    
    
    
    
    
    
    1996
    
    
    
    N/AWoodland Corporate Center Land
    
    Tampa, FL
    
    
    
    
    
    
    2,002,231
    
    
    
    
    
    
    
    (223,628
    )
    
    
    1,778,604
    
    
    
    
    
    
    
    1,778,604
    
    
    
    
    
    
    
    1998
    
    
    
    N/A6119 W. Linebaugh Avenue
    
    Tampa, FL
    
    
    
    
    
    
    175,886
    
    
    
    
    
    
    
    22,320
    
    
    
    198,205
    
    
    
    
    
    
    
    198,205
    
    
    
    
    
    
    
    2000
    
    
    
    N/ABig Beaver Airport Land
    
    Troy, MI
    
    
    
    
    
    
    6,604,631
    
    
    
    
    
    
    
    (4,948,875
    )
    
    
    1,655,756
    
    
    
    
    
    
    
    1,655,756
    
    
    
    
    
    
    
    1999
    
    
    
    N/ASubtotal Land Held for Development
    
    
    
    $
    
    
    
    $
    144,959,109
    
    
    $
    
    
    
    $
    13,693,891
    
    
    $
    158,637,485
    
    
    $
    15,515
    
    
    $
    158,653,000
    
    
    $
    Total All Properties
    
    
    
    $
    71,651,258
    
    
    $
    791,079,225
    
    
    $
    1,779,852,892
    
    
    $
    2,273,087,885
    
    
    $
    788,599,485
    
    
    $
    4,055,420,515
    
    
    $
    4,844,020,000
    
    
    $
    748,818,000
 
 *
    
    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. 69




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##### Table of Contents



SCHEDULE III
 LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
(In thousands)
  FOR THE YEARS ENDEDDECEMBER 31,2005
    
    
    2004
    
    
    2003REAL ESTATE:Balance at beginning of year
    
    $
    4,491,412
    
    
    $
    4,129,270
    
    
    $
    3,860,260Additions
    
    
    658,041
    
    
    
    410,293
    
    
    
    309,818Disposition of property
    
    
    (305,433
    )
    
    
    (48,151
    )
    
    
    (40,808
    )Balance at end of year
    
    $
    4,844,020
    
    
    $
    4,491,412
    
    
    $
    4,129,270ACCUMULATED DEPRECIATION:Balance at beginning of year
    
    $
    692,649
    
    
    $
    584,841
    
    
    $
    483,807Depreciation expense
    
    
    123,278
    
    
    
    114,199
    
    
    
    105,093Disposition of property
    
    
    (67,109
    )
    
    
    (6,391
    )
    
    
    (4,059
    )Balance at end of year
    
    $
    748,818
    
    
    $
    692,649
    
    
    $
    584,841
 70




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##### Table of Contents



Managements Annual Report on Internal Control Over Financial Reporting
 To the Partners of Liberty Property Limited Partnership:
  Internal Control  Integrated Framework
    71




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##### Table of Contents



Report of Independent Registered Public Accounting Firm
 The Partners of Liberty Property Limited Partnership
     .
   
 72




---



##### Table of Contents



Report of Independent Registered Public Accounting Firm
 The Partners of Liberty Property Limited Partnership
      
 73




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##### Table of Contents



CONSOLIDATED BALANCE SHEETS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
 DECEMBER 31,2005
    
    
    2004ASSETSReal estate:Land and land improvements
    
    $
    629,962
    
    
    $
    622,987Buildings and improvements
    
    
    3,730,481
    
    
    
    3,616,204Less accumulated depreciation
    
    
    (748,818
    )
    
    
    (692,649
    )Operating real estate
    
    
    3,611,625
    
    
    
    3,546,542Development in progress
    
    
    324,924
    
    
    
    81,099Land held for development
    
    
    158,653
    
    
    
    171,122Net real estate
    
    
    4,095,202
    
    
    
    3,798,763Cash and cash equivalents
    
    
    61,629
    
    
    
    33,667Restricted cash
    
    
    29,085
    
    
    
    34,626Accounts receivable, net of allowance
    
    
    19,529
    
    
    
    21,502Deferred rent receivable
    
    
    72,818
    
    
    
    66,528Deferred financing and leasing costs, net of accumulated
amortization
(2005, $106,752; 2004, $91,117)
    
    
    121,085
    
    
    
    106,940Investments in unconsolidated joint ventures
    
    
    33,522
    
    
    
    24,372Assets held for sale, net
    
    
    12,654
    
    
    
    12,799Prepaid expenses and other assets
    
    
    52,005
    
    
    
    63,630Total assets
    
    $
    4,497,529
    
    
    $
    4,162,827LIABILITIESMortgage loans
    
    $
    238,728
    
    
    $
    366,171Unsecured notes
    
    
    1,755,000
    
    
    
    1,455,000Credit facility
    
    
    255,450
    
    
    
    312,000Accounts payable
    
    
    32,919
    
    
    
    24,288Accrued interest
    
    
    34,892
    
    
    
    34,994Distribution payable
    
    
    56,490
    
    
    
    54,485Other liabilities
    
    
    161,735
    
    
    
    111,764Total liabilities
    
    
    2,535,214
    
    
    
    2,358,702Minority interest
    
    
    407
    
    
    
    3,980OWNERS EQUITYGeneral partners equity  common units
    
    
    1,709,182
    
    
    
    1,596,259Limited partners equity  preferred units
    
    
    184,657
    
    
    
    135,471 common units
    
    
    68,069
    
    
    
    68,415Total owners equity
    
    
    1,961,908
    
    
    
    1,800,145Total liabilities and owners equity
    
    $
    4,497,529
    
    
    $
    4,162,827
  74




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##### Table of Contents



CONSOLIDATED STATEMENTS OF OPERATIONS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS, EXCEPT PER UNIT AMOUNTS)
 YEAR ENDED DECEMBER 31,2005
    
    
    2004
    
    
    2003OPERATING REVENUERental
    
    $
    486,121
    
    
    $
    452,753
    
    
    $
    430,435Operating expense reimbursement
    
    
    194,609
    
    
    
    175,574
    
    
    
    163,451Total operating revenue
    
    
    680,730
    
    
    
    628,327
    
    
    
    593,886OPERATING EXPENSESRental property
    
    
    142,838
    
    
    
    128,005
    
    
    
    116,505Real estate taxes
    
    
    68,865
    
    
    
    62,809
    
    
    
    59,734General and administrative
    
    
    38,138
    
    
    
    33,759
    
    
    
    28,316Depreciation and amortization
    
    
    146,526
    
    
    
    129,298
    
    
    
    116,557Total operating expenses
    
    
    396,367
    
    
    
    353,871
    
    
    
    321,112Operating Income
    
    
    284,363
    
    
    
    274,456
    
    
    
    272,774OTHER INCOME (EXPENSE)Interest and other income
    
    
    8,622
    
    
    
    7,290
    
    
    
    8,285Interest expense
    
    
    (129,617
    )
    
    
    (116,630
    )
    
    
    (117,754
    )Total other income(expense)
    
    
    (120,995
    )
    
    
    (109,340
    )
    
    
    (109,469
    )Income before property dispositions, income taxes, minority interest
and equity in earnings of unconsolidated joint ventures
    
    
    163,368
    
    
    
    165,116
    
    
    
    163,305Gain (loss) on property dispositions
    
    
    84,295
    
    
    
    496
    
    
    
    447Income taxes
    
    
    (14,827
    )
    
    
    (1,820
    )
    
    
    (2,326
    )Minority interest
    
    
    (357
    )
    
    
    632
    
    
    
    (673
    )Equity in earnings (loss) of unconsolidated joint ventures
    
    
    2,540
    
    
    
    (775
    )
    
    
    1,744Income from continuing operations
    
    
    235,019
    
    
    
    163,649
    
    
    
    162,497Discontinued operations (including net gain on property dispositions of $37,915,
$11,603 and $11,958 for the years ended December 31, 2005, 2004 and 2003,
respectively)
    
    
    36,940
    
    
    
    16,593
    
    
    
    21,173Net income
    
    
    271,959
    
    
    
    180,242
    
    
    
    183,670Preferred unit distributions
    
    
    12,095
    
    
    
    11,844
    
    
    
    12,416Income available to common unitholders
    
    $
    259,864
    
    
    $
    168,398
    
    
    $
    171,254Earnings per common unitBasic:Income from continuing operations
    
    $
    2.46
    
    
    $
    1.72
    
    
    $
    1.82Income from discontinued operations
    
    
    0.41
    
    
    
    0.19
    
    
    
    0.26Income per common unit  basic
    
    $
    2.87
    
    
    $
    1.91
    
    
    $
    2.08Diluted:Income from continuing operations
    
    $
    2.42
    
    
    $
    1.70
    
    
    $
    1.80Income from discontinued operations
    
    
    0.40
    
    
    
    0.18
    
    
    
    0.25Income per common unit  diluted
    
    $
    2.82
    
    
    $
    1.88
    
    
    $
    2.05Weighted average number of common units outstandingBasic
    
    
    90,540
    
    
    
    88,210
    
    
    
    82,268Diluted
    
    
    91,931
    
    
    
    89,700
    
    
    
    83,561
  75




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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
    
    
    EQUITYBalance at January 1, 2003
    
    $
    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
    
    
    
    1,749,109Contributions from partners
    
    
    85,967
    
    
    
    1,593
    
    
    
    87,560Distributions to partners
    
    
    (206,443
    )
    
    
    (20,718
    )
    
    
    (227,161
    )Issuance of operating partnership units
    
    
    
    
    
    
    
    
    
    
    Foreign currency translation adjustment
    
    
    10,395
    
    
    
    
    
    
    
    10,395Net income
    
    
    161,443
    
    
    
    18,799
    
    
    
    180,242Balance at December 31, 2004
    
    
    1,596,259
    
    
    
    203,886
    
    
    
    1,800,145Contributions from partners
    
    
    93,157
    
    
    
    (1,665
    )
    
    
    91,492Distributions to partners
    
    
    (214,386
    )
    
    
    (21,290
    )
    
    
    (235,676
    )Issuance of operating partnership units
    
    
    
    
    
    
    49,186
    
    
    
    49,186Foreign currency translation adjustment
    
    
    (15,199
    )
    
    
    
    
    
    
    (15,199
    )Net income
    
    
    249,351
    
    
    
    22,609
    
    
    
    271,960Balance at December 31, 2005
    
    $
    1,709,182
    
    
    $
    252,726
    
    
    $
    1,961,908
  76




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##### Table of Contents



CONSOLIDATED STATEMENTS OF CASH FLOWS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
 YEAR ENDED DECEMBER 31,2005
    
    
    2004
    
    
    2003OPERATING ACTIVITIESNet income
    
    $
    272,316
    
    
    $
    179,610
    
    
    $
    184,343Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    150,722
    
    
    
    136,700
    
    
    
    123,102Amortization of deferred financing costs
    
    
    4,758
    
    
    
    4,315
    
    
    
    4,013Equity in (earnings) loss of unconsolidated joint ventures
    
    
    (2,540
    )
    
    
    775
    
    
    
    (1,744
    )Distributions from unconsolidated joint ventures
    
    
    4,651
    
    
    
    682
    
    
    
    3,145Gain on property dispositions
    
    
    (122,210
    )
    
    
    (12,099
    )
    
    
    (12,405
    )Noncash compensation
    
    
    3,980
    
    
    
    2,388
    
    
    
    2,877Changes in operating assets and liabilities:Restricted cash
    
    
    3,849
    
    
    
    (19,334
    )
    
    
    (12,154
    )Accounts receivable
    
    
    1,804
    
    
    
    (8,449
    )
    
    
    5,125Deferred rent receivable
    
    
    (6,290
    )
    
    
    (8,513
    )
    
    
    (9,240
    )Prepaid expenses and other assets
    
    
    (12,488
    )
    
    
    (12,046
    )
    
    
    (3,638
    )Accounts payable
    
    
    8,894
    
    
    
    8,859
    
    
    
    (11,848
    )Accrued interest
    
    
    (102
    )
    
    
    2,166
    
    
    
    257Other liabilities
    
    
    52,353
    
    
    
    18,282
    
    
    
    (8,022
    )Net cash provided by operating activities
    
    
    359,697
    
    
    
    293,336
    
    
    
    263,811INVESTING ACTIVITIESInvestment in properties
    
    
    (324,340
    )
    
    
    (253,017
    )
    
    
    (145,997
    )Cash paid for business net of cash acquired
    
    
    
    
    
    
    
    
    
    
    16,627Investments in unconsolidated joint ventures
    
    
    (13,790
    )
    
    
    (6,198
    )
    
    
    (4,918
    )Proceeds from disposition of properties/land
    
    
    415,144
    
    
    
    54,140
    
    
    
    49,744Investment in development in progress
    
    
    (235,078
    )
    
    
    (105,208
    )
    
    
    (59,953
    )Increase in land held for development
    
    
    (91,436
    )
    
    
    (34,132
    )
    
    
    (27,650
    )Increase in deferred leasing costs
    
    
    (37,133
    )
    
    
    (29,560
    )
    
    
    (22,986
    )Net cash used in investing activities
    
    
    (286,633
    )
    
    
    (373,975
    )
    
    
    (195,133
    )FINANCING ACTIVITIESNet proceeds from issuance of unsecured notes
    
    
    296,424
    
    
    
    197,517
    
    
    
    3,683Repayment of unsecured notes
    
    
    
    
    
    
    (100,000
    )
    
    
    (73,739
    )Proceeds from mortgage loans
    
    
    
    
    
    
    9,618
    
    
    
    1,223Repayments of mortgage loans
    
    
    (173,926
    )
    
    
    (23,592
    )
    
    
    (15,436
    )Proceeds from credit facility
    
    
    784,800
    
    
    
    477,800
    
    
    
    453,950Repayments on credit facility
    
    
    (841,350
    )
    
    
    (332,800
    )
    
    
    (418,950
    )Increase in deferred financing costs
    
    
    (3,465
    )
    
    
    (199
    )
    
    
    (2,640
    )Capital contributions
    
    
    136,200
    
    
    
    86,329
    
    
    
    207,021Distributions to partners
    
    
    (237,101
    )
    
    
    (225,055
    )
    
    
    (213,223
    )Net cash (used in) provided by financing activities
    
    
    (38,418
    )
    
    
    89,618
    
    
    
    (58,111
    )Increase in cash and cash equivalents
    
    
    34,646
    
    
    
    8,979
    
    
    
    10,567(Decrease) increase in cash and cash equivalents related to foreign currency translation
    
    
    (6,684
    )
    
    
    2,879
    
    
    
    3,309Cash and cash equivalents at beginning of year
    
    
    33,667
    
    
    
    21,809
    
    
    
    7,933Cash and cash equivalents at end of year
    
    $
    61,629
    
    
    $
    33,667
    
    
    $
    21,809SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONSWrite-off of fully depreciated property and deferred costs
    
    $
    83,794
    
    
    $
    27,990
    
    
    $
    13,187Issuance of operating partnership units
    
    
    
    
    
    
    
    
    
    
    1,151Acquisition of properties
    
    
    (51,716
    )
    
    
    (11,305
    )
    
    
    (56,083
    )Assumption of mortgage loans
    
    
    51,716
    
    
    
    11,305
    
    
    
    56,083
  77




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##### Table of Contents



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
 1. ORGANIZATION
  2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Use of Estimates
  Principles of Consolidation
  Reclassifications
  Real Estate and Depreciation
  Buildings and improvements
    
    40 years (blended)Equipment
    
    5-10 yearsTenant improvements
    
    Term of the related lease
  ,
  78




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##### Table of Contents



Investments in Unconsolidated Joint Ventures
  Cash and Cash Equivalents
  Restricted Cash
  Accounts Receivable
   Deferred Rent Receivable
  Revenues
   
 Deferred Financing and Leasing Costs
  79




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##### Table of Contents



Income per Common Unit
  2005
    
    
    2004Weighted
    
    
    
    
    
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    
    
    
    
    
    AverageIncome
    
    
    Units
    
    
    Per
    
    
    Income
    
    
    Units
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    Unit
    
    
    (Numerator)
    
    
    (Denominator)
    
    
    UnitIncome from continuing operations
    
    $
    235,019
    
    
    
    
    
    
    
    
    
    
    $
    163,649Less: Preferred unit distributions
    
    
    (12,095
    )
    
    
    
    
    
    
    
    
    
    
    (11,844
    )Basic income from continuing operationsIncome from continuing operations available to
common unitholders
    
    
    222,924
    
    
    
    90,540
    
    
    $
    2.46
    
    
    
    151,805
    
    
    
    88,210
    
    
    $
    1.72Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,391
    
    
    
    
    
    
    
    
    
    
    
    1,490Diluted income from continuing operationsIncome from continuing operations available
to common unitholders and assumed conversions
    
    
    222,924
    
    
    
    91,931
    
    
    $
    2.42
    
    
    
    151,805
    
    
    
    89,700
    
    
    $
    1.70Basic income from discontinued operationsDiscontinued operations net of minority interest
    
    
    36,940
    
    
    
    90,540
    
    
    $
    0.41
    
    
    
    16,593
    
    
    
    88,210
    
    
    $
    0.19Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,391
    
    
    
    
    
    
    
    
    
    
    
    1,490Diluted income from discontinued operationsDiscontinued operations net of minority interest
    
    
    36,940
    
    
    
    91,931
    
    
    $
    0.40
    
    
    
    16,593
    
    
    
    89,700
    
    
    $
    0.18Basic income per common unitIncome available to common unitholders
    
    
    259,864
    
    
    
    90,540
    
    
    $
    2.87
    
    
    
    168,398
    
    
    
    88,210
    
    
    $
    1.91Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,391
    
    
    
    
    
    
    
    
    
    
    
    1,490Diluted income per common unitIncome available to common unitholders and
assumed
conversions
    
    $
    259,864
    
    
    
    91,931
    
    
    $
    2.82
    
    
    $
    168,398
    
    
    
    89,700
    
    
    $
    1.88
 2003WeightedAverageIncome
    
    
    Units
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    UnitIncome from continuing operations
    
    $
    162,497Less: Preferred unit distributions
    
    
    (12,416
    )Basic income from continuing operationsIncome from continuing operations available to
common unitholders
    
    
    150,081
    
    
    
    82,268
    
    
    $
    1.82Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,293Diluted income from continuing operationsIncome from continuing operations available to
common unitholders and assumed conversions
    
    
    150,081
    
    
    
    83,561
    
    
    $
    1.80Basic income from discontinued operationsDiscontinued operations net of minority interest
    
    
    21,173
    
    
    
    82,268
    
    
    $
    0.26Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,293Diluted income from discontinued operationsDiscontinued operations net of minority interest
    
    
    21,173
    
    
    
    83,561
    
    
    $
    0.25Basic income per common unitIncome available to common unitholders
    
    
    171,254
    
    
    
    82,268
    
    
    $
    2.08Dilutive unit for long-term compensation plans
    
    
    
    
    
    
    1,293Diluted income per common unitIncome available to common unitholders and
assumed
conversions
    
    $
    171,254
    
    
    
    83,561
    
    
    $
    2.05
 Fair Value of Financial Instruments
  80




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##### Table of Contents



Income Taxes
  Foreign Currency Translation
  Recently Issued Accounting Standards
 SFAS No. 123 (revised 2004)
 Accounting for
Stock-Based Compensation. Accounting for Stock
Issued to Employees Statement of Cash Flows .
 SFAS No. 153
  Emerging Issues Task Force (EITF) Issue No. 04-5
  Interpretation of FASB Statement No. 143 (FIN 47)
 Accounting for Asset Retirement Obligations
 81




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##### Table of Contents



3. REAL ESTATE
  Land
    
    
    BuildingsAnd Land
    
    
    And
    
    
    
    
    
    
    AccumulatedImprovements
    
    
    Improvements
    
    
    Total
    
    
    Depreciation2005:Industrial properties
    
    $
    308,404
    
    
    $
    1,669,294
    
    
    $
    1,977,698
    
    
    $
    339,465Office properties
    
    
    321,558
    
    
    
    2,061,187
    
    
    
    2,382,745
    
    
    
    409,3532005 Total
    
    $
    629,962
    
    
    $
    3,730,481
    
    
    $
    4,360,443
    
    
    $
    748,8182004:Industrial properties
    
    $
    293,282
    
    
    $
    1,588,513
    
    
    $
    1,881,795
    
    
    $
    308,963Office properties
    
    
    329,705
    
    
    
    2,027,691
    
    
    
    2,357,396
    
    
    
    383,6862004 Total
    
    $
    622,987
    
    
    $
    3,616,204
    
    
    $
    4,239,191
    
    
    $
    692,649
   82




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##### Table of Contents



2005 Sales
 Number of
    
    
    LeasableBuildings
    
    
    Square Feet
    
    
    Proceeds(in thousands)SegmentDelaware ValleySoutheastern Pennsylvania
    
    
    2
    
    
    
    139,760
    
    
    $
    7,864Other
    
    
    3
    
    
    
    177,733
    
    
    
    12,333MidwestLehigh Valley
    
    
    2
    
    
    
    142,204
    
    
    
    8,676Other
    
    
    18
    
    
    
    400,262
    
    
    
    23,236Mid-Atlantic
    
    
    4
    
    
    
    727,732
    
    
    
    51,570Florida
    
    
    6
    
    
    
    726,632
    
    
    
    53,834United Kingdom
    
    
    16
    
    
    
    602,175
    
    
    
    263,343Total
    
    
    51
    
    
    
    2,916,498
    
    
    $
    420,856
 2004 Sales
 Number of
    
    
    LeasableBuildings
    
    
    Square Feet
    
    
    Proceeds(in thousands)SegmentDelaware ValleySoutheastern Pennsylvania
    
    
    3
    
    
    
    248,073
    
    
    $
    30,814Other
    
    
    1
    
    
    
    45,390
    
    
    
    1,950MidwestLehigh Valley
    
    
    
    
    
    
    
    
    
    
    Other
    
    
    3
    
    
    
    303,723
    
    
    
    13,150Mid-Atlantic
    
    
    
    
    
    
    
    
    
    
    Florida
    
    
    3
    
    
    
    163,330
    
    
    
    5,205United Kingdom
    
    
    
    
    
    
    
    
    
    
    Total
    
    
    10
    
    
    
    760,516
    
    
    $
    51,119
 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
    83




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##### Table of Contents



Balance Sheets:
 December 31, 2005Liberty Venture
    
    
    Kings HillVenture I, LLC
    
    
    Unit Trust
    
    
    Other
    
    
    TotalReal estate assets
    
    $
    121,092
    
    
    $
    202,200
    
    
    $
    
    
    
    $
    323,292Accumulated depreciation
    
    
    (7,579
    )
    
    
    (284
    )
    
    
    
    
    
    
    (7,863
    )Real estate assets, net
    
    
    113,513
    
    
    
    201,916
    
    
    
    
    
    
    
    315,429Land held for development
    
    
    2,750
    
    
    
    
    
    
    
    37,812
    
    
    
    40,562Other assets
    
    
    14,922
    
    
    
    18,499
    
    
    
    9,980
    
    
    
    43,401Total assets
    
    $
    131,185
    
    
    $
    220,415
    
    
    $
    47,792
    
    
    $
    399,392Debt
    
    $
    77,826
    
    
    $
    163,448
    
    
    $
    
    
    
    $
    241,274Other liabilities
    
    
    2,284
    
    
    
    44,028
    
    
    
    678
    
    
    
    46,990Equity
    
    
    51,075
    
    
    
    12,939
    
    
    
    47,114
    
    
    
    111,128Total liabilities and equity
    
    $
    131,185
    
    
    $
    220,415
    
    
    $
    47,792
    
    
    $
    399,392Companys net investment in
unconsolidated joint ventures
    
    $
    12,310
    
    
    $
    
    
    
    $
    21,212
    
    
    $
    33,522
 December 31, 2004Liberty Venture
    
    
    Kings HillVenture I, LLC
    
    
    Unit Trust
    
    
    Other
    
    
    TotalReal estate assets
    
    $
    128,727
    
    
    $
    
    
    
    $
    
    
    
    $
    128,727Accumulated depreciation
    
    
    (5,183
    )
    
    
    
    
    
    
    
    
    
    
    (5,183
    )Real estate assets, net
    
    
    123,544
    
    
    
    
    
    
    
    
    
    
    
    123,544Land held for development
    
    
    2,686
    
    
    
    
    
    
    
    22,543
    
    
    
    25,229Other assets
    
    
    16,945
    
    
    
    
    
    
    
    2,747
    
    
    
    19,692Total assets
    
    $
    143,175
    
    
    $
    
    
    
    $
    25,290
    
    
    $
    168,465Debt
    
    $
    86,585
    
    
    $
    
    
    
    $
    
    
    
    $
    86,585Other liabilities
    
    
    3,183
    
    
    
    
    
    
    
    391
    
    
    
    3,574Equity
    
    
    53,407
    
    
    $
    
    
    
    
    24,899
    
    
    
    78,306Total liabilities and equity
    
    $
    143,175
    
    
    $
    
    
    
    $
    25,290
    
    
    $
    168,465Companys net investment in
unconsolidated joint ventures
    
    $
    13,035
    
    
    $
    
    
    
    $
    11,337
    
    
    $
    24,372
 Statements of Operations:
 Year Ended December 31, 2005Liberty Venture
    
    
    Kings HillVenture I, LLC
    
    
    Unit Trust
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    18,592
    
    
    $
    745
    
    
    $
    
    
    
    $
    19,337Operating expense
    
    
    5,859
    
    
    
    201
    
    
    
    32
    
    
    
    6,09212,733
    
    
    
    544
    
    
    
    (32
    )
    
    
    13,245Interest
    
    
    4,569
    
    
    
    634
    
    
    
    
    
    
    
    5,203Depreciation and amortization
    
    
    4,933
    
    
    
    386
    
    
    
    
    
    
    
    5,319Other (income)/expense
    
    
    184
    
    
    
    33
    
    
    
    (3,066
    )
    
    
    (2,849
    )(Gain)/loss on sale
    
    
    (7,555
    )
    
    
    
    
    
    
    
    
    
    
    (7,555
    )Net income (loss)
    
    $
    10,602
    
    
    $
    (509
    )
    
    $
    3,034
    
    
    $
    13,127Companys equity in earnings
(loss) of unconsolidated joint
ventures
    
    $
    2,650
    
    
    $
    (110
    )
    
    $
    
    
    
    $
    2,540
 84




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##### Table of Contents



Year Ended December 31, 2004Liberty Venture
    
    
    Kings HillVenture I, LLC
    
    
    Unit Trust
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    18,746
    
    
    $
    
    
    
    $
    
    
    
    $
    18,746Operating expense
    
    
    6,736
    
    
    
    
    
    
    
    
    
    
    
    6,73612,010
    
    
    
    
    
    
    
    
    
    
    
    12,010Interest
    
    
    4,426
    
    
    
    
    
    
    
    
    
    
    
    4,426Depreciation and amortization
    
    
    10,683
    
    
    
    
    
    
    
    
    
    
    
    10,683Net loss
    
    $
    (3,099
    )
    
    $
    
    
    
    $
    
    
    
    $
    (3,099
    )Companys equity in loss of
unconsolidated joint ventures
    
    $
    (775
    )
    
    $
    
    
    
    $
    
    
    
    $
    (775
    )
 Year Ended December 31, 2003Liberty Venture
    
    
    Kings HillVenture I, LLC
    
    
    Unit Trust
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    19,400
    
    
    $
    
    
    
    $
    
    
    
    $
    19,400Operating expense
    
    
    6,276
    
    
    
    
    
    
    
    
    
    
    
    6,27613,124
    
    
    
    
    
    
    
    
    
    
    
    13,124Interest
    
    
    3,870
    
    
    
    
    
    
    
    
    
    
    
    3,870Depreciation and amortization
    
    
    4,401
    
    
    
    
    
    
    
    
    
    
    
    4,401Net income
    
    $
    4,853
    
    
    $
    
    
    
    $
    
    
    
    $
    4,853Companys equity in earnings
of unconsolidated joint
ventures
    
    $
    1,744
    
    
    $
    
    
    
    $
    
    
    
    $
    1,744
 5. RELATED PARTY TRANSACTIONS
    6. INDEBTEDNESS
     85




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##### Table of Contents



Mortgage Loans, Unsecured Notes
   Credit Facility
  
    
    total debt to total assets may not exceed 0.60:1;
    
    earnings before interest, taxes, depreciation and amortization to fixed charges may
not be less than 1.50:1;
    
    unsecured debt to unencumbered asset value must equal or be less than 60%; and
    
    unencumbered net operating income to unsecured interest expense must equal or exceed 200%.
  Mortgages
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    WeightedAveragePrincipal
    
    
    Principal
    
    
    Unsecured
    
    
    Credit
    
    
    
    
    
    
    InterestAmortization
    
    
    Maturities
    
    
    Notes
    
    
    Facility
    
    
    Total
    
    
    Rate2006
    
    $
    9,323
    
    
    $
    40,895
    
    
    $
    100,000
    
    
    $
    
    
    
    $
    150,218
    
    
    
    7.1
    %2007
    
    
    8,748
    
    
    
    1,553
    
    
    
    100,000
    
    
    
    
    
    
    
    110,301
    
    
    
    7.2
    %2008
    
    
    8,053
    
    
    
    45,259
    
    
    
    
    
    
    
    
    
    
    
    53,312
    
    
    
    6.6
    %2009
    
    
    5,652
    
    
    
    46,148
    
    
    
    270,000
    
    
    
    
    
    
    
    321,800
    
    
    
    7.8
    %2010
    
    
    4,827
    
    
    
    4,738
    
    
    
    200,000
    
    
    
    255,450
    
    
    
    465,015
    
    
    
    6.4
    %2011
    
    
    4,101
    
    
    
    10,730
    
    
    
    250,000
    
    
    
    
    
    
    
    264,831
    
    
    
    7.3
    %2012
    
    
    3,219
    
    
    
    32,910
    
    
    
    235,000
    
    
    
    
    
    
    
    271,129
    
    
    
    6.5
    %2013
    
    
    2,691
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,691
    
    
    
    6.0
    %2014
    
    
    2,857
    
    
    
    
    
    
    
    200,000
    
    
    
    
    
    
    
    202,857
    
    
    
    5.7
    %2015
    
    
    3,033
    
    
    
    
    
    
    
    300,000
    
    
    
    
    
    
    
    303,033
    
    
    
    5.1
    %2016 & thereafter
    
    
    3,991
    
    
    
    
    
    
    
    100,000
    
    
    
    
    
    
    
    103,991
    
    
    
    7.4
    %$
    56,495
    
    
    $
    182,233
    
    
    $
    1,755,000
    
    
    $
    255,450
    
    
    $
    2,249,178
    
    
    
    6.6
    %
 86




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##### Table of Contents



7. LEASING ACTIVITY
  2006
    
    $
    448,0982007
    
    
    400,0912008
    
    
    343,4922009
    
    
    271,3062010
    
    
    211,230Thereafter
    
    
    593,904TOTAL
    
    $
    2,268,121
  8. OWNERS EQUITY
 Common Units
  Preferred Units
  Dateof
    
    
    
    
    
    
    
    
    
    
    
    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
    
    
    
    7.45
    %
    
    8/31/09
    
    1/1/14 into Series B
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
Trust6/16/05
    
    Series E
    
    $
    20,000
    
    
    
    400
    
    
    $
    50
    
    
    
    7.00
    %
    
    6/16/10
    
    6/16/15 into Series E
Cumulative Redeemable
Preferred Shares of the
Trust6/30/05
    
    Series F
    
    $
    44,000
    
    
    
    880
    
    
    $
    50
    
    
    
    6.65
    %
    
    6/30/10
    
    6/30/15 into Series F
Cumulative Redeemable
Preferred Shares of the
Trust8/23/05
    
    Series F
    
    $
    6,000
    
    
    
    120
    
    
    $
    50
    
    
    
    6.65
    %
    
    6/30/10
    
    6/30/15 into Series F
Cumulative Redeemable
Preferred Shares of the
Trust
   87




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##### Table of Contents



2005
    
    2004
    
    2003Distributions (in millions)
    
    $
    12.1
    
    
    $
    11.8
    
    
    $
    12.4Distribution per unit:Series B
    
    $
    1.86
    
    
    $
    2.16
    
    
    $
    2.31Series C
    
    $
    1.05
    
    
    $
    2.28
    
    
    $
    2.28Series D
    
    $
    3.81
    
    
    $
    3.81
    
    
    $
    3.81Series E
    
    $
    1.90
    
    
    
    
    
    
    
    Series F
    
    $
    1.61
    
    
    
    
    
    
    
    
 Minority Interest
  9. COMMITMENTS AND CONTINGENCIES
     10. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
  Quarter EndedDec. 31,
    
    
    Sept. 30,
    
    
    June 30,
    
    
    Mar. 31,
    
    
    Dec. 31,
    
    
    Sept. 30,
    
    
    June 30,
    
    
    Mar. 31,2005
    
    
    2005
    
    
    2005
    
    
    2005
    
    
    2004
    
    
    2004
    
    
    2004
    
    
    2004Operating revenue
    
    $
    171,888
    
    
    $
    169,552
    
    
    $
    174,026
    
    
    $
    165,264
    
    
    $
    160,863
    
    
    $
    157,168
    
    
    $
    155,729
    
    
    $
    154,567Income from continuing operations
    
    
    112,342
    
    
    
    38,097
    
    
    
    41,693
    
    
    
    42,887
    
    
    
    42,428
    
    
    
    39,921
    
    
    
    40,952
    
    
    
    40,348Discontinued operations
    
    
    2,649
    
    
    
    19,209
    
    
    
    7,837
    
    
    
    7,245
    
    
    
    8,149
    
    
    
    4,205
    
    
    
    1,118
    
    
    
    3,121Income available to common
unitholders
    
    
    111,589
    
    
    
    53,953
    
    
    
    46,866
    
    
    
    47,456
    
    
    
    47,901
    
    
    
    41,166
    
    
    
    38,966
    
    
    
    40,365Income per common unit  basic
    
    $
    1.22
    
    
    $
    0.59
    
    
    $
    0.51
    
    
    $
    0.53
    
    
    $
    0.54
    
    
    $
    0.47
    
    
    $
    0.44
    
    
    $
    0.46Income per common unit  diluted
    
    $
    1.20
    
    
    $
    0.58
    
    
    $
    0.51
    
    
    $
    0.52
    
    
    $
    0.53
    
    
    $
    0.46
    
    
    $
    0.44
    
    
    $
    0.45
 88




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##### Table of Contents



11. SEGMENT INFORMATION
  Reportable Segments
    
    MarketsDelaware Valley
    
    Southeastern Pennsylvania; New JerseyMidwest
    
    Lehigh Valley, Pennsylvania; Michigan; Minnesota; Milwaukee/ChicagoMid-Atlantic
    
    Maryland; Piedmont Triad, NC; Greenville, SC; Richmond; Virginia BeachFlorida
    
    Jacksonville; Orlando; Boca Raton; Tampa; TexasUnited Kingdom
    
    County of Kent
  89




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##### Table of Contents



FOR
THE YEAR ENDED DECEMBER 31, 2005
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalOperating revenue
    
    $
    194,710
    
    
    $
    38,774
    
    
    $
    89,155
    
    
    $
    119,723
    
    
    $
    120,892
    
    
    $
    97,145
    
    
    $
    20,331
    
    
    $
    680,730Rental property
expenses and real
estate taxes
    
    
    56,908
    
    
    
    13,864
    
    
    
    23,155
    
    
    
    44,676
    
    
    
    37,460
    
    
    
    31,959
    
    
    
    3,681
    
    
    
    211,703Property level
operating income
    
    $
    137,802
    
    
    $
    24,910
    
    
    $
    66,000
    
    
    $
    75,047
    
    
    $
    83,432
    
    
    $
    65,186
    
    
    $
    16,650
    
    
    
    469,027Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,622Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (129,617
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (38,138
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (146,526
    )Income before property dispositions, income taxes, minority interest
and equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    163,368Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    84,295Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (14,827
    )Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (357
    )Equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,540Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    36,940Preferred unit distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (12,095
    )Income available to common unitholders
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    259,864
 FOR
THE YEAR ENDED DECEMBER 31, 2004
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalOperating revenue
    
    $
    184,704
    
    
    $
    33,643
    
    
    $
    75,427
    
    
    $
    113,347
    
    
    $
    114,307
    
    
    $
    87,165
    
    
    $
    19,734
    
    
    $
    628,327Rental property
expenses and real
estate taxes
    
    
    53,335
    
    
    
    11,616
    
    
    
    20,497
    
    
    
    42,113
    
    
    
    32,699
    
    
    
    27,386
    
    
    
    3,168
    
    
    
    190,814Property level
operating income
    
    $
    131,369
    
    
    $
    22,027
    
    
    $
    54,930
    
    
    $
    71,234
    
    
    $
    81,608
    
    
    $
    59,779
    
    
    $
    16,566
    
    
    
    437,513Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,290Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (116,630
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (33,759
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (129,298
    )Income before property dispositions, income taxes, minority interest
and equity in loss of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    165,116Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    496Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,820
    )Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    632Equity in loss of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (775
    )Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    16,593Preferred unit distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (11,844
    )Income available to common unitholders
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    168,398
 90




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##### Table of Contents



FOR
THE YEAR ENDED DECEMBER 31, 2003
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalOperating revenue
    
    $
    183,110
    
    
    $
    32,725
    
    
    $
    67,902
    
    
    $
    112,355
    
    
    $
    103,105
    
    
    $
    82,312
    
    
    $
    12,377
    
    
    $
    593,886Rental property
expenses and real
estate taxes
    
    
    51,950
    
    
    
    10,878
    
    
    
    17,295
    
    
    
    40,616
    
    
    
    28,648
    
    
    
    24,602
    
    
    
    2,250
    
    
    
    176,239Property level
operating income
    
    $
    131,160
    
    
    $
    21,847
    
    
    $
    50,607
    
    
    $
    71,739
    
    
    $
    74,457
    
    
    $
    57,710
    
    
    $
    10,127
    
    
    
    417,647Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,285Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (117,754
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (28,316
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (116,557
    )Income before property dispositions, income taxes, minority interest
and equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    163,305Loss on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    447Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,326
    )Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (673
    )Equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,744Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    21,173Preferred share distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (12,416
    )Income available to common unitholders
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    171,254
 Product
Type Information
 Real Estate Related RevenuesYear Ended December 31,2005
    
    
    2004
    
    
    2003Industrial
    
    $
    285,894
    
    
    $
    262,529
    
    
    $
    246,247Office
    
    
    394,836
    
    
    
    365,798
    
    
    
    347,639Total operating revenue
    
    $
    680,730
    
    
    $
    628,327
    
    
    $
    593,886
 ROLLFORWARD
OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalJanuary 1, 2005
    
    $
    1,020,714
    
    
    $
    193,784
    
    
    $
    566,194
    
    
    $
    800,611
    
    
    $
    828,809
    
    
    $
    659,775
    
    
    $
    169,304
    
    
    $
    4,239,191Additions
    
    
    44,071
    
    
    
    15,191
    
    
    
    84,698
    
    
    
    115,619
    
    
    
    115,341
    
    
    
    37,796
    
    
    
    10,832
    
    
    
    423,548Dispositions
    
    
    (4,587
    )
    
    
    (21,953
    )
    
    
    (5,987
    )
    
    
    (26,842
    )
    
    
    (30,415
    )
    
    
    (42,214
    )
    
    
    (170,298
    )
    
    
    (302,296
    )December 31, 2005
    
    $
    1,060,198
    
    
    $
    187,022
    
    
    $
    644,905
    
    
    $
    889,388
    
    
    $
    913,735
    
    
    $
    655,357
    
    
    $
    9,838
    
    
    
    4,360,443Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (748,818
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    324,924Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    158,653Assets held for sale, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,654Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    389,673Total assets at December 31, 2005
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    4,497,529
 91




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##### Table of Contents



ROLLFORWARD
OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    

    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalJanuary 1, 2004
    
    $
    1,014,562
    
    
    $
    164,224
    
    
    $
    446,738
    
    
    $
    778,036
    
    
    $
    739,202
    
    
    $
    608,089
    
    
    $
    159,067
    
    
    $
    3,909,918Additions
    
    
    29,824
    
    
    
    31,082
    
    
    
    119,456
    
    
    
    35,484
    
    
    
    89,607
    
    
    
    55,667
    
    
    
    10,237
    
    
    
    371,357Dispositions
    
    
    (23,672
    )
    
    
    (1,522
    )
    
    
    
    
    
    
    (12,909
    )
    
    
    
    
    
    
    (3,981
    )
    
    
    
    
    
    
    (42,084
    )December 31, 2004
    
    $
    1,020,714
    
    
    $
    193,784
    
    
    $
    566,194
    
    
    $
    800,611
    
    
    $
    828,809
    
    
    $
    659,775
    
    
    $
    169,304
    
    
    
    4,239,191Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (692,649
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    81,099Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    171,122Assets held for sale, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,799Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    351,265Total assets at December 31, 2004
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    4,162,827
 12. SFAS NO. 144 ACCOUNTING FOR THE IMPAIRMENT OR DISPOSAL OF LONG-LIVED ASSETS
 Discontinued Operations
    December 31,2005
    
    
    2004
    
    
    2003Revenues
    
    $
    12,352
    
    
    $
    26,513
    
    
    $
    28,888Operating expenses
    
    
    (3,822
    )
    
    
    (6,439
    )
    
    
    (6,549
    )Interest expense
    
    
    (5,811
    )
    
    
    (7,867
    )
    
    
    (6,579
    )Depreciation and amortization
    
    
    (3,694
    )
    
    
    (7,217
    )
    
    
    (6,545
    )Income before property dispositions
    
    $
    (975
    )
    
    $
    4,990
    
    
    $
    9,215
  Allocation
of Interest to Discontinued Operations
 Asset Impairment
  92




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##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES1501 Perryman Road
    
    Aberdeen, MD
    
    $
    
    
    
    $
    5,813,324
    
    
    $
    18,874,059
    
    
    $
    84
    
    
    $
    5,813,080
    
    
    $
    18,874,387
    
    
    $
    24,687,467
    
    
    $
    
    
    
    
    2005
    
    
    40 yrs.2196 Avenue C
    
    Allentown, PA
    
    
    
    
    
    
    101,159
    
    
    
    
    
    
    
    1,347,970
    
    
    
    107,307
    
    
    
    1,341,822
    
    
    
    1,449,129
    
    
    
    704,986
    
    
    
    1980
    
    
    40 yrs.2202 Hanger Place
    
    Allentown, PA
    
    
    
    *
    
    
    137,439
    
    
    
    
    
    
    
    1,341,155
    
    
    
    138,127
    
    
    
    1,340,466
    
    
    
    1,478,594
    
    
    
    785,363
    
    
    
    1981
    
    
    40 yrs.7437 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    717,488
    
    
    
    5,022,413
    
    
    
    1,872,180
    
    
    
    726,651
    
    
    
    6,885,429
    
    
    
    7,612,080
    
    
    
    2,223,838
    
    
    
    1976
    
    
    40 yrs.7339 Industrial Boulevard
    
    Allentown, PA
    
    
    
    *
    
    
    1,187,776
    
    
    
    
    
    
    
    6,049,516
    
    
    
    1,197,447
    
    
    
    6,039,845
    
    
    
    7,237,293
    
    
    
    1,605,166
    
    
    
    1996
    
    
    40 yrs.400 Nestle Way
    
    Allentown, PA
    
    
    24,080,572
    
    
    
    8,065,500
    
    
    
    
    
    
    
    26,870,897
    
    
    
    8,184,096
    
    
    
    26,752,301
    
    
    
    34,936,397
    
    
    
    6,429,317
    
    
    
    1997
    
    
    40 yrs.7248 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,670,849
    
    
    
    13,307,408
    
    
    
    1,097,573
    
    
    
    2,670,673
    
    
    
    14,405,156
    
    
    
    17,075,829
    
    
    
    3,351,205
    
    
    
    1988
    
    
    40 yrs.700 Nestle Way
    
    Allentown, PA
    
    
    
    
    
    
    3,473,120
    
    
    
    
    
    
    
    18,085,441
    
    
    
    4,174,970
    
    
    
    17,383,591
    
    
    
    21,558,561
    
    
    
    3,503,834
    
    
    
    1998
    
    
    40 yrs.7562 Penn Drive
    
    Allentown, PA
    
    
    
    
    
    
    269,614
    
    
    
    844,069
    
    
    
    131,443
    
    
    
    269,614
    
    
    
    975,512
    
    
    
    1,245,126
    
    
    
    202,120
    
    
    
    1989
    
    
    40 yrs.7277 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    462,964
    
    
    
    1,449,009
    
    
    
    315,821
    
    
    
    463,123
    
    
    
    1,764,671
    
    
    
    2,227,794
    
    
    
    442,488
    
    
    
    1989
    
    
    40 yrs.7355 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    489,749
    
    
    
    1,658,091
    
    
    
    304,294
    
    
    
    489,749
    
    
    
    1,962,385
    
    
    
    2,452,134
    
    
    
    407,004
    
    
    
    1998
    
    
    40 yrs.794 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    1,147,541
    
    
    
    6,088,041
    
    
    
    1,125,815
    
    
    
    1,147,541
    
    
    
    7,213,857
    
    
    
    8,361,398
    
    
    
    1,564,453
    
    
    
    1985
    
    
    40 yrs.6923 Schantz Spring Road
    
    Allentown, PA
    
    
    
    *
    
    
    1,127,805
    
    
    
    3,309,132
    
    
    
    348,419
    
    
    
    1,127,805
    
    
    
    3,657,551
    
    
    
    4,785,355
    
    
    
    722,630
    
    
    
    1993
    
    
    40 yrs.7132 Daniels Drive
    
    Allentown, PA
    
    
    
    
    
    
    1,623,326
    
    
    
    3,464,626
    
    
    
    4,070,191
    
    
    
    1,695,610
    
    
    
    7,462,532
    
    
    
    9,158,142
    
    
    
    1,375,466
    
    
    
    1988
    
    
    40 yrs.8014 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    4,019,258
    
    
    
    
    
    
    
    9,440,262
    
    
    
    3,645,117
    
    
    
    9,814,403
    
    
    
    13,459,520
    
    
    
    1,782,189
    
    
    
    1999
    
    
    40 yrs.705 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,484,096
    
    
    
    
    
    
    
    14,852,439
    
    
    
    4,486,836
    
    
    
    14,849,699
    
    
    
    19,336,535
    
    
    
    2,012,358
    
    
    
    2001
    
    
    40 yrs.651 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,308,646
    
    
    
    
    
    
    
    13,280,682
    
    
    
    4,308,646
    
    
    
    13,280,682
    
    
    
    17,589,328
    
    
    
    2,219,533
    
    
    
    2000
    
    
    40 yrs.8150 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,564,167
    
    
    
    
    
    
    
    8,703,838
    
    
    
    2,571,466
    
    
    
    8,696,539
    
    
    
    11,268,005
    
    
    
    1,114,060
    
    
    
    2002
    
    
    40 yrs.8250 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    1,025,667
    
    
    
    
    
    
    
    5,214,510
    
    
    
    1,035,854
    
    
    
    5,204,323
    
    
    
    6,240,177
    
    
    
    480,968
    
    
    
    2002
    
    
    40 yrs.650 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    5,208,248
    
    
    
    
    
    
    
    19,527,776
    
    
    
    5,242,478
    
    
    
    19,493,547
    
    
    
    24,736,024
    
    
    
    1,597,932
    
    
    
    2002
    
    
    40 yrs.650 Boulder Drive Expansion
    
    Allentown, PA
    
    
    
    
    
    
    2,861,715
    
    
    
    
    
    
    
    9,015,365
    
    
    
    4,719,311
    
    
    
    7,157,769
    
    
    
    11,877,080
    
    
    
    223,811
    
    
    
    2001
    
    
    40 yrs.7165 Ambassador Drive
    
    Allentown, PA
    
    
    
    
    
    
    792,999
    
    
    
    
    
    
    
    4,533,868
    
    
    
    804,848
    
    
    
    4,522,019
    
    
    
    5,326,867
    
    
    
    442,696
    
    
    
    2002
    
    
    40 yrs.835 W Hamilton Street
    
    Allentown, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    59,269,393
    
    
    
    1,233,597
    
    
    
    58,035,796
    
    
    
    59,269,393
    
    
    
    4,284,836
    
    
    
    2004
    
    
    40 yrs.200 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,722,683
    
    
    
    18,922,645
    
    
    
    178,925
    
    
    
    4,722,683
    
    
    
    19,101,570
    
    
    
    23,824,253
    
    
    
    593,798
    
    
    
    2004
    
    
    40 yrs.250 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    2,600,622
    
    
    
    12,099,145
    
    
    
    130,329
    
    
    
    2,600,622
    
    
    
    12,229,474
    
    
    
    14,830,096
    
    
    
    381,617
    
    
    
    2004
    
    
    40 yrs.6560 Stonegate Drive
    
    Allentown, PA
    
    
    
    *
    
    
    458,281
    
    
    
    
    
    
    
    2,411,971
    
    
    
    458,945
    
    
    
    2,411,307
    
    
    
    2,870,252
    
    
    
    992,783
    
    
    
    1989
    
    
    40 yrs.6370 Hedgewood Drive
    
    Allentown, PA
    
    
    942,053
    
    
    
    540,795
    
    
    
    
    
    
    
    3,233,886
    
    
    
    541,459
    
    
    
    3,233,222
    
    
    
    3,774,681
    
    
    
    1,242,135
    
    
    
    1990
    
    
    40 yrs.6390 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    707,203
    
    
    
    
    
    
    
    2,801,290
    
    
    
    707,867
    
    
    
    2,800,625
    
    
    
    3,508,493
    
    
    
    1,216,709
    
    
    
    1990
    
    
    40 yrs.6350 Hedgewood Drive
    
    Allentown, PA
    
    
    1,158,301
    
    
    
    360,027
    
    
    
    
    
    
    
    3,458,418
    
    
    
    560,691
    
    
    
    3,257,754
    
    
    
    3,818,445
    
    
    
    1,297,997
    
    
    
    1989
    
    
    40 yrs.6330 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    531,268
    
    
    
    
    
    
    
    4,905,648
    
    
    
    532,047
    
    
    
    4,904,869
    
    
    
    5,436,916
    
    
    
    2,171,204
    
    
    
    1988
    
    
    40 yrs.6580 Snowdrift Road
    
    Allentown, PA
    
    
    
    *
    
    
    388,328
    
    
    
    
    
    
    
    3,284,907
    
    
    
    389,081
    
    
    
    3,284,155
    
    
    
    3,673,235
    
    
    
    1,326,388
    
    
    
    1988
    
    
    40 yrs.6540 Stonegate Drive
    
    Allentown, PA
    
    
    1,458,938
    
    
    
    422,042
    
    
    
    
    
    
    
    3,893,307
    
    
    
    422,730
    
    
    
    3,892,620
    
    
    
    4,315,349
    
    
    
    1,687,429
    
    
    
    1988
    
    
    40 yrs.974 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    143,500
    
    
    
    
    
    
    
    2,462,419
    
    
    
    144,248
    
    
    
    2,461,672
    
    
    
    2,605,919
    
    
    
    1,083,837
    
    
    
    1987
    
    
    40 yrs.964 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    138,816
    
    
    
    
    
    
    
    1,667,008
    
    
    
    139,480
    
    
    
    1,666,344
    
    
    
    1,805,824
    
    
    
    837,998
    
    
    
    1985
    
    
    40 yrs.764 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    141,069
    
    
    
    
    
    
    
    864,405
    
    
    
    141,746
    
    
    
    863,728
    
    
    
    1,005,474
    
    
    
    415,161
    
    
    
    1985
    
    
    40 yrs.3174 Airport Road
    
    Allentown, PA
    
    
    
    
    
    
    98,986
    
    
    
    
    
    
    
    1,155,913
    
    
    
    98,986
    
    
    
    1,155,913
    
    
    
    1,254,899
    
    
    
    689,117
    
    
    
    1979
    
    
    40 yrs.2201 Hanger Place
    
    Allentown, PA
    
    
    
    
    
    
    128,454
    
    
    
    
    
    
    
    1,869,709
    
    
    
    129,142
    
    
    
    1,869,021
    
    
    
    1,998,163
    
    
    
    984,040
    
    
    
    1987
    
    
    40 yrs.954 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    103,665
    
    
    
    
    
    
    
    1,110,937
    
    
    
    104,453
    
    
    
    1,110,149
    
    
    
    1,214,602
    
    
    
    551,293
    
    
    
    1981
    
    
    40 yrs.754 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    162,115
    
    
    
    1,731,885
    
    
    
    186,641
    
    
    
    163,735
    
    
    
    1,916,906
    
    
    
    2,080,641
    
    
    
    608,794
    
    
    
    1986
    
    
    40 yrs.894 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    117,134
    
    
    
    1,048,866
    
    
    
    321,307
    
    
    
    118,304
    
    
    
    1,369,003
    
    
    
    1,487,307
    
    
    
    340,905
    
    
    
    1986
    
    
    40 yrs.744 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    159,771
    
    
    
    1,734,229
    
    
    
    270,068
    
    
    
    161,371
    
    
    
    2,002,697
    
    
    
    2,164,068
    
    
    
    612,315
    
    
    
    1986
    
    
    40 yrs.944 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    118,521
    
    
    
    1,435,479
    
    
    
    433,413
    
    
    
    119,711
    
    
    
    1,867,702
    
    
    
    1,987,413
    
    
    
    566,716
    
    
    
    1986
    
    
    40 yrs.6520 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    453,315
    
    
    
    
    
    
    
    1,795,242
    
    
    
    484,361
    
    
    
    1,764,196
    
    
    
    2,248,557
    
    
    
    511,996
    
    
    
    1996
    
    
    40 yrs.2041 Avenue C
    
    Allentown, PA
    
    
    
    *
    
    
    213,599
    
    
    
    1,095,217
    
    
    
    83,135
    
    
    
    213,879
    
    
    
    1,178,072
    
    
    
    1,391,951
    
    
    
    324,353
    
    
    
    1990
    
    
    40 yrs.7144 Daniels Drive
    
    Allentown, PA
    
    
    
    
    
    
    2,390,217
    
    
    
    2,342,761
    
    
    
    3,721,684
    
    
    
    1,579,169
    
    
    
    6,875,493
    
    
    
    8,454,662
    
    
    
    1,678,004
    
    
    
    1975
    
    
    40 yrs.7620 Cetronia Road
    
    Allentown, PA
    
    
    
    
    
    
    1,091,806
    
    
    
    3,851,456
    
    
    
    353,007
    
    
    
    1,093,724
    
    
    
    4,202,545
    
    
    
    5,296,269
    
    
    
    1,258,767
    
    
    
    1990
    
    
    40 yrs.939 Marcon Boulevard
    
    Allentown, PA
    
    
    
    *
    
    
    2,220,414
    
    
    
    4,524,393
    
    
    
    858,451
    
    
    
    2,220,548
    
    
    
    5,382,710
    
    
    
    7,603,257
    
    
    
    1,434,359
    
    
    
    1980
    
    
    40 yrs.180,190 Cochrane Drive
    
    Annapolis, MD
    
    
    
    
    
    
    3,670,256
    
    
    
    
    
    
    
    20,870,918
    
    
    
    3,752,293
    
    
    
    20,788,881
    
    
    
    24,541,174
    
    
    
    7,864,852
    
    
    
    1988
    
    
    40 yrs.10430 Lakeridge Parkway
    
    Ashland, VA
    
    
    
    
    
    
    421,267
    
    
    
    3,770,870
    
    
    
    282,587
    
    
    
    421,267
    
    
    
    4,053,457
    
    
    
    4,474,724
    
    
    
    824,454
    
    
    
    1989
    
    
    40 yrs.10456 Lakeridge Parkway
    
    Ashland, VA
    
    
    
    
    
    
    409,261
    
    
    
    3,663,754
    
    
    
    418,398
    
    
    
    409,261
    
    
    
    4,082,152
    
    
    
    4,491,413
    
    
    
    857,776
    
    
    
    1991
    
    
    40 yrs.2453 Prospect Street
    
    Aurora, IL
    
    
    
    
    
    
    1,780,395
    
    
    
    6,608,091
    
    
    
    435,893
    
    
    
    1,563,076
    
    
    
    7,261,304
    
    
    
    8,824,379
    
    
    
    1,484
    
    
    
    2004
    
    
    40 yrs.1000 Bilter Road
    
    Aurora, IL
    
    
    
    
    
    
    5,136,177
    
    
    
    22,491,870
    
    
    
    1,902,155
    
    
    
    5,120,004
    
    
    
    24,410,199
    
    
    
    29,530,202
    
    
    
    590,155
    
    
    
    2005
    
    
    40 yrs.101-121 N Raddant Road
    
    Batavia, IL
    
    
    6,130,347
    
    
    
    986,912
    
    
    
    9,984,405
    
    
    
    46,363
    
    
    
    986,912
    
    
    
    10,030,769
    
    
    
    11,017,681
    
    
    
    585,008
    
    
    
    2003
    
    
    40 yrs.1070 Swanson + 506-530 Kingsland
    
    Batavia, IL
    
    
    7,884,881
    
    
    
    1,100,812
    
    
    
    11,135,499
    
    
    
    36,314
    
    
    
    1,100,812
    
    
    
    11,171,813
    
    
    
    12,272,625
    
    
    
    651,403
    
    
    
    2003
    
    
    40 yrs.900 Douglas Road
    
    Batavia, IL
    
    
    
    
    
    
    308,586
    
    
    
    3,116,469
    
    
    
    9,635
    
    
    
    308,586
    
    
    
    3,126,104
    
    
    
    3,434,690
    
    
    
    182,278
    
    
    
    2003
    
    
    40 yrs.4606 Richlynn Drive
    
    Belcamp, MD
    
    
    
    
    
    
    299,600
    
    
    
    1,818,861
    
    
    
    712,787
    
    
    
    299,600
    
    
    
    2,531,649
    
    
    
    2,831,249
    
    
    
    404,490
    
    
    
    1985
    
    
    40 yrs.41199 Van Born Road
    
    Bellville, MI
    
    
    
    
    
    
    1,829,396
    
    
    
    6,765,015
    
    
    
    8,133
    
    
    
    1,829,396
    
    
    
    6,773,148
    
    
    
    8,602,543
    
    
    
    
    
    
    
    2005
    
    
    40 yrs.41133 Van Born Road
    
    Bellville, MI
    
    
    
    
    
    
    1,829,560
    
    
    
    6,454,755
    
    
    
    94,444
    
    
    
    1,829,560
    
    
    
    6,549,199
    
    
    
    8,378,759
    
    
    
    
    
    
    
    2005
    
    
    40 yrs.1655 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    214,431
    
    
    
    
    
    
    
    1,994,597
    
    
    
    215,095
    
    
    
    1,993,932
    
    
    
    2,209,028
    
    
    
    866,099
    
    
    
    1993
    
    
    40 yrs.100 Brodhead Road
    
    Bethlehem, PA
    
    
    
    *
    
    
    429,416
    
    
    
    2,919,588
    
    
    
    725,250
    
    
    
    429,456
    
    
    
    3,644,798
    
    
    
    4,074,254
    
    
    
    906,161
    
    
    
    1990
    
    
    40 yrs.1455 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    670,290
    
    
    
    
    
    
    
    3,732,375
    
    
    
    545,172
    
    
    
    3,857,492
    
    
    
    4,402,665
    
    
    
    1,611,685
    
    
    
    1997
    
    
    40 yrs.1640 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,412,280
    
    
    
    190,728
    
    
    
    2,580,553
    
    
    
    2,771,280
    
    
    
    1,044,485
    
    
    
    1996
    
    
    40 yrs.1650 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,212,500
    
    
    
    188,896
    
    
    
    2,382,604
    
    
    
    2,571,500
    
    
    
    872,451
    
    
    
    1997
    
    
    40 yrs.
 93




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    

    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES1660 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,257,716
    
    
    
    188,721
    
    
    
    2,427,995
    
    
    
    2,616,716
    
    
    
    672,667
    
    
    
    1998
    
    
    40 yrs.83 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    143,661
    
    
    
    888,128
    
    
    
    513,515
    
    
    
    212,744
    
    
    
    1,332,560
    
    
    
    1,545,304
    
    
    
    440,910
    
    
    
    1989
    
    
    40 yrs.85 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    236,708
    
    
    
    987,949
    
    
    
    157,065
    
    
    
    237,078
    
    
    
    1,144,644
    
    
    
    1,381,722
    
    
    
    281,971
    
    
    
    1989
    
    
    40 yrs.87 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    253,886
    
    
    
    1,062,881
    
    
    
    217,298
    
    
    
    253,886
    
    
    
    1,280,179
    
    
    
    1,534,065
    
    
    
    336,003
    
    
    
    1989
    
    
    40 yrs.89 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    320,000
    
    
    
    
    
    
    
    2,003,316
    
    
    
    367,706
    
    
    
    1,955,611
    
    
    
    2,323,316
    
    
    
    620,848
    
    
    
    1998
    
    
    40 yrs.95 Highland Avenue
    
    Bethlehem, PA
    
    
    
    
    
    
    430,593
    
    
    
    3,182,080
    
    
    
    1,387,950
    
    
    
    430,593
    
    
    
    4,570,029
    
    
    
    5,000,623
    
    
    
    1,067,777
    
    
    
    1985
    
    
    40 yrs.1525 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    475,686
    
    
    
    
    
    
    
    7,753,820
    
    
    
    804,104
    
    
    
    7,425,402
    
    
    
    8,229,506
    
    
    
    1,670,311
    
    
    
    1999
    
    
    40 yrs.74 West Broad Street
    
    Bethlehem, PA
    
    
    
    
    
    
    1,096,127
    
    
    
    
    
    
    
    13,350,023
    
    
    
    1,099,079
    
    
    
    13,347,071
    
    
    
    14,446,150
    
    
    
    1,877,308
    
    
    
    2002
    
    
    40 yrs.1605 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    729,751
    
    
    
    
    
    
    
    10,808,550
    
    
    
    1,766,196
    
    
    
    9,772,105
    
    
    
    11,538,301
    
    
    
    1,104,687
    
    
    
    2000
    
    
    40 yrs.3400 High Point Boulevard
    
    Bethlehem, PA
    
    
    
    
    
    
    298,227
    
    
    
    
    
    
    
    3,047,434
    
    
    
    662,809
    
    
    
    2,682,852
    
    
    
    3,345,661
    
    
    
    284,945
    
    
    
    2002
    
    
    40 yrs.1495 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    434,640
    
    
    
    
    
    
    
    3,803,574
    
    
    
    435,303
    
    
    
    3,802,911
    
    
    
    4,238,214
    
    
    
    1,391,226
    
    
    
    1990
    
    
    40 yrs.1550 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    196,954
    
    
    
    
    
    
    
    3,437,457
    
    
    
    197,700
    
    
    
    3,436,711
    
    
    
    3,634,411
    
    
    
    1,328,963
    
    
    
    1988
    
    
    40 yrs.1560 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    240,069
    
    
    
    
    
    
    
    4,413,646
    
    
    
    240,732
    
    
    
    4,412,983
    
    
    
    4,653,715
    
    
    
    1,872,674
    
    
    
    1988
    
    
    40 yrs.1510 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    312,209
    
    
    
    
    
    
    
    3,753,072
    
    
    
    312,873
    
    
    
    3,752,408
    
    
    
    4,065,281
    
    
    
    1,566,332
    
    
    
    1988
    
    
    40 yrs.1530 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    211,747
    
    
    
    
    
    
    
    2,987,198
    
    
    
    212,492
    
    
    
    2,986,453
    
    
    
    3,198,945
    
    
    
    1,135,268
    
    
    
    1988
    
    
    40 yrs.57 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    390,839
    
    
    
    2,701,161
    
    
    
    662,728
    
    
    
    395,459
    
    
    
    3,359,269
    
    
    
    3,754,728
    
    
    
    1,000,978
    
    
    
    1986
    
    
    40 yrs.1685 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    244,029
    
    
    
    
    
    
    
    2,280,697
    
    
    
    198,482
    
    
    
    2,326,244
    
    
    
    2,524,726
    
    
    
    739,638
    
    
    
    1996
    
    
    40 yrs.6601-6625 W. 78th Street
    
    Bloomington, MN
    
    
    
    
    
    
    2,263,060
    
    
    
    
    
    
    
    38,629,236
    
    
    
    2,310,246
    
    
    
    38,582,050
    
    
    
    40,892,296
    
    
    
    6,929,276
    
    
    
    1998
    
    
    40 yrs.4801 West 81st Street
    
    Bloomington, MN
    
    
    
    
    
    
    1,624,701
    
    
    
    2,494,368
    
    
    
    648,314
    
    
    
    1,624,701
    
    
    
    3,142,681
    
    
    
    4,767,383
    
    
    
    724,405
    
    
    
    1984
    
    
    40 yrs.8100 Cedar Avenue
    
    Bloomington, MN
    
    
    
    
    
    
    501,313
    
    
    
    3,675,416
    
    
    
    971,824
    
    
    
    501,313
    
    
    
    4,647,240
    
    
    
    5,148,553
    
    
    
    1,001,604
    
    
    
    1983
    
    
    40 yrs.6161 Green Valley Drive
    
    Bloomington, MN
    
    
    
    
    
    
    740,378
    
    
    
    3,311,602
    
    
    
    732,919
    
    
    
    741,194
    
    
    
    4,043,704
    
    
    
    4,784,898
    
    
    
    642,225
    
    
    
    1992
    
    
    40 yrs.10801 Nesbitt Avenue South
    
    Bloomington, MN
    
    
    
    
    
    
    784,577
    
    
    
    
    
    
    
    4,105,182
    
    
    
    786,382
    
    
    
    4,103,377
    
    
    
    4,889,759
    
    
    
    797,154
    
    
    
    2001
    
    
    40 yrs.5775 West Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,052,018
    
    
    
    3,849,649
    
    
    
    3,288,993
    
    
    
    2,060,644
    
    
    
    7,130,015
    
    
    
    9,190,660
    
    
    
    2,054,843
    
    
    
    2002
    
    
    40 yrs.5715 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    1,953,949
    
    
    
    1,264,758
    
    
    
    4,313,199
    
    
    
    5,577,958
    
    
    
    592,805
    
    
    
    2002
    
    
    40 yrs.5735 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    1,089,483
    
    
    
    1,264,758
    
    
    
    3,448,732
    
    
    
    4,713,491
    
    
    
    338,168
    
    
    
    2002
    
    
    40 yrs.1701 Clint Moore Boulevard
    
    Boca Raton, FL
    
    
    
    
    
    
    1,430,884
    
    
    
    3,043,553
    
    
    
    643,990
    
    
    
    1,430,937
    
    
    
    3,687,490
    
    
    
    5,118,427
    
    
    
    721,615
    
    
    
    1985
    
    
    40 yrs.951 Broken Sound Parkway
    
    Boca Raton, FL
    
    
    
    
    
    
    1,426,251
    
    
    
    6,098,952
    
    
    
    845,468
    
    
    
    1,426,251
    
    
    
    6,944,420
    
    
    
    8,370,670
    
    
    
    1,775,105
    
    
    
    1986
    
    
    40 yrs.777 Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    4,101,247
    
    
    
    16,077,347
    
    
    
    4,729,322
    
    
    
    4,501,247
    
    
    
    20,406,669
    
    
    
    24,907,916
    
    
    
    4,270,586
    
    
    
    1987
    
    
    40 yrs.1801 Clint Moore Road
    
    Boca Raton, FL
    
    
    
    
    
    
    1,065,068
    
    
    
    4,481,644
    
    
    
    462,220
    
    
    
    1,065,068
    
    
    
    4,943,864
    
    
    
    6,008,933
    
    
    
    1,060,278
    
    
    
    1986
    
    
    40 yrs.400 Boulder Drive
    
    Breinigsville, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,252,051
    
    
    
    2,865,575
    
    
    
    10,386,476
    
    
    
    13,252,051
    
    
    
    368,063
    
    
    
    2003
    
    
    40 yrs.860 Nestle Way
    
    Breinigsville, PA
    
    
    
    
    
    
    8,118,881
    
    
    
    18,885,486
    
    
    
    1,390,794
    
    
    
    8,118,881
    
    
    
    20,276,280
    
    
    
    28,395,161
    
    
    
    167,113
    
    
    
    2004
    
    
    40 yrs.602 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    524,728
    
    
    
    2,240,478
    
    
    
    7,650
    
    
    
    524,728
    
    
    
    2,248,128
    
    
    
    2,772,856
    
    
    
    435,284
    
    
    
    1996
    
    
    40 yrs.245 Executive Drive
    
    Brookfield, WI
    
    
    
    
    
    
    577,067
    
    
    
    5,197,903
    
    
    
    2,517,341
    
    
    
    577,067
    
    
    
    7,715,244
    
    
    
    8,292,311
    
    
    
    1,171,101
    
    
    
    1984
    
    
    40 yrs.16620-16650 W Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    586,665
    
    
    
    4,289,907
    
    
    
    641,920
    
    
    
    586,665
    
    
    
    4,931,828
    
    
    
    5,518,492
    
    
    
    790,717
    
    
    
    1999
    
    
    40 yrs.15800 West Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    1,289,204
    
    
    
    8,128,035
    
    
    
    1,263,239
    
    
    
    1,306,811
    
    
    
    9,373,667
    
    
    
    10,680,478
    
    
    
    1,030,788
    
    
    
    1994
    
    
    40 yrs.20700 Swenson Drive
    
    Brookfield, WI
    
    
    
    
    
    
    830,008
    
    
    
    12,276,445
    
    
    
    209,223
    
    
    
    830,008
    
    
    
    12,485,668
    
    
    
    13,315,676
    
    
    
    44,449
    
    
    
    2005
    
    
    40 yrs.20800 Swenson Drive
    
    Brookfield, WI
    
    
    
    
    
    
    1,023,466
    
    
    
    10,729,219
    
    
    
    345,767
    
    
    
    1,023,466
    
    
    
    11,074,986
    
    
    
    12,098,451
    
    
    
    38,883
    
    
    
    2005
    
    
    40 yrs.20935 Swenson Drive
    
    Brookfield, WI
    
    
    
    
    
    
    571,389
    
    
    
    10,238,547
    
    
    
    174,635
    
    
    
    571,389
    
    
    
    10,413,181
    
    
    
    10,984,570
    
    
    
    37,151
    
    
    
    2005
    
    
    40 yrs.20975 Swenson Drive
    
    Brookfield, WI
    
    
    
    
    
    
    675,422
    
    
    
    8,910,651
    
    
    
    412,619
    
    
    
    677,372
    
    
    
    9,321,320
    
    
    
    9,998,692
    
    
    
    32,226
    
    
    
    2005
    
    
    40 yrs.1485 W. Commerce Avenue
    
    Carlisle, PA
    
    
    
    
    
    
    4,249,868
    
    
    
    13,886,039
    
    
    
    49,205
    
    
    
    4,253,027
    
    
    
    13,932,086
    
    
    
    18,185,112
    
    
    
    348,233
    
    
    
    2004
    
    
    40 yrs.3773 Corporate Parkway
    
    Center Valley, PA
    
    
    
    
    
    
    738,108
    
    
    
    
    
    
    
    7,597,697
    
    
    
    794,874
    
    
    
    7,540,931
    
    
    
    8,335,805
    
    
    
    1,462,903
    
    
    
    2001
    
    
    40 yrs.1309 Executive Boulevard
    
    Cheaspeake, VA
    
    
    
    
    
    
    926,125
    
    
    
    
    
    
    
    5,086,632
    
    
    
    955,374
    
    
    
    5,057,383
    
    
    
    6,012,757
    
    
    
    690,591
    
    
    
    2001
    
    
    40 yrs.1960 Cuthbert Boulevard
    
    Cherry Hill, NJ
    
    
    
    
    
    
    321,699
    
    
    
    1,291,557
    
    
    
    542,915
    
    
    
    321,699
    
    
    
    1,834,473
    
    
    
    2,156,172
    
    
    
    456,176
    
    
    
    1985
    
    
    40 yrs.1970 Cuthbert Boulevard
    
    Cherry Hill, NJ
    
    
    
    
    
    
    321,699
    
    
    
    1,291,558
    
    
    
    233,697
    
    
    
    321,699
    
    
    
    1,525,255
    
    
    
    1,846,954
    
    
    
    283,559
    
    
    
    1985
    
    
    40 yrs.7 Carnegie Plaza
    
    Cherry Hill, NJ
    
    
    
    
    
    
    2,000,000
    
    
    
    3,493,983
    
    
    
    3,217,287
    
    
    
    2,005,475
    
    
    
    6,705,794
    
    
    
    8,711,270
    
    
    
    208,263
    
    
    
    2004
    
    
    40 yrs.1305 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    861,020
    
    
    
    
    
    
    
    4,874,601
    
    
    
    1,129,850
    
    
    
    4,605,771
    
    
    
    5,735,621
    
    
    
    527,850
    
    
    
    2002
    
    
    40 yrs.1313 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    1,180,036
    
    
    
    
    
    
    
    4,629,615
    
    
    
    1,708,050
    
    
    
    4,101,602
    
    
    
    5,809,652
    
    
    
    443,799
    
    
    
    2002
    
    
    40 yrs.500 Independence Parkway
    
    Chesapeake, VA
    
    
    3,890,463
    
    
    
    864,150
    
    
    
    4,427,285
    
    
    
    66,501
    
    
    
    866,609
    
    
    
    4,491,328
    
    
    
    5,357,937
    
    
    
    228,169
    
    
    
    2004
    
    
    40 yrs.700 Independence Parkway
    
    Chesapeake, VA
    
    
    7,204,561
    
    
    
    1,950,375
    
    
    
    8,273,910
    
    
    
    (906,932
    )
    
    
    1,951,135
    
    
    
    7,366,217
    
    
    
    9,317,352
    
    
    
    402,649
    
    
    
    2004
    
    
    40 yrs.501 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    1,202,556
    
    
    
    5,975,538
    
    
    
    1,024,000
    
    
    
    1,292,273
    
    
    
    6,909,821
    
    
    
    8,202,094
    
    
    
    149,113
    
    
    
    2005
    
    
    40 yrs.505 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    1,292,062
    
    
    
    6,456,515
    
    
    
    1,122,658
    
    
    
    1,292,254
    
    
    
    7,578,979
    
    
    
    8,871,234
    
    
    
    166,862
    
    
    
    2005
    
    
    40 yrs.510 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    2,012,149
    
    
    
    7,546,882
    
    
    
    299,240
    
    
    
    2,014,689
    
    
    
    7,843,582
    
    
    
    9,858,271
    
    
    
    192,555
    
    
    
    2005
    
    
    40 yrs.600 H P Way
    
    Chester, VA
    
    
    
    
    
    
    146,126
    
    
    
    
    
    
    
    5,317,497
    
    
    
    501,752
    
    
    
    4,961,871
    
    
    
    5,463,623
    
    
    
    1,058,137
    
    
    
    1997
    
    
    40 yrs.500 H P Way
    
    Chester, VA
    
    
    
    
    
    
    142,692
    
    
    
    
    
    
    
    5,070,943
    
    
    
    491,919
    
    
    
    4,721,717
    
    
    
    5,213,635
    
    
    
    874,593
    
    
    
    1997
    
    
    40 yrs.9101,9111,9115 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    758,951
    
    
    
    
    
    
    
    3,508,048
    
    
    
    765,952
    
    
    
    3,501,047
    
    
    
    4,266,999
    
    
    
    1,831,843
    
    
    
    1984
    
    
    40 yrs.9125,9135,9145 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    900,154
    
    
    
    
    
    
    
    5,689,577
    
    
    
    920,439
    
    
    
    5,669,293
    
    
    
    6,589,731
    
    
    
    3,246,973
    
    
    
    1983
    
    
    40 yrs.7178-80 Columbia Gateway
    
    Columbia, MD
    
    
    
    
    
    
    1,569,237
    
    
    
    4,786,887
    
    
    
    1,607,974
    
    
    
    1,571,105
    
    
    
    6,392,992
    
    
    
    7,964,098
    
    
    
    1,953,105
    
    
    
    1987
    
    
    40 yrs.9770 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    341,663
    
    
    
    3,033,309
    
    
    
    142,055
    
    
    
    341,663
    
    
    
    3,175,364
    
    
    
    3,517,027
    
    
    
    677,183
    
    
    
    1986
    
    
    40 yrs.9780 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    218,542
    
    
    
    1,940,636
    
    
    
    125,207
    
    
    
    218,542
    
    
    
    2,065,843
    
    
    
    2,284,384
    
    
    
    435,146
    
    
    
    1986
    
    
    40 yrs.9790 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    243,791
    
    
    
    2,164,094
    
    
    
    183,044
    
    
    
    243,791
    
    
    
    2,347,138
    
    
    
    2,590,929
    
    
    
    599,732
    
    
    
    1986
    
    
    40 yrs.9810 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    266,684
    
    
    
    2,366,901
    
    
    
    536,740
    
    
    
    266,684
    
    
    
    2,903,641
    
    
    
    3,170,325
    
    
    
    650,361
    
    
    
    1986
    
    
    40 yrs.9800 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    299,099
    
    
    
    2,654,069
    
    
    
    474,398
    
    
    
    299,099
    
    
    
    3,128,467
    
    
    
    3,427,567
    
    
    
    716,219
    
    
    
    1988
    
    
    40 yrs.9820 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    237,779
    
    
    
    2,110,835
    
    
    
    50,193
    
    
    
    237,779
    
    
    
    2,161,028
    
    
    
    2,398,807
    
    
    
    478,162
    
    
    
    1988
    
    
    40 yrs.
 94




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES9830 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    296,262
    
    
    
    2,628,933
    
    
    
    143,928
    
    
    
    296,262
    
    
    
    2,772,861
    
    
    
    3,069,124
    
    
    
    636,470
    
    
    
    1986
    
    
    40 yrs.9050 Red Branch Road
    
    Columbia, MD
    
    
    
    
    
    
    290,950
    
    
    
    2,577,153
    
    
    
    718,572
    
    
    
    290,950
    
    
    
    3,295,725
    
    
    
    3,586,675
    
    
    
    616,194
    
    
    
    1972
    
    
    40 yrs.8945-8975 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    2,428,795
    
    
    
    7,493,740
    
    
    
    822,282
    
    
    
    2,427,065
    
    
    
    8,317,752
    
    
    
    10,744,817
    
    
    
    1,636,438
    
    
    
    1986
    
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,529,318
    
    
    
    1,295,000
    
    
    
    3,192,423
    
    
    
    4,487,423
    
    
    
    485,845
    
    
    
    2002
    
    
    40 yrs.6200 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,726,880
    
    
    
    1,295,000
    
    
    
    3,389,986
    
    
    
    4,684,986
    
    
    
    414,939
    
    
    
    2002
    
    
    40 yrs.6210 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,722,092
    
    
    
    1,307,300
    
    
    
    3,372,898
    
    
    
    4,680,198
    
    
    
    483,713
    
    
    
    2002
    
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,780,749
    
    
    
    1,599,259
    
    
    
    3,139,595
    
    
    
    4,738,854
    
    
    
    211,557
    
    
    
    2000
    
    
    40 yrs.5950 Symphony Woods Road
    
    Columbia, MD
    
    
    
    
    
    
    1,462,762
    
    
    
    11,310,187
    
    
    
    980,190
    
    
    
    1,467,623
    
    
    
    12,285,517
    
    
    
    13,753,140
    
    
    
    1,418,071
    
    
    
    1986
    
    
    40 yrs.5150 International Drive
    
    Cudahy, WI
    
    
    
    
    
    
    739,673
    
    
    
    5,108,025
    
    
    
    250,327
    
    
    
    741,858
    
    
    
    5,356,167
    
    
    
    6,098,024
    
    
    
    252,995
    
    
    
    2003
    
    
    40 yrs.3255 Neil Armstrong Boulevard
    
    Eagan, MN
    
    
    
    
    
    
    1,131,017
    
    
    
    
    
    
    
    3,393,423
    
    
    
    1,131,017
    
    
    
    3,393,423
    
    
    
    4,524,441
    
    
    
    591,576
    
    
    
    1998
    
    
    40 yrs.6321-6325 Bury Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    462,876
    
    
    
    4,151,790
    
    
    
    301,563
    
    
    
    462,876
    
    
    
    4,453,353
    
    
    
    4,916,229
    
    
    
    1,050,521
    
    
    
    1988
    
    
    40 yrs.7660-7716 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    568,706
    
    
    
    5,115,177
    
    
    
    2,627,196
    
    
    
    1,289,215
    
    
    
    7,021,864
    
    
    
    8,311,079
    
    
    
    2,173,542
    
    
    
    1988
    
    
    40 yrs.7400 Flying Cloud Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    195,982
    
    
    
    1,762,027
    
    
    
    136,431
    
    
    
    195,982
    
    
    
    1,898,459
    
    
    
    2,094,440
    
    
    
    394,855
    
    
    
    1987
    
    
    40 yrs.10301-10305 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    120,622
    
    
    
    1,085,226
    
    
    
    109,698
    
    
    
    118,300
    
    
    
    1,197,246
    
    
    
    1,315,546
    
    
    
    267,707
    
    
    
    1984
    
    
    40 yrs.10321 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    145,198
    
    
    
    1,305,700
    
    
    
    355,229
    
    
    
    142,399
    
    
    
    1,663,728
    
    
    
    1,806,127
    
    
    
    400,559
    
    
    
    1984
    
    
    40 yrs.10333 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    110,746
    
    
    
    995,868
    
    
    
    32,756
    
    
    
    108,610
    
    
    
    1,030,760
    
    
    
    1,139,370
    
    
    
    225,138
    
    
    
    1984
    
    
    40 yrs.10349-10357 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    275,903
    
    
    
    2,481,666
    
    
    
    584,392
    
    
    
    270,584
    
    
    
    3,071,377
    
    
    
    3,341,961
    
    
    
    619,935
    
    
    
    1985
    
    
    40 yrs.10365-10375 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    291,077
    
    
    
    2,618,194
    
    
    
    506,997
    
    
    
    285,464
    
    
    
    3,130,804
    
    
    
    3,416,267
    
    
    
    639,068
    
    
    
    1985
    
    
    40 yrs.10393-10394 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    269,618
    
    
    
    2,423,318
    
    
    
    775,855
    
    
    
    264,419
    
    
    
    3,204,372
    
    
    
    3,468,791
    
    
    
    640,365
    
    
    
    1985
    
    
    40 yrs.7078 Shady Oak Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    343,093
    
    
    
    3,085,795
    
    
    
    150,672
    
    
    
    336,481
    
    
    
    3,243,079
    
    
    
    3,579,560
    
    
    
    692,034
    
    
    
    1985
    
    
    40 yrs.10400 Viking Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,912,391
    
    
    
    
    
    
    
    22,662,863
    
    
    
    2,938,372
    
    
    
    22,636,882
    
    
    
    25,575,254
    
    
    
    4,954,367
    
    
    
    1999
    
    
    40 yrs.7695-7699 Anagram Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    760,525
    
    
    
    3,254,758
    
    
    
    605,146
    
    
    
    760,525
    
    
    
    3,859,903
    
    
    
    4,620,429
    
    
    
    675,192
    
    
    
    1997
    
    
    40 yrs.7800 Equitable Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,188,525
    
    
    
    3,788,762
    
    
    
    95,205
    
    
    
    2,188,525
    
    
    
    3,883,967
    
    
    
    6,072,492
    
    
    
    721,965
    
    
    
    1993
    
    
    40 yrs.7905 Fuller Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,229,862
    
    
    
    4,075,167
    
    
    
    25,345
    
    
    
    1,230,965
    
    
    
    4,099,409
    
    
    
    5,330,374
    
    
    
    730,033
    
    
    
    1994
    
    
    40 yrs.9023 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,956,273
    
    
    
    
    
    
    
    4,873,578
    
    
    
    1,956,273
    
    
    
    4,873,578
    
    
    
    6,829,851
    
    
    
    899,524
    
    
    
    1999
    
    
    40 yrs.8967 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,450,000
    
    
    
    
    
    
    
    3,575,107
    
    
    
    1,450,000
    
    
    
    3,575,107
    
    
    
    5,025,107
    
    
    
    616,893
    
    
    
    2000
    
    
    40 yrs.7777 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    993,101
    
    
    
    2,136,862
    
    
    
    903,324
    
    
    
    993,101
    
    
    
    3,040,185
    
    
    
    4,033,286
    
    
    
    425,146
    
    
    
    2000
    
    
    40 yrs.8937 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,325,829
    
    
    
    
    
    
    
    4,287,274
    
    
    
    1,739,966
    
    
    
    3,873,137
    
    
    
    5,613,103
    
    
    
    578,525
    
    
    
    2001
    
    
    40 yrs.7615 Smetana Lane
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,011,517
    
    
    
    
    
    
    
    8,665,025
    
    
    
    3,000,555
    
    
    
    6,675,988
    
    
    
    9,676,542
    
    
    
    1,146,158
    
    
    
    2001
    
    
    40 yrs.8995 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,087,594
    
    
    
    
    
    
    
    3,664,053
    
    
    
    2,055,296
    
    
    
    2,696,352
    
    
    
    4,751,648
    
    
    
    344,658
    
    
    
    2001
    
    
    40 yrs.8911 Columbine Road (B2)
    
    Eden Prairie, MN
    
    
    
    
    
    
    916,687
    
    
    
    
    
    
    
    3,608,469
    
    
    
    1,718,407
    
    
    
    2,806,748
    
    
    
    4,525,156
    
    
    
    213,862
    
    
    
    2000
    
    
    40 yrs.8855 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,400,925
    
    
    
    
    
    
    
    5,226,016
    
    
    
    1,599,757
    
    
    
    5,027,185
    
    
    
    6,626,941
    
    
    
    197,523
    
    
    
    2000
    
    
    40 yrs.27260 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    456,877
    
    
    
    4,091,196
    
    
    
    633,559
    
    
    
    456,877
    
    
    
    4,724,755
    
    
    
    5,181,633
    
    
    
    1,090,466
    
    
    
    1983
    
    
    40 yrs.27200 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    382,754
    
    
    
    3,425,227
    
    
    
    454,131
    
    
    
    382,754
    
    
    
    3,879,358
    
    
    
    4,262,112
    
    
    
    959,305
    
    
    
    1983
    
    
    40 yrs.27280 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    452,860
    
    
    
    4,055,512
    
    
    
    421,431
    
    
    
    452,860
    
    
    
    4,476,943
    
    
    
    4,929,802
    
    
    
    1,018,962
    
    
    
    1983
    
    
    40 yrs.27220 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    203,064
    
    
    
    1,802,592
    
    
    
    174,383
    
    
    
    203,064
    
    
    
    1,976,975
    
    
    
    2,180,039
    
    
    
    482,880
    
    
    
    1985
    
    
    40 yrs.27240 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    171,518
    
    
    
    1,518,192
    
    
    
    209,332
    
    
    
    171,518
    
    
    
    1,727,524
    
    
    
    1,899,041
    
    
    
    389,624
    
    
    
    1985
    
    
    40 yrs.27300 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    370,378
    
    
    
    3,311,366
    
    
    
    663,297
    
    
    
    370,378
    
    
    
    3,974,663
    
    
    
    4,345,042
    
    
    
    795,677
    
    
    
    1985
    
    
    40 yrs.26442-26450 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    237,687
    
    
    
    2,143,478
    
    
    
    151,776
    
    
    
    237,691
    
    
    
    2,295,251
    
    
    
    2,532,941
    
    
    
    468,876
    
    
    
    1988
    
    
    40 yrs.26500 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    311,093
    
    
    
    2,791,804
    
    
    
    433,197
    
    
    
    311,097
    
    
    
    3,224,997
    
    
    
    3,536,094
    
    
    
    636,041
    
    
    
    1986
    
    
    40 yrs.26650 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    173,166
    
    
    
    1,562,704
    
    
    
    142,562
    
    
    
    173,170
    
    
    
    1,705,262
    
    
    
    1,878,432
    
    
    
    334,224
    
    
    
    1988
    
    
    40 yrs.26700 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    253,338
    
    
    
    2,290,696
    
    
    
    103,104
    
    
    
    253,341
    
    
    
    2,393,797
    
    
    
    2,647,138
    
    
    
    479,514
    
    
    
    1986
    
    
    40 yrs.26750 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    292,717
    
    
    
    2,638,688
    
    
    
    249,370
    
    
    
    292,720
    
    
    
    2,888,055
    
    
    
    3,180,775
    
    
    
    678,657
    
    
    
    1988
    
    
    40 yrs.26800 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    175,489
    
    
    
    1,583,362
    
    
    
    243,144
    
    
    
    175,492
    
    
    
    1,826,503
    
    
    
    2,001,995
    
    
    
    435,691
    
    
    
    1986
    
    
    40 yrs.26842-26850 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    239,606
    
    
    
    2,160,470
    
    
    
    347,508
    
    
    
    239,609
    
    
    
    2,507,974
    
    
    
    2,747,584
    
    
    
    631,875
    
    
    
    1988
    
    
    40 yrs.26600 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    455,846
    
    
    
    
    
    
    
    2,910,598
    
    
    
    537,693
    
    
    
    2,828,750
    
    
    
    3,366,444
    
    
    
    682,893
    
    
    
    1999
    
    
    40 yrs.26550 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    368,083
    
    
    
    
    
    
    
    2,646,871
    
    
    
    535,179
    
    
    
    2,479,775
    
    
    
    3,014,954
    
    
    
    600,743
    
    
    
    2000
    
    
    40 yrs.32991 Hamilton Court
    
    Farmington Hills, MI
    
    
    
    
    
    
    1,065,392
    
    
    
    3,627,675
    
    
    
    1,151,817
    
    
    
    1,065,392
    
    
    
    4,779,492
    
    
    
    5,844,884
    
    
    
    535,720
    
    
    
    1989
    
    
    40 yrs.7028 Snowdrift Road
    
    Fogelville, PA
    
    
    
    
    
    
    520,473
    
    
    
    959,279
    
    
    
    260,567
    
    
    
    524,390
    
    
    
    1,215,930
    
    
    
    1,740,319
    
    
    
    212,044
    
    
    
    1982
    
    
    40 yrs.414 Commerce Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,267,194
    
    
    
    2,217,460
    
    
    
    151,499
    
    
    
    1,267,937
    
    
    
    2,368,216
    
    
    
    3,636,153
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.275 Commerce Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,775,894
    
    
    
    2,160,855
    
    
    
    121,017
    
    
    
    1,789,023
    
    
    
    2,268,742
    
    
    
    4,057,766
    
    
    
    
    
    
    
    2005
    
    
    40 yrs.1250 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,639,166
    
    
    
    1,928,574
    
    
    
    92,973
    
    
    
    1,650,456
    
    
    
    2,010,257
    
    
    
    3,660,713
    
    
    
    
    
    
    
    2005
    
    
    40 yrs.106 Southchase Boulevard
    
    Fountain Inn, SC
    
    
    
    
    
    
    201,944
    
    
    
    
    
    
    
    5,124,478
    
    
    
    703,280
    
    
    
    4,623,142
    
    
    
    5,326,422
    
    
    
    9,821
    
    
    
    2005
    
    
   40 yrs.9601 Cosner Drive
    
    Fredericksburg, VA
    
    
    
    
    
    
    475,262
    
    
    
    3,917,234
    
    
    
    214,221
    
    
    
    475,262
    
    
    
    4,131,454
    
    
    
    4,606,716
    
    
    
    1,071,091
    
    
    
    1995
    
    
    40 yrs.5410 - 5430 Northwest 33rd Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    603,776
    
    
    
    4,176,238
    
    
    
    1,027,286
    
    
    
    625,111
    
    
    
    5,182,189
    
    
    
    5,807,300
    
    
    
    1,113,938
    
    
    
    1985
    
    
    40 yrs.6500 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,099
    
    
    
    3,046,309
    
    
    
    243,266
    
    
    
    
    
    
    
    3,296,674
    
    
    
    3,296,674
    
    
    
    767,686
    
    
    
    1989
    
    
    40 yrs.6600 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,102
    
    
    
    3,047,462
    
    
    
    458,816
    
    
    
    
    
    
    
    3,513,380
    
    
    
    3,513,380
    
    
    
    793,835
    
    
    
    1989
    
    
    40 yrs.4880 Cox Road
    
    Glen Allen, VA
    
    
    *
    
    
    
    743,898
    
    
    
    4,499,807
    
    
    
    1,168,482
    
    
    
    743,898
    
    
    
    5,668,289
    
    
    
    6,412,187
    
    
    
    1,040,769
    
    
    
    1995
    
    
    40 yrs.5000 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    770,214
    
    
    
    3,685,248
    
    
    
    334,094
    
    
    
    771,029
    
    
    
    4,018,528
    
    
    
    4,789,556
    
    
    
    974,447
    
    
    
    1990
    
    
    40 yrs.5500 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    443,485
    
    
    
    
    
    
    
    2,743,086
    
    
    
    483,263
    
    
    
    2,703,308
    
    
    
    3,186,571
    
    
    
    662,748
    
    
    
    1999
    
    
    40 yrs.4801 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,072,896
    
    
    
    
    
    
    
    10,165,699
    
    
    
    1,075,620
    
    
    
    10,162,975
    
    
    
    11,238,595
    
    
    
    1,941,101
    
    
    
    1998
    
    
    40 yrs.4198 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    670,292
    
    
    
    3,839,245
    
    
    
    939,693
    
    
    
    670,292
    
    
    
    4,778,938
    
    
    
    5,449,229
    
    
    
    1,120,326
    
    
    
    1984
    
    
    40 yrs.4510 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,010,024
    
    
    
    7,151,729
    
    
    
    1,663,136
    
    
    
    1,010,044
    
    
    
    8,814,845
    
    
    
    9,824,889
    
    
    
    2,112,992
    
    
    
    1990
    
    
    40 yrs.
 95




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES4121 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,083,006
    
    
    
    6,035,653
    
    
    
    422,899
    
    
    
    1,083,006
    
    
    
    6,458,552
    
    
    
    7,541,558
    
    
    
    222,712
    
    
    
    2004
    
    
    40 yrs.200 Centreport Drive
    
    Greensboro, NC
    
    
    
    *
    
    
    331,400
    
    
    
    3,768,600
    
    
    
    617,010
    
    
    
    332,017
    
    
    
    4,384,994
    
    
    
    4,717,010
    
    
    
    1,338,420
    
    
    
    1986
    
    
    40 yrs.101 Centreport Drive
    
    Greensboro, NC
    
    
    
    
    
    
    826,237
    
    
    
    
    
    
    
    7,973,119
    
    
    
    826,237
    
    
    
    7,973,119
    
    
    
    8,799,355
    
    
    
    1,690,873
    
    
    
    1998
    
    
    40 yrs.7736 McCloud Road
    
    Greensboro, NC
    
    
    
    
    
    
    591,795
    
    
    
    5,895,312
    
    
    
    619,040
    
    
    
    591,795
    
    
    
    6,514,352
    
    
    
    7,106,147
    
    
    
    1,315,174
    
    
    
    1986
    
    
    40 yrs.4300 Federal Drive Expansion
    
    Greensboro, NC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    463,523
    
    
    
    
    
    
    
    463,523
    
    
    
    463,523
    
    
    
    20,770
    
    
    
    2003
    
    
    40 yrs.202 Centreport Drive
    
    Greensboro, NC
    
    
    
    *
    
    
    549,948
    
    
    
    5,360,462
    
    
    
    700,556
    
    
    
    549,679
    
    
    
    6,061,286
    
    
    
    6,610,965
    
    
    
    1,793,553
    
    
    
    1990
    
    
    40 yrs.420 Park Avenue
    
    Greenville, SC
    
    
    
    *
    
    
    522,548
    
    
    
    2,730,261
    
    
    
    960,232
    
    
    
    522,548
    
    
    
    3,690,493
    
    
    
    4,213,041
    
    
    
    993,177
    
    
    
    1986
    
    
    40 yrs.One Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    780,881
    
    
    
    6,199,230
    
    
    
    6,280,623
    
    
    
    784,617
    
    
    
    12,476,117
    
    
    
    13,260,734
    
    
    
    1,818,151
    
    
    
    1982
    
    
    40 yrs.55 Beattie Place
    
    Greenville, SC
    
    
    
    
    
    
    2,643,105
    
    
    
    23,439,801
    
    
    
    9,599,090
    
    
    
    2,645,238
    
    
    
    33,036,758
    
    
    
    35,681,996
    
    
    
    5,890,713
    
    
    
    1986
    
    
    40 yrs.75 Beattie Place
    
    Greenville, SC
    
    
    
    *
    
    
    2,406,646
    
    
    
    17,400,939
    
    
    
    1,622,607
    
    
    
    2,408,577
    
    
    
    19,021,615
    
    
    
    21,430,192
    
    
    
    4,083,670
    
    
    
    1987
    
    
    40 yrs.15 Brendan Way
    
    Greenville, SC
    
    
    
    
    
    
    614,192
    
    
    
    3,012,019
    
    
    
    1,265,102
    
    
    
    614,192
    
    
    
    4,277,121
    
    
    
    4,891,313
    
    
    
    1,284,775
    
    
    
    1988
    
    
    40 yrs.4 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,509,503
    
    
    
    467,438
    
    
    
    3,042,065
    
    
    
    3,509,503
    
    
    
    463,107
    
    
    
    2002
    
    
    40 yrs.5 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,286,404
    
    
    
    467,438
    
    
    
    2,818,966
    
    
    
    3,286,404
    
    
    
    507,478
    
    
    
    2002
    
    
    40 yrs.200 Southchase Boulevard
    
    Greenville, SC
    
    
    
    
    
    
    512,911
    
    
    
    
    
    
    
    6,273,615
    
    
    
    515,542
    
    
    
    6,270,984
    
    
    
    6,786,525
    
    
    
    322,423
    
    
    
    2003
    
    
    40 yrs.6 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,061,966
    
    
    
    545,698
    
    
    
    2,516,268
    
    
    
    3,061,966
    
    
    
    115,829
    
    
    
    2003
    
    
    40 yrs.1 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    974,675
    
    
    
    5,579,869
    
    
    
    799,060
    
    
    
    974,675
    
    
    
    6,378,929
    
    
    
    7,353,604
    
    
    
    1,521,211
    
    
    
    1987
    
    
    40 yrs.22 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    1,097,368
    
    
    
    6,760,778
    
    
    
    830,894
    
    
    
    1,097,368
    
    
    
    7,591,672
    
    
    
    8,689,040
    
    
    
    1,820,507
    
    
    
    1990
    
    
    40 yrs.5 Manhattan Square
    
    Hampton, VA
    
    
    
    
    
    
    207,368
    
    
    
    
    
    
    
    1,663,695
    
    
    
    212,694
    
    
    
    1,658,368
    
    
    
    1,871,063
    
    
    
    374,309
    
    
    
    1999
    
    
    40 yrs.21 Enterprise Parkway
    
    Hampton, VA
    
    
    454,608
    
    
    
    263,668
    
    
    
    8,167,118
    
    
    
    464,956
    
    
    
    265,719
    
    
    
    8,630,024
    
    
    
    8,895,743
    
    
    
    1,095,055
    
    
    
    1999
    
    
    40 yrs.521 Butler Farm Road
    
    Hampton, VA
    
    
    
    
    
    
    750,769
    
    
    
    2,911,149
    
    
    
    160,297
    
    
    
    710,486
    
    
    
    3,111,728
    
    
    
    3,822,215
    
    
    
    175,244
    
    
    
    2003
    
    
    40 yrs.7317 Parkway Drive
    
    Hanover, MD
    
    
    
    
    
    
    1,104,359
    
    
    
    1,959,671
    
    
    
    79,319
    
    
    
    1,104,359
    
    
    
    2,038,990
    
    
    
    3,143,349
    
    
    
    372,288
    
    
    
    1983
    
    
    40 yrs.500 McCarthy Drive
    
    Harrisburg, PA
    
    
    
    
    
    
    5,194,872
    
    
    
    19,991,436
    
    
    
    4,099,799
    
    
    
    5,687,013
    
    
    
    23,599,094
    
    
    
    29,286,107
    
    
    
    320,900
    
    
    
    2005
    
    
    40 yrs.4170 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    143,699
    
    
    
    
    
    
    
    2,205,698
    
    
    
    373,502
    
    
    
    1,975,894
    
    
    
    2,349,397
    
    
    
    487,978
    
    
    
    1999
    
    
    40 yrs.4180 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    121,329
    
    
    
    
    
    
    
    1,834,221
    
    
    
    315,614
    
    
    
    1,639,936
    
    
    
    1,955,550
    
    
    
    422,342
    
    
    
    1999
    
    
    40 yrs.4050 Piedmont Parkway
    
    High Point , NC
    
    
    
    
    
    
    801,902
    
    
    
    
    
    
    
    19,441,413
    
    
    
    2,042,159
    
    
    
    18,201,156
    
    
    
    20,243,315
    
    
    
    3,264,385
    
    
    
    1998
    
    
    40 yrs.4523 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    234,564
    
    
    
    
    
    
    
    2,403,961
    
    
    
    235,698
    
    
    
    2,402,827
    
    
    
    2,638,525
    
    
    
    977,437
    
    
    
    1988
    
    
    40 yrs.4501 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    319,289
    
    
    
    
    
    
    
    2,553,785
    
    
    
    320,450
    
    
    
    2,552,624
    
    
    
    2,873,074
    
    
    
    1,052,143
    
    
    
    1989
    
    
    40 yrs.4500 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    230,622
    
    
    
    
    
    
    
    2,328,582
    
    
    
    231,692
    
    
    
    2,327,513
    
    
    
    2,559,204
    
    
    
    1,007,744
    
    
    
    1989
    
    
    40 yrs.2427 Penny Road
    
    High Point, NC
    
    
    
    
    
    
    1,165,664
    
    
    
    
    
    
    
    3,467,001
    
    
    
    655,240
    
    
    
    3,977,424
    
    
    
    4,632,665
    
    
    
    1,488,176
    
    
    
    1990
    
    
    40 yrs.4524 Green Point Drive
    
    High Point, NC
    
    
    
    *
    
    
    182,810
    
    
    
    
    
    
    
    2,344,143
    
    
    
    183,888
    
    
    
    2,343,064
    
    
    
    2,526,953
    
    
    
    952,091
    
    
    
    1989
    
    
    40 yrs.4328, 4336 Federal Drive
    
    High Point, NC
    
    
    5,014,776
    
    
    
    521,122
    
    
    
    
    
    
    
    7,237,290
    
    
    
    825,092
    
    
    
    6,933,319
    
    
    
    7,758,412
    
    
    
    3,022,263
    
    
    
    1995
    
    
    40 yrs.4344 Federal Drive
    
    High Point, NC
    
    
    
    *
    
    
    484,001
    
    
    
    
    
    
    
    2,728,066
    
    
    
    173,623
    
    
    
    3,038,445
    
    
    
    3,212,068
    
    
    
    883,683
    
    
    
    1996
    
    
    40 yrs.4000 Piedmont Parkway
    
    High Point, NC
    
    
    
    *
    
    
    592,885
    
    
    
    4,825,615
    
    
    
    726,684
    
    
    
    597,368
    
    
    
    5,547,816
    
    
    
    6,145,185
    
    
    
    1,548,882
    
    
    
    1989
    
    
    40 yrs.4380 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    282,996
    
    
    
    
    
    
    
    2,210,549
    
    
    
    283,368
    
    
    
    2,210,177
    
    
    
    2,493,545
    
    
    
    659,365
    
    
    
    1997
    
    
    40 yrs.4388 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    143,661
    
    
    
    
    
    
    
    1,225,791
    
    
    
    132,655
    
    
    
    1,236,797
    
    
    
    1,369,452
    
    
    
    395,409
    
    
    
    1997
    
    
    40 yrs.4160 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    285,882
    
    
    
    
    
    
    
    3,351,143
    
    
    
    545,627
    
    
    
    3,091,398
    
    
    
    3,637,025
    
    
    
    587,826
    
    
    
    1998
    
    
    40 yrs.4194 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    102,372
    
    
    
    
    
    
    
    2,580,368
    
    
    
    265,991
    
    
    
    2,416,749
    
    
    
    2,682,740
    
    
    
    556,232
    
    
    
    1999
    
    
    40 yrs.4196 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    66,731
    
    
    
    
    
    
    
    2,241,658
    
    
    
    173,889
    
    
    
    2,134,500
    
    
    
    2,308,389
    
    
    
    637,482
    
    
    
    1999
    
    
    40 yrs.4300 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    264,038
    
    
    
    
    
    
    
    1,626,937
    
    
    
    276,038
    
    
    
    1,614,937
    
    
    
    1,890,975
    
    
    
    294,402
    
    
    
    1998
    
    
    40 yrs.4135 Mendenall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    499,500
    
    
    
    
    
    
    
    2,811,431
    
    
    
    500,980
    
    
    
    2,809,951
    
    
    
    3,310,931
    
    
    
    474,890
    
    
    
    2000
    
    
    40 yrs.4183 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    122,203
    
    
    
    
    
    
    
    3,748,139
    
    
    
    526,266
    
    
    
    3,344,076
    
    
    
    3,870,342
    
    
    
    914,771
    
    
    
    2001
    
    
    40 yrs.4189 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    100,106
    
    
    
    
    
    
    
    3,429,622
    
    
    
    431,106
    
    
    
    3,098,622
    
    
    
    3,529,728
    
    
    
    594,341
    
    
    
    2001
    
    
    40 yrs.4020 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    94,232
    
    
    
    
    
    
    
    1,682,549
    
    
    
    378,101
    
    
    
    1,398,680
    
    
    
    1,776,781
    
    
    
    278,138
    
    
    
    2001
    
    
    40 yrs.1400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    172,320
    
    
    
    
    
    
    
    6,897,916
    
    
    
    984,672
    
    
    
    6,085,564
    
    
    
    7,070,236
    
    
    
    681,048
    
    
    
    2002
    
    
    40 yrs.4191 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    217,943
    
    
    
    
    
    
    
    3,119,682
    
    
    
    611,166
    
    
    
    2,726,459
    
    
    
    3,337,625
    
    
    
    400,445
    
    
    
    2002
    
    
    40 yrs.4015 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    510,000
    
    
    
    
    
    
    
    2,793,668
    
    
    
    511,869
    
    
    
    2,791,799
    
    
    
    3,303,668
    
    
    
    63,178
    
    
    
    2003
    
    
    40 yrs.4195 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    107,586
    
    
    
    
    
    
    
    3,348,110
    
    
    
    505,700
    
    
    
    2,949,996
    
    
    
    3,455,696
    
    
    
    29,740
    
    
    
    2004
    
    
    40 yrs.100 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    3,102,784
    
    
    
    
    
    
    
    11,907,333
    
    
    
    3,764,784
    
    
    
    11,245,333
    
    
    
    15,010,117
    
    
    
    2,569,983
    
    
    
    1996
    
    
    40 yrs.132 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    1,333,642
    
    
    
    
    
    
    
    4,219,965
    
    
    
    1,408,041
    
    
    
    4,145,566
    
    
    
    5,553,607
    
    
    
    1,142,261
    
    
    
    1998
    
    
    40 yrs.111-195 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    407,005
    
    
    
    3,129,058
    
    
    
    31,932
    
    
    
    378,205
    
    
    
    3,189,791
    
    
    
    3,567,995
    
    
    
    819,731
    
    
    
    1987
    
    
    40 yrs.300 Welsh Road  Building 3
    
    Horsham, PA
    
    
    
    
    
    
    180,459
    
    
    
    1,441,473
    
    
    
    358,107
    
    
    
    180,459
    
    
    
    1,799,579
    
    
    
    1,980,038
    
    
    
    515,510
    
    
    
    1983
    
    
    40 yrs.300 Welsh Road  Building 4
    
    Horsham, PA
    
    
    
    
    
    
    282,493
    
    
    
    2,256,508
    
    
    
    1,226,326
    
    
    
    282,493
    
    
    
    3,482,833
    
    
    
    3,765,327
    
    
    
    995,706
    
    
    
    1983
    
    
    40 yrs.2 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,281,870
    
    
    
    7,767,374
    
    
    
    1,283,643
    
    
    
    1,265,363
    
    
    
    9,067,523
    
    
    
    10,332,887
    
    
    
    2,544,131
    
    
    
    1989
    
    
    40 yrs.5 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,065,951
    
    
    
    
    
    
    
    9,757,586
    
    
    
    1,939,712
    
    
    
    8,883,825
    
    
    
    10,823,537
    
    
    
    1,564,095
    
    
    
    2000
    
    
    40 yrs.200 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    638,513
    
    
    
    5,811,323
    
    
    
    1,278,883
    
    
    
    638,513
    
    
    
    7,090,205
    
    
    
    7,728,719
    
    
    
    1,935,192
    
    
    
    1990
    
    
    40 yrs.220 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,228
    
    
    
    1,090,771
    
    
    
    629,944
    
    
    
    6,823,999
    
    
    
    7,453,943
    
    
    
    1,877,615
    
    
    
    1990
    
    
    40 yrs.240 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,234
    
    
    
    1,648,022
    
    
    
    629,944
    
    
    
    7,381,256
    
    
    
    8,011,200
    
    
    
    1,933,734
    
    
    
    1990
    
    
    40 yrs.1 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,058,901
    
    
    
    5,343,606
    
    
    
    1,042,557
    
    
    
    1,058,901
    
    
    
    6,386,163
    
    
    
    7,445,064
    
    
    
    1,916,794
    
    
    
    1986
    
    
    40 yrs.181-187 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    360,549
    
    
    
    3,259,984
    
    
    
    506,596
    
    
    
    360,549
    
    
    
    3,766,580
    
    
    
    4,127,129
    
    
    
    969,633
    
    
    
    1982
    
    
    40 yrs.104 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    330,111
    
    
    
    2,981,669
    
    
    
    233,299
    
    
    
    330,111
    
    
    
    3,214,968
    
    
    
    3,545,079
    
    
    
    625,032
    
    
    
    1974
    
    
    40 yrs.123-135 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    292,360
    
    
    
    2,411,677
    
    
    
    871,675
    
    
    
    393,019
    
    
    
    3,182,693
    
    
    
    3,575,712
    
    
    
    899,589
    
    
    
    1975
    
    
    40 yrs.111-159 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    489,032
    
    
    
    4,126,151
    
    
    
    530,590
    
    
    
    489,032
    
    
    
    4,656,741
    
    
    
    5,145,773
    
    
    
    1,130,221
    
    
    
    1981
    
    
    40 yrs.161-175 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    294,673
    
    
    
    2,663,722
    
    
    
    764,367
    
    
    
    294,673
    
    
    
    3,428,089
    
    
    
    3,722,762
    
    
    
    738,619
    
    
    
    1976
    
    
    40 yrs.
 96




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES103-109 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    270,906
    
    
    
    2,448,500
    
    
    
    798,112
    
    
    
    270,906
    
    
    
    3,246,611
    
    
    
    3,517,517
    
    
    
    930,047
    
    
    
    1978
    
    
    40 yrs.261-283 Gibraltar Road
    
    Horsham, PA
    
    
    
    *
    
    
    464,871
    
    
    
    3,951,972
    
    
    
    118,797
    
    
    
    464,871
    
    
    
    4,070,769
    
    
    
    4,535,640
    
    
    
    838,375
    
    
    
    1978
    
    
    40 yrs.210-223 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    270,282
    
    
    
    2,441,276
    
    
    
    1,667,822
    
    
    
    270,282
    
    
    
    4,109,098
    
    
    
    4,379,380
    
    
    
    832,920
    
    
    
    1972
    
    
    40 yrs.231-237 Gibraltar Road
    
    Horsham, PA
    
    
    
    *
    
    
    436,952
    
    
    
    3,948,963
    
    
    
    553,574
    
    
    
    436,952
    
    
    
    4,502,537
    
    
    
    4,939,489
    
    
    
    1,056,121
    
    
    
    1981
    
    
    40 yrs.100 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    38,729
    
    
    
    349,811
    
    
    
    9,589
    
    
    
    38,729
    
    
    
    359,400
    
    
    
    398,129
    
    
    
    72,416
    
    
    
    1975
    
    
    40 yrs.101 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    651,990
    
    
    
    5,888,989
    
    
    
    1,348,413
    
    
    
    732,552
    
    
    
    7,156,840
    
    
    
    7,889,392
    
    
    
    1,473,017
    
    
    
    1977
    
    
    40 yrs.506 Prudential Road
    
    Horsham, PA
    
    
    
    
    
    
    208,140
    
    
    
    895,470
    
    
    
    652,633
    
    
    
    208,140
    
    
    
    1,548,102
    
    
    
    1,756,243
    
    
    
    316,801
    
    
    
    1973
    
    
    40 yrs.113-123 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    351,072
    
    
    
    3,171,001
    
    
    
    333,995
    
    
    
    451,731
    
    
    
    3,404,336
    
    
    
    3,856,068
    
    
    
    727,545
    
    
    
    1975
    
    
    40 yrs.101-111 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    350,561
    
    
    
    3,166,389
    
    
    
    260,902
    
    
    
    452,251
    
    
    
    3,325,602
    
    
    
    3,777,852
    
    
    
    759,807
    
    
    
    1975
    
    
    40 yrs.120 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    533,142
    
    
    
    4,830,515
    
    
    
    600,104
    
    
    
    558,142
    
    
    
    5,405,620
    
    
    
    5,963,761
    
    
    
    1,229,822
    
    
    
    1980
    
    
    40 yrs.110 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    673,041
    
    
    
    5,776,369
    
    
    
    2,105,987
    
    
    
    673,041
    
    
    
    7,882,356
    
    
    
    8,555,397
    
    
    
    1,645,034
    
    
    
    1979
    
    
    40 yrs.100-107 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    239,528
    
    
    
    2,163,498
    
    
    
    658,861
    
    
    
    255,528
    
    
    
    2,806,359
    
    
    
    3,061,887
    
    
    
    775,985
    
    
    
    1982
    
    
    40 yrs.200-264 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    502,705
    
    
    
    4,540,597
    
    
    
    1,108,942
    
    
    
    502,705
    
    
    
    5,649,539
    
    
    
    6,152,244
    
    
    
    1,484,453
    
    
    
    1982
    
    
    40 yrs.300-309 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    369,475
    
    
    
    3,338,761
    
    
    
    1,718,544
    
    
    
    376,475
    
    
    
    5,050,304
    
    
    
    5,426,780
    
    
    
    1,531,806
    
    
    
    1982
    
    
    40 yrs.400-445 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    543,628
    
    
    
    4,910,226
    
    
    
    2,761,305
    
    
    
    583,628
    
    
    
    7,631,532
    
    
    
    8,215,159
    
    
    
    1,845,758
    
    
    
    1981
    
    
    40 yrs.104 Witmer Road
    
    Horsham, PA
    
    
    
    *
    
    
    1,248,148
    
    
    
    
    
    
    
    1,133,690
    
    
    
    189,793
    
    
    
    2,192,045
    
    
    
    2,381,838
    
    
    
    637,974
    
    
    
    1975
    
    
    40 yrs.201 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    380,127
    
    
    
    3,433,433
    
    
    
    1,925,225
    
    
    
    380,802
    
    
    
    5,357,983
    
    
    
    5,738,785
    
    
    
    1,027,400
    
    
    
    1983
    
    
    40 yrs.719 Dresher Road
    
    Horsham, PA
    
    
    
    *
    
    
    493,426
    
    
    
    2,812,067
    
    
    
    205,125
    
    
    
    495,112
    
    
    
    3,015,506
    
    
    
    3,510,618
    
    
    
    598,685
    
    
    
    1987
    
    
    40 yrs.4 Walnut Grove
    
    Horsham, PA
    
    
    
    *
    
    
    2,515,115
    
    
    
    
    
    
    
    7,329,299
    
    
    
    2,515,115
    
    
    
    7,329,299
    
    
    
    9,844,415
    
    
    
    1,221,857
    
    
    
    1999
    
    
    40 yrs.300 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    696,061
    
    
    
    3,339,991
    
    
    
    522,138
    
    
    
    696,061
    
    
    
    3,862,128
    
    
    
    4,558,189
    
    
    
    744,409
    
    
    
    1985
    
    
    40 yrs.700 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    2,551,777
    
    
    
    3,020,638
    
    
    
    4,433,228
    
    
    
    2,565,140
    
    
    
    7,440,503
    
    
    
    10,005,643
    
    
    
    2,987,753
    
    
    
    1987
    
    
    40 yrs.680 Blair Mill Road
    
    Horsham, PA
    
    
    
    
    
    
    3,527,151
    
    
    
    
    
    
    
    12,048,609
    
    
    
    4,138,577
    
    
    
    11,437,183
    
    
    
    15,575,760
    
    
    
    2,327,967
    
    
    
    2001
    
    
    40 yrs.102 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    1,110,209
    
    
    
    2,301,302
    
    
    
    1,133,191
    
    
    
    1,114,985
    
    
    
    3,429,717
    
    
    
    4,544,702
    
    
    
    380,921
    
    
    
    1985
    
    
    40 yrs.335 Commerce Drive
    
    Horsham, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,367,455
    
    
    
    182,335
    
    
    
    8,185,120
    
    
    
    8,367,455
    
    
    
    159,143
    
    
    
    2002
    
    
    40 yrs.507 Prudential Road Expansion
    
    Horsham, PA
    
    
    
    
    
    
    357,565
    
    
    
    
    
    
    
    2,089,100
    
    
    
    478,406
    
    
    
    1,968,259
    
    
    
    2,446,666
    
    
    
    73,025
    
    
    
    2002
    
    
    40 yrs.255 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,086,356
    
    
    
    2,007,214
    
    
    
    416,718
    
    
    
    1,078,769
    
    
    
    2,431,519
    
    
    
    3,510,287
    
    
    
    119,701
    
    
    
    2003
    
    
    40 yrs.355 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    483,045
    
    
    
    898,798
    
    
    
    265,466
    
    
    
    479,200
    
    
    
    1,168,110
    
    
    
    1,647,310
    
    
    
    73,000
    
    
    
    2003
    
    
    40 yrs.455 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,351,011
    
    
    
    2,503,449
    
    
    
    907,019
    
    
    
    1,343,370
    
    
    
    3,418,109
    
    
    
    4,761,479
    
    
    
    95,825
    
    
    
    2003
    
    
    40 yrs.555 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    727,420
    
    
    
    1,353,650
    
    
    
    172,448
    
    
    
    723,016
    
    
    
    1,530,503
    
    
    
    2,253,519
    
    
    
    129,467
    
    
    
    2003
    
    
    40 yrs.747 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    1,607,238
    
    
    
    
    
    
    
    4,886,080
    
    
    
    1,607,977
    
    
    
    4,885,340
    
    
    
    6,493,318
    
    
    
    1,939,962
    
    
    
    1988
    
    
    40 yrs.507 Prudential Road
    
    Horsham, PA
    
    
    
    *
    
    
    644,900
    
    
    
    5,804,100
    
    
    
    6,337,783
    
    
    
    652,974
    
    
    
    12,133,809
    
    
    
    12,786,783
    
    
    
    3,219,265
    
    
    
    1988
    
    
    40 yrs.767 Electronic Drive
    
    Horsham, PA
    
    
    
    *
    
    
    1,229,685
    
    
    
    
    
    
    
    2,773,209
    
    
    
    1,241,970
    
    
    
    2,760,924
    
    
    
    4,002,893
    
    
    
    1,365,414
    
    
    
    1996
    
    
    40 yrs.16445 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    363,339
    
    
    
    2,509,186
    
    
    
    538,075
    
    
    
    363,339
    
    
    
    3,047,261
    
    
    
    3,410,600
    
    
    
    803,325
    
    
    
    1997
    
    
    40 yrs.16405 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    438,853
    
    
    
    3,030,396
    
    
    
    409,107
    
    
    
    438,853
    
    
    
    3,439,502
    
    
    
    3,878,355
    
    
    
    699,139
    
    
    
    1997
    
    
    40 yrs.16580 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    289,000
    
    
    
    3,559,857
    
    
    
    258,107
    
    
    
    289,000
    
    
    
    3,817,964
    
    
    
    4,106,965
    
    
    
    685,016
    
    
    
    1997
    
    
    40 yrs.1755 Trans Central Drive
    
    Houston, TX
    
    
    
    
    
    
    293,534
    
    
    
    3,036,269
    
    
    
    199,433
    
    
    
    306,147
    
    
    
    3,223,088
    
    
    
    3,529,235
    
    
    
    490,709
    
    
    
    1999
    
    
    40 yrs.16605 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    298,999
    
    
    
    
    
    
    
    3,770,315
    
    
    
    496,186
    
    
    
    3,573,128
    
    
    
    4,069,314
    
    
    
    630,823
    
    
    
    2002
    
    
    40 yrs.10739 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    797,931
    
    
    
    5,950,894
    
    
    
    390,237
    
    
    
    799,560
    
    
    
    6,339,502
    
    
    
    7,139,062
    
    
    
    589,823
    
    
    
    1999
    
    
    40 yrs.10735 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    1,110,988
    
    
    
    6,351,946
    
    
    
    1,657,286
    
    
    
    1,135,483
    
    
    
    7,984,738
    
    
    
    9,120,220
    
    
    
    491,593
    
    
    
    2000
    
    
    40 yrs.8801-19 & 8821-49 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    2,290,001
    
    
    
    15,297,141
    
    
    
    1,524,283
    
    
    
    2,290,002
    
    
    
    16,821,423
    
    
    
    19,111,425
    
    
    
    1,135,046
    
    
    
    2000
    
    
    40 yrs.16685 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,935,268
    
    
    
    414,691
    
    
    
    2,520,577
    
    
    
    2,935,268
    
    
    
    106,656
    
    
    
    2004
    
    
    40 yrs.8825-8839 N Sam Houston Pkwy
    
    Houston, TX
    
    
    
    
    
    
    638,453
    
    
    
    3,258,815
    
    
    
    244,728
    
    
    
    638,477
    
    
    
    3,503,518
    
    
    
    4,141,995
    
    
    
    34,913
    
    
    
    2004
    
    
    40 yrs.8850-8872 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    504,317
    
    
    
    2,878,351
    
    
    
    1,038,044
    
    
    
    504,341
    
    
    
    3,916,371
    
    
    
    4,420,712
    
    
    
    51,930
    
    
    
    2004
    
    
    40 yrs.8802-8824 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    1,114,406
    
    
    
    6,364,767
    
    
    
    637,096
    
    
    
    1,114,433
    
    
    
    7,001,836
    
    
    
    8,116,269
    
    
    
    233,693
    
    
    
    2004
    
    
    40 yrs.16602 Central Green Boulevard
    
    Houston, TX
    
    
    
    
    
    
    284,403
    
    
    
    
    
    
    
    4,528,739
    
    
    
    503,779
    
    
    
    4,309,363
    
    
    
    4,813,142
    
    
    
    45,201
    
    
    
    2005
    
    
    40 yrs.20 Wright Avenue
    
    Hunt Valley, MD
    
    
    
    
    
    
    1,205,946
    
    
    
    
    
    
    
    9,667,077
    
    
    
    1,861,025
    
    
    
    9,011,998
    
    
    
    10,873,023
    
    
    
    995,153
    
    
    
    2001
    
    
    40 yrs.4 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    3,269,948
    
    
    
    13,551,370
    
    
    
    820,361
    
    
    
    3,269,948
    
    
    
    14,371,731
    
    
    
    17,641,679
    
    
    
    824,227
    
    
    
    2003
    
    
    40 yrs.6 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,077,949
    
    
    
    8,770,566
    
    
    
    1,000,467
    
    
    
    2,077,949
    
    
    
    9,771,033
    
    
    
    11,848,982
    
    
    
    651,192
    
    
    
    2003
    
    
    40 yrs.10 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,211,969
    
    
    
    7,816,042
    
    
    
    50,967
    
    
    
    2,211,969
    
    
    
    7,867,009
    
    
    
    10,078,978
    
    
    
    426,459
    
    
    
    2003
    
    
    40 yrs.307 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    3,538,319
    
    
    
    14,190,832
    
    
    
    6,678,883
    
    
    
    3,542,881
    
    
    
    20,865,153
    
    
    
    24,408,034
    
    
    
    11,372
    
    
    
    2004
    
    
    40 yrs.309 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    613,667
    
    
    
    2,458,204
    
    
    
    566,706
    
    
    
    615,096
    
    
    
    3,023,480
    
    
    
    3,638,577
    
    
    
    32,100
    
    
    
    2004
    
    
    40 yrs.311 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    313,365
    
    
    
    1,281,093
    
    
    
    133,314
    
    
    
    314,572
    
    
    
    1,413,200
    
    
    
    1,727,773
    
    
    
    1,186
    
    
    
    2004
    
    
    40 yrs.8775 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    906,804
    
    
    
    
    
    
    
    3,352,440
    
    
    
    913,013
    
    
    
    3,346,231
    
    
    
    4,259,244
    
    
    
    1,400,466
    
    
    
    1989
    
    
    40 yrs.6255 Lake Gray Boulevard
    
    Jacksonville, FL
    
    
    
    
    
    
    813,067
    
    
    
    
    
    
    
    3,917,635
    
    
    
    812,634
    
    
    
    3,918,068
    
    
    
    4,730,702
    
    
    
    1,899,761
    
    
    
    1987
    
    
    40 yrs.8665,8667,8669 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    966,552
    
    
    
    
    
    
    
    5,750,503
    
    
    
    974,959
    
    
    
    5,742,096
    
    
    
    6,717,055
    
    
    
    2,270,711
    
    
    
    1987
    
    
    40 yrs.7970 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    127,520
    
    
    
    
    
    
    
    1,350,044
    
    
    
    129,979
    
    
    
    1,347,585
    
    
    
    1,477,564
    
    
    
    967,916
    
    
    
    1978
    
    
    40 yrs.7898 Baymeadows Way
    
    Jacksonville, FL
    
    
    
    
    
    
    561,802
    
    
    
    
    
    
    
    1,998,616
    
    
    
    568,005
    
    
    
    1,992,413
    
    
    
    2,560,418
    
    
    
    1,113,730
    
    
    
    1978
    
    
    40 yrs.7910 & 7948 Baymeadows Way
    
    Jacksonville, FL
    
    
    
    
    
    
    210,299
    
    
    
    
    
    
    
    2,666,923
    
    
    
    211,449
    
    
    
    2,665,773
    
    
    
    2,877,222
    
    
    
    1,481,846
    
    
    
    1981
    
    
    40 yrs.7954 & 7960 Baymeadows Way
    
    Jacksonville, FL
    
    
    
    
    
    
    291,312
    
    
    
    
    
    
    
    2,946,876
    
    
    
    292,667
    
    
    
    2,945,521
    
    
    
    3,238,188
    
    
    
    1,566,033
    
    
    
    1982
    
    
    40 yrs.7077 Bonneval Road
    
    Jacksonville, FL
    
    
    
    
    
    
    768,000
    
    
    
    5,789,000
    
    
    
    1,994,584
    
    
    
    774,020
    
    
    
    7,777,564
    
    
    
    8,551,584
    
    
    
    2,956,960
    
    
    
    1988
    
    
    40 yrs.4190 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    821,000
    
    
    
    5,866,000
    
    
    
    3,499,284
    
    
    
    827,420
    
    
    
    9,358,864
    
    
    
    10,186,284
    
    
    
    3,484,746
    
    
    
    1986
    
    
    40 yrs.7020 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    *
    
    
    398,257
    
    
    
    
    
    
    
    2,741,010
    
    
    
    749,811
    
    
    
    2,389,456
    
    
    
    3,139,267
    
    
    
    899,968
    
    
    
    1996
    
    
    40 yrs.7022 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    *
    
    
    706,934
    
    
    
    
    
    
    
    3,593,671
    
    
    
    853,981
    
    
    
    3,446,624
    
    
    
    4,300,605
    
    
    
    1,221,731
    
    
    
    1996
    
    
    40 yrs.
 97




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES11777 Central Highway
    
    Jacksonville, FL
    
    
    
    
    
    
    92,207
    
    
    
    429,997
    
    
    
    1,275,050
    
    
    
    140,426
    
    
    
    1,656,828
    
    
    
    1,797,254
    
    
    
    935,684
    
    
    
    1985
    
    
    40 yrs.4345 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,798,125
    
    
    
    418,093
    
    
    
    8,380,032
    
    
    
    8,798,125
    
    
    
    2,120,675
    
    
    
    1998
    
    
    40 yrs.7016 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    597,181
    
    
    
    
    
    
    
    2,333,385
    
    
    
    602,633
    
    
    
    2,327,934
    
    
    
    2,930,566
    
    
    
    943,824
    
    
    
    1996
    
    
    40 yrs.7018 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    840,996
    
    
    
    
    
    
    
    4,507,239
    
    
    
    846,461
    
    
    
    4,501,774
    
    
    
    5,348,235
    
    
    
    1,685,975
    
    
    
    1997
    
    
    40 yrs.7014 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    574,198
    
    
    
    
    
    
    
    3,571,300
    
    
    
    780,486
    
    
    
    3,365,013
    
    
    
    4,145,498
    
    
    
    996,728
    
    
    
    1999
    
    
    40 yrs.6620 Southpoint Drive
    
    Jacksonville, FL
    
    
    
    
    
    
    614,602
    
    
    
    4,267,477
    
    
    
    765,593
    
    
    
    614,602
    
    
    
    5,033,069
    
    
    
    5,647,672
    
    
    
    1,386,974
    
    
    
    1984
    
    
    40 yrs.7980 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    330,726
    
    
    
    1,338,101
    
    
    
    32,776
    
    
    
    330,726
    
    
    
    1,370,877
    
    
    
    1,701,603
    
    
    
    294,337
    
    
    
    1978
    
    
    40 yrs.6600 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    998,432
    
    
    
    4,055,727
    
    
    
    829,894
    
    
    
    1,002,704
    
    
    
    4,881,349
    
    
    
    5,884,053
    
    
    
    1,283,949
    
    
    
    1986
    
    
    40 yrs.6700 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    620,719
    
    
    
    2,989,746
    
    
    
    750,311
    
    
    
    624,215
    
    
    
    3,736,561
    
    
    
    4,360,776
    
    
    
    1,209,894
    
    
    
    1987
    
    
    40 yrs.4801 Executive Park Court  100
    
    Jacksonville, FL
    
    
    
    *
    
    
    554,993
    
    
    
    2,993,277
    
    
    
    861,429
    
    
    
    554,542
    
    
    
    3,855,157
    
    
    
    4,409,699
    
    
    
    1,067,174
    
    
    
    1990
    
    
    40 yrs.4801 Executive Park Court  200
    
    Jacksonville, FL
    
    
    
    *
    
    
    370,017
    
    
    
    1,995,518
    
    
    
    348,862
    
    
    
    370,039
    
    
    
    2,344,358
    
    
    
    2,714,397
    
    
    
    476,094
    
    
    
    1990
    
    
    40 yrs.4810 Executive Park Court
    
    Jacksonville, FL
    
    
    
    *
    
    
    369,694
    
    
    
    3,045,639
    
    
    
    806,820
    
    
    
    370,039
    
    
    
    3,852,113
    
    
    
    4,222,153
    
    
    
    720,862
    
    
    
    1990
    
    
    40 yrs.6602 Executive Park Court  100
    
    Jacksonville, FL
    
    
    
    *
    
    
    388,519
    
    
    
    2,095,293
    
    
    
    145,006
    
    
    
    388,541
    
    
    
    2,240,277
    
    
    
    2,628,818
    
    
    
    561,730
    
    
    
    1993
    
    
    40 yrs.6602 Executive Park Court  200
    
    Jacksonville, FL
    
    
    
    *
    
    
    296,014
    
    
    
    1,596,347
    
    
    
    407,277
    
    
    
    296,032
    
    
    
    2,003,606
    
    
    
    2,299,638
    
    
    
    444,228
    
    
    
    1993
    
    
    40 yrs.6631 Executive Park Court  100
    
    Jacksonville, FL
    
    
    
    *
    
    
    251,613
    
    
    
    1,356,849
    
    
    
    485,462
    
    
    
    251,627
    
    
    
    1,842,297
    
    
    
    2,093,924
    
    
    
    498,377
    
    
    
    1994
    
    
    40 yrs.6631 Executive Park Court  200
    
    Jacksonville, FL
    
    
    
    *
    
    
    406,561
    
    
    
    2,195,070
    
    
    
    223,189
    
    
    
    407,043
    
    
    
    2,417,777
    
    
    
    2,824,820
    
    
    
    585,761
    
    
    
    1994
    
    
    40 yrs.4815 Executive Park Court  100
    
    Jacksonville, FL
    
    
    
    *
    
    
    366,317
    
    
    
    1,975,393
    
    
    
    299,174
    
    
    
    366,339
    
    
    
    2,274,545
    
    
    
    2,640,884
    
    
    
    646,432
    
    
    
    1995
    
    
    40 yrs.4815 Executive Park Court  200
    
    Jacksonville, FL
    
    
    
    *
    
    
    462,522
    
    
    
    2,494,397
    
    
    
    438,798
    
    
    
    462,549
    
    
    
    2,933,168
    
    
    
    3,395,717
    
    
    
    738,437
    
    
    
    1995
    
    
    40 yrs.4825 Executive Park Court
    
    Jacksonville, FL
    
    
    
    *
    
    
    601,278
    
    
    
    3,242,491
    
    
    
    278,174
    
    
    
    601,401
    
    
    
    3,520,542
    
    
    
    4,121,943
    
    
    
    772,873
    
    
    
    1996
    
    
    40 yrs.4820 Executive Park Court
    
    Jacksonville, FL
    
    
    
    *
    
    
    555,173
    
    
    
    2,693,130
    
    
    
    765,939
    
    
    
    555,213
    
    
    
    3,459,030
    
    
    
    4,014,242
    
    
    
    809,113
    
    
    
    1997
    
    
    40 yrs.6601 Executive Park Circle North
    
    Jacksonville, FL
    
    
    
    
    
    
    551,250
    
    
    
    3,128,361
    
    
    
    1,130
    
    
    
    551,250
    
    
    
    3,129,491
    
    
    
    3,680,741
    
    
    
    625,531
    
    
    
    1992
    
    
    40 yrs.4901 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    877,964
    
    
    
    2,360,742
    
    
    
    1,926,500
    
    
    
    877,964
    
    
    
    4,287,242
    
    
    
    5,165,206
    
    
    
    1,504,672
    
    
    
    1986
    
    
    40 yrs.4899 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,201
    
    
    
    
    
    
    
    7,870,616
    
    
    
    1,207,751
    
    
    
    7,962,066
    
    
    
    9,169,817
    
    
    
    1,533,178
    
    
    
    2000
    
    
    40 yrs.4905 Belfort Street
    
    Jacksonville, FL
    
    
    
    
    
    
    638,154
    
    
    
    
    
    
    
    3,461,609
    
    
    
    641,272
    
    
    
    3,458,491
    
    
    
    4,099,763
    
    
    
    763,747
    
    
    
    2000
    
    
    40 yrs.7251 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,567,820
    
    
    
    662,559
    
    
    
    2,905,261
    
    
    
    3,567,820
    
    
    
    603,510
    
    
    
    2000
    
    
    40 yrs.10245 Centurion Parkway North
    
    Jacksonville, FL
    
    
    
    
    
    
    852,644
    
    
    
    3,510,889
    
    
    
    997,845
    
    
    
    853,704
    
    
    
    4,507,673
    
    
    
    5,361,378
    
    
    
    807,437
    
    
    
    1996
    
    
    40 yrs.4887 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,202
    
    
    
    
    
    
    
    7,876,809
    
    
    
    1,665,915
    
    
    
    7,510,096
    
    
    
    9,176,011
    
    
    
    1,165,848
    
    
    
    2002
    
    
    40 yrs.7255 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    392,060
    
    
    
    
    
    
    
    2,698,852
    
    
    
    680,766
    
    
    
    2,410,146
    
    
    
    3,090,912
    
    
    
    380,810
    
    
    
    2002
    
    
    40 yrs.3200 Horizon Drive
    
    King of Prussia, PA
    
    
    
    *
    
    
    928,637
    
    
    
    
    
    
    
    7,094,141
    
    
    
    1,210,137
    
    
    
    6,812,640
    
    
    
    8,022,777
    
    
    
    2,213,089
    
    
    
    1996
    
    
    40 yrs.440 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    717,001
    
    
    
    4,816,121
    
    
    
    2,686,176
    
    
    
    717,001
    
    
    
    7,502,297
    
    
    
    8,219,298
    
    
    
    2,483,653
    
    
    
    1988
    
    
    40 yrs.460 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    705,317
    
    
    
    4,737,487
    
    
    
    1,560,144
    
    
    
    705,317
    
    
    
    6,297,632
    
    
    
    7,002,948
    
    
    
    1,696,501
    
    
    
    1988
    
    
    40 yrs.151 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    1,218,086
    
    
    
    6,937,866
    
    
    
    360,761
    
    
    
    1,186,972
    
    
    
    7,329,741
    
    
    
    8,516,713
    
    
    
    1,673,333
    
    
    
    1980
    
    
    40 yrs.3604 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    397,178
    
    
    
    
    
    
    
    1,628,512
    
    
    
    350,874
    
    
    
    1,674,816
    
    
    
    2,025,690
    
    
    
    653,537
    
    
    
    1998
    
    
    40 yrs.3606 Horizon Drive
    
    King of Prussia, PA
    
    
    1,413,163
    
    
    
    789,409
    
    
    
    
    
    
    
    1,940,816
    
    
    
    815,855
    
    
    
    1,914,370
    
    
    
    2,730,225
    
    
    
    689,224
    
    
    
    1997
    
    
    40 yrs.650 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,911
    
    
    
    6,722,830
    
    
    
    9,089,949
    
    
    
    952,911
    
    
    
    15,812,779
    
    
    
    16,765,690
    
    
    
    5,244,628
    
    
    
    1971
    
    
    40 yrs.680 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,361
    
    
    
    6,722,830
    
    
    
    8,350,943
    
    
    
    952,361
    
    
    
    15,073,774
    
    
    
    16,026,134
    
    
    
    5,262,278
    
    
    
    1971
    
    
    40 yrs.3600 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    236,432
    
    
    
    1,856,252
    
    
    
    78,474
    
    
    
    236,432
    
    
    
    1,934,726
    
    
    
    2,171,158
    
    
    
    379,334
    
    
    
    1989
    
    
    40 yrs.3602 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    217,734
    
    
    
    1,759,489
    
    
    
    338,288
    
    
    
    217,809
    
    
    
    2,097,701
    
    
    
    2,315,510
    
    
    
    479,231
    
    
    
    1989
    
    
    40 yrs.2700 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    764,370
    
    
    
    
    
    
    
    3,682,257
    
    
    
    867,815
    
    
    
    3,578,812
    
    
    
    4,446,627
    
    
    
    988,562
    
    
    
    1998
    
    
    40 yrs.2900 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    679,440
    
    
    
    
    
    
    
    3,503,074
    
    
    
    774,096
    
    
    
    3,408,418
    
    
    
    4,182,514
    
    
    
    818,000
    
    
    
    1998
    
    
    40 yrs.2500 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    2,786,056
    
    
    
    592,886
    
    
    
    2,702,749
    
    
    
    3,295,636
    
    
    
    781,214
    
    
    
    1999
    
    
    40 yrs.2300 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    2,650,651
    
    
    
    574,152
    
    
    
    2,586,078
    
    
    
    3,160,231
    
    
    
    651,608
    
    
    
    1999
    
    
    40 yrs.2100 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,110,111
    
    
    
    
    
    
    
    9,382,851
    
    
    
    1,132,519
    
    
    
    9,360,443
    
    
    
    10,492,962
    
    
    
    2,385,803
    
    
    
    1999
    
    
    40 yrs.3400 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    776,496
    
    
    
    3,139,068
    
    
    
    976,258
    
    
    
    776,496
    
    
    
    4,115,325
    
    
    
    4,891,821
    
    
    
    1,014,959
    
    
    
    1995
    
    
    40 yrs.2301 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,645,246
    
    
    
    
    
    
    
    30,056,189
    
    
    
    4,581,649
    
    
    
    27,119,785
    
    
    
    31,701,434
    
    
    
    3,132,370
    
    
    
    2002
    
    
    40 yrs.2520 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,020,000
    
    
    
    
    
    
    
    4,970,045
    
    
    
    978,402
    
    
    
    5,011,643
    
    
    
    5,990,045
    
    
    
    1,614,544
    
    
    
    1999
    
    
    40 yrs.2201 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,548,161
    
    
    
    2,413,514
    
    
    
    13,134,647
    
    
    
    15,548,161
    
    
    
    2,818,115
    
    
    
    2000
    
    
    40 yrs.2540 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,625,497
    
    
    
    274,341
    
    
    
    1,351,156
    
    
    
    1,625,497
    
    
    
    294,618
    
    
    
    2000
    
    
    40 yrs.2560 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,729,254
    
    
    
    649,792
    
    
    
    3,079,462
    
    
    
    3,729,254
    
    
    
    645,260
    
    
    
    2000
    
    
    40 yrs.170 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    547,800
    
    
    
    3,137,400
    
    
    
    2,719,699
    
    
    
    458,232
    
    
    
    5,946,667
    
    
    
    6,404,899
    
    
    
    2,680,019
    
    
    
    1980
    
    
    40 yrs.190 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    552,200
    
    
    
    3,162,600
    
    
    
    1,738,565
    
    
    
    461,909
    
    
    
    4,991,455
    
    
    
    5,453,365
    
    
    
    2,012,776
    
    
    
    1980
    
    
    40 yrs.3100 Horizon Drive
    
    King of Prussia, PA
    
    
    
    *
    
    
    601,956
    
    
    
    
    
    
    
    2,086,737
    
    
    
    611,436
    
    
    
    2,077,258
    
    
    
    2,688,694
    
    
    
    695,232
    
    
    
    1995
    
    
    40 yrs.3300 Horizon Drive
    
    King of Prussia, PA
    
    
    
    *
    
    
    566,403
    
    
    
    
    
    
    
    3,404,307
    
    
    
    687,878
    
    
    
    3,282,831
    
    
    
    3,970,709
    
    
    
    832,455
    
    
    
    1996
    
    
    40 yrs.3500 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    1,204,839
    
    
    
    
    
    
    
    2,630,229
    
    
    
    1,223,875
    
    
    
    2,611,193
    
    
    
    3,835,068
    
    
    
    631,300
    
    
    
    1996
    
    
    40 yrs.3000 Horizon Drive
    
    King of Prussia, PA
    
    
    
    *
    
    
    1,191,449
    
    
    
    
    
    
    
    2,309,358
    
    
    
    946,703
    
    
    
    2,554,103
    
    
    
    3,500,806
    
    
    
    495,987
    
    
    
    1997
    
    
    40 yrs.800 Town Center Drive
    
    Langhorne, PA
    
    
    
    
    
    
    1,617,150
    
    
    
    
    
    
    
    10,240,772
    
    
    
    1,619,288
    
    
    
    10,238,634
    
    
    
    11,857,922
    
    
    
    4,683,208
    
    
    
    1987
    
    
    40 yrs.8301 Industrial Boulevard
    
    Lehigh, PA
    
    
    
    
    
    
    11,249,550
    
    
    
    
    
    
    
    43,069,316
    
    
    
    11,254,716
    
    
    
    43,064,150
    
    
    
    54,318,866
    
    
    
    219,396
    
    
    
    2005
    
    
    40 yrs.32853 Edward Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    138,121
    
    
    
    784,426
    
    
    
    (9,444
    )
    
    
    138,121
    
    
    
    774,982
    
    
    
    913,103
    
    
    
    172,477
    
    
    
    1973
    
    
    40 yrs.750 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    151,458
    
    
    
    741,185
    
    
    
    (64,799
    )
    
    
    151,458
    
    
    
    676,386
    
    
    
    827,844
    
    
    
    150,937
    
    
    
    1969
    
    
    40 yrs.900 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    157,729
    
    
    
    771,872
    
    
    
    (36,404
    )
    
    
    157,729
    
    
    
    735,468
    
    
    
    893,197
    
    
    
    205,060
    
    
    
    1972
    
    
    40 yrs.949 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    137,049
    
    
    
    778,338
    
    
    
    (91,758
    )
    
    
    137,049
    
    
    
    686,580
    
    
    
    823,629
    
    
    
    149,403
    
    
    
    1974
    
    
    40 yrs.31700 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    373,202
    
    
    
    1,824,721
    
    
    
    (133,207
    )
    
    
    373,203
    
    
    
    1,691,513
    
    
    
    2,064,716
    
    
    
    339,163
    
    
    
    1988
    
    
    40 yrs.800 Tech Row
    
    Madison Heights, MI
    
    
    
    
    
    
    444,977
    
    
    
    2,984,811
    
    
    
    (79,329
    )
    
    
    444,977
    
    
    
    2,905,482
    
    
    
    3,350,459
    
    
    
    575,827
    
    
    
    1986
    
    
    40 yrs.
 98




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES31771 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    150,944
    
    
    
    645,040
    
    
    
    (5,334
    )
    
    
    150,944
    
    
    
    639,705
    
    
    
    790,650
    
    
    
    185,874
    
    
    
    1982
    
    
    40 yrs.31791 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    105,606
    
    
    
    649,891
    
    
    
    (43,885
    )
    
    
    105,606
    
    
    
    606,006
    
    
    
    711,612
    
    
    
    127,804
    
    
    
    1983
    
    
    40 yrs.31811 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    207,599
    
    
    
    1,179,010
    
    
    
    (124,831
    )
    
    
    207,599
    
    
    
    1,054,179
    
    
    
    1,261,778
    
    
    
    225,302
    
    
    
    1983
    
    
    40 yrs.31831 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    158,483
    
    
    
    900,064
    
    
    
    (62,164
    )
    
    
    158,483
    
    
    
    837,900
    
    
    
    996,383
    
    
    
    172,857
    
    
    
    1984
    
    
    40 yrs.31900 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    269,293
    
    
    
    1,754,498
    
    
    
    348,385
    
    
    
    269,293
    
    
    
    2,102,883
    
    
    
    2,372,176
    
    
    
    409,916
    
    
    
    1984
    
    
    40 yrs.950 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    113,630
    
    
    
    2,162,302
    
    
    
    45,984
    
    
    
    113,630
    
    
    
    2,208,286
    
    
    
    2,321,916
    
    
    
    510,476
    
    
    
    1988
    
    
    40 yrs.1201 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    302,567
    
    
    
    1,213,232
    
    
    
    (146,471
    )
    
    
    302,567
    
    
    
    1,066,761
    
    
    
    1,369,328
    
    
    
    244,630
    
    
    
    1980
    
    
    40 yrs.1210 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    121,298
    
    
    
    329,051
    
    
    
    (25,294
    )
    
    
    121,298
    
    
    
    303,758
    
    
    
    425,056
    
    
    
    87,693
    
    
    
    1983
    
    
    40 yrs.1901 Summit Tower Boulevard
    
    Maitland, FL
    
    
    
    
    
    
    6,078,791
    
    
    
    12,348,567
    
    
    
    420,175
    
    
    
    6,083,206
    
    
    
    12,764,327
    
    
    
    18,847,534
    
    
    
    2,402,364
    
    
    
    1998
    
    
    40 yrs.45-67 Great Valley Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    795,143
    
    
    
    
    
    
    
    3,237,185
    
    
    
    795,831
    
    
    
    3,236,497
    
    
    
    4,032,328
    
    
    
    2,003,355
    
    
    
    1974
    
    
    40 yrs.11,15 Great Valley Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    1,837,050
    
    
    
    
    
    
    
    15,005,064
    
    
    
    1,837,878
    
    
    
    15,004,237
    
    
    
    16,842,114
    
    
    
    9,667,868
    
    
    
    1986
    
    
    40 yrs.27-43 Great Valley Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    448,775
    
    
    
    
    
    
    
    2,546,102
    
    
    
    449,447
    
    
    
    2,545,430
    
    
    
    2,994,877
    
    
    
    1,473,355
    
    
    
    1977
    
    
    40 yrs.1 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    400,000
    
    
    
    3,600,000
    
    
    
    1,004,993
    
    
    
    406,421
    
    
    
    4,598,572
    
    
    
    5,004,993
    
    
    
    1,189,429
    
    
    
    1982
    
    
    40 yrs.200 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    495,893
    
    
    
    2,739,093
    
    
    
    395,972
    
    
    
    544,649
    
    
    
    3,086,309
    
    
    
    3,630,958
    
    
    
    1,842,759
    
    
    
    1989
    
    
    40 yrs.50 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    849,576
    
    
    
    
    
    
    
    13,043,717
    
    
    
    1,337,076
    
    
    
    12,556,217
    
    
    
    13,893,293
    
    
    
    3,878,780
    
    
    
    1997
    
    
    40 yrs.1 Great Valley Parkway
    
    Malvern, PA
    
    
    4,661,040
    
    
    
    419,460
    
    
    
    3,792,570
    
    
    
    333,900
    
    
    
    419,460
    
    
    
    4,126,469
    
    
    
    4,545,930
    
    
    
    960,954
    
    
    
    1982
    
    
    40 yrs.5 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    684,200
    
    
    
    6,181,661
    
    
    
    1,137,394
    
    
    
    684,200
    
    
    
    7,319,055
    
    
    
    8,003,255
    
    
    
    1,619,395
    
    
    
    1983
    
    
    40 yrs.1001 Cedar Hollow Road
    
    Malvern, PA
    
    
    
    
    
    
    1,436,814
    
    
    
    
    
    
    
    16,047,698
    
    
    
    1,646,984
    
    
    
    15,837,528
    
    
    
    17,484,512
    
    
    
    4,381,995
    
    
    
    1998
    
    
    40 yrs.3 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    814,278
    
    
    
    
    
    
    
    4,946,433
    
    
    
    1,128,881
    
    
    
    4,631,830
    
    
    
    5,760,711
    
    
    
    868,510
    
    
    
    1998
    
    
    40 yrs.425 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    2,014,653
    
    
    
    321,473
    
    
    
    1,884,294
    
    
    
    2,205,767
    
    
    
    638,494
    
    
    
    1998
    
    
    40 yrs.375 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    1,958,524
    
    
    
    234,922
    
    
    
    1,914,715
    
    
    
    2,149,638
    
    
    
    627,157
    
    
    
    1998
    
    
    40 yrs.45 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    4,380,221
    
    
    
    
    
    
    
    15,313,598
    
    
    
    4,749,748
    
    
    
    14,944,071
    
    
    
    19,693,819
    
    
    
    3,842,589
    
    
    
    1999
    
    
    40 yrs.100 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,320,625
    
    
    
    
    
    
    
    6,973,669
    
    
    
    1,349,954
    
    
    
    6,944,340
    
    
    
    8,294,294
    
    
    
    1,994,886
    
    
    
    1998
    
    
    40 yrs.600 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,135,324
    
    
    
    2,050,555
    
    
    
    8,098,519
    
    
    
    10,149,074
    
    
    
    2,052,929
    
    
    
    1999
    
    
    40 yrs.700 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,096,150
    
    
    
    2,037,813
    
    
    
    8,072,087
    
    
    
    10,109,900
    
    
    
    2,034,360
    
    
    
    1999
    
    
    40 yrs.18 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    394,036
    
    
    
    3,976,221
    
    
    
    100,474
    
    
    
    398,228
    
    
    
    4,072,504
    
    
    
    4,470,731
    
    
    
    716,566
    
    
    
    1980
    
    
    40 yrs.11 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    496,297
    
    
    
    
    
    
    
    3,226,924
    
    
    
    708,331
    
    
    
    3,014,890
    
    
    
    3,723,221
    
    
    
    577,888
    
    
    
    2001
    
    
    40 yrs.40 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    4,241,137
    
    
    
    17,737,090
    
    
    
    2,182,842
    
    
    
    4,241,167
    
    
    
    19,919,901
    
    
    
    24,161,068
    
    
    
    4,896,375
    
    
    
    1989
    
    
    40 yrs.2 West Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    5,405,041
    
    
    
    
    
    
    
    10,622,545
    
    
    
    5,405,042
    
    
    
    10,622,545
    
    
    
    16,027,587
    
    
    
    21,632
    
    
    
    2003
    
    
    40 yrs.10 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    823,540
    
    
    
    1,341,376
    
    
    
    177,288
    
    
    
    832,244
    
    
    
    1,509,959
    
    
    
    2,342,203
    
    
    
    81,811
    
    
    
    2003
    
    
    40 yrs.10, 20 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    724,058
    
    
    
    
    
    
    
    5,758,730
    
    
    
    724,846
    
    
    
    5,757,942
    
    
    
    6,482,788
    
    
    
    2,300,840
    
    
    
    1985
    
    
    40 yrs.420 Lapp Road
    
    Malvern, PA
    
    
    
    *
    
    
    1,054,418
    
    
    
    
    
    
    
    6,995,372
    
    
    
    1,055,243
    
    
    
    6,994,547
    
    
    
    8,049,790
    
    
    
    2,831,754
    
    
    
    1989
    
    
    40 yrs.14 Lee Boulevard
    
    Malvern, PA
    
    
    
    *
    
    
    664,282
    
    
    
    
    
    
    
    5,804,147
    
    
    
    643,892
    
    
    
    5,824,537
    
    
    
    6,468,429
    
    
    
    2,442,002
    
    
    
    1988
    
    
    40 yrs.500 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    472,364
    
    
    
    
    
    
    
    3,209,021
    
    
    
    473,139
    
    
    
    3,208,246
    
    
    
    3,681,385
    
    
    
    1,590,141
    
    
    
    1988
    
    
    40 yrs.300-400 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    937,212
    
    
    
    
    
    
    
    5,301,111
    
    
    
    937,942
    
    
    
    5,300,381
    
    
    
    6,238,323
    
    
    
    2,391,456
    
    
    
    1988
    
    
    40 yrs.40 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    322,918
    
    
    
    
    
    
    
    3,226,218
    
    
    
    325,775
    
    
    
    3,223,361
    
    
    
    3,549,136
    
    
    
    1,142,135
    
    
    
    1987
    
    
    40 yrs.50 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    323,971
    
    
    
    
    
    
    
    2,324,307
    
    
    
    323,792
    
    
    
    2,324,486
    
    
    
    2,648,278
    
    
    
    1,058,801
    
    
    
    1987
    
    
    40 yrs.20 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    465,539
    
    
    
    
    
    
    
    5,655,563
    
    
    
    466,413
    
    
    
    5,654,689
    
    
    
    6,121,102
    
    
    
    2,658,736
    
    
    
    1987
    
    
    40 yrs.257-275 Great Valley Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    504,611
    
    
    
    
    
    
    
    4,989,196
    
    
    
    505,458
    
    
    
    4,988,349
    
    
    
    5,493,807
    
    
    
    2,771,418
    
    
    
    1983
    
    
    40 yrs.300 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    368,626
    
    
    
    
    
    
    
    1,344,816
    
    
    
    374,497
    
    
    
    1,338,945
    
    
    
    1,713,442
    
    
    
    665,708
    
    
    
    1985
    
    
    40 yrs.277-293 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    530,729
    
    
    
    
    
    
    
    2,321,857
    
    
    
    531,534
    
    
    
    2,321,052
    
    
    
    2,852,586
    
    
    
    1,224,085
    
    
    
    1984
    
    
    40 yrs.311 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    397,131
    
    
    
    
    
    
    
    2,672,846
    
    
    
    397,948
    
    
    
    2,672,029
    
    
    
    3,069,977
    
    
    
    1,310,656
    
    
    
    1984
    
    
    40 yrs.7 Great Valley Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    176,435
    
    
    
    
    
    
    
    4,890,532
    
    
    
    177,317
    
    
    
    4,889,650
    
    
    
    5,066,967
    
    
    
    2,632,459
    
    
    
    1985
    
    
    40 yrs.55 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    215,005
    
    
    
    
    
    
    
    3,615,244
    
    
    
    215,818
    
    
    
    3,614,431
    
    
    
    3,830,249
    
    
    
    1,786,728
    
    
    
    1983
    
    
    40 yrs.65 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    381,544
    
    
    
    
    
    
    
    7,032,009
    
    
    
    382,361
    
    
    
    7,031,193
    
    
    
    7,413,553
    
    
    
    3,463,697
    
    
    
    1983
    
    
    40 yrs.508 Lapp Road
    
    Malvern, PA
    
    
    
    *
    
    
    331,392
    
    
    
    
    
    
    
    2,033,164
    
    
    
    332,216
    
    
    
    2,032,340
    
    
    
    2,364,556
    
    
    
    1,165,242
    
    
    
    1984
    
    
    40 yrs.10 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    509,075
    
    
    
    
    
    
    
    3,089,935
    
    
    
    509,899
    
    
    
    3,089,111
    
    
    
    3,599,010
    
    
    
    1,621,446
    
    
    
    1984
    
    
    40 yrs.333 Phoenixville Pike
    
    Malvern, PA
    
    
    
    
    
    
    523,530
    
    
    
    
    
    
    
    2,917,373
    
    
    
    524,230
    
    
    
    2,916,673
    
    
    
    3,440,903
    
    
    
    1,502,374
    
    
    
    1985
    
    
    40 yrs.30 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    128,126
    
    
    
    
    
    
    
    385,634
    
    
    
    128,783
    
    
    
    384,977
    
    
    
    513,760
    
    
    
    298,378
    
    
    
    1975
    
    
    40 yrs.75 Great Valley Parkway
    
    Malvern, PA
    
    
    436,318
    
    
    
    143,074
    
    
    
    
    
    
    
    772,076
    
    
    
    143,811
    
    
    
    771,338
    
    
    
    915,150
    
    
    
    503,959
    
    
    
    1977
    
    
    40 yrs.77-123 Great Valley Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    887,664
    
    
    
    
    
    
    
    5,435,544
    
    
    
    888,359
    
    
    
    5,434,849
    
    
    
    6,323,208
    
    
    
    3,174,678
    
    
    
    1978
    
    
    40 yrs.256 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    161,098
    
    
    
    
    
    
    
    1,785,717
    
    
    
    161,949
    
    
    
    1,784,866
    
    
    
    1,946,815
    
    
    
    1,107,351
    
    
    
    1980
    
    
    40 yrs.205 Great Valley Parkway
    
    Malvern, PA
    
    
    
    *
    
    
    1,368,259
    
    
    
    
    
    
    
    10,620,333
    
    
    
    1,369,003
    
    
    
    10,619,589
    
    
    
    11,988,592
    
    
    
    6,405,095
    
    
    
    1981
    
    
    40 yrs.12,14,16 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    130,689
    
    
    
    
    
    
    
    1,560,924
    
    
    
    128,767
    
    
    
    1,562,846
    
    
    
    1,691,613
    
    
    
    811,850
    
    
    
    1982
    
    
    40 yrs.155 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    625,147
    
    
    
    
    
    
    
    2,627,280
    
    
    
    626,068
    
    
    
    2,626,359
    
    
    
    3,252,427
    
    
    
    1,462,181
    
    
    
    1981
    
    
    40 yrs.333 Technology Drive
    
    Malvern, PA
    
    
    
    *
    
    
    157,249
    
    
    
    
    
    
    
    4,584,680
    
    
    
    158,077
    
    
    
    4,583,852
    
    
    
    4,741,929
    
    
    
    1,708,999
    
    
    
    1987
    
    
    40 yrs.510 Lapp Road
    
    Malvern, PA
    
    
    
    *
    
    
    356,950
    
    
    
    
    
    
    
    926,587
    
    
    
    357,751
    
    
    
    925,786
    
    
    
    1,283,537
    
    
    
    541,042
    
    
    
    1983
    
    
    40 yrs.60 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    865,424
    
    
    
    9,285,000
    
    
    
    4,971,296
    
    
    
    884,974
    
    
    
    14,236,746
    
    
    
    15,121,720
    
    
    
    5,730,583
    
    
    
    1989
    
    
    40 yrs.5 Country View Road
    
    Malvern, PA
    
    
    
    *
    
    
    785,168
    
    
    
    4,678,632
    
    
    
    856,961
    
    
    
    786,235
    
    
    
    5,534,526
    
    
    
    6,320,761
    
    
    
    1,741,206
    
    
    
    1985
    
    
    40 yrs.7550 Meridian Circle
    
    Maple Grove, MN
    
    
    
    
    
    
    513,250
    
    
    
    2,901,906
    
    
    
    146,306
    
    
    
    513,250
    
    
    
    3,048,211
    
    
    
    3,561,461
    
    
    
    609,420
    
    
    
    1989
    
    
    40 yrs.8 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    172,600
    
    
    
    1,704,436
    
    
    
    139,565
    
    
    
    172,945
    
    
    
    1,843,657
    
    
    
    2,016,602
    
    
    
    601,855
    
    
    
    1988
    
    
    40 yrs.10 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    147,000
    
    
    
    1,451,536
    
    
    
    526,803
    
    
    
    147,318
    
    
    
    1,978,021
    
    
    
    2,125,339
    
    
    
    899,963
    
    
    
    1988
    
    
    40 yrs.12 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    103,300
    
    
    
    1,021,036
    
    
    
    341,204
    
    
    
    103,618
    
    
    
    1,361,923
    
    
    
    1,465,541
    
    
    
    544,471
    
    
    
    1988
    
    
    40 yrs.
 99




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES14 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    93,100
    
    
    
    920,336
    
    
    
    431,684
    
    
    
    93,418
    
    
    
    1,351,703
    
    
    
    1,445,120
    
    
    
    524,126
    
    
    
    1988
    
    
    40 yrs.701A Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    264,387
    
    
    
    3,772,000
    
    
    
    3,386,416
    
    
    
    271,743
    
    
    
    7,151,060
    
    
    
    7,422,803
    
    
    
    3,031,119
    
    
    
    1987
    
    
    40 yrs.701C Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    84,949
    
    
    
    1,328,000
    
    
    
    401,665
    
    
    
    96,161
    
    
    
    1,718,453
    
    
    
    1,814,614
    
    
    
    626,395
    
    
    
    1987
    
    
    40 yrs.400 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    69,402
    
    
    
    
    
    
    
    3,671,296
    
    
    
    317,799
    
    
    
    3,422,899
    
    
    
    3,740,699
    
    
    
    759,649
    
    
    
    1999
    
    
    40 yrs.406 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    321,455
    
    
    
    1,539,871
    
    
    
    895,587
    
    
    
    327,554
    
    
    
    2,429,358
    
    
    
    2,756,912
    
    
    
    901,488
    
    
    
    1990
    
    
    40 yrs.301 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    1,264,020
    
    
    
    1,069,838
    
    
    
    6,044,183
    
    
    
    7,114,020
    
    
    
    1,842,156
    
    
    
    1988
    
    
    40 yrs.303 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    1,753,857
    
    
    
    1,069,838
    
    
    
    6,534,019
    
    
    
    7,603,857
    
    
    
    2,025,357
    
    
    
    1988
    
    
    40 yrs.901 Route 73
    
    Marlton, NJ
    
    
    
    
    
    
    334,411
    
    
    
    2,733,314
    
    
    
    828,076
    
    
    
    334,411
    
    
    
    3,561,390
    
    
    
    3,895,801
    
    
    
    903,061
    
    
    
    1985
    
    
    40 yrs.404 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    131,896
    
    
    
    
    
    
    
    1,650,431
    
    
    
    131,896
    
    
    
    1,650,431
    
    
    
    1,782,327
    
    
    
    588,015
    
    
    
    1997
    
    
    40 yrs.402 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    131,896
    
    
    
    
    
    
    
    1,721,965
    
    
    
    131,896
    
    
    
    1,721,965
    
    
    
    1,853,861
    
    
    
    580,999
    
    
    
    1997
    
    
    40 yrs.9 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    652,642
    
    
    
    1,765,065
    
    
    
    922,076
    
    
    
    654,779
    
    
    
    2,685,004
    
    
    
    3,339,783
    
    
    
    659,579
    
    
    
    1989
    
    
    40 yrs.8301 West Parkland Court
    
    Milwaukee, WI
    
    
    
    
    
    
    358,442
    
    
    
    3,233,707
    
    
    
    532,454
    
    
    
    358,442
    
    
    
    3,766,161
    
    
    
    4,124,602
    
    
    
    842,371
    
    
    
    1982
    
    
    40 yrs.7800 N. 113th Street
    
    Milwaukee, WI
    
    
    
    
    
    
    1,711,964
    
    
    
    6,847,857
    
    
    
    392,036
    
    
    
    1,711,964
    
    
    
    7,239,893
    
    
    
    8,951,858
    
    
    
    1,488,857
    
    
    
    1991
    
    
    40 yrs.11950 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    391,813
    
    
    
    2,340,118
    
    
    
    385,633
    
    
    
    394,938
    
    
    
    2,722,627
    
    
    
    3,117,564
    
    
    
    592,843
    
    
    
    1986
    
    
    40 yrs.11400 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    439,595
    
    
    
    2,357,904
    
    
    
    194,180
    
    
    
    443,101
    
    
    
    2,548,578
    
    
    
    2,991,678
    
    
    
    451,053
    
    
    
    1986
    
    
    40 yrs.11425 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    382,256
    
    
    
    2,350,619
    
    
    
    957,723
    
    
    
    385,305
    
    
    
    3,305,293
    
    
    
    3,690,598
    
    
    
    824,326
    
    
    
    1987
    
    
    40 yrs.11301 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    614,477
    
    
    
    2,626,456
    
    
    
    101,328
    
    
    
    619,465
    
    
    
    2,722,797
    
    
    
    3,342,261
    
    
    
    474,539
    
    
    
    1987
    
    
    40 yrs.11900 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    347,853
    
    
    
    2,396,887
    
    
    
    1,059,217
    
    
    
    350,628
    
    
    
    3,453,330
    
    
    
    3,803,957
    
    
    
    855,963
    
    
    
    1987
    
    
    40 yrs.11414 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    234,443
    
    
    
    
    
    
    
    11,022,640
    
    
    
    491,531
    
    
    
    10,765,552
    
    
    
    11,257,083
    
    
    
    1,947,442
    
    
    
    2001
    
    
    40 yrs.11520 West Calumet Road
    
    Milwaukee, WI
    
    
    
    
    
    
    341,698
    
    
    
    1,527,548
    
    
    
    78,494
    
    
    
    341,698
    
    
    
    1,606,042
    
    
    
    1,947,740
    
    
    
    235,786
    
    
    
    1995
    
    
    40 yrs.12100 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    534,470
    
    
    
    3,239,389
    
    
    
    483,040
    
    
    
    532,370
    
    
    
    3,724,529
    
    
    
    4,256,899
    
    
    
    634,224
    
    
    
    1984
    
    
    40 yrs.10855 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    122,894
    
    
    
    
    
    
    
    2,984,397
    
    
    
    424,710
    
    
    
    2,682,580
    
    
    
    3,107,290
    
    
    
    302,898
    
    
    
    2002
    
    
    40 yrs.11100 West Liberty Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    1,800,000
    
    
    
    
    
    
    
    7,181,452
    
    
    
    1,801,024
    
    
    
    7,180,428
    
    
    
    8,981,452
    
    
    
    485,404
    
    
    
    2003
    
    
    40 yrs.4700 Nathan Lane North
    
    Minneapolis, MN
    
    
    
    
    
    
    1,501,308
    
    
    
    8,446,083
    
    
    
    225,056
    
    
    
    1,501,308
    
    
    
    8,671,139
    
    
    
    10,172,447
    
    
    
    1,450,830
    
    
    
    1996
    
    
    40 yrs.4600 Nathan Lane
    
    Minneapolis, MN
    
    
    
    
    
    
    1,063,558
    
    
    
    
    
    
    
    6,683,083
    
    
    
    1,038,197
    
    
    
    6,708,444
    
    
    
    7,746,641
    
    
    
    949,850
    
    
    
    2002
    
    
    40 yrs.12501 & 12701 Whitewater Drive
    
    Minnegonka, MN
    
    
    
    
    
    
    2,175,209
    
    
    
    3,948,085
    
    
    
    5,641,054
    
    
    
    2,177,953
    
    
    
    9,586,395
    
    
    
    11,764,348
    
    
    
    454,175
    
    
    
    1986
    
    
    40 yrs.5600 & 5610 Rowland Road
    
    Minnetonka, MN
    
    
    
    
    
    
    828,650
    
    
    
    7,399,409
    
    
    
    1,579,087
    
    
    
    829,263
    
    
    
    8,977,882
    
    
    
    9,807,146
    
    
    
    2,488,832
    
    
    
    1988
    
    
    40 yrs.5400-5500 Feltl Road
    
    Minnetonka, MN
    
    
    
    
    
    
    883,895
    
    
    
    7,983,345
    
    
    
    1,827,071
    
    
    
    883,895
    
    
    
    9,810,416
    
    
    
    10,694,311
    
    
    
    2,102,836
    
    
    
    1985
    
    
    40 yrs.10300 Bren Road
    
    Minnetonka, MN
    
    
    
    
    
    
    344,614
    
    
    
    3,110,477
    
    
    
    339,685
    
    
    
    344,614
    
    
    
    3,450,162
    
    
    
    3,794,776
    
    
    
    745,347
    
    
    
    1981
    
    
    40 yrs.3400 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,153
    
    
    
    11,345,881
    
    
    
    1,206,694
    
    
    
    2,022,153
    
    
    
    12,552,575
    
    
    
    14,574,728
    
    
    
    2,758,940
    
    
    
    1990
    
    
    40 yrs.3450 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,152
    
    
    
    11,357,143
    
    
    
    1,972,320
    
    
    
    2,022,152
    
    
    
    13,329,463
    
    
    
    15,351,615
    
    
    
    2,979,767
    
    
    
    1990
    
    
    40 yrs.3350 SW 148th Avenue
    
    Miramar, FL
    
    
    
    
    
    
    2,960,511
    
    
    
    
    
    
    
    17,921,351
    
    
    
    2,980,689
    
    
    
    17,901,173
    
    
    
    20,881,862
    
    
    
    3,623,669
    
    
    
    2000
    
    
    40 yrs.300 Fellowship Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,267,999
    
    
    
    1,098,904
    
    
    
    6,169,095
    
    
    
    7,267,999
    
    
    
    212,031
    
    
    
    2004
    
    
    40 yrs.3001 Leadenhall Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    1,925,719
    
    
    
    191,390
    
    
    
    10,965,396
    
    
    
    1,936,489
    
    
    
    11,146,016
    
    
    
    13,082,505
    
    
    
    453,201
    
    
    
    2003
    
    
    40 yrs.4001 Leadenhall Road
    
    Mt. Laurel,  NJ
    
    
    
    
    
    
    3,207,885
    
    
    
    391,167
    
    
    
    18,844,592
    
    
    
    2,784,694
    
    
    
    19,658,950
    
    
    
    22,443,644
    
    
    
    2,044,056
    
    
    
    2002
    
    
    40 yrs.3000 Atrium Way
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    500,000
    
    
    
    4,500,000
    
    
    
    4,124,861
    
    
    
    512,018
    
    
    
    8,612,844
    
    
    
    9,124,861
    
    
    
    3,738,227
    
    
    
    1987
    
    
    40 yrs.11000, 15000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,585
    
    
    
    4,394,900
    
    
    
    252,018
    
    
    
    311,950
    
    
    
    4,645,553
    
    
    
    4,957,503
    
    
    
    1,703,636
    
    
    
    1985
    
    
    40 yrs.12000, 14000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    361,800
    
    
    
    3,285,817
    
    
    
    703,601
    
    
    
    362,855
    
    
    
    3,988,363
    
    
    
    4,351,218
    
    
    
    1,279,682
    
    
    
    1985
    
    
    40 yrs.16000, 18000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    289,700
    
    
    
    2,512,683
    
    
    
    578,994
    
    
    
    290,545
    
    
    
    3,090,832
    
    
    
    3,381,377
    
    
    
    1,045,910
    
    
    
    1985
    
    
    40 yrs.1300 Route 73 North
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    449,400
    
    
    
    3,074,850
    
    
    
    1,693,803
    
    
    
    450,558
    
    
    
    4,767,495
    
    
    
    5,218,053
    
    
    
    1,327,465
    
    
    
    1988
    
    
    40 yrs.3000 Lincoln Drive
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    284,052
    
    
    
    2,458,155
    
    
    
    1,680,241
    
    
    
    284,052
    
    
    
    4,138,396
    
    
    
    4,422,448
    
    
    
    1,253,011
    
    
    
    1983
    
    
    40 yrs.6000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,151
    
    
    
    2,022,683
    
    
    
    693,212
    
    
    
    234,151
    
    
    
    2,715,895
    
    
    
    2,950,046
    
    
    
    681,110
    
    
    
    1985
    
    
    40 yrs.7000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    260,014
    
    
    
    2,236,684
    
    
    
    429,449
    
    
    
    260,014
    
    
    
    2,666,133
    
    
    
    2,926,147
    
    
    
    664,422
    
    
    
    1984
    
    
    40 yrs.8000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,814
    
    
    
    1,995,098
    
    
    
    317,849
    
    
    
    234,814
    
    
    
    2,312,947
    
    
    
    2,547,761
    
    
    
    516,811
    
    
    
    1983
    
    
    40 yrs.9000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    286,587
    
    
    
    2,474,820
    
    
    
    577,045
    
    
    
    286,587
    
    
    
    3,051,865
    
    
    
    3,338,452
    
    
    
    915,454
    
    
    
    1983
    
    
    40 yrs.1000 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    288,577
    
    
    
    2,546,537
    
    
    
    1,345,162
    
    
    
    288,577
    
    
    
    3,891,698
    
    
    
    4,180,276
    
    
    
    1,251,599
    
    
    
    1986
    
    
    40 yrs.1025 Briggs Road
    
    Mt. Laurel, NJ
    
    
    1,189,115
    
    
    
    430,990
    
    
    
    3,714,828
    
    
    
    1,295,796
    
    
    
    430,990
    
    
    
    5,010,624
    
    
    
    5,441,614
    
    
    
    1,296,661
    
    
    
    1987
    
    
    40 yrs.1020 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    494,334
    
    
    
    
    
    
    
    2,986,335
    
    
    
    569,184
    
    
    
    2,911,486
    
    
    
    3,480,669
    
    
    
    712,534
    
    
    
    1999
    
    
    40 yrs.2000 Crawford Place
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,831
    
    
    
    2,797,744
    
    
    
    2,366,269
    
    
    
    310,831
    
    
    
    5,164,013
    
    
    
    5,474,844
    
    
    
    1,845,462
    
    
    
    1986
    
    
    40 yrs.5000 Dearborn Court
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    1,057,763
    
    
    
    4,191,827
    
    
    
    329,209
    
    
    
    1,057,763
    
    
    
    4,521,037
    
    
    
    5,578,799
    
    
    
    973,990
    
    
    
    1988
    
    
    40 yrs.1001 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    701,705
    
    
    
    3,505,652
    
    
    
    2,000,167
    
    
    
    701,705
    
    
    
    5,505,820
    
    
    
    6,207,525
    
    
    
    1,480,906
    
    
    
    1986
    
    
    40 yrs.1015 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    356,987
    
    
    
    
    
    
    
    3,466,980
    
    
    
    470,659
    
    
    
    3,353,307
    
    
    
    3,823,967
    
    
    
    656,280
    
    
    
    2000
    
    
    40 yrs.17000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    144,515
    
    
    
    
    
    
    
    2,813,663
    
    
    
    144,515
    
    
    
    2,813,663
    
    
    
    2,958,178
    
    
    
    531,822
    
    
    
    2001
    
    
    40 yrs.9401-9443 Science Center Drive
    
    New Hope, MN
    
    
    
    
    
    
    431,295
    
    
    
    3,888,684
    
    
    
    481,742
    
    
    
    510,064
    
    
    
    4,291,657
    
    
    
    4,801,721
    
    
    
    988,653
    
    
    
    1989
    
    
    40 yrs.6 Terry Drive
    
    Newtown, PA
    
    
    
    
    
    
    622,029
    
    
    
    2,228,851
    
    
    
    828,769
    
    
    
    622,205
    
    
    
    3,057,443
    
    
    
    3,679,648
    
    
    
    658,178
    
    
    
    1981
    
    
    40 yrs.22515 Heslip Drive
    
    Novi, MI
    
    
    
    
    
    
    144,477
    
    
    
    338,277
    
    
    
    16,653
    
    
    
    144,477
    
    
    
    354,930
    
    
    
    499,407
    
    
    
    120,200
    
    
    
    1975
    
    
    40 yrs.550-590 Hale Avenue
    
    Oakdale, MN
    
    
    
    
    
    
    765,535
    
    
    
    3,488,754
    
    
    
    317,153
    
    
    
    766,390
    
    
    
    3,805,052
    
    
    
    4,571,442
    
    
    
    672,634
    
    
    
    1996
    
    
    40 yrs.1879 Lamont Avenue
    
    Odenton, MD
    
    
    
    
    
    
    1,976,000
    
    
    
    8,099,579
    
    
    
    2,331,500
    
    
    
    2,011,030
    
    
    
    10,396,049
    
    
    
    12,407,079
    
    
    
    237,802
    
    
    
    2004
    
    
    40 yrs.350 Winmeyer Avenue
    
    Odenton, MD
    
    
    
    
    
    
    1,778,400
    
    
    
    7,289,165
    
    
    
    791,323
    
    
    
    1,809,927
    
    
    
    8,048,960
    
    
    
    9,858,888
    
    
    
    121,962
    
    
    
    2004
    
    
    40 yrs.9600 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    252,850
    
    
    
    1,297,923
    
    
    
    62,116
    
    
    
    252,850
    
    
    
    1,360,039
    
    
    
    1,612,889
    
    
    
    300,574
    
    
    
    1989
    
    
    40 yrs.9700 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    405,362
    
    
    
    1,146,546
    
    
    
    350,093
    
    
    
    405,362
    
    
    
    1,496,639
    
    
    
    1,902,001
    
    
    
    339,374
    
    
    
    1989
    
    
    40 yrs.1902 Cypress Lake Drive
    
    Orlando, FL
    
    
    
    
    
    
    523,512
    
    
    
    3,191,790
    
    
    
    880,341
    
    
    
    538,512
    
    
    
    4,057,131
    
    
    
    4,595,643
    
    
    
    965,687
    
    
    
    1989
    
    
    40 yrs.9550 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    574,831
    
    
    
    
    
    
    
    2,149,304
    
    
    
    587,319
    
    
    
    2,136,816
    
    
    
    2,724,135
    
    
    
    534,050
    
    
    
    1999
    
    
    40 yrs.
 100




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES10511 & 10611 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    517,554
    
    
    
    2,568,186
    
    
    
    385,623
    
    
    
    522,991
    
    
    
    2,948,372
    
    
    
    3,471,363
    
    
    
    762,624
    
    
    
    1985
    
    
    40 yrs.1400-1440 Central Florida Parkway
    
    Orlando, FL
    
    
    
    
    
    
    518,043
    
    
    
    2,561,938
    
    
    
    294,022
    
    
    
    518,043
    
    
    
    2,855,960
    
    
    
    3,374,003
    
    
    
    615,064
    
    
    
    1962
    
    
    40 yrs.2216 Directors Row
    
    Orlando, FL
    
    
    
    
    
    
    453,918
    
    
    
    2,572,202
    
    
    
    25,865
    
    
    
    453,918
    
    
    
    2,598,067
    
    
    
    3,051,985
    
    
    
    491,031
    
    
    
    1998
    
    
    40 yrs.3701-3727 Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    767,929
    
    
    
    2,096,504
    
    
    
    145,949
    
    
    
    767,929
    
    
    
    2,242,454
    
    
    
    3,010,382
    
    
    
    475,560
    
    
    
    1985
    
    
    40 yrs.2400 South Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    385,964
    
    
    
    
    
    
    
    2,404,272
    
    
    
    642,427
    
    
    
    2,147,809
    
    
    
    2,790,236
    
    
    
    298,291
    
    
    
    2001
    
    
    40 yrs.6501 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    5,541,791
    
    
    
    925,671
    
    
    
    5,519,821
    
    
    
    6,445,492
    
    
    
    609,015
    
    
    
    2001
    
    
    40 yrs.2416 Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    535,964
    
    
    
    
    
    
    
    3,165,095
    
    
    
    704,800
    
    
    
    2,996,258
    
    
    
    3,701,059
    
    
    
    640,443
    
    
    
    2002
    
    
    40 yrs.10771 Palm Bay Drive
    
    Orlando, FL
    
    
    
    
    
    
    664,605
    
    
    
    
    
    
    
    2,362,814
    
    
    
    685,383
    
    
    
    2,342,035
    
    
    
    3,027,419
    
    
    
    341,034
    
    
    
    2001
    
    
    40 yrs.10003 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    680,312
    
    
    
    2,120,754
    
    
    
    1,568,071
    
    
    
    680,312
    
    
    
    3,688,825
    
    
    
    4,369,137
    
    
    
    227,541
    
    
    
    2003
    
    
    40 yrs.1090 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    878,320
    
    
    
    2,558,833
    
    
    
    1,784,767
    
    
    
    878,320
    
    
    
    4,343,601
    
    
    
    5,221,920
    
    
    
    197,098
    
    
    
    2003
    
    
    40 yrs.2202 Taft-Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,630,654
    
    
    
    1,283,713
    
    
    
    5,346,941
    
    
    
    6,630,654
    
    
    
    255,362
    
    
    
    2004
    
    
    40 yrs.7315 Kingspointe Parkway
    
    Orlando, FL
    
    
    
    
    
    
    1,931,697
    
    
    
    6,388,203
    
    
    
    2,216,978
    
    
    
    1,932,004
    
    
    
    8,604,875
    
    
    
    10,536,878
    
    
    
    223,035
    
    
    
    2004
    
    
    40 yrs.2351 Investors Row
    
    Orlando, FL
    
    
    
    
    
    
    2,261,924
    
    
    
    7,496,249
    
    
    
    10,608
    
    
    
    2,263,211
    
    
    
    7,505,570
    
    
    
    9,768,781
    
    
    
    187,699
    
    
    
    2004
    
    
    40 yrs.2256 Taft-Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    467,296
    
    
    
    
    
    
    
    2,461,652
    
    
    
    825,673
    
    
    
    2,103,275
    
    
    
    2,928,948
    
    
    
    39,684
    
    
    
    2005
    
    
    40 yrs.1950 Summitt Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    2,573,700
    
    
    
    17,478,646
    
    
    
    356,895
    
    
    
    2,583,667
    
    
    
    17,825,574
    
    
    
    20,409,241
    
    
    
    318,627
    
    
    
    2005
    
    
    40 yrs.1958 Summit Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    2,573,961
    
    
    
    11,206,937
    
    
    
    8,404,103
    
    
    
    2,583,216
    
    
    
    19,601,785
    
    
    
    22,185,001
    
    
    
    351,841
    
    
    
    2005
    
    
    40 yrs.7500 West 110th Street
    
    Overland Park, KS
    
    
    
    
    
    
    2,380,493
    
    
    
    9,575,474
    
    
    
    3,105,049
    
    
    
    2,380,493
    
    
    
    12,680,523
    
    
    
    15,061,015
    
    
    
    2,551,895
    
    
    
    1983
    
    
    40 yrs.N26 W23445 Paul Road
    
    Pewaukee, WI
    
    
    
    
    
    
    561,904
    
    
    
    1,928,064
    
    
    
    113,241
    
    
    
    561,904
    
    
    
    2,041,305
    
    
    
    2,603,209
    
    
    
    297,858
    
    
    
    1985
    
    
    40 yrs.8801 Tinicum Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    2,474,031
    
    
    
    
    
    
    
    43,598,952
    
    
    
    125,087
    
    
    
    45,947,896
    
    
    
    46,072,983
    
    
    
    10,826,464
    
    
    
    1997
    
    
    40 yrs.3 Franklin Plaza
    
    Philadelphia, PA
    
    
    
    
    
    
    2,483,144
    
    
    
    
    
    
    
    32,150,134
    
    
    
    2,514,519
    
    
    
    32,118,759
    
    
    
    34,633,278
    
    
    
    5,288,182
    
    
    
    1999
    
    
    40 yrs.2760 Red Lion Road
    
    Philadelphia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    46,541,271
    
    
    
    3,985,624
    
    
    
    42,555,647
    
    
    
    46,541,271
    
    
    
    4,754,159
    
    
    
    2001
    
    
    40 yrs.4751 League Island Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    992,965
    
    
    
    331,924
    
    
    
    6,730,979
    
    
    
    1,022,081
    
    
    
    7,033,787
    
    
    
    8,055,868
    
    
    
    365,684
    
    
    
    2003
    
    
    40 yrs.9801 80th Avenue
    
    Pleasant Prairie, WI
    
    
    
    
    
    
    1,692,077
    
    
    
    7,934,794
    
    
    
    62,495
    
    
    
    1,689,726
    
    
    
    7,999,640
    
    
    
    9,689,366
    
    
    
    1,517,661
    
    
    
    1994
    
    
    40 yrs.2250 Hickory Road
    
    Plymouth Meeting, PA
    
    
    
    
    
    
    1,015,851
    
    
    
    9,175,555
    
    
    
    1,488,543
    
    
    
    1,032,507
    
    
    
    10,647,442
    
    
    
    11,679,949
    
    
    
    2,414,384
    
    
    
    1985
    
    
    40 yrs.2905 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    516,920
    
    
    
    4,646,342
    
    
    
    1,615,793
    
    
    
    516,920
    
    
    
    6,262,136
    
    
    
    6,779,055
    
    
    
    1,576,713
    
    
    
    1983
    
    
    40 yrs.2800 Campus Drive
    
    Plymouth, MN
    
    
    
    
    
    
    395,366
    
    
    
    3,554,512
    
    
    
    866,525
    
    
    
    395,366
    
    
    
    4,421,037
    
    
    
    4,816,403
    
    
    
    1,112,379
    
    
    
    1985
    
    
    40 yrs.2955 Xenium Lane
    
    Plymouth, MN
    
    
    
    
    
    
    151,238
    
    
    
    1,370,140
    
    
    
    401,075
    
    
    
    151,238
    
    
    
    1,771,215
    
    
    
    1,922,453
    
    
    
    551,389
    
    
    
    1985
    
    
    40 yrs.2920 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    392,026
    
    
    
    3,433,678
    
    
    
    655,417
    
    
    
    384,235
    
    
    
    4,096,886
    
    
    
    4,481,121
    
    
    
    1,062,974
    
    
    
    1997
    
    
    40 yrs.14630-14650 28th Avenue North
    
    Plymouth, MN
    
    
    
    
    
    
    198,205
    
    
    
    1,793,422
    
    
    
    644,591
    
    
    
    198,205
    
    
    
    2,438,013
    
    
    
    2,636,218
    
    
    
    563,179
    
    
    
    1978
    
    
    40 yrs.2800 Northwest Boulevard
    
    Plymouth, MN
    
    
    3,963,999
    
    
    
    1,934,438
    
    
    
    10,952,503
    
    
    
    476,212
    
    
    
    1,934,438
    
    
    
    11,428,715
    
    
    
    13,363,152
    
    
    
    2,344,172
    
    
    
    1995
    
    
    40 yrs.9600 54th Avenue
    
    Plymouth, MN
    
    
    
    
    
    
    332,317
    
    
    
    3,077,820
    
    
    
    1,053,822
    
    
    
    332,317
    
    
    
    4,131,642
    
    
    
    4,463,959
    
    
    
    658,927
    
    
    
    1998
    
    
    40 yrs.1500 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    972,232
    
    
    
    3,892,085
    
    
    
    186,080
    
    
    
    972,232
    
    
    
    4,078,165
    
    
    
    5,050,397
    
    
    
    868,958
    
    
    
    1957
    
    
    40 yrs.1651 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    126,108
    
    
    
    203,247
    
    
    
    937,202
    
    
    
    1,140,449
    
    
    
    218,072
    
    
    
    1990
    
    
    40 yrs.1601 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    403,403
    
    
    
    203,247
    
    
    
    1,214,496
    
    
    
    1,417,743
    
    
    
    238,976
    
    
    
    1990
    
    
    40 yrs.1501 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    34,338
    
    
    
    203,247
    
    
    
    845,431
    
    
    
    1,048,679
    
    
    
    182,175
    
    
    
    1990
    
    
    40 yrs.1400 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    1,157,049
    
    
    
    4,620,956
    
    
    
    263,427
    
    
    
    1,157,049
    
    
    
    4,884,382
    
    
    
    6,041,432
    
    
    
    998,636
    
    
    
    1986
    
    
    40 yrs.1405 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    392,138
    
    
    
    1,565,787
    
    
    
    78,994
    
    
    
    392,138
    
    
    
    1,644,781
    
    
    
    2,036,920
    
    
    
    347,683
    
    
    
    1985
    
    
    40 yrs.595 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    359,933
    
    
    
    1,437,116
    
    
    
    85,041
    
    
    
    359,933
    
    
    
    1,522,157
    
    
    
    1,882,090
    
    
    
    307,330
    
    
    
    1984
    
    
    40 yrs.601 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    164,413
    
    
    
    655,933
    
    
    
    40,501
    
    
    
    164,413
    
    
    
    696,434
    
    
    
    860,846
    
    
    
    134,187
    
    
    
    1984
    
    
    40 yrs.605 SW 16th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    310,778
    
    
    
    1,238,324
    
    
    
    353,372
    
    
    
    310,178
    
    
    
    1,592,296
    
    
    
    1,902,474
    
    
    
    255,293
    
    
    
    1965
    
    
    40 yrs.4300 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    2,007,717
    
    
    
    14,927,608
    
    
    
    440,967
    
    
    
    2,009,136
    
    
    
    15,367,156
    
    
    
    17,376,292
    
    
    
    4,108,304
    
    
    
    1985
    
    
    40 yrs.301 Hill Carter Parkway
    
    Richmond, VA
    
    
    
    
    
    
    659,456
    
    
    
    4,836,010
    
    
    
    625
    
    
    
    659,456
    
    
    
    4,836,635
    
    
    
    5,496,091
    
    
    
    1,309,815
    
    
    
    1989
    
    
    40 yrs.4001 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    29,443
    
    
    
    215,914
    
    
    
    305,691
    
    
    
    29,443
    
    
    
    521,605
    
    
    
    551,048
    
    
    
    98,697
    
    
    
    1935
    
    
    40 yrs.5600-5626 Eastport Boulevard
    
    Richmond, VA
    
    
    
    *
    
    
    489,941
    
    
    
    3,592,900
    
    
    
    199,379
    
    
    
    489,941
    
    
    
    3,792,279
    
    
    
    4,282,220
    
    
    
    1,110,878
    
    
    
    1989
    
    
    40 yrs.5650-5674 Eastport Boulevard
    
    Richmond, VA
    
    
    
    *
    
    
    644,384
    
    
    
    4,025,480
    
    
    
    210,079
    
    
    
    644,384
    
    
    
    4,235,559
    
    
    
    4,879,943
    
    
    
    1,281,114
    
    
    
    1990
    
    
    40 yrs.5700 Eastport Boulevard
    
    Richmond, VA
    
    
    
    *
    
    
    408,729
    
    
    
    2,697,348
    
    
    
    827,685
    
    
    
    408,729
    
    
    
    3,525,033
    
    
    
    3,933,762
    
    
    
    813,558
    
    
    
    1990
    
    
    40 yrs.4101-4127 Carolina Avenue
    
    Richmond, VA
    
    
    
    *
    
    
    310,854
    
    
    
    2,279,597
    
    
    
    567,636
    
    
    
    310,854
    
    
    
    2,847,233
    
    
    
    3,158,087
    
    
    
    669,779
    
    
    
    1973
    
    
    40 yrs.4201-4261 Carolina Avenue
    
    Richmond, VA
    
    
    
    *
    
    
    693,203
    
    
    
    5,083,493
    
    
    
    852,515
    
    
    
    693,203
    
    
    
    5,936,008
    
    
    
    6,629,211
    
    
    
    1,732,857
    
    
    
    1975
    
    
    40 yrs.4263-4299 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    256,203
    
    
    
    2,549,649
    
    
    
    1,539,234
    
    
    
    256,203
    
    
    
    4,088,883
    
    
    
    4,345,086
    
    
    
    1,024,433
    
    
    
    1976
    
    
    40 yrs.4301-4335 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    223,696
    
    
    
    1,640,435
    
    
    
    623,939
    
    
    
    223,696
    
    
    
    2,264,374
    
    
    
    2,488,070
    
    
    
    475,129
    
    
    
    1978
    
    
    40 yrs.4337-4379 Carolina Avenue
    
    Richmond, VA
    
    
    
    *
    
    
    325,303
    
    
    
    2,385,557
    
    
    
    858,723
    
    
    
    325,303
    
    
    
    3,244,280
    
    
    
    3,569,583
    
    
    
    1,170,470
    
    
    
    1979
    
    
    40 yrs.4501-4549 Carolina Avenue
    
    Richmond, VA
    
    
    
    *
    
    
    486,166
    
    
    
    3,565,211
    
    
    
    466,377
    
    
    
    486,166
    
    
    
    4,031,588
    
    
    
    4,517,754
    
    
    
    1,047,640
    
    
    
    1981
    
    
    40 yrs.4551-4593 Carolina Avenue
    
    Richmond, VA
    
    
    
    *
    
    
    474,360
    
    
    
    3,478,646
    
    
    
    251,242
    
    
    
    474,360
    
    
    
    3,729,888
    
    
    
    4,204,248
    
    
    
    990,449
    
    
    
    1982
    
    
    40 yrs.4601-4643 Carolina Avenue
    
    Richmond, VA
    
    
    
    *
    
    
    652,455
    
    
    
    4,784,675
    
    
    
    488,112
    
    
    
    652,455
    
    
    
    5,272,787
    
    
    
    5,925,242
    
    
    
    1,605,933
    
    
    
    1985
    
    
    40 yrs.4645-4683 Carolina Avenue
    
    Richmond, VA
    
    
    
    *
    
    
    404,616
    
    
    
    2,967,187
    
    
    
    1,077,200
    
    
    
    404,616
    
    
    
    4,044,387
    
    
    
    4,449,003
    
    
    
    1,672,722
    
    
    
    1985
    
    
    40 yrs.4447-4491 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    454,056
    
    
    
    2,729,742
    
    
    
    293,897
    
    
    
    454,056
    
    
    
    3,023,639
    
    
    
    3,477,695
    
    
    
    860,701
    
    
    
    1987
    
    
    40 yrs.4401-4445 Carolina Avenue
    
    Richmond, VA
    
    
    
    *
    
    
    615,038
    
    
    
    4,510,272
    
    
    
    397,983
    
    
    
    615,038
    
    
    
    4,908,255
    
    
    
    5,523,293
    
    
    
    1,315,034
    
    
    
    1988
    
    
    40 yrs.2300 East Parham Road
    
    Richmond, VA
    
    
    
    
    
    
    221,947
    
    
    
    1,011,088
    
    
    
    2,443
    
    
    
    221,947
    
    
    
    1,013,531
    
    
    
    1,235,478
    
    
    
    291,544
    
    
    
    1988
    
    
    40 yrs.5601-5659 Eastport Boulevard
    
    Richmond, VA
    
    
    
    *
    
    
    705,660
    
    
    
    
    
    
    
    4,687,838
    
    
    
    720,100
    
    
    
    4,673,398
    
    
    
    5,393,498
    
    
    
    1,545,623
    
    
    
    1996
    
    
    40 yrs.5900 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    676,661
    
    
    
    
    
    
    
    4,805,572
    
    
    
    687,898
    
    
    
    4,794,335
    
    
    
    5,482,233
    
    
    
    1,130,238
    
    
    
    1997
    
    
    40 yrs.4717-4729 Eubank Road
    
    Richmond, VA
    
    
    
    *
    
    
    449,447
    
    
    
    3,294,697
    
    
    
    464,789
    
    
    
    452,263
    
    
    
    3,756,669
    
    
    
    4,208,932
    
    
    
    977,794
    
    
    
    1978
    
    
    40 yrs.4263F-N. Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    91,476
    
    
    
    
    
    
    
    1,643,294
    
    
    
    91,599
    
    
    
    1,643,171
    
    
    
    1,734,770
    
    
    
    403,420
    
    
    
    1975
    
    
    40 yrs.510 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    261,961
    
    
    
    2,110,874
    
    
    
    295,549
    
    
    
    262,210
    
    
    
    2,406,174
    
    
    
    2,668,384
    
    
    
    714,887
    
    
    
    1989
    
    
    40 yrs.
 101




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES520 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    486,118
    
    
    
    4,083,582
    
    
    
    223,503
    
    
    
    486,598
    
    
    
    4,306,606
    
    
    
    4,793,203
    
    
    
    1,047,303
    
    
    
    1989
    
    
    40 yrs.13001 Kingston Avenue
    
    Richmond, VA
    
    
    
    
    
    
    376,584
    
    
    
    
    
    
    
    2,032,172
    
    
    
    376,701
    
    
    
    2,032,055
    
    
    
    2,408,756
    
    
    
    465,543
    
    
    
    1998
    
    
    40 yrs.5701-5799 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    694,644
    
    
    
    
    
    
    
    5,627,694
    
    
    
    700,503
    
    
    
    5,621,836
    
    
    
    6,322,338
    
    
    
    1,491,794
    
    
    
    1998
    
    
    40 yrs.701 Liberty Way
    
    Richmond, VA
    
    
    
    *
    
    
    171,711
    
    
    
    
    
    
    
    5,255,576
    
    
    
    1,188,857
    
    
    
    4,238,430
    
    
    
    5,427,287
    
    
    
    772,538
    
    
    
    1999
    
    
    40 yrs.12730 Kingston Avenue
    
    Richmond, VA
    
    
    
    
    
    
    171,053
    
    
    
    
    
    
    
    8,200,764
    
    
    
    1,201,072
    
    
    
    7,170,745
    
    
    
    8,371,817
    
    
    
    790,126
    
    
    
    2001
    
    
    40 yrs.530 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    266,883
    
    
    
    
    
    
    
    2,909,058
    
    
    
    334,772
    
    
    
    2,841,168
    
    
    
    3,175,941
    
    
    
    882,208
    
    
    
    1999
    
    
    40 yrs.3829-3855 Gaskins Road
    
    Richmond, VA
    
    
    
    
    
    
    364,165
    
    
    
    3,264,114
    
    
    
    39,764
    
    
    
    364,165
    
    
    
    3,303,879
    
    
    
    3,668,044
    
    
    
    644,339
    
    
    
    1988
    
    
    40 yrs.10800 Nuckols Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    1,432,462
    
    
    
    
    
    
    
    14,420,839
    
    
    
    1,794,162
    
    
    
    14,059,139
    
    
    
    15,853,301
    
    
    
    2,077,508
    
    
    
    2000
    
    
    40 yrs.801 Liberty Way
    
    Richmond, VA
    
    
    
    *
    
    
    780,000
    
    
    
    
    
    
    
    6,408,701
    
    
    
    785,059
    
    
    
    6,403,642
    
    
    
    7,188,701
    
    
    
    1,309,444
    
    
    
    1999
    
    
    40 yrs.100 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,140,648
    
    
    
    101,824
    
    
    
    8,408,649
    
    
    
    1,456,084
    
    
    
    8,195,037
    
    
    
    9,651,121
    
    
    
    1,007,686
    
    
    
    2001
    
    
    40 yrs.200 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,623,612
    
    
    
    
    
    
    
    5,900,379
    
    
    
    1,072,797
    
    
    
    6,451,195
    
    
    
    7,523,992
    
    
    
    643,127
    
    
    
    2002
    
    
    40 yrs.1001 Boulders Parkway
    
    Richmond, VA
    
    
    
    
    
    
    2,073,739
    
    
    
    5,634,796
    
    
    
    251,657
    
    
    
    2,079,643
    
    
    
    5,880,549
    
    
    
    7,960,191
    
    
    
    73,860
    
    
    
    2005
    
    
    40 yrs.7400 Beaufont Springs Drive
    
    Richmond, VA
    
    
    
    
    
    
    808,581
    
    
    
    7,273,850
    
    
    
    245,912
    
    
    
    810,743
    
    
    
    7,517,600
    
    
    
    8,328,343
    
    
    
    76,665
    
    
    
    2005
    
    
    40 yrs.1100 Boulders Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,276,936
    
    
    
    12,052,192
    
    
    
    233,584
    
    
    
    1,280,662
    
    
    
    12,282,050
    
    
    
    13,562,712
    
    
    
    22
    
    
    
    2005
    
    
    40 yrs.12 S. Third Street
    
    Richmond, VA
    
    
    
    
    
    
    40,539
    
    
    
    184,682
    
    
    
    14,061
    
    
    
    40,539
    
    
    
    198,743
    
    
    
    239,282
    
    
    
    52,216
    
    
    
    1900
    
    
    40 yrs.6532 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    354,903
    
    
    
    
    
    
    
    3,718,126
    
    
    
    399,988
    
    
    
    3,673,042
    
    
    
    4,073,029
    
    
    
    854,530
    
    
    
    1997
    
    
    40 yrs.6530 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    305,821
    
    
    
    
    
    
    
    4,458,196
    
    
    
    335,061
    
    
    
    4,428,955
    
    
    
    4,764,016
    
    
    
    793,188
    
    
    
    1999
    
    
    40 yrs.6509 Franz Warner Parkway
    
    Rock Creek, NC
    
    
    
    
    
    
    360,494
    
    
    
    
    
    
    
    2,829,679
    
    
    
    372,494
    
    
    
    2,817,679
    
    
    
    3,190,173
    
    
    
    407,971
    
    
    
    2001
    
    
    40 yrs.38100 Ecorse Road
    
    Romulus, MI
    
    
    
    
    
    
    955,063
    
    
    
    
    
    
    
    7,899,055
    
    
    
    853,063
    
    
    
    8,001,055
    
    
    
    8,854,118
    
    
    
    1,073,201
    
    
    
    2000
    
    
    40 yrs.38000 Ecourse Road
    
    Romulus, MI
    
    
    
    
    
    
    807,660
    
    
    
    
    
    
    
    12,732,027
    
    
    
    1,053,337
    
    
    
    12,486,350
    
    
    
    13,539,687
    
    
    
    2,097,585
    
    
    
    2001
    
    
    40 yrs.26911-26957 Northwestern Highway
    
    Southfield, MI
    
    
    
    
    
    
    7,799,515
    
    
    
    66,268,817
    
    
    
    8,494,884
    
    
    
    7,799,515
    
    
    
    74,763,701
    
    
    
    82,563,216
    
    
    
    16,502,680
    
    
    
    1985
    
    
    40 yrs.13650 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    558,223
    
    
    
    2,171,930
    
    
    
    306,706
    
    
    
    558,251
    
    
    
    2,478,607
    
    
    
    3,036,859
    
    
    
    560,899
    
    
    
    1991
    
    
    40 yrs.13630 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    659,797
    
    
    
    2,596,275
    
    
    
    772,671
    
    
    
    659,825
    
    
    
    3,368,917
    
    
    
    4,028,742
    
    
    
    703,238
    
    
    
    1991
    
    
    40 yrs.5501-5519 Pioneer Park Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    162,000
    
    
    
    1,613,000
    
    
    
    258,142
    
    
    
    262,416
    
    
    
    1,770,726
    
    
    
    2,033,142
    
    
    
    547,688
    
    
    
    1981
    
    
    40 yrs.5690-5694 Crenshaw Street
    
    Tampa, FL
    
    
    
    
    
    
    181,923
    
    
    
    1,812,496
    
    
    
    218,763
    
    
    
    181,923
    
    
    
    2,031,260
    
    
    
    2,213,183
    
    
    
    553,538
    
    
    
    1979
    
    
    40 yrs.3102,3104,3110 Cherry Palm Drive
    
    Tampa, FL
    
    
    
    
    
    
    503,767
    
    
    
    2,787,585
    
    
    
    1,669,638
    
    
    
    982,207
    
    
    
    3,978,783
    
    
    
    4,960,990
    
    
    
    1,018,143
    
    
    
    1986
    
    
    40 yrs.8401-8408 Benjamin Road
    
    Tampa, FL
    
    
    
    
    
    
    789,651
    
    
    
    4,454,648
    
    
    
    1,899,353
    
    
    
    769,789
    
    
    
    6,373,862
    
    
    
    7,143,652
    
    
    
    1,930,800
    
    
    
    1986
    
    
    40 yrs.3501 Riga Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    617,289
    
    
    
    3,048,379
    
    
    
    454,271
    
    
    
    617,289
    
    
    
    3,502,650
    
    
    
    4,119,939
    
    
    
    896,940
    
    
    
    1987
    
    
    40 yrs.111 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    359,540
    
    
    
    1,461,850
    
    
    
    908,769
    
    
    
    359,540
    
    
    
    2,370,619
    
    
    
    2,730,159
    
    
    
    620,004
    
    
    
    1990
    
    
    40 yrs.7930, 8010-20 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    *
    
    
    1,408,478
    
    
    
    5,247,246
    
    
    
    903,228
    
    
    
    1,408,478
    
    
    
    6,150,475
    
    
    
    7,558,952
    
    
    
    1,431,770
    
    
    
    1990
    
    
    40 yrs.7920 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    *
    
    
    1,382,648
    
    
    
    2,445,444
    
    
    
    (276,436
    )
    
    
    1,082,648
    
    
    
    2,469,008
    
    
    
    3,551,656
    
    
    
    552,184
    
    
    
    1997
    
    
    40 yrs.8154-8198 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    *
    
    
    399,088
    
    
    
    2,868,834
    
    
    
    420,131
    
    
    
    399,088
    
    
    
    3,288,965
    
    
    
    3,688,053
    
    
    
    803,686
    
    
    
    1988
    
    
    40 yrs.8112-42 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    *
    
    
    513,263
    
    
    
    3,230,239
    
    
    
    533,544
    
    
    
    513,263
    
    
    
    3,763,784
    
    
    
    4,277,046
    
    
    
    761,297
    
    
    
    1995
    
    
    40 yrs.8212 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    *
    
    
    820,882
    
    
    
    2,322,720
    
    
    
    14,210
    
    
    
    820,882
    
    
    
    2,336,931
    
    
    
    3,157,813
    
    
    
    505,452
    
    
    
    1996
    
    
    40 yrs.131 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    511,463
    
    
    
    
    
    
    
    4,455,291
    
    
    
    559,527
    
    
    
    4,407,227
    
    
    
    4,966,754
    
    
    
    1,495,878
    
    
    
    1985
    
    
    40 yrs.7724 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    235,893
    
    
    
    
    
    
    
    2,143,685
    
    
    
    235,894
    
    
    
    2,143,684
    
    
    
    2,379,578
    
    
    
    536,691
    
    
    
    1998
    
    
    40 yrs.7802-50 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,711,761
    
    
    
    506,949
    
    
    
    2,562,177
    
    
    
    3,069,125
    
    
    
    940,408
    
    
    
    1999
    
    
    40 yrs.7852-98 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,692,052
    
    
    
    506,949
    
    
    
    2,542,467
    
    
    
    3,049,416
    
    
    
    865,665
    
    
    
    1999
    
    
    40 yrs.8921 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    224,369
    
    
    
    1,063,882
    
    
    
    1,078,376
    
    
    
    254,493
    
    
    
    2,112,134
    
    
    
    2,366,627
    
    
    
    386,134
    
    
    
    1998
    
    
    40 yrs.5250 Eagle Trail Drive
    
    Tampa, FL
    
    
    
    
    
    
    952,860
    
    
    
    
    
    
    
    3,501,917
    
    
    
    952,860
    
    
    
    3,501,917
    
    
    
    4,454,776
    
    
    
    631,873
    
    
    
    1998
    
    
    40 yrs.7725 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    553,335
    
    
    
    
    
    
    
    3,345,476
    
    
    
    771,501
    
    
    
    3,127,310
    
    
    
    3,898,811
    
    
    
    540,286
    
    
    
    1999
    
    
    40 yrs.8001 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    350,406
    
    
    
    
    
    
    
    2,407,337
    
    
    
    438,061
    
    
    
    2,319,683
    
    
    
    2,757,744
    
    
    
    413,367
    
    
    
    1999
    
    
    40 yrs.4630 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    943,169
    
    
    
    
    
    
    
    12,592,708
    
    
    
    1,560,099
    
    
    
    11,975,778
    
    
    
    13,535,877
    
    
    
    1,961,943
    
    
    
    2000
    
    
    40 yrs.701-725 South US Hwy 301
    
    Tampa, FL
    
    
    
    
    
    
    419,683
    
    
    
    
    
    
    
    3,719,472
    
    
    
    661,680
    
    
    
    3,477,475
    
    
    
    4,139,155
    
    
    
    905,109
    
    
    
    2000
    
    
    40 yrs.4502 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,005,900
    
    
    
    1,071,535
    
    
    
    2,934,365
    
    
    
    4,005,900
    
    
    
    454,996
    
    
    
    1999
    
    
    40 yrs.9001-9015 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    209,841
    
    
    
    
    
    
    
    1,555,906
    
    
    
    364,514
    
    
    
    1,401,234
    
    
    
    1,765,748
    
    
    
    294,884
    
    
    
    2000
    
    
    40 yrs.4508 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    498,598
    
    
    
    
    
    
    
    3,057,752
    
    
    
    556,887
    
    
    
    2,999,463
    
    
    
    3,556,350
    
    
    
    481,275
    
    
    
    2000
    
    
    40 yrs.7622 Bald Cypress Place
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,305,584
    
    
    
    300,000
    
    
    
    1,005,584
    
    
    
    1,305,584
    
    
    
    144,521
    
    
    
    2000
    
    
    40 yrs.901-933 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    500,391
    
    
    
    
    
    
    
    4,023,528
    
    
    
    840,314
    
    
    
    3,683,605
    
    
    
    4,523,919
    
    
    
    795,906
    
    
    
    2001
    
    
    40 yrs.4503 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,454,328
    
    
    
    619,913
    
    
    
    2,834,415
    
    
    
    3,454,328
    
    
    
    315,727
    
    
    
    2002
    
    
    40 yrs.4505 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,891,079
    
    
    
    716,594
    
    
    
    2,174,485
    
    
    
    2,891,079
    
    
    
    365,159
    
    
    
    2002
    
    
    40 yrs.4511 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,840,907
    
    
    
    686,594
    
    
    
    2,154,313
    
    
    
    2,840,907
    
    
    
    302,759
    
    
    
    2002
    
    
    40 yrs.7621 Bald Cypress Place
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,482,613
    
    
    
    447,498
    
    
    
    1,035,115
    
    
    
    1,482,613
    
    
    
    89,641
    
    
    
    2001
    
    
    40 yrs.4520 Seedling Circle
    
    Tampa, FL
    
    
    
    
    
    
    854,797
    
    
    
    42,131
    
    
    
    2,721,233
    
    
    
    854,797
    
    
    
    2,763,364
    
    
    
    3,618,161
    
    
    
    116,845
    
    
    
    2003
    
    
    40 yrs.501 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    898,884
    
    
    
    
    
    
    
    3,499,853
    
    
    
    900,508
    
    
    
    3,498,229
    
    
    
    4,398,737
    
    
    
    92,280
    
    
    
    2004
    
    
    40 yrs.9002-9036 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    492,320
    
    
    
    
    
    
    
    3,964,055
    
    
    
    899,284
    
    
    
    3,557,092
    
    
    
    4,456,375
    
    
    
    185,361
    
    
    
    2004
    
    
    40 yrs.1650 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    763,067
    
    
    
    7,201,677
    
    
    
    1,107,575
    
    
    
    763,067
    
    
    
    8,309,252
    
    
    
    9,072,318
    
    
    
    1,600,015
    
    
    
    1985
    
    
    40 yrs.1775 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    331,422
    
    
    
    2,788,073
    
    
    
    648,666
    
    
    
    331,422
    
    
    
    3,436,739
    
    
    
    3,768,161
    
    
    
    637,270
    
    
    
    1985
    
    
    40 yrs.1875 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    329,863
    
    
    
    2,774,006
    
    
    
    229,619
    
    
    
    329,863
    
    
    
    3,003,625
    
    
    
    3,333,487
    
    
    
    657,192
    
    
    
    1986
    
    
    40 yrs.1850 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    781,054
    
    
    
    7,364,300
    
    
    
    2,051,384
    
    
    
    781,054
    
    
    
    9,415,684
    
    
    
    10,196,738
    
    
    
    2,007,507
    
    
    
    1986
    
    
    40 yrs.1965 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    419,090
    
    
    
    3,578,928
    
    
    
    347,399
    
    
    
    419,090
    
    
    
    3,926,327
    
    
    
    4,345,418
    
    
    
    917,900
    
    
    
    1987
    
    
    40 yrs.1960 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    419,146
    
    
    
    3,579,166
    
    
    
    635,418
    
    
    
    419,146
    
    
    
    4,214,584
    
    
    
    4,633,730
    
    
    
    956,481
    
    
    
    1987
    
    
    40 yrs.1101 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    98,144
    
    
    
    887,935
    
    
    
    326,837
    
    
    
    98,148
    
    
    
    1,214,768
    
    
    
    1,312,916
    
    
    
    328,596
    
    
    
    1974
    
    
    40 yrs.
 102




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES1151 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    164,483
    
    
    
    1,486,220
    
    
    
    209,271
    
    
    
    164,486
    
    
    
    1,695,487
    
    
    
    1,859,974
    
    
    
    466,361
    
    
    
    1974
    
    
    40 yrs.1300 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,090
    
    
    
    1,212,752
    
    
    
    371,530
    
    
    
    134,094
    
    
    
    1,584,278
    
    
    
    1,718,372
    
    
    
    549,399
    
    
    
    1979
    
    
    40 yrs.1350 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    111,776
    
    
    
    1,011,497
    
    
    
    181,054
    
    
    
    111,779
    
    
    
    1,192,547
    
    
    
    1,304,327
    
    
    
    270,056
    
    
    
    1979
    
    
    40 yrs.1376-1400 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,292
    
    
    
    1,213,626
    
    
    
    274,369
    
    
    
    134,296
    
    
    
    1,487,992
    
    
    
    1,622,287
    
    
    
    331,077
    
    
    
    1979
    
    
    40 yrs.1352-1374 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    153,275
    
    
    
    1,385,098
    
    
    
    285,361
    
    
    
    153,279
    
    
    
    1,670,455
    
    
    
    1,823,734
    
    
    
    407,580
    
    
    
    1979
    
    
    40 yrs.1324-1346 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,090
    
    
    
    1,212,214
    
    
    
    124,406
    
    
    
    134,094
    
    
    
    1,336,616
    
    
    
    1,470,710
    
    
    
    271,915
    
    
    
    1979
    
    
    40 yrs.1301-1307 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    111,776
    
    
    
    1,011,121
    
    
    
    138,922
    
    
    
    111,779
    
    
    
    1,150,040
    
    
    
    1,261,819
    
    
    
    245,086
    
    
    
    1978
    
    
    40 yrs.1409 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    142,370
    
    
    
    1,286,048
    
    
    
    408,471
    
    
    
    142,374
    
    
    
    1,694,516
    
    
    
    1,836,889
    
    
    
    421,332
    
    
    
    1978
    
    
    40 yrs.1304 E Maple Road
    
    Troy, MI
    
    
    
    
    
    
    211,233
    
    
    
    1,906,786
    
    
    
    349,157
    
    
    
    211,236
    
    
    
    2,255,940
    
    
    
    2,467,176
    
    
    
    482,604
    
    
    
    1971
    
    
    40 yrs.1334 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    124,296
    
    
    
    1,122,802
    
    
    
    39,409
    
    
    
    124,300
    
    
    
    1,162,208
    
    
    
    1,286,507
    
    
    
    247,380
    
    
    
    1983
    
    
    40 yrs.1290 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    85,321
    
    
    
    771,621
    
    
    
    223,628
    
    
    
    85,325
    
    
    
    995,245
    
    
    
    1,080,570
    
    
    
    188,319
    
    
    
    1984
    
    
    40 yrs.1070 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    68,560
    
    
    
    620,595
    
    
    
    106,600
    
    
    
    68,563
    
    
    
    727,191
    
    
    
    795,755
    
    
    
    170,394
    
    
    
    1982
    
    
    40 yrs.950 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    252,429
    
    
    
    2,265,259
    
    
    
    176,543
    
    
    
    252,433
    
    
    
    2,441,798
    
    
    
    2,694,231
    
    
    
    534,630
    
    
    
    1982
    
    
    40 yrs.894 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    181,749
    
    
    
    1,632,243
    
    
    
    761,128
    
    
    
    181,753
    
    
    
    2,393,367
    
    
    
    2,575,120
    
    
    
    524,568
    
    
    
    1986
    
    
    40 yrs.1940 Norwood Drive
    
    Troy, MI
    
    
    
    
    
    
    86,836
    
    
    
    785,267
    
    
    
    87,637
    
    
    
    86,839
    
    
    
    872,901
    
    
    
    959,740
    
    
    
    193,218
    
    
    
    1983
    
    
    40 yrs.1311-1331 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    125,407
    
    
    
    1,132,810
    
    
    
    204,037
    
    
    
    125,410
    
    
    
    1,336,843
    
    
    
    1,462,254
    
    
    
    365,092
    
    
    
    1986
    
    
    40 yrs.2354 Bellingham Street
    
    Troy, MI
    
    
    
    
    
    
    87,340
    
    
    
    789,817
    
    
    
    19,928
    
    
    
    87,344
    
    
    
    809,741
    
    
    
    897,085
    
    
    
    170,975
    
    
    
    1990
    
    
    40 yrs.2360 Bellingham Street
    
    Troy, MI
    
    
    
    
    
    
    87,340
    
    
    
    789,817
    
    
    
    58,250
    
    
    
    87,344
    
    
    
    848,063
    
    
    
    935,407
    
    
    
    172,987
    
    
    
    1985
    
    
    40 yrs.50 West Big Beaver Road
    
    Troy, MI
    
    
    
    
    
    
    2,159,678
    
    
    
    19,481,454
    
    
    
    2,053,901
    
    
    
    2,159,678
    
    
    
    21,535,355
    
    
    
    23,695,033
    
    
    
    4,578,446
    
    
    
    1987
    
    
    40 yrs.100 West Big Beaver Road
    
    Troy, MI
    
    
    
    
    
    
    2,113,006
    
    
    
    19,057,355
    
    
    
    2,167,108
    
    
    
    2,113,006
    
    
    
    21,224,463
    
    
    
    23,337,469
    
    
    
    4,359,088
    
    
    
    1987
    
    
    40 yrs.1600-1630 East Big Beaver Road
    
    Troy, MI
    
    
    
    
    
    
    1,454,406
    
    
    
    2,952,884
    
    
    
    53,694
    
    
    
    1,458,737
    
    
    
    3,002,247
    
    
    
    4,460,984
    
    
    
    462,592
    
    
    
    1982
    
    
    40 yrs.2600 Bellingham Drive
    
    Troy, MI
    
    
    
    
    
    
    1,796,869
    
    
    
    
    
    
    
    4,095,318
    
    
    
    1,938,746
    
    
    
    3,953,441
    
    
    
    5,892,187
    
    
    
    902,648
    
    
    
    2002
    
    
    40 yrs.2710 Bellingham Drive
    
    Troy, MI
    
    
    
    
    
    
    1,796,869
    
    
    
    
    
    
    
    4,721,835
    
    
    
    1,938,746
    
    
    
    4,579,958
    
    
    
    6,518,704
    
    
    
    911,389
    
    
    
    2002
    
    
    40 yrs.3432 Holland Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    173,527
    
    
    
    790,515
    
    
    
    2,462
    
    
    
    173,527
    
    
    
    792,977
    
    
    
    966,504
    
    
    
    214,298
    
    
    
    1989
    
    
    40 yrs.2809 South Lynnhaven Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    953,590
    
    
    
    6,142,742
    
    
    
    1,039,718
    
    
    
    953,590
    
    
    
    7,182,460
    
    
    
    8,136,050
    
    
    
    1,588,070
    
    
    
    1987
    
    
    40 yrs.200 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    *
    
    
    1,116,693
    
    
    
    6,770,480
    
    
    
    931,872
    
    
    
    1,116,693
    
    
    
    7,702,352
    
    
    
    8,819,044
    
    
    
    1,737,979
    
    
    
    1988
    
    
    40 yrs.208 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    *
    
    
    965,177
    
    
    
    6,728,717
    
    
    
    1,128,434
    
    
    
    965,177
    
    
    
    7,857,151
    
    
    
    8,822,329
    
    
    
    1,779,740
    
    
    
    1989
    
    
    40 yrs.484 Viking Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    891,753
    
    
    
    3,607,890
    
    
    
    476,860
    
    
    
    891,753
    
    
    
    4,084,750
    
    
    
    4,976,502
    
    
    
    878,637
    
    
    
    1987
    
    
    40 yrs.629 Phoenix Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    371,694
    
    
    
    2,108,097
    
    
    
    192,844
    
    
    
    371,694
    
    
    
    2,300,941
    
    
    
    2,672,635
    
    
    
    468,249
    
    
    
    1996
    
    
    40 yrs.5700 Cleveland Street
    
    Virginia Beach, VA
    
    
    
    
    
    
    700,112
    
    
    
    9,592,721
    
    
    
    1,656,986
    
    
    
    700,564
    
    
    
    11,249,254
    
    
    
    11,949,819
    
    
    
    2,592,377
    
    
    
    1989
    
    
    40 yrs.1457 Miller Store Road
    
    Virginia Beach, VA
    
    
    1,768,123
    
    
    
    473,689
    
    
    
    2,663,045
    
    
    
    327,736
    
    
    
    474,746
    
    
    
    2,989,725
    
    
    
    3,464,470
    
    
    
    185,376
    
    
    
    2003
    
    
    40 yrs.11020 West Plank Court
    
    Wauwatosa, WI
    
    
    
    
    
    
    464,246
    
    
    
    3,230,511
    
    
    
    (519,943
    )
    
    
    464,246
    
    
    
    2,710,568
    
    
    
    3,174,814
    
    
    
    453,347
    
    
    
    1985
    
    
    40 yrs.825 Duportail Road
    
    Wayne, PA
    
    
    
    
    
    
    5,536,619
    
    
    
    16,179,213
    
    
    
    575,491
    
    
    
    5,539,281
    
    
    
    16,752,043
    
    
    
    22,291,324
    
    
    
    2,424,182
    
    
    
    1979
    
    
    40 yrs.1500 Liberty Ridge
    
    Wayne, PA
    
    
    
    
    
    
    8,287,555
    
    
    
    
    
    
    
    31,221,790
    
    
    
    11,636,499
    
    
    
    27,872,847
    
    
    
    39,509,346
    
    
    
    3,126,431
    
    
    
    2002
    
    
    40 yrs.1200 Liberty Ridge Drive
    
    Wayne, PA
    
    
    
    
    
    
    6,215,667
    
    
    
    
    
    
    
    8,637,849
    
    
    
    5,223,660
    
    
    
    9,629,855
    
    
    
    14,853,515
    
    
    
    2,029,762
    
    
    
    2001
    
    
    40 yrs.11300-90 West Theodore Trecker Way
    
    West Allis, WI
    
    
    
    
    
    
    500,565
    
    
    
    1,591,678
    
    
    
    103,028
    
    
    
    504,996
    
    
    
    1,690,275
    
    
    
    2,195,271
    
    
    
    
    
    
    
    2005
    
    
    40 yrs.11548 West Theodore Trecker Way
    
    West Allis, WI
    
    
    
    
    
    
    660,068
    
    
    
    4,640,578
    
    
    
    24,851
    
    
    
    662,751
    
    
    
    4,662,746
    
    
    
    5,325,497
    
    
    
    65,241
    
    
    
    2005
    
    
    40 yrs.11420 West Theodore Trecker Way
    
    West Allis, WI
    
    
    
    
    
    
    348,146
    
    
    
    2,057,483
    
    
    
    12,510
    
    
    
    349,728
    
    
    
    2,068,411
    
    
    
    2,418,139
    
    
    
    28,932
    
    
    
    2005
    
    
    40 yrs.400-500 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    845,846
    
    
    
    6,809,025
    
    
    
    451,726
    
    
    
    845,846
    
    
    
    7,260,751
    
    
    
    8,106,597
    
    
    
    1,545,518
    
    
    
    1988
    
    
    40 yrs.600 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    664,899
    
    
    
    5,352,410
    
    
    
    716,066
    
    
    
    664,899
    
    
    
    6,068,476
    
    
    
    6,733,375
    
    
    
    1,372,613
    
    
    
    1988
    
    
    40 yrs.905 Airport Road
    
    West Chester, PA
    
    
    
    
    
    
    1,715,000
    
    
    
    5,185,000
    
    
    
    866,637
    
    
    
    1,735,012
    
    
    
    6,031,625
    
    
    
    7,766,637
    
    
    
    2,164,900
    
    
    
    1988
    
    
    40 yrs.Liberty Square
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    273,650
    
    
    
    9,564,327
    
    
    
    9,837,977
    
    
    
    
    
    
    
    2005
    
    
    40 yrs.3612 La Grange Parkway
    
    Williamsburg, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,687,810
    
    
    
    887,234
    
    
    
    4,800,577
    
    
    
    5,687,810
    
    
    
    162,428
    
    
    
    2003
    
    
    40 yrs.7805 Hudson Road
    
    Woodbury, MN
    
    
    
    
    
    
    1,279,834
    
    
    
    
    
    
    
    10,338,324
    
    
    
    1,385,739
    
    
    
    10,232,420
    
    
    
    11,618,158
    
    
    
    1,498,600
    
    
    
    2002
    
    
    40 yrs.Subtotal Operating Real Estate
    
    
    
    $
    71,651,258
    
    
    $
    573,622,674
    
    
    $
    1,777,453,153
    
    
    $
    2,009,367,173
    
    
    $
    629,962,000
    
    
    $
    3,730,481,000
    
    
    $
    4,360,443,000
    
    
    $
    748,818,000
 103




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2005
    
    
    12/31/05
    
    
    Acquisition
    
    
    (years)DEVELOPMENT PROPERTIES8400 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    7,531,500
    
    
    
    
    
    
    
    6,438,875
    
    
    
    
    
    
    
    13,970,375
    
    
    
    13,970,375
    
    
    
    
    
    
    
    2005
    
    
    
    N/A901 Bilter Road
    
    Aurora, IL
    
    
    
    
    
    
    5,649,052
    
    
    
    
    
    
    
    13,484,249
    
    
    
    
    
    
    
    19,133,301
    
    
    
    19,133,301
    
    
    
    
    
    
    
    2004
    
    
    
    N/A1301 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,814,505
    
    
    
    
    
    
    
    2,814,505
    
    
    
    2,814,505
    
    
    
    
    
    
    
    2005
    
    
    
    N/A6230 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    3,004,075
    
    
    
    
    
    
    
    6,833,827
    
    
    
    
    
    
    
    9,837,902
    
    
    
    9,837,902
    
    
    
    
    
    
    
    2004
    
    
    
    N/A420 Deleware Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    2,766,931
    
    
    
    
    
    
    
    5,870,073
    
    
    
    
    
    
    
    8,637,004
    
    
    
    8,637,004
    
    
    
    
    
    
    
    2004
    
    
    
    N/A200 W Cypress Creek Road
    
    Ft Lauderdale, FL
    
    
    
    
    
    
    3,414,989
    
    
    
    2,399,738
    
    
    
    6,852,963
    
    
    
    
    
    
    
    12,667,690
    
    
    
    12,667,690
    
    
    
    
    
    
    
    2003
    
    
    
    N/A2 Independence Point
    
    Greenville, SC
    
    
    
    
    
    
    371,600
    
    
    
    
    
    
    
    2,347,301
    
    
    
    
    
    
    
    2,718,901
    
    
    
    2,718,901
    
    
    
    
    
    
    
    2005
    
    
    
    N/A600 Industrial Drive
    
    Harrisburg, PA
    
    
    
    
    
    
    7,743,800
    
    
    
    
    
    
    
    4,206,745
    
    
    
    
    
    
    
    11,950,545
    
    
    
    11,950,545
    
    
    
    
    
    
    
    2005
    
    
    
    N/A1498 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    94,274
    
    
    
    
    
    
    
    1,118,564
    
    
    
    
    
    
    
    1,212,838
    
    
    
    1,212,838
    
    
    
    
    
    
    
    1999
    
    
    
    N/A400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,698,078
    
    
    
    
    
    
    
    1,698,078
    
    
    
    1,698,078
    
    
    
    
    
    
    
    2004
    
    
    
    N/A5201 Gate Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    3,836,532
    
    
    
    
    
    
    
    8,906,863
    
    
    
    
    
    
    
    12,743,395
    
    
    
    12,743,395
    
    
    
    
    
    
    
    2005
    
    
    
    N/A7528 Walker Way
    
    Lehigh Valley, PA
    
    
    
    
    
    
    893,441
    
    
    
    
    
    
    
    4,111,637
    
    
    
    
    
    
    
    5,005,078
    
    
    
    5,005,078
    
    
    
    
    
    
    
    2004
    
    
    
    N/A75 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    419,731
    
    
    
    
    
    
    
    1,751,644
    
    
    
    
    
    
    
    2,171,375
    
    
    
    2,171,375
    
    
    
    
    
    
    
    2003
    
    
    
    N/A65 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    557,174
    
    
    
    
    
    
    
    2,652,752
    
    
    
    
    
    
    
    3,209,926
    
    
    
    3,209,926
    
    
    
    
    
    
    
    2004
    
    
    
    N/A11050 West Liberty Drive
    
    Milvaukee, WI
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,468,136
    
    
    
    
    
    
    
    2,468,136
    
    
    
    2,468,136
    
    
    
    
    
    
    
    2005
    
    
    
    N/A302 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    1,512,120
    
    
    
    
    
    
    
    2,268,486
    
    
    
    
    
    
    
    3,780,605
    
    
    
    3,780,605
    
    
    
    
    
    
    
    2001
    
    
    
    N/A17th & JFK Tower
    
    Philadelphia, PA
    
    
    
    
    
    
    22,430,038
    
    
    
    
    
    
    
    101,594,438
    
    
    
    
    
    
    
    124,024,476
    
    
    
    124,024,476
    
    
    
    
    
    
    
    2005
    
    
    
    N/A1 Crescent Drive
    
    Philadelphia, PA
    
    
    
    
    
    
    567,280
    
    
    
    
    
    
    
    10,664,954
    
    
    
    
    
    
    
    11,232,234
    
    
    
    11,232,234
    
    
    
    
    
    
    
    2004
    
    
    
    N/A3900 Westerre Parkway
    
    Richmond, VA
    
    
    
    
    
    
    392,184
    
    
    
    
    
    
    
    8,220,581
    
    
    
    
    
    
    
    8,612,765
    
    
    
    8,612,765
    
    
    
    
    
    
    
    2005
    
    
    
    N/A6505 Cogswell Road
    
    Romulus, MI
    
    
    
    
    
    
    594,523
    
    
    
    
    
    
    
    7,087,829
    
    
    
    
    
    
    
    7,682,353
    
    
    
    7,682,353
    
    
    
    
    
    
    
    2000
    
    
    
    N/A38100 Ecorse Road Expansion
    
    Romulus, MI
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    49,703
    
    
    
    
    
    
    
    49,703
    
    
    
    49,703
    
    
    
    
    
    
    
    2005
    
    
    
    N/A8501 East Raintree Drive
    
    Scottsdale, AZ
    
    
    
    
    
    
    4,076,412
    
    
    
    
    
    
    
    11,281,969
    
    
    
    
    
    
    
    15,358,381
    
    
    
    15,358,381
    
    
    
    
    
    
    
    2005
    
    
    
    N/A6950 Harbor View Blvd
    
    Suffolk, VA
    
    
    
    
    
    
    929,844
    
    
    
    
    
    
    
    6,019,100
    
    
    
    
    
    
    
    6,948,944
    
    
    
    6,948,944
    
    
    
    
    
    
    
    2004
    
    
    
    N/A8900-34 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    537,194
    
    
    
    
    
    
    
    2,285,528
    
    
    
    
    
    
    
    2,822,723
    
    
    
    2,822,723
    
    
    
    
    
    
    
    2005
    
    
    
    N/A200-34 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    330,097
    
    
    
    
    
    
    
    3,539,403
    
    
    
    
    
    
    
    3,869,500
    
    
    
    3,869,500
    
    
    
    
    
    
    
    2005
    
    
    
    N/A1646 Rankin Road
    
    Houston, TX
    
    
    
    
    
    
    329,961
    
    
    
    
    
    
    
    3,108,463
    
    
    
    
    
    
    
    3,438,423
    
    
    
    3,438,423
    
    
    
    
    
    
    
    2005
    
    
    
    N/A3701 Corporate Parkway
    
    Upper Saucon, PA
    
    
    
    
    
    
    1,078,674
    
    
    
    
    
    
    
    3,362,688
    
    
    
    
    
    
    
    4,441,362
    
    
    
    4,441,362
    
    
    
    
    
    
    
    2003
    
    
    
    N/A42 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,864,051
    
    
    
    
    
    
    
    12,864,051
    
    
    
    12,864,051
    
    
    
    
    
    
    
    2005
    
    
    
    N/A777 Township Line Road
    
    Yardley, PA
    
    
    
    
    
    
    3,436,013
    
    
    
    
    
    
    
    6,123,418
    
    
    
    
    
    
    
    9,559,431
    
    
    
    9,559,431
    
    
    
    
    
    
    
    2005
    
    
    
    N/ASubtotal Development in Progress
    

    

    $






    
    
    $
    72,497,442
    
    
    $
    2,399,738
    
    
    $
    250,026,820
    
    
    $

    
    
    $
        324,924,000

    
    
    $
    324,924,000
    
    
    $
    
 104




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2005
 CostsCapitalized
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    Accumulated
    
    Construction
    
    DepreciableInitial Cost
    
    to
    
    Land and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    Acquisition
    
    Improvements
    
    Improvements
    
    12/31/2005
    
    12/31/05
    
    Acquisition
    
    (years)LAND HELD FOR DEVELOPMENTPerryman Road Land
    
    Aberdeen, MD
    
    $
    
    
    
    $
    12,046,811
    
    
    $
    
    
    
    $
    
    
    
    $
    12,046,811
    
    
    $
    
    
    
    $
    12,046,811
    
    
    $
    
    
    
    2005
    
    N/AWest Ridge Corporate Center Land
    
    Aurora, IL
    
    
    
    
    
    
    826,547
    
    
    
    
    
    
    
    10,626,723
    
    
    
    11,453,270
    
    
    
    
    
    
    
    11,453,270
    
    
    
    
    
    
    2003
    
    N/ALVCC Phase 2 Land
    
    Bethlehem, PA
    
    
    
    
    
    
    3,741,506
    
    
    
    
    
    
    
    2,418,375
    
    
    
    6,159,881
    
    
    
    
    
    
    
    6,159,881
    
    
    
    
    
    
    1998
    
    N/ALehigh Valley Corporate Center Land
    
    Bethlehem, PA
    
    
    
    
    
    
    309,058
    
    
    
    
    
    
    
    (42,339
    )
    
    
    266,719
    
    
    
    
    
    
    
    266,719
    
    
    
    
    
    
    1987
    
    N/A5705 Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,113,223
    
    
    
    
    
    
    
    50,087
    
    
    
    2,163,310
    
    
    
    
    
    
    
    2,163,310
    
    
    
    
    
    
    2001
    
    N/ABoca Colannade Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    3,649,792
    
    
    
    
    
    
    
    1,103,719
    
    
    
    4,753,511
    
    
    
    
    
    
    
    4,753,511
    
    
    
    
    
    
    1998
    
    N/ARivers Bend Land
    
    Chesterfield, VA
    
    
    
    
    
    
    1,695,415
    
    
    
    
    
    
    
    3,807,147
    
    
    
    5,502,561
    
    
    
    
    
    
    
    5,502,561
    
    
    
    
    
    
    1995
    
    N/A501 Hewlett Packard Way
    
    Chesterfield, VA
    
    
    
    
    
    
    165,042
    
    
    
    
    
    
    
    484,965
    
    
    
    650,007
    
    
    
    
    
    
    
    650,007
    
    
    
    
    
    
    1996
    
    N/AColumbia Crossing Land
    
    Columbis, MD
    
    
    
    
    
    
    3,865,848
    
    
    
    
    
    
    
    417,920
    
    
    
    4,283,768
    
    
    
    
    
    
    
    4,283,768
    
    
    
    
    
    
    2000
    
    N/ALiberty Place Land
    
    Eden Prairie, MN
    
    
    
    
    
    
    4,500,641
    
    
    
    
    
    
    
    (2,308,762
    )
    
    
    2,191,880
    
    
    
    
    
    
    
    2,191,880
    
    
    
    
    
    
    1998
    
    N/AIndependence Pointe Land
    
    Greenville, SC
    
    
    
    
    
    
    932,484
    
    
    
    
    
    
    
    1,512,636
    
    
    
    2,445,120
    
    
    
    
    
    
    
    2,445,120
    
    
    
    
    
    
    1997
    
    N/ASouthchase Business Park Land
    
    Greenville, SC
    
    
    
    
    
    
    1,369,712
    
    
    
    
    
    
    
    596,521
    
    
    
    1,966,232
    
    
    
    
    
    
    
    1,966,232
    
    
    
    
    
    
    1998
    
    N/AVolvo Center Land
    
    Hampton, VA
    
    
    
    
    
    
    1,650,423
    
    
    
    
    
    
    
    (515,359
    )
    
    
    1,135,065
    
    
    
    
    
    
    
    1,135,065
    
    
    
    
    
    
    2000
    
    N/ALakefront Plaza II Land
    
    Hampton, VA
    
    
    
    
    
    
    132,785
    
    
    
    
    
    
    
    92,583
    
    
    
    225,368
    
    
    
    
    
    
    
    225,368
    
    
    
    
    
    
    2001
    
    N/APatapsco Valley Business Center
    
    Hanover, MD
    
    
    
    
    
    
    4,299,366
    
    
    
    
    
    
    
    1,694,367
    
    
    
    5,993,733
    
    
    
    
    
    
    
    5,993,733
    
    
    
    
    
    
    2004
    
    N/AMendenhall Land
    
    High Point, NC
    
    
    
    
    
    
    1,910,135
    
    
    
    
    
    
    
    4,253,485
    
    
    
    6,163,620
    
    
    
    
    
    
    
    6,163,620
    
    
    
    
    
    
    1995
    
    N/APiedmont Centre Land
    
    High Point, NC
    
    
    
    
    
    
    1,621,044
    
    
    
    
    
    
    
    241,932
    
    
    
    1,862,976
    
    
    
    
    
    
    
    1,862,976
    
    
    
    
    
    
    2004
    
    N/AHorsham Business Center Land
    
    Horsham, PA
    
    
    
    
    
    
    9,620,495
    
    
    
    
    
    
    
    (9,539,695
    )
    
    
    80,800
    
    
    
    
    
    
    
    80,800
    
    
    
    
    
    
    2005
    
    N/ACommonwealth Corporate Center Land
    
    Horsham, PA
    
    
    
    
    
    
    3,047,683
    
    
    
    
    
    
    
    3,995
    
    
    
    3,051,677
    
    
    
    
    
    
    
    3,051,677
    
    
    
    
    
    
    2005
    
    N/ACentral Green Land
    
    Houston, TX
    
    
    
    
    
    
    481,229
    
    
    
    
    
    
    
    13,185
    
    
    
    494,414
    
    
    
    
    
    
    
    494,414
    
    
    
    
    
    
    2001
    
    N/ANoxell Land
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,166,068
    
    
    
    
    
    
    
    838,437
    
    
    
    3,004,505
    
    
    
    
    
    
    
    3,004,505
    
    
    
    
    
    
    2001
    
    N/ALiberty Business Park Land
    
    Jacksonville, FL
    
    
    
    
    
    
    448,097
    
    
    
    
    
    
    
    90,019
    
    
    
    538,116
    
    
    
    
    
    
    
    538,116
    
    
    
    
    
    
    1995
    
    N/A7024 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    468,643
    
    
    
    
    
    
    
    356,309
    
    
    
    824,952
    
    
    
    
    
    
    
    824,952
    
    
    
    
    
    
    1995
    
    N/ABelfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    468,643
    
    
    
    
    
    
    
    109,850
    
    
    
    578,493
    
    
    
    
    
    
    
    578,493
    
    
    
    
    
    
    1998
    
    N/AButler Plaza Land
    
    Jacksonville, FL
    
    
    
    
    
    
    1,303,792
    
    
    
    
    
    
    
    1,714,406
    
    
    
    3,018,198
    
    
    
    
    
    
    
    3,018,198
    
    
    
    
    
    
    1998
    
    N/ASalisbury Road Land
    
    Jacksonville, FL
    
    
    
    
    
    
    880,828
    
    
    
    
    
    
    
    698,516
    
    
    
    1,579,344
    
    
    
    
    
    
    
    1,579,344
    
    
    
    
    
    
    2000
    
    N/ASkinner Land Parcel B
    
    Jacksonville, FL
    
    
    
    
    
    
    2,306,191
    
    
    
    
    
    
    
    592
    
    
    
    2,306,783
    
    
    
    
    
    
    
    2,306,783
    
    
    
    
    
    
    2005
    
    N/ABoulders Business Center Land
    
    Lehigh, PA
    
    
    
    
    
    
    25,581,432
    
    
    
    
    
    
    
    (6,263,273
    )
    
    
    19,318,159
    
    
    
    
    
    
    
    19,318,159
    
    
    
    
    
    
    2004
    
    N/AMill Run Land
    
    Lehigh, PA
    
    
    
    
    
    
    2,882,221
    
    
    
    
    
    
    
    31,423
    
    
    
    2,913,643
    
    
    
    
    
    
    
    2,913,643
    
    
    
    
    
    
    2005
    
    N/ACommodore Business Park
    
    Logan, NJ
    
    
    
    
    
    
    1,756,748
    
    
    
    
    
    
    
    (60,293
    )
    
    
    1,696,455
    
    
    
    
    
    
    
    1,696,455
    
    
    
    
    
    
    1995
    
    N/AQuarry Ridge Land
    
    Malvern, PA
    
    
    
    
    
    
    8,398,708
    
    
    
    
    
    
    
    2,803,093
    
    
    
    11,186,285
    
    
    
    15,515
    
    
    
    11,201,800
    
    
    
    
    
    
    2001
    
    N/APark Place South Land
    
    Milwaukee, WI
    
    
    
    
    
    
    2,362,904
    
    
    
    
    
    
    
    1,180,869
    
    
    
    3,543,774
    
    
    
    
    
    
    
    3,543,774
    
    
    
    
    
    
    1999
    
    N/A306 & 330 Fellowship Road
    
    Mount Laurel, NJ
    
    
    
    
    
    
    3,730,570
    
    
    
    
    
    
    
    
    
    
    
    3,730,570
    
    
    
    
    
    
    
    3,730,570
    
    
    
    
    
    
    2005
    
    N/AOrlando Corporate Center Land
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    (73,850
    )
    
    
    829,851
    
    
    
    
    
    
    
    829,851
    
    
    
    
    
    
    2000
    
    N/ABeeland Industrial Park Land
    
    Orlando, FL
    
    
    
    
    
    
    1,780,809
    
    
    
    
    
    
    
    563,071
    
    
    
    2,343,880
    
    
    
    
    
    
    
    2,343,880
    
    
    
    
    
    
    2004
    
    N/ASouth Center Land  Phase II
    
    Orlando, FL
    
    
    
    
    
    
    838,853
    
    
    
    
    
    
    
    (77,577
    )
    
    
    761,276
    
    
    
    
    
    
    
    761,276
    
    
    
    
    
    
    2004
    
    N/AMaitland Summit Park Land
    
    Orlando, FL
    
    
    
    
    
    
    4,388,905
    
    
    
    
    
    
    
    23,512
    
    
    
    4,412,417
    
    
    
    
    
    
    
    4,412,417
    
    
    
    
    
    
    2005
    
    N/AJFK & Arch Parking Lots/Land (West)
    
    Philadelphia, PA
    
    
    
    
    
    
    4,700,222
    
    
    
    
    
    
    
    (1,633,306
    )
    
    
    3,066,916
    
    
    
    
    
    
    
    3,066,916
    
    
    
    
    
    
    2000
    
    N/AEastport VII
    
    Richmond, VA
    
    
    
    
    
    
    787,091
    
    
    
    
    
    
    
    843,729
    
    
    
    1,630,820
    
    
    
    
    
    
    
    1,630,820
    
    
    
    
    
    
    1997
    
    N/AEastport VIII
    
    Richmond, VA
    
    
    
    
    
    
    379,836
    
    
    
    
    
    
    
    6,187
    
    
    
    386,023
    
    
    
    
    
    
    
    386,023
    
    
    
    
    
    
    1997
    
    N/AEastport IX
    
    Richmond, VA
    
    
    
    
    
    
    209,856
    
    
    
    
    
    
    
    5,096
    
    
    
    214,952
    
    
    
    
    
    
    
    214,952
    
    
    
    
    
    
    1997
    
    N/AWesterre Land
    
    Richmond, VA
    
    
    
    
    
    
    725,109
    
    
    
    
    
    
    
    267,056
    
    
    
    992,165
    
    
    
    
    
    
    
    992,165
    
    
    
    
    
    
    2003
    
    N/AIRS Distribution Ctr Land
    
    Richmond, VA
    
    
    
    
    
    
    100,000
    
    
    
    
    
    
    
    (87,019
    )
    
    
    12,981
    
    
    
    
    
    
    
    12,981
    
    
    
    
    
    
    1995
    
    N/ARomulus Land
    
    Romulus, MI
    
    
    
    
    
    
    788,338
    
    
    
    
    
    
    
    624,330
    
    
    
    1,412,668
    
    
    
    
    
    
    
    1,412,668
    
    
    
    
    
    
    1998
    
    N/AWoodlands Center Land
    
    Sandston, VA
    
    
    
    
    
    
    928,555
    
    
    
    
    
    
    
    285,461
    
    
    
    1,214,017
    
    
    
    
    
    
    
    1,214,017
    
    
    
    
    
    
    1996
    
    N/ANorthsight Land
    
    Scottsdale, AZ
    
    
    
    
    
    
    7,247,107
    
    
    
    
    
    
    
    
    
    
    
    7,247,107
    
    
    
    
    
    
    
    7,247,107
    
    
    
    
    
    
    2005
    
    N/AWoodlands Center Land
    
    Suffolk, VA
    
    
    
    
    
    
    678,039
    
    
    
    
    
    
    
    11,461
    
    
    
    689,500
    
    
    
    
    
    
    
    689,500
    
    
    
    
    
    
    2005
    
    N/AWoodlands Center Land
    
    Suffolk, VA
    
    
    
    
    
    
    904,052
    
    
    
    
    
    
    
    14,245
    
    
    
    918,297
    
    
    
    
    
    
    
    918,297
    
    
    
    
    
    
    2005
    
    N/ASilo Bend Land
    
    Tampa, FL
    
    
    
    
    
    
    81,802
    
    
    
    
    
    
    
    1,660,245
    
    
    
    1,742,047
    
    
    
    
    
    
    
    1,742,047
    
    
    
    
    
    
    1996
    
    N/AWoodland Corporate Center Land
    
    Tampa, FL
    
    
    
    
    
    
    2,002,231
    
    
    
    
    
    
    
    (223,628
    )
    
    
    1,778,604
    
    
    
    
    
    
    
    1,778,604
    
    
    
    
    
    
    1998
    
    N/A6119 W. Linebaugh Avenue
    
    Tampa, FL
    
    
    
    
    
    
    175,886
    
    
    
    
    
    
    
    22,320
    
    
    
    198,205
    
    
    
    
    
    
    
    198,205
    
    
    
    
    
    
    2000
    
    N/ABig Beaver Airport Land
    
    Troy, MI
    
    
    
    
    
    
    6,604,631
    
    
    
    
    
    
    
    (4,948,875
    )
    
    
    1,655,756
    
    
    
    
    
    
    
    1,655,756
    
    
    
    
    
    
    1999
    
    N/ASubtotal Land Held for Development
    
    
    
    $
    
    
    
    $
    144,959,109
    
    
    $
    
    
    
    $
    13,693,891
    
    
    $
    158,637,485
    
    
    $
    15,515
    
    
    $
    158,653,000
    
    
    $
    Total All Properties
    
    
    
    $
    71,651,258
    
    
    $
    791,079,225
    
    
    $
    1,779,852,892
    
    
    $
    2,273,087,885
    
    
    $
    788,599,485
    
    
    $
    4,055,420,515
    
    
    $
    4,844,020,000
    
    
    $
    748,818,000
 
 *
    
    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. 105




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##### Table of Contents



SCHEDULE III
 LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
(In thousands)
  FOR THE YEARS ENDEDDECEMBER 31,2005
    
    
    2004
    
    
    2003REAL ESTATE:Balance at beginning of year
    
    $
    4,491,412
    
    
    $
    4,129,270
    
    
    $
    3,860,260Additions
    
    
    658,041
    
    
    
    410,293
    
    
    
    309,818Disposition of property
    
    
    (305,433
    )
    
    
    (48,151
    )
    
    
    (40,808
    )Balance at end of year
    
    $
    4,844,020
    
    
    $
    4,491,412
    
    
    $
    4,129,270ACCUMULATED DEPRECIATION:Balance at beginning of year
    
    $
    692,649
    
    
    $
    584,841
    
    
    $
    483,807Depreciation expense
    
    
    123,278
    
    
    
    114,199
    
    
    
    105,093Disposition of property
    
    
    (67,109
    )
    
    
    (6,391
    )
    
    
    (4,059
    )Balance at end of year
    
    $
    748,818
    
    
    $
    692,649
    
    
    $
    584,841
 106




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##### Table of Contents



ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
  
 ITEM 9A. CONTROLS AND PROCEDURES
 Evaluation of Disclosure Controls and Procedures
  Managements Annual Reports on Internal Control Over Financial Reporting
  Attestation Reports of the Registered Public Accounting Firm
  Changes in Internal Controls
  
 ITEM 9B. OTHER INFORMATION
  107




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##### Table of Contents



PART III
 
 ITEM 10. TRUSTEES AND EXECUTIVE OFFICERS OF THE REGISTRANTS
  
 ITEM 11. EXECUTIVE COMPENSATION
  
 ITEM
12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
SHAREHOLDER MATTERS
  Securities Authorized for Issuance Under Equity Compensation Plans
  
 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
  
 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
  108




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##### Table of Contents



PART IV
 
 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
  1. REPORTS OF ERNST & YOUNG LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND
CONSOLIDATED FINANCIAL STATEMENTS
 Managements Annual Report on Internal Control Over Financial Reporting  Liberty Property
Trust
 Reports of Independent Registered Public Accounting Firm  Liberty Property Trust
 Financial Statements  Liberty Property Trust
 
 
 
 
  Managements Annual Report on Internal Control Over Financial Reporting  Liberty Property
Limited Partnership
 Reports of Independent Registered Public Accounting Firm  Liberty Property Limited
Partnership
 Financial Statements  Liberty Property Limited Partnership
 
 
 
 
  2. FINANCIAL STATEMENT SCHEDULES:
     109




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##### Table of Contents



3. EXHIBITS
  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
    
    Articles of Amendment to Amended and Restated Declaration of Trust of the Trust, filed with
the State Department of Assessments and Taxation of Maryland on June 21, 2004. (Incorporated
by reference to Exhibit 3.1 with Registrants Quarterly Report on Form 10-Q for the fiscal
quarter ended June 30, 2004 (the Second Quarter 2004 Form 10-Q)).3.1.8
    
    Restatement of Amended Restated Declaration of Trust of the Trust, filed with the State
Department of Assessments and Taxation of Maryland on June 21, 2004. (Incorporated by
reference to Exhibit 3.2 to the Second Quarter 2004 Form 10-Q).3.1.9
    
    Articles Supplementary, as filed with the State Department of Assessments and Taxation of
Maryland on September 1, 2004 (Incorporated by reference to Exhibit 3(i) to the Current Report
on Form 8-K of the Registrants, filed with the Commission on September 2, 2004 (the September
2, 2004 Form 8-K))3.1.10
    
    Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust
relating to the 7.00% Series E Cumulative Redeemable Preferred Shares of Beneficial Interest.
(Incorporated by reference to Exhibit 3(i) to the Current Report on Form 8-K of the
Registrants, filed with the Securities and Exchange Commission on June 17, 2005 (the June 17,
2005 Form 8-K)).3.1.11
    
    Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust
relating to the 6.65% Series F Cumulative Redeemable Preferred Shares of Beneficial Interest.
(Incorporated by reference to Exhibit 3(i) to the Current Report on Form 8-K of the
Registrants, filed with the Securities and Exchange Commission on June 30, 2005 (the June 30,
2005 Form 8-K)).3.1.12
    
    Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust
relating to the 6.65% Series F Cumulative Redeemable Preferred Shares of Beneficial Interest.
(Incorporated
 110




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##### Table of Contents



EXHIBIT NO.
    
    DESCRIPTIONby reference to Exhibit 3(i) to the Current Report on Form 8-K of the Registrants,
filed with the Securities and Exchange Commission on August 24, 2005.)3.1.13
    
    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)).3.1.14
    
    First Amendment to Second Restated and Amended Agreement of Limited Partnership of the
Operating Partnership. (Incorporated by reference to Exhibit 3.1.1 to the Second Quarter 1999
Form 10-Q).3.1.15
    
    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).
 111




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##### Table of Contents



EXHIBIT NO.
    
    DESCRIPTION3.1.16
    
    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 Form
2002 10-Q).3.1.17
    
    Fourth Amendment to the Second Amended and Restated Agreement of Limited Partnership of the
Operating Partnership (Incorporated by reference to Exhibit 10 to the September 2, 2004 Form
8-K).3.1.18
    
    Fifth Amendment to the Second Amended and Restated Agreement of Limited Partnership of
Liberty Property Limited Partnership. (Incorporated by reference to Exhibit 10 to the June 17,
2005 8-K).3.1.19
    
    Sixth Amendment to the Second Amended and Restated Agreement of Limited Partnership of
Liberty Property Limited Partnership. (Incorporated by reference to Exhibit 10 to the June 30,
2005 8-K).3.1.20
    
    Amendment No. 1 to the Sixth Amendment to the Second Amended and Restated Agreement of
Limited Partnership of Liberty Property Limited Partnership. (Incorporated by reference to
Exhibit 10 to the Current Report on Form 8-K of the Registrants, filed with the Securities and
Exchange Commission on August 24, 2005.)3.1.21
    
    Amendment No. 2 to the Sixth Amendment to the Second Amended and Restated Agreement of
Limited Partnership of Liberty Property Limited Partnership. (Incorporated by reference to
Exhibit 10 to the Current Report on Form 8-K of the Registrants, filed with the Securities and
Exchange Commission on December 23, 2005.)3.1.22*
    
    Amended and Restated Schedule A to the Second Restated and Amended Agreement of Limited
Partnership of the Operating Partnership.3.1.23
    
    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).4.1.1
    
    First Amended and Restated Rights Agreement, dated as of September 14, 2004, between Liberty
Property Trust and Equiserve Trust Company, N.A., as Rights Agent (Incorporated by reference
to Exhibit 4 to the Current Report on Form 8-K of the Registrant filed with the Commission on
September 14, 2004).4.2
    
    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
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EXHIBIT NO.
    
    DESCRIPTIONOperating 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 10-Q for the fiscal quarter ended
September 30, 2002 (the Third Quarter 2002 Form 10-Q)).4.11
    
    Seventh Supplemental Indenture, dated as of August 10, 2004, 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, National Association. (as successor to the First National
Bank of Chicago), as Trustee, and relating to $200,000,000 principal amount of 5.65% Senior
Notes due 2012 of Liberty Property Limited Partnership. (Incorporated by reference to Exhibit
4.1.2 filed with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended
September 30, 2004 (the Third Quarter 2004 Form 10-Q)).4.12
    
    Eighth Supplemental Indenture, dated as of March 1, 2005, between Liberty Property Limited
Partnership, as Issuer, and Bank One Trust Company, as Trustee, supplementing the Senior
Indenture, dated as of October 24, 1997, between Liberty Property Limited Partnership, as
Obligor, and Bank One Trust Company, National Association (as successor to the First National
Bank of Chicago), as Trustee, and relating to $300,000,000 principal amount of 5.125% Senior
Notes due 2015 of Liberty Property Limited Partnership. (Incorporated by reference to Exhibit
4.2 filed with the Registrants Current Report on Form 8-K/A filed with the Commission on
March 1, 2005 (the March 2005 Form 8-K)).4.13
    
    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.
    
    DESCRIPTION4.14
    
    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).4.15
    
    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)).4.16
    
    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 dated as of March 15, 2005
(Incorporated by reference to the Registrants Quarterly Report on Form 10-Q for the fiscal
quarter ended March 31, 2005 (the First Quarter 2005 Form 10-Q)).10.2
    
    Contribution Agreement (Incorporated by reference to Exhibit 10.5 filed with the Form S-11).10.3
    
    Amended and Restated Limited Partnership Agreements of Pre-existing Pennsylvania Partnerships
(Incorporated by reference to Exhibit 10.6 filed with the Form S-11).10.4
    
    Agreement of Sale for the Acquisition Properties (Incorporated by reference to Exhibit 10.7
filed with the Form S-11).10.5
    
    Option Agreement and Right of First Offer (Incorporated by reference to Exhibit 10.8 filed
with the Form S-11).10.6
    
    Form of Indemnity Agreement (Incorporated by reference to Exhibit 10.9 filed with the Form
S-11).10.7
    
    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).10.8*
    
    Amended and Restated Credit Agreement, dated as of December 22, 2005, by and among the
Operating Partnership, the Trust, certain affiliated co-borrowers, with Bank of America, N.A.
as Administrative Agent, JPMorgan Chase Bank, N.A., as Syndication Agent, Wachovia Bank,
National Association, SunTrust Bank and Citizens Bank of Pennsylvania, as Documentation
Agents, PNC Bank, National Association and Wells Fargo Bank, National Association, as Managing
Agents, Banc of America Securities LLC and J.P. Morgan Securities Inc., as Joint Lead
Arrangers and Joint Bookrunners, and the lenders a party thereto.10.9
    
    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).10.10
    
    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).10.11
    
    Description of Compensation of Non-Employee Trustees. (Incorporated by reference to Exhibit
10.1 to the Current Report on Form 8-K of the Registrants filed with the Commission on
February 23, 2005.)
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EXHIBIT NO.
    
    DESCRIPTION10.12
    
    Form of Restricted Share Grant under the Liberty Property Trust Amended and Restated Share
Incentive Plan. (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K
of the Registrants filed with the Commission on February 24, 2005 (the February 24, 2005
8-K)).10.13
    
    Form of Option Grant under the Liberty Property Trust Amended and Restated Share Incentive
Plan. (Incorporated by reference to Exhibit 10.2 to the February 24, 2005 8-K).10.14
    
    Certain Elements of the Liberty Property Trust Executive Compensation Program.
(Incorporated by reference to Exhibit 10.3 to the February 24, 2005 8-K).12*
    
    Statement re: Computation of Ratios.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.)
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EXHIBIT NO.
    
    DESCRIPTION32.4*
    
    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.)
 
 *
    
    Filed herewith 116




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SIGNATURES
  LIBERTY PROPERTY TRUSTDate: March 14, 2006
    
    By: /s/ WILLIAM P. HANKOWSKYWILLIAM P. HANKOWSKYCHAIRMAN, PRESIDENT ANDCHIEF EXECUTIVE OFFICER
  /s/ WILLIAM P. HANKOWSKY
    
    Chairman of the Board of Trustees,
    
    March 14, 2006William P. Hankowsky
    
    President and Chief Executive Officer
(Principal Executive Officer)/s/ GEORGE J. ALBURGER, JR.
    
    Executive Vice President and
    
    March 14, 2006George J. Alburger, Jr.
    
    Chief Financial Officer
(Principal Financial and Accounting Officer)/s/ M. LEANNE LACHMAN
    
    Trustee
    
    March 14, 2006M. Leanne Lachman/s/ FREDERICK F. BUCHHOLZ
    
    Trustee
    
    March 14, 2006Frederick F. Buchholz/s/ J. ANTHONY HAYDEN
    
    Trustee
    
    March 14, 2006J. Anthony Hayden/s/ DAVID L. LINGERFELT
    
    Trustee
    
    March 14, 2006David L. Lingerfelt/s/ JOHN A. MILLER, CLU
    
    Trustee
    
    March 14, 2006John A. Miller, CLU/s/ STEPHEN B. SIEGEL
    
    Trustee
    
    March 14, 2006Stephen B. Siegel/s/ THOMAS C. DELOACH, JR.
    
    Trustee
    
    March 14, 2006Thomas C. DeLoach, Jr./s/ DANIEL P. GARTON
    
    Trustee
    
    March 14, 2006Daniel P. Garton/s/  JOSE A. MEJIA
    
    Trustee
    
    March 14, 2006Jose A. Mejia
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SIGNATURES
  LIBERTY PROPERTY LIMITED PARTNERSHIPBY: Liberty Property TrustGeneral PartnerDate: March 14, 2006
    
    By: /s/ WILLIAM P. HANKOWSKYWILLIAM P. HANKOWSKYCHAIRMAN, PRESIDENT ANDCHIEF EXECUTIVE OFFICER
  /s/ WILLIAM P. HANKOWSKY
    
    Chairman of the Board of
Trustees, PresidentWilliam P. Hankowsky
    
    and Chief Executive Officer
Trustee of the General Partner
    
    March 14, 2006/s/ M. LEANNE LACHMAN
    
    Trustee of the General Partner
    
    March 14, 2006M. Leanne Lachman/s/ FREDERICK F. BUCHHOLZ
    
    Trustee of the General Partner
    
    March 14, 2006Frederick F. Buchholz/s/ J. ANTHONY HAYDEN
    
    Trustee of the General Partner
    
    March 14, 2006J. Anthony Hayden/s/ DAVID L. LINGERFELT
    
    Trustee of the General Partner
    
    March 14, 2006David L. Lingerfelt/s/ JOHN A. MILLER, CLU
    
    Trustee of the General Partner
    
    March 14, 2006John A. Miller, CLU/s/ STEPHEN B. SIEGEL
    
    Trustee of the General Partner
    
    March 14, 2006Stephen B. Siegel/s/ THOMAS C. DELOACH, JR.
    
    Trustee of the General Partner
    
    March 14, 2006Thomas C. DeLoach, Jr./s/ DANIEL P. GARTON
    
    Trustee of the General Partner
    
    March 14, 2006Daniel P. Garton/s/  JOSE A. MEJIA
    
    Trustee of the General Partner
    
    March 14, 2006Jose A. Mejia
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EXHIBIT INDEX
 EXHIBIT NO.
    
    DESCRIPTION3.1.22
    
    Amended and Restated Schedule A to the Second Restated and Amended Agreement of Limited
Partnership of the Operating Partnership.10.8
    
    Amended and Restated Credit Agreement, (dated as of December 22, 2005) with Bank of America,
N.A. as Administrative Agent, JPMorgan Chase Bank, N.A., as Syndication Agent, Wachovia Bank,
National Association, Sun Trust Bank and Citizens Bank of Pennsylvania, as Documentation
Agents, PNC Bank, National Association and Wells Fargo Bank, National Association, as Managing
Agents, Banc of America Securities LLC and J.P. Morgan Securities Inc., as Joint Lead
Arrangers and Joint Bookrunners, and the lenders a party thereto.12
    
    Statement re: Computation of Ratios.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
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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.
 120