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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, 2009
 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)
    
    23-7768996PENNSYLVANIA(Liberty Property Limited Partnership)
    
    23-2766549(State or Other Jurisdiction
    
    (I.R.S. Employerof Incorporation or Organization)
    
    Identification Number)
 500 Chesterfield ParkwayMalvern, Pennsylvania
    
    19355(Address of Principal Executive Offices)
    
    (Zip Code)
 (610)648-1700
  TITLE OF EACH CLASS
    
    NAME OF EACH EXCHANGE
ON WHICH REGISTEREDCommon Shares of Beneficial Interest,
    
    New York Stock Exchange$0.001 par value(Liberty Property Trust)
   þ o
  o þ
  þ o
 þ
  o o
  Large Accelerated Filer þ
    
    Accelerated Filer o
    
    Non-Accelerated Filer o
(Do not check if a smaller reporting company)
    
    Smaller Reporting Company o
  o þ




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##### 



INDEX
 PagePart IItem 1. Business
    
    
    4Item 1A. Risk Factors
    
    
    8Item 1B. Unresolved Staff Comments
    
    
    17Item 2. Properties
    
    
    17Item 3. Legal Proceedings
    
    
    20Item 4. Submission of Matters to a Vote of Security Holders
    
    
    21Part IIItem 5. Market for Registrants Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
    
    
    22Item 6. Selected Financial Data
    
    
    24Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    26Item 7A. Quantitative and Qualitative Disclosures About Market Risk
    
    
    40Item 8. Financial Statements and Supplementary Data
    
    
    40Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    126Item 9A. Controls and Procedures
    
    
    126Item 9B. Other Information
    
    
    126Part IIIItem 10. Trustees, Executive Officers and Corporate Governance
    
    
    127Item 11. Executive Compensation
    
    
    127Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
    
    
    127Item 13. Certain Relationships and Related Transactions, and Trustee Independence
    
    
    127Item 14. Principal Accountant Fees and Services
    
    
    127Part IVItem 15. Exhibits and Financial Statement Schedules
    
    
    128Signatures for Liberty Property Trust
    
    
    136Signatures for Liberty Property Limited Partnership
    
    
    137Exhibit Index
    
    
    138Exhibit 3.1.24Exhibit 12Exhibit 21Exhibit 23.1Exhibit 23.2Exhibit 31.1Exhibit 31.2Exhibit 31.3Exhibit 31.4Exhibit 32.1Exhibit 32.2Exhibit 32.3Exhibit 32.4
   2




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3




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PART I
 
 ITEM 1. BUSINESS
 The Company
       4




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Management and Employees
  Segments and Markets
  Reportable Segments
    
    MarketsNortheast
    
    Southeastern PA; Lehigh/Central PA; New JerseyMidwest
    
    Minnesota; Milwaukee; ChicagoMid-Atlantic
    
    Maryland; Carolinas; Richmond; Virginia BeachSouth
    
    Jacksonville; Orlando; Boca Raton; Tampa; Texas; ArizonaPhiladelphia/D.C.
    
    Philadelphia; Northern Virginia/Washington, D.C.United Kingdom
    
    County of Kent; West Midlands
 Business Objective and Strategies for Growth
  Products
  Markets
   5




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Organizational Plan
  Internal Growth Strategies
  Maintain High Occupancies
  Cost Controls
  Customer Service
  Energy Efficiency Initiatives
     External Growth Strategies
    6




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Wholly Owned Properties
 Development
    Square Feet
    
    
    Percent Leased
    
    
    TotalScheduled In-Service Date
    
    Ind-Dist.
    
    
    Ind-Flex
    
    
    Office
    
    
    Total
    
    
    December 31, 2009
    
    
    Investment2nd Quarter 2010
    
    
    
    
    
    
    
    
    
    
    95
    
    
    
    95
    
    
    
    100.0
    %
    
    $
    24,8423rd Quarter 2010
    
    
    
    
    
    
    
    
    
    
    75
    
    
    
    75
    
    
    
    100.0
    %
    
    
    12,3414th Quarter 2010
    
    
    
    
    
    
    
    
    
    
    211
    
    
    
    211
    
    
    
    50.8
    %
    
    
    46,199Total
    
    
    
    
    
    
    
    
    
    
    381
    
    
    
    381
    
    
    
    72.7
    %
    
    $
    83,382
     7




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Acquisitions/Dispositions
   
 Joint Venture Properties
   Development
    Acquisitions/Dispositions
  
 ITEM 1A. RISK FACTORS
  Risks Related to Our Business
 Ongoing constraints in credit markets and the current economic downturn could adversely affect our
business and financial condition.
   8




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Recent developments in the general economy have affected some of our existing tenants, and could
have an adverse impact on our ability to collect rent or renew leases with these tenants, resulting
in a negative effect on our cash flow from operations.
  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.
  
    
    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
   9




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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.
  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
 
    
    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
  10




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
    
    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
 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 and operating entities, 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 similar to ours
 We may suffer adverse effects as a result of the terms of and covenants relating to our
indebtedness.
   11




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Our degree of leverage could limit our ability to obtain additional financing.
  Further issuances of equity securities may be dilutive to our existing 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 and may require us to depend on the financial performance of our co-venturers.
   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.
 
  12




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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.
  
    
    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
 
  13




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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.
   14




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Risks associated with potential borrowings necessary to make distributions to qualify as a REIT;
distributions can be made in Common Shares.
   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.
 Our charter contains an ownership limit on shares.
  15




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We have a staggered board and certain restrictive nominating procedures. Our Board of Trustees has
three classes of trustees
 We can issue preferred shares
 There are limitations on acquisition of and changes in control pursuant to, and fiduciary
protections of The Board under Maryland law
 Various factors out of our control could hurt the market value of our publicly traded securities.
    We no longer have a shareholder rights plan but are not precluded from adopting one.
 
  16




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Transactions by the Trust or the Operating Partnership could adversely affect debt holders.
  
 ITEM 1B. UNRESOLVED STAFF COMMENTS
  
 ITEM 2. PROPERTIES
      17




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Type
    
    Net Rent (1)
    
    
    Square Feet
    
    
    % LeasedNortheast
    
    Industrial
    
    -Distribution
    
    $
    61,380
    
    
    
    15,812
    
    
    
    87.0
    %-Flex
    
    
    32,468
    
    
    
    3,761
    
    
    
    92.6
    %Office
    
    
    
    
    119,873
    
    
    
    8,641
    
    
    
    91.9
    %Total
    
    
    
    
    213,721
    
    
    
    28,214
    
    
    
    89.3
    %Midwest
    
    Industrial
    
    -Distribution
    
    
    4,516
    
    
    
    1,073
    
    
    
    100.0
    %-Flex
    
    
    17,702
    
    
    
    2,344
    
    
    
    83.3
    %Office
    
    
    
    
    28,841
    
    
    
    2,584
    
    
    
    91.3
    %Total
    
    
    
    
    51,059
    
    
    
    6,001
    
    
    
    89.7
    %Mid-Atlantic
    
    Industrial
    
    -Distribution
    
    
    32,387
    
    
    
    8,582
    
    
    
    91.9
    %-Flex
    
    
    9,327
    
    
    
    1,315
    
    
    
    85.7
    %Office
    
    
    
    
    55,054
    
    
    
    4,459
    
    
    
    88.4
    %Total
    
    
    
    
    96,768
    
    
    
    14,356
    
    
    
    90.2
    %South
    
    Industrial
    
    -Distribution
    
    
    24,812
    
    
    
    5,758
    
    
    
    87.5
    %-Flex
    
    
    30,341
    
    
    
    3,779
    
    
    
    90.4
    %Office
    
    
    
    
    62,471
    
    
    
    4,962
    
    
    
    87.1
    %Total
    
    
    
    
    117,624
    
    
    
    14,499
    
    
    
    88.1
    %Philadelphia/D.C.
    
    Industrial
    
    -Distribution
    
    
    
    
    
    
    346
    
    
    
    100.0
    %-Flex
    
    
    1,780
    
    
    
    101
    
    
    
    100.0
    %Office
    
    
    
    
    11,259
    
    
    
    733
    
    
    
    99.5
    %Total
    
    
    
    
    13,039
    
    
    
    1,180
    
    
    
    99.7
    %United Kingdom
    
    Industrial
    
    -Distribution
    
    
    
    
    
    
    
    
    
    
    -Flex
    
    
    1,272
    
    
    
    44
    
    
    
    100.0
    %Office
    
    
    
    
    2,788
    
    
    
    90
    
    
    
    96.8
    %Total
    
    
    
    
    4,060
    
    
    
    134
    
    
    
    97.8
    %TOTAL
    
    Industrial
    
    -Distribution
    
    
    123,095
    
    
    
    31,571
    
    
    
    89.0
    %-Flex
    
    
    92,890
    
    
    
    11,344
    
    
    
    89.2
    %Office
    
    
    
    
    280,286
    
    
    
    21,469
    
    
    
    90.3
    %Total
    
    
    
    $
    496,271
    
    
    
    64,384
    
    
    
    89.5
    %Joint Ventures (2)
    
    Industrial
    
    -Distribution
    
    $
    33,263
    
    
    
    9,041
    
    
    
    86.4
    %-Flex
    
    
    4,080
    
    
    
    171
    
    
    
    96.2
    %Office
    
    
    
    
    101,808
    
    
    
    4,574
    
    
    
    90.0
    %$
    139,151
    
    
    
    13,786
    
    
    
    87.7
    %
 (1)
    
    Net rent represents the contractual rent per square foot multiplied by the tenants
square feet leased at December 31, 2009 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 96 properties owned by unconsolidated joint ventures in
which the Company has an interest.  18




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Total Properties in Operation
 Wholly Owned Properties in Operation:
 Industrial-Distribution
    
    
    Industrial-Flex
    
    
    Office
    
    
    TotalSquare
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    AnnualYear
    
    Feet
    
    
    Rent
    
    
    Feet
    
    
    Rent
    
    
    Feet
    
    
    Rent
    
    
    Feet
    
    
    Rent2010
    
    
    3,283
    
    
    $
    14,056
    
    
    
    1,585
    
    
    $
    14,236
    
    
    
    2,297
    
    
    $
    29,846
    
    
    
    7,165
    
    
    $
    58,1382011
    
    
    3,063
    
    
    
    13,736
    
    
    
    1,308
    
    
    
    12,201
    
    
    
    2,027
    
    
    
    29,022
    
    
    
    6,398
    
    
    
    54,9592012
    
    
    4,839
    
    
    
    22,457
    
    
    
    1,599
    
    
    
    15,175
    
    
    
    2,278
    
    
    
    38,289
    
    
    
    8,716
    
    
    
    75,9212013
    
    
    2,395
    
    
    
    11,954
    
    
    
    1,510
    
    
    
    15,019
    
    
    
    2,524
    
    
    
    41,630
    
    
    
    6,429
    
    
    
    68,6032014
    
    
    2,666
    
    
    
    13,728
    
    
    
    999
    
    
    
    10,509
    
    
    
    2,804
    
    
    
    43,520
    
    
    
    6,469
    
    
    
    67,7572015
    
    
    3,075
    
    
    
    15,029
    
    
    
    955
    
    
    
    9,973
    
    
    
    2,196
    
    
    
    32,202
    
    
    
    6,226
    
    
    
    57,204Thereafter
    
    
    8,779
    
    
    
    55,365
    
    
    
    2,167
    
    
    
    26,332
    
    
    
    5,258
    
    
    
    101,128
    
    
    
    16,204
    
    
    
    182,825Total
    
    
    28,100
    
    
    $
    146,325
    
    
    
    10,123
    
    
    $
    103,445
    
    
    
    19,384
    
    
    $
    315,637
    
    
    
    57,607
    
    
    $
    565,407
 Joint Venture Properties in Operation:
 Industrial-Distribution
    
    
    Industrial-Flex
    
    
    Office
    
    
    TotalSquare
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    AnnualYear
    
    Feet
    
    
    Rent
    
    
    Feet
    
    
    Rent
    
    
    Feet
    
    
    Rent
    
    
    Feet
    
    
    Rent2010
    
    
    474
    
    
    $
    2,559
    
    
    
    24
    
    
    $
    746
    
    
    
    381
    
    
    $
    8,468
    
    
    
    879
    
    
    $
    11,7732011
    
    
    1,060
    
    
    
    4,011
    
    
    
    11
    
    
    
    304
    
    
    
    452
    
    
    
    11,546
    
    
    
    1,523
    
    
    
    15,8612012
    
    
    401
    
    
    
    1,904
    
    
    
    63
    
    
    
    1,727
    
    
    
    174
    
    
    
    4,374
    
    
    
    638
    
    
    
    8,0052013
    
    
    896
    
    
    
    3,466
    
    
    
    
    
    
    
    
    
    
    
    153
    
    
    
    3,761
    
    
    
    1,049
    
    
    
    7,2272014
    
    
    1,124
    
    
    
    5,194
    
    
    
    25
    
    
    
    729
    
    
    
    398
    
    
    
    10,642
    
    
    
    1,547
    
    
    
    16,5652015
    
    
    956
    
    
    
    4,459
    
    
    
    
    
    
    
    
    
    
    
    194
    
    
    
    4,657
    
    
    
    1,150
    
    
    
    9,116Thereafter
    
    
    2,899
    
    
    
    15,493
    
    
    
    41
    
    
    
    1,161
    
    
    
    2,363
    
    
    
    77,261
    
    
    
    5,303
    
    
    
    93,915Total
    
    
    7,810
    
    
    $
    37,086
    
    
    
    164
    
    
    $
    4,667
    
    
    
    4,115
    
    
    $
    120,709
    
    
    
    12,089
    
    
    $
    162,462
 Properties in Operation:
 Industrial-Distribution
    
    
    Industrial-Flex
    
    
    Office
    
    
    TotalSquare
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    AnnualYear
    
    Feet
    
    
    Rent
    
    
    Feet
    
    
    Rent
    
    
    Feet
    
    
    Rent
    
    
    Feet
    
    
    Rent2010
    
    
    3,757
    
    
    $
    16,615
    
    
    
    1,609
    
    
    $
    14,982
    
    
    
    2,678
    
    
    $
    38,314
    
    
    
    8,044
    
    
    $
    69,9112011
    
    
    4,123
    
    
    
    17,747
    
    
    
    1,319
    
    
    
    12,505
    
    
    
    2,479
    
    
    
    40,568
    
    
    
    7,921
    
    
    
    70,8202012
    
    
    5,240
    
    
    
    24,361
    
    
    
    1,662
    
    
    
    16,902
    
    
    
    2,452
    
    
    
    42,663
    
    
    
    9,354
    
    
    
    83,9262013
    
    
    3,291
    
    
    
    15,420
    
    
    
    1,510
    
    
    
    15,019
    
    
    
    2,677
    
    
    
    45,391
    
    
    
    7,478
    
    
    
    75,8302014
    
    
    3,790
    
    
    
    18,922
    
    
    
    1,024
    
    
    
    11,238
    
    
    
    3,202
    
    
    
    54,162
    
    
    
    8,016
    
    
    
    84,3222015
    
    
    4,031
    
    
    
    19,488
    
    
    
    955
    
    
    
    9,973
    
    
    
    2,390
    
    
    
    36,859
    
    
    
    7,376
    
    
    
    66,320Thereafter
    
    
    11,678
    
    
    
    70,858
    
    
    
    2,208
    
    
    
    27,493
    
    
    
    7,621
    
    
    
    178,389
    
    
    
    21,507
    
    
    
    276,740Total
    
    
    35,910
    
    
    $
    183,411
    
    
    
    10,287
    
    
    $
    108,112
    
    
    
    23,499
    
    
    $
    436,346
    
    
    
    69,696
    
    
    $
    727,869
  19




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##### Table of Contents



Percentage
    
    
    
    
    PercentageTop 10 Office Tenants
    
    of Net Rent
    
    
    Top 10 Industrial Tenants
    
    of Net RentThe Vanguard Group, Inc.
    
    
    4.1
    %
    
    Kellogg USA, Inc.
    
    
    1.3
    %GlaxoSmithKline
    
    
    2.2
    %
    
    Home Depot U.S.A., Inc.
    
    
    1.1
    %United States of America
    
    
    1.4
    %
    
    Wakefern Food Corp.
    
    
    1.0
    %General Motors Acceptance Corporation
    
    
    1.4
    %
    
    United Parcel Services, Inc.
    
    
    0.7
    %Comcast Corporation
    
    
    1.3
    %
    
    Ozburn Hessey Logistics, L.L.C.
    
    
    0.6
    %Sanofi-Aventis U.S., Inc.
    
    
    1.1
    %
    
    Amazon.com
    
    
    0.6
    %PNC Bank, National Association
    
    
    1.0
    %
    
    The Dial Corporation
    
    
    0.6
    %WellCare Health Plans, Inc.
    
    
    1.0
    %
    
    Uline, Inc.
    
    
    0.5
    %United Healthcare Services, Inc.
    
    
    1.0
    %
    
    Broder Bros., Inc.
    
    
    0.5
    %Hartford Fire Insurance Company
    
    
    1.0
    %
    
    Foxconn Corporation
    
    
    0.5
    %15.5
    %
    
    
    
    
    7.4
    %
 
 ITEM 3. LEGAL PROCEEDINGS
      20




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##### Table of Contents



ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
   21




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##### Table of Contents



PART II
 
 ITEM 5. MARKET FOR THE REGISTRANTS COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND RELATED ISSUER
PURCHASES OF EQUITY SECURITIES
  DividendsDeclared PerHigh
    
    
    Low
    
    
    Common Share2009Fourth Quarter
    
    $
    33.05
    
    
    $
    28.36
    
    
    $
    0.475Third Quarter
    
    
    35.11
    
    
    
    21.23
    
    
    
    0.475Second Quarter
    
    
    25.61
    
    
    
    18.93
    
    
    
    0.475First Quarter
    
    
    23.32
    
    
    
    16.90
    
    
    
    0.4752008Fourth Quarter
    
    $
    37.27
    
    
    $
    12.93
    
    
    $
    0.475Third Quarter
    
    
    40.89
    
    
    
    31.43
    
    
    
    0.625Second Quarter
    
    
    37.11
    
    
    
    32.60
    
    
    
    0.625First Quarter
    
    
    33.24
    
    
    
    25.85
    
    
    
    0.625
     22




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23




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##### Table of Contents



ITEM 6. SELECTED FINANCIAL DATA
  Liberty Property Trust
 Operating Data
    
    Year Ended December 31,(In thousands, except per share data)
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Total operating revenue
    
    $
    744,257
    
    
    $
    731,352
    
    
    $
    669,144
    
    
    $
    590,001
    
    
    $
    559,834Income from continuing operations
    
    $
    54,182
    
    
    $
    149,560
    
    
    $
    141,166
    
    
    $
    153,455
    
    
    $
    209,298Net income
    
    $
    78,992
    
    
    $
    180,106
    
    
    $
    190,310
    
    
    $
    292,043
    
    
    $
    272,316Basic:Income from continuing operations
    
    $
    0.30
    
    
    $
    1.31
    
    
    $
    1.27
    
    
    $
    1.50
    
    
    $
    2.18Income from discontinued operations
    
    $
    0.22
    
    
    $
    0.31
    
    
    $
    0.54
    
    
    $
    1.48
    
    
    $
    0.69Income per common share
    
    $
    0.52
    
    
    $
    1.62
    
    
    $
    1.81
    
    
    $
    2.98
    
    
    $
    2.87Diluted:Income from continuing operations
    
    $
    0.30
    
    
    $
    1.31
    
    
    $
    1.26
    
    
    $
    1.48
    
    
    $
    2.13Income from discontinued operations
    
    $
    0.22
    
    
    $
    0.31
    
    
    $
    0.54
    
    
    $
    1.47
    
    
    $
    0.69Income per common share
    
    $
    0.52
    
    
    $
    1.62
    
    
    $
    1.80
    
    
    $
    2.95
    
    
    $
    2.82Distributions paid per common share
    
    $
    1.900
    
    
    $
    2.500
    
    
    $
    2.485
    
    
    $
    2.465
    
    
    $
    2.445Weighted average number of shares outstanding  basic (1)
    
    
    107,550
    
    
    
    93,615
    
    
    
    91,197
    
    
    
    89,361
    
    
    
    87,215Weighted average number of shares outstanding   diluted (2)
    
    
    108,002
    
    
    
    93,804
    
    
    
    91,803
    
    
    
    90,492
    
    
    
    88,376
 Balance Sheet Data
    
    December 31,(In thousands)
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Net real estate
    
    $
    4,452,214
    
    
    $
    4,485,095
    
    
    $
    4,845,066
    
    
    $
    4,258,265
    
    
    $
    3,880,021Total assets
    
    
    5,227,421
    
    
    
    5,217,035
    
    
    
    5,643,937
    
    
    
    4,910,911
    
    
    
    4,500,322Total indebtedness
    
    
    2,456,875
    
    
    
    2,590,167
    
    
    
    3,021,129
    
    
    
    2,387,938
    
    
    
    2,249,178Liberty Property Trust Shareholders equity
    
    
    2,122,295
    
    
    
    1,958,779
    
    
    
    1,837,025
    
    
    
    1,870,855
    
    
    
    1,722,237
 Other Data
    
    Year Ended December 31,(Dollars in thousands)
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Cash provided by operating activities
    
    $
    298,571
    
    
    $
    265,949
    
    
    $
    346,752
    
    
    $
    324,573
    
    
    $
    360,749Cash (used in) provided by investing activities
    
    
    (5,702
    )
    
    
    52,553
    
    
    
    (758,924
    )
    
    
    (334,942
    )
    
    
    (286,633
    )Cash (used in) provided by financing activities
    
    
    (74,033
    )
    
    
    (331,314
    )
    
    
    396,322
    
    
    
    (327
    )
    
    
    (39,470
    )Funds from operations available to common shareholders (3)
    
    
    222,106
    
    
    
    313,910
    
    
    
    305,216
    
    
    
    294,801
    
    
    
    293,973Total leaseable square footage of Wholly Owned Properties in
Operation at end of period (in thousands)
    
    
    64,384
    
    
    
    63,799
    
    
    
    62,079
    
    
    
    59,160
    
    
    
    60,613Total leasable square footage of JV Properties in Operation
at end of period (in thousands)
    
    
    13,786
    
    
    
    13,069
    
    
    
    11,462
    
    
    
    6,172
    
    
    
    3,758Wholly Owned Properties in Operation at end of period
    
    
    639
    
    
    
    654
    
    
    
    649
    
    
    
    672
    
    
    
    675JV Properties in Operation at end of period
    
    
    96
    
    
    
    95
    
    
    
    91
    
    
    
    48
    
    
    
    43Wholly Owned Properties in Operation percentage leased at
end of period
    
    
    89
    %
    
    
    91
    %
    
    
    93
    %
    
    
    94
    %
    
    
    92
    %JV Properties in Operation percentage leased at end of period
    
    
    88
    %
    
    
    92
    %
    
    
    94
    %
    
    
    95
    %
    
    
    99
    %
  24




---



##### Table of Contents



Liberty Property Limited Partnership
 Operating Data
    
    Year Ended December 31,(In thousands, except per share data)
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Total operating revenue
    
    $
    744,257
    
    
    $
    731,352
    
    
    $
    669,144
    
    
    $
    590,001
    
    
    $
    559,834Income from continuing operations
    
    $
    54,182
    
    
    $
    149,560
    
    
    $
    141,166
    
    
    $
    153,455
    
    
    $
    209,298Income available to common unitholders
    
    $
    78,992
    
    
    $
    180,106
    
    
    $
    190,310
    
    
    $
    292,043
    
    
    $
    272,316Basic:Income from continuing operations
    
    $
    0.30
    
    
    $
    1.31
    
    
    $
    1.27
    
    
    $
    1.50
    
    
    $
    2.18Income from discontinued operations
    
    $
    0.22
    
    
    $
    0.31
    
    
    $
    0.54
    
    
    $
    1.48
    
    
    $
    0.69Income per common unit
    
    $
    0.52
    
    
    $
    1.62
    
    
    $
    1.81
    
    
    $
    2.98
    
    
    $
    2.87Diluted:Income from continuing operations
    
    $
    0.30
    
    
    $
    1.31
    
    
    $
    1.26
    
    
    $
    1.48
    
    
    $
    2.13Income from discontinued operations
    
    $
    0.22
    
    
    $
    0.31
    
    
    $
    0.54
    
    
    $
    1.47
    
    
    $
    0.69Income per common unit
    
    $
    0.52
    
    
    $
    1.62
    
    
    $
    1.80
    
    
    $
    2.95
    
    
    $
    2.82Distributions paid per common unit
    
    $
    1.900
    
    
    $
    2.500
    
    
    $
    2.485
    
    
    $
    2.465
    
    
    $
    2.445Weighted average number of units outstanding  basic (1)
    
    
    111,568
    
    
    
    97,805
    
    
    
    95,387
    
    
    
    93,256
    
    
    
    90,769Weighted average number of units outstanding   diluted (2)
    
    
    112,020
    
    
    
    97,994
    
    
    
    95,993
    
    
    
    94,387
    
    
    
    91,931
 Balance Sheet Data
    
    December 31,(In thousands)
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Net real estate
    
    $
    4,452,214
    
    
    $
    4,485,095
    
    
    $
    4,845,066
    
    
    $
    4,258,265
    
    
    $
    3,880,021Total assets
    
    
    5,227,421
    
    
    
    5,217,035
    
    
    
    5,643,937
    
    
    
    4,910,911
    
    
    
    4,500,322Total indebtedness
    
    
    2,456,875
    
    
    
    2,590,167
    
    
    
    3,021,129
    
    
    
    2,387,938
    
    
    
    2,249,178Owners equity
    
    
    2,483,169
    
    
    
    1,945,516
    
    
    
    1,800,969
    
    
    
    1,752,478
    
    
    
    1,626,919
 Other Data
    
    Year Ended December 31,(Dollars in thousands)
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Cash provided by operating activities
    
    $
    298,571
    
    
    $
    265,949
    
    
    $
    346,752
    
    
    $
    324,573
    
    
    $
    360,749Cash (used in) provided by investing activities
    
    
    (5,702
    )
    
    
    52,553
    
    
    
    (758,924
    )
    
    
    (334,942
    )
    
    
    (286,633
    )Cash (used in) provided by financing activities
    
    
    (74,033
    )
    
    
    (331,314
    )
    
    
    396,322
    
    
    
    (327
    )
    
    
    (39,470
    )Funds from operations available to common shareholders (3)
    
    
    222,106
    
    
    
    313,910
    
    
    
    305,216
    
    
    
    294,801
    
    
    
    293,973Total leaseable square footage of Wholly Owned Properties in
Operation at end of period (in thousands)
    
    
    64,384
    
    
    
    63,799
    
    
    
    62,079
    
    
    
    59,160
    
    
    
    60,613Total leasable square footage of JV Properties in Operation
at end
of period (in thousands)
    
    
    13,786
    
    
    
    13,069
    
    
    
    11,462
    
    
    
    6,172
    
    
    
    3,758Wholly Owned Properties in Operation at end of period
    
    
    639
    
    
    
    654
    
    
    
    649
    
    
    
    672
    
    
    
    675JV Properties in Operation at end of period
    
    
    96
    
    
    
    95
    
    
    
    91
    
    
    
    48
    
    
    
    43Wholly Owned Properties in Operation percentage leased at
end of period
    
    
    89
    %
    
    
    91
    %
    
    
    93
    %
    
    
    94
    %
    
    
    92
    %JV Properties in Operation percentage leased at end of period
    
    
    88
    %
    
    
    92
    %
    
    
    94
    %
    
    
    95
    %
    
    
    99
    %
 
 (1)
    
    Basic weighted average number of shares includes vested Common Shares (Liberty Property
Trust)/Common Units (Liberty Property Limited Partnership) outstanding during the year.(2)
    
    Diluted weighted average number of shares outstanding includes the vested and unvested Common
Shares (Liberty Property Trust)/Common Units (Liberty Property Limited Partnership)
outstanding during the year as well as the dilutive effect of outstanding options.(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 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 39.  25




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##### Table of Contents



ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 Overview
         26




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##### Table of Contents



WHOLLY OWNED CAPITAL ACTIVITY
 Acquisitions
  Dispositions
  Development
   JOINT VENTURE CAPITAL ACTIVITY
  Acquisitions
  Dispositions
  Development
   27




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##### Table of Contents



Forward-Looking Statements
  Critical Accounting Policies and Estimates
   Capitalized Costs
  Revenue Recognition
  Allowance for Doubtful Accounts
   28




---



##### Table of Contents



Impairment of Real Estate
  Intangibles
 Business Combinations
 Intangibles  Goodwill and
Other
 Investments in Unconsolidated Joint Ventures
 Consolidation
   29




---



##### Table of Contents



December 31, 2009Before Impairment
    
    
    Impairment
    
    
    After ImpairmentLiberty Venture I, LP
    
    $
    11,238
    
    
    
    
    
    
    $
    11,238Kings Hill Unit Trust
    
    
    3,198
    
    
    
    
    
    
    
    3,198Liberty Illinois, LP
    
    
    26,531
    
    
    
    6,964
    
    
    
    19,567Liberty AIPO LP
    
    
    13,302
    
    
    
    
    
    
    
    13,302Silversword Properties, Ltd.
    
    
    10,618
    
    
    
    2,170
    
    
    
    8,448Cambridge Medipark Ltd.
    
    
    6,618
    
    
    
    
    
    
    
    6,618Blythe Valley JV Sarl
    
    
    8,991
    
    
    
    5,608
    
    
    
    3,383Liberty Washington, LP
    
    
    137,429
    
    
    
    64,060
    
    
    
    73,369Liberty Commerz 1701 JFK Boulevard, LP
    
    
    36,461
    
    
    
    
    
    
    
    36,461Total
    
    $
    254,386
    
    
    $
    78,802
    
    
    $
    175,584
   Results of Operations
   Comparison of Year Ended December 31, 2009 to Year Ended December 31, 2008
 Overview
   30




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##### Table of Contents



Segments
   Year Ended December 31,
    
    
    Percentage2009
    
    
    2008
    
    
    Increase (Decrease)Northeast Southeastern PA
    
    $
    124,298
    
    
    $
    119,243
    
    
    
    4.2
    % Lehigh/Central PA
    
    
    73,372
    
    
    
    70,793
    
    
    
    3.6
    % New Jersey
    
    
    18,365
    
    
    
    19,640
    
    
    
    (6.5
    %)(1)Midwest
    
    
    51,124
    
    
    
    51,704
    
    
    
    (1.1
    %)Mid-Atlantic
    
    
    96,434
    
    
    
    98,164
    
    
    
    (1.8
    %)South
    
    
    123,704
    
    
    
    113,946
    
    
    
    8.6
    %(2)Philadelphia/D.C.
    
    
    16,848
    
    
    
    21,635
    
    
    
    (22.1
    %)(3)United Kingdom
    
    
    3,468
    
    
    
    3,295
    
    
    
    5.3
    %Total property level operating income (4)
    
    $
    507,613
    
    
    $
    498,420
    
    
    
    1.8
    %
 (1)
    
    The decrease was primarily due to a decrease in occupancy and a decrease in rental rates.
This decrease was partially offset by an increase in average gross investment in operating
real estate in 2009.(2)
    
    The increase was primarily due to an increase in average gross investment in operating real
estate, an increase in occupancy, and an increase in rental rates.(3)
    
    The decrease was primarily due to the effect of changes in the Companys interest in Comcast
Center during the relevant periods. Comcast Center was a wholly owned 1.25 million square
foot development property which came into service incrementally from the third quarter of 2007
through the first quarter of 2008. The property was transferred to an unconsolidated joint
venture in which the Company holds in interest on March 31, 2008.(4)
    
    See a reconciliation of property level operating income to net income in the Same Store
comparison below. Same Store
    31




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##### Table of Contents



Year Ended December 31,2009
    
    
    2008Same Store:Rental revenue
    
    $
    491,386
    
    
    $
    488,334Operating expenses:Rental property expense
    
    
    147,510
    
    
    
    148,784Real estate taxes
    
    
    79,454
    
    
    
    80,407Operating expense recovery
    
    
    (216,880
    )
    
    
    (219,487
    )Unrecovered operating expenses
    
    
    10,084
    
    
    
    9,704Property level operating income
    
    
    481,302
    
    
    
    478,630Less straight line rent
    
    
    12,438
    
    
    
    11,530Cash basis property level operating income
    
    $
    468,864
    
    
    $
    467,100Reconciliation of non-GAAP financial measure  Same Store:Cash basis property level operating income
    
    $
    468,864
    
    
    $
    467,100Straight line rent
    
    
    12,438
    
    
    
    11,530Same Store property level operating income
    
    
    481,302
    
    
    
    478,630Property level operating income  properties purchased or developed
subsequent to January 1, 2008
    
    
    21,852
    
    
    
    16,017Termination fees
    
    
    4,459
    
    
    
    3,773Property level operating income
    
    
    507,613
    
    
    
    498,420General and administrative expense
    
    
    (51,250
    )
    
    
    (54,467
    )Depreciation and amortization expense
    
    
    (170,764
    )
    
    
    (169,190
    )Other income (expense)
    
    
    (136,519
    )
    
    
    (136,935
    )Gain on property dispositions
    
    
    1,687
    
    
    
    10,572Income taxes
    
    
    (494
    )
    
    
    (1,645
    )Equity in earnings of unconsolidated joint ventures
    
    
    2,161
    
    
    
    2,805Impairment charges  investment in unconsolidated joint ventures and other
    
    
    (82,552
    )
    
    
     goodwill
    
    
    (15,700
    )
    
    
    Discontinued operations
    
    
    24,810
    
    
    
    30,546Net income
    
    $
    78,992
    
    
    $
    180,106
 General and Administrative
  Depreciation and Amortization
  Interest Expense
    32




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##### Table of Contents



Other
      Comparison of Year Ended December 31, 2008 to Year Ended December 31, 2007
 Overview
    33




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##### Table of Contents



Segments
   Year Ended December 31,
    
    
    Percentage2008
    
    
    2007
    
    
    Increase (Decrease)Northeast Southeastern PA
    
    $
    119,243
    
    
    $
    114,090
    
    
    
    4.5
    % Lehigh/Central PA
    
    
    70,793
    
    
    
    66,896
    
    
    
    5.8
    %(1) New Jersey
    
    
    19,640
    
    
    
    18,745
    
    
    
    4.8
    %Midwest
    
    
    51,704
    
    
    
    50,929
    
    
    
    1.5
    %Mid-Atlantic
    
    
    98,164
    
    
    
    87,197
    
    
    
    12.6
    %(2)South
    
    
    113,946
    
    
    
    99,129
    
    
    
    14.9
    %(1)Philadelphia/D.C.
    
    
    21,635
    
    
    
    18,326
    
    
    
    18.1
    %(3)United Kingdom
    
    
    3,295
    
    
    
    2,680
    
    
    
    22.9
    %(4)Total property level operating income (5)
    
    $
    498,420
    
    
    $
    457,992
    
    
    
    8.8
    %
 (1)
    
    The increase was primarily due to an increase in average gross investment in operating real
estate and an increase in rental rates. This increase was partially offset by a decrease in
occupancy during 2008.(2)
    
    The increase was primarily due to an increase in average gross investment in operating real
estate, an increase in occupancy and an increase in rental rates.(3)
    
    The increase was due to the effect of Comcast Center operation during the relevant periods.
Comcast Center was a wholly owned 1.25 million square foot development property which came
into service incrementally from the third quarter of 2007 through the first quarter of 2008.(4)
    
    The increase was primarily due to an increase in average gross investment in operating real
estate. This increase was partially offset by a decrease in occupancy and a decrease in
rental rates during 2008.(5)
    
    See a reconciliation of property level operating income to net income in the Same Store
comparison below. Same Store
     34




---



##### Table of Contents



Year Ended December 31,2008
    
    
    2007Prior Year Same Store:Rental revenue
    
    $
    447,731
    
    
    $
    448,489Operating expenses:Rental property expense
    
    
    144,362
    
    
    
    142,332Real estate taxes
    
    
    75,360
    
    
    
    66,778Operating expense recovery
    
    
    (210,151
    )
    
    
    (201,520
    )Unrecovered operating expenses
    
    
    9,571
    
    
    
    7,590Property level operating income
    
    
    438,160
    
    
    
    440,899Less straight line rent
    
    
    5,102
    
    
    
    6,977Cash basis property level operating income
    
    $
    433,058
    
    
    $
    433,922Reconciliation of non-GAAP financial measure  Prior Year Same Store:Cash basis property level operating income
    
    $
    433,058
    
    
    $
    433,922Straight line rent
    
    
    5,102
    
    
    
    6,977Same Store property level operating income
    
    
    438,160
    
    
    
    440,899Property level operating income  properties purchased or developed subsequent to
January 1, 2007
    
    
    69,776
    
    
    
    27,644Less: Property level operating income   properties held for sale at December 31, 2008
    
    
    (2,377
    )
    
    
    (2,084
    )Less: Property level operating income  2009 discontinued operations
    
    
    (10,912
    )
    
    
    (12,401
    )Termination fees
    
    
    3,773
    
    
    
    3,934Property level operating income
    
    
    498,420
    
    
    
    457,992General and administrative expense
    
    
    (54,467
    )
    
    
    (54,325
    )Depreciation and amortization expense
    
    
    (169,190
    )
    
    
    (151,908
    )Other income (expense)
    
    
    (136,935
    )
    
    
    (112,539
    )Gain on property dispositions
    
    
    10,572
    
    
    
    1,633Income taxes
    
    
    (1,645
    )
    
    
    709Equity in earnings (loss) of unconsolidated joint ventures
    
    
    2,805
    
    
    
    (226
    )Impairment charges   investment in unconsolidated joint ventures and other
    
    
    
    
    
    
    (170
    )Discontinued operations at December 31, 2008
    
    
    26,081
    
    
    
    42,9382009 discontinued operations
    
    
    4,465
    
    
    
    6,206Net income
    
    $
    180,106
    
    
    $
    190,310
 General and Administrative
  Depreciation and Amortization
  Interest Expense
    35




---



##### Table of Contents



Other
     Liquidity and Capital Resources
 Overview
  Activity
       36




---



##### 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)
    
    $
    3,118,969
    
    
    $
    325,056
    
    
    $
    1,048,222
    
    
    $
    384,649
    
    
    $
    1,361,042Capital lease obligations
    
    
    5,048
    
    
    
    432
    
    
    
    376
    
    
    
    376
    
    
    
    3,864Operating lease obligations
    
    
    18,519
    
    
    
    1,209
    
    
    
    1,753
    
    
    
    1,215
    
    
    
    14,342Share of debt of unconsolidated joint
ventures (1)
    
    
    401,640
    
    
    
    57,036
    
    
    
    101,477
    
    
    
    24,839
    
    
    
    218,288Property development commitments
    
    
    16,668
    
    
    
    16,668
    
    
    
    
    
    
    
    
    
    
    
    Share of property development commitments of
unconsolidated joint ventures
    
    
    5,804
    
    
    
    5,804
    
    
    
    
    
    
    
    
    
    
    
    Joint venture capital commitments
    
    
    4,235
    
    
    
    
    
    
    
    4,235
    
    
    
    
    
    
    
    Tenant contractual obligations
    
    
    18,861
    
    
    
    17,121
    
    
    
    410
    
    
    
    400
    
    
    
    930Share of tenant contractual obligations of
unconsolidated joint ventures
    
    
    1,825
    
    
    
    1,796
    
    
    
    
    
    
    
    29
    
    
    
    Letter of credit
    
    
    1,497
    
    
    
    1,497
    
    
    
    
    
    
    
    
    
    
    
    Share of letter of credit of unconsolidated
joint
ventures
    
    
    1,250
    
    
    
    1,250
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    3,594,316
    
    
    $
    427,869
    
    
    $
    1,156,473
    
    
    $
    411,508
    
    
    $
    1,598,466
 (1)
    
    Includes principal and interest payments. Interest payments assume $600 million Credit
Facility borrowings and interest rates remain at the December 31, 2009 level until maturity. General
    37




---



##### Table of Contents



Off-Balance Sheet Arrangements
  Calculation of Funds from Operations
   38




---



##### Table of Contents



Year Ended December 31,2009
    
    
    2008
    
    
    2007Reconciliation of net income to FFO  basicNet income available to common shareholders(1)
    
    $
    56,376
    
    
    $
    151,942
    
    
    $
    164,831Basic  income available to common shareholders
    
    
    56,376
    
    
    
    151,942
    
    
    
    164,831Basic  income available to common shareholders per weighted
average share
    
    $
    0.52
    
    
    $
    1.62
    
    
    $
    1.81Adjustments:Depreciation and amortization of unconsolidated joint ventures
    
    
    16,180
    
    
    
    16,235
    
    
    
    6,494Depreciation and amortization
    
    
    170,633
    
    
    
    173,400
    
    
    
    162,833Gain on property dispositions
    
    
    (23,197
    )
    
    
    (34,336
    )
    
    
    (36,498
    )Noncontrolling interest share in addback for depreciation and amortization and
gain on property dispositions
    
    
    (5,801
    )
    
    
    (6,606
    )
    
    
    (5,820
    )Funds from operations available to common shareholders  basic
    
    $
    214,191
    
    
    $
    300,635
    
    
    $
    291,840Basic Funds from operations available to common shareholders per
weighted average share
    
    $
    1.99
    
    
    $
    3.21
    
    
    $
    3.20Reconciliation of net income to FFO  dilutedNet income available to common shareholders(1)
    
    $
    56,376
    
    
    $
    151,942
    
    
    $
    164,831Diluted  income available to common shareholders
    
    
    56,376
    
    
    
    151,942
    
    
    
    164,831Diluted  income available to common shareholders per weighted
average share
    
    $
    0.52
    
    
    $
    1.62
    
    
    $
    1.80Adjustments:Depreciation and amortization of unconsolidated joint ventures
    
    
    16,180
    
    
    
    16,235
    
    
    
    6,494Depreciation and amortization
    
    
    170,633
    
    
    
    173,400
    
    
    
    162,833Gain on property dispositions
    
    
    (23,197
    )
    
    
    (34,336
    )
    
    
    (36,498
    )Noncontrolling interest less preferred share distributions and excess of preferred unit
redemption over carrying amount
    
    
    2,114
    
    
    
    6,669
    
    
    
    7,556Funds from operations available to common shareholders  diluted
    
    $
    222,106
    
    
    $
    313,910
    
    
    $
    305,216Diluted Funds from operations available to common shareholders per
weighted average share
    
    $
    1.98
    
    
    $
    3.20
    
    
    $
    3.18Reconciliation of weighted average shares:Weighted average Common Shares  all basic calculations
    
    
    107,550
    
    
    
    93,615
    
    
    
    91,197Dilutive shares for long term compensation plans
    
    
    452
    
    
    
    189
    
    
    
    606Diluted shares for net income calculations
    
    
    108,002
    
    
    
    93,804
    
    
    
    91,803Weighted average common units
    
    
    4,018
    
    
    
    4,190
    
    
    
    4,190Diluted shares for Funds from operations calculations
    
    
    112,020
    
    
    
    97,994
    
    
    
    95,993
 (1)
    
    Includes non-cash impairment charges of $94.5 million for the year ended December 31,
2009 relating to the other-than-temporary decline in the fair values below the carrying
values of certain of the Companys investments in unconsolidated joint ventures and
goodwill.  39




---



##### Table of Contents



Inflation
  
 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
        
 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
   40




---



##### Table of Contents



Managements Annual Report on Internal Control Over Financial Reporting
 To the Shareholders of Liberty Property Trust:
  Internal Control  Integrated Framework
     41




---



##### Table of Contents



Report of Independent Registered Public Accounting Firm
 The Board of Trustees and Shareholders of Liberty Property Trust
        
  42




---



##### Table of Contents



Report of Independent Registered Public Accounting Firm
 The Board of Trustees and Shareholders of Liberty Property Trust
      
  43




---



##### Table of Contents



CONSOLIDATED BALANCE SHEETS OF LIBERTY PROPERTY TRUST

(IN THOUSANDS, EXCEPT SHARE AND UNIT AMOUNTS)
 December 31,2009
    
    
    2008ASSETSReal estate:Land and land improvements
    
    $
    850,559
    
    
    $
    801,763Building and improvements
    
    
    4,410,254
    
    
    
    4,191,361Less accumulated depreciation
    
    
    (1,093,946
    )
    
    
    (963,043
    )Operating real estate
    
    
    4,166,867
    
    
    
    4,030,081Development in progress
    
    
    66,714
    
    
    
    245,463Land held for development
    
    
    218,633
    
    
    
    209,551Net real estate
    
    
    4,452,214
    
    
    
    4,485,095Cash and cash equivalents
    
    
    237,446
    
    
    
    15,794Restricted cash
    
    
    42,232
    
    
    
    39,726Accounts receivable
    
    
    4,591
    
    
    
    12,985Deferred rent receivable
    
    
    95,527
    
    
    
    83,033Deferred financing and leasing costs, net
    
    
    134,309
    
    
    
    132,627Investments in and advances to unconsolidated joint ventures
    
    
    175,584
    
    
    
    266,602Assets held for sale
    
    
    
    
    
    
    98,706Prepaid expenses and other assets
    
    
    85,518
    
    
    
    82,467Total assets
    
    $
    5,227,421
    
    
    $
    5,217,035LIABILITIESMortgage loans
    
    $
    473,993
    
    
    $
    198,560Unsecured notes
    
    
    1,842,882
    
    
    
    2,131,607Credit facility
    
    
    140,000
    
    
    
    260,000Accounts payable
    
    
    31,195
    
    
    
    32,481Accrued interest
    
    
    31,251
    
    
    
    36,474Dividend and distributions payable
    
    
    55,402
    
    
    
    48,858Other liabilities
    
    
    169,529
    
    
    
    182,549Total liabilities
    
    
    2,744,252
    
    
    
    2,890,529EQUITYLiberty Property Trust shareholders equityCommon shares of beneficial interest, $.001 par value, 183,987,000 shares
authorized; 113,875,211 (includes 1,249,909 in treasury) and 100,034,404 (includes
1,249,909 in treasury) shares issued and outstanding as of December 31, 2009 and
2008, respectively
    
    
    114
    
    
    
    101Additional paid-in capital
    
    
    2,509,704
    
    
    
    2,201,728Accumulated other comprehensive income (loss)
    
    
    2,339
    
    
    
    (5,378
    )Distributions in excess of net income
    
    
    (337,911
    )
    
    
    (185,721
    )Common shares in treasury, at cost, 1,249,909 shares as of December 31, 2009 and 2008
    
    
    (51,951
    )
    
    
    (51,951
    )Total Liberty Property Trust shareholders equity
    
    
    2,122,295
    
    
    
    1,958,779Noncontrolling interest  operating partnership4,011,354 and 4,074,967 common units outstanding as of December 31, 2009
and 2008, respectively
December 31, 2008, respectively
    
    
    72,294
    
    
    
    78,6389,740,000 preferred units outstanding as of December 31, 2009 and 2008
    
    
    287,959
    
    
    
    287,959Noncontrolling interest  consolidated joint ventures
    
    
    621
    
    
    
    1,130Total equity
    
    
    2,483,169
    
    
    
    2,326,506Total liabilities and equity
    
    $
    5,227,421
    
    
    $
    5,217,035
   44




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##### Table of Contents



CONSOLIDATED STATEMENTS OF OPERATIONS OF LIBERTY PROPERTY TRUST

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
 Year Ended December 31,2009
    
    
    2008
    
    
    2007OPERATING REVENUERental
    
    $
    519,928
    
    
    $
    507,698
    
    
    $
    467,093Operating expense reimbursement
    
    
    224,329
    
    
    
    223,654
    
    
    
    202,051Total operating revenue
    
    
    744,257
    
    
    
    731,352
    
    
    
    669,144OPERATING EXPENSERental property
    
    
    149,968
    
    
    
    149,170
    
    
    
    140,350Real estate taxes
    
    
    86,676
    
    
    
    83,762
    
    
    
    70,802General and administrative
    
    
    51,250
    
    
    
    54,467
    
    
    
    54,325Depreciation and amortization
    
    
    170,764
    
    
    
    169,190
    
    
    
    151,908Total operating expenses
    
    
    458,658
    
    
    
    456,589
    
    
    
    417,385Operating income
    
    
    285,599
    
    
    
    274,763
    
    
    
    251,759OTHER INCOME (EXPENSE)Interest and other income
    
    
    11,503
    
    
    
    13,440
    
    
    
    11,678Debt extinguishment gain
    
    
    1,547
    
    
    
    2,521
    
    
    
    Interest expense
    
    
    (149,569
    )
    
    
    (152,896
    )
    
    
    (124,217
    )Total other income (expense)
    
    
    (136,519
    )
    
    
    (136,935
    )
    
    
    (112,539
    )Income before property dispositions, income taxes, equity in earnings
(loss) of unconsolidated joint ventures and impairment charges
    
    
    149,080
    
    
    
    137,828
    
    
    
    139,220Gain on property dispositions
    
    
    1,687
    
    
    
    10,572
    
    
    
    1,633Income taxes
    
    
    (494
    )
    
    
    (1,645
    )
    
    
    709Equity in earnings (loss) of unconsolidated joint ventures
    
    
    2,161
    
    
    
    2,805
    
    
    
    (226
    )Impairment charges  investment in unconsolidated joint ventures and other
    
    
    (82,552
    )
    
    
    
    
    
    
    (170
    ) goodwill
    
    
    (15,700
    )
    
    
    
    
    
    
    Income from continuing operations
    
    
    54,182
    
    
    
    149,560
    
    
    
    141,166Discontinued
operations (including net gain on property dispositions of $17,859, $23,519, and $33,611 for the years ended December 31, 2009,
2008 and 2007, respectively)
    
    
    24,810
    
    
    
    30,546
    
    
    
    49,144Net income
    
    
    78,992
    
    
    
    180,106
    
    
    
    190,310Noncontrolling interest-operating partnership
    
    
    (23,125
    )
    
    
    (27,681
    )
    
    
    (25,378
    )Noncontrolling interest-consolidated joint ventures
    
    
    509
    
    
    
    (483
    )
    
    
    (101
    )Net income available to common shareholders
    
    $
    56,376
    
    
    $
    151,942
    
    
    $
    164,831Earnings per shareBasic:Income from continuing operations
    
    $
    0.30
    
    
    $
    1.31
    
    
    $
    1.27Income from discontinued operations
    
    
    0.22
    
    
    
    0.31
    
    
    
    0.54Income per common share  basic
    
    $
    0.52
    
    
    $
    1.62
    
    
    $
    1.81Diluted:Income from continuing operations
    
    $
    0.30
    
    
    $
    1.31
    
    
    $
    1.26Income from discontinued operations
    
    
    0.22
    
    
    
    0.31
    
    
    
    0.54Income per common share  diluted
    
    $
    0.52
    
    
    $
    1.62
    
    
    $
    1.80Weighted average number of Common Shares outstandingBasic
    
    
    107,550
    
    
    
    93,615
    
    
    
    91,197Diluted
    
    
    108,002
    
    
    
    93,804
    
    
    
    91,803Amounts attributable to common shareholdersIncome from continuing operations
    
    $
    32,444
    
    
    $
    122,688
    
    
    $
    117,840Discontinued operations
    
    
    23,932
    
    
    
    29,254
    
    
    
    46,991Net income available to common shareholders
    
    $
    56,376
    
    
    $
    151,942
    
    
    $
    164,831
   45




---



##### Table of Contents



CONSOLIDATED STATEMENTS OF EQUITY OF LIBERTY PROPERTY TRUST

(IN THOUSANDS)
 Accumulated
    
    
    
    
    
    
    
    
    
    
    Total
    
    
    Noncontroll-
    
    
    Noncontroll-
    
    
    Noncontroll-Common
    
    
    
    
    
    
    Other
    
    
    
    
    
    
    
    
    
    
    Liberty
    
    
    ing interest-
    
    
    ing interest-
    
    
    ing Interest-Shares of
    
    
    Additional
    
    
    Comprehensive
    
    
    Distributions
    
    
    Common
    
    
    Property Trust
    
    
    operating
    
    
    operating
    
    
    consolidatedBeneficial
    
    
    Paid-In
    
    
    Income
    
    
    in Excess of
    
    
    Shares Held
    
    
    Shareholders
    
    
    partnership-
    
    
    partnership-
    
    
    jointInterest
    
    
    Capital
    
    
    (loss)
    
    
    Net Income
    
    
    in Treasury
    
    
    Equity
    
    
    Common
    
    
    Preferred
    
    
    ventures
    
    
    Total EquityBalance at January 1, 2007 (see
note 8)
    
    $
    91
    
    
    $
    1,905,654
    
    
    $
    20,323
    
    
    $
    (53,886
    )
    
    $
    (1,327
    )
    
    $
    1,870,855
    
    
    $
    87,097
    
    
    $
    210,960
    
    
    $
    419
    
    
    $
    2,169,331Net proceeds from the issuance of
Common Shares
    
    
    2
    
    
    
    70,363
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    70,365
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    70,365Net proceeds from the issuance
of noncontrolling interest-
preferred units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    99,964
    
    
    
    
    
    
    
    99,964Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    164,831
    
    
    
    
    
    
    
    164,831
    
    
    
    7,555
    
    
    
    17,823
    
    
    
    101
    
    
    
    190,310Distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (227,585
    )
    
    
    
    
    
    
    (227,585
    )
    
    
    (10,512
    )
    
    
    (17,828
    )
    
    
    (3
    )
    
    
    (255,928
    )Purchase of treasury shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (50,624
    )
    
    
    (50,624
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (50,624
    )Noncash compensation
    
    
    
    
    
    
    8,128
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,128
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,128Foreign currency translation
adjustment
    
    
    
    
    
    
    
    
    
    
    1,055
    
    
    
    
    
    
    
    
    
    
    
    1,055
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,055Redemption of noncontrolling
interest-preferred units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (22,959
    )
    
    
    
    
    
    
    (22,959
    )Balance at December 31, 2007 (see
note 8)
    
    
    93
    
    
    
    1,984,145
    
    
    
    21,378
    
    
    
    (116,640
    )
    
    
    (51,951
    )
    
    
    1,837,025
    
    
    
    84,140
    
    
    
    287,960
    
    
    
    517
    
    
    
    2,209,642Net proceeds from the issuance of
Common Shares
    
    
    8
    
    
    
    206,215
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    206,223
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    206,223Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    151,942
    
    
    
    
    
    
    
    151,942
    
    
    
    6,669
    
    
    
    21,012
    
    
    
    483
    
    
    
    180,106Contributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    176
    
    
    
    
    
    
    
    
    
    
    
    176Distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (221,023
    )
    
    
    
    
    
    
    (221,023
    )
    
    
    (10,131
    )
    
    
    (21,013
    )
    
    
    130
    
    
    
    (252,037
    )Noncash compensation
    
    
    
    
    
    
    9,152
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,152
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,152Foreign currency translation
adjustment
    
    
    
    
    
    
    
    
    
    
    (26,756
    )
    
    
    
    
    
    
    
    
    
    
    (26,756
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (26,756
    )Redemption of noncontrolling
interests  common units
    
    
    
    
    
    
    2,216
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,216
    
    
    
    (2,216
    )
    
    
    
    
    
    
    
    
    
    
    Balance at December 31, 2008 (see
note 8)
    
    
    101
    
    
    
    2,201,728
    
    
    
    (5,378
    )
    
    
    (185,721
    )
    
    
    (51,951
    )
    
    
    1,958,779
    
    
    
    78,638
    
    
    
    287,959
    
    
    
    1,130
    
    
    
    2,326,506Net proceeds from the issuance of
Common Shares
    
    
    13
    
    
    
    293,845
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    293,858
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    293,858Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    56,376
    
    
    
    
    
    
    
    56,376
    
    
    
    2,113
    
    
    
    21,012
    
    
    
    (509
    )
    
    
    78,992Distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (208,566
    )
    
    
    
    
    
    
    (208,566
    )
    
    
    (7,513
    )
    
    
    (21,012
    )
    
    
    
    
    
    
    (237,091
    )Noncash compensation
    
    
    
    
    
    
    12,905
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,905
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,905Foreign currency translation
Adjustment
    
    
    
    
    
    
    
    
    
    
    7,717
    
    
    
    
    
    
    
    
    
    
    
    7,717
    
    
    
    282
    
    
    
    
    
    
    
    
    
    
    
    7,999Redemption of noncontrolling
interests  common units
    
    
    
    
    
    
    1,226
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,226
    
    
    
    (1,226
    )
    
    
    
    
    
    
    
    
    
    
    Balance at December 31, 2009
    
    $
    114
    
    
    $
    2,509,704
    
    
    $
    2,339
    
    
    $
    (337,911
    )
    
    $
    (51,951
    )
    
    $
    2,122,295
    
    
    $
    72,294
    
    
    $
    287,959
    
    
    $
    621
    
    
    $
    2,483,169
   46




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##### Table of Contents



CONSOLIDATED STATEMENTS OF CASH FLOWS OF LIBERTY PROPERTY TRUST

(IN THOUSANDS)
 Year Ended December 31,2009
    
    
    2008
    
    
    2007OPERATING ACTIVITIESNet income
    
    $
    78,992
    
    
    $
    180,106
    
    
    $
    190,310Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    172,575
    
    
    
    175,236
    
    
    
    163,665Amortization of deferred financing costs
    
    
    5,101
    
    
    
    4,429
    
    
    
    4,137Impairment charges  investment in unconsolidated joint ventures and other
    
    
    104,156
    
    
    
    3,076
    
    
    
    170Debt extinguishment gain
    
    
    (1,547
    )
    
    
    (2,521
    )
    
    
    Equity in (earnings) loss of unconsolidated joint ventures
    
    
    (2,161
    )
    
    
    (2,805
    )
    
    
    226Distributions from unconsolidated joint ventures
    
    
    663
    
    
    
    1,660
    
    
    
    3,550Gain on property dispositions
    
    
    (25,450
    )
    
    
    (37,167
    )
    
    
    (35,244
    )Noncash compensation
    
    
    12,905
    
    
    
    9,152
    
    
    
    8,128Changes in operating assets and liabilities:Restricted cash
    
    
    (1,189
    )
    
    
    (10,903
    )
    
    
    26,211Accounts receivable
    
    
    8,238
    
    
    
    (4,277
    )
    
    
    4,634Deferred rent receivable
    
    
    (13,414
    )
    
    
    (13,482
    )
    
    
    (13,455
    )Prepaid expenses and other assets
    
    
    (19,539
    )
    
    
    (26,326
    )
    
    
    (14,145
    )Accounts payable
    
    
    (1,099
    )
    
    
    (10,913
    )
    
    
    3,974Accrued interest
    
    
    (5,223
    )
    
    
    (3,251
    )
    
    
    3,428Other liabilities
    
    
    (14,437
    )
    
    
    3,935
    
    
    
    1,163Net cash provided by operating activities
    
    
    298,571
    
    
    
    265,949
    
    
    
    346,752INVESTING ACTIVITIESInvestment in properties
    
    
    (73,078
    )
    
    
    (60,078
    )
    
    
    (307,846
    )Cash paid for business, net of cash acquired
    
    
    
    
    
    
    
    
    
    
    (626,007
    )Investments in and advances to unconsolidated joint ventures
    
    
    (5,132
    )
    
    
    (8,410
    )
    
    
    (227,975
    )Distributions from unconsolidated joint ventures
    
    
    20,721
    
    
    
    66,660
    
    
    
    590Net proceeds from disposition of properties/land
    
    
    181,537
    
    
    
    382,956
    
    
    
    996,474Investment in development in progress
    
    
    (69,410
    )
    
    
    (247,393
    )
    
    
    (417,877
    )Investment in land held for development
    
    
    (29,391
    )
    
    
    (47,857
    )
    
    
    (137,051
    )Increase in deferred leasing costs
    
    
    (30,949
    )
    
    
    (33,325
    )
    
    
    (39,232
    )Net cash (used in) provided by investing activities
    
    
    (5,702
    )
    
    
    52,553
    
    
    
    (758,924
    )FINANCING ACTIVITIESNet proceeds from issuance of Common Shares
    
    
    293,814
    
    
    
    206,349
    
    
    
    70,355Purchase of treasury shares
    
    
    
    
    
    
    
    
    
    
    (50,624
    )Net proceeds from issuance of preferred units
    
    
    
    
    
    
    
    
    
    
    99,958Redemption of preferred units
    
    
    
    
    
    
    
    
    
    
    (23,653
    )Net proceeds from issuance of notes payable
    
    
    
    
    
    
    
    
    
    
    415,063Repayments of notes payable
    
    
    
    
    
    
    
    
    
    
    (415,063
    )Net proceeds from issuance of unsecured notes
    
    
    
    
    
    
    
    
    
    
    446,205Repayments of unsecured notes
    
    
    (287,179
    )
    
    
    (20,872
    )
    
    
    (250,000
    )Proceeds from mortgage loans
    
    
    330,250
    
    
    
    2,667
    
    
    
    Repayments of mortgage loans
    
    
    (54,864
    )
    
    
    (46,452
    )
    
    
    (16,365
    )Proceeds from credit facility
    
    
    199,150
    
    
    
    572,300
    
    
    
    1,363,050Repayments on credit facility
    
    
    (319,150
    )
    
    
    (782,300
    )
    
    
    (987,050
    )Increase in deferred financing costs
    
    
    (5,550
    )
    
    
    (33
    )
    
    
    (1,224
    )Distributions paid on Common Shares
    
    
    (201,984
    )
    
    
    (231,325
    )
    
    
    (226,718
    )Distributions paid on units
    
    
    (28,520
    )
    
    
    (31,648
    )
    
    
    (27,612
    )Net cash (used in) provided by financing activities
    
    
    (74,033
    )
    
    
    (331,314
    )
    
    
    396,322Increase (decrease) in cash and cash equivalents
    
    
    218,836
    
    
    
    (12,812
    )
    
    
    (15,850
    )Increase (decrease) in cash and cash equivalents related to foreign currency translation
    
    
    2,816
    
    
    
    (9,383
    )
    
    
    102Cash and cash equivalents at beginning of year
    
    
    15,794
    
    
    
    37,989
    
    
    
    53,737Cash and cash equivalents at end of year
    
    $
    237,446
    
    
    $
    15,794
    
    
    $
    37,989
   47




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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
  FASB Codification
 Generally
Accepted Accounting Principles
 Real Estate and Depreciation
  Building and improvements
    
    40 years (blended)Capital improvements
    
    15  20 yearsEquipment
    
    5  10 yearsTenant improvements
    
    Term of the related lease
    48




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##### Table of Contents



Investments in Unconsolidated Joint Ventures
    ImpairmentSegment
    
    amountMidwest
    
    $
    6,963Philadelphia/D.C.
    
    
    64,060United Kingdom
    
    
    7,779Total
    
    $
    78,802
  Cash and Cash Equivalents
  Restricted Cash
   49




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##### Table of Contents



Accounts Receivable/Deferred Rent Receivable
   Goodwill
  Revenues
  Revenue Recognition
 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)
    
    collectability of the termination fee is assured.
 Deferred Financing and Leasing Costs
  Costs Incurred for Preferred Unit Issuance
  Subsequent events
   50




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##### Table of Contents



Income per Common Share
  2009
    
    
    2008Weighted
    
    
    
    
    
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    
    
    
    
    
    AverageIncome
    
    
    Shares
    
    
    Per
    
    
    Income
    
    
    Shares
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    Share
    
    
    (Numerator)
    
    
    (Denominator)
    
    
    ShareBasic income from continuing operationsIncome from continuing operations net of
noncontrolling interest
    
    $
    32,444
    
    
    
    107,550
    
    
    $
    0.30
    
    
    $
    122,688
    
    
    
    93,615
    
    
    $
    1.31Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    452
    
    
    
    
    
    
    
    
    
    
    
    189Diluted income from continuing operationsIncome from continuing operations net of
noncontrolling interest and assumed conversions
    
    
    32,444
    
    
    
    108,002
    
    
    $
    0.30
    
    
    
    122,688
    
    
    
    93,804
    
    
    $
    1.31Basic income from discontinued operationsDiscontinued operations net of noncontrolling interest
    
    
    23,932
    
    
    
    107,550
    
    
    $
    0.22
    
    
    
    29,254
    
    
    
    93,615
    
    
    $
    0.31Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    452
    
    
    
    
    
    
    
    
    
    
    
    189Diluted income from discontinued operationsDiscontinued operations net of noncontrolling interest
    
    
    23,932
    
    
    
    108,002
    
    
    $
    0.22
    
    
    
    29,254
    
    
    
    93,804
    
    
    $
    0.31Basic income per common shareNet income available to common shareholders
    
    
    56,376
    
    
    
    107,550
    
    
    $
    0.52
    
    
    
    151,942
    
    
    
    93,615
    
    
    $
    1.62Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    452
    
    
    
    
    
    
    
    
    
    
    
    189Diluted income per common shareNet income available to common shareholders and
assumed conversions
    
    $
    56,376
    
    
    
    108,002
    
    
    $
    0.52
    
    
    $
    151,942
    
    
    
    93,804
    
    
    $
    1.62
  51




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##### Table of Contents



2007WeightedAverageIncome
    
    
    Shares
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    ShareBasic income from continuing operationsIncome from continuing operations net of noncontrolling interest
    
    $
    117,840
    
    
    
    91,197
    
    
    $
    1.27Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    606Diluted income from continuing operationsIncome from continuing operations net of noncontrolling interest and assumed conversions
    
    
    117,840
    
    
    
    91,803
    
    
    $
    1.26Basic income from discontinued operationsDiscontinued operations net of noncontrolling interest
    
    
    46,991
    
    
    
    91,197
    
    
    $
    0.54Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    606Diluted income from discontinued operationsDiscontinued operations net of noncontrolling interest
    
    
    46,991
    
    
    
    91,803
    
    
    $
    0.54Basic income per common shareNet income available to common shareholders
    
    
    164,831
    
    
    
    91,197
    
    
    $
    1.81Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    606Diluted income per common shareNet income available to common shareholders and assumed conversions
    
    $
    164,831
    
    
    
    91,803
    
    
    $
    1.80
   Fair Value of Financial Instruments
  Income Taxes
     52




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##### Table of Contents



Share Based Compensation
  Foreign Currency Translation
  Recently Issued Accounting Standards
  3. REAL ESTATE
  Land
    
    
    BuildingsAnd Land
    
    
    And
    
    
    
    
    
    
    AccumulatedImprovements
    
    
    Improvements
    
    
    Total
    
    
    Depreciation2009Industrial properties
    
    $
    377,201
    
    
    $
    1,902,838
    
    
    $
    2,280,039
    
    
    $
    475,180Office properties
    
    
    473,358
    
    
    
    2,507,416
    
    
    
    2,980,774
    
    
    
    618,7662009 Total
    
    $
    850,559
    
    
    $
    4,410,254
    
    
    $
    5,260,813
    
    
    $
    1,093,9462008Industrial properties
    
    $
    354,753
    
    
    $
    1,795,335
    
    
    $
    2,150,088
    
    
    $
    423,415Office properties
    
    
    447,010
    
    
    
    2,396,026
    
    
    
    2,843,036
    
    
    
    539,6282008 Total
    
    $
    801,763
    
    
    $
    4,191,361
    
    
    $
    4,993,124
    
    
    $
    963,043
   53




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##### Table of Contents



2009 Sales
    
    Number of
    
    
    LeaseableSegment
    
    Buildings
    
    
    Square Feet
    
    
    Gross Proceeds(in thousands)NortheastSoutheastern PA
    
    
    8
    
    
    
    595,712
    
    
    $
    43,920New Jersey
    
    
    5
    
    
    
    379,529
    
    
    
    37,564Midwest
    
    
    3
    
    
    
    338,690
    
    
    
    17,540Mid-Atlantic
    
    
    9
    
    
    
    671,633
    
    
    
    51,263Florida
    
    
    4
    
    
    
    296,540
    
    
    
    15,275Total
    
    
    29
    
    
    
    2,282,104
    
    
    $
    165,562
 2008 Sales
    
    Number of
    
    
    LeaseableSegment
    
    Buildings
    
    
    Square Feet
    
    
    Gross Proceeds(in thousands)NortheastSoutheastern PA
    
    
    2
    
    
    
    166,160
    
    
    $
    33,557New Jersey
    
    
    5
    
    
    
    159,989
    
    
    
    15,100Midwest
    
    
    3
    
    
    
    125,876
    
    
    
    9,420Mid-Atlantic
    
    
    2
    
    
    
    129,150
    
    
    
    16,650Florida
    
    
    1
    
    
    
    83,583
    
    
    
    5,300Total
    
    
    13
    
    
    
    664,758
    
    
    $
    80,027
  4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
  Liberty Venture I, LP
    Kings Hill Unit Trust
   54




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##### Table of Contents



Liberty/Commerz 1701 JFK Boulevard, LP
      Liberty Illinois, LP
    Blythe Valley JV Sarl
     55




---



##### Table of Contents



Liberty Washington, LP
      Other Joint Ventures
    56




---



##### Table of Contents



December 31, 2009Blythe
    
    
    
    
    
    
    Liberty CommerzLiberty
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Liberty
    
    
    1701 JFKVenture I, LP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    Washington, LP
    
    
    Boulevard, LP
    
    
    Other
    
    
    TotalReal estate assets
    
    $
    132,016
    
    
    $
    190,110
    
    
    $
    229,149
    
    
    $
    209,869
    
    
    $
    777,491
    
    
    $
    493,119
    
    
    $
    72,954
    
    
    $
    2,104,708Accumulated depreciation
    
    
    (19,689
    )
    
    
    (13,081
    )
    
    
    (18,409
    )
    
    
    (10,651
    )
    
    
    (50,090
    )
    
    
    (27,880
    )
    
    
    (2,204
    )
    
    
    (142,004
    )Real estate assets, net
    
    
    112,327
    
    
    
    177,029
    
    
    
    210,740
    
    
    
    199,218
    
    
    
    727,401
    
    
    
    465,239
    
    
    
    70,750
    
    
    
    1,962,704Development in progress
    
    
    
    
    
    
    
    
    
    
    21,800
    
    
    
    
    
    
    
    111,830
    
    
    
    
    
    
    
    
    
    
    
    133,630Land held for development
    
    
    2,735
    
    
    
    
    
    
    
    42,723
    
    
    
    48,013
    
    
    
    2,000
    
    
    
    
    
    
    
    22,083
    
    
    
    117,554Other assets
    
    
    11,755
    
    
    
    9,855
    
    
    
    11,993
    
    
    
    12,667
    
    
    
    52,722
    
    
    
    46,821
    
    
    
    34,698
    
    
    
    180,511Total assets
    
    $
    126,817
    
    
    $
    186,884
    
    
    $
    287,256
    
    
    $
    259,898
    
    
    $
    893,953
    
    
    $
    512,060
    
    
    $
    127,531
    
    
    $
    2,394,399Debt
    
    $
    76,765
    
    
    $
    153,549
    
    
    $
    151,270
    
    
    $
    199,370
    
    
    $
    347,046
    
    
    $
    324,000
    
    
    $
    54,935
    
    
    $
    1,306,935Other liabilities
    
    
    2,104
    
    
    
    41,826
    
    
    
    6,786
    
    
    
    51,262
    
    
    
    31,706
    
    
    
    10,478
    
    
    
    17,149
    
    
    
    161,311Equity
    
    
    47,948
    
    
    
    (8,491
    )
    
    
    129,200
    
    
    
    9,266
    
    
    
    515,201
    
    
    
    177,582
    
    
    
    55,447
    
    
    
    926,153Total liabilities and equity
    
    $
    126,817
    
    
    $
    186,884
    
    
    $
    287,256
    
    
    $
    259,898
    
    
    $
    893,953
    
    
    $
    512,060
    
    
    $
    127,531
    
    
    $
    2,394,399Companys net investment in
unconsolidated joint
ventures (1)
    
    $
    11,238
    
    
    $
    3,198
    
    
    $
    19,567
    
    
    $
    3,383
    
    
    $
    73,369
    
    
    $
    36,461
    
    
    $
    28,368
    
    
    $
    175,584
 December 31, 2008LibertyBlythe
    
    
    Liberty
    
    
    Commerz 1701Liberty
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Washington,
    
    
    JFK Boulevard,Venture I, LP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    LP
    
    
    LP
    
    
    Other
    
    
    TotalReal estate assets
    
    $
    119,523
    
    
    $
    170,521
    
    
    $
    227,318
    
    
    $
    189,256
    
    
    $
    804,587
    
    
    $
    492,189
    
    
    $
    57,933
    
    
    $
    2,061,327Accumulated depreciation
    
    
    (16,285
    )
    
    
    (8,971
    )
    
    
    (12,436
    )
    
    
    (5,301
    )
    
    
    (28,515
    )
    
    
    (14,013
    )
    
    
    (790
    )
    
    
    (86,311
    )Real estate assets, net
    
    
    103,238
    
    
    
    161,550
    
    
    
    214,882
    
    
    
    183,955
    
    
    
    776,072
    
    
    
    478,176
    
    
    
    57,143
    
    
    
    1,975,016Development in progress
    
    
    9,948
    
    
    
    
    
    
    
    16,252
    
    
    
    
    
    
    
    101,653
    
    
    
    
    
    
    
    7,524
    
    
    
    135,377Land held for development
    
    
    2,733
    
    
    
    
    
    
    
    42,338
    
    
    
    42,668
    
    
    
    7,859
    
    
    
    
    
    
    
    14,435
    
    
    
    110,033Other assets
    
    
    13,585
    
    
    
    10,481
    
    
    
    9,506
    
    
    
    10,353
    
    
    
    58,485
    
    
    
    65,495
    
    
    
    31,654
    
    
    
    199,559Total assets
    
    $
    129,504
    
    
    $
    172,031
    
    
    $
    282,978
    
    
    $
    236,976
    
    
    $
    944,069
    
    
    $
    543,671
    
    
    $
    110,756
    
    
    $
    2,419,985Debt
    
    $
    82,813
    
    
    $
    138,634
    
    
    $
    145,504
    
    
    $
    180,004
    
    
    $
    350,121
    
    
    $
    324,000
    
    
    $
    38,830
    
    
    $
    1,259,906Other liabilities
    
    
    2,168
    
    
    
    38,112
    
    
    
    7,481
    
    
    
    37,899
    
    
    
    40,919
    
    
    
    32,362
    
    
    
    19,764
    
    
    
    178,705Equity
    
    
    44,523
    
    
    
    (4,715
    )
    
    
    129,993
    
    
    
    19,073
    
    
    
    553,029
    
    
    
    187,309
    
    
    
    52,162
    
    
    
    981,374Total liabilities and equity
    
    $
    129,504
    
    
    $
    172,031
    
    
    $
    282,978
    
    
    $
    236,976
    
    
    $
    944,069
    
    
    $
    543,671
    
    
    $
    110,756
    
    
    $
    2,419,985Companys net investment in
unconsolidated joint ventures (1)
    
    $
    10,355
    
    
    $
    3,415
    
    
    $
    26,583
    
    
    $
    9,129
    
    
    $
    138,102
    
    
    $
    50,899
    
    
    $
    28,119
    
    
    $
    266,602
 (1)
    
    Differences between the Companys net investment in unconsolidated joint ventures and its
underlying equity in the net assets of the venture is primarily a result of impairments
related to the Companys investment in unconsolidated joint ventures, the deferral of gains
associated with the sales of properties to joint ventures in which the Company retains an
ownership interest and loans made to the joint ventures by the Company. Differences between
historical cost basis and the basis reflected at the joint venture level (other than loans) is
typically depreciated over the life of the related asset.  57




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##### Table of Contents



Year Ended December 31, 2009LibertyBlythe
    
    
    Liberty
    
    
    Commerz 1701Liberty
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Washington,
    
    
    JFK Boulevard,Venture I, LP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    LP
    
    
    LP
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    18,407
    
    
    $
    16,197
    
    
    $
    22,191
    
    
    $
    13,325
    
    
    $
    74,850
    
    
    $
    61,094
    
    
    $
    4,928
    
    
    $
    210,992Operating expense
    
    
    6,559
    
    
    
    2,649
    
    
    
    8,350
    
    
    
    6,120
    
    
    
    26,159
    
    
    
    21,170
    
    
    
    2,435
    
    
    
    73,44211,848
    
    
    
    13,548
    
    
    
    13,841
    
    
    
    7,205
    
    
    
    48,691
    
    
    
    39,924
    
    
    
    2,493
    
    
    
    137,550Interest
    
    
    (4,992
    )
    
    
    (7,674
    )
    
    
    (7,469
    )
    
    
    (13,084
    )
    
    
    (17,086
    )
    
    
    (20,455
    )
    
    
    (2,915
    )
    
    
    (73,675
    )Depreciation and amortization
    
    
    (4,255
    )
    
    
    (4,559
    )
    
    
    (7,117
    )
    
    
    (5,576
    )
    
    
    (30,727
    )
    
    
    (15,498
    )
    
    
    (1,594
    )
    
    
    (69,326
    )Other income/(expense)
    
    
    131
    
    
    
    (602
    )
    
    
    (50
    )
    
    
    (175
    )
    
    
    280
    
    
    
    (378
    )
    
    
    156
    
    
    
    (638
    )Impairment charges
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (39,380
    )
    
    
    
    
    
    
    
    
    
    
    (39,380
    )Net income (loss)
    
    $
    2,732
    
    
    $
    713
    
    
    $
    (795
    )
    
    $
    (11,630
    )
    
    $
    (38,222
    )
    
    $
    3,593
    
    
    $
    (1,860
    )
    
    $
    (45,469
    )Companys equity in earnings (loss)
of unconsolidated joint ventures
    
    $
    905
    
    
    $
    334
    
    
    $
    181
    
    
    $
    (1,318
    )
    
    $
    1,649
    
    
    $
    1,241
    
    
    $
    (831
    )
    
    $
    2,161
 Year Ended December 31, 2008LibertyBlythe
    
    
    Liberty
    
    
    Commerz 1701Liberty
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Washington,
    
    
    JFK Boulevard,Venture I, LP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    LP
    
    
    LP
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    19,075
    
    
    $
    18,057
    
    
    $
    22,811
    
    
    $
    15,386
    
    
    $
    76,552
    
    
    $
    43,607
    
    
    $
    3,056
    
    
    $
    198,544Operating expense
    
    
    7,074
    
    
    
    2,490
    
    
    
    7,003
    
    
    
    2,377
    
    
    
    24,440
    
    
    
    15,080
    
    
    
    709
    
    
    
    59,17312,001
    
    
    
    15,567
    
    
    
    15,808
    
    
    
    13,009
    
    
    
    52,112
    
    
    
    28,527
    
    
    
    2,347
    
    
    
    139,371Interest
    
    
    (4,522
    )
    
    
    (9,900
    )
    
    
    (7,833
    )
    
    
    (14,253
    )
    
    
    (17,670
    )
    
    
    (15,454
    )
    
    
    (2,057
    )
    
    
    (71,689
    )Depreciation and amortization
    
    
    (4,162
    )
    
    
    (5,272
    )
    
    
    (7,378
    )
    
    
    (5,911
    )
    
    
    (34,951
    )
    
    
    (10,941
    )
    
    
    (862
    )
    
    
    (69,477
    )Other income/(expense)
    
    
    2,473
    
    
    
    (924
    )
    
    
    195
    
    
    
    (467
    )
    
    
    722
    
    
    
    191
    
    
    
    (96
    )
    
    
    2,094Gain on sale
    
    
    (3
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    102
    
    
    
    99Net income (loss)
    
    $
    5,787
    
    
    $
    (529
    )
    
    $
    792
    
    
    $
    (7,622
    )
    
    $
    213
    
    
    $
    2,323
    
    
    $
    (566
    )
    
    $
    398Companys equity in earnings
(loss) of unconsolidated
joint ventures
    
    $
    1,645
    
    
    $
    167
    
    
    $
    549
    
    
    $
    (1,370
    )
    
    $
    1,288
    
    
    $
    685
    
    
    $
    (159
    )
    
    $
    2,805
  58




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##### Table of Contents



Year Ended December 31, 2007LibertyBlythe
    
    
    Liberty
    
    
    Commerz 1701Liberty
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Washington,
    
    
    JFK Boulevard,Venture I, LP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    LP
    
    
    LP
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    18,457
    
    
    $
    19,696
    
    
    $
    17,360
    
    
    $
    5,920
    
    
    $
    18,203
    
    
    $
    
    
    
    $
    397
    
    
    $
    80,033Operating expense
    
    
    5,807
    
    
    
    2,374
    
    
    
    4,433
    
    
    
    5,265
    
    
    
    4,273
    
    
    
    
    
    
    
    131
    
    
    
    22,28312,650
    
    
    
    17,322
    
    
    
    12,927
    
    
    
    655
    
    
    
    13,930
    
    
    
    
    
    
    
    266
    
    
    
    57,750Interest
    
    
    (4,240
    )
    
    
    (14,583
    )
    
    
    (6,297
    )
    
    
    (6,009
    )
    
    
    (4,299
    )
    
    
    
    
    
    
    (253
    )
    
    
    (35,681
    )Depreciation and amortization
    
    
    (4,228
    )
    
    
    (7,058
    )
    
    
    (6,316
    )
    
    
    (2,201
    )
    
    
    (8,969
    )
    
    
    
    
    
    
    (70
    )
    
    
    (28,842
    )Other income/(expense)
    
    
    (76
    )
    
    
    (645
    )
    
    
    (266
    )
    
    
    (220
    )
    
    
    (1,337
    )
    
    
    
    
    
    
    359
    
    
    
    (2,185
    )Gain on sale
    
    
    524
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    867
    
    
    
    1,391Net income (loss)
    
    $
    4,630
    
    
    $
    (4,964
    )
    
    $
    48
    
    
    $
    (7,775
    )
    
    $
    (675
    )
    
    $
    
    
    
    $
    1,169
    
    
    $
    (7,567
    )Companys equity in earnings
(loss) of unconsolidated
joint ventures
    
    $
    1,320
    
    
    $
    (732
    )
    
    $
    399
    
    
    $
    (1,514
    )
    
    $
    (232
    )
    
    $
    
    
    
    $
    533
    
    
    $
    (226
    )
 5. DEFERRED FINANCING AND LEASING COSTS
  December 31,2009
    
    
    2008Deferred leasing costs
    
    $
    188,043
    
    
    $
    185,387Deferred financing costs
    
    
    40,952
    
    
    
    39,972In-place lease value and related intangible asset
    
    
    38,743
    
    
    
    46,346267,738
    
    
    
    271,705Accumulated amortization
    
    
    (133,429
    )
    
    
    (139,078
    )Total
    
    $
    134,309
    
    
    $
    132,627
 6. INDEBTEDNESS
     59




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##### Table of Contents



Mortgage Loans, Unsecured Notes
   Credit Facility
 $600 Million Unsecured Revolving 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%.
 
  60




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##### Table of Contents



WeightedMortgages
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    AveragePrincipal
    
    
    Principal
    
    
    Unsecured
    
    
    Credit
    
    
    
    
    
    
    InterestAmortization
    
    
    Maturities
    
    
    Notes
    
    
    Facility
    
    
    Total
    
    
    Rate2010
    
    $
    6,416
    
    
    $
    4,736
    
    
    $
    169,739
    
    
    $
    
    
    
    $
    180,891
    
    
    
    8.34
    %2011
    
    
    6,753
    
    
    
    10,741
    
    
    
    246,500
    
    
    
    140,000
    
    
    
    403,994
    
    
    
    4.74
    %2012
    
    
    4,643
    
    
    
    190,349
    (1)
    
    
    230,100
    
    
    
    
    
    
    
    425,092
    
    
    
    6.65
    %2013
    
    
    3,858
    
    
    
    4,511
    
    
    
    
    
    
    
    
    
    
    
    8,369
    
    
    
    5.79
    %2014
    
    
    4,352
    
    
    
    2,684
    
    
    
    200,000
    
    
    
    
    
    
    
    207,036
    
    
    
    5.67
    %2015
    
    
    3,932
    
    
    
    44,469
    
    
    
    300,000
    
    
    
    
    
    
    
    348,401
    
    
    
    5.25
    %2016
    
    
    2,461
    
    
    
    182,318
    
    
    
    300,000
    
    
    
    
    
    
    
    484,779
    
    
    
    6.11
    %2017
    
    
    1,770
    
    
    
    
    
    
    
    296,543
    
    
    
    
    
    
    
    298,313
    
    
    
    6.62
    %2018 & thereafter
    
    
    
    
    
    
    
    
    
    
    100,000
    
    
    
    
    
    
    
    100,000
    
    
    
    7.50
    %$
    34,185
    
    
    $
    439,808
    
    
    $
    1,842,882
    
    
    $
    140,000
    
    
    $
    2,456,875
    
    
    
    6.15
    %
 (1)
    
    There are two one-year extensions for $160,456 of mortgages. 7. LEASING ACTIVITY
  2010
    
    $
    478,7552011
    
    
    433,4822012
    
    
    378,6232013
    
    
    318,5522014
    
    
    251,582Thereafter
    
    
    841,383TOTAL
    
    $
    2,702,377
  8. SHAREHOLDERS EQUITY
 Common Shares
   2009
    
    
    2008
    
    
    2007Ordinary dividend
    
    $
    1.6772
    
    
    $
    2.0186
    
    
    $
    1.6771Qualified dividend
    
    
    
    
    
    
    0.3422
    
    
    
    0.0904Capital gain  15%
    
    
    0.0976
    
    
    
    0.0664
    
    
    
    0.3543IRC Sec 1250 recapture gain  25%
    
    
    0.1252
    
    
    
    0.0728
    
    
    
    0.3632Return of capital
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    1.9000
    
    
    $
    2.5000
    
    
    $
    2.4850
  61




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##### Table of Contents



Common Shares Held in Treasury
   Common Units
   Preferred Units
  Date of
    
    
    
    
    
    
    
    
    
    
    
    Liquidation
    
    
    Dividend
    
    
    RedeemableIssue
    
    Issue
    
    Amount
    
    
    Units
    
    
    Preference
    
    
    Rate
    
    
    As of
    
    Exchangeable after(in 000s)7/28/99
    
    Series B
    
    $
    95,000
    
    
    
    3,800
    
    
    $
    25
    
    
    
    7.45
    %
    
    8/31/09
    
    8/31/13 into Series B 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
    
    12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust8/23/05
    
    Series F
    
    $
    6,000
    
    
    
    120
    
    
    $
    50
    
    
    
    6.65
    %
    
    6/30/10
    
    12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust12/15/06
    
    Series G
    
    $
    27,000
    
    
    
    540
    
    
    $
    50
    
    
    
    6.70
    %
    
    12/15/11
    
    12/15/16 into Series G Cumulative Redeemable Preferred Shares of the Trust8/21/07
    
    Series H
    
    $
    100,000
    
    
    
    4,000
    
    
    $
    25
    
    
    
    7.40
    %
    
    8/21/12
    
    8/21/17 into Series H Cumulative Redeemable Preferred Shares of the Trust
     62




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##### Table of Contents



2009
    
    
    2008
    
    
    2007Distributions (in millions)
    
    $
    21.0
    
    
    $
    21.0
    
    
    $
    17.1Distribution per unit:Series B
    
    $
    1.86
    
    
    $
    1.86
    
    
    $
    1.86Series D
    
    
    
    
    
    
    
    
    
    $
    1.74Series E
    
    $
    3.50
    
    
    $
    3.50
    
    
    $
    3.50Series F
    
    $
    3.33
    
    
    $
    3.33
    
    
    $
    3.33Series G
    
    $
    3.35
    
    
    $
    3.35
    
    
    $
    3.35Series H
    
    $
    1.85
    
    
    $
    1.85
    
    
    $
    0.67
  Dividend Reinvestment and Share Purchase Plan
  Continuous Equity Offering
  Sale of Common Shares
  9. EMPLOYEE BENEFIT PLANS
  10. SHARE BASED COMPENSATION
 2008 Plan
  Options
    63




---



##### Table of Contents



Year Ended December 31,2009
    
    
    2008
    
    
    2007Risk-free interest rate
    
    
    1.6
    %
    
    
    2.7
    %
    
    
    4.6
    %Dividend yield
    
    
    8.5
    %
    
    
    7.0
    %
    
    
    5.1
    %Volatility factor
    
    
    0.325
    
    
    
    0.221
    
    
    
    0.183Weighted-average expected life
    
    5 years
    
    
    5 years
    
    
    5 years
  WeightedAverageOptions
    
    
    Exercise(000s)
    
    
    PriceOutstanding at January 1, 2009
    
    
    2,892
    
    
    $
    34.09Granted
    
    
    514
    
    
    
    20.44Exercised
    
    
    (187
    )
    
    
    22.79Forfeited
    
    
    (35
    )
    
    
    28.07Outstanding at December 31, 2009
    
    
    3,184
    
    
    $
    32.61Exercisable at December 31, 2009
    
    
    1,950
    
    
    $
    35.21
    Long Term Incentive Shares (LTI)
     64




---



##### Table of Contents



Weighted AvgShares
    
    
    Grant Date(000s)
    
    
    Fair valueNonvested at January 1, 2009
    
    
    358
    
    
    $
    39.13Granted
    
    
    345
    
    
    
    20.52Vested
    
    
    (107
    )
    
    
    41.48Nonvested at December 31, 2009
    
    
    596
    
    
    $
    27.94
  Bonus Shares
  Profit Sharing Plan
   Employee Share Purchase Plan
  11. COMMITMENTS AND CONTINGENCIES
      65




---



##### Table of Contents



Litigation
  Contingencies,
 12. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
  Quarter EndedDec. 31,
    
    
    Sept. 30,
    
    
    June 30,
    
    
    Mar. 31,
    
    
    Dec. 31,
    
    
    Sept. 30,
    
    
    June 30,
    
    
    Mar. 31,2009
    
    
    2009
    
    
    2009
    
    
    2009
    
    
    2008
    
    
    2008
    
    
    2008
    
    
    2008Operating revenue
    
    $
    187,577
    
    
    $
    187,295
    
    
    $
    183,967
    
    
    $
    185,418
    
    
    $
    184,767
    
    
    $
    182,360
    
    
    $
    178,412
    
    
    $
    185,813Income from continuing operations
    
    
    (57,586
    )
    
    
    39,958
    
    
    
    38,728
    
    
    
    33,082
    
    
    
    47,958
    
    
    
    33,831
    
    
    
    33,823
    
    
    
    33,948Discontinued operations
    
    
    8,780
    
    
    
    10,786
    
    
    
    4,484
    
    
    
    760
    
    
    
    11,421
    
    
    
    12,122
    
    
    
    4,555
    
    
    
    2,448Net Income
    
    
    (48,806
    )
    
    
    50,744
    
    
    
    43,212
    
    
    
    33,842
    
    
    
    59,379
    
    
    
    45,953
    
    
    
    38,378
    
    
    
    36,396Income per common share  basic (1)
    
    
    (0.46
    )
    
    
    0.39
    
    
    
    0.35
    
    
    
    0.28
    
    
    
    0.53
    
    
    
    0.41
    
    
    
    0.34
    
    
    
    0.33Income per common share  diluted
(1)
    
    
    (0.46
    )
    
    
    0.39
    
    
    
    0.35
    
    
    
    0.28
    
    
    
    0.53
    
    
    
    0.41
    
    
    
    0.34
    
    
    
    0.33
 (1)
    
    The sum of quarterly financial data may vary from the annual data due to rounding.  66




---



##### Table of Contents



13. SEGMENT INFORMATION
  Reportable Segments
    
    MarketsNortheast
    
    Southeastern PA; Lehigh/Central PA; New JerseyMidwest
    
    Minnesota; Milwaukee; ChicagoMid-Atlantic
    
    Maryland; Carolinas; Richmond; Virginia BeachSouth
    
    Jacksonville; Orlando; Boca Raton; Tampa; Texas; ArizonaPhiladelphia/D.C.
    
    Philadelphia; Northern Virginia/Washington, D.C.United Kingdom
    
    County of Kent; West Midlands
    YEAR ENDED DECEMBER 31, 2009
 NortheastLehigh/Southeastern
    
    
    Central
    
    
    New
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    phila-
    
    
    unitedPA
    
    
    PA
    
    
    Jersey
    
    
    Midwest
    
    
    mid-atlantic
    
    
    South
    
    
    delphia
    
    
    kingdom
    
    
    totalOperating revenue
    
    $
    183,794
    
    
    $
    100,746
    
    
    $
    31,089
    
    
    $
    82,817
    
    
    $
    136,607
    
    
    $
    182,740
    
    
    $
    22,061
    
    
    $
    4,403
    
    
    $
    744,257Rental property
expenses and real
estate taxes
    
    
    59,496
    
    
    
    27,374
    
    
    
    12,724
    
    
    
    31,693
    
    
    
    40,173
    
    
    
    59,036
    
    
    
    5,213
    
    
    
    935
    
    
    
    236,644Property level
operating income
    
    $
    124,298
    
    
    $
    73,372
    
    
    $
    18,365
    
    
    $
    51,124
    
    
    $
    96,434
    
    
    $
    123,704
    
    
    $
    16,848
    
    
    $
    3,468
    
    
    $
    507,613Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,503Debt extinguishment gain
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,547Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (149,569
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (51,250
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (170,764
    )Income before property dispositions, income
taxes, equity in earnings
of unconsolidated joint ventures and impairment charges
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    149,080Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,687Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (494
    )Equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,161Impairment charges  investment in unconsolidated joint
ventures and other
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (82,552
    ) goodwill
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (15,700
    )Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    24,810Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    78,992
  67




---



##### Table of Contents



YEAR ENDED DECEMBER 31, 2008
 NortheastSoutheastern
    
    
    Lehigh/ Central
    
    
    New
    
    
    
    
    
    
    mid-
    
    
    
    
    
    
    phila-
    
    
    unitedPA
    
    
    PA
    
    
    Jersey
    
    
    Midwest
    
    
    atlantic
    
    
    South
    
    
    delphia
    
    
    kingdom
    
    
    totalOperating revenue
    
    $
    176,494
    
    
    $
    97,066
    
    
    $
    32,528
    
    
    $
    81,715
    
    
    $
    138,646
    
    
    $
    171,138
    
    
    $
    29,426
    
    
    $
    4,339
    
    
    $
    731,352Rental property
expenses and real
estate taxes
    
    
    57,251
    
    
    
    26,273
    
    
    
    12,888
    
    
    
    30,011
    
    
    
    40,482
    
    
    
    57,192
    
    
    
    7,791
    
    
    
    1,044
    
    
    
    232,932Property level
operating income
    
    $
    119,243
    
    
    $
    70,793
    
    
    $
    19,640
    
    
    $
    51,704
    
    
    $
    98,164
    
    
    $
    113,946
    
    
    $
    21,635
    
    
    $
    3,295
    
    
    $
    498,420Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,440Debt extinguishment gain
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,521Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (152,896
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (54,467
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (169,190
    )Income before property dispositions, income taxes and
equity in earnings of unconsolidated
joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    137,828Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,572Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,645
    )Equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,805Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    30,546Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    180,106
 YEAR ENDED DECEMBER 31, 2007
 NortheastLehigh/ Central
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    phila-Southeastern PA
    
    
    PA
    
    
    New Jersey
    
    
    Midwest
    
    
    mid-atlantic
    
    
    South
    
    
    delphia
    
    
    united kingdom
    
    
    totalOperating revenue
    
    $
    170,507
    
    
    $
    89,940
    
    
    $
    30,684
    
    
    $
    77,980
    
    
    $
    124,539
    
    
    $
    148,816
    
    
    $
    23,963
    
    
    $
    2,715
    
    
    $
    669,144Rental property
expenses and real
estate taxes
    
    
    56,417
    
    
    
    23,044
    
    
    
    11,939
    
    
    
    27,051
    
    
    
    37,342
    
    
    
    49,687
    
    
    
    5,637
    
    
    
    35
    
    
    
    211,152Property level
operating income
    
    $
    114,090
    
    
    $
    66,896
    
    
    $
    18,745
    
    
    $
    50,929
    
    
    $
    87,197
    
    
    $
    99,129
    
    
    $
    18,326
    
    
    $
    2,680
    
    
    $
    457,992Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,678Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (124,217
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (54,325
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (151,908
    )Income before property dispositions, income taxes, equity in loss of
of unconsolidated joint ventures and impairment charges
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    139,220Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,633Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    709Equity in loss of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (226
    )Impairment charges  investment in unconsolidated joint ventures and other
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (170
    )Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    49,144Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    190,310
  68




---



##### Table of Contents



Real Estate Related RevenuesYear Ended December 31,Product Type Information
    
    2009
    
    
    2008
    
    
    2007Industrial
    
    $
    301,781
    
    
    $
    291,775
    
    
    $
    265,279Office
    
    
    442,476
    
    
    
    439,577
    
    
    
    403,865Total operating revenue
    
    $
    744,257
    
    
    $
    731,352
    
    
    $
    669,144
 ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
 NortheastLehigh/Southeaste
    
    
    Central
    
    
    
    
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    Phila-
    
    
    Unitedrn PA
    
    
    PA
    
    
    New Jersey
    
    
    Midwest
    
    
    Atlantic
    
    
    South
    
    
    Delphia
    
    
    Kingdom (1)
    
    
    TotalJanuary 1, 2009
    
    $
    1,112,233
    
    
    $
    727,520
    
    
    $
    189,010
    
    
    $
    541,836
    
    
    $
    983,588
    
    
    $
    1,290,144
    
    
    $
    110,380
    
    
    $
    38,413
    
    
    $
    4,993,124Additions
    
    
    10,976
    
    
    
    99,544
    
    
    
    3,754
    
    
    
    11,449
    
    
    
    63,173
    
    
    
    96,345
    
    
    
    36,299
    
    
    
    4,088
    
    
    
    325,628Dispositions
    
    
    (2,131
    )
    
    
    (4,855
    )
    
    
    (16,125
    )
    
    
    (7,353
    )
    
    
    (17,759
    )
    
    
    (9,716
    )
    
    
    
    
    
    
    
    
    
    
    (57,939
    )December 31, 2009
    
    $
    1,121,078
    
    
    $
    822,209
    
    
    $
    176,639
    
    
    $
    545,932
    
    
    $
    1,029,002
    
    
    $
    1,376,773
    
    
    $
    146,679
    
    
    $
    42,501
    
    
    
    5,260,813Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,093,946
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    66,714Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    218,633Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    775,207Total assets at December 31, 2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    5,227,421
 ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
 NortheastLehigh/Southeastern
    
    
    Central
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Phila-
    
    
    UnitedPA
    
    
    PA
    
    
    New Jersey
    
    
    Midwest
    
    
    Mid-Atlantic
    
    
    South
    
    
    Delphia
    
    
    Kingdom (1)
    
    
    TotalJanuary 1, 2008
    
    $
    1,095,369
    
    
    $
    655,619
    
    
    $
    177,218
    
    
    $
    543,445
    
    
    $
    948,115
    
    
    $
    1,184,349
    
    
    $
    470,548
    
    
    $
    51,532
    
    
    $
    5,126,195Additions
    
    
    40,096
    
    
    
    71,901
    
    
    
    22,713
    
    
    
    7,319
    
    
    
    50,811
    
    
    
    109,095
    
    
    
    7,729
    
    
    
    (13,119
    )
    
    
    296,545Dispositions
    
    
    (23,232
    )
    
    
    
    
    
    
    (10,921
    )
    
    
    (8,928
    )
    
    
    (15,338
    )
    
    
    (3,300
    )
    
    
    (367,897
    )
    
    
    
    
    
    
    (429,616
    )December 31, 2008
    
    $
    1,112,233
    
    
    $
    727,520
    
    
    $
    189,010
    
    
    $
    541,836
    
    
    $
    983,588
    
    
    $
    1,290,144
    
    
    $
    110,380
    
    
    $
    38,413
    
    
    
    4,993,124Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (963,043
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    245,463Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    209,551Assets held for sale
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    98,706Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    633,234Total assets at December 31, 2008
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    5,217,035
 (1)
    
    United Kingdom additions are impacted by foreign currency translation gain or loss.  69




---



##### Table of Contents



14. ACCOUNTING FOR THE IMPAIRMENT OR DISPOSAL OF LONG-LIVED ASSETS
 Discontinued Operations
   Year Ended December 31,2009
    
    
    2008
    
    
    2007Revenues
    
    $
    15,491
    
    
    $
    30,531
    
    
    $
    61,067Operating expenses
    
    
    (3,833
    )
    
    
    (11,462
    )
    
    
    (22,358
    )Interest expense
    
    
    (2,195
    )
    
    
    (4,982
    )
    
    
    (9,798
    )Depreciation and amortization
    
    
    (2,512
    )
    
    
    (7,060
    )
    
    
    (13,378
    )Income before property
dispositions and impairment
charges
    
    $
    6,951
    
    
    $
    7,027
    
    
    $
    15,533
  Asset Impairment
  Year Ended December 31,Segment
    
    2009
    
    
    2008
    
    
    2007Northeast
    
    $
    1,251
    
    
    $
    957
    
    
    $
    39Midwest
    
    
    837
    
    
    
    1,490
    
    
    
    131Mid-Atlantic
    
    
    3,992
    
    
    
    629
    
    
    
    Florida
    
    
    292
    
    
    
    
    
    
    
    Philadelphia/D.C.
    
    
    3,137
    
    
    
    
    
    
    
    Total
    
    $
    9,509
    
    
    $
    3,076
    
    
    $
    170
    70




---



##### Table of Contents



15. SUPPLEMENTAL DISCLOSURE TO STATEMENTS OF CASH FLOWS
  2009
    
    
    2008
    
    
    2007Write-off of fully depreciated property and deferred costs
    
    $
    76,714
    
    
    $
    31,421
    
    
    $
    102,902Acquisition of properties
    
    
    
    
    
    
    
    
    
    
    (73,556
    )Assumption of mortgage loans
    
    
    
    
    
    
    
    
    
    
    73,556Increase in investment in unconsolidated joint ventures
    
    
    
    
    
    
    (35,172
    )
    
    
    Disposition of properties/development in progress
    
    
    
    
    
    
    173,624
    
    
    
    Disposition of deferred leasing/financing costs
    
    
    
    
    
    
    12,526
    
    
    
    Reduction of accounts receivable
    
    
    
    
    
    
    7,854
    
    
    
    Reduction of deferred rent receivable
    
    
    
    
    
    
    6,580
    
    
    
    Reduction of prepaid and other assets
    
    
    
    
    
    
    38,486
    
    
    
    Reduction of Credit Facility
    
    
    
    
    
    
    (152,960
    )
    
    
    Reduction of other liabilities
    
    
    
    
    
    
    (50,938
    )
    
    
    
  71




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES1501 Perryman Road
    
    Aberdeen, MD
    
    
    
    
    
    
    5,813,324
    
    
    
    18,874,059
    
    
    
    4,804,279
    
    
    
    5,816,839
    
    
    
    23,674,823
    
    
    
    29,491,662
    
    
    
    2,192,955
    
    
    2005
    
    40 yrs.2196 Avenue C
    
    Allentown, PA
    
    
    
    
    
    
    101,159
    
    
    
    
    
    
    
    1,377,970
    
    
    
    107,307
    
    
    
    1,371,822
    
    
    
    1,479,129
    
    
    
    864,539
    
    
    1980
    
    40 yrs.2202 Hanger Place
    
    Allentown, PA
    
    
    *
    
    
    
    137,439
    
    
    
    
    
    
    
    1,341,155
    
    
    
    138,127
    
    
    
    1,340,466
    
    
    
    1,478,594
    
    
    
    919,724
    
    
    1981
    
    40 yrs.7437 Industrial Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    717,488
    
    
    
    5,022,413
    
    
    
    3,000,614
    
    
    
    726,651
    
    
    
    8,013,864
    
    
    
    8,740,515
    
    
    
    3,362,998
    
    
    1976
    
    40 yrs.7339 Industrial Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    1,187,776
    
    
    
    
    
    
    
    7,309,880
    
    
    
    1,197,447
    
    
    
    7,300,209
    
    
    
    8,497,656
    
    
    
    2,749,783
    
    
    1996
    
    40 yrs.400 Nestle Way
    
    Allentown, PA
    
    
    19,993,555
    
    
    
    8,065,500
    
    
    
    
    
    
    
    27,420,765
    
    
    
    8,184,096
    
    
    
    27,302,169
    
    
    
    35,486,265
    
    
    
    9,791,909
    
    
    1997
    
    40 yrs.7248 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,670,849
    
    
    
    13,307,408
    
    
    
    4,089,940
    
    
    
    2,670,673
    
    
    
    17,397,523
    
    
    
    20,068,197
    
    
    
    5,075,727
    
    
    1988
    
    40 yrs.700 Nestle Way
    
    Allentown, PA
    
    
    *
    
    
    
    3,473,120
    
    
    
    
    
    
    
    20,083,721
    
    
    
    4,174,970
    
    
    
    19,381,870
    
    
    
    23,556,841
    
    
    
    6,104,911
    
    
    1998
    
    40 yrs.7562 Penn Drive
    
    Allentown, PA
    
    
    
    
    
    
    269,614
    
    
    
    844,069
    
    
    
    213,047
    
    
    
    269,614
    
    
    
    1,057,116
    
    
    
    1,326,730
    
    
    
    354,746
    
    
    1989
    
    40 yrs.7277 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    462,964
    
    
    
    1,449,009
    
    
    
    436,346
    
    
    
    463,123
    
    
    
    1,885,196
    
    
    
    2,348,319
    
    
    
    736,944
    
    
    1989
    
    40 yrs.7355 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    489,749
    
    
    
    1,658,091
    
    
    
    314,252
    
    
    
    489,749
    
    
    
    1,972,343
    
    
    
    2,462,092
    
    
    
    640,184
    
    
    1998
    
    40 yrs.794 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    1,147,541
    
    
    
    6,088,041
    
    
    
    1,183,790
    
    
    
    1,147,541
    
    
    
    7,271,832
    
    
    
    8,419,373
    
    
    
    2,526,061
    
    
    1985
    
    40 yrs.6923 Schantz Spring Road
    
    Allentown, PA
    
    
    *
    
    
    
    1,127,805
    
    
    
    3,309,132
    
    
    
    660,579
    
    
    
    1,127,805
    
    
    
    3,969,711
    
    
    
    5,097,516
    
    
    
    1,163,852
    
    
    1993
    
    40 yrs.8014 Industrial Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    4,019,258
    
    
    
    
    
    
    
    9,764,774
    
    
    
    3,645,117
    
    
    
    10,138,915
    
    
    
    13,784,032
    
    
    
    3,341,045
    
    
    1999
    
    40 yrs.705 Boulder Drive
    
    Allentown, PA
    
    
    *
    
    
    
    4,484,096
    
    
    
    
    
    
    
    15,194,668
    
    
    
    4,486,836
    
    
    
    15,191,928
    
    
    
    19,678,764
    
    
    
    3,524,004
    
    
    2001
    
    40 yrs.651 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,308,646
    
    
    
    
    
    
    
    18,056,549
    
    
    
    4,308,646
    
    
    
    18,056,549
    
    
    
    22,365,194
    
    
    
    3,827,258
    
    
    2000
    
    40 yrs.8150 Industrial Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    2,564,167
    
    
    
    
    
    
    
    8,911,345
    
    
    
    2,571,466
    
    
    
    8,904,047
    
    
    
    11,475,513
    
    
    
    2,171,847
    
    
    2002
    
    40 yrs.8250 Industrial Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    1,025,667
    
    
    
    
    
    
    
    5,346,179
    
    
    
    1,035,854
    
    
    
    5,335,991
    
    
    
    6,371,846
    
    
    
    1,109,398
    
    
    2002
    
    40 yrs.650 Boulder Drive
    
    Allentown, PA
    
    
    *
    
    
    
    5,208,248
    
    
    
    
    
    
    
    31,405,185
    
    
    
    9,961,788
    
    
    
    26,651,645
    
    
    
    36,613,433
    
    
    
    4,756,705
    
    
    2002
    
    40 yrs.7165 Ambassador Drive
    
    Allentown, PA
    
    
    *
    
    
    
    792,999
    
    
    
    
    
    
    
    4,533,868
    
    
    
    804,848
    
    
    
    4,522,019
    
    
    
    5,326,867
    
    
    
    1,016,649
    
    
    2002
    
    40 yrs.200 Boulder Drive
    
    Allentown, PA
    
    
    *
    
    
    
    4,722,683
    
    
    
    18,922,645
    
    
    
    541,304
    
    
    
    4,722,683
    
    
    
    19,463,949
    
    
    
    24,186,632
    
    
    
    2,588,889
    
    
    2004
    
    40 yrs.250 Boulder Drive
    
    Allentown, PA
    
    
    *
    
    
    
    3,599,936
    
    
    
    12,099,145
    
    
    
    2,087,298
    
    
    
    3,717,733
    
    
    
    14,068,646
    
    
    
    17,786,379
    
    
    
    2,088,906
    
    
    2004
    
    40 yrs.8400 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    6,725,948
    
    
    
    
    
    
    
    27,103,907
    
    
    
    7,521,211
    
    
    
    26,308,644
    
    
    
    33,829,856
    
    
    
    2,205,417
    
    
    2005
    
    40 yrs.6560 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    458,281
    
    
    
    
    
    
    
    2,833,097
    
    
    
    458,945
    
    
    
    2,832,433
    
    
    
    3,291,378
    
    
    
    1,466,473
    
    
    1989
    
    40 yrs.6370 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    540,795
    
    
    
    
    
    
    
    3,744,192
    
    
    
    541,459
    
    
    
    3,743,528
    
    
    
    4,284,987
    
    
    
    1,868,661
    
    
    1990
    
    40 yrs.6390 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    707,203
    
    
    
    
    
    
    
    2,765,090
    
    
    
    707,867
    
    
    
    2,764,425
    
    
    
    3,472,293
    
    
    
    1,512,805
    
    
    1990
    
    40 yrs.6350 Hedgewood Drive
    
    Allentown, PA
    
    
    *
    
    
    
    360,027
    
    
    
    
    
    
    
    3,885,003
    
    
    
    560,691
    
    
    
    3,684,339
    
    
    
    4,245,030
    
    
    
    1,677,570
    
    
    1989
    
    40 yrs.6330 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    531,268
    
    
    
    
    
    
    
    4,920,859
    
    
    
    532,047
    
    
    
    4,920,080
    
    
    
    5,452,127
    
    
    
    2,774,933
    
    
    1988
    
    40 yrs.6580 Snowdrift Road
    
    Allentown, PA
    
    
    
    
    
    
    388,328
    
    
    
    
    
    
    
    3,475,773
    
    
    
    389,081
    
    
    
    3,475,020
    
    
    
    3,864,101
    
    
    
    1,839,464
    
    
    1988
    
    40 yrs.6540 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    422,042
    
    
    
    
    
    
    
    3,893,307
    
    
    
    422,730
    
    
    
    3,892,620
    
    
    
    4,315,349
    
    
    
    2,134,789
    
    
    1988
    
    40 yrs.974 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    143,500
    
    
    
    
    
    
    
    2,556,174
    
    
    
    144,248
    
    
    
    2,555,426
    
    
    
    2,699,674
    
    
    
    1,496,730
    
    
    1987
    
    40 yrs.964 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    138,816
    
    
    
    
    
    
    
    2,126,673
    
    
    
    139,480
    
    
    
    2,126,009
    
    
    
    2,265,489
    
    
    
    1,330,273
    
    
    1985
    
    40 yrs.764 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    141,069
    
    
    
    
    
    
    
    876,165
    
    
    
    141,746
    
    
    
    875,488
    
    
    
    1,017,234
    
    
    
    514,307
    
    
    1985
    
    40 yrs.3174 Airport Road
    
    Allentown, PA
    
    
    
    
    
    
    98,986
    
    
    
    
    
    
    
    1,196,420
    
    
    
    98,986
    
    
    
    1,196,420
    
    
    
    1,295,406
    
    
    
    806,648
    
    
    1979
    
    40 yrs.2201 Hanger Place
    
    Allentown, PA
    
    
    
    
    
    
    128,454
    
    
    
    
    
    
    
    1,918,272
    
    
    
    129,142
    
    
    
    1,917,583
    
    
    
    2,046,726
    
    
    
    1,333,081
    
    
    1987
    
    40 yrs.954 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    103,665
    
    
    
    
    
    
    
    1,347,075
    
    
    
    104,453
    
    
    
    1,346,288
    
    
    
    1,450,740
    
    
    
    689,811
    
    
    1981
    
    40 yrs.754 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    162,115
    
    
    
    1,731,885
    
    
    
    502,487
    
    
    
    163,735
    
    
    
    2,232,752
    
    
    
    2,396,487
    
    
    
    961,223
    
    
    1986
    
    40 yrs.744 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    159,771
    
    
    
    1,734,229
    
    
    
    271,718
    
    
    
    161,371
    
    
    
    2,004,347
    
    
    
    2,165,718
    
    
    
    818,827
    
    
    1986
    
    40 yrs.944 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    118,521
    
    
    
    1,435,479
    
    
    
    610,844
    
    
    
    119,711
    
    
    
    2,045,133
    
    
    
    2,164,844
    
    
    
    829,879
    
    
    1986
    
    40 yrs.6520 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    453,315
    
    
    
    
    
    
    
    1,791,480
    
    
    
    484,361
    
    
    
    1,760,434
    
    
    
    2,244,795
    
    
    
    793,672
    
    
    1996
    
    40 yrs.2041 Avenue C
    
    Allentown, PA
    
    
    
    
    
    
    213,599
    
    
    
    1,095,217
    
    
    
    313,180
    
    
    
    213,879
    
    
    
    1,408,117
    
    
    
    1,621,996
    
    
    
    449,416
    
    
    1990
    
    40 yrs.7620 Cetronia Road
    
    Allentown, PA
    
    
    
    
    
    
    1,091,806
    
    
    
    3,851,456
    
    
    
    369,187
    
    
    
    1,093,724
    
    
    
    4,218,725
    
    
    
    5,312,449
    
    
    
    1,670,086
    
    
    1990
    
    40 yrs.180,190 Cochrane Drive
    
    Annapolis, MD
    
    
    
    
    
    
    3,670,256
    
    
    
    
    
    
    
    23,630,722
    
    
    
    3,752,293
    
    
    
    23,548,685
    
    
    
    27,300,978
    
    
    
    11,414,778
    
    
    1988
    
    40 yrs.4606 Richlynn Drive
    
    Belcamp, MD
    
    
    
    
    
    
    299,600
    
    
    
    1,818,861
    
    
    
    712,787
    
    
    
    299,600
    
    
    
    2,531,649
    
    
    
    2,831,249
    
    
    
    660,865
    
    
    1985
    
    40 yrs.1455 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    670,290
    
    
    
    
    
    
    
    4,243,453
    
    
    
    545,172
    
    
    
    4,368,571
    
    
    
    4,913,743
    
    
    
    2,063,867
    
    
    1997
    
    40 yrs.1640 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    4,293,944
    
    
    
    190,728
    
    
    
    4,462,216
    
    
    
    4,652,944
    
    
    
    1,742,947
    
    
    1996
    
    40 yrs.1650 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,224,548
    
    
    
    188,896
    
    
    
    2,394,651
    
    
    
    2,583,548
    
    
    
    1,088,139
    
    
    1997
    
    40 yrs.1660 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,557,966
    
    
    
    188,721
    
    
    
    2,728,245
    
    
    
    2,916,966
    
    
    
    973,259
    
    
    1998
    
    40 yrs.83 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    143,661
    
    
    
    888,128
    
    
    
    572,057
    
    
    
    212,744
    
    
    
    1,391,102
    
    
    
    1,603,845
    
    
    
    620,455
    
    
    1989
    
    40 yrs.85 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    236,708
    
    
    
    987,949
    
    
    
    208,645
    
    
    
    237,078
    
    
    
    1,196,225
    
    
    
    1,433,303
    
    
    
    413,134
    
    
    1989
    
    40 yrs.87 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    253,886
    
    
    
    1,062,881
    
    
    
    273,052
    
    
    
    253,886
    
    
    
    1,335,933
    
    
    
    1,589,818
    
    
    
    500,341
    
    
    1989
    
    40 yrs.89 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    320,000
    
    
    
    
    
    
    
    2,022,399
    
    
    
    367,706
    
    
    
    1,974,693
    
    
    
    2,342,399
    
    
    
    873,636
    
    
    1998
    
    40 yrs.1525 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    475,686
    
    
    
    
    
    
    
    7,944,965
    
    
    
    804,104
    
    
    
    7,616,547
    
    
    
    8,420,651
    
    
    
    2,560,117
    
    
    1999
    
    40 yrs.74 West Broad Street
    
    Bethlehem, PA
    
    
    
    
    
    
    1,096,127
    
    
    
    
    
    
    
    13,874,303
    
    
    
    1,099,079
    
    
    
    13,871,351
    
    
    
    14,970,430
    
    
    
    4,026,880
    
    
    2002
    
    40 yrs.1605 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    729,751
    
    
    
    
    
    
    
    11,561,580
    
    
    
    1,766,196
    
    
    
    10,525,135
    
    
    
    12,291,331
    
    
    
    2,839,400
    
    
    2000
    
    40 yrs.1495 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    434,640
    
    
    
    
    
    
    
    4,922,712
    
    
    
    435,303
    
    
    
    4,922,049
    
    
    
    5,357,352
    
    
    
    2,343,238
    
    
    1990
    
    40 yrs.1550 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    196,954
    
    
    
    
    
    
    
    4,267,425
    
    
    
    197,700
    
    
    
    4,266,679
    
    
    
    4,464,379
    
    
    
    1,916,177
    
    
    1988
    
    40 yrs.1560 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    240,069
    
    
    
    
    
    
    
    4,635,199
    
    
    
    240,732
    
    
    
    4,634,536
    
    
    
    4,875,268
    
    
    
    2,496,299
    
    
    1988
    
    40 yrs.1510 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    312,209
    
    
    
    
    
    
    
    3,833,455
    
    
    
    312,873
    
    
    
    3,832,791
    
    
    
    4,145,664
    
    
    
    2,071,654
    
    
    1988
    
    40 yrs.1530 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    211,747
    
    
    
    
    
    
    
    3,029,231
    
    
    
    212,492
    
    
    
    3,028,486
    
    
    
    3,240,978
    
    
    
    1,568,618
    
    
    1988
    
    40 yrs.57 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    390,839
    
    
    
    2,701,161
    
    
    
    883,806
    
    
    
    395,459
    
    
    
    3,580,347
    
    
    
    3,975,806
    
    
    
    1,608,633
    
    
    1986
    
    40 yrs.6601-6625 W. 78th Street
    
    Bloomington, MN
    
    
    
    
    
    
    2,263,060
    
    
    
    
    
    
    
    39,279,236
    
    
    
    2,310,246
    
    
    
    39,232,050
    
    
    
    41,542,296
    
    
    
    10,965,582
    
    
    1998
    
    40 yrs.6161 Green Valley Drive
    
    Bloomington, MN
    
    
    
    
    
    
    740,378
    
    
    
    3,311,602
    
    
    
    881,878
    
    
    
    709,961
    
    
    
    4,223,897
    
    
    
    4,933,858
    
    
    
    1,064,619
    
    
    1992
    
    40 yrs.10801 Nesbitt Avenue South
    
    Bloomington, MN
    
    
    
    
    
    
    784,577
    
    
    
    
    
    
    
    4,108,623
    
    
    
    786,382
    
    
    
    4,106,818
    
    
    
    4,893,200
    
    
    
    1,386,052
    
    
    2001
    
    40 yrs.5775 West Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,052,018
    
    
    
    3,849,649
    
    
    
    3,331,114
    
    
    
    2,060,644
    
    
    
    7,172,136
    
    
    
    9,232,780
    
    
    
    3,194,662
    
    
    2002
    
    40 yrs.5715 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    2,387,584
    
    
    
    1,264,758
    
    
    
    4,746,834
    
    
    
    6,011,592
    
    
    
    1,422,994
    
    
    2002
    
    40 yrs.5735 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    1,086,930
    
    
    
    1,264,758
    
    
    
    3,446,180
    
    
    
    4,710,938
    
    
    
    775,156
    
    
    2002
    
    40 yrs.5705 Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,113,223
    
    
    
    
    
    
    
    5,520,730
    
    
    
    2,148,571
    
    
    
    5,485,383
    
    
    
    7,633,953
    
    
    
    546,531
    
    
    2001
    
    40 yrs.1701 Clint Moore Boulevard
    
    Boca Raton, FL
    
    
    
    
    
    
    1,430,884
    
    
    
    3,043,553
    
    
    
    1,317,936
    
    
    
    1,430,937
    
    
    
    4,361,436
    
    
    
    5,792,373
    
    
    
    1,299,605
    
    
    1985
    
    40 yrs.951 Broken Sound Parkway
    
    Boca Raton, FL
    
    
    
    
    
    
    1,426,251
    
    
    
    6,098,952
    
    
    
    2,333,187
    
    
    
    1,426,251
    
    
    
    8,432,138
    
    
    
    9,858,389
    
    
    
    2,931,424
    
    
    1986
    
    40 yrs.777 Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    4,101,247
    
    
    
    16,077,347
    
    
    
    6,471,449
    
    
    
    4,501,247
    
    
    
    22,148,796
    
    
    
    26,650,043
    
    
    
    7,122,323
    
    
    1987
    
    40 yrs.1801 Clint Moore Road
    
    Boca Raton, FL
    
    
    
    
    
    
    1,065,068
    
    
    
    4,481,644
    
    
    
    686,050
    
    
    
    1,065,068
    
    
    
    5,167,695
    
    
    
    6,232,763
    
    
    
    1,810,278
    
    
    1986
    
    40 yrs.750 Park of Commerce
Boulevard
    
    Boca Raton, FL
    
    
    
    
    
    
    2,430,000
    
    
    
    
    
    
    
    20,370,688
    
    
    
    2,473,406
    
    
    
    20,327,282
    
    
    
    22,800,688
    
    
    
    250,145
    
    
    2007
    
    40 yrs.
  72




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)400 Boulder Drive
    
    Breinigsville, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,408,721
    
    
    
    2,865,575
    
    
    
    10,543,146
    
    
    
    13,408,721
    
    
    
    1,421,657
    
    
    2003
    
    40 yrs.860 Nestle Way
    
    Breinigsville, PA
    
    
    
    
    
    
    8,118,881
    
    
    
    18,885,486
    
    
    
    6,680,031
    
    
    
    8,118,881
    
    
    
    25,565,517
    
    
    
    33,684,398
    
    
    
    2,698,563
    
    
    2004
    
    40 yrs.8201 Industrial Boulevard
    
    Breinigsville, PA
    
    
    *
    
    
    
    2,089,719
    
    
    
    
    
    
    
    8,328,910
    
    
    
    2,222,168
    
    
    
    8,196,461
    
    
    
    10,418,629
    
    
    
    674,780
    
    
    2006
    
    40 yrs.8500 Industrial Bouldvard
    
    Breinigsville, PA
    
    
    
    
    
    
    8,752,708
    
    
    
    
    
    
    
    37,189,227
    
    
    
    11,511,499
    
    
    
    34,430,436
    
    
    
    45,941,935
    
    
    
    850,293
    
    
    2007
    
    40 yrs.602 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    524,728
    
    
    
    2,240,478
    
    
    
    7,650
    
    
    
    524,728
    
    
    
    2,248,128
    
    
    
    2,772,856
    
    
    
    659,860
    
    
    1996
    
    40 yrs.245 Executive Drive
    
    Brookfield, WI
    
    
    
    
    
    
    577,067
    
    
    
    5,197,903
    
    
    
    4,083,791
    
    
    
    577,067
    
    
    
    9,281,694
    
    
    
    9,858,761
    
    
    
    2,873,511
    
    
    1984
    
    40 yrs.15800 West Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    1,289,204
    
    
    
    8,128,035
    
    
    
    1,539,600
    
    
    
    1,306,811
    
    
    
    9,650,028
    
    
    
    10,956,839
    
    
    
    2,384,910
    
    
    1994
    
    40 yrs.20700 Swenson Drive
    
    Brookfield, WI
    
    
    5,102,070
    
    
    
    830,008
    
    
    
    12,276,445
    
    
    
    679,246
    
    
    
    830,999
    
    
    
    12,954,700
    
    
    
    13,785,698
    
    
    
    1,657,012
    
    
    2005
    
    40 yrs.20800 Swenson Drive
    
    Brookfield, WI
    
    
    4,412,013
    
    
    
    1,023,466
    
    
    
    10,729,219
    
    
    
    1,046,655
    
    
    
    1,025,082
    
    
    
    11,774,257
    
    
    
    12,799,339
    
    
    
    1,619,160
    
    
    2005
    
    40 yrs.20935 Swenson Drive
    
    Brookfield, WI
    
    
    3,848,454
    
    
    
    571,389
    
    
    
    10,238,547
    
    
    
    765,002
    
    
    
    572,158
    
    
    
    11,002,779
    
    
    
    11,574,937
    
    
    
    1,443,181
    
    
    2005
    
    40 yrs.20975 Swenson Drive
    
    Brookfield, WI
    
    
    5,162,022
    
    
    
    675,422
    
    
    
    8,910,651
    
    
    
    1,060,006
    
    
    
    678,637
    
    
    
    9,967,442
    
    
    
    10,646,079
    
    
    
    1,592,010
    
    
    2005
    
    40 yrs.20825 Swenson Drive
    
    Brookfield, WI
    
    
    
    
    
    
    644,563
    
    
    
    3,640,734
    
    
    
    223,470
    
    
    
    646,518
    
    
    
    3,862,251
    
    
    
    4,508,768
    
    
    
    518,526
    
    
    2006
    
    40 yrs.1485 W. Commerce Avenue
    
    Carlisle, PA
    
    
    
    
    
    
    4,249,868
    
    
    
    13,886,039
    
    
    
    2,241,825
    
    
    
    4,095,262
    
    
    
    16,282,471
    
    
    
    20,377,733
    
    
    
    2,053,822
    
    
    2004
    
    40 yrs.3773 Corporate Parkway
    
    Center Valley, PA
    
    
    
    
    
    
    738,108
    
    
    
    
    
    
    
    7,671,741
    
    
    
    794,874
    
    
    
    7,614,974
    
    
    
    8,409,848
    
    
    
    2,256,384
    
    
    2001
    
    40 yrs.95 Kriner Road
    
    Chambersburg, PA
    
    
    
    
    
    
    8,695,501
    
    
    
    
    
    
    
    28,492,075
    
    
    
    9,407,871
    
    
    
    27,779,705
    
    
    
    37,187,576
    
    
    
    861,982
    
    
    2006
    
    40 yrs.1309 Executive Boulevard
    
    Cheaspeake, VA
    
    
    
    
    
    
    926,125
    
    
    
    
    
    
    
    5,090,506
    
    
    
    955,374
    
    
    
    5,061,257
    
    
    
    6,016,631
    
    
    
    1,120,006
    
    
    2001
    
    40 yrs.1305 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    861,020
    
    
    
    
    
    
    
    4,929,744
    
    
    
    1,129,850
    
    
    
    4,660,913
    
    
    
    5,790,763
    
    
    
    1,086,271
    
    
    2002
    
    40 yrs.1313 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    1,180,036
    
    
    
    
    
    
    
    4,629,615
    
    
    
    1,708,050
    
    
    
    4,101,602
    
    
    
    5,809,652
    
    
    
    887,713
    
    
    2002
    
    40 yrs.500 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    864,150
    
    
    
    4,427,285
    
    
    
    114,510
    
    
    
    866,609
    
    
    
    4,539,337
    
    
    
    5,405,945
    
    
    
    734,360
    
    
    2004
    
    40 yrs.700 Independence Parkway
    
    Chesapeake, VA
    
    
    6,374,921
    
    
    
    1,950,375
    
    
    
    7,236,994
    
    
    
    651,092
    
    
    
    1,951,135
    
    
    
    7,887,326
    
    
    
    9,838,461
    
    
    
    1,491,629
    
    
    2004
    
    40 yrs.501 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    1,202,556
    
    
    
    5,975,538
    
    
    
    1,239,033
    
    
    
    1,292,273
    
    
    
    7,124,854
    
    
    
    8,417,127
    
    
    
    905,439
    
    
    2005
    
    40 yrs.505 Independence Parkway
    
    Chesapeake, VA
    
    
    4,823,203
    
    
    
    1,292,062
    
    
    
    6,456,515
    
    
    
    1,326,852
    
    
    
    1,292,254
    
    
    
    7,783,173
    
    
    
    9,075,428
    
    
    
    1,103,228
    
    
    2005
    
    40 yrs.510 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    2,012,149
    
    
    
    7,546,882
    
    
    
    969,751
    
    
    
    2,014,689
    
    
    
    8,514,094
    
    
    
    10,528,783
    
    
    
    1,135,223
    
    
    2005
    
    40 yrs.1301 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,176,380
    
    
    
    997,570
    
    
    
    5,178,810
    
    
    
    6,176,380
    
    
    
    564,740
    
    
    2005
    
    40 yrs.676 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    1,527,303
    
    
    
    
    
    
    
    9,591,486
    
    
    
    1,562,903
    
    
    
    9,555,887
    
    
    
    11,118,790
    
    
    
    111,001
    
    
    2006
    
    40 yrs.6230 Old Dobbin Lane
    
    Colombia, MD
    
    
    
    
    
    
    3,004,075
    
    
    
    
    
    
    
    7,926,845
    
    
    
    2,746,455
    
    
    
    8,184,465
    
    
    
    10,930,920
    
    
    
    1,220,442
    
    
    2004
    
    40 yrs.9101,9111,9115 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    758,951
    
    
    
    
    
    
    
    4,775,935
    
    
    
    765,952
    
    
    
    4,768,933
    
    
    
    5,534,886
    
    
    
    2,520,185
    
    
    1984
    
    40 yrs.9125,9135,9145 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    900,154
    
    
    
    
    
    
    
    6,544,198
    
    
    
    920,439
    
    
    
    6,523,913
    
    
    
    7,444,352
    
    
    
    4,134,716
    
    
    1983
    
    40 yrs.7178-80 Columbia Gateway
    
    Columbia, MD
    
    
    
    
    
    
    1,569,237
    
    
    
    4,786,887
    
    
    
    2,222,793
    
    
    
    1,571,105
    
    
    
    7,007,812
    
    
    
    8,578,917
    
    
    
    3,367,771
    
    
    1987
    
    40 yrs.9770 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    341,663
    
    
    
    3,033,309
    
    
    
    1,335,308
    
    
    
    341,663
    
    
    
    4,368,617
    
    
    
    4,710,280
    
    
    
    1,505,696
    
    
    1986
    
    40 yrs.9780 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    218,542
    
    
    
    1,940,636
    
    
    
    425,260
    
    
    
    218,542
    
    
    
    2,365,896
    
    
    
    2,584,438
    
    
    
    757,810
    
    
    1986
    
    40 yrs.9790 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    243,791
    
    
    
    2,164,094
    
    
    
    332,248
    
    
    
    243,791
    
    
    
    2,496,342
    
    
    
    2,740,132
    
    
    
    906,547
    
    
    1986
    
    40 yrs.9810 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    266,684
    
    
    
    2,366,901
    
    
    
    1,069,980
    
    
    
    266,684
    
    
    
    3,436,881
    
    
    
    3,703,565
    
    
    
    1,175,589
    
    
    1986
    
    40 yrs.9800 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    299,099
    
    
    
    2,654,069
    
    
    
    535,532
    
    
    
    299,099
    
    
    
    3,189,601
    
    
    
    3,488,700
    
    
    
    1,102,330
    
    
    1988
    
    40 yrs.9820 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    237,779
    
    
    
    2,110,835
    
    
    
    789,527
    
    
    
    237,779
    
    
    
    2,900,362
    
    
    
    3,138,141
    
    
    
    1,017,589
    
    
    1988
    
    40 yrs.9830 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    296,262
    
    
    
    2,628,933
    
    
    
    644,838
    
    
    
    296,262
    
    
    
    3,273,771
    
    
    
    3,570,033
    
    
    
    1,024,134
    
    
    1986
    
    40 yrs.8945-8975 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    2,428,795
    
    
    
    7,493,740
    
    
    
    1,892,483
    
    
    
    2,427,065
    
    
    
    9,387,953
    
    
    
    11,815,018
    
    
    
    2,939,518
    
    
    1986
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,788,070
    
    
    
    1,295,000
    
    
    
    3,451,175
    
    
    
    4,746,175
    
    
    
    948,964
    
    
    2002
    
    40 yrs.6200 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,746,375
    
    
    
    1,295,000
    
    
    
    3,409,480
    
    
    
    4,704,480
    
    
    
    842,908
    
    
    2002
    
    40 yrs.6210 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,931,442
    
    
    
    1,307,300
    
    
    
    3,582,247
    
    
    
    4,889,547
    
    
    
    988,688
    
    
    2002
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    4,256,633
    
    
    
    1,599,259
    
    
    
    3,615,480
    
    
    
    5,214,738
    
    
    
    700,113
    
    
    2000
    
    40 yrs.9755 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    3,917,094
    
    
    
    16,219,721
    
    
    
    1,458,302
    
    
    
    3,922,382
    
    
    
    17,672,735
    
    
    
    21,595,117
    
    
    
    2,957,545
    
    
    2006
    
    40 yrs.6220 Old Dobbin Lane
    
    Columbis, MD
    
    
    
    
    
    
    3,865,848
    
    
    
    
    
    
    
    7,741,067
    
    
    
    3,166,951
    
    
    
    8,439,964
    
    
    
    11,606,915
    
    
    
    605,197
    
    
    2006
    
    40 yrs.1250 Hall Court
    
    Deer Park, TX
    
    
    2,936,922
    
    
    
    829,570
    
    
    
    4,778,327
    
    
    
    47,398
    
    
    
    831,611
    
    
    
    4,823,685
    
    
    
    5,655,296
    
    
    
    405,300
    
    
    2006
    
    40 yrs.170 Parkway West
    
    Duncan, SC
    
    
    
    
    
    
    598,348
    
    
    
    3,643,756
    
    
    
    126,879
    
    
    
    598,918
    
    
    
    3,770,065
    
    
    
    4,368,983
    
    
    
    438,211
    
    
    2006
    
    40 yrs.190 Parkway West
    
    Duncan, SC
    
    
    
    
    
    
    551,663
    
    
    
    3,463,858
    
    
    
    135,431
    
    
    
    552,211
    
    
    
    3,598,741
    
    
    
    4,150,952
    
    
    
    448,138
    
    
    2006
    
    40 yrs.265 Parkway East
    
    Duncan, SC
    
    
    
    
    
    
    901,444
    
    
    
    5,751,389
    
    
    
    18,391
    
    
    
    902,374
    
    
    
    5,768,850
    
    
    
    6,671,224
    
    
    
    770,932
    
    
    2006
    
    40 yrs.285 Parkway East
    
    Duncan, SC
    
    
    
    
    
    
    975,433
    
    
    
    6,149,465
    
    
    
    34,259
    
    
    
    976,393
    
    
    
    6,182,764
    
    
    
    7,159,157
    
    
    
    871,435
    
    
    2006
    
    40 yrs.3255 Neil Armstrong
Boulevard
    
    Eagan, MN
    
    
    
    
    
    
    1,131,017
    
    
    
    
    
    
    
    3,366,266
    
    
    
    1,103,860
    
    
    
    3,393,423
    
    
    
    4,497,283
    
    
    
    933,699
    
    
    1998
    
    40 yrs.6321-6325 Bury Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    462,876
    
    
    
    4,151,790
    
    
    
    930,856
    
    
    
    462,876
    
    
    
    5,082,646
    
    
    
    5,545,522
    
    
    
    1,617,278
    
    
    1988
    
    40 yrs.7660-7716 Golden Triangle
Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    568,706
    
    
    
    5,115,177
    
    
    
    3,303,240
    
    
    
    1,289,215
    
    
    
    7,697,908
    
    
    
    8,987,123
    
    
    
    3,292,622
    
    
    1988
    
    40 yrs.7400 Flying Cloud Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    195,982
    
    
    
    1,762,027
    
    
    
    1,062,477
    
    
    
    767,703
    
    
    
    2,252,783
    
    
    
    3,020,486
    
    
    
    606,970
    
    
    1987
    
    40 yrs.10301-10305 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    120,622
    
    
    
    1,085,226
    
    
    
    380,382
    
    
    
    118,300
    
    
    
    1,467,930
    
    
    
    1,586,230
    
    
    
    439,102
    
    
    1984
    
    40 yrs.10321 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    145,198
    
    
    
    1,305,700
    
    
    
    379,731
    
    
    
    142,399
    
    
    
    1,688,230
    
    
    
    1,830,628
    
    
    
    719,514
    
    
    1984
    
    40 yrs.10333 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    110,746
    
    
    
    995,868
    
    
    
    128,275
    
    
    
    108,610
    
    
    
    1,126,279
    
    
    
    1,234,889
    
    
    
    387,242
    
    
    1984
    
    40 yrs.10349-10357 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    275,903
    
    
    
    2,481,666
    
    
    
    449,591
    
    
    
    270,584
    
    
    
    2,936,576
    
    
    
    3,207,160
    
    
    
    1,022,110
    
    
    1985
    
    40 yrs.10365-10375 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    291,077
    
    
    
    2,618,194
    
    
    
    364,782
    
    
    
    285,464
    
    
    
    2,988,589
    
    
    
    3,274,053
    
    
    
    1,046,895
    
    
    1985
    
    40 yrs.10393-10394 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    269,618
    
    
    
    2,423,318
    
    
    
    794,424
    
    
    
    264,419
    
    
    
    3,222,941
    
    
    
    3,487,360
    
    
    
    1,075,402
    
    
    1985
    
    40 yrs.7078 Shady Oak Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    343,093
    
    
    
    3,085,795
    
    
    
    1,616,449
    
    
    
    336,481
    
    
    
    4,708,856
    
    
    
    5,045,337
    
    
    
    1,824,139
    
    
    1985
    
    40 yrs.10400 Viking Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,912,391
    
    
    
    
    
    
    
    23,586,267
    
    
    
    2,938,372
    
    
    
    23,560,286
    
    
    
    26,498,658
    
    
    
    8,105,637
    
    
    1999
    
    40 yrs.7625 Smetana Lane
    
    Eden Prairie, MN
    
    
    
    
    
    
    4,500,641
    
    
    
    
    
    
    
    2,987,320
    
    
    
    1,916,609
    
    
    
    5,571,353
    
    
    
    7,487,962
    
    
    
    514,302
    
    
    2006
    
    40 yrs.7695-7699 Anagram Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    760,525
    
    
    
    3,254,758
    
    
    
    625,146
    
    
    
    760,525
    
    
    
    3,879,903
    
    
    
    4,640,429
    
    
    
    1,332,387
    
    
    1997
    
    40 yrs.7800 Equitable Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,188,525
    
    
    
    3,788,762
    
    
    
    243,378
    
    
    
    2,188,525
    
    
    
    4,032,139
    
    
    
    6,220,664
    
    
    
    1,264,551
    
    
    1993
    
    40 yrs.7905 Fuller Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,229,862
    
    
    
    4,075,167
    
    
    
    2,051,136
    
    
    
    1,230,965
    
    
    
    6,125,200
    
    
    
    7,356,165
    
    
    
    1,695,683
    
    
    1994
    
    40 yrs.9023 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,956,273
    
    
    
    
    
    
    
    4,873,578
    
    
    
    1,956,273
    
    
    
    4,873,578
    
    
    
    6,829,851
    
    
    
    1,496,859
    
    
    1999
    
    40 yrs.8967 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,450,000
    
    
    
    
    
    
    
    3,575,107
    
    
    
    1,450,000
    
    
    
    3,575,107
    
    
    
    5,025,107
    
    
    
    1,021,055
    
    
    2000
    
    40 yrs.7777 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    993,101
    
    
    
    2,136,862
    
    
    
    1,176,757
    
    
    
    993,101
    
    
    
    3,313,619
    
    
    
    4,306,720
    
    
    
    931,410
    
    
    2000
    
    40 yrs.8937 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,325,829
    
    
    
    
    
    
    
    4,287,274
    
    
    
    1,739,966
    
    
    
    3,873,137
    
    
    
    5,613,103
    
    
    
    971,715
    
    
    2001
    
    40 yrs.7615 Smetana Lane
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,011,517
    
    
    
    
    
    
    
    8,665,025
    
    
    
    3,000,555
    
    
    
    6,675,988
    
    
    
    9,676,542
    
    
    
    1,941,114
    
    
    2001
    
    40 yrs.8995 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,087,594
    
    
    
    
    
    
    
    3,664,053
    
    
    
    2,055,296
    
    
    
    2,696,352
    
    
    
    4,751,648
    
    
    
    678,387
    
    
    2001
    
    40 yrs.8911 Columbine Road (B2)
    
    Eden Prairie, MN
    
    
    
    
    
    
    916,687
    
    
    
    
    
    
    
    3,634,580
    
    
    
    1,718,407
    
    
    
    2,832,859
    
    
    
    4,551,267
    
    
    
    613,925
    
    
    2000
    
    40 yrs.8855 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,400,925
    
    
    
    
    
    
    
    5,226,016
    
    
    
    1,599,757
    
    
    
    5,027,185
    
    
    
    6,626,941
    
    
    
    709,335
    
    
    2000
    
    40 yrs.7075 Flying Cloud Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    10,232,831
    
    
    
    10,855,851
    
    
    
    53,337
    
    
    
    10,243,977
    
    
    
    10,898,042
    
    
    
    21,142,019
    
    
    
    773,205
    
    
    2007
    
    40 yrs.7351 Coca Cola Drive
    
    Elkridge, MD
    
    
    
    
    
    
    1,897,044
    
    
    
    
    
    
    
    7,054,722
    
    
    
    3,023,417
    
    
    
    5,928,349
    
    
    
    8,951,766
    
    
    
    440,333
    
    
    2006
    
    40 yrs.
  73




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)180 Sheree Boulevard
    
    Exton, PA
    
    
    5,039,159
    
    
    
    2,647,861
    
    
    
    11,334,403
    
    
    
    2,299,569
    
    
    
    2,649,426
    
    
    
    13,632,407
    
    
    
    16,281,833
    
    
    
    1,695,864
    
    
    2007
    
    40 yrs.7028 Snowdrift Road
    
    Fogelville, PA
    
    
    
    
    
    
    520,473
    
    
    
    959,279
    
    
    
    292,813
    
    
    
    524,390
    
    
    
    1,248,175
    
    
    
    1,772,565
    
    
    
    408,740
    
    
    1982
    
    40 yrs.420 Delaware Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    2,766,931
    
    
    
    
    
    
    
    8,290,952
    
    
    
    2,826,994
    
    
    
    8,230,889
    
    
    
    11,057,884
    
    
    
    813,116
    
    
    2005
    
    40 yrs.414 Commerce Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,267,194
    
    
    
    2,217,460
    
    
    
    325,875
    
    
    
    1,267,937
    
    
    
    2,542,591
    
    
    
    3,810,529
    
    
    
    321,768
    
    
    2004
    
    40 yrs.275 Commerce Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,775,894
    
    
    
    2,160,855
    
    
    
    7,428,042
    
    
    
    1,790,041
    
    
    
    9,574,750
    
    
    
    11,364,791
    
    
    
    490,833
    
    
    2005
    
    40 yrs.1250 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,639,166
    
    
    
    1,928,574
    
    
    
    468,379
    
    
    
    1,650,703
    
    
    
    2,385,416
    
    
    
    4,036,119
    
    
    
    306,886
    
    
    2005
    
    40 yrs.1100 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    22,612,437
    
    
    
    
    
    
    
    55,809,125
    
    
    
    23,339,943
    
    
    
    55,081,619
    
    
    
    78,421,562
    
    
    
    2,161,520
    
    
    2006
    
    40 yrs.1100 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    13,007,509
    
    
    
    11,480,744
    
    
    
    65,283
    
    
    
    13,035,013
    
    
    
    11,518,523
    
    
    
    24,553,536
    
    
    
    2,967,041
    
    
    2006
    
    40 yrs.106 Southchase Boulevard
    
    Fountain Inn, SC
    
    
    
    
    
    
    201,944
    
    
    
    
    
    
    
    5,133,389
    
    
    
    684,003
    
    
    
    4,651,330
    
    
    
    5,335,333
    
    
    
    474,871
    
    
    2005
    
    40 yrs.9601 Cosner Drive
    
    Fredericksburg, VA
    
    
    
    
    
    
    475,262
    
    
    
    3,917,234
    
    
    
    214,221
    
    
    
    475,262
    
    
    
    4,131,454
    
    
    
    4,606,716
    
    
    
    1,502,466
    
    
    1995
    
    40 yrs.200 W Cypress Creek Road
    
    Ft Lauderdale, FL
    
    
    
    
    
    
    3,414,989
    
    
    
    2,399,738
    
    
    
    10,558,425
    
    
    
    3,414,989
    
    
    
    12,958,163
    
    
    
    16,373,152
    
    
    
    2,740,091
    
    
    2003
    
    40 yrs.5410 - 5430 Northwest 33rd
Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    603,776
    
    
    
    4,176,238
    
    
    
    1,292,009
    
    
    
    625,111
    
    
    
    5,446,912
    
    
    
    6,072,023
    
    
    
    1,853,206
    
    
    1985
    
    40 yrs.6500 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,099
    
    
    
    3,046,309
    
    
    
    460,723
    
    
    
    
    
    
    
    3,514,130
    
    
    
    3,514,130
    
    
    
    1,265,024
    
    
    1989
    
    40 yrs.6600 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,102
    
    
    
    3,047,462
    
    
    
    790,582
    
    
    
    
    
    
    
    3,845,146
    
    
    
    3,845,146
    
    
    
    1,261,376
    
    
    1989
    
    40 yrs.4880 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    743,898
    
    
    
    4,499,807
    
    
    
    3,058,575
    
    
    
    743,898
    
    
    
    7,558,382
    
    
    
    8,302,280
    
    
    
    2,177,079
    
    
    1995
    
    40 yrs.5000 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    770,214
    
    
    
    3,685,248
    
    
    
    315,963
    
    
    
    771,029
    
    
    
    4,000,396
    
    
    
    4,771,425
    
    
    
    1,437,068
    
    
    1990
    
    40 yrs.5500 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    443,485
    
    
    
    
    
    
    
    3,546,671
    
    
    
    483,263
    
    
    
    3,506,893
    
    
    
    3,990,156
    
    
    
    1,507,055
    
    
    1999
    
    40 yrs.4801 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,072,896
    
    
    
    
    
    
    
    10,384,753
    
    
    
    1,075,620
    
    
    
    10,382,029
    
    
    
    11,457,649
    
    
    
    3,732,026
    
    
    1998
    
    40 yrs.4198 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    670,292
    
    
    
    3,839,245
    
    
    
    1,387,745
    
    
    
    670,292
    
    
    
    5,226,990
    
    
    
    5,897,282
    
    
    
    1,816,101
    
    
    1984
    
    40 yrs.4510 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,010,024
    
    
    
    7,151,729
    
    
    
    2,030,095
    
    
    
    1,010,044
    
    
    
    9,181,804
    
    
    
    10,191,848
    
    
    
    3,379,930
    
    
    1990
    
    40 yrs.4121 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,083,006
    
    
    
    6,035,653
    
    
    
    974,853
    
    
    
    1,083,006
    
    
    
    7,010,507
    
    
    
    8,093,513
    
    
    
    1,219,324
    
    
    2004
    
    40 yrs.200 Southchase Boulevard
    
    Greenville, SC
    
    
    
    
    
    
    512,911
    
    
    
    
    
    
    
    6,273,615
    
    
    
    515,542
    
    
    
    6,270,984
    
    
    
    6,786,525
    
    
    
    948,767
    
    
    2003
    
    40 yrs.45 Brookfield Oaks Drive
    
    Greenville, SC
    
    
    
    
    
    
    818,114
    
    
    
    
    
    
    
    3,548,088
    
    
    
    825,529
    
    
    
    3,540,673
    
    
    
    4,366,202
    
    
    
    206,081
    
    
    2006
    
    40 yrs.116 Pleasant Ridge Road
    
    Greenville, SC
    
    
    
    
    
    
    1,547,811
    
    
    
    
    
    
    
    13,304,806
    
    
    
    3,712,683
    
    
    
    11,139,934
    
    
    
    14,852,617
    
    
    
    414,238
    
    
    2006
    
    40 yrs.7 Research Drive
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    17,091,882
    
    
    
    4,405
    
    
    
    
    
    
    
    17,096,287
    
    
    
    17,096,287
    
    
    
    1,236,986
    
    
    2007
    
    40 yrs.1487 South Highway 101
    
    Greer, SC
    
    
    
    
    
    
    464,237
    
    
    
    
    
    
    
    5,173,211
    
    
    
    1,301,738
    
    
    
    4,335,710
    
    
    
    5,637,447
    
    
    
    121,276
    
    
    2007
    
    40 yrs.11841 Newgate Boulevard
    
    Hagerstown, MD
    
    
    *
    
    
    
    3,356,207
    
    
    
    
    
    
    
    30,313,897
    
    
    
    9,741,685
    
    
    
    23,928,419
    
    
    
    33,670,104
    
    
    
    196,321
    
    
    2008
    
    40 yrs.1 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    974,675
    
    
    
    5,579,869
    
    
    
    1,455,957
    
    
    
    974,675
    
    
    
    7,035,826
    
    
    
    8,010,501
    
    
    
    2,519,411
    
    
    1987
    
    40 yrs.22 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    1,097,368
    
    
    
    6,760,778
    
    
    
    1,350,708
    
    
    
    1,097,368
    
    
    
    8,111,486
    
    
    
    9,208,854
    
    
    
    2,687,716
    
    
    1990
    
    40 yrs.5 Manhattan Square
    
    Hampton, VA
    
    
    
    
    
    
    207,368
    
    
    
    
    
    
    
    1,663,695
    
    
    
    212,694
    
    
    
    1,658,368
    
    
    
    1,871,063
    
    
    
    579,741
    
    
    1999
    
    40 yrs.1317 Executive Boulevard
    
    Hampton, VA
    
    
    
    
    
    
    1,650,423
    
    
    
    
    
    
    
    7,816,239
    
    
    
    1,128,829
    
    
    
    8,337,834
    
    
    
    9,466,663
    
    
    
    770,441
    
    
    2006
    
    40 yrs.21 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    263,668
    
    
    
    8,167,118
    
    
    
    449,586
    
    
    
    265,719
    
    
    
    8,614,653
    
    
    
    8,880,372
    
    
    
    2,061,870
    
    
    1999
    
    40 yrs.521 Butler Farm Road
    
    Hampton, VA
    
    
    
    
    
    
    750,769
    
    
    
    2,911,149
    
    
    
    259,460
    
    
    
    710,486
    
    
    
    3,210,892
    
    
    
    3,921,378
    
    
    
    570,931
    
    
    2003
    
    40 yrs.7317 Parkway Drive
    
    Hanover, MD
    
    
    
    
    
    
    1,104,359
    
    
    
    1,959,671
    
    
    
    96,894
    
    
    
    1,104,359
    
    
    
    2,056,565
    
    
    
    3,160,924
    
    
    
    620,218
    
    
    1983
    
    40 yrs.7361 Coca Cola Drive
    
    Hanover, MD
    
    
    
    
    
    
    2,245,187
    
    
    
    
    
    
    
    9,441,500
    
    
    
    3,822,710
    
    
    
    7,863,977
    
    
    
    11,686,687
    
    
    
    134,941
    
    
    2004
    
    40 yrs.600 Industrial Drive
    
    Harrisburg, PA
    
    
    *
    
    
    
    7,743,800
    
    
    
    
    
    
    
    28,472,202
    
    
    
    9,368,557
    
    
    
    26,847,444
    
    
    
    36,216,001
    
    
    
    2,552,297
    
    
    2005
    
    40 yrs.500 McCarthy Drive
    
    Harrisburg, PA
    
    
    *
    
    
    
    5,194,872
    
    
    
    19,991,436
    
    
    
    4,234,765
    
    
    
    5,687,013
    
    
    
    23,734,060
    
    
    
    29,421,073
    
    
    
    3,921,491
    
    
    2005
    
    40 yrs.4170 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    143,699
    
    
    
    
    
    
    
    2,210,943
    
    
    
    373,502
    
    
    
    1,981,140
    
    
    
    2,354,642
    
    
    
    711,419
    
    
    1999
    
    40 yrs.4180 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    121,329
    
    
    
    
    
    
    
    1,835,505
    
    
    
    315,614
    
    
    
    1,641,220
    
    
    
    1,956,834
    
    
    
    621,236
    
    
    1999
    
    40 yrs.4050 Piedmont Parkway
    
    High Point , NC
    
    
    
    
    
    
    801,902
    
    
    
    
    
    
    
    20,713,945
    
    
    
    2,042,159
    
    
    
    19,473,688
    
    
    
    21,515,847
    
    
    
    6,178,788
    
    
    1998
    
    40 yrs.4523 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    234,564
    
    
    
    
    
    
    
    3,122,737
    
    
    
    235,698
    
    
    
    3,121,604
    
    
    
    3,357,301
    
    
    
    1,414,355
    
    
    1988
    
    40 yrs.4501 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    319,289
    
    
    
    
    
    
    
    2,686,364
    
    
    
    320,450
    
    
    
    2,685,203
    
    
    
    3,005,653
    
    
    
    1,386,394
    
    
    1989
    
    40 yrs.4500 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    230,622
    
    
    
    
    
    
    
    2,355,911
    
    
    
    231,692
    
    
    
    2,354,841
    
    
    
    2,586,533
    
    
    
    1,254,192
    
    
    1989
    
    40 yrs.2427 Penny Road
    
    High Point, NC
    
    
    
    
    
    
    1,165,664
    
    
    
    
    
    
    
    3,476,301
    
    
    
    655,240
    
    
    
    3,986,724
    
    
    
    4,641,965
    
    
    
    1,891,247
    
    
    1990
    
    40 yrs.4524 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    182,810
    
    
    
    
    
    
    
    2,445,555
    
    
    
    183,888
    
    
    
    2,444,476
    
    
    
    2,628,365
    
    
    
    1,270,718
    
    
    1989
    
    40 yrs.4328, 4336 Federal Drive
    
    High Point, NC
    
    
    3,658,438
    
    
    
    521,122
    
    
    
    
    
    
    
    7,325,519
    
    
    
    825,092
    
    
    
    7,021,548
    
    
    
    7,846,641
    
    
    
    4,189,175
    
    
    1995
    
    40 yrs.4344 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    484,001
    
    
    
    
    
    
    
    2,790,986
    
    
    
    173,623
    
    
    
    3,101,365
    
    
    
    3,274,988
    
    
    
    1,314,647
    
    
    1996
    
    40 yrs.4000 Piedmont Parkway
    
    High Point, NC
    
    
    
    
    
    
    592,885
    
    
    
    4,825,615
    
    
    
    969,656
    
    
    
    597,368
    
    
    
    5,790,788
    
    
    
    6,388,156
    
    
    
    2,324,634
    
    
    1989
    
    40 yrs.4380 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    282,996
    
    
    
    
    
    
    
    2,214,882
    
    
    
    283,368
    
    
    
    2,214,510
    
    
    
    2,497,878
    
    
    
    921,865
    
    
    1997
    
    40 yrs.4388 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    143,661
    
    
    
    
    
    
    
    1,210,692
    
    
    
    132,655
    
    
    
    1,221,699
    
    
    
    1,354,353
    
    
    
    518,446
    
    
    1997
    
    40 yrs.4160 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    285,882
    
    
    
    
    
    
    
    3,361,383
    
    
    
    545,627
    
    
    
    3,101,638
    
    
    
    3,647,265
    
    
    
    1,133,220
    
    
    1998
    
    40 yrs.4194 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    102,372
    
    
    
    
    
    
    
    2,610,977
    
    
    
    265,991
    
    
    
    2,447,358
    
    
    
    2,713,349
    
    
    
    918,202
    
    
    1999
    
    40 yrs.4196 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    66,731
    
    
    
    
    
    
    
    2,505,844
    
    
    
    173,889
    
    
    
    2,398,686
    
    
    
    2,572,575
    
    
    
    1,000,575
    
    
    1999
    
    40 yrs.4300 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    264,038
    
    
    
    
    
    
    
    2,168,281
    
    
    
    276,038
    
    
    
    2,156,281
    
    
    
    2,432,318
    
    
    
    537,397
    
    
    1998
    
    40 yrs.4135 Mendenall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    499,500
    
    
    
    
    
    
    
    3,498,674
    
    
    
    500,980
    
    
    
    3,497,193
    
    
    
    3,998,174
    
    
    
    1,032,962
    
    
    2000
    
    40 yrs.1498 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    94,274
    
    
    
    
    
    
    
    5,905,625
    
    
    
    791,880
    
    
    
    5,208,019
    
    
    
    5,999,899
    
    
    
    361,496
    
    
    2005
    
    40 yrs.4183 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    122,203
    
    
    
    
    
    
    
    3,982,978
    
    
    
    526,266
    
    
    
    3,578,915
    
    
    
    4,105,181
    
    
    
    1,575,427
    
    
    2001
    
    40 yrs.4189 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    100,106
    
    
    
    
    
    
    
    3,430,006
    
    
    
    431,106
    
    
    
    3,099,006
    
    
    
    3,530,112
    
    
    
    966,013
    
    
    2001
    
    40 yrs.4020 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    94,232
    
    
    
    
    
    
    
    1,682,549
    
    
    
    378,101
    
    
    
    1,398,680
    
    
    
    1,776,781
    
    
    
    409,736
    
    
    2001
    
    40 yrs.1400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    172,320
    
    
    
    
    
    
    
    7,251,365
    
    
    
    984,672
    
    
    
    6,439,013
    
    
    
    7,423,685
    
    
    
    1,628,906
    
    
    2002
    
    40 yrs.4191 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    217,943
    
    
    
    
    
    
    
    3,114,814
    
    
    
    611,166
    
    
    
    2,721,590
    
    
    
    3,332,756
    
    
    
    661,029
    
    
    2002
    
    40 yrs.4015 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    510,000
    
    
    
    
    
    
    
    2,787,760
    
    
    
    511,869
    
    
    
    2,785,890
    
    
    
    3,297,759
    
    
    
    370,527
    
    
    2003
    
    40 yrs.4195 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    107,586
    
    
    
    
    
    
    
    3,394,903
    
    
    
    505,700
    
    
    
    2,996,790
    
    
    
    3,502,490
    
    
    
    401,761
    
    
    2004
    
    40 yrs.400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,909,540
    
    
    
    665,239
    
    
    
    1,244,301
    
    
    
    1,909,540
    
    
    
    113,838
    
    
    2004
    
    40 yrs.4475 Premier Drive
    
    High Point, NC
    
    
    
    
    
    
    748,693
    
    
    
    
    
    
    
    6,775,441
    
    
    
    1,525,421
    
    
    
    5,998,713
    
    
    
    7,524,134
    
    
    
    224,143
    
    
    2006
    
    40 yrs.100 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    3,102,784
    
    
    
    
    
    
    
    20,117,703
    
    
    
    3,764,784
    
    
    
    19,455,704
    
    
    
    23,220,487
    
    
    
    4,115,212
    
    
    1996
    
    40 yrs.132 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    1,333,642
    
    
    
    
    
    
    
    4,692,880
    
    
    
    1,408,041
    
    
    
    4,618,480
    
    
    
    6,026,521
    
    
    
    1,870,853
    
    
    1998
    
    40 yrs.300 Welsh Road - Building 3
    
    Horsham, PA
    
    
    
    
    
    
    180,459
    
    
    
    1,441,473
    
    
    
    375,923
    
    
    
    180,459
    
    
    
    1,817,396
    
    
    
    1,997,855
    
    
    
    709,249
    
    
    1983
    
    40 yrs.300 Welsh Road - Building 4
    
    Horsham, PA
    
    
    
    
    
    
    282,493
    
    
    
    2,256,508
    
    
    
    2,017,673
    
    
    
    282,493
    
    
    
    4,274,180
    
    
    
    4,556,674
    
    
    
    1,477,035
    
    
    1983
    
    40 yrs.2 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,281,870
    
    
    
    7,767,374
    
    
    
    1,961,590
    
    
    
    1,265,363
    
    
    
    9,745,470
    
    
    
    11,010,834
    
    
    
    3,753,210
    
    
    1989
    
    40 yrs.5 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,065,951
    
    
    
    
    
    
    
    10,193,519
    
    
    
    1,939,712
    
    
    
    9,319,758
    
    
    
    11,259,470
    
    
    
    2,570,870
    
    
    2000
    
    40 yrs.200 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    638,513
    
    
    
    5,811,323
    
    
    
    1,946,390
    
    
    
    638,513
    
    
    
    7,757,713
    
    
    
    8,396,226
    
    
    
    3,101,363
    
    
    1990
    
    40 yrs.220 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,228
    
    
    
    1,455,917
    
    
    
    629,944
    
    
    
    7,189,145
    
    
    
    7,819,089
    
    
    
    2,833,488
    
    
    1990
    
    40 yrs.240 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,234
    
    
    
    1,916,405
    
    
    
    629,944
    
    
    
    7,649,639
    
    
    
    8,279,583
    
    
    
    3,173,063
    
    
    1990
    
    40 yrs.
  74




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)1 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,058,901
    
    
    
    5,343,606
    
    
    
    1,041,557
    
    
    
    1,058,901
    
    
    
    6,385,163
    
    
    
    7,444,064
    
    
    
    2,488,780
    
    
    1986
    
    40 yrs.181-187 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    360,549
    
    
    
    3,259,984
    
    
    
    787,154
    
    
    
    360,549
    
    
    
    4,047,138
    
    
    
    4,407,687
    
    
    
    1,439,135
    
    
    1982
    
    40 yrs.104 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    330,111
    
    
    
    2,981,669
    
    
    
    594,916
    
    
    
    330,111
    
    
    
    3,576,586
    
    
    
    3,906,696
    
    
    
    1,088,841
    
    
    1974
    
    40 yrs.123-135 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    292,360
    
    
    
    2,411,677
    
    
    
    2,398,815
    
    
    
    393,019
    
    
    
    4,709,833
    
    
    
    5,102,852
    
    
    
    1,353,048
    
    
    1975
    
    40 yrs.111-159 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    489,032
    
    
    
    4,126,151
    
    
    
    1,369,615
    
    
    
    489,032
    
    
    
    5,495,766
    
    
    
    5,984,798
    
    
    
    1,933,325
    
    
    1981
    
    40 yrs.161-175 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    294,673
    
    
    
    2,663,722
    
    
    
    987,299
    
    
    
    294,673
    
    
    
    3,651,020
    
    
    
    3,945,694
    
    
    
    1,227,806
    
    
    1976
    
    40 yrs.103-109 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    270,906
    
    
    
    2,448,500
    
    
    
    824,142
    
    
    
    270,906
    
    
    
    3,272,641
    
    
    
    3,543,547
    
    
    
    1,363,221
    
    
    1978
    
    40 yrs.261-283 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    464,871
    
    
    
    3,951,972
    
    
    
    1,804,841
    
    
    
    464,871
    
    
    
    5,756,812
    
    
    
    6,221,683
    
    
    
    1,457,282
    
    
    1978
    
    40 yrs.210-223 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    270,282
    
    
    
    2,441,276
    
    
    
    1,935,505
    
    
    
    270,282
    
    
    
    4,376,781
    
    
    
    4,647,063
    
    
    
    1,454,128
    
    
    1972
    
    40 yrs.231-237 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    436,952
    
    
    
    3,948,963
    
    
    
    1,147,911
    
    
    
    436,952
    
    
    
    5,096,874
    
    
    
    5,533,826
    
    
    
    1,709,544
    
    
    1981
    
    40 yrs.100 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    38,729
    
    
    
    349,811
    
    
    
    9,589
    
    
    
    38,729
    
    
    
    359,400
    
    
    
    398,129
    
    
    
    108,399
    
    
    1975
    
    40 yrs.101 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    651,990
    
    
    
    5,888,989
    
    
    
    1,561,785
    
    
    
    732,552
    
    
    
    7,370,212
    
    
    
    8,102,764
    
    
    
    2,550,394
    
    
    1977
    
    40 yrs.506 Prudential Road
    
    Horsham, PA
    
    
    
    
    
    
    208,140
    
    
    
    895,470
    
    
    
    894,621
    
    
    
    208,140
    
    
    
    1,790,091
    
    
    
    1,998,231
    
    
    
    496,271
    
    
    1973
    
    40 yrs.113-123 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    351,072
    
    
    
    3,171,001
    
    
    
    808,823
    
    
    
    451,731
    
    
    
    3,879,164
    
    
    
    4,330,896
    
    
    
    1,131,114
    
    
    1975
    
    40 yrs.101-111 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    350,561
    
    
    
    3,166,389
    
    
    
    1,135,637
    
    
    
    452,251
    
    
    
    4,200,336
    
    
    
    4,652,587
    
    
    
    1,401,775
    
    
    1975
    
    40 yrs.120 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    533,142
    
    
    
    4,830,515
    
    
    
    2,423,031
    
    
    
    558,142
    
    
    
    7,228,546
    
    
    
    7,786,688
    
    
    
    2,194,203
    
    
    1980
    
    40 yrs.110 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    673,041
    
    
    
    5,776,369
    
    
    
    2,608,934
    
    
    
    673,041
    
    
    
    8,385,303
    
    
    
    9,058,344
    
    
    
    2,845,532
    
    
    1979
    
    40 yrs.100-107 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    239,528
    
    
    
    2,163,498
    
    
    
    712,712
    
    
    
    255,528
    
    
    
    2,860,210
    
    
    
    3,115,738
    
    
    
    1,042,640
    
    
    1982
    
    40 yrs.200-264 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    502,705
    
    
    
    4,540,597
    
    
    
    2,418,467
    
    
    
    502,705
    
    
    
    6,959,064
    
    
    
    7,461,769
    
    
    
    1,999,639
    
    
    1982
    
    40 yrs.300-309 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    369,475
    
    
    
    3,338,761
    
    
    
    1,872,188
    
    
    
    376,475
    
    
    
    5,203,948
    
    
    
    5,580,424
    
    
    
    2,151,857
    
    
    1982
    
    40 yrs.400-445 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    543,628
    
    
    
    4,910,226
    
    
    
    2,760,384
    
    
    
    583,628
    
    
    
    7,630,610
    
    
    
    8,214,238
    
    
    
    2,685,264
    
    
    1981
    
    40 yrs.104 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    1,248,148
    
    
    
    
    
    
    
    1,133,749
    
    
    
    189,793
    
    
    
    2,192,104
    
    
    
    2,381,897
    
    
    
    1,009,111
    
    
    1975
    
    40 yrs.201 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    380,127
    
    
    
    3,433,433
    
    
    
    2,058,038
    
    
    
    380,802
    
    
    
    5,490,796
    
    
    
    5,871,598
    
    
    
    1,787,473
    
    
    1983
    
    40 yrs.719 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    493,426
    
    
    
    2,812,067
    
    
    
    251,335
    
    
    
    495,112
    
    
    
    3,061,716
    
    
    
    3,556,828
    
    
    
    939,815
    
    
    1987
    
    40 yrs.4 Walnut Grove
    
    Horsham, PA
    
    
    
    
    
    
    2,515,115
    
    
    
    
    
    
    
    10,812,179
    
    
    
    2,515,115
    
    
    
    10,812,179
    
    
    
    13,327,294
    
    
    
    2,400,131
    
    
    1999
    
    40 yrs.300 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    696,061
    
    
    
    3,339,991
    
    
    
    570,429
    
    
    
    696,061
    
    
    
    3,910,420
    
    
    
    4,606,480
    
    
    
    1,239,300
    
    
    1985
    
    40 yrs.700 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    2,551,777
    
    
    
    3,020,638
    
    
    
    4,696,950
    
    
    
    2,565,140
    
    
    
    7,704,225
    
    
    
    10,269,365
    
    
    
    4,060,756
    
    
    1987
    
    40 yrs.680 Blair Mill Road
    
    Horsham, PA
    
    
    
    
    
    
    3,527,151
    
    
    
    
    
    
    
    18,677,374
    
    
    
    4,138,577
    
    
    
    18,065,948
    
    
    
    22,204,525
    
    
    
    3,757,078
    
    
    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
    
    
    
    756,703
    
    
    1985
    
    40 yrs.335 Commerce Drive
    
    Horsham, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,752,074
    
    
    
    182,400
    
    
    
    8,569,674
    
    
    
    8,752,074
    
    
    
    1,361,879
    
    
    2002
    
    40 yrs.255 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,154,289
    
    
    
    2,007,214
    
    
    
    606,764
    
    
    
    1,140,597
    
    
    
    2,627,669
    
    
    
    3,768,266
    
    
    
    487,540
    
    
    2003
    
    40 yrs.355 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    483,045
    
    
    
    898,798
    
    
    
    435,914
    
    
    
    471,171
    
    
    
    1,346,586
    
    
    
    1,817,757
    
    
    
    328,082
    
    
    2003
    
    40 yrs.455 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,351,011
    
    
    
    2,503,449
    
    
    
    1,927,940
    
    
    
    1,322,317
    
    
    
    4,460,083
    
    
    
    5,782,400
    
    
    
    1,309,097
    
    
    2003
    
    40 yrs.555 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    727,420
    
    
    
    1,353,650
    
    
    
    481,187
    
    
    
    709,967
    
    
    
    1,852,291
    
    
    
    2,562,258
    
    
    
    383,140
    
    
    2003
    
    40 yrs.7 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    2,631,696
    
    
    
    
    
    
    
    18,587,720
    
    
    
    2,631,956
    
    
    
    18,587,460
    
    
    
    21,219,416
    
    
    
    1,100,184
    
    
    2006
    
    40 yrs.747 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    1,607,238
    
    
    
    
    
    
    
    5,309,144
    
    
    
    1,607,977
    
    
    
    5,308,405
    
    
    
    6,916,382
    
    
    
    2,907,306
    
    
    1988
    
    40 yrs.507 Prudential Road
    
    Horsham, PA
    
    
    
    
    
    
    644,900
    
    
    
    5,804,100
    
    
    
    8,818,780
    
    
    
    1,131,380
    
    
    
    14,136,400
    
    
    
    15,267,780
    
    
    
    5,036,818
    
    
    1988
    
    40 yrs.767 Electronic Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,229,685
    
    
    
    
    
    
    
    3,430,171
    
    
    
    1,241,970
    
    
    
    3,417,886
    
    
    
    4,659,856
    
    
    
    1,857,945
    
    
    1996
    
    40 yrs.16445 Air Center Boulevard
    
    Houston, TX
    
    
    *
    
    
    
    363,339
    
    
    
    2,509,186
    
    
    
    683,016
    
    
    
    363,339
    
    
    
    3,192,202
    
    
    
    3,555,541
    
    
    
    1,303,915
    
    
    1997
    
    40 yrs.16405 Air Center Boulevard
    
    Houston, TX
    
    
    *
    
    
    
    438,853
    
    
    
    3,030,396
    
    
    
    438,371
    
    
    
    438,853
    
    
    
    3,468,766
    
    
    
    3,907,619
    
    
    
    1,167,865
    
    
    1997
    
    40 yrs.16580 Air Center Boulevard
    
    Houston, TX
    
    
    *
    
    
    
    289,000
    
    
    
    3,559,857
    
    
    
    393,346
    
    
    
    289,000
    
    
    
    3,953,204
    
    
    
    4,242,204
    
    
    
    1,157,287
    
    
    1997
    
    40 yrs.1755 Trans Central Drive
    
    Houston, TX
    
    
    *
    
    
    
    293,534
    
    
    
    3,036,269
    
    
    
    201,651
    
    
    
    306,147
    
    
    
    3,225,306
    
    
    
    3,531,453
    
    
    
    836,323
    
    
    1999
    
    40 yrs.16680 Central Green
Boulevard
    
    Houston, TX
    
    
    *
    
    
    
    311,952
    
    
    
    
    
    
    
    3,938,479
    
    
    
    492,869
    
    
    
    3,757,561
    
    
    
    4,250,431
    
    
    
    207,229
    
    
    2001
    
    40 yrs.16605 Air Center Boulevard
    
    Houston, TX
    
    
    *
    
    
    
    298,999
    
    
    
    
    
    
    
    3,770,315
    
    
    
    496,186
    
    
    
    3,573,128
    
    
    
    4,069,314
    
    
    
    1,061,169
    
    
    2002
    
    40 yrs.10739 West Little York Road
    
    Houston, TX
    
    
    *
    
    
    
    797,931
    
    
    
    5,950,894
    
    
    
    323,654
    
    
    
    799,560
    
    
    
    6,272,919
    
    
    
    7,072,479
    
    
    
    1,323,723
    
    
    1999
    
    40 yrs.10735 West Little York Road
    
    Houston, TX
    
    
    *
    
    
    
    1,110,988
    
    
    
    6,351,946
    
    
    
    1,726,247
    
    
    
    1,135,483
    
    
    
    8,053,699
    
    
    
    9,189,181
    
    
    
    1,378,273
    
    
    2000
    
    40 yrs.8801-19 & 8821-49 Fallbrook
Drive
    
    Houston, TX
    
    
    *
    
    
    
    2,290,001
    
    
    
    15,297,141
    
    
    
    1,590,836
    
    
    
    2,290,002
    
    
    
    16,887,976
    
    
    
    19,177,978
    
    
    
    2,877,924
    
    
    2000
    
    40 yrs.16685 Air Center Boulevard
    
    Houston, TX
    
    
    *
    
    
    
    
    
    
    
    
    
    
    
    2,966,702
    
    
    
    414,691
    
    
    
    2,552,011
    
    
    
    2,966,702
    
    
    
    429,005
    
    
    2004
    
    40 yrs.8825-8839 N Sam Houston Pkwy
    
    Houston, TX
    
    
    *
    
    
    
    638,453
    
    
    
    3,258,815
    
    
    
    582,362
    
    
    
    638,477
    
    
    
    3,841,152
    
    
    
    4,479,629
    
    
    
    699,465
    
    
    2004
    
    40 yrs.8850-8872 Fallbrook Drive
    
    Houston, TX
    
    
    *
    
    
    
    504,317
    
    
    
    2,878,351
    
    
    
    1,014,679
    
    
    
    504,341
    
    
    
    3,893,006
    
    
    
    4,397,347
    
    
    
    730,415
    
    
    2004
    
    40 yrs.8802-8824 Fallbrook Drive
    
    Houston, TX
    
    
    *
    
    
    
    2,774,995
    
    
    
    6,364,767
    
    
    
    1,142,324
    
    
    
    2,775,021
    
    
    
    7,507,064
    
    
    
    10,282,085
    
    
    
    1,230,012
    
    
    2004
    
    40 yrs.16602 Central Green
Boulevard
    
    Houston, TX
    
    
    *
    
    
    
    284,403
    
    
    
    
    
    
    
    4,495,522
    
    
    
    503,779
    
    
    
    4,276,146
    
    
    
    4,779,925
    
    
    
    460,256
    
    
    2005
    
    40 yrs.1646 Rankin Road
    
    Houston, TX
    
    
    *
    
    
    
    329,961
    
    
    
    
    
    
    
    4,895,132
    
    
    
    592,234
    
    
    
    4,632,859
    
    
    
    5,225,093
    
    
    
    585,133
    
    
    2005
    
    40 yrs.8301 Fallbrook Drive
    
    Houston, TX
    
    
    *
    
    
    
    4,515,862
    
    
    
    
    
    
    
    23,926,947
    
    
    
    5,877,884
    
    
    
    22,564,925
    
    
    
    28,442,809
    
    
    
    977,364
    
    
    2006
    
    40 yrs.5200 N. Sam Houston Parkway
    
    Houston, TX
    
    
    *
    
    
    
    1,519,458
    
    
    
    7,135,548
    
    
    
    3,481,858
    
    
    
    1,520,074
    
    
    
    10,616,789
    
    
    
    12,136,864
    
    
    
    696,249
    
    
    2007
    
    40 yrs.5250 N. Sam Houston Parkway
    
    Houston, TX
    
    
    *
    
    
    
    2,173,287
    
    
    
    8,868,256
    
    
    
    2,128,750
    
    
    
    2,173,942
    
    
    
    10,996,351
    
    
    
    13,170,293
    
    
    
    651,494
    
    
    2007
    
    40 yrs.11201 Greens Crossing
Boulevard
    
    Houston, TX
    
    
    *
    
    
    
    1,006,194
    
    
    
    5,412,584
    
    
    
    2,705,249
    
    
    
    1,008,542
    
    
    
    8,115,484
    
    
    
    9,124,026
    
    
    
    567,219
    
    
    2007
    
    40 yrs.850 Greens Parkway
    
    Houston, TX
    
    
    *
    
    
    
    2,893,405
    
    
    
    11,593,197
    
    
    
    2,680,294
    
    
    
    2,899,861
    
    
    
    14,267,034
    
    
    
    17,166,895
    
    
    
    731,389
    
    
    2007
    
    40 yrs.860 Greens Parkway
    
    Houston, TX
    
    
    *
    
    
    
    1,399,365
    
    
    
    6,344,650
    
    
    
    1,524,550
    
    
    
    1,374,012
    
    
    
    7,894,553
    
    
    
    9,268,565
    
    
    
    418,052
    
    
    2007
    
    40 yrs.20 Wright Avenue
    
    Hunt Valley, MD
    
    
    
    
    
    
    1,205,946
    
    
    
    
    
    
    
    9,655,473
    
    
    
    1,861,025
    
    
    
    9,000,393
    
    
    
    10,861,418
    
    
    
    2,380,099
    
    
    2001
    
    40 yrs.4 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    3,269,948
    
    
    
    13,551,370
    
    
    
    1,883,314
    
    
    
    3,269,948
    
    
    
    15,434,685
    
    
    
    18,704,632
    
    
    
    2,663,009
    
    
    2003
    
    40 yrs.6 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,077,949
    
    
    
    8,770,566
    
    
    
    1,225,169
    
    
    
    2,077,949
    
    
    
    9,995,736
    
    
    
    12,073,685
    
    
    
    1,993,397
    
    
    2003
    
    40 yrs.10 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,211,969
    
    
    
    7,816,042
    
    
    
    1,280,519
    
    
    
    2,211,969
    
    
    
    9,096,561
    
    
    
    11,308,530
    
    
    
    1,285,453
    
    
    2003
    
    40 yrs.307 International Circle
    
    Hunt Valley, MD
    
    
    *
    
    
    
    3,538,319
    
    
    
    14,190,832
    
    
    
    13,368,168
    
    
    
    3,542,881
    
    
    
    27,554,438
    
    
    
    31,097,319
    
    
    
    3,743,213
    
    
    2004
    
    40 yrs.309 International Circle
    
    Hunt Valley, MD
    
    
    *
    
    
    
    613,667
    
    
    
    2,458,204
    
    
    
    679,691
    
    
    
    615,096
    
    
    
    3,136,465
    
    
    
    3,751,561
    
    
    
    402,044
    
    
    2004
    
    40 yrs.311 International Circle
    
    Hunt Valley, MD
    
    
    *
    
    
    
    313,365
    
    
    
    1,281,093
    
    
    
    76,921
    
    
    
    314,572
    
    
    
    1,356,807
    
    
    
    1,671,380
    
    
    
    145,187
    
    
    2004
    
    40 yrs.8775 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    906,804
    
    
    
    
    
    
    
    10,034,270
    
    
    
    913,013
    
    
    
    10,028,061
    
    
    
    10,941,074
    
    
    
    2,909,435
    
    
    1989
    
    40 yrs.8665,8667,8669 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    966,552
    
    
    
    
    
    
    
    6,075,311
    
    
    
    974,959
    
    
    
    6,066,904
    
    
    
    7,041,863
    
    
    
    3,294,103
    
    
    1987
    
    40 yrs.7077 Bonneval Road
    
    Jacksonville, FL
    
    
    
    
    
    
    768,000
    
    
    
    5,789,000
    
    
    
    3,567,137
    
    
    
    774,020
    
    
    
    9,350,117
    
    
    
    10,124,137
    
    
    
    4,638,843
    
    
    1988
    
    40 yrs.4190 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    821,000
    
    
    
    5,866,000
    
    
    
    3,680,061
    
    
    
    827,420
    
    
    
    9,539,641
    
    
    
    10,367,061
    
    
    
    4,765,479
    
    
    1986
    
    40 yrs.7020 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    398,257
    
    
    
    
    
    
    
    2,777,554
    
    
    
    749,811
    
    
    
    2,426,001
    
    
    
    3,175,811
    
    
    
    1,214,889
    
    
    1996
    
    40 yrs.7022 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    706,934
    
    
    
    
    
    
    
    3,572,340
    
    
    
    853,981
    
    
    
    3,425,294
    
    
    
    4,279,274
    
    
    
    1,605,490
    
    
    1996
    
    40 yrs.11777 Central Highway
    
    Jacksonville, FL
    
    
    
    
    
    
    92,207
    
    
    
    429,997
    
    
    
    1,275,050
    
    
    
    140,426
    
    
    
    1,656,828
    
    
    
    1,797,254
    
    
    
    1,156,658
    
    
    1985
    
    40 yrs.4345 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,791,159
    
    
    
    418,093
    
    
    
    8,373,065
    
    
    
    8,791,159
    
    
    
    2,969,981
    
    
    1998
    
    40 yrs.
  75




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)7016 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    597,181
    
    
    
    
    
    
    
    2,373,250
    
    
    
    602,633
    
    
    
    2,367,799
    
    
    
    2,970,431
    
    
    
    1,189,647
    
    
    1996
    
    40 yrs.7018 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    840,996
    
    
    
    
    
    
    
    4,696,827
    
    
    
    846,461
    
    
    
    4,691,362
    
    
    
    5,537,823
    
    
    
    2,333,168
    
    
    1997
    
    40 yrs.7014 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    574,198
    
    
    
    
    
    
    
    3,602,358
    
    
    
    780,486
    
    
    
    3,396,071
    
    
    
    4,176,556
    
    
    
    1,476,284
    
    
    1999
    
    40 yrs.6600 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    998,432
    
    
    
    4,055,727
    
    
    
    1,153,152
    
    
    
    1,002,704
    
    
    
    5,204,607
    
    
    
    6,207,311
    
    
    
    1,915,020
    
    
    1986
    
    40 yrs.6700 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    620,719
    
    
    
    2,989,746
    
    
    
    791,829
    
    
    
    624,215
    
    
    
    3,778,080
    
    
    
    4,402,294
    
    
    
    1,661,369
    
    
    1987
    
    40 yrs.4801 Executive Park Court -
100
    
    Jacksonville, FL
    
    
    
    
    
    
    554,993
    
    
    
    2,993,277
    
    
    
    1,358,664
    
    
    
    554,542
    
    
    
    4,352,392
    
    
    
    4,906,935
    
    
    
    1,825,339
    
    
    1990
    
    40 yrs.4801 Executive Park Court -
200
    
    Jacksonville, FL
    
    
    
    
    
    
    370,017
    
    
    
    1,995,518
    
    
    
    367,780
    
    
    
    370,039
    
    
    
    2,363,276
    
    
    
    2,733,315
    
    
    
    839,828
    
    
    1990
    
    40 yrs.4810 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    369,694
    
    
    
    3,045,639
    
    
    
    1,007,513
    
    
    
    370,039
    
    
    
    4,052,807
    
    
    
    4,422,846
    
    
    
    1,456,749
    
    
    1990
    
    40 yrs.6602 Executive Park Court -
100
    
    Jacksonville, FL
    
    
    
    
    
    
    388,519
    
    
    
    2,095,293
    
    
    
    299,475
    
    
    
    388,541
    
    
    
    2,394,745
    
    
    
    2,783,287
    
    
    
    873,392
    
    
    1993
    
    40 yrs.6602 Executive Park Court -
200
    
    Jacksonville, FL
    
    
    
    
    
    
    296,014
    
    
    
    1,596,347
    
    
    
    487,719
    
    
    
    296,032
    
    
    
    2,084,049
    
    
    
    2,380,080
    
    
    
    707,731
    
    
    1993
    
    40 yrs.6631 Executive Park Court -
100
    
    Jacksonville, FL
    
    
    
    
    
    
    251,613
    
    
    
    1,356,849
    
    
    
    525,120
    
    
    
    251,627
    
    
    
    1,881,955
    
    
    
    2,133,582
    
    
    
    875,382
    
    
    1994
    
    40 yrs.6631 Executive Park Court -
200
    
    Jacksonville, FL
    
    
    
    
    
    
    406,561
    
    
    
    2,195,070
    
    
    
    274,915
    
    
    
    407,043
    
    
    
    2,469,503
    
    
    
    2,876,546
    
    
    
    884,847
    
    
    1994
    
    40 yrs.4815 Executive Park Court -
100
    
    Jacksonville, FL
    
    
    
    
    
    
    366,317
    
    
    
    1,975,393
    
    
    
    409,677
    
    
    
    366,339
    
    
    
    2,385,048
    
    
    
    2,751,387
    
    
    
    957,180
    
    
    1995
    
    40 yrs.4815 Executive Park Court -
200
    
    Jacksonville, FL
    
    
    
    
    
    
    462,522
    
    
    
    2,494,397
    
    
    
    517,998
    
    
    
    462,549
    
    
    
    3,012,368
    
    
    
    3,474,917
    
    
    
    1,129,349
    
    
    1995
    
    40 yrs.4825 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    601,278
    
    
    
    3,242,491
    
    
    
    293,842
    
    
    
    601,401
    
    
    
    3,536,210
    
    
    
    4,137,611
    
    
    
    1,251,803
    
    
    1996
    
    40 yrs.4820 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    555,173
    
    
    
    2,693,130
    
    
    
    820,156
    
    
    
    555,213
    
    
    
    3,513,246
    
    
    
    4,068,459
    
    
    
    1,205,275
    
    
    1997
    
    40 yrs.6601 Executive Park Circle
North
    
    Jacksonville, FL
    
    
    
    
    
    
    551,250
    
    
    
    3,128,361
    
    
    
    141,559
    
    
    
    551,250
    
    
    
    3,269,920
    
    
    
    3,821,170
    
    
    
    971,950
    
    
    1992
    
    40 yrs.4901 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    877,964
    
    
    
    2,360,742
    
    
    
    2,855,528
    
    
    
    877,964
    
    
    
    5,216,270
    
    
    
    6,094,234
    
    
    
    2,318,349
    
    
    1986
    
    40 yrs.4875 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    2,089,347
    
    
    
    
    
    
    
    13,024,417
    
    
    
    2,287,152
    
    
    
    12,826,612
    
    
    
    15,113,764
    
    
    
    458,489
    
    
    1998
    
    40 yrs.4899 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,201
    
    
    
    
    
    
    
    8,309,407
    
    
    
    1,168,062
    
    
    
    8,440,546
    
    
    
    9,608,608
    
    
    
    2,594,666
    
    
    2000
    
    40 yrs.4905 Belfort Street
    
    Jacksonville, FL
    
    
    
    
    
    
    638,154
    
    
    
    
    
    
    
    3,591,758
    
    
    
    641,272
    
    
    
    3,588,640
    
    
    
    4,229,912
    
    
    
    1,171,589
    
    
    2000
    
    40 yrs.7251 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,692,889
    
    
    
    662,559
    
    
    
    3,030,330
    
    
    
    3,692,889
    
    
    
    951,180
    
    
    2000
    
    40 yrs.10245 Centurion Parkway
North
    
    Jacksonville, FL
    
    
    
    
    
    
    852,644
    
    
    
    3,510,889
    
    
    
    1,033,033
    
    
    
    853,704
    
    
    
    4,542,862
    
    
    
    5,396,566
    
    
    
    1,409,981
    
    
    1996
    
    40 yrs.4887 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,202
    
    
    
    
    
    
    
    8,574,178
    
    
    
    1,665,915
    
    
    
    8,207,465
    
    
    
    9,873,380
    
    
    
    2,286,512
    
    
    2002
    
    40 yrs.7255 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    392,060
    
    
    
    
    
    
    
    2,975,836
    
    
    
    680,766
    
    
    
    2,687,129
    
    
    
    3,367,896
    
    
    
    860,736
    
    
    2002
    
    40 yrs.5201 Gate Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    3,836,532
    
    
    
    
    
    
    
    21,433,694
    
    
    
    4,269,346
    
    
    
    21,000,880
    
    
    
    25,270,226
    
    
    
    2,819,774
    
    
    2005
    
    40 yrs.3200 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    928,637
    
    
    
    
    
    
    
    7,128,297
    
    
    
    1,210,137
    
    
    
    6,846,797
    
    
    
    8,056,934
    
    
    
    3,078,888
    
    
    1996
    
    40 yrs.440 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    717,001
    
    
    
    4,816,121
    
    
    
    3,277,517
    
    
    
    717,001
    
    
    
    8,093,638
    
    
    
    8,810,639
    
    
    
    3,465,059
    
    
    1988
    
    40 yrs.460 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    705,317
    
    
    
    4,737,487
    
    
    
    4,352,234
    
    
    
    705,317
    
    
    
    9,089,721
    
    
    
    9,795,038
    
    
    
    2,834,850
    
    
    1988
    
    40 yrs.151 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    1,218,086
    
    
    
    6,937,866
    
    
    
    7,249,070
    
    
    
    1,187,900
    
    
    
    14,217,122
    
    
    
    15,405,022
    
    
    
    698,402
    
    
    1980
    
    40 yrs.3604 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    397,178
    
    
    
    
    
    
    
    1,681,788
    
    
    
    350,874
    
    
    
    1,728,092
    
    
    
    2,078,966
    
    
    
    782,634
    
    
    1998
    
    40 yrs.3606 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    789,409
    
    
    
    
    
    
    
    2,123,681
    
    
    
    815,855
    
    
    
    2,097,235
    
    
    
    2,913,090
    
    
    
    918,405
    
    
    1997
    
    40 yrs.650 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,911
    
    
    
    6,722,830
    
    
    
    9,576,831
    
    
    
    952,911
    
    
    
    16,299,660
    
    
    
    17,252,571
    
    
    
    7,525,322
    
    
    1971
    
    40 yrs.680 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,361
    
    
    
    6,722,830
    
    
    
    8,410,333
    
    
    
    952,361
    
    
    
    15,133,163
    
    
    
    16,085,524
    
    
    
    6,945,099
    
    
    1971
    
    40 yrs.3600 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    236,432
    
    
    
    1,856,252
    
    
    
    784,645
    
    
    
    236,432
    
    
    
    2,640,897
    
    
    
    2,877,328
    
    
    
    896,665
    
    
    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
    
    
    
    743,156
    
    
    1989
    
    40 yrs.2700 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    764,370
    
    
    
    
    
    
    
    4,242,712
    
    
    
    867,815
    
    
    
    4,139,267
    
    
    
    5,007,082
    
    
    
    1,547,359
    
    
    1998
    
    40 yrs.2900 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    679,440
    
    
    
    
    
    
    
    3,503,074
    
    
    
    774,096
    
    
    
    3,408,418
    
    
    
    4,182,514
    
    
    
    1,189,870
    
    
    1998
    
    40 yrs.2500 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    2,866,474
    
    
    
    592,886
    
    
    
    2,783,167
    
    
    
    3,376,054
    
    
    
    1,185,302
    
    
    1999
    
    40 yrs.2300 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    3,042,297
    
    
    
    574,152
    
    
    
    2,977,725
    
    
    
    3,551,877
    
    
    
    1,055,823
    
    
    1999
    
    40 yrs.2100 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,110,111
    
    
    
    
    
    
    
    9,339,057
    
    
    
    1,132,519
    
    
    
    9,316,649
    
    
    
    10,449,169
    
    
    
    3,220,016
    
    
    1999
    
    40 yrs.3400 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    776,496
    
    
    
    3,139,068
    
    
    
    1,276,655
    
    
    
    776,496
    
    
    
    4,415,723
    
    
    
    5,192,219
    
    
    
    1,461,489
    
    
    1995
    
    40 yrs.2301 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,645,246
    
    
    
    
    
    
    
    30,063,879
    
    
    
    4,581,649
    
    
    
    27,127,475
    
    
    
    31,709,124
    
    
    
    6,992,308
    
    
    2002
    
    40 yrs.2520 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,020,000
    
    
    
    
    
    
    
    5,642,845
    
    
    
    978,402
    
    
    
    5,684,443
    
    
    
    6,662,845
    
    
    
    2,310,526
    
    
    1999
    
    40 yrs.2201 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    18,897,792
    
    
    
    2,413,514
    
    
    
    16,484,278
    
    
    
    18,897,792
    
    
    
    4,481,326
    
    
    2000
    
    40 yrs.2560 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,729,254
    
    
    
    649,792
    
    
    
    3,079,462
    
    
    
    3,729,254
    
    
    
    1,058,801
    
    
    2000
    
    40 yrs.170 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    547,800
    
    
    
    3,137,400
    
    
    
    3,987,694
    
    
    
    458,232
    
    
    
    7,214,662
    
    
    
    7,672,894
    
    
    
    3,838,961
    
    
    1980
    
    40 yrs.190 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    552,200
    
    
    
    3,162,600
    
    
    
    1,647,906
    
    
    
    461,909
    
    
    
    4,900,797
    
    
    
    5,362,706
    
    
    
    2,574,166
    
    
    1980
    
    40 yrs.3100 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    601,956
    
    
    
    
    
    
    
    2,068,047
    
    
    
    611,436
    
    
    
    2,058,568
    
    
    
    2,670,003
    
    
    
    888,193
    
    
    1995
    
    40 yrs.3500 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    1,204,839
    
    
    
    
    
    
    
    2,830,229
    
    
    
    1,223,875
    
    
    
    2,811,193
    
    
    
    4,035,068
    
    
    
    894,706
    
    
    1996
    
    40 yrs.3000 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    1,191,449
    
    
    
    
    
    
    
    2,309,358
    
    
    
    946,703
    
    
    
    2,554,103
    
    
    
    3,500,806
    
    
    
    752,190
    
    
    1997
    
    40 yrs.11425 State Highway 225
    
    LaPorte, TX
    
    
    *
    
    
    
    975,974
    
    
    
    3,409,036
    
    
    
    8,956
    
    
    
    977,542
    
    
    
    3,416,424
    
    
    
    4,393,966
    
    
    
    377,496
    
    
    2006
    
    40 yrs.11503 State Highway 225
    
    LaPorte, TX
    
    
    *
    
    
    
    2,561,931
    
    
    
    9,779,023
    
    
    
    58,113
    
    
    
    2,566,047
    
    
    
    9,833,020
    
    
    
    12,399,067
    
    
    
    892,645
    
    
    2006
    
    40 yrs.7528 Walker Way
    
    Lehigh Valley, PA
    
    
    
    
    
    
    893,441
    
    
    
    
    
    
    
    5,510,455
    
    
    
    779,330
    
    
    
    5,624,567
    
    
    
    6,403,897
    
    
    
    793,173
    
    
    2004
    
    40 yrs.8500 Willard Drive
    
    Lehigh, PA
    
    
    *
    
    
    
    6,398,815
    
    
    
    
    
    
    
    21,793,887
    
    
    
    7,627,526
    
    
    
    20,565,176
    
    
    
    28,192,702
    
    
    
    798,189
    
    
    2004
    
    40 yrs.8301 Industrial Boulevard
    
    Lehigh, PA
    
    
    *
    
    
    
    11,249,550
    
    
    
    
    
    
    
    44,324,333
    
    
    
    11,254,716
    
    
    
    44,319,167
    
    
    
    55,573,883
    
    
    
    4,658,718
    
    
    2005
    
    40 yrs.31700 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    373,202
    
    
    
    1,824,721
    
    
    
    (649,436
    )
    
    
    373,203
    
    
    
    1,175,284
    
    
    
    1,548,487
    
    
    
    554,044
    
    
    1988
    
    40 yrs.1201 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    302,567
    
    
    
    1,213,232
    
    
    
    (157,899
    )
    
    
    302,567
    
    
    
    1,055,333
    
    
    
    1,357,900
    
    
    
    368,889
    
    
    1980
    
    40 yrs.1901 Summit Tower Boulevard
    
    Maitland, FL
    
    
    
    
    
    
    6,078,791
    
    
    
    12,348,567
    
    
    
    2,096,608
    
    
    
    6,083,206
    
    
    
    14,440,761
    
    
    
    20,523,967
    
    
    
    4,237,197
    
    
    1998
    
    40 yrs.45-67 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    795,143
    
    
    
    
    
    
    
    4,199,957
    
    
    
    795,831
    
    
    
    4,199,269
    
    
    
    4,995,100
    
    
    
    2,526,279
    
    
    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
    
    
    
    10,652,315
    
    
    1986
    
    40 yrs.27-43 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    448,775
    
    
    
    
    
    
    
    2,545,542
    
    
    
    449,447
    
    
    
    2,544,870
    
    
    
    2,994,317
    
    
    
    1,751,421
    
    
    1977
    
    40 yrs.1 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    400,000
    
    
    
    3,600,000
    
    
    
    1,004,647
    
    
    
    406,421
    
    
    
    4,598,226
    
    
    
    5,004,647
    
    
    
    2,016,903
    
    
    1982
    
    40 yrs.200 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    495,893
    
    
    
    2,739,093
    
    
    
    649,407
    
    
    
    588,384
    
    
    
    3,296,009
    
    
    
    3,884,393
    
    
    
    2,224,454
    
    
    1989
    
    40 yrs.50 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    849,576
    
    
    
    
    
    
    
    13,051,932
    
    
    
    1,337,076
    
    
    
    12,564,432
    
    
    
    13,901,508
    
    
    
    5,518,067
    
    
    1997
    
    40 yrs.1 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    419,460
    
    
    
    3,792,570
    
    
    
    387,643
    
    
    
    419,460
    
    
    
    4,180,212
    
    
    
    4,599,673
    
    
    
    1,380,874
    
    
    1982
    
    40 yrs.5 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    684,200
    
    
    
    6,181,661
    
    
    
    1,790,158
    
    
    
    684,200
    
    
    
    7,971,819
    
    
    
    8,656,019
    
    
    
    2,635,603
    
    
    1983
    
    40 yrs.1001 Cedar Hollow Road
    
    Malvern, PA
    
    
    
    
    
    
    1,436,814
    
    
    
    
    
    
    
    16,081,159
    
    
    
    1,676,470
    
    
    
    15,841,503
    
    
    
    17,517,973
    
    
    
    6,378,790
    
    
    1998
    
    40 yrs.3 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    814,278
    
    
    
    
    
    
    
    4,946,433
    
    
    
    1,128,881
    
    
    
    4,631,830
    
    
    
    5,760,711
    
    
    
    1,348,720
    
    
    1998
    
    40 yrs.425 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    2,112,927
    
    
    
    321,473
    
    
    
    1,982,568
    
    
    
    2,304,041
    
    
    
    975,001
    
    
    1998
    
    40 yrs.375 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    2,018,620
    
    
    
    234,922
    
    
    
    1,974,811
    
    
    
    2,209,734
    
    
    
    861,726
    
    
    1998
    
    40 yrs.45 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    4,380,221
    
    
    
    
    
    
    
    15,316,168
    
    
    
    4,749,748
    
    
    
    14,946,641
    
    
    
    19,696,389
    
    
    
    6,029,564
    
    
    1999
    
    40 yrs.100 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,320,625
    
    
    
    
    
    
    
    6,709,379
    
    
    
    1,451,139
    
    
    
    6,578,865
    
    
    
    8,030,004
    
    
    
    2,835,554
    
    
    1998
    
    40 yrs.600 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,255,848
    
    
    
    2,171,080
    
    
    
    8,098,519
    
    
    
    10,269,598
    
    
    
    3,284,977
    
    
    1999
    
    40 yrs.
  76




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)700 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,216,674
    
    
    
    2,158,337
    
    
    
    8,072,087
    
    
    
    10,230,424
    
    
    
    3,257,665
    
    
    1999
    
    40 yrs.18 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    394,036
    
    
    
    3,976,221
    
    
    
    99,539
    
    
    
    397,293
    
    
    
    4,072,504
    
    
    
    4,469,796
    
    
    
    1,130,011
    
    
    1980
    
    40 yrs.11 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    496,297
    
    
    
    
    
    
    
    3,226,924
    
    
    
    708,331
    
    
    
    3,014,890
    
    
    
    3,723,221
    
    
    
    878,827
    
    
    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
    
    
    
    6,618,672
    
    
    1989
    
    40 yrs.2 West Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    5,405,041
    
    
    
    
    
    
    
    11,635,939
    
    
    
    5,405,042
    
    
    
    11,635,938
    
    
    
    17,040,980
    
    
    
    1,634,494
    
    
    2003
    
    40 yrs.10 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    823,540
    
    
    
    1,341,376
    
    
    
    314,007
    
    
    
    832,244
    
    
    
    1,646,678
    
    
    
    2,478,922
    
    
    
    310,042
    
    
    2003
    
    40 yrs.10, 20 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    724,058
    
    
    
    
    
    
    
    5,760,414
    
    
    
    724,846
    
    
    
    5,759,626
    
    
    
    6,484,472
    
    
    
    2,977,810
    
    
    1985
    
    40 yrs.420 Lapp Road
    
    Malvern, PA
    
    
    
    
    
    
    1,054,418
    
    
    
    
    
    
    
    7,344,363
    
    
    
    1,055,243
    
    
    
    7,343,538
    
    
    
    8,398,781
    
    
    
    3,826,144
    
    
    1989
    
    40 yrs.14 Lee Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    664,282
    
    
    
    
    
    
    
    6,022,257
    
    
    
    643,892
    
    
    
    6,042,647
    
    
    
    6,686,539
    
    
    
    3,324,222
    
    
    1988
    
    40 yrs.500 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    472,364
    
    
    
    
    
    
    
    3,323,124
    
    
    
    519,742
    
    
    
    3,275,746
    
    
    
    3,795,488
    
    
    
    1,874,387
    
    
    1988
    
    40 yrs.300-400 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    937,212
    
    
    
    
    
    
    
    5,742,350
    
    
    
    1,012,843
    
    
    
    5,666,719
    
    
    
    6,679,562
    
    
    
    3,163,440
    
    
    1988
    
    40 yrs.40 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    322,918
    
    
    
    
    
    
    
    3,188,934
    
    
    
    325,775
    
    
    
    3,186,076
    
    
    
    3,511,852
    
    
    
    1,831,167
    
    
    1987
    
    40 yrs.50 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    323,971
    
    
    
    
    
    
    
    3,160,049
    
    
    
    323,792
    
    
    
    3,160,228
    
    
    
    3,484,020
    
    
    
    1,605,754
    
    
    1987
    
    40 yrs.20 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    465,539
    
    
    
    
    
    
    
    5,707,476
    
    
    
    466,413
    
    
    
    5,706,602
    
    
    
    6,173,015
    
    
    
    3,536,207
    
    
    1987
    
    40 yrs.257-275 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    504,611
    
    
    
    
    
    
    
    5,316,828
    
    
    
    505,458
    
    
    
    5,315,981
    
    
    
    5,821,439
    
    
    
    3,490,013
    
    
    1983
    
    40 yrs.300 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    368,626
    
    
    
    
    
    
    
    1,345,599
    
    
    
    374,497
    
    
    
    1,339,728
    
    
    
    1,714,225
    
    
    
    801,016
    
    
    1985
    
    40 yrs.277-293 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    530,729
    
    
    
    
    
    
    
    2,705,538
    
    
    
    531,534
    
    
    
    2,704,733
    
    
    
    3,236,267
    
    
    
    1,616,903
    
    
    1984
    
    40 yrs.311 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    397,131
    
    
    
    
    
    
    
    2,911,205
    
    
    
    397,948
    
    
    
    2,910,388
    
    
    
    3,308,336
    
    
    
    1,701,491
    
    
    1984
    
    40 yrs.7 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    176,435
    
    
    
    
    
    
    
    5,165,883
    
    
    
    177,317
    
    
    
    5,165,002
    
    
    
    5,342,318
    
    
    
    3,316,078
    
    
    1985
    
    40 yrs.55 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    215,005
    
    
    
    
    
    
    
    4,393,160
    
    
    
    215,818
    
    
    
    4,392,348
    
    
    
    4,608,165
    
    
    
    2,499,992
    
    
    1983
    
    40 yrs.65 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    381,544
    
    
    
    
    
    
    
    7,203,727
    
    
    
    382,361
    
    
    
    7,202,910
    
    
    
    7,585,271
    
    
    
    4,639,975
    
    
    1983
    
    40 yrs.508 Lapp Road
    
    Malvern, PA
    
    
    
    
    
    
    331,392
    
    
    
    
    
    
    
    2,036,104
    
    
    
    332,216
    
    
    
    2,035,280
    
    
    
    2,367,496
    
    
    
    1,385,015
    
    
    1984
    
    40 yrs.10 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    509,075
    
    
    
    
    
    
    
    3,142,498
    
    
    
    509,899
    
    
    
    3,141,674
    
    
    
    3,651,573
    
    
    
    1,955,051
    
    
    1984
    
    40 yrs.333 Phoenixville Pike
    
    Malvern, PA
    
    
    
    
    
    
    523,530
    
    
    
    
    
    
    
    3,725,062
    
    
    
    524,230
    
    
    
    3,724,362
    
    
    
    4,248,592
    
    
    
    1,837,667
    
    
    1985
    
    40 yrs.30 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    128,126
    
    
    
    
    
    
    
    385,634
    
    
    
    128,783
    
    
    
    384,977
    
    
    
    513,760
    
    
    
    338,175
    
    
    1975
    
    40 yrs.75 Great Valley Parkway
    
    Malvern, PA
    
    
    183,574
    
    
    
    143,074
    
    
    
    
    
    
    
    888,076
    
    
    
    143,811
    
    
    
    887,338
    
    
    
    1,031,150
    
    
    
    675,263
    
    
    1977
    
    40 yrs.77-123 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    887,664
    
    
    
    
    
    
    
    6,012,716
    
    
    
    888,359
    
    
    
    6,012,021
    
    
    
    6,900,380
    
    
    
    4,025,390
    
    
    1978
    
    40 yrs.205 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,368,259
    
    
    
    
    
    
    
    11,239,206
    
    
    
    1,369,003
    
    
    
    11,238,462
    
    
    
    12,607,465
    
    
    
    7,641,055
    
    
    1981
    
    40 yrs.12,14,16 Great Valley
Parkway
    
    Malvern, PA
    
    
    
    
    
    
    130,689
    
    
    
    
    
    
    
    1,560,924
    
    
    
    128,767
    
    
    
    1,562,846
    
    
    
    1,691,613
    
    
    
    1,056,108
    
    
    1982
    
    40 yrs.155 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    625,147
    
    
    
    
    
    
    
    2,627,280
    
    
    
    626,068
    
    
    
    2,626,359
    
    
    
    3,252,427
    
    
    
    1,748,600
    
    
    1981
    
    40 yrs.510 Lapp Road
    
    Malvern, PA
    
    
    
    
    
    
    356,950
    
    
    
    
    
    
    
    926,587
    
    
    
    357,751
    
    
    
    925,786
    
    
    
    1,283,537
    
    
    
    637,559
    
    
    1983
    
    40 yrs.60 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    865,424
    
    
    
    9,285,000
    
    
    
    5,058,435
    
    
    
    884,974
    
    
    
    14,323,885
    
    
    
    15,208,859
    
    
    
    7,930,300
    
    
    1989
    
    40 yrs.5 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    785,168
    
    
    
    4,678,632
    
    
    
    1,056,753
    
    
    
    786,235
    
    
    
    5,734,318
    
    
    
    6,520,553
    
    
    
    2,424,679
    
    
    1985
    
    40 yrs.7550 Meridian Circle
    
    Maple Grove, MN
    
    
    
    
    
    
    513,250
    
    
    
    2,901,906
    
    
    
    546,956
    
    
    
    513,250
    
    
    
    3,448,862
    
    
    
    3,962,112
    
    
    
    1,042,222
    
    
    1989
    
    40 yrs.701A Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    264,387
    
    
    
    3,772,000
    
    
    
    4,173,767
    
    
    
    271,743
    
    
    
    7,938,411
    
    
    
    8,210,154
    
    
    
    4,179,780
    
    
    1987
    
    40 yrs.701C Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    84,949
    
    
    
    1,328,000
    
    
    
    941,834
    
    
    
    96,161
    
    
    
    2,258,622
    
    
    
    2,354,783
    
    
    
    863,263
    
    
    1987
    
    40 yrs.400 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    69,402
    
    
    
    
    
    
    
    3,782,573
    
    
    
    317,799
    
    
    
    3,534,176
    
    
    
    3,851,975
    
    
    
    1,284,245
    
    
    1999
    
    40 yrs.406 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    321,455
    
    
    
    1,539,871
    
    
    
    1,303,270
    
    
    
    327,554
    
    
    
    2,837,042
    
    
    
    3,164,596
    
    
    
    1,336,940
    
    
    1990
    
    40 yrs.301 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    1,780,269
    
    
    
    1,069,838
    
    
    
    6,560,431
    
    
    
    7,630,269
    
    
    
    2,766,097
    
    
    1988
    
    40 yrs.303 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    3,065,675
    
    
    
    1,069,838
    
    
    
    7,845,838
    
    
    
    8,915,675
    
    
    
    3,514,502
    
    
    1988
    
    40 yrs.901 Route 73
    
    Marlton, NJ
    
    
    
    
    
    
    334,411
    
    
    
    2,733,314
    
    
    
    946,618
    
    
    
    334,411
    
    
    
    3,679,932
    
    
    
    4,014,343
    
    
    
    1,416,756
    
    
    1985
    
    40 yrs.75 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    419,731
    
    
    
    
    
    
    
    2,510,660
    
    
    
    430,909
    
    
    
    2,499,482
    
    
    
    2,930,392
    
    
    
    434,124
    
    
    2003
    
    40 yrs.65 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    557,174
    
    
    
    
    
    
    
    2,905,475
    
    
    
    506,318
    
    
    
    2,956,332
    
    
    
    3,462,650
    
    
    
    373,054
    
    
    2004
    
    40 yrs.7800 N. 113th Street
    
    Milwaukee, WI
    
    
    
    
    
    
    1,711,964
    
    
    
    6,847,857
    
    
    
    600,888
    
    
    
    1,711,964
    
    
    
    7,448,745
    
    
    
    9,160,709
    
    
    
    2,328,304
    
    
    1991
    
    40 yrs.11950 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    391,813
    
    
    
    2,340,118
    
    
    
    595,440
    
    
    
    394,938
    
    
    
    2,932,434
    
    
    
    3,327,371
    
    
    
    1,051,342
    
    
    1986
    
    40 yrs.11400 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    439,595
    
    
    
    2,357,904
    
    
    
    348,421
    
    
    
    443,101
    
    
    
    2,702,819
    
    
    
    3,145,919
    
    
    
    773,558
    
    
    1986
    
    40 yrs.11425 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    382,256
    
    
    
    2,350,619
    
    
    
    979,214
    
    
    
    385,305
    
    
    
    3,326,784
    
    
    
    3,712,089
    
    
    
    1,431,200
    
    
    1987
    
    40 yrs.11301 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    614,477
    
    
    
    2,626,456
    
    
    
    123,888
    
    
    
    619,465
    
    
    
    2,745,357
    
    
    
    3,364,821
    
    
    
    748,549
    
    
    1987
    
    40 yrs.11900 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    347,853
    
    
    
    2,396,887
    
    
    
    1,884,459
    
    
    
    350,628
    
    
    
    4,278,572
    
    
    
    4,629,199
    
    
    
    1,525,087
    
    
    1987
    
    40 yrs.11414 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    234,443
    
    
    
    
    
    
    
    10,713,613
    
    
    
    491,531
    
    
    
    10,456,526
    
    
    
    10,948,057
    
    
    
    3,477,102
    
    
    2001
    
    40 yrs.11520 West Calumet Road
    
    Milwaukee, WI
    
    
    
    
    
    
    341,698
    
    
    
    1,527,548
    
    
    
    78,494
    
    
    
    341,698
    
    
    
    1,606,042
    
    
    
    1,947,740
    
    
    
    417,634
    
    
    1995
    
    40 yrs.12100 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    534,470
    
    
    
    3,239,389
    
    
    
    572,084
    
    
    
    532,370
    
    
    
    3,813,573
    
    
    
    4,345,943
    
    
    
    1,274,986
    
    
    1984
    
    40 yrs.11100 West Liberty Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    1,800,000
    
    
    
    
    
    
    
    7,542,950
    
    
    
    1,801,024
    
    
    
    7,541,926
    
    
    
    9,342,950
    
    
    
    1,630,363
    
    
    2003
    
    40 yrs.11050 West Liberty Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,816,745
    
    
    
    914,760
    
    
    
    2,901,985
    
    
    
    3,816,745
    
    
    
    248,548
    
    
    2005
    
    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
    
    
    
    2,262,534
    
    
    1996
    
    40 yrs.4600 Nathan Lane
    
    Minneapolis, MN
    
    
    
    
    
    
    1,063,558
    
    
    
    
    
    
    
    6,683,083
    
    
    
    1,038,197
    
    
    
    6,708,444
    
    
    
    7,746,641
    
    
    
    2,547,169
    
    
    2002
    
    40 yrs.4700 Nathan Lane N -
Expansion
    
    Minneapolis, MN
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,944,766
    
    
    
    
    
    
    
    12,944,766
    
    
    
    12,944,766
    
    
    
    34,909
    
    
    2008
    
    40 yrs.12501 & 12701 Whitewater
Drive
    
    Minnegonka, MN
    
    
    
    
    
    
    2,175,209
    
    
    
    3,948,085
    
    
    
    7,485,094
    
    
    
    2,177,953
    
    
    
    11,430,435
    
    
    
    13,608,388
    
    
    
    1,898,424
    
    
    1986
    
    40 yrs.5600 & 5610 Rowland Road
    
    Minnetonka, MN
    
    
    
    
    
    
    828,650
    
    
    
    7,399,409
    
    
    
    2,196,059
    
    
    
    829,263
    
    
    
    9,594,854
    
    
    
    10,424,117
    
    
    
    3,766,702
    
    
    1988
    
    40 yrs.5400-5500 Feltl Road
    
    Minnetonka, MN
    
    
    
    
    
    
    883,895
    
    
    
    7,983,345
    
    
    
    2,285,978
    
    
    
    883,895
    
    
    
    10,269,323
    
    
    
    11,153,218
    
    
    
    3,604,910
    
    
    1985
    
    40 yrs.3400 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,153
    
    
    
    11,345,881
    
    
    
    1,674,282
    
    
    
    2,022,153
    
    
    
    13,020,162
    
    
    
    15,042,316
    
    
    
    4,222,510
    
    
    1990
    
    40 yrs.3450 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,152
    
    
    
    11,357,143
    
    
    
    2,688,791
    
    
    
    2,022,152
    
    
    
    14,045,934
    
    
    
    16,068,086
    
    
    
    4,862,162
    
    
    1990
    
    40 yrs.3350 SW 148th Avenue
    
    Miramar, FL
    
    
    
    
    
    
    2,960,511
    
    
    
    
    
    
    
    20,110,108
    
    
    
    2,980,689
    
    
    
    20,089,929
    
    
    
    23,070,619
    
    
    
    6,752,891
    
    
    2000
    
    40 yrs.3100 SW 145th Avenue
    
    Miramar, FL
    
    
    
    
    
    
    6,204,407
    
    
    
    
    
    
    
    15,426,913
    
    
    
    6,265,000
    
    
    
    15,366,320
    
    
    
    21,631,320
    
    
    
    102,255
    
    
    2007
    
    40 yrs.324 Park Knoll Drive
    
    Morrisville, NC
    
    
    *
    
    
    
    1,449,092
    
    
    
    4,424,932
    
    
    
    329,062
    
    
    
    1,449,450
    
    
    
    4,753,636
    
    
    
    6,203,086
    
    
    
    391,881
    
    
    2007
    
    40 yrs.619 Distribution Drive
    
    Morrisville, NC
    
    
    *
    
    
    
    1,031,430
    
    
    
    5,655,167
    
    
    
    397,507
    
    
    
    1,031,685
    
    
    
    6,052,419
    
    
    
    7,084,104
    
    
    
    467,841
    
    
    2007
    
    40 yrs.627 Distribution Drive
    
    Morrisville, NC
    
    
    *
    
    
    
    1,061,370
    
    
    
    5,152,110
    
    
    
    239,352
    
    
    
    1,061,632
    
    
    
    5,391,200
    
    
    
    6,452,832
    
    
    
    416,302
    
    
    2007
    
    40 yrs.701 Distribution Drive
    
    Morrisville, NC
    
    
    *
    
    
    
    1,300,889
    
    
    
    5,313,226
    
    
    
    217,183
    
    
    
    1,301,211
    
    
    
    5,530,088
    
    
    
    6,831,298
    
    
    
    418,018
    
    
    2007
    
    40 yrs.330 Fellowship Road
    
    Mount Laurel, NJ
    
    
    
    
    
    
    3,730,570
    
    
    
    
    
    
    
    16,547,531
    
    
    
    3,758,270
    
    
    
    16,519,832
    
    
    
    20,278,101
    
    
    
    592,707
    
    
    2006
    
    40 yrs.300 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,350,519
    
    
    
    1,098,904
    
    
    
    6,251,616
    
    
    
    7,350,519
    
    
    
    1,048,038
    
    
    2004
    
    40 yrs.302 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    1,512,120
    
    
    
    
    
    
    
    2,933,420
    
    
    
    539,060
    
    
    
    3,906,480
    
    
    
    4,445,540
    
    
    
    512,893
    
    
    2001
    
    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
    
    
    
    2,157,858
    
    
    2003
    
    40 yrs.350 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    2,960,159
    
    
    
    1,449,611
    
    
    
    4,586,406
    
    
    
    2,970,687
    
    
    
    6,025,489
    
    
    
    8,996,176
    
    
    
    607,547
    
    
    2006
    
    40 yrs.3000 Atrium Way
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    500,000
    
    
    
    4,500,000
    
    
    
    5,277,156
    
    
    
    512,018
    
    
    
    9,765,138
    
    
    
    10,277,156
    
    
    
    4,781,541
    
    
    1987
    
    40 yrs.
  77




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)11000, 15000 Commerce
Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,585
    
    
    
    4,394,900
    
    
    
    1,244,385
    
    
    
    311,950
    
    
    
    5,637,920
    
    
    
    5,949,870
    
    
    
    2,639,001
    
    
    1985
    
    40 yrs.12000, 14000 Commerce
Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    361,800
    
    
    
    3,285,817
    
    
    
    1,026,601
    
    
    
    362,855
    
    
    
    4,311,362
    
    
    
    4,674,218
    
    
    
    1,911,583
    
    
    1985
    
    40 yrs.16000, 18000 Commerce
Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    289,700
    
    
    
    2,512,683
    
    
    
    1,334,707
    
    
    
    290,545
    
    
    
    3,846,545
    
    
    
    4,137,090
    
    
    
    1,535,623
    
    
    1985
    
    40 yrs.1300 Route 73 North
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    449,400
    
    
    
    3,074,850
    
    
    
    2,372,243
    
    
    
    450,558
    
    
    
    5,445,935
    
    
    
    5,896,493
    
    
    
    2,208,055
    
    
    1988
    
    40 yrs.6000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,151
    
    
    
    2,022,683
    
    
    
    914,135
    
    
    
    234,151
    
    
    
    2,936,818
    
    
    
    3,170,969
    
    
    
    1,247,404
    
    
    1985
    
    40 yrs.8000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,814
    
    
    
    1,995,098
    
    
    
    530,452
    
    
    
    234,814
    
    
    
    2,525,550
    
    
    
    2,760,364
    
    
    
    786,791
    
    
    1983
    
    40 yrs.9000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    286,587
    
    
    
    2,474,820
    
    
    
    1,252,945
    
    
    
    286,587
    
    
    
    3,727,765
    
    
    
    4,014,352
    
    
    
    1,365,052
    
    
    1983
    
    40 yrs.1000 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    288,577
    
    
    
    2,546,537
    
    
    
    1,526,570
    
    
    
    288,577
    
    
    
    4,073,106
    
    
    
    4,361,684
    
    
    
    1,902,450
    
    
    1986
    
    40 yrs.1025 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    430,990
    
    
    
    3,714,828
    
    
    
    1,255,822
    
    
    
    430,990
    
    
    
    4,970,650
    
    
    
    5,401,640
    
    
    
    1,959,916
    
    
    1987
    
    40 yrs.1020 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    494,334
    
    
    
    
    
    
    
    3,167,284
    
    
    
    569,184
    
    
    
    3,092,435
    
    
    
    3,661,618
    
    
    
    1,120,929
    
    
    1999
    
    40 yrs.2000 Crawford Place
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,831
    
    
    
    2,797,744
    
    
    
    2,922,589
    
    
    
    310,831
    
    
    
    5,720,333
    
    
    
    6,031,164
    
    
    
    2,767,570
    
    
    1986
    
    40 yrs.5000 Dearborn Court
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    1,057,763
    
    
    
    4,191,827
    
    
    
    1,670,366
    
    
    
    1,057,763
    
    
    
    5,862,194
    
    
    
    6,919,956
    
    
    
    1,888,600
    
    
    1988
    
    40 yrs.1001 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    701,705
    
    
    
    3,505,652
    
    
    
    2,474,270
    
    
    
    701,705
    
    
    
    5,979,922
    
    
    
    6,681,628
    
    
    
    2,675,653
    
    
    1986
    
    40 yrs.1015 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    356,987
    
    
    
    
    
    
    
    3,673,872
    
    
    
    470,659
    
    
    
    3,560,200
    
    
    
    4,030,859
    
    
    
    1,216,636
    
    
    2000
    
    40 yrs.17000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    144,515
    
    
    
    
    
    
    
    3,458,166
    
    
    
    144,515
    
    
    
    3,458,166
    
    
    
    3,602,681
    
    
    
    1,111,054
    
    
    2001
    
    40 yrs.6 Terry Drive
    
    Newtown, PA
    
    
    
    
    
    
    622,029
    
    
    
    2,228,851
    
    
    
    1,030,179
    
    
    
    622,205
    
    
    
    3,258,853
    
    
    
    3,881,058
    
    
    
    1,306,838
    
    
    1981
    
    40 yrs.27th Street
    
    Oak Creek, WI
    
    
    
    
    
    
    348,280
    
    
    
    
    
    
    
    4,290,480
    
    
    
    696,690
    
    
    
    3,942,070
    
    
    
    4,638,760
    
    
    
    48,139
    
    
    2007
    
    40 yrs.Corporate Preserve Drive
    
    Oak Creek, WI
    
    
    
    
    
    
    516,016
    
    
    
    
    
    
    
    3,935,631
    
    
    
    654,271
    
    
    
    3,797,376
    
    
    
    4,451,647
    
    
    
    46,477
    
    
    2007
    
    40 yrs.550-590 Hale Avenue
    
    Oakdale, MN
    
    
    
    
    
    
    765,535
    
    
    
    3,488,754
    
    
    
    623,102
    
    
    
    766,390
    
    
    
    4,111,000
    
    
    
    4,877,390
    
    
    
    1,261,323
    
    
    1996
    
    40 yrs.1879 Lamont Avenue
    
    Odenton, MD
    
    
    *
    
    
    
    1,976,000
    
    
    
    8,099,579
    
    
    
    2,469,160
    
    
    
    2,011,030
    
    
    
    10,533,709
    
    
    
    12,544,739
    
    
    
    1,440,507
    
    
    2004
    
    40 yrs.350 Winmeyer Avenue
    
    Odenton, MD
    
    
    *
    
    
    
    1,778,400
    
    
    
    7,289,165
    
    
    
    1,867,935
    
    
    
    1,809,927
    
    
    
    9,125,573
    
    
    
    10,935,500
    
    
    
    1,211,671
    
    
    2004
    
    40 yrs.9600 Satellite Boulevard
    
    Orlando, FL
    
    
    *
    
    
    
    252,850
    
    
    
    1,297,923
    
    
    
    62,116
    
    
    
    252,850
    
    
    
    1,360,039
    
    
    
    1,612,889
    
    
    
    443,433
    
    
    1989
    
    40 yrs.9700 Satellite Boulevard
    
    Orlando, FL
    
    
    *
    
    
    
    405,362
    
    
    
    1,146,546
    
    
    
    350,999
    
    
    
    405,362
    
    
    
    1,497,545
    
    
    
    1,902,907
    
    
    
    515,113
    
    
    1989
    
    40 yrs.1902 Cypress Lake Drive
    
    Orlando, FL
    
    
    *
    
    
    
    523,512
    
    
    
    3,191,790
    
    
    
    1,010,913
    
    
    
    538,512
    
    
    
    4,187,703
    
    
    
    4,726,215
    
    
    
    1,461,540
    
    
    1989
    
    40 yrs.9550 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    574,831
    
    
    
    
    
    
    
    2,408,974
    
    
    
    587,319
    
    
    
    2,396,486
    
    
    
    2,983,805
    
    
    
    785,602
    
    
    1999
    
    40 yrs.10511 & 10611 Satellite
Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    517,554
    
    
    
    2,568,186
    
    
    
    517,132
    
    
    
    522,991
    
    
    
    3,079,881
    
    
    
    3,602,872
    
    
    
    1,099,581
    
    
    1985
    
    40 yrs.1400-1440 Central Florida
Parkway
    
    Orlando, FL
    
    
    *
    
    
    
    518,043
    
    
    
    2,561,938
    
    
    
    862,155
    
    
    
    518,043
    
    
    
    3,424,093
    
    
    
    3,942,136
    
    
    
    1,129,366
    
    
    1962
    
    40 yrs.2216 Directors Row
    
    Orlando, FL
    
    
    
    
    
    
    453,918
    
    
    
    2,572,202
    
    
    
    127,019
    
    
    
    453,918
    
    
    
    2,699,221
    
    
    
    3,153,139
    
    
    
    751,320
    
    
    1998
    
    40 yrs.2400 South Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    385,964
    
    
    
    
    
    
    
    2,409,852
    
    
    
    642,427
    
    
    
    2,153,389
    
    
    
    2,795,816
    
    
    
    567,875
    
    
    2001
    
    40 yrs.6923 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    3,790,427
    
    
    
    830,953
    
    
    
    3,863,175
    
    
    
    4,694,128
    
    
    
    349,074
    
    
    2006
    
    40 yrs.6501 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    5,660,761
    
    
    
    925,671
    
    
    
    5,638,790
    
    
    
    6,564,462
    
    
    
    1,164,127
    
    
    2001
    
    40 yrs.2416 Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    535,964
    
    
    
    
    
    
    
    3,175,219
    
    
    
    704,800
    
    
    
    3,006,382
    
    
    
    3,711,182
    
    
    
    1,033,173
    
    
    2002
    
    40 yrs.10771 Palm Bay Drive
    
    Orlando, FL
    
    
    *
    
    
    
    664,605
    
    
    
    
    
    
    
    2,362,814
    
    
    
    685,383
    
    
    
    2,342,035
    
    
    
    3,027,419
    
    
    
    475,231
    
    
    2001
    
    40 yrs.10003 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    680,312
    
    
    
    2,120,754
    
    
    
    1,242,546
    
    
    
    680,312
    
    
    
    3,363,300
    
    
    
    4,043,612
    
    
    
    754,032
    
    
    2003
    
    40 yrs.1090 Gills Drive
    
    Orlando, FL
    
    
    *
    
    
    
    878,320
    
    
    
    2,558,833
    
    
    
    1,371,034
    
    
    
    878,320
    
    
    
    3,929,867
    
    
    
    4,808,187
    
    
    
    632,945
    
    
    2003
    
    40 yrs.2202 Taft-Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,631,110
    
    
    
    1,283,713
    
    
    
    5,347,397
    
    
    
    6,631,110
    
    
    
    1,326,244
    
    
    2004
    
    40 yrs.South Center Land-Phase II
    
    Orlando, FL
    
    
    
    
    
    
    838,853
    
    
    
    
    
    
    
    4,084,539
    
    
    
    767,953
    
    
    
    4,155,440
    
    
    
    4,923,392
    
    
    
    429,594
    
    
    2006
    
    40 yrs.7315 Kingspointe Parkway
    
    Orlando, FL
    
    
    *
    
    
    
    1,931,697
    
    
    
    6,388,203
    
    
    
    2,135,046
    
    
    
    1,932,004
    
    
    
    8,522,943
    
    
    
    10,454,946
    
    
    
    1,613,819
    
    
    2004
    
    40 yrs.2351 Investors Row
    
    Orlando, FL
    
    
    *
    
    
    
    2,261,924
    
    
    
    7,496,249
    
    
    
    411,516
    
    
    
    2,263,211
    
    
    
    7,906,478
    
    
    
    10,169,689
    
    
    
    1,000,901
    
    
    2004
    
    40 yrs.2256 Taft-Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    467,296
    
    
    
    
    
    
    
    2,494,666
    
    
    
    825,673
    
    
    
    2,136,290
    
    
    
    2,961,963
    
    
    
    305,135
    
    
    2005
    
    40 yrs.1950 Summit Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    2,573,700
    
    
    
    17,478,646
    
    
    
    1,365,023
    
    
    
    2,583,667
    
    
    
    18,833,702
    
    
    
    21,417,369
    
    
    
    2,373,789
    
    
    2005
    
    40 yrs.1958 Summit Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    2,573,961
    
    
    
    11,206,937
    
    
    
    8,841,420
    
    
    
    2,583,216
    
    
    
    20,039,102
    
    
    
    22,622,318
    
    
    
    2,584,385
    
    
    2005
    
    40 yrs.6200 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    1,423,584
    
    
    
    6,399,510
    
    
    
    65,322
    
    
    
    1,435,301
    
    
    
    6,453,115
    
    
    
    7,888,416
    
    
    
    765,838
    
    
    2006
    
    40 yrs.7022 TPC Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,443,510
    
    
    
    6,845,559
    
    
    
    560,522
    
    
    
    1,457,286
    
    
    
    7,392,306
    
    
    
    8,849,592
    
    
    
    841,748
    
    
    2006
    
    40 yrs.7100 TPC Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,431,489
    
    
    
    7,948,341
    
    
    
    472,409
    
    
    
    1,445,807
    
    
    
    8,406,432
    
    
    
    9,852,239
    
    
    
    851,913
    
    
    2006
    
    40 yrs.7101 TPC Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,553,537
    
    
    
    5,301,499
    
    
    
    859,475
    
    
    
    1,570,863
    
    
    
    6,143,648
    
    
    
    7,714,511
    
    
    
    610,819
    
    
    2006
    
    40 yrs.851 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    332,992
    
    
    
    
    
    
    
    2,645,422
    
    
    
    373,500
    
    
    
    2,604,914
    
    
    
    2,978,414
    
    
    
    102,303
    
    
    2006
    
    40 yrs.950 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    443,989
    
    
    
    
    
    
    
    2,650,065
    
    
    
    464,800
    
    
    
    2,629,255
    
    
    
    3,094,055
    
    
    
    95,209
    
    
    2006
    
    40 yrs.1000 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    415,906
    
    
    
    
    
    
    
    2,713,451
    
    
    
    435,400
    
    
    
    2,693,957
    
    
    
    3,129,357
    
    
    
    115,315
    
    
    2006
    
    40 yrs.8801 Tinicum Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    2,474,031
    
    
    
    
    
    
    
    43,598,952
    
    
    
    125,087
    
    
    
    45,947,896
    
    
    
    46,072,983
    
    
    
    16,727,545
    
    
    1997
    
    40 yrs.3 Franklin Plaza
    
    Philadelphia, PA
    
    
    
    
    
    
    2,483,144
    
    
    
    
    
    
    
    32,150,134
    
    
    
    2,514,519
    
    
    
    32,118,759
    
    
    
    34,633,278
    
    
    
    8,645,955
    
    
    1999
    
    40 yrs.4751 League Island Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    992,965
    
    
    
    331,924
    
    
    
    6,753,197
    
    
    
    1,022,081
    
    
    
    7,056,006
    
    
    
    8,078,087
    
    
    
    1,197,497
    
    
    2003
    
    40 yrs.1 Crescent Drive
    
    Philadelphia, PA
    
    
    
    
    
    
    567,280
    
    
    
    
    
    
    
    14,677,869
    
    
    
    347,892
    
    
    
    14,897,257
    
    
    
    15,245,149
    
    
    
    1,401,391
    
    
    2004
    
    40 yrs.4775 League Island Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    891,892
    
    
    
    
    
    
    
    5,757,514
    
    
    
    366,982
    
    
    
    6,282,425
    
    
    
    6,649,406
    
    
    
    343,670
    
    
    2006
    
    40 yrs.4300 South 26th Street
    
    Philadelphia, PA
    
    
    
    
    
    
    402,673
    
    
    
    
    
    
    
    35,597,396
    
    
    
    412,454
    
    
    
    35,587,615
    
    
    
    36,000,069
    
    
    
    250,499
    
    
    2008
    
    40 yrs.4410 E. Cotton Center
Boulevard
    
    Phoenix, AZ
    
    
    
    
    
    
    4,758,484
    
    
    
    10,559,563
    
    
    
    5,587,577
    
    
    
    4,765,172
    
    
    
    16,140,451
    
    
    
    20,905,624
    
    
    
    796,915
    
    
    2007
    
    40 yrs.4750 S. 44th Place
    
    Phoenix, AZ
    
    
    
    
    
    
    3,756,307
    
    
    
    8,336,400
    
    
    
    3,625,155
    
    
    
    3,761,587
    
    
    
    11,956,275
    
    
    
    15,717,862
    
    
    
    551,205
    
    
    2007
    
    40 yrs.4435 E. Cotton Center
Boulevard
    
    Phoenix, AZ
    
    
    
    
    
    
    1,910,584
    
    
    
    1,954,020
    
    
    
    2,166,648
    
    
    
    1,911,045
    
    
    
    4,120,208
    
    
    
    6,031,253
    
    
    
    309,862
    
    
    2007
    
    40 yrs.4207 E. Cotton Center
Boulevard
    
    Phoenix, AZ
    
    
    
    
    
    
    1,409,908
    
    
    
    4,680,808
    
    
    
    1,096,836
    
    
    
    1,410,248
    
    
    
    5,777,305
    
    
    
    7,187,552
    
    
    
    655,667
    
    
    2007
    
    40 yrs.4217 E. Cotton Center
Boulevard
    
    Phoenix, AZ
    
    
    
    
    
    
    7,922,480
    
    
    
    10,045,599
    
    
    
    2,743,402
    
    
    
    6,690,321
    
    
    
    14,021,160
    
    
    
    20,711,481
    
    
    
    1,032,405
    
    
    2007
    
    40 yrs.4425 E. Cotton Center
Boulvard
    
    Phoenix, AZ
    
    
    *
    
    
    
    7,318,457
    
    
    
    24,549,401
    
    
    
    28,556
    
    
    
    7,318,457
    
    
    
    24,577,957
    
    
    
    31,896,413
    
    
    
    2,033,420
    
    
    2007
    
    40 yrs.4415 E. Cotton Center
Boulevard
    
    Phoenix, AZ
    
    
    *
    
    
    
    1,749,957
    
    
    
    3,767,213
    
    
    
    7,595
    
    
    
    1,749,957
    
    
    
    3,774,808
    
    
    
    5,524,765
    
    
    
    426,738
    
    
    2007
    
    40 yrs.4405 E. Cotton Center
Boulevard
    
    Phoenix, AZ
    
    
    *
    
    
    
    2,646,318
    
    
    
    9,697,439
    
    
    
    103,051
    
    
    
    2,646,318
    
    
    
    9,800,490
    
    
    
    12,446,808
    
    
    
    741,776
    
    
    2007
    
    40 yrs.4313 E. Cotton Center
Boulevard
    
    Phoenix, AZ
    
    
    *
    
    
    
    3,895,539
    
    
    
    16,724,283
    
    
    
    1,400,711
    
    
    
    3,895,539
    
    
    
    18,124,995
    
    
    
    22,020,533
    
    
    
    1,565,576
    
    
    2007
    
    40 yrs.4303 E. Cotton Center
Boulvard
    
    Phoenix, AZ
    
    
    *
    
    
    
    2,619,964
    
    
    
    9,675,711
    
    
    
    11,076
    
    
    
    2,619,964
    
    
    
    9,686,787
    
    
    
    12,306,751
    
    
    
    814,561
    
    
    2007
    
    40 yrs.4610 South 44th Street
    
    Phoenix, AZ
    
    
    
    
    
    
    6,539,310
    
    
    
    
    
    
    
    5,704,330
    
    
    
    6,827,288
    
    
    
    5,416,351
    
    
    
    12,243,639
    
    
    
    56,986
    
    
    2007
    
    40 yrs.4550 South 44th Street
    
    Phoenix, AZ
    
    
    
    
    
    
    5,380,972
    
    
    
    
    
    
    
    4,233,556
    
    
    
    5,617,939
    
    
    
    3,996,590
    
    
    
    9,614,529
    
    
    
    46,491
    
    
    2007
    
    40 yrs.9801 80th Avenue
    
    Pleasant Prairie, WI
    
    
    
    
    
    
    1,692,077
    
    
    
    7,934,794
    
    
    
    250,974
    
    
    
    1,689,726
    
    
    
    8,188,119
    
    
    
    9,877,845
    
    
    
    2,255,399
    
    
    1994
    
    40 yrs.2250 Hickory Road
    
    Plymouth Meeting, PA
    
    
    
    
    
    
    1,015,851
    
    
    
    9,175,555
    
    
    
    3,113,293
    
    
    
    1,032,507
    
    
    
    12,272,192
    
    
    
    13,304,699
    
    
    
    4,202,704
    
    
    1985
    
    40 yrs.2905 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    516,920
    
    
    
    4,646,342
    
    
    
    1,995,401
    
    
    
    516,920
    
    
    
    6,641,743
    
    
    
    7,158,663
    
    
    
    2,797,012
    
    
    1983
    
    40 yrs.2800 Campus Drive
    
    Plymouth, MN
    
    
    
    
    
    
    395,366
    
    
    
    3,554,512
    
    
    
    1,166,443
    
    
    
    395,366
    
    
    
    4,720,955
    
    
    
    5,116,321
    
    
    
    1,856,676
    
    
    1985
    
    40 yrs.2955 Xenium Lane
    
    Plymouth, MN
    
    
    
    
    
    
    151,238
    
    
    
    1,370,140
    
    
    
    508,272
    
    
    
    151,238
    
    
    
    1,878,412
    
    
    
    2,029,650
    
    
    
    805,046
    
    
    1985
    
    40 yrs.2920 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    392,026
    
    
    
    3,433,678
    
    
    
    708,249
    
    
    
    384,235
    
    
    
    4,149,718
    
    
    
    4,533,953
    
    
    
    1,436,468
    
    
    1997
    
    40 yrs.14630-14650 28th Avenue
North
    
    Plymouth, MN
    
    
    
    
    
    
    198,205
    
    
    
    1,793,422
    
    
    
    782,928
    
    
    
    198,205
    
    
    
    2,576,350
    
    
    
    2,774,555
    
    
    
    991,926
    
    
    1978
    
    40 yrs.
  78




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)9600 54th Avenue
    
    Plymouth, MN
    
    
    
    
    
    
    332,317
    
    
    
    3,077,820
    
    
    
    1,020,792
    
    
    
    332,317
    
    
    
    4,098,612
    
    
    
    4,430,929
    
    
    
    1,667,000
    
    
    1998
    
    40 yrs.1500 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    972,232
    
    
    
    3,892,085
    
    
    
    465,078
    
    
    
    972,232
    
    
    
    4,357,163
    
    
    
    5,329,395
    
    
    
    1,366,685
    
    
    1957
    
    40 yrs.1651 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    129,136
    
    
    
    203,247
    
    
    
    940,230
    
    
    
    1,143,477
    
    
    
    361,523
    
    
    1990
    
    40 yrs.1601 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    402,780
    
    
    
    203,247
    
    
    
    1,213,873
    
    
    
    1,417,120
    
    
    
    490,850
    
    
    1990
    
    40 yrs.1501 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    402,183
    
    
    
    203,247
    
    
    
    1,213,276
    
    
    
    1,416,523
    
    
    
    268,889
    
    
    1990
    
    40 yrs.1400 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    1,157,049
    
    
    
    4,620,956
    
    
    
    422,912
    
    
    
    1,157,049
    
    
    
    5,043,868
    
    
    
    6,200,917
    
    
    
    1,582,490
    
    
    1986
    
    40 yrs.1405 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    392,138
    
    
    
    1,565,787
    
    
    
    198,906
    
    
    
    392,138
    
    
    
    1,764,694
    
    
    
    2,156,832
    
    
    
    582,973
    
    
    1985
    
    40 yrs.595 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    359,933
    
    
    
    1,437,116
    
    
    
    442,709
    
    
    
    359,933
    
    
    
    1,879,825
    
    
    
    2,239,758
    
    
    
    524,379
    
    
    1984
    
    40 yrs.601 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    164,413
    
    
    
    655,933
    
    
    
    173,030
    
    
    
    164,413
    
    
    
    828,963
    
    
    
    993,375
    
    
    
    304,796
    
    
    1984
    
    40 yrs.605 SW 16th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    310,778
    
    
    
    1,238,324
    
    
    
    257,273
    
    
    
    310,178
    
    
    
    1,496,197
    
    
    
    1,806,375
    
    
    
    499,137
    
    
    1965
    
    40 yrs.301 Hill Carter Parkway
    
    Richmond, VA
    
    
    
    
    
    
    659,456
    
    
    
    4,836,010
    
    
    
    185,894
    
    
    
    659,456
    
    
    
    5,021,904
    
    
    
    5,681,360
    
    
    
    1,803,441
    
    
    1989
    
    40 yrs.5600-5626 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    489,941
    
    
    
    3,592,900
    
    
    
    335,923
    
    
    
    489,941
    
    
    
    3,928,823
    
    
    
    4,418,764
    
    
    
    1,546,138
    
    
    1989
    
    40 yrs.5650-5674 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    644,384
    
    
    
    4,025,480
    
    
    
    248,946
    
    
    
    644,384
    
    
    
    4,274,426
    
    
    
    4,918,810
    
    
    
    1,731,605
    
    
    1990
    
    40 yrs.5700 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    408,729
    
    
    
    2,697,348
    
    
    
    820,296
    
    
    
    408,729
    
    
    
    3,517,644
    
    
    
    3,926,373
    
    
    
    1,420,090
    
    
    1990
    
    40 yrs.4101-4127 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    310,854
    
    
    
    2,279,597
    
    
    
    878,915
    
    
    
    310,854
    
    
    
    3,158,512
    
    
    
    3,469,366
    
    
    
    1,072,790
    
    
    1973
    
    40 yrs.4201-4261 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    693,203
    
    
    
    5,083,493
    
    
    
    1,740,857
    
    
    
    693,203
    
    
    
    6,824,350
    
    
    
    7,517,553
    
    
    
    2,502,871
    
    
    1975
    
    40 yrs.4263-4299 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    256,203
    
    
    
    2,549,649
    
    
    
    2,130,737
    
    
    
    256,203
    
    
    
    4,680,386
    
    
    
    4,936,589
    
    
    
    1,628,219
    
    
    1976
    
    40 yrs.4301-4335 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    223,696
    
    
    
    1,640,435
    
    
    
    2,688,102
    
    
    
    223,696
    
    
    
    4,328,537
    
    
    
    4,552,233
    
    
    
    1,138,083
    
    
    1978
    
    40 yrs.4337-4379 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    325,303
    
    
    
    2,385,557
    
    
    
    1,682,650
    
    
    
    325,303
    
    
    
    4,068,207
    
    
    
    4,393,510
    
    
    
    1,705,697
    
    
    1979
    
    40 yrs.4501-4549 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    486,166
    
    
    
    3,565,211
    
    
    
    493,767
    
    
    
    486,166
    
    
    
    4,058,978
    
    
    
    4,545,144
    
    
    
    1,505,148
    
    
    1981
    
    40 yrs.4551-4593 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    474,360
    
    
    
    3,478,646
    
    
    
    835,568
    
    
    
    474,360
    
    
    
    4,314,214
    
    
    
    4,788,574
    
    
    
    1,526,168
    
    
    1982
    
    40 yrs.4601-4643 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    652,455
    
    
    
    4,784,675
    
    
    
    622,565
    
    
    
    652,455
    
    
    
    5,407,240
    
    
    
    6,059,695
    
    
    
    2,233,976
    
    
    1985
    
    40 yrs.4645-4683 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    404,616
    
    
    
    2,967,187
    
    
    
    1,252,655
    
    
    
    404,616
    
    
    
    4,219,842
    
    
    
    4,624,458
    
    
    
    2,036,874
    
    
    1985
    
    40 yrs.4447-4491 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    454,056
    
    
    
    2,729,742
    
    
    
    503,034
    
    
    
    454,056
    
    
    
    3,232,776
    
    
    
    3,686,832
    
    
    
    1,232,056
    
    
    1987
    
    40 yrs.4401-4445 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    615,038
    
    
    
    4,510,272
    
    
    
    476,720
    
    
    
    615,038
    
    
    
    4,986,992
    
    
    
    5,602,030
    
    
    
    1,859,918
    
    
    1988
    
    40 yrs.2300 East Parham Road
    
    Richmond, VA
    
    
    
    
    
    
    221,947
    
    
    
    1,011,088
    
    
    
    2,443
    
    
    
    221,947
    
    
    
    1,013,531
    
    
    
    1,235,478
    
    
    
    427,900
    
    
    1988
    
    40 yrs.5601-5659 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    705,660
    
    
    
    
    
    
    
    4,904,209
    
    
    
    720,100
    
    
    
    4,889,769
    
    
    
    5,609,870
    
    
    
    2,070,111
    
    
    1996
    
    40 yrs.5900 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    676,661
    
    
    
    
    
    
    
    4,822,772
    
    
    
    687,898
    
    
    
    4,811,535
    
    
    
    5,499,433
    
    
    
    1,662,704
    
    
    1997
    
    40 yrs.4717-4729 Eubank Road
    
    Richmond, VA
    
    
    
    
    
    
    449,447
    
    
    
    3,294,697
    
    
    
    756,131
    
    
    
    452,263
    
    
    
    4,048,011
    
    
    
    4,500,274
    
    
    
    1,772,055
    
    
    1978
    
    40 yrs.4263F-N. Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    91,476
    
    
    
    
    
    
    
    1,656,984
    
    
    
    91,599
    
    
    
    1,656,861
    
    
    
    1,748,460
    
    
    
    576,593
    
    
    1975
    
    40 yrs.510 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    261,961
    
    
    
    2,110,874
    
    
    
    608,236
    
    
    
    262,210
    
    
    
    2,718,861
    
    
    
    2,981,071
    
    
    
    1,025,493
    
    
    1989
    
    40 yrs.520 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    486,118
    
    
    
    4,083,582
    
    
    
    397,629
    
    
    
    486,598
    
    
    
    4,480,731
    
    
    
    4,967,329
    
    
    
    1,596,479
    
    
    1989
    
    40 yrs.5701-5799 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    694,644
    
    
    
    
    
    
    
    5,851,949
    
    
    
    700,503
    
    
    
    5,846,090
    
    
    
    6,546,593
    
    
    
    2,115,132
    
    
    1998
    
    40 yrs.530 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    266,883
    
    
    
    
    
    
    
    3,129,801
    
    
    
    334,772
    
    
    
    3,061,912
    
    
    
    3,396,684
    
    
    
    1,376,494
    
    
    1999
    
    40 yrs.6000 Eastport Blvd
    
    Richmond, VA
    
    
    
    
    
    
    872,901
    
    
    
    
    
    
    
    7,486,258
    
    
    
    901,666
    
    
    
    7,457,493
    
    
    
    8,359,159
    
    
    
    322,546
    
    
    1997
    
    40 yrs.3829-3855 Gaskins Road
    
    Richmond, VA
    
    
    
    
    
    
    364,165
    
    
    
    3,264,114
    
    
    
    39,764
    
    
    
    364,165
    
    
    
    3,303,879
    
    
    
    3,668,044
    
    
    
    979,890
    
    
    1988
    
    40 yrs.10800 Nuckols Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    1,432,462
    
    
    
    
    
    
    
    14,420,839
    
    
    
    1,794,162
    
    
    
    14,059,139
    
    
    
    15,853,301
    
    
    
    3,483,362
    
    
    2000
    
    40 yrs.100 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,140,648
    
    
    
    101,824
    
    
    
    10,062,785
    
    
    
    1,456,084
    
    
    
    9,849,173
    
    
    
    11,305,257
    
    
    
    1,988,948
    
    
    2001
    
    40 yrs.200 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,623,612
    
    
    
    
    
    
    
    6,035,700
    
    
    
    1,072,797
    
    
    
    6,586,515
    
    
    
    7,659,312
    
    
    
    1,594,917
    
    
    2002
    
    40 yrs.3901 Westerre Parkway
    
    Richmond, VA
    
    
    
    
    
    
    634,231
    
    
    
    
    
    
    
    11,848,089
    
    
    
    1,508,459
    
    
    
    10,973,862
    
    
    
    12,482,320
    
    
    
    182,397
    
    
    2003
    
    40 yrs.3900 Westerre Parkway
    
    Richmond, VA
    
    
    
    
    
    
    392,184
    
    
    
    
    
    
    
    11,786,392
    
    
    
    1,100,000
    
    
    
    11,078,576
    
    
    
    12,178,576
    
    
    
    1,188,362
    
    
    2005
    
    40 yrs.1001 Boulders Parkway
    
    Richmond, VA
    
    
    
    
    
    
    2,073,739
    
    
    
    5,634,796
    
    
    
    1,613,952
    
    
    
    2,079,643
    
    
    
    7,242,844
    
    
    
    9,322,487
    
    
    
    1,053,088
    
    
    2005
    
    40 yrs.7400 Beaufont Springs Drive
    
    Richmond, VA
    
    
    
    
    
    
    808,581
    
    
    
    7,273,850
    
    
    
    1,171,471
    
    
    
    810,743
    
    
    
    8,443,158
    
    
    
    9,253,901
    
    
    
    1,147,415
    
    
    2005
    
    40 yrs.1100 Boulders Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,276,936
    
    
    
    12,052,192
    
    
    
    1,527,052
    
    
    
    1,280,662
    
    
    
    13,575,518
    
    
    
    14,856,181
    
    
    
    1,611,392
    
    
    2005
    
    40 yrs.540 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    742,300
    
    
    
    
    
    
    
    5,447,660
    
    
    
    1,066,839
    
    
    
    5,123,121
    
    
    
    6,189,960
    
    
    
    71,537
    
    
    2007
    
    40 yrs.2020 US Highway 301 South
    
    Riverview, FL
    
    
    
    
    
    
    1,233,639
    
    
    
    13,608,485
    
    
    
    109,898
    
    
    
    1,233,800
    
    
    
    13,718,223
    
    
    
    14,952,022
    
    
    
    1,316,539
    
    
    2006
    
    40 yrs.6532 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    354,903
    
    
    
    
    
    
    
    4,169,001
    
    
    
    399,988
    
    
    
    4,123,916
    
    
    
    4,523,904
    
    
    
    1,285,673
    
    
    1997
    
    40 yrs.6530 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    305,821
    
    
    
    
    
    
    
    4,805,262
    
    
    
    335,061
    
    
    
    4,776,022
    
    
    
    5,111,083
    
    
    
    1,277,812
    
    
    1999
    
    40 yrs.8501 East Raintree Drive
    
    Scottsdale, AZ
    
    
    
    
    
    
    4,076,412
    
    
    
    
    
    
    
    27,621,159
    
    
    
    4,115,137
    
    
    
    27,582,434
    
    
    
    31,697,571
    
    
    
    3,278,438
    
    
    2005
    
    40 yrs.Renaissance Blvd & Hwy 20
    
    Sturtevant, WI
    
    
    
    
    
    
    2,484,450
    
    
    
    
    
    
    
    21,894,843
    
    
    
    2,487,293
    
    
    
    21,891,999
    
    
    
    24,379,292
    
    
    
    1,518,200
    
    
    2006
    
    40 yrs.6950 Harbor View Blvd
    
    Suffolk, VA
    
    
    
    
    
    
    929,844
    
    
    
    
    
    
    
    6,209,197
    
    
    
    794,848
    
    
    
    6,344,194
    
    
    
    7,139,041
    
    
    
    750,153
    
    
    2004
    
    40 yrs.6900 Harbor View Boulevard
    
    Suffolk, VA
    
    
    
    
    
    
    904,052
    
    
    
    
    
    
    
    8,372,404
    
    
    
    807,006
    
    
    
    8,469,451
    
    
    
    9,276,456
    
    
    
    559,808
    
    
    2006
    
    40 yrs.13650 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    558,223
    
    
    
    2,171,930
    
    
    
    57,522
    
    
    
    558,251
    
    
    
    2,229,424
    
    
    
    2,787,675
    
    
    
    741,928
    
    
    1991
    
    40 yrs.13630 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    659,797
    
    
    
    2,596,275
    
    
    
    773,154
    
    
    
    659,825
    
    
    
    3,369,400
    
    
    
    4,029,226
    
    
    
    1,403,936
    
    
    1991
    
    40 yrs.1301 International Parkway
    
    Sunrise, FL
    
    
    
    
    
    
    5,100,162
    
    
    
    24,219,956
    
    
    
    7,763,083
    
    
    
    5,100,791
    
    
    
    31,982,409
    
    
    
    37,083,200
    
    
    
    2,392,517
    
    
    2006
    
    40 yrs.13621 NW 12th Street
    
    Sunrise, FL
    
    
    
    
    
    
    5,570,820
    
    
    
    9,454,900
    
    
    
    1,506,186
    
    
    
    5,570,820
    
    
    
    10,961,086
    
    
    
    16,531,906
    
    
    
    1,389,397
    
    
    2008
    
    40 yrs.5501-5519 Pioneer Park
Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    162,000
    
    
    
    1,613,000
    
    
    
    1,010,318
    
    
    
    262,416
    
    
    
    2,522,902
    
    
    
    2,785,318
    
    
    
    866,780
    
    
    1981
    
    40 yrs.5690-5694 Crenshaw Street
    
    Tampa, FL
    
    
    
    
    
    
    181,923
    
    
    
    1,812,496
    
    
    
    256,771
    
    
    
    181,923
    
    
    
    2,069,268
    
    
    
    2,251,191
    
    
    
    748,165
    
    
    1979
    
    40 yrs.3102,3104,3110 Cherry Palm
Drive
    
    Tampa, FL
    
    
    
    
    
    
    503,767
    
    
    
    2,787,585
    
    
    
    1,689,682
    
    
    
    503,767
    
    
    
    4,477,267
    
    
    
    4,981,034
    
    
    
    2,021,569
    
    
    1986
    
    40 yrs.8401-8408 Benjamin Road
    
    Tampa, FL
    
    
    
    
    
    
    789,651
    
    
    
    4,454,648
    
    
    
    2,545,846
    
    
    
    769,789
    
    
    
    7,020,356
    
    
    
    7,790,145
    
    
    
    3,007,157
    
    
    1986
    
    40 yrs.111 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    359,540
    
    
    
    1,461,850
    
    
    
    660,118
    
    
    
    359,540
    
    
    
    2,121,968
    
    
    
    2,481,508
    
    
    
    903,625
    
    
    1990
    
    40 yrs.7930, 8010-20 Woodland
Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    1,408,478
    
    
    
    5,247,246
    
    
    
    1,250,781
    
    
    
    1,408,478
    
    
    
    6,498,027
    
    
    
    7,906,505
    
    
    
    2,318,928
    
    
    1990
    
    40 yrs.7920 Woodland Center
Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    1,082,648
    
    
    
    2,445,444
    
    
    
    23,564
    
    
    
    1,082,648
    
    
    
    2,469,008
    
    
    
    3,551,656
    
    
    
    783,286
    
    
    1997
    
    40 yrs.8154-8198 Woodland Center
Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    399,088
    
    
    
    2,868,834
    
    
    
    514,344
    
    
    
    399,088
    
    
    
    3,383,177
    
    
    
    3,782,266
    
    
    
    1,294,160
    
    
    1988
    
    40 yrs.8112-42 Woodland Center
Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    513,263
    
    
    
    3,230,239
    
    
    
    658,168
    
    
    
    513,263
    
    
    
    3,888,408
    
    
    
    4,401,670
    
    
    
    1,276,041
    
    
    1995
    
    40 yrs.8212 Woodland Center
Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    820,882
    
    
    
    2,322,720
    
    
    
    14,210
    
    
    
    820,882
    
    
    
    2,336,931
    
    
    
    3,157,813
    
    
    
    739,066
    
    
    1996
    
    40 yrs.131 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    511,463
    
    
    
    
    
    
    
    4,455,291
    
    
    
    559,527
    
    
    
    4,407,227
    
    
    
    4,966,754
    
    
    
    2,248,230
    
    
    1985
    
    40 yrs.7724 Woodland Center
Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    235,893
    
    
    
    
    
    
    
    2,344,228
    
    
    
    235,894
    
    
    
    2,344,227
    
    
    
    2,580,121
    
    
    
    879,707
    
    
    1998
    
    40 yrs.7802-50 Woodland Center
Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,820,324
    
    
    
    506,949
    
    
    
    2,670,740
    
    
    
    3,177,688
    
    
    
    1,253,438
    
    
    1999
    
    40 yrs.7852-98 Woodland Center
Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,835,448
    
    
    
    506,949
    
    
    
    2,685,864
    
    
    
    3,192,812
    
    
    
    1,239,791
    
    
    1999
    
    40 yrs.8921 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    224,369
    
    
    
    1,063,882
    
    
    
    972,276
    
    
    
    254,493
    
    
    
    2,006,034
    
    
    
    2,260,527
    
    
    
    623,628
    
    
    1998
    
    40 yrs.5250 Eagle Trail Drive
    
    Tampa, FL
    
    
    
    
    
    
    952,860
    
    
    
    
    
    
    
    3,671,277
    
    
    
    952,860
    
    
    
    3,671,277
    
    
    
    4,624,137
    
    
    
    1,128,640
    
    
    1998
    
    40 yrs.7725 Woodland Center
Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    553,335
    
    
    
    
    
    
    
    3,337,965
    
    
    
    771,501
    
    
    
    3,119,798
    
    
    
    3,891,300
    
    
    
    815,715
    
    
    1999
    
    40 yrs.8001 Woodland Center
Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    350,406
    
    
    
    
    
    
    
    2,483,850
    
    
    
    438,061
    
    
    
    2,396,196
    
    
    
    2,834,256
    
    
    
    798,804
    
    
    1999
    
    40 yrs.
  79




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)4630 Woodland Corporate
Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    943,169
    
    
    
    
    
    
    
    12,806,438
    
    
    
    1,560,099
    
    
    
    12,189,508
    
    
    
    13,749,607
    
    
    
    3,139,434
    
    
    2000
    
    40 yrs.701-725 South US Hwy 301
    
    Tampa, FL
    
    
    
    
    
    
    419,683
    
    
    
    
    
    
    
    3,840,421
    
    
    
    661,680
    
    
    
    3,598,424
    
    
    
    4,260,104
    
    
    
    1,477,773
    
    
    2000
    
    40 yrs.4502 Woodland Corporate
Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,966,722
    
    
    
    1,071,535
    
    
    
    3,895,187
    
    
    
    4,966,722
    
    
    
    778,257
    
    
    1999
    
    40 yrs.9001-9015 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    209,841
    
    
    
    
    
    
    
    1,877,914
    
    
    
    364,514
    
    
    
    1,723,242
    
    
    
    2,087,756
    
    
    
    508,409
    
    
    2000
    
    40 yrs.4508 Woodland Corporate
Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    498,598
    
    
    
    
    
    
    
    3,258,452
    
    
    
    556,887
    
    
    
    3,200,163
    
    
    
    3,757,050
    
    
    
    857,291
    
    
    2000
    
    40 yrs.7622 Bald Cypress Place
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,305,584
    
    
    
    300,000
    
    
    
    1,005,584
    
    
    
    1,305,584
    
    
    
    251,906
    
    
    2000
    
    40 yrs.901-933 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    500,391
    
    
    
    
    
    
    
    4,041,019
    
    
    
    840,314
    
    
    
    3,701,097
    
    
    
    4,541,411
    
    
    
    1,299,162
    
    
    2001
    
    40 yrs.4503 Woodland Corporate
Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,519,280
    
    
    
    619,913
    
    
    
    2,899,367
    
    
    
    3,519,280
    
    
    
    664,756
    
    
    2002
    
    40 yrs.4505 Woodland Corporate
Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,361,805
    
    
    
    716,594
    
    
    
    2,645,211
    
    
    
    3,361,805
    
    
    
    916,534
    
    
    2002
    
    40 yrs.4511 Woodland Corporate
Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,840,466
    
    
    
    686,594
    
    
    
    2,153,872
    
    
    
    2,840,466
    
    
    
    581,398
    
    
    2002
    
    40 yrs.7621 Bald Cypress Place
(Bldg N)
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,482,613
    
    
    
    447,498
    
    
    
    1,035,115
    
    
    
    1,482,613
    
    
    
    215,590
    
    
    2001
    
    40 yrs.4520 Seedling Circle
    
    Tampa, FL
    
    
    
    
    
    
    854,797
    
    
    
    42,131
    
    
    
    2,721,233
    
    
    
    854,797
    
    
    
    2,763,364
    
    
    
    3,618,161
    
    
    
    393,181
    
    
    2003
    
    40 yrs.501 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    898,884
    
    
    
    
    
    
    
    3,498,107
    
    
    
    900,508
    
    
    
    3,496,483
    
    
    
    4,396,991
    
    
    
    770,694
    
    
    2004
    
    40 yrs.9002-9036 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    492,320
    
    
    
    
    
    
    
    4,101,564
    
    
    
    899,284
    
    
    
    3,694,600
    
    
    
    4,593,884
    
    
    
    1,031,820
    
    
    2004
    
    40 yrs.8900-34 Brittany Was
    
    Tampa, FL
    
    
    
    
    
    
    537,194
    
    
    
    
    
    
    
    4,268,278
    
    
    
    978,019
    
    
    
    3,827,454
    
    
    
    4,805,472
    
    
    
    914,892
    
    
    2005
    
    40 yrs.200-34 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    330,097
    
    
    
    
    
    
    
    3,670,597
    
    
    
    933,362
    
    
    
    3,067,332
    
    
    
    4,000,694
    
    
    
    619,636
    
    
    2005
    
    40 yrs.910-926 Chad Lane
    
    Tampa, FL
    
    
    
    
    
    
    201,771
    
    
    
    
    
    
    
    3,214,583
    
    
    
    628,237
    
    
    
    2,788,117
    
    
    
    3,416,354
    
    
    
    409,542
    
    
    2006
    
    40 yrs.150-182 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    403,541
    
    
    
    
    
    
    
    5,545,710
    
    
    
    1,181,609
    
    
    
    4,767,643
    
    
    
    5,949,251
    
    
    
    904,127
    
    
    2006
    
    40 yrs.8725 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    3,167,787
    
    
    
    19,126,318
    
    
    
    129,785
    
    
    
    3,167,958
    
    
    
    19,255,933
    
    
    
    22,423,890
    
    
    
    2,543,652
    
    
    2006
    
    40 yrs.8735 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    3,166,130
    
    
    
    18,735,573
    
    
    
    1,046,247
    
    
    
    3,166,300
    
    
    
    19,781,650
    
    
    
    22,947,951
    
    
    
    2,599,511
    
    
    2006
    
    40 yrs.8705 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    4,303,870
    
    
    
    23,688,409
    
    
    
    728,531
    
    
    
    4,304,102
    
    
    
    24,416,708
    
    
    
    28,720,810
    
    
    
    3,728,450
    
    
    2006
    
    40 yrs.8715 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    3,343,910
    
    
    
    18,325,599
    
    
    
    249,567
    
    
    
    3,344,090
    
    
    
    18,574,986
    
    
    
    21,919,076
    
    
    
    2,112,058
    
    
    2006
    
    40 yrs.8745 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    2,050,439
    
    
    
    11,173,008
    
    
    
    418,415
    
    
    
    2,050,548
    
    
    
    11,591,314
    
    
    
    13,641,862
    
    
    
    1,480,855
    
    
    2006
    
    40 yrs.4631 Woodland Corporate Blvd
    
    Tampa, FL
    
    
    
    
    
    
    1,453,367
    
    
    
    
    
    
    
    13,298,956
    
    
    
    1,908,792
    
    
    
    12,843,530
    
    
    
    14,752,323
    
    
    
    329,310
    
    
    2006
    
    40 yrs.7851-7861 Woodland Center
Blvd
    
    Tampa, FL
    
    
    
    
    
    
    548,905
    
    
    
    2,241,627
    
    
    
    144,326
    
    
    
    548,905
    
    
    
    2,385,953
    
    
    
    2,934,858
    
    
    
    253,078
    
    
    2006
    
    40 yrs.9306-24 East Broadway Avenue
    
    Tampa, FL
    
    
    
    
    
    
    450,440
    
    
    
    
    
    
    
    3,303,369
    
    
    
    486,004
    
    
    
    3,267,805
    
    
    
    3,753,809
    
    
    
    135,961
    
    
    2007
    
    40 yrs.8313 West Pierce Street
    
    Tolleson, AZ
    
    
    
    
    
    
    2,295,090
    
    
    
    9,079,811
    
    
    
    3,075,248
    
    
    
    2,295,090
    
    
    
    12,155,059
    
    
    
    14,450,150
    
    
    
    793,993
    
    
    2007
    
    40 yrs.3701 Corporate Parkway
    
    Upper Saucon, PA
    
    
    
    
    
    
    1,078,674
    
    
    
    
    
    
    
    10,685,588
    
    
    
    901,968
    
    
    
    10,862,294
    
    
    
    11,764,262
    
    
    
    1,054,794
    
    
    2005
    
    40 yrs.2809 South Lynnhaven Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    953,590
    
    
    
    6,142,742
    
    
    
    1,502,624
    
    
    
    953,590
    
    
    
    7,645,366
    
    
    
    8,598,956
    
    
    
    2,534,815
    
    
    1987
    
    40 yrs.200 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    
    
    
    1,116,693
    
    
    
    6,770,480
    
    
    
    1,543,539
    
    
    
    1,116,693
    
    
    
    8,314,019
    
    
    
    9,430,712
    
    
    
    2,798,538
    
    
    1988
    
    40 yrs.208 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    
    
    
    965,177
    
    
    
    6,728,717
    
    
    
    1,507,936
    
    
    
    965,177
    
    
    
    8,236,653
    
    
    
    9,201,830
    
    
    
    2,853,671
    
    
    1989
    
    40 yrs.484 Viking Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    891,753
    
    
    
    3,607,890
    
    
    
    709,459
    
    
    
    891,753
    
    
    
    4,317,349
    
    
    
    5,209,101
    
    
    
    1,422,791
    
    
    1987
    
    40 yrs.629 Phoenix Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    371,694
    
    
    
    2,108,097
    
    
    
    305,932
    
    
    
    371,694
    
    
    
    2,414,029
    
    
    
    2,785,723
    
    
    
    826,635
    
    
    1996
    
    40 yrs.5700 Cleveland Street
    
    Virginia Beach, VA
    
    
    
    
    
    
    700,112
    
    
    
    9,592,721
    
    
    
    2,232,972
    
    
    
    700,564
    
    
    
    11,825,241
    
    
    
    12,525,805
    
    
    
    4,189,385
    
    
    1989
    
    40 yrs.1457 Miller Store Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    473,689
    
    
    
    2,663,045
    
    
    
    824,754
    
    
    
    474,746
    
    
    
    3,486,743
    
    
    
    3,961,488
    
    
    
    781,667
    
    
    2003
    
    40 yrs.11020 West Plank Court
    
    Wauwatosa, WI
    
    
    
    
    
    
    464,246
    
    
    
    2,681,255
    
    
    
    122,541
    
    
    
    464,246
    
    
    
    2,803,796
    
    
    
    3,268,042
    
    
    
    757,608
    
    
    1985
    
    40 yrs.825 Duportail Road
    
    Wayne, PA
    
    
    
    
    
    
    5,536,619
    
    
    
    16,179,213
    
    
    
    4,495,234
    
    
    
    5,539,281
    
    
    
    20,671,785
    
    
    
    26,211,066
    
    
    
    4,607,661
    
    
    1979
    
    40 yrs.1500 Liberty Ridge
    
    Wayne, PA
    
    
    
    
    
    
    8,287,555
    
    
    
    
    
    
    
    31,726,499
    
    
    
    11,636,499
    
    
    
    28,377,555
    
    
    
    40,014,054
    
    
    
    7,289,598
    
    
    2002
    
    40 yrs.1200 Liberty Ridge Drive
    
    Wayne, PA
    
    
    
    
    
    
    6,215,667
    
    
    
    
    
    
    
    8,788,935
    
    
    
    5,223,660
    
    
    
    9,780,941
    
    
    
    15,004,601
    
    
    
    3,423,161
    
    
    2001
    
    40 yrs.11300-90 West Theodore
Trecker Way
    
    West Allis, WI
    
    
    
    
    
    
    500,565
    
    
    
    1,591,678
    
    
    
    648,475
    
    
    
    505,972
    
    
    
    2,234,745
    
    
    
    2,740,718
    
    
    
    379,319
    
    
    2005
    
    40 yrs.11548 West Theodore Trecker
Way
    
    West Allis, WI
    
    
    
    
    
    
    660,068
    
    
    
    4,640,578
    
    
    
    87,815
    
    
    
    663,766
    
    
    
    4,724,696
    
    
    
    5,388,462
    
    
    
    538,292
    
    
    2005
    
    40 yrs.11420 West Theodore Trecker
Way
    
    West Allis, WI
    
    
    
    
    
    
    348,146
    
    
    
    2,057,483
    
    
    
    104,569
    
    
    
    350,008
    
    
    
    2,160,190
    
    
    
    2,510,198
    
    
    
    244,432
    
    
    2005
    
    40 yrs.400-500 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    845,846
    
    
    
    6,809,025
    
    
    
    613,213
    
    
    
    845,846
    
    
    
    7,422,238
    
    
    
    8,268,084
    
    
    
    2,281,278
    
    
    1988
    
    40 yrs.600 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    664,899
    
    
    
    5,352,410
    
    
    
    869,926
    
    
    
    664,899
    
    
    
    6,222,336
    
    
    
    6,887,235
    
    
    
    2,096,894
    
    
    1988
    
    40 yrs.42 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    18,481,816
    
    
    
    4,390,722
    
    
    
    14,091,094
    
    
    
    18,481,816
    
    
    
    959,157
    
    
    2005
    
    40 yrs.Liberty Square Retail Blocks
    
    West Malling, UK
    
    
    
    
    
    
    559,590
    
    
    
    5,113,902
    
    
    
    3,777,484
    
    
    
    1,163,073
    
    
    
    8,287,903
    
    
    
    9,450,976
    
    
    
    941,450
    
    
    2006
    
    40 yrs.1 Kings Hill Aveune
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,518,282
    
    
    
    4,044,407
    
    
    
    10,473,876
    
    
    
    14,518,282
    
    
    
    809,712
    
    
    2006
    
    40 yrs.Liberty Square
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    50,399
    
    
    
    
    
    
    
    50,399
    
    
    
    50,399
    
    
    
    (177
    )
    
    2006
    
    40 yrs.Liberty Property Trust UK
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0
    
    
    
    0
    
    
    
    
    
    
    
    0
    
    
    
    
    
    
    2006
    
    40 yrs.3612 La Grange Parkway
    
    Williamsburg, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,722,994
    
    
    
    887,234
    
    
    
    4,835,761
    
    
    
    5,722,994
    
    
    
    654,585
    
    
    2003
    
    40 yrs.7805 Hudson Road
    
    Woodbury, MN
    
    
    
    
    
    
    1,279,834
    
    
    
    
    
    
    
    10,283,324
    
    
    
    1,385,739
    
    
    
    10,177,420
    
    
    
    11,563,158
    
    
    
    3,236,361
    
    
    2002
    
    40 yrs.Subtotal Operating Real
Estate
    
    
    
    $
    61,534,331
    
    
    $
    766,325,397
    
    
    $
    1,745,242,823
    
    
    $
    2,749,244,547
    
    
    $
    850,559,356
    
    
    $
    4,410,253,412
    
    
    $
    5,260,812,768
    
    
    $
    1,093,945,545
  80




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)DEVELOPMENT PROPERTIES180 South Warner Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,312,848
    
    
    
    
    
    
    
    8,312,848
    
    
    
    8,312,848
    
    
    
    
    
    
    2009
    
    N/A201 Summit Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    4,435,921
    
    
    
    
    
    
    
    34,090,113
    
    
    
    
    
    
    
    38,526,034
    
    
    
    38,526,034
    
    
    
    
    
    
    2008
    
    N/A3 Crescent Drive
    
    Philadelphia, PA
    
    
    
    
    
    
    214,726
    
    
    
    
    
    
    
    19,660,622
    
    
    
    
    
    
    
    19,875,348
    
    
    
    19,875,348
    
    
    
    
    
    
    2008
    
    N/ASubtotal Development in Progress
    
    
    
    $
    
    
    
    $
    4,650,646
    
    
    $
    
    
    
    $
    62,063,583
    
    
    $
    
    
    
    $
    66,714,230
    
    
    $
    66,714,230
    
    
    $
    
  81




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)Perryman Road Land
    
    Aberdeen, MD
    
    
    
    
    
    
    12,052,635
    
    
    
    
    
    
    
    277,800
    
    
    
    12,330,435
    
    
    
    
    
    
    
    12,330,435
    
    
    
    
    
    
    2005
    
    N/A2 Womack Drive Land
    
    Annapolis, MD
    
    
    
    
    
    
    5,796,667
    
    
    
    
    
    
    
    12,516
    
    
    
    5,809,183
    
    
    
    
    
    
    
    5,809,183
    
    
    
    
    
    
    2007
    
    N/ABoca Colannade Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    2,039,735
    
    
    
    
    
    
    
    566,124
    
    
    
    2,605,859
    
    
    
    
    
    
    
    2,605,859
    
    
    
    
    
    
    1998
    
    N/AFlying Cloud Drive Land
    
    Eden Pairie, MN
    
    
    
    
    
    
    2,051,631
    
    
    
    
    
    
    
    23,215
    
    
    
    2,074,846
    
    
    
    
    
    
    
    2,074,846
    
    
    
    
    
    
    2007
    
    N/ACamelback 303 Business Center Land
    
    Goodyear, AZ
    
    
    
    
    
    
    16,857,556
    
    
    
    
    
    
    
    3,563,560
    
    
    
    20,421,116
    
    
    
    
    
    
    
    20,421,116
    
    
    
    
    
    
    2007
    
    N/APleasant Ridge Road Land
    
    Greensboro, NC
    
    
    
    
    
    
    564,535
    
    
    
    
    
    
    
    2,896,157
    
    
    
    3,460,692
    
    
    
    
    
    
    
    3,460,692
    
    
    
    
    
    
    2006
    
    N/ASouthchase Business Park Land
    
    Greenville, SC
    
    
    
    
    
    
    1,308,325
    
    
    
    
    
    
    
    709,134
    
    
    
    2,017,459
    
    
    
    
    
    
    
    2,017,459
    
    
    
    
    
    
    1998
    
    N/ACaliber Ridge Ind. Park Land
    
    Greer, SC
    
    
    
    
    
    
    2,297,492
    
    
    
    
    
    
    
    3,562,592
    
    
    
    5,860,084
    
    
    
    
    
    
    
    5,860,084
    
    
    
    
    
    
    2007
    
    N/AHunters Green Land
    
    Hagerstown, MD
    
    
    
    
    
    
    5,489,586
    
    
    
    
    
    
    
    8,349,958
    
    
    
    13,839,544
    
    
    
    
    
    
    
    13,839,544
    
    
    
    
    
    
    2006
    
    N/ALakefront Plaza II Land
    
    Hampton, VA
    
    
    229,953
    
    
    
    138,101
    
    
    
    
    
    
    
    100,882
    
    
    
    238,983
    
    
    
    
    
    
    
    238,983
    
    
    
    
    
    
    2001
    
    N/ARidge Road Land
    
    Hanover, MD
    
    
    
    
    
    
    3,371,183
    
    
    
    
    
    
    
    452,209
    
    
    
    3,823,392
    
    
    
    
    
    
    
    3,823,392
    
    
    
    
    
    
    2008
    
    N/AMendenhall Land
    
    High Point, NC
    
    
    
    
    
    
    1,757,675
    
    
    
    
    
    
    
    1,647,250
    
    
    
    3,404,925
    
    
    
    
    
    
    
    3,404,925
    
    
    
    
    
    
    1995
    
    N/APiedmond Centre Land
    
    High Point, NC
    
    
    
    
    
    
    913,276
    
    
    
    
    
    
    
    908,071
    
    
    
    1,821,347
    
    
    
    
    
    
    
    1,821,347
    
    
    
    
    
    
    2006
    
    N/ACommonwealth Corporate Center Land
    
    Horsham, PA
    
    
    
    
    
    
    3,043,938
    
    
    
    
    
    
    
    25,160
    
    
    
    3,069,098
    
    
    
    
    
    
    
    3,069,098
    
    
    
    
    
    
    2005
    
    N/ABeltway 8 @Bammel Bus Park Land
    
    Houston, TX
    
    
    
    
    
    
    1,072,634
    
    
    
    
    
    
    
    13,656
    
    
    
    1,086,290
    
    
    
    
    
    
    
    1,086,290
    
    
    
    
    
    
    2007
    
    N/ACentral Green Land - Tract 5
    
    Houston, TX
    
    
    
    
    
    
    4,169,183
    
    
    
    
    
    
    
    583,728
    
    
    
    4,752,911
    
    
    
    
    
    
    
    4,752,911
    
    
    
    
    
    
    2007
    
    N/AGreens Crossing Land
    
    Houston, TX
    
    
    
    
    
    
    2,476,892
    
    
    
    
    
    
    
    14,369
    
    
    
    2,491,261
    
    
    
    
    
    
    
    2,491,261
    
    
    
    
    
    
    2007
    
    N/ARankin Road Land
    
    Houston, TX
    
    
    
    
    
    
    5,756,865
    
    
    
    
    
    
    
    102,762
    
    
    
    5,859,627
    
    
    
    
    
    
    
    5,859,627
    
    
    
    
    
    
    2007
    
    N/AHollister Beltway 8 Land
    
    Houston, TX
    
    
    
    
    
    
    6,282,232
    
    
    
    
    
    
    
    174,962
    
    
    
    6,457,193
    
    
    
    
    
    
    
    6,457,193
    
    
    
    
    
    
    2008
    
    N/ANoxell Land
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,040,690
    
    
    
    
    
    
    
    1,173
    
    
    
    2,041,863
    
    
    
    
    
    
    
    2,041,863
    
    
    
    
    
    
    2001
    
    N/ALiberty Business Park Land
    
    Jacksonville, FL
    
    
    
    
    
    
    456,269
    
    
    
    
    
    
    
    82,545
    
    
    
    538,814
    
    
    
    
    
    
    
    538,814
    
    
    
    
    
    
    1995
    
    N/A7024 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    751,448
    
    
    
    
    
    
    
    73,504
    
    
    
    824,952
    
    
    
    
    
    
    
    824,952
    
    
    
    
    
    
    1995
    
    N/ABelfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    492,908
    
    
    
    
    
    
    
    87,504
    
    
    
    580,412
    
    
    
    
    
    
    
    580,412
    
    
    
    
    
    
    1998
    
    N/ASalisbury Road Land
    
    Jacksonville, FL
    
    
    
    
    
    
    1,402,337
    
    
    
    
    
    
    
    205,780
    
    
    
    1,608,117
    
    
    
    
    
    
    
    1,608,117
    
    
    
    
    
    
    2000
    
    N/ASkinner Land Parcel B
    
    Jacksonville, FL
    
    
    
    
    
    
    2,295,790
    
    
    
    
    
    
    
    1,230,716
    
    
    
    3,526,506
    
    
    
    
    
    
    
    3,526,506
    
    
    
    
    
    
    2005
    
    N/AImeson Road Land
    
    Jacksonville, FL
    
    
    
    
    
    
    4,153,948
    
    
    
    
    
    
    
    363,592
    
    
    
    4,517,540
    
    
    
    
    
    
    
    4,517,540
    
    
    
    
    
    
    2008
    
    N/AKent County, UK
    
    Kent County, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,158,901
    
    
    
    14,158,901
    
    
    
    
    
    
    
    14,158,901Commodore Business Park
    
    Logan, NJ
    
    
    
    
    
    
    792,118
    
    
    
    
    
    
    
    723,124
    
    
    
    1,515,242
    
    
    
    
    
    
    
    1,515,242
    
    
    
    
    
    
    1995
    
    N/AQuarry Ridge Land
    
    Malvern, PA
    
    
    
    
    
    
    4,774,994
    
    
    
    
    
    
    
    4,961,007
    
    
    
    9,736,001
    
    
    
    
    
    
    
    9,736,001
    
    
    
    
    
    
    2001
    
    N/APark Place South Land
    
    Milwaukee, WI
    
    
    
    
    
    
    1,290,032
    
    
    
    
    
    
    
    2,230,261
    
    
    
    3,520,293
    
    
    
    
    
    
    
    3,520,293
    
    
    
    
    
    
    1999
    
    N/AMonarch Towne Center Land
    
    Mirarar, FL
    
    
    
    
    
    
    6,085,337
    
    
    
    
    
    
    
    413,926
    
    
    
    6,499,264
    
    
    
    
    
    
    
    6,499,264
    
    
    
    
    
    
    2006
    
    N/ASouth 27th Street Land
    
    Oak Creek, WI
    
    
    
    
    
    
    2,169,232
    
    
    
    
    
    
    
    2,811,893
    
    
    
    4,981,125
    
    
    
    
    
    
    
    4,981,125
    
    
    
    
    
    
    2006
    
    N/ABeachline Industrial Park Land
    
    Orlando, FL
    
    
    
    
    
    
    365,230
    
    
    
    
    
    
    
    
    
    
    
    365,230
    
    
    
    
    
    
    
    365,230
    
    
    
    
    
    
    2006
    
    N/A26th Street North Land
    
    Philadelphia, PA
    
    
    
    
    
    
    235,168
    
    
    
    
    
    
    
    1,840,467
    
    
    
    2,075,635
    
    
    
    
    
    
    
    2,075,635
    
    
    
    
    
    
    2009
    
    N/ACotton Center Land
    
    Phoenix, AZ
    
    
    
    
    
    
    1,359,134
    
    
    
    
    
    
    
    18,970,703
    
    
    
    20,329,837
    
    
    
    
    
    
    
    20,329,837
    
    
    
    
    
    
    2007
    
    N/AEastport VIII
    
    Richmond, VA
    
    
    
    
    
    
    382,698
    
    
    
    
    
    
    
    3,325
    
    
    
    386,023
    
    
    
    
    
    
    
    386,023
    
    
    
    
    
    
    1997
    
    N/AEastport IX
    
    Richmond, VA
    
    
    
    
    
    
    211,627
    
    
    
    
    
    
    
    3,325
    
    
    
    214,952
    
    
    
    
    
    
    
    214,952
    
    
    
    
    
    
    1997
    
    N/AWoodlands Center Land
    
    Sandston, VA
    
    
    
    
    
    
    148,314
    
    
    
    
    
    
    
    21,717
    
    
    
    170,031
    
    
    
    
    
    
    
    170,031
    
    
    
    
    
    
    1996
    
    N/ANorthsight Land (LPLP)
    
    Scottsdale, AZ
    
    
    
    
    
    
    6,176,464
    
    
    
    
    
    
    
    2,204,597
    
    
    
    8,381,061
    
    
    
    
    
    
    
    8,381,061
    
    
    
    
    
    
    2005
    
    N/AOld Scotland Road Land
    
    Shippensburg, PA
    
    
    
    
    
    
    8,322,686
    
    
    
    
    
    
    
    2,934,248
    
    
    
    11,256,935
    
    
    
    
    
    
    
    11,256,935
    
    
    
    
    
    
    2007
    
    N/ABridgeway II Land
    
    Suffolk, VA
    
    
    
    
    
    
    603,391
    
    
    
    
    
    
    
    2,025,374
    
    
    
    2,628,766
    
    
    
    
    
    
    
    2,628,766
    
    
    
    
    
    
    2005
    
    N/ASuffolk Land
    
    Suffolk, VA
    
    
    
    
    
    
    2,715,714
    
    
    
    
    
    
    
    675,954
    
    
    
    3,391,668
    
    
    
    
    
    
    
    3,391,668
    
    
    
    
    
    
    2006
    
    N/A6119 W. Linebaugh Avenue
    
    Tampa, FL
    
    
    
    
    
    
    180,136
    
    
    
    
    
    
    
    30,500
    
    
    
    210,635
    
    
    
    
    
    
    
    210,635
    
    
    
    
    
    
    2000
    
    N/ATampa Triangle Land
    
    Tampa, FL
    
    
    
    
    
    
    10,358,826
    
    
    
    
    
    
    
    1,174,753
    
    
    
    11,533,579
    
    
    
    
    
    
    
    11,533,579
    
    
    
    
    
    
    2006
    
    N/ARenaissance Park Land
    
    Tampa, FL
    
    
    
    
    
    
    1,995,375
    
    
    
    
    
    
    
    219,098
    
    
    
    2,214,473
    
    
    
    
    
    
    
    2,214,473
    
    
    
    
    
    
    2007
    
    N/ASubtotal Land Held for Development
    
    
    
    $
    229,953
    
    
    $
    137,200,008
    
    
    $
    
    
    
    $
    81,432,094
    
    
    $
    218,632,101
    
    
    $
    
    
    
    $
    218,632,100
    
    
    $
    Total All Properties
    
    
    
    $
    61,764,284
    
    
    $
    908,176,051
    
    
    $
    1,745,242,823
    
    
    $
    2,892,740,224
    
    
    $
    1,069,191,456
    
    
    $
    4,476,967,642
    
    
    $
    5,546,159,097
    
    
    $
    1,093,945,545
 *
    
    Denotes property is collateralized under mortgages with USG Annuity and Life, Metropolitan
Life, LaSalle Bank, Allianz, John Hancock, Jackson National, Mutual of Omaha, and Capmark
totaling $412.3 million.  82




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##### Table of Contents



SCHEDULE III
 LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
(In thousands)
  Year Ended December 31,2009
    
    
    2008
    
    
    2007REAL ESTATE:Balance at beginning of year
    
    $
    5,448,138
    
    
    $
    5,686,713
    
    
    $
    5,025,944Additions
    
    
    163,005
    
    
    
    328,673
    
    
    
    935,962Disposition of property
    
    
    (64,983
    )
    
    
    (567,248
    )
    
    
    (275,193
    )Balance at end of year
    
    $
    5,546,160
    
    
    $
    5,448,138
    
    
    $
    5,686,713ACCUMULATED DEPRECIATION:Balance at beginning of year
    
    $
    963,043
    
    
    $
    841,647
    
    
    $
    767,679Depreciation expense
    
    
    144,694
    
    
    
    138,878
    
    
    
    124,899Disposition of property
    
    
    (13,791
    )
    
    
    (17,482
    )
    
    
    (50,931
    )Balance at end of year
    
    $
    1,093,946
    
    
    $
    963,043
    
    
    $
    841,647
  83




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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
     84




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##### Table of Contents



Report of Independent Registered Public Accounting Firm
 The Partners of Liberty Property Limited Partnership
     .
   
  85




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##### Table of Contents



Report of Independent Registered Public Accounting Firm
 The Partners of Liberty Property Limited Partnership
      
  86




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##### Table of Contents



CONSOLIDATED BALANCE SHEETS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS EXCEPT UNIT AMOUNTS)
 December 31,2009
    
    
    2008ASSETSReal estate:Land and land improvements
    
    $
    850,559
    
    
    $
    801,763Buildings and improvements
    
    
    4,410,254
    
    
    
    4,191,361Less accumulated depreciation
    
    
    (1,093,946
    )
    
    
    (963,043
    )Operating real estate
    
    
    4,166,867
    
    
    
    4,030,081Development in progress
    
    
    66,714
    
    
    
    245,463Land held for development
    
    
    218,633
    
    
    
    209,551Net real estate
    
    
    4,452,214
    
    
    
    4,485,095Cash and cash equivalents
    
    
    237,446
    
    
    
    15,794Restricted cash
    
    
    42,232
    
    
    
    39,726Accounts receivable, net
    
    
    4,591
    
    
    
    12,985Deferred rent receivable
    
    
    95,527
    
    
    
    83,033Deferred financing and leasing costs, net
    
    
    134,309
    
    
    
    132,627Investments in and advances to unconsolidated joint ventures
    
    
    175,584
    
    
    
    266,602Assets held for sale
    
    
    
    
    
    
    98,706Prepaid expenses and other assets
    
    
    85,518
    
    
    
    82,467Total assets
    
    $
    5,227,421
    
    
    $
    5,217,035LIABILITIESMortgage loans
    
    $
    473,993
    
    
    $
    198,560Unsecured notes
    
    
    1,842,882
    
    
    
    2,131,607Credit facility
    
    
    140,000
    
    
    
    260,000Accounts payable
    
    
    31,195
    
    
    
    32,481Accrued interest
    
    
    31,251
    
    
    
    36,474Distributions payable
    
    
    55,402
    
    
    
    48,858Other liabilities
    
    
    169,529
    
    
    
    182,549Total liabilities
    
    
    2,744,252
    
    
    
    2,890,529Limited partners equity  4,074,967 common units outstanding
    
    
    
    
    
    
    93,031 9,740,000 preferred units outstanding
    
    
    
    
    
    
    287,959OWNERS EQUITYGeneral partners equity  common units, 113,875,211 and
100,034,404 units outstanding as of December 31, 2009 and 2008,
respectively
    
    
    2,122,295
    
    
    
    1,944,386Limited partners equity  4,011,354 common units outstanding
    
    
    72,294
    
    
    
     9,740,000 preferred units outstanding
    
    
    287,959
    
    
    
    Noncontrolling interest  consolidated joint ventures
    
    
    621
    
    
    
    1,130Total owners equity
    
    
    2,483,169
    
    
    
    1,945,516Total liabilities and owners equity
    
    $
    5,227,421
    
    
    $
    5,217,035
   87




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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 31,2009
    
    
    2008
    
    
    2007OPERATING REVENUERental
    
    $
    519,928
    
    
    $
    507,698
    
    
    $
    467,093Operating expense reimbursement
    
    
    224,329
    
    
    
    223,654
    
    
    
    202,051Total operating revenue
    
    
    744,257
    
    
    
    731,352
    
    
    
    669,144OPERATING EXPENSESRental property
    
    
    149,968
    
    
    
    149,170
    
    
    
    140,350Real estate taxes
    
    
    86,676
    
    
    
    83,762
    
    
    
    70,802General and administrative
    
    
    51,250
    
    
    
    54,467
    
    
    
    54,325Depreciation and amortization
    
    
    170,764
    
    
    
    169,190
    
    
    
    151,908Total operating expenses
    
    
    458,658
    
    
    
    456,589
    
    
    
    417,385Operating income
    
    
    285,599
    
    
    
    274,763
    
    
    
    251,759OTHER INCOME (EXPENSE)Interest and other income
    
    
    11,503
    
    
    
    13,440
    
    
    
    11,678Debt extinguishment gain
    
    
    1,547
    
    
    
    2,521
    
    
    
    Interest expense
    
    
    (149,569
    )
    
    
    (152,896
    )
    
    
    (124,217
    )Total other income(expense)
    
    
    (136,519
    )
    
    
    (136,935
    )
    
    
    (112,539
    )Income before property dispositions, income taxes, equity in earnings
(loss) of unconsolidated joint ventures and impairment charges
    
    
    149,080
    
    
    
    137,828
    
    
    
    139,220Gain on property dispositions
    
    
    1,687
    
    
    
    10,572
    
    
    
    1,633Income taxes
    
    
    (494
    )
    
    
    (1,645
    )
    
    
    709Equity in earnings (loss) of unconsolidated joint ventures
    
    
    2,161
    
    
    
    2,805
    
    
    
    (226
    )Impairment charges  investment in unconsolidated joint ventures and other
    
    
    (82,552
    )
    
    
    
    
    
    
    (170
    ) goodwill
    
    
    (15,700
    )
    
    
    
    
    
    
    Income from continuing operations
    
    
    54,182
    
    
    
    149,560
    
    
    
    141,166Discontinued operations (including net gain on property dispositions of
$17,859, $23,519 and $33,611 for the years ended December 31, 2009, 2008
and 2007, respectively)
    
    
    24,810
    
    
    
    30,546
    
    
    
    49,144Net income
    
    
    78,992
    
    
    
    180,106
    
    
    
    190,310Noncontrolling interest-consolidated joint venture
    
    
    509
    
    
    
    (483
    )
    
    
    (101
    )Preferred unit distributions
    
    
    (21,012
    )
    
    
    (21,012
    )
    
    
    (17,126
    )Excess of preferred unit redemption over carrying amount
    
    
    
    
    
    
    
    
    
    
    (696
    )Income available to common unitholders
    
    $
    58,489
    
    
    $
    158,611
    
    
    $
    172,387Earnings per common unitBasic:Income from continuing operations
    
    $
    0.30
    
    
    $
    1.31
    
    
    $
    1.27Income from discontinued operations
    
    
    0.22
    
    
    
    0.31
    
    
    
    0.54Income per common unit  basic
    
    $
    0.52
    
    
    $
    1.62
    
    
    $
    1.81Diluted:Income from continuing operations
    
    $
    0.30
    
    
    $
    1.31
    
    
    $
    1.26Income from discontinued operations
    
    
    0.22
    
    
    
    0.31
    
    
    
    0.54Income per common unit  diluted
    
    $
    0.52
    
    
    $
    1.62
    
    
    $
    1.80Weighted average number of common units outstandingBasic
    
    
    111,568
    
    
    
    97,805
    
    
    
    95,387Diluted
    
    
    112,020
    
    
    
    97,994
    
    
    
    95,993Net income allocated to general partners
    
    $
    56,376
    
    
    $
    151,942
    
    
    $
    164,831Net income allocated to limited partners
    
    
    23,125
    
    
    
    27,681
    
    
    
    25,378
   88




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##### Table of Contents



CONSOLIDATED STATEMENTS OF OWNERS EQUITY OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
 Limited
    
    
    LimitedPartners
    
    
    Partners
    
    
    NoncontrollingGeneral
    
    
    Equity 
    
    
    Equity 
    
    
    Interest Partners
    
    
    Common
    
    
    Preferred
    
    
    ConsolidatedEquity
    
    
    Units
    
    
    Units
    
    
    Joint Ventures
    
    
    Total EquityBalance at January 1, 2007
    
    $
    1,752,059
    
    
    $
    
    
    
    $
    
    
    
    $
    419
    
    
    $
    1,752,478Contributions from partners
    
    
    78,493
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    78,493Distributions to partners
    
    
    (278,209
    )
    
    
    
    
    
    
    
    
    
    
    (3
    )
    
    
    (278,212
    )Foreign currency translation adjustment
    
    
    1,055
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,055Net income (does not include $25,378 related to limited partners equity)
    
    
    164,831
    
    
    
    
    
    
    
    
    
    
    
    101
    
    
    
    164,932Redemption of limited partners common units for common shares
    
    
    82,223
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    82,223Balance at December 31, 2007 (see note 8)
    
    
    1,800,452
    
    
    
    
    
    
    
    
    
    
    
    517
    
    
    
    1,800,969Contributions from partners
    
    
    215,375
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    215,375Distributions to partners
    
    
    (221,023
    )
    
    
    
    
    
    
    
    
    
    
    130
    
    
    
    (220,893
    )Foreign currency translation adjustment
    
    
    (26,756
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (26,756
    )Net income (does not include $27,681 related to limited partners equity)
    
    
    151,942
    
    
    
    
    
    
    
    
    
    
    
    483
    
    
    
    152,425Redemption of limited partners common units for common shares
    
    
    24,396
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    24,396Balance at December 31, 2008 (see note 8)
    
    
    1,944,386
    
    
    
    
    
    
    
    
    
    
    
    1,130
    
    
    
    1,945.516Transfer of noncontrolling interests to permanent equity
    
    
    
    
    
    
    93,031
    
    
    
    287,959
    
    
    
    
    
    
    
    380,990Contributions from partners
    
    
    306,763
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    306,763Distributions to partners
    
    
    (208,566
    )
    
    
    (7,513
    )
    
    
    (21,012
    )
    
    
    
    
    
    
    (237,091
    )Foreign currency translation adjustment
    
    
    7,717
    
    
    
    282
    
    
    
    
    
    
    
    
    
    
    
    7,999Net income
    
    
    56,376
    
    
    
    2,113
    
    
    
    21,012
    
    
    
    (509
    )
    
    
    78,992Redemption of limited partners common units for common shares
    
    
    15,619
    
    
    
    (15,619
    )
    
    
    
    
    
    
    
    
    
    
    Balance at December 31, 2009
    
    $
    2,122,295
    
    
    $
    72,294
    
    
    $
    287,959
    
    
    $
    621
    
    
    $
    2,483,169
   89




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##### Table of Contents



CONSOLIDATED STATEMENTS OF CASH FLOWS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
 Year Ended December 31,2009
    
    
    2008
    
    
    2007OPERATING ACTIVITIESNet income
    
    $
    78,992
    
    
    $
    180,106
    
    
    $
    190,310Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    172,575
    
    
    
    175,236
    
    
    
    163,665Amortization of deferred financing costs
    
    
    5,101
    
    
    
    4,429
    
    
    
    4,137Impairment charges  investment in unconsolidated joint ventures and other
    
    
    104,156
    
    
    
    3,076
    
    
    
    170Debt extinguishment gain
    
    
    (1,547
    )
    
    
    (2,521
    )
    
    
    Equity in (earnings) loss of unconsolidated joint ventures
    
    
    (2,161
    )
    
    
    (2,805
    )
    
    
    226Distributions from unconsolidated joint ventures
    
    
    663
    
    
    
    1,660
    
    
    
    3,550Gain on property dispositions
    
    
    (25,450
    )
    
    
    (37,167
    )
    
    
    (35,244
    )Noncash compensation
    
    
    12,905
    
    
    
    9,152
    
    
    
    8,128Changes in operating assets and liabilities:Restricted cash
    
    
    (1,189
    )
    
    
    (10,903
    )
    
    
    26,211Accounts receivable
    
    
    8,238
    
    
    
    (4,277
    )
    
    
    4,634Deferred rent receivable
    
    
    (13,414
    )
    
    
    (13,482
    )
    
    
    (13,455
    )Prepaid expenses and other assets
    
    
    (19,539
    )
    
    
    (26,326
    )
    
    
    (14,145
    )Accounts payable
    
    
    (1,099
    )
    
    
    (10,913
    )
    
    
    3,974Accrued interest
    
    
    (5,223
    )
    
    
    (3,251
    )
    
    
    3,428Other liabilities
    
    
    (14,437
    )
    
    
    3,935
    
    
    
    1,163Net cash provided by operating activities
    
    
    298,571
    
    
    
    265,949
    
    
    
    346,752INVESTING ACTIVITIESInvestment in properties
    
    
    (73,078
    )
    
    
    (60,078
    )
    
    
    (307,846
    )Cash paid for business, net of cash acquired
    
    
    
    
    
    
    
    
    
    
    (626,007
    )Investments in and advances to unconsolidated joint ventures
    
    
    (5,132
    )
    
    
    (8,410
    )
    
    
    (227,975
    )Distributions from unconsolidated joint ventures
    
    
    20,721
    
    
    
    66,660
    
    
    
    590Net proceeds from disposition of properties/land
    
    
    181,537
    
    
    
    382,956
    
    
    
    996,474Investment in development in progress
    
    
    (69,410
    )
    
    
    (247,393
    )
    
    
    (417,877
    )Increase in land held for development
    
    
    (29,391
    )
    
    
    (47,857
    )
    
    
    (137,051
    )Increase in deferred leasing costs
    
    
    (30,949
    )
    
    
    (33,325
    )
    
    
    (39,232
    )Net cash (used in) provided by investing activities
    
    
    (5,702
    )
    
    
    52,553
    
    
    
    (758,924
    )FINANCING ACTIVITIESNet proceeds from issuance of notes payable
    
    
    
    
    
    
    
    
    
    
    415,063Redemption of notes payable
    
    
    
    
    
    
    
    
    
    
    (415,063
    )Net proceeds from issuance of unsecured notes
    
    
    
    
    
    
    
    
    
    
    446,205Repayment of unsecured notes
    
    
    (287,179
    )
    
    
    (20,872
    )
    
    
    (250,000
    )Proceeds from mortgage loans
    
    
    330,250
    
    
    
    2,667
    
    
    
    Repayments of mortgage loans
    
    
    (54,864
    )
    
    
    (46,452
    )
    
    
    (16,365
    )Proceeds from credit facility
    
    
    199,150
    
    
    
    572,300
    
    
    
    1,363,050Repayments on credit facility
    
    
    (319,150
    )
    
    
    (782,300
    )
    
    
    (987,050
    )Increase in deferred financing costs
    
    
    (5,550
    )
    
    
    (33
    )
    
    
    (1,224
    )Capital contributions
    
    
    293,814
    
    
    
    206,349
    
    
    
    170,313Distributions to partners
    
    
    (230,504
    )
    
    
    (262,973
    )
    
    
    (328,607
    )Net cash (used in) provided by financing activities
    
    
    (74,033
    )
    
    
    (331,314
    )
    
    
    396,322Increase (decrease) in cash and cash equivalents
    
    
    218,836
    
    
    
    (12,812
    )
    
    
    (15,850
    )Increase (decrease) in cash and cash equivalents related to foreign currency translation
    
    
    2,816
    
    
    
    (9,383
    )
    
    
    102Cash and cash equivalents at beginning of year
    
    
    15,794
    
    
    
    37,989
    
    
    
    53,737Cash and cash equivalents at end of year
    
    $
    237,446
    
    
    $
    15,794
    
    
    $
    37,989
   90




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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
  FASB Codification
 Generally
Accepted Accounting Principles
 Real Estate and Depreciation
  Building and Improvements
    
    40 years (blended)Capital improvements
    
    15  20 yearsEquipment
    
    5  10 yearsTenant improvements
    
    Term of the related lease
   91




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##### Table of Contents



Investments in Unconsolidated Joint Ventures
    ImpairmentSegment
    
    amountMidwest
    
    $
    6,963Philadelphia/D.C.
    
    
    64,060United Kingdom
    
    
    7,779Total
    
    $
    78,802
  Cash and Cash Equivalents
  Restricted Cash
   92




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##### Table of Contents



Accounts Receivable/Deferred Rent Receivable
   Goodwill
  Revenues
  Revenue Recognition
 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)
    
    collectability of the termination fee is assured.
 Deferred Financing and Leasing Costs
   93




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##### Table of Contents



Costs Incurred for Preferred Unit Issuance
  Subsequent events
  Income per Common Unit
  2009
    
    
    2008Weighted
    
    
    
    
    
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    
    
    
    
    
    AverageIncome
    
    
    Units
    
    
    Per
    
    
    Income
    
    
    Units
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    Unit
    
    
    (Numerator)
    
    
    (Denominator)
    
    
    UnitIncome from continuing operations net of
    
    $
    54,691
    
    
    
    
    
    
    
    
    
    
    $
    149,077noncontrolling interestLess: Preferred unit distributions
    
    
    (21,012
    )
    
    
    
    
    
    
    
    
    
    
    (21,012
    )Basic income from continuing operationsIncome from continuing operations available to
common unitholders
    
    
    33,679
    
    
    
    111,568
    
    
    $
    0.30
    
    
    
    128,065
    
    
    
    97,805
    
    
    $
    1.31Dilutive units for long-term compensation plans
    
    
    
    
    
    
    452
    
    
    
    
    
    
    
    
    
    
    
    189Diluted income from continuing operationsIncome from continuing operations available
to common unitholders and assumed conversions
    
    
    33,679
    
    
    
    112,020
    
    
    $
    0.30
    
    
    
    128,065
    
    
    
    97,994
    
    
    $
    1.31Basic income from discontinued operationsDiscontinued operations
    
    
    24,810
    
    
    
    111,568
    
    
    $
    0.22
    
    
    
    30,546
    
    
    
    97,805
    
    
    $
    0.31Dilutive units for long-term compensation plans
    
    
    
    
    
    
    452
    
    
    
    
    
    
    
    
    
    
    
    189Diluted income from discontinued operationsDiscontinued operations
    
    
    24,810
    
    
    
    112,020
    
    
    $
    0.22
    
    
    
    30,546
    
    
    
    97,994
    
    
    $
    0.31Basic income per common unitIncome available to common unitholders
    
    
    58,489
    
    
    
    111,568
    
    
    $
    0.52
    
    
    
    158,611
    
    
    
    97,805
    
    
    $
    1.62Dilutive units for long-term compensation plans
    
    
    
    
    
    
    452
    
    
    
    
    
    
    
    
    
    
    
    189Diluted income per common unitIncome available to common unitholders and assumed
conversions
    
    $
    58,489
    
    
    
    112,020
    
    
    $
    0.52
    
    
    $
    158,611
    
    
    
    97,994
    
    
    $
    1.62
  94




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##### Table of Contents



2007WeightedAverageIncome
    
    
    Units
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    UnitIncome from continuing operations net of noncontrolling
interest
    
    $
    141,065Less: Preferred unit distributions
    
    
    (17,126
    )Less: Excess of preferred unit redemption over carrying amount
    
    
    (696
    )Basic income from continuing operationsIncome from continuing operations available to
common unitholders
    
    
    123,243
    
    
    
    95,387
    
    
    $
    1.27Dilutive units for long-term compensation plans
    
    
    
    
    
    
    606Diluted income from continuing operationsIncome from continuing operations available to
common unitholders and assumed conversions
    
    
    123,243
    
    
    
    95,993
    
    
    $
    1.26Basic income from discontinued operationsDiscontinued operations
    
    
    49,144
    
    
    
    95,387
    
    
    $
    0.54Dilutive units for long-term compensation plans
    
    
    
    
    
    
    606Diluted income from discontinued operationsDiscontinued operations
    
    
    49,144
    
    
    
    95,993
    
    
    $
    0.54Basic income per common unitIncome available to common unitholders
    
    
    172,387
    
    
    
    95,387
    
    
    $
    1.81Dilutive units for long-term compensation plans
    
    
    
    
    
    
    606Diluted income per common unitIncome available to common unitholders and assumed
Conversions
    
    $
    172,387
    
    
    
    95,993
    
    
    $
    1.80
   Fair Value of Financial Instruments
  Income Taxes
     95




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##### Table of Contents



Foreign Currency Translation
  Recently Issued Accounting Standards
  3. REAL ESTATE
  Land
    
    
    BuildingsAnd Land
    
    
    And
    
    
    
    
    
    
    AccumulatedImprovements
    
    
    Improvements
    
    
    Total
    
    
    Depreciation2009Industrial properties
    
    $
    377,201
    
    
    $
    1,902,838
    
    
    $
    2,280,039
    
    
    $
    475,180Office properties
    
    
    473,358
    
    
    
    2,507,416
    
    
    
    2,980,774
    
    
    
    618,7662009 Total
    
    $
    850,559
    
    
    $
    4,410,254
    
    
    $
    5,260,813
    
    
    $
    1,093,9462008Industrial properties
    
    $
    354,753
    
    
    $
    1,795,335
    
    
    $
    2,150,088
    
    
    $
    423,415Office properties
    
    
    447,010
    
    
    
    2,396,026
    
    
    
    2,843,036
    
    
    
    539,6282008 Total
    
    $
    801,763
    
    
    $
    4,191,361
    
    
    $
    4,993,124
    
    
    $
    963,043
     96




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##### Table of Contents



2009 Sales
 Number of
    
    
    LeaseableSegment
    
    Buildings
    
    
    Square Feet
    
    
    Gross Proceeds(in thousands)NortheastSoutheastern PA
    
    
    8
    
    
    
    595,712
    
    
    $
    43,920New Jersey
    
    
    5
    
    
    
    379,529
    
    
    
    37,564Midwest
    
    
    3
    
    
    
    338,690
    
    
    
    17,540Mid-Atlantic
    
    
    9
    
    
    
    671,633
    
    
    
    51,263Florida
    
    
    4
    
    
    
    296,540
    
    
    
    15,275Total
    
    
    29
    
    
    
    2,282,104
    
    
    $
    165,562
 2008 Sales
 Number of
    
    
    LeaseableSegment
    
    Buildings
    
    
    Square Feet
    
    
    Gross Proceeds(in thousands)NortheastSoutheastern PA
    
    
    2
    
    
    
    166,160
    
    
    $
    33,557New Jersey
    
    
    5
    
    
    
    159,989
    
    
    
    15,100Midwest
    
    
    3
    
    
    
    125,876
    
    
    
    9,420Mid-Atlantic
    
    
    2
    
    
    
    129,150
    
    
    
    16,650Florida
    
    
    1
    
    
    
    83,583
    
    
    
    5,300Total
    
    
    13
    
    
    
    664,758
    
    
    $
    80,027
  4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
  Liberty Venture I, LP
    Kings Hill Unit Trust
     97




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##### Table of Contents



Liberty/Commerz 1701 JFK Boulevard, LP
      Liberty Illinois, LP
    Blythe Valley JV Sarl
     98




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##### Table of Contents



Liberty Washington, LP
      Other Joint Ventures
    99




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##### Table of Contents



December 31, 2009Liberty
    
    
    
    
    
    
    
    
    
    
    Blythe
    
    
    
    
    
    
    Liberty CommerzVenture I,
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Liberty
    
    
    1701 JFKLP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    Washington, LP
    
    
    Boulevard, LP
    
    
    Other
    
    
    TotalReal estate assets
    
    $
    132,016
    
    
    $
    190,110
    
    
    $
    229,149
    
    
    $
    209,869
    
    
    $
    777,491
    
    
    $
    493,119
    
    
    $
    72,954
    
    
    $
    2,104,708Accumulated depreciation
    
    
    (19,689
    )
    
    
    (13,081
    )
    
    
    (18,409
    )
    
    
    (10,651
    )
    
    
    (50,090
    )
    
    
    (27,880
    )
    
    
    (2,204
    )
    
    
    (142,004
    )Real estate assets, net
    
    
    112,327
    
    
    
    177,029
    
    
    
    210,740
    
    
    
    199,218
    
    
    
    727,401
    
    
    
    465,239
    
    
    
    70,750
    
    
    
    1,962,704Development in progress
    
    
    
    
    
    
    
    
    
    
    21,800
    
    
    
    
    
    
    
    111,830
    
    
    
    
    
    
    
    
    
    
    
    133,630Land held for development
    
    
    2,735
    
    
    
    
    
    
    
    42,723
    
    
    
    48,013
    
    
    
    2,000
    
    
    
    
    
    
    
    22,083
    
    
    
    117,554Other assets
    
    
    11,755
    
    
    
    9,855
    
    
    
    11,993
    
    
    
    12,667
    
    
    
    52,722
    
    
    
    46,821
    
    
    
    34,698
    
    
    
    180,511Total assets
    
    $
    126,817
    
    
    $
    186,884
    
    
    $
    287,256
    
    
    $
    259,898
    
    
    $
    893,953
    
    
    $
    512,060
    
    
    $
    127,531
    
    
    $
    2,394,399Debt
    
    $
    76,765
    
    
    $
    153,549
    
    
    $
    151,270
    
    
    $
    199,370
    
    
    $
    347,046
    
    
    $
    324,000
    
    
    $
    54,935
    
    
    $
    1,306,935Other liabilities
    
    
    2,104
    
    
    
    41,826
    
    
    
    6,786
    
    
    
    51,262
    
    
    
    31,706
    
    
    
    10,478
    
    
    
    17,149
    
    
    
    161,311Equity
    
    
    47,948
    
    
    
    (8,491
    )
    
    
    129,200
    
    
    
    9,266
    
    
    
    515,201
    
    
    
    177,582
    
    
    
    55,447
    
    
    
    926,153Total liabilities and equity
    
    $
    126,817
    
    
    $
    186,884
    
    
    $
    287,256
    
    
    $
    259,898
    
    
    $
    893,953
    
    
    $
    512,060
    
    
    $
    127,531
    
    
    $
    2,394,399Companys net investment in
unconsolidated joint
ventures (1)
    
    $
    11,238
    
    
    $
    3,198
    
    
    $
    19,567
    
    
    $
    3,383
    
    
    $
    73,369
    
    
    $
    36,461
    
    
    $
    28,368
    
    
    $
    175,584
 December 31, 2008LibertyBlythe
    
    
    Liberty
    
    
    Commerz 1701Liberty
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Washington,
    
    
    JFK Boulevard,Venture I, LP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    LP
    
    
    LP
    
    
    Other
    
    
    TotalReal estate assets
    
    $
    119,523
    
    
    $
    170,521
    
    
    $
    227,318
    
    
    $
    189,256
    
    
    $
    804,587
    
    
    $
    492,189
    
    
    $
    57,933
    
    
    $
    2,061,327Accumulated depreciation
    
    
    (16,285
    )
    
    
    (8,971
    )
    
    
    (12,436
    )
    
    
    (5,301
    )
    
    
    (28,515
    )
    
    
    (14,013
    )
    
    
    (790
    )
    
    
    (86,311
    )Real estate assets, net
    
    
    103,238
    
    
    
    161,550
    
    
    
    214,882
    
    
    
    183,955
    
    
    
    776,072
    
    
    
    478,176
    
    
    
    57,143
    
    
    
    1,975,016Development in progress
    
    
    9,948
    
    
    
    
    
    
    
    16,252
    
    
    
    
    
    
    
    101,653
    
    
    
    
    
    
    
    7,524
    
    
    
    135,377Land held for development
    
    
    2,733
    
    
    
    
    
    
    
    42,338
    
    
    
    42,668
    
    
    
    7,859
    
    
    
    
    
    
    
    14,435
    
    
    
    110,033Other assets
    
    
    13,585
    
    
    
    10,481
    
    
    
    9,506
    
    
    
    10,353
    
    
    
    58,485
    
    
    
    65,495
    
    
    
    31,654
    
    
    
    199,559Total assets
    
    $
    129,504
    
    
    $
    172,031
    
    
    $
    282,978
    
    
    $
    236,976
    
    
    $
    944,069
    
    
    $
    543,671
    
    
    $
    110,756
    
    
    $
    2,419,985Debt
    
    $
    82,813
    
    
    $
    138,634
    
    
    $
    145,504
    
    
    $
    180,004
    
    
    $
    350,121
    
    
    $
    324,000
    
    
    $
    38,830
    
    
    $
    1,259,906Other liabilities
    
    
    2,168
    
    
    
    38,112
    
    
    
    7,481
    
    
    
    37,899
    
    
    
    40,919
    
    
    
    32,362
    
    
    
    19,764
    
    
    
    178,705Equity
    
    
    44,523
    
    
    
    (4,715
    )
    
    
    129,993
    
    
    
    19,073
    
    
    
    553,029
    
    
    
    187,309
    
    
    
    52,162
    
    
    
    981,374Total liabilities and equity
    
    $
    129,504
    
    
    $
    172,031
    
    
    $
    282,978
    
    
    $
    236,976
    
    
    $
    944,069
    
    
    $
    543,671
    
    
    $
    110,756
    
    
    $
    2,419,985Companys net investment in
unconsolidated joint ventures (1)
    
    $
    10,355
    
    
    $
    3,415
    
    
    $
    26,583
    
    
    $
    9,129
    
    
    $
    138,102
    
    
    $
    50,899
    
    
    $
    28,119
    
    
    $
    266,602
 (1)
    
    Differences between the Companys net investment in unconsolidated joint ventures and its
underlying equity in the net assets of the venture is primarily a result of impairments
related to the Companys investment in unconsolidated joint ventures, the deferral of gains
associated with the sales of properties to joint ventures in which the Company retains an
ownership interest and loans made to the joint ventures by the Company. Differences between
historical cost basis and the basis reflected at the joint venture level (other than loans) is
typically depreciated over the life of the related asset.  100




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##### Table of Contents



Year Ended December 31, 2009LibertyLiberty
    
    
    
    
    
    
    
    
    
    
    Blythe
    
    
    Liberty
    
    
    Commerz 1701Venture I,
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Washington,
    
    
    JFK Boulevard,LP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    LP
    
    
    LP
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    18,407
    
    
    $
    16,197
    
    
    $
    22,191
    
    
    $
    13,325
    
    
    $
    74,850
    
    
    $
    61,094
    
    
    $
    4,928
    
    
    $
    210,992Operating expense
    
    
    6,559
    
    
    
    2,649
    
    
    
    8,350
    
    
    
    6,120
    
    
    
    26,159
    
    
    
    21,170
    
    
    
    2,435
    
    
    
    73,44211,848
    
    
    
    13,548
    
    
    
    13,841
    
    
    
    7,205
    
    
    
    48,691
    
    
    
    39,924
    
    
    
    2,493
    
    
    
    137,550Interest
    
    
    (4,992
    )
    
    
    (7,674
    )
    
    
    (7,469
    )
    
    
    (13,084
    )
    
    
    (17,086
    )
    
    
    (20,455
    )
    
    
    (2,915
    )
    
    
    (73,675
    )Depreciation and amortization
    
    
    (4,255
    )
    
    
    (4,559
    )
    
    
    (7,117
    )
    
    
    (5,576
    )
    
    
    (30,727
    )
    
    
    (15,498
    )
    
    
    (1,594
    )
    
    
    (69,326
    )Other income/(expense)
    
    
    131
    
    
    
    (602
    )
    
    
    (50
    )
    
    
    (175
    )
    
    
    280
    
    
    
    (378
    )
    
    
    156
    
    
    
    (638
    )Impairment charges
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (39,380
    )
    
    
    
    
    
    
    
    
    
    
    (39,380
    )Net income (loss)
    
    $
    2,732
    
    
    $
    713
    
    
    $
    (795
    )
    
    $
    (11,630
    )
    
    $
    (38,222
    )
    
    $
    3,593
    
    
    $
    (1,860
    )
    
    $
    (45,469
    )Companys equity in earnings (loss)
of unconsolidated joint ventures
    
    $
    905
    
    
    $
    334
    
    
    $
    181
    
    
    $
    (1,318
    )
    
    $
    1,649
    
    
    $
    1,241
    
    
    $
    (831
    )
    
    $
    2,161
 Year Ended December 31, 2008LibertyLiberty
    
    
    
    
    
    
    
    
    
    
    Blythe
    
    
    Liberty
    
    
    Commerz 1701Venture I,
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Washington,
    
    
    JFK Boulevard,LP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    LP
    
    
    LP
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    19,075
    
    
    $
    18,057
    
    
    $
    22,811
    
    
    $
    15,386
    
    
    $
    76,552
    
    
    $
    43,607
    
    
    $
    3,056
    
    
    $
    198,544Operating expense
    
    
    7,074
    
    
    
    2,490
    
    
    
    7,003
    
    
    
    2,377
    
    
    
    24,440
    
    
    
    15,080
    
    
    
    709
    
    
    
    59,17312,001
    
    
    
    15,567
    
    
    
    15,808
    
    
    
    13,009
    
    
    
    52,112
    
    
    
    28,527
    
    
    
    2,347
    
    
    
    139,371Interest
    
    
    (4,522
    )
    
    
    (9,900
    )
    
    
    (7,833
    )
    
    
    (14,253
    )
    
    
    (17,670
    )
    
    
    (15,454
    )
    
    
    (2,057
    )
    
    
    (71,689
    )Depreciation and amortization
    
    
    (4,162
    )
    
    
    (5,272
    )
    
    
    (7,378
    )
    
    
    (5,911
    )
    
    
    (34,951
    )
    
    
    (10,941
    )
    
    
    (862
    )
    
    
    (69,477
    )Other income/(expense)
    
    
    2,473
    
    
    
    (924
    )
    
    
    195
    
    
    
    (467
    )
    
    
    722
    
    
    
    191
    
    
    
    (96
    )
    
    
    2,094Gain on sale
    
    
    (3
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    102
    
    
    
    99Net income (loss)
    
    $
    5,787
    
    
    $
    (529
    )
    
    $
    792
    
    
    $
    (7,622
    )
    
    $
    213
    
    
    $
    2,323
    
    
    $
    (566
    )
    
    $
    398Companys equity in earnings
(loss) of unconsolidated
joint ventures
    
    $
    1,645
    
    
    $
    167
    
    
    $
    549
    
    
    $
    (1,370
    )
    
    $
    1,288
    
    
    $
    685
    
    
    $
    (159
    )
    
    $
    2,805
  101




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##### Table of Contents



Year Ended December 31, 2007LibertyLiberty
    
    
    
    
    
    
    
    
    
    
    Blythe
    
    
    Liberty
    
    
    Commerz 1701Venture I,
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Washington,
    
    
    JFK Boulevard,LP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    LP
    
    
    LP
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    18,457
    
    
    $
    19,696
    
    
    $
    17,360
    
    
    $
    5,920
    
    
    $
    18,203
    
    
    $
    
    
    
    $
    397
    
    
    $
    80,033Operating expense
    
    
    5,807
    
    
    
    2,374
    
    
    
    4,433
    
    
    
    5,265
    
    
    
    4,273
    
    
    
    
    
    
    
    131
    
    
    
    22,28312,650
    
    
    
    17,322
    
    
    
    12,927
    
    
    
    655
    
    
    
    13,930
    
    
    
    
    
    
    
    266
    
    
    
    57,750Interest
    
    
    (4,240
    )
    
    
    (14,583
    )
    
    
    (6,297
    )
    
    
    (6,009
    )
    
    
    (4,299
    )
    
    
    
    
    
    
    (253
    )
    
    
    (35,681
    )Depreciation and amortization
    
    
    (4,228
    )
    
    
    (7,058
    )
    
    
    (6,316
    )
    
    
    (2,201
    )
    
    
    (8,969
    )
    
    
    
    
    
    
    (70
    )
    
    
    (28,842
    )Other income/(expense)
    
    
    (76
    )
    
    
    (645
    )
    
    
    (266
    )
    
    
    (220
    )
    
    
    (1,337
    )
    
    
    
    
    
    
    359
    
    
    
    (2,185
    )Gain on sale
    
    
    524
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    867
    
    
    
    1,391Net income (loss)
    
    $
    4,630
    
    
    $
    (4,964
    )
    
    $
    48
    
    
    $
    (7,775
    )
    
    $
    (675
    )
    
    $
    
    
    
    $
    1,169
    
    
    $
    (7,567
    )Companys equity in earnings
(loss) of unconsolidated
joint ventures
    
    $
    1,320
    
    
    $
    (732
    )
    
    $
    399
    
    
    $
    (1,514
    )
    
    $
    (232
    )
    
    $
    
    
    
    $
    533
    
    
    $
    (226
    )
 5. DEFERRED FINANCING AND LEASING COSTS
  December 31,2009
    
    
    2008Deferred leasing costs
    
    $
    188,043
    
    
    $
    185,387Deferred financing costs
    
    
    40,952
    
    
    
    39,972In-place lease value and related intangible asset
    
    
    38,743
    
    
    
    46,346267,738
    
    
    
    271,705Accumulated amortization
    
    
    (133,429
    )
    
    
    (139,078
    )Total
    
    $
    134,309
    
    
    $
    132,627
 6. INDEBTEDNESS
     102




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Mortgage Loans, Unsecured Note
   Credit Facility
 $600 Million Unsecured Revolving 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%.
  103




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##### Table of Contents



WeightedMortgages
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    AveragePrincipal
    
    
    Principal
    
    
    Unsecured
    
    
    Credit
    
    
    
    
    
    
    InterestAmortization
    
    
    Maturities
    
    
    Notes
    
    
    Facility
    
    
    Total
    
    
    Rate2010
    
    $
    6,416
    
    
    $
    4,736
    
    
    $
    169,739
    
    
    $
    
    
    
    $
    180,891
    
    
    
    8.34
    %2011
    
    
    6,753
    
    
    
    10,741
    
    
    
    246,500
    
    
    
    140,000
    
    
    
    403,994
    
    
    
    4.74
    %2012
    
    
    4,643
    
    
    
    190,349
    (1)
    
    
    230,100
    
    
    
    
    
    
    
    425,092
    
    
    
    6.65
    %2013
    
    
    3,858
    
    
    
    4,511
    
    
    
    
    
    
    
    
    
    
    
    8,369
    
    
    
    5.79
    %2014
    
    
    4,352
    
    
    
    2,684
    
    
    
    200,000
    
    
    
    
    
    
    
    207,036
    
    
    
    5.67
    %2015
    
    
    3,932
    
    
    
    44,469
    
    
    
    300,000
    
    
    
    
    
    
    
    348,401
    
    
    
    5.25
    %2016
    
    
    2,461
    
    
    
    182,318
    
    
    
    300,000
    
    
    
    
    
    
    
    484,779
    
    
    
    6.11
    %2017
    
    
    1,770
    
    
    
    
    
    
    
    296,543
    
    
    
    
    
    
    
    298,313
    
    
    
    6.62
    %2018 & thereafter
    
    
    
    
    
    
    
    
    
    
    100,000
    
    
    
    
    
    
    
    100,000
    
    
    
    7.50
    %$
    34,185
    
    
    $
    439,808
    
    
    $
    1,842,882
    
    
    $
    140,000
    
    
    $
    2,456,875
    
    
    
    6.15
    %
 (1)
    
    There are two one-year extensions for $160,456 of mortgages. 7. LEASING ACTIVITY
  2010
    
    $
    478,7552011
    
    
    433,4822012
    
    
    378,6232013
    
    
    318,5522014
    
    
    251,582Thereafter
    
    
    841,383TOTAL
    
    $
    2,702,377
  8. OWNERS EQUITY
 Common Units
   104




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##### Table of Contents



Preferred Units
  Date of
    
    
    
    
    
    
    
    
    
    
    
    Liquidation
    
    
    Dividend
    
    
    RedeemableIssue
    
    Issue
    
    Amount
    
    
    Units
    
    
    Preference
    
    
    Rate
    
    
    As of
    
    Exchangeable After(in 000s)7/28/99
    
    Series B
    
    $
    95,000
    
    
    
    3,800
    
    
    $
    25
    
    
    
    7.45
    %
    
    8/31/09
    
    8/31/13 into Series B 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
    
    12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust8/23/05
    
    Series F
    
    $
    6,000
    
    
    
    120
    
    
    $
    50
    
    
    
    6.65
    %
    
    6/30/10
    
    12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust12/15/06
    
    Series G
    
    $
    27,000
    
    
    
    540
    
    
    $
    50
    
    
    
    6.70
    %
    
    12/15/11
    
    12/15/16 into Series G Cumulative Redeemable Preferred Shares of the Trust8/21/07
    
    Series H
    
    $
    100,000
    
    
    
    4,000
    
    
    $
    25
    
    
    
    7.40
    %
    
    8/21/12
    
    8/21/17 into Series H  Cumulative Redeemable Preferred Shares of the Trust
     2009
    
    
    2008
    
    
    2007Distributions (in millions)
    
    $
    21.0
    
    
    $
    21.0
    
    
    $
    17.1Distribution per unit:Series B
    
    $
    1.86
    
    
    $
    1.86
    
    
    $
    1.86Series D
    
    
    
    
    
    
    
    
    
    $
    1.74Series E
    
    $
    3.50
    
    
    $
    3.50
    
    
    $
    3.50Series F
    
    $
    3.33
    
    
    $
    3.33
    
    
    $
    3.33Series G
    
    $
    3.35
    
    
    $
    3.35
    
    
    $
    3.35Series H
    
    $
    1.85
    
    
    $
    1.85
    
    
    $
    0.67
  105




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##### Table of Contents



Limited Partners Equity
    Limited partners
    
    
    Limited partnersequity 
    
    
    equity common units
    
    
    preferred unitsBalance at January 1, 2007
    
    $
    205,893
    
    
    $
    210,960Distributions to partners
    
    
    (10,512
    )
    
    
    (17,828
    )Issuance of preferred units
    
    
    
    
    
    
    99,964Redemption of preferred units
    
    
    
    
    
    
    (22,959
    )Net income
    
    
    7,555
    
    
    
    17,823Redemption of limited partners common units
for common shares
    
    
    (82,223
    )
    
    
    Balance at December 31, 2007
    
    
    120,713
    
    
    
    287,960Contributions from partners
    
    
    176
    
    
    
    Distributions to partners
    
    
    (10,131
    )
    
    
    (21,013
    )Issuance of operating partnership units
    
    
    
    
    
    
    Net income
    
    
    6,669
    
    
    
    21,012Redemption of limited partners common units
for common shares
    
    
    (24,396
    )
    
    
    Balance at December 31, 2008
    
    $
    93,031
    
    
    $
    287,959
 Continuous Equity Offering
  Sale of Common Units
  Noncontrolling Interest  Consolidated Joint Ventures
   106




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##### Table of Contents



9. COMMITMENTS AND CONTINGENCIES
       Litigation
  Contingencies,
  107




---



##### Table of Contents



10. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
  Quarter EndedDec. 31,
    
    
    Sept. 30,
    
    
    June 30,
    
    
    Mar. 31,
    
    
    Dec. 31,
    
    
    Sept. 30,
    
    
    June 30,
    
    
    Mar. 31,2009
    
    
    2009
    
    
    2009
    
    
    2009
    
    
    2008
    
    
    2008
    
    
    2008
    
    
    2008Operating revenue
    
    $
    187,577
    
    
    $
    187,295
    
    
    $
    183,967
    
    
    $
    185,418
    
    
    $
    184,767
    
    
    $
    182,360
    
    
    $
    178,412
    
    
    $
    185,813Income from continuing operations
    
    
    (57,586
    )
    
    
    39,958
    
    
    
    38,728
    
    
    
    33,082
    
    
    
    47,958
    
    
    
    33,831
    
    
    
    33,823
    
    
    
    33,948Discontinued operations
    
    
    8,780
    
    
    
    10,786
    
    
    
    4,484
    
    
    
    760
    
    
    
    11,421
    
    
    
    12,122
    
    
    
    4,555
    
    
    
    2,448Income available to common
unitholders
    
    
    (48,806
    )
    
    
    50,744
    
    
    
    43,212
    
    
    
    33,842
    
    
    
    59,379
    
    
    
    45,953
    
    
    
    38,378
    
    
    
    36,396Income per common unit  basic (1)
    
    
    (0.46
    )
    
    
    0.39
    
    
    
    0.35
    
    
    
    0.28
    
    
    
    0.53
    
    
    
    0.41
    
    
    
    0.34
    
    
    
    0.33Income per common unit  diluted (1)
    
    
    (0.46
    )
    
    
    0.39
    
    
    
    0.35
    
    
    
    0.28
    
    
    
    0.53
    
    
    
    0.41
    
    
    
    0.34
    
    
    
    0.33
 (1)
    
    The sum of quarterly financial data may vary from the annual data due to rounding.  108




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##### Table of Contents



11. SEGMENT INFORMATION
  Reportable Segments
    
    MarketsNortheast
    
    Southeastern PA; Lehigh/Central PA; New JerseyMidwest
    
    Minnesota; Milwaukee; ChicagoMid-Atlantic
    
    Maryland; Carolinas; Richmond; Virginia BeachSouth
    
    Jacksonville; Orlando; Boca Raton; Tampa; Texas; ArizonaPhiladelphia/D.C.
    
    Philadelphia; Northern Virginia/Washington, D.C.United Kingdom
    
    County of Kent; West Midlands
    YEAR ENDED DECEMBER 31, 2009
 NortheastLehigh/Southeastern
    
    
    Central
    
    
    New
    
    
    
    
    
    
    mid-
    
    
    
    
    
    
    phila-
    
    
    unitedPA
    
    
    PA
    
    
    Jersey
    
    
    Midwest
    
    
    atlantic
    
    
    South
    
    
    delphia
    
    
    kingdom
    
    
    totalOperating revenue
    
    $
    183,794
    
    
    $
    100,746
    
    
    $
    31,089
    
    
    $
    82,817
    
    
    $
    136,607
    
    
    $
    182,740
    
    
    $
    22,061
    
    
    $
    4,403
    
    
    $
    744,257Rental property expenses and real estate taxes
    
    
    59,496
    
    
    
    27,374
    
    
    
    12,724
    
    
    
    31,693
    
    
    
    40,173
    
    
    
    59,036
    
    
    
    5,213
    
    
    
    935
    
    
    
    236,644Property level operating income
    
    $
    124,298
    
    
    
    73,372
    
    
    
    18,365
    
    
    $
    51,124
    
    
    $
    96,434
    
    
    
    123,704
    
    
    
    16,848
    
    
    $
    3,468
    
    
    
    507,613Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,503Debt extinguishment gain
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,547Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (149,569
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (51,250
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (170,764
    )Income before property dispositions, income taxes, equity in earnings
of unconsolidated joint ventures and impairment charges
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    149,080Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,687Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (494
    )Equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,161Impairment charges  investment in unconsolidated joint ventures and other
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (82,552
    ) goodwill
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (15,700
    )Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    24,810Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    78,992
  109




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##### Table of Contents



YEAR ENDED DECEMBER 31, 2008
 NortheastLehigh/Southeastern
    
    
    Central
    
    
    New
    
    
    
    
    
    

mid-
    
    
    
    
    
    
    phila-
    
    
    unitedPA
    
    
    PA
    
    
    Jersey
    
    
    Midwest
    
    
    atlantic
    
    
    South
    
    
    delphia
    
    
    kingdom
    
    
    totalOperating revenue
    
    $
    176,494
    
    
    $
    97,066
    
    
    $
    32,528
    
    
    $
    81,715
    
    
    $
    138,646
    
    
    $
    171,138
    
    
    
    29,426
    
    
    $
    4,339
    
    
    $
    731,352Rental property expenses and real estate taxes
    
    
    57,251
    
    
    
    26,273
    
    
    
    12,888
    
    
    
    30,011
    
    
    
    40,482
    
    
    
    57,192
    
    
    
    7,791
    
    
    
    1,044
    
    
    
    232,932Property level operating income
    
    $
    119,243
    
    
    $
    70,793
    
    
    $
    19,640
    
    
    $
    51,704
    
    
    $
    98,164
    
    
    $
    113,946
    
    
    $
    21,635
    
    
    $
    3,295
    
    
    $
    498,420Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,440Debt extinguishment gain
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,521Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (152,896
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (54,467
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (169,190
    )Income before property dispositions, income taxes and equity in earnings of
unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    137,828Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,572Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,645
    )Equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,805Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    30,546Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    180,106
 YEAR ENDED DECEMBER 31, 2007
 NortheastLehigh/Southeastern
    
    
    Central
    
    
    New
    
    
    
    
    
    
    mid-
    
    
    
    
    
    
    phila-
    
    
    unitedPA
    
    
    PA
    
    
    Jersey
    
    
    Midwest
    
    
    atlantic
    
    
    South
    
    
    delphia
    
    
    kingdom
    
    
    totalOperating revenue
    
    $
    170,507
    
    
    $
    89,940
    
    
    $
    30,684
    
    
    $
    77,980
    
    
    $
    124,539
    
    
    $
    148,816
    
    
    $
    23,963
    
    
    $
    2,715
    
    
    $
    669,144Rental property expenses and real estate taxes
    
    
    56,417
    
    
    
    23,044
    
    
    
    11,939
    
    
    
    27,051
    
    
    
    37,342
    
    
    
    49,687
    
    
    
    5,637
    
    
    
    35
    
    
    
    211,152Property level operating income
    
    $
    114,090
    
    
    $
    66,896
    
    
    $
    18,745
    
    
    $
    50,929
    
    
    $
    87,197
    
    
    
    99,129
    
    
    $
    18,326
    
    
    $
    2,680
    
    
    $
    457,992Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,678Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (124,217
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (54,325
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (151,908
    )Income before property dispositions, income taxes, equity in loss
of unconsolidated joint ventures and impairment charges
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    139,220Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,633Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    709Equity in loss of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (226
    )Impairment charges  investment in unconsolidated joint ventures and other
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (170
    )Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    49,144Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    190,310
  110




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##### Table of Contents



Real Estate Related RevenuesYear Ended December 31,Product Type Information
    
    2009
    
    
    2008
    
    
    2007Industrial
    
    $
    301,781
    
    
    $
    291,775
    
    
    $
    265,279Office
    
    
    442,476
    
    
    
    439,577
    
    
    
    403,865Total operating revenue
    
    $
    744,257
    
    
    $
    731,352
    
    
    $
    669,144
 ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
 Northeast
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    UnitedSoutheastern
    
    
    Lehigh/
    
    
    
    
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    Phila-
    
    
    KingdomPA
    
    
    Central PA
    
    
    New Jersey
    
    
    Midwest
    
    
    Atlantic
    
    
    South
    
    
    Delphia
    
    
    (1)
    
    
    TotalJanuary 1, 2009
    
    $
    1,112,233
    
    
    $
    727,520
    
    
    $
    189,010
    
    
    $
    541,836
    
    
    $
    983,588
    
    
    $
    1,290,144
    
    
    $
    110,380
    
    
    $
    38,413
    
    
    $
    4,993,124Additions
    
    
    10,976
    
    
    
    99,544
    
    
    
    3,754
    
    
    
    11,449
    
    
    
    63,173
    
    
    
    96,345
    
    
    
    36,299
    
    
    
    4,088
    
    
    
    325,628Dispositions
    
    
    (2,131
    )
    
    
    (4,855
    )
    
    
    (16,125
    )
    
    
    (7,353
    )
    
    
    (17,759
    )
    
    
    (9,716
    )
    
    
    
    
    
    
    
    
    
    
    (57,939
    )December 31, 2009
    
    $
    1,121,078
    
    
    $
    822,209
    
    
    $
    176,639
    
    
    $
    545,932
    
    
    $
    1,029,002
    
    
    $
    1,376,773
    
    
    $
    146,679
    
    
    $
    42,501
    
    
    
    5,260,813Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,093,946
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    66,714Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    218,633Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    775,207Total assets at December 31, 2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    5,227,421
 ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
 NortheastLehigh/
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    UnitedSoutheastern
    
    
    Central
    
    
    
    
    
    
    
    
    
    

Mid-
    
    
    
    
    
    
    Phila-
    
    
    KingdomPA
    
    
    PA
    
    
    New Jersey
    
    
    Midwest
    
    
    Atlantic
    
    
    South
    
    
    Delphia
    
    
    (1)
    
    
    TotalJanuary 1, 2008
    
    $
    1,095,369
    
    
    $
    655,619
    
    
    $
    177,218
    
    
    $
    543,445
    
    
    $
    948,115
    
    
    $
    1,184,349
    
    
    $
    470,548
    
    
    $
    51,532
    
    
    $
    5,126,195Additions
    
    
    40,096
    
    
    
    71,901
    
    
    
    22,713
    
    
    
    7,319
    
    
    
    50,811
    
    
    
    109,095
    
    
    
    7,729
    
    
    
    (13,119
    )
    
    
    296,545Dispositions
    
    
    (23,232
    )
    
    
    
    
    
    
    (10,921
    )
    
    
    (8,928
    )
    
    
    (15,338
    )
    
    
    (3,300
    )
    
    
    (367,897
    )
    
    
    
    
    
    
    (429,616
    )December 31, 2008
    
    $
    1,112,233
    
    
    $
    727,520
    
    
    $
    189,010
    
    
    $
    541,836
    
    
    $
    983,588
    
    
    $
    1,290,144
    
    
    $
    110,380
    
    
    $
    38,413
    
    
    
    4,993,124
    

Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (963,043
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    245,463Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    209,551Assets held for sale
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    98,706Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    633,234Total assets at December 31, 2008
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    5,217,035
 (1)
    
    United Kingdom additions are impacted by foreign currency translation gain or loss.  111




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##### Table of Contents



12. ACCOUNTING FOR THE IMPAIRMENT OR DISPOSAL OF LONG-LIVED ASSETS
 Discontinued Operations
  Year Ended December 31,2009
    
    
    2008
    
    
    2007Revenues
    
    $
    15,491
    
    
    $
    30,531
    
    
    $
    61,067Operating expenses
    
    
    (3,833
    )
    
    
    (11,462
    )
    
    
    (22,358
    )Interest expense
    
    
    (2,195
    )
    
    
    (4,982
    )
    
    
    (9,798
    )Depreciation and amortization
    
    
    (2,512
    )
    
    
    (7,060
    )
    
    
    (13,378
    )Income before property
dispositions and impairment
charges
    
    $
    6,951
    
    
    $
    7,027
    
    
    $
    15,533
  Asset Impairment
  Year Ended December 31,Segment
    
    2009
    
    
    2008
    
    
    2007Northeast
    
    $
    1,251
    
    
    $
    957
    
    
    $
    39Midwest
    
    
    837
    
    
    
    1,490
    
    
    
    131Mid-Atlantic
    
    
    3,992
    
    
    
    629
    
    
    
    Florida
    
    
    292
    
    
    
    
    
    
    
    Philadelphia/D.C.
    
    
    3,137
    
    
    
    
    
    
    
    Total
    
    $
    9,509
    
    
    $
    3,076
    
    
    $
    170
    112




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##### Table of Contents



13. SUPPLEMENTAL DISCLOSURE TO STATEMENTS OF CASH FLOWS
  2009
    
    
    2008
    
    
    2007Write-off of fully depreciated property and deferred costs
    
    $
    76,714
    
    
    $
    31,421
    
    
    $
    102,902Acquisition of properties
    
    
    
    
    
    
    
    
    
    
    (73,556
    )Assumption of mortgage loans
    
    
    
    
    
    
    
    
    
    
    73,556Increase in investment in unconsolidated joint ventures
    
    
    
    
    
    
    (35,172
    )
    
    
    Disposition of properties/development in progress
    
    
    
    
    
    
    173,624
    
    
    
    Disposition of deferred leasing/financing costs
    
    
    
    
    
    
    12,526
    
    
    
    Reduction of accounts receivable
    
    
    
    
    
    
    7,854
    
    
    
    Reduction of deferred rent receivable
    
    
    
    
    
    
    6,580
    
    
    
    Reduction of prepaid and other assets
    
    
    
    
    
    
    38,486
    
    
    
    Reduction of Credit Facility
    
    
    
    
    
    
    (152,960
    )
    
    
    Reduction of other liabilities
    
    
    
    
    
    
    (50,938
    )
    
    
    
  113




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES1501 Perryman Road
    
    Aberdeen, MD
    
    
    
    
    
    
    5,813,324
    
    
    
    18,874,059
    
    
    
    4,804,279
    
    
    
    5,816,839
    
    
    
    23,674,823
    
    
    
    29,491,662
    
    
    
    2,192,955
    
    
    2005
    
    40 yrs.2196 Avenue C
    
    Allentown, PA
    
    
    
    
    
    
    101,159
    
    
    
    
    
    
    
    1,377,970
    
    
    
    107,307
    
    
    
    1,371,822
    
    
    
    1,479,129
    
    
    
    864,539
    
    
    1980
    
    40 yrs.2202 Hanger Place
    
    Allentown, PA
    
    
    *
    
    
    
    137,439
    
    
    
    
    
    
    
    1,341,155
    
    
    
    138,127
    
    
    
    1,340,466
    
    
    
    1,478,594
    
    
    
    919,724
    
    
    1981
    
    40 yrs.7437 Industrial Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    717,488
    
    
    
    5,022,413
    
    
    
    3,000,614
    
    
    
    726,651
    
    
    
    8,013,864
    
    
    
    8,740,515
    
    
    
    3,362,998
    
    
    1976
    
    40 yrs.7339 Industrial Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    1,187,776
    
    
    
    
    
    
    
    7,309,880
    
    
    
    1,197,447
    
    
    
    7,300,209
    
    
    
    8,497,656
    
    
    
    2,749,783
    
    
    1996
    
    40 yrs.400 Nestle Way
    
    Allentown, PA
    
    
    19,993,555
    
    
    
    8,065,500
    
    
    
    
    
    
    
    27,420,765
    
    
    
    8,184,096
    
    
    
    27,302,169
    
    
    
    35,486,265
    
    
    
    9,791,909
    
    
    1997
    
    40 yrs.7248 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,670,849
    
    
    
    13,307,408
    
    
    
    4,089,940
    
    
    
    2,670,673
    
    
    
    17,397,523
    
    
    
    20,068,197
    
    
    
    5,075,727
    
    
    1988
    
    40 yrs.700 Nestle Way
    
    Allentown, PA
    
    
    *
    
    
    
    3,473,120
    
    
    
    
    
    
    
    20,083,721
    
    
    
    4,174,970
    
    
    
    19,381,870
    
    
    
    23,556,841
    
    
    
    6,104,911
    
    
    1998
    
    40 yrs.7562 Penn Drive
    
    Allentown, PA
    
    
    
    
    
    
    269,614
    
    
    
    844,069
    
    
    
    213,047
    
    
    
    269,614
    
    
    
    1,057,116
    
    
    
    1,326,730
    
    
    
    354,746
    
    
    1989
    
    40 yrs.7277 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    462,964
    
    
    
    1,449,009
    
    
    
    436,346
    
    
    
    463,123
    
    
    
    1,885,196
    
    
    
    2,348,319
    
    
    
    736,944
    
    
    1989
    
    40 yrs.7355 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    489,749
    
    
    
    1,658,091
    
    
    
    314,252
    
    
    
    489,749
    
    
    
    1,972,343
    
    
    
    2,462,092
    
    
    
    640,184
    
    
    1998
    
    40 yrs.794 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    1,147,541
    
    
    
    6,088,041
    
    
    
    1,183,790
    
    
    
    1,147,541
    
    
    
    7,271,832
    
    
    
    8,419,373
    
    
    
    2,526,061
    
    
    1985
    
    40 yrs.6923 Schantz Spring Road
    
    Allentown, PA
    
    
    *
    
    
    
    1,127,805
    
    
    
    3,309,132
    
    
    
    660,579
    
    
    
    1,127,805
    
    
    
    3,969,711
    
    
    
    5,097,516
    
    
    
    1,163,852
    
    
    1993
    
    40 yrs.8014 Industrial Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    4,019,258
    
    
    
    
    
    
    
    9,764,774
    
    
    
    3,645,117
    
    
    
    10,138,915
    
    
    
    13,784,032
    
    
    
    3,341,045
    
    
    1999
    
    40 yrs.705 Boulder Drive
    
    Allentown, PA
    
    
    *
    
    
    
    4,484,096
    
    
    
    
    
    
    
    15,194,668
    
    
    
    4,486,836
    
    
    
    15,191,928
    
    
    
    19,678,764
    
    
    
    3,524,004
    
    
    2001
    
    40 yrs.651 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,308,646
    
    
    
    
    
    
    
    18,056,549
    
    
    
    4,308,646
    
    
    
    18,056,549
    
    
    
    22,365,194
    
    
    
    3,827,258
    
    
    2000
    
    40 yrs.8150 Industrial Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    2,564,167
    
    
    
    
    
    
    
    8,911,345
    
    
    
    2,571,466
    
    
    
    8,904,047
    
    
    
    11,475,513
    
    
    
    2,171,847
    
    
    2002
    
    40 yrs.8250 Industrial Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    1,025,667
    
    
    
    
    
    
    
    5,346,179
    
    
    
    1,035,854
    
    
    
    5,335,991
    
    
    
    6,371,846
    
    
    
    1,109,398
    
    
    2002
    
    40 yrs.650 Boulder Drive
    
    Allentown, PA
    
    
    *
    
    
    
    5,208,248
    
    
    
    
    
    
    
    31,405,185
    
    
    
    9,961,788
    
    
    
    26,651,645
    
    
    
    36,613,433
    
    
    
    4,756,705
    
    
    2002
    
    40 yrs.7165 Ambassador Drive
    
    Allentown, PA
    
    
    *
    
    
    
    792,999
    
    
    
    
    
    
    
    4,533,868
    
    
    
    804,848
    
    
    
    4,522,019
    
    
    
    5,326,867
    
    
    
    1,016,649
    
    
    2002
    
    40 yrs.200 Boulder Drive
    
    Allentown, PA
    
    
    *
    
    
    
    4,722,683
    
    
    
    18,922,645
    
    
    
    541,304
    
    
    
    4,722,683
    
    
    
    19,463,949
    
    
    
    24,186,632
    
    
    
    2,588,889
    
    
    2004
    
    40 yrs.250 Boulder Drive
    
    Allentown, PA
    
    
    *
    
    
    
    3,599,936
    
    
    
    12,099,145
    
    
    
    2,087,298
    
    
    
    3,717,733
    
    
    
    14,068,646
    
    
    
    17,786,379
    
    
    
    2,088,906
    
    
    2004
    
    40 yrs.8400 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    6,725,948
    
    
    
    
    
    
    
    27,103,907
    
    
    
    7,521,211
    
    
    
    26,308,644
    
    
    
    33,829,856
    
    
    
    2,205,417
    
    
    2005
    
    40 yrs.6560 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    458,281
    
    
    
    
    
    
    
    2,833,097
    
    
    
    458,945
    
    
    
    2,832,433
    
    
    
    3,291,378
    
    
    
    1,466,473
    
    
    1989
    
    40 yrs.6370 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    540,795
    
    
    
    
    
    
    
    3,744,192
    
    
    
    541,459
    
    
    
    3,743,528
    
    
    
    4,284,987
    
    
    
    1,868,661
    
    
    1990
    
    40 yrs.6390 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    707,203
    
    
    
    
    
    
    
    2,765,090
    
    
    
    707,867
    
    
    
    2,764,425
    
    
    
    3,472,293
    
    
    
    1,512,805
    
    
    1990
    
    40 yrs.6350 Hedgewood Drive
    
    Allentown, PA
    
    
    *
    
    
    
    360,027
    
    
    
    
    
    
    
    3,885,003
    
    
    
    560,691
    
    
    
    3,684,339
    
    
    
    4,245,030
    
    
    
    1,677,570
    
    
    1989
    
    40 yrs.6330 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    531,268
    
    
    
    
    
    
    
    4,920,859
    
    
    
    532,047
    
    
    
    4,920,080
    
    
    
    5,452,127
    
    
    
    2,774,933
    
    
    1988
    
    40 yrs.6580 Snowdrift Road
    
    Allentown, PA
    
    
    
    
    
    
    388,328
    
    
    
    
    
    
    
    3,475,773
    
    
    
    389,081
    
    
    
    3,475,020
    
    
    
    3,864,101
    
    
    
    1,839,464
    
    
    1988
    
    40 yrs.6540 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    422,042
    
    
    
    
    
    
    
    3,893,307
    
    
    
    422,730
    
    
    
    3,892,620
    
    
    
    4,315,349
    
    
    
    2,134,789
    
    
    1988
    
    40 yrs.974 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    143,500
    
    
    
    
    
    
    
    2,556,174
    
    
    
    144,248
    
    
    
    2,555,426
    
    
    
    2,699,674
    
    
    
    1,496,730
    
    
    1987
    
    40 yrs.964 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    138,816
    
    
    
    
    
    
    
    2,126,673
    
    
    
    139,480
    
    
    
    2,126,009
    
    
    
    2,265,489
    
    
    
    1,330,273
    
    
    1985
    
    40 yrs.764 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    141,069
    
    
    
    
    
    
    
    876,165
    
    
    
    141,746
    
    
    
    875,488
    
    
    
    1,017,234
    
    
    
    514,307
    
    
    1985
    
    40 yrs.3174 Airport Road
    
    Allentown, PA
    
    
    
    
    
    
    98,986
    
    
    
    
    
    
    
    1,196,420
    
    
    
    98,986
    
    
    
    1,196,420
    
    
    
    1,295,406
    
    
    
    806,648
    
    
    1979
    
    40 yrs.2201 Hanger Place
    
    Allentown, PA
    
    
    
    
    
    
    128,454
    
    
    
    
    
    
    
    1,918,272
    
    
    
    129,142
    
    
    
    1,917,583
    
    
    
    2,046,726
    
    
    
    1,333,081
    
    
    1987
    
    40 yrs.954 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    103,665
    
    
    
    
    
    
    
    1,347,075
    
    
    
    104,453
    
    
    
    1,346,288
    
    
    
    1,450,740
    
    
    
    689,811
    
    
    1981
    
    40 yrs.754 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    162,115
    
    
    
    1,731,885
    
    
    
    502,487
    
    
    
    163,735
    
    
    
    2,232,752
    
    
    
    2,396,487
    
    
    
    961,223
    
    
    1986
    
    40 yrs.744 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    159,771
    
    
    
    1,734,229
    
    
    
    271,718
    
    
    
    161,371
    
    
    
    2,004,347
    
    
    
    2,165,718
    
    
    
    818,827
    
    
    1986
    
    40 yrs.944 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    118,521
    
    
    
    1,435,479
    
    
    
    610,844
    
    
    
    119,711
    
    
    
    2,045,133
    
    
    
    2,164,844
    
    
    
    829,879
    
    
    1986
    
    40 yrs.6520 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    453,315
    
    
    
    
    
    
    
    1,791,480
    
    
    
    484,361
    
    
    
    1,760,434
    
    
    
    2,244,795
    
    
    
    793,672
    
    
    1996
    
    40 yrs.2041 Avenue C
    
    Allentown, PA
    
    
    
    
    
    
    213,599
    
    
    
    1,095,217
    
    
    
    313,180
    
    
    
    213,879
    
    
    
    1,408,117
    
    
    
    1,621,996
    
    
    
    449,416
    
    
    1990
    
    40 yrs.7620 Cetronia Road
    
    Allentown, PA
    
    
    
    
    
    
    1,091,806
    
    
    
    3,851,456
    
    
    
    369,187
    
    
    
    1,093,724
    
    
    
    4,218,725
    
    
    
    5,312,449
    
    
    
    1,670,086
    
    
    1990
    
    40 yrs.180,190 Cochrane Drive
    
    Annapolis, MD
    
    
    
    
    
    
    3,670,256
    
    
    
    
    
    
    
    23,630,722
    
    
    
    3,752,293
    
    
    
    23,548,685
    
    
    
    27,300,978
    
    
    
    11,414,778
    
    
    1988
    
    40 yrs.4606 Richlynn Drive
    
    Belcamp, MD
    
    
    
    
    
    
    299,600
    
    
    
    1,818,861
    
    
    
    712,787
    
    
    
    299,600
    
    
    
    2,531,649
    
    
    
    2,831,249
    
    
    
    660,865
    
    
    1985
    
    40 yrs.1455 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    670,290
    
    
    
    
    
    
    
    4,243,453
    
    
    
    545,172
    
    
    
    4,368,571
    
    
    
    4,913,743
    
    
    
    2,063,867
    
    
    1997
    
    40 yrs.1640 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    4,293,944
    
    
    
    190,728
    
    
    
    4,462,216
    
    
    
    4,652,944
    
    
    
    1,742,947
    
    
    1996
    
    40 yrs.1650 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,224,548
    
    
    
    188,896
    
    
    
    2,394,651
    
    
    
    2,583,548
    
    
    
    1,088,139
    
    
    1997
    
    40 yrs.1660 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,557,966
    
    
    
    188,721
    
    
    
    2,728,245
    
    
    
    2,916,966
    
    
    
    973,259
    
    
    1998
    
    40 yrs.83 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    143,661
    
    
    
    888,128
    
    
    
    572,057
    
    
    
    212,744
    
    
    
    1,391,102
    
    
    
    1,603,845
    
    
    
    620,455
    
    
    1989
    
    40 yrs.85 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    236,708
    
    
    
    987,949
    
    
    
    208,645
    
    
    
    237,078
    
    
    
    1,196,225
    
    
    
    1,433,303
    
    
    
    413,134
    
    
    1989
    
    40 yrs.87 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    253,886
    
    
    
    1,062,881
    
    
    
    273,052
    
    
    
    253,886
    
    
    
    1,335,933
    
    
    
    1,589,818
    
    
    
    500,341
    
    
    1989
    
    40 yrs.89 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    320,000
    
    
    
    
    
    
    
    2,022,399
    
    
    
    367,706
    
    
    
    1,974,693
    
    
    
    2,342,399
    
    
    
    873,636
    
    
    1998
    
    40 yrs.1525 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    475,686
    
    
    
    
    
    
    
    7,944,965
    
    
    
    804,104
    
    
    
    7,616,547
    
    
    
    8,420,651
    
    
    
    2,560,117
    
    
    1999
    
    40 yrs.74 West Broad Street
    
    Bethlehem, PA
    
    
    
    
    
    
    1,096,127
    
    
    
    
    
    
    
    13,874,303
    
    
    
    1,099,079
    
    
    
    13,871,351
    
    
    
    14,970,430
    
    
    
    4,026,880
    
    
    2002
    
    40 yrs.1605 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    729,751
    
    
    
    
    
    
    
    11,561,580
    
    
    
    1,766,196
    
    
    
    10,525,135
    
    
    
    12,291,331
    
    
    
    2,839,400
    
    
    2000
    
    40 yrs.1495 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    434,640
    
    
    
    
    
    
    
    4,922,712
    
    
    
    435,303
    
    
    
    4,922,049
    
    
    
    5,357,352
    
    
    
    2,343,238
    
    
    1990
    
    40 yrs.1550 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    196,954
    
    
    
    
    
    
    
    4,267,425
    
    
    
    197,700
    
    
    
    4,266,679
    
    
    
    4,464,379
    
    
    
    1,916,177
    
    
    1988
    
    40 yrs.1560 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    240,069
    
    
    
    
    
    
    
    4,635,199
    
    
    
    240,732
    
    
    
    4,634,536
    
    
    
    4,875,268
    
    
    
    2,496,299
    
    
    1988
    
    40 yrs.1510 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    312,209
    
    
    
    
    
    
    
    3,833,455
    
    
    
    312,873
    
    
    
    3,832,791
    
    
    
    4,145,664
    
    
    
    2,071,654
    
    
    1988
    
    40 yrs.1530 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    211,747
    
    
    
    
    
    
    
    3,029,231
    
    
    
    212,492
    
    
    
    3,028,486
    
    
    
    3,240,978
    
    
    
    1,568,618
    
    
    1988
    
    40 yrs.57 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    390,839
    
    
    
    2,701,161
    
    
    
    883,806
    
    
    
    395,459
    
    
    
    3,580,347
    
    
    
    3,975,806
    
    
    
    1,608,633
    
    
    1986
    
    40 yrs.6601-6625 W. 78th Street
    
    Bloomington, MN
    
    
    
    
    
    
    2,263,060
    
    
    
    
    
    
    
    39,279,236
    
    
    
    2,310,246
    
    
    
    39,232,050
    
    
    
    41,542,296
    
    
    
    10,965,582
    
    
    1998
    
    40 yrs.6161 Green Valley Drive
    
    Bloomington, MN
    
    
    
    
    
    
    740,378
    
    
    
    3,311,602
    
    
    
    881,878
    
    
    
    709,961
    
    
    
    4,223,897
    
    
    
    4,933,858
    
    
    
    1,064,619
    
    
    1992
    
    40 yrs.10801 Nesbitt Avenue South
    
    Bloomington, MN
    
    
    
    
    
    
    784,577
    
    
    
    
    
    
    
    4,108,623
    
    
    
    786,382
    
    
    
    4,106,818
    
    
    
    4,893,200
    
    
    
    1,386,052
    
    
    2001
    
    40 yrs.5775 West Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,052,018
    
    
    
    3,849,649
    
    
    
    3,331,114
    
    
    
    2,060,644
    
    
    
    7,172,136
    
    
    
    9,232,780
    
    
    
    3,194,662
    
    
    2002
    
    40 yrs.5715 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    2,387,584
    
    
    
    1,264,758
    
    
    
    4,746,834
    
    
    
    6,011,592
    
    
    
    1,422,994
    
    
    2002
    
    40 yrs.5735 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    1,086,930
    
    
    
    1,264,758
    
    
    
    3,446,180
    
    
    
    4,710,938
    
    
    
    775,156
    
    
    2002
    
    40 yrs.5705 Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,113,223
    
    
    
    
    
    
    
    5,520,730
    
    
    
    2,148,571
    
    
    
    5,485,383
    
    
    
    7,633,953
    
    
    
    546,531
    
    
    2001
    
    40 yrs.1701 Clint Moore Boulevard
    
    Boca Raton, FL
    
    
    
    
    
    
    1,430,884
    
    
    
    3,043,553
    
    
    
    1,317,936
    
    
    
    1,430,937
    
    
    
    4,361,436
    
    
    
    5,792,373
    
    
    
    1,299,605
    
    
    1985
    
    40 yrs.951 Broken Sound Parkway
    
    Boca Raton, FL
    
    
    
    
    
    
    1,426,251
    
    
    
    6,098,952
    
    
    
    2,333,187
    
    
    
    1,426,251
    
    
    
    8,432,138
    
    
    
    9,858,389
    
    
    
    2,931,424
    
    
    1986
    
    40 yrs.777 Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    4,101,247
    
    
    
    16,077,347
    
    
    
    6,471,449
    
    
    
    4,501,247
    
    
    
    22,148,796
    
    
    
    26,650,043
    
    
    
    7,122,323
    
    
    1987
    
    40 yrs.1801 Clint Moore Road
    
    Boca Raton, FL
    
    
    
    
    
    
    1,065,068
    
    
    
    4,481,644
    
    
    
    686,050
    
    
    
    1,065,068
    
    
    
    5,167,695
    
    
    
    6,232,763
    
    
    
    1,810,278
    
    
    1986
    
    40 yrs.750 Park of Commerce Boulevard
    
    Boca Raton, FL
    
    
    
    
    
    
    2,430,000
    
    
    
    
    
    
    
    20,370,688
    
    
    
    2,473,406
    
    
    
    20,327,282
    
    
    
    22,800,688
    
    
    
    250,145
    
    
    2007
    
    40 yrs.
  114




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)400 Boulder Drive
    
    Breinigsville, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,408,721
    
    
    
    2,865,575
    
    
    
    10,543,146
    
    
    
    13,408,721
    
    
    
    1,421,657
    
    
    2003
    
    40 yrs.860 Nestle Way
    
    Breinigsville, PA
    
    
    
    
    
    
    8,118,881
    
    
    
    18,885,486
    
    
    
    6,680,031
    
    
    
    8,118,881
    
    
    
    25,565,517
    
    
    
    33,684,398
    
    
    
    2,698,563
    
    
    2004
    
    40 yrs.8201 Industrial Boulevard
    
    Breinigsville, PA
    
    
    *
    
    
    
    2,089,719
    
    
    
    
    
    
    
    8,328,910
    
    
    
    2,222,168
    
    
    
    8,196,461
    
    
    
    10,418,629
    
    
    
    674,780
    
    
    2006
    
    40 yrs.8500 Industrial Bouldvard
    
    Breinigsville, PA
    
    
    
    
    
    
    8,752,708
    
    
    
    
    
    
    
    37,189,227
    
    
    
    11,511,499
    
    
    
    34,430,436
    
    
    
    45,941,935
    
    
    
    850,293
    
    
    2007
    
    40 yrs.602 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    524,728
    
    
    
    2,240,478
    
    
    
    7,650
    
    
    
    524,728
    
    
    
    2,248,128
    
    
    
    2,772,856
    
    
    
    659,860
    
    
    1996
    
    40 yrs.245 Executive Drive
    
    Brookfield, WI
    
    
    
    
    
    
    577,067
    
    
    
    5,197,903
    
    
    
    4,083,791
    
    
    
    577,067
    
    
    
    9,281,694
    
    
    
    9,858,761
    
    
    
    2,873,511
    
    
    1984
    
    40 yrs.15800 West Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    1,289,204
    
    
    
    8,128,035
    
    
    
    1,539,600
    
    
    
    1,306,811
    
    
    
    9,650,028
    
    
    
    10,956,839
    
    
    
    2,384,910
    
    
    1994
    
    40 yrs.20700 Swenson Drive
    
    Brookfield, WI
    
    
    5,102,070
    
    
    
    830,008
    
    
    
    12,276,445
    
    
    
    679,246
    
    
    
    830,999
    
    
    
    12,954,700
    
    
    
    13,785,698
    
    
    
    1,657,012
    
    
    2005
    
    40 yrs.20800 Swenson Drive
    
    Brookfield, WI
    
    
    4,412,013
    
    
    
    1,023,466
    
    
    
    10,729,219
    
    
    
    1,046,655
    
    
    
    1,025,082
    
    
    
    11,774,257
    
    
    
    12,799,339
    
    
    
    1,619,160
    
    
    2005
    
    40 yrs.20935 Swenson Drive
    
    Brookfield, WI
    
    
    3,848,454
    
    
    
    571,389
    
    
    
    10,238,547
    
    
    
    765,002
    
    
    
    572,158
    
    
    
    11,002,779
    
    
    
    11,574,937
    
    
    
    1,443,181
    
    
    2005
    
    40 yrs.20975 Swenson Drive
    
    Brookfield, WI
    
    
    5,162,022
    
    
    
    675,422
    
    
    
    8,910,651
    
    
    
    1,060,006
    
    
    
    678,637
    
    
    
    9,967,442
    
    
    
    10,646,079
    
    
    
    1,592,010
    
    
    2005
    
    40 yrs.20825 Swenson Drive
    
    Brookfield, WI
    
    
    
    
    
    
    644,563
    
    
    
    3,640,734
    
    
    
    223,470
    
    
    
    646,518
    
    
    
    3,862,251
    
    
    
    4,508,768
    
    
    
    518,526
    
    
    2006
    
    40 yrs.1485 W. Commerce Avenue
    
    Carlisle, PA
    
    
    
    
    
    
    4,249,868
    
    
    
    13,886,039
    
    
    
    2,241,825
    
    
    
    4,095,262
    
    
    
    16,282,471
    
    
    
    20,377,733
    
    
    
    2,053,822
    
    
    2004
    
    40 yrs.3773 Corporate Parkway
    
    Center Valley, PA
    
    
    
    
    
    
    738,108
    
    
    
    
    
    
    
    7,671,741
    
    
    
    794,874
    
    
    
    7,614,974
    
    
    
    8,409,848
    
    
    
    2,256,384
    
    
    2001
    
    40 yrs.95 Kriner Road
    
    Chambersburg, PA
    
    
    
    
    
    
    8,695,501
    
    
    
    
    
    
    
    28,492,075
    
    
    
    9,407,871
    
    
    
    27,779,705
    
    
    
    37,187,576
    
    
    
    861,982
    
    
    2006
    
    40 yrs.1309 Executive Boulevard
    
    Cheaspeake, VA
    
    
    
    
    
    
    926,125
    
    
    
    
    
    
    
    5,090,506
    
    
    
    955,374
    
    
    
    5,061,257
    
    
    
    6,016,631
    
    
    
    1,120,006
    
    
    2001
    
    40 yrs.1305 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    861,020
    
    
    
    
    
    
    
    4,929,744
    
    
    
    1,129,850
    
    
    
    4,660,913
    
    
    
    5,790,763
    
    
    
    1,086,271
    
    
    2002
    
    40 yrs.1313 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    1,180,036
    
    
    
    
    
    
    
    4,629,615
    
    
    
    1,708,050
    
    
    
    4,101,602
    
    
    
    5,809,652
    
    
    
    887,713
    
    
    2002
    
    40 yrs.500 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    864,150
    
    
    
    4,427,285
    
    
    
    114,510
    
    
    
    866,609
    
    
    
    4,539,337
    
    
    
    5,405,945
    
    
    
    734,360
    
    
    2004
    
    40 yrs.700 Independence Parkway
    
    Chesapeake, VA
    
    
    6,374,921
    
    
    
    1,950,375
    
    
    
    7,236,994
    
    
    
    651,092
    
    
    
    1,951,135
    
    
    
    7,887,326
    
    
    
    9,838,461
    
    
    
    1,491,629
    
    
    2004
    
    40 yrs.501 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    1,202,556
    
    
    
    5,975,538
    
    
    
    1,239,033
    
    
    
    1,292,273
    
    
    
    7,124,854
    
    
    
    8,417,127
    
    
    
    905,439
    
    
    2005
    
    40 yrs.505 Independence Parkway
    
    Chesapeake, VA
    
    
    4,823,203
    
    
    
    1,292,062
    
    
    
    6,456,515
    
    
    
    1,326,852
    
    
    
    1,292,254
    
    
    
    7,783,173
    
    
    
    9,075,428
    
    
    
    1,103,228
    
    
    2005
    
    40 yrs.510 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    2,012,149
    
    
    
    7,546,882
    
    
    
    969,751
    
    
    
    2,014,689
    
    
    
    8,514,094
    
    
    
    10,528,783
    
    
    
    1,135,223
    
    
    2005
    
    40 yrs.1301 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,176,380
    
    
    
    997,570
    
    
    
    5,178,810
    
    
    
    6,176,380
    
    
    
    564,740
    
    
    2005
    
    40 yrs.676 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    1,527,303
    
    
    
    
    
    
    
    9,591,486
    
    
    
    1,562,903
    
    
    
    9,555,887
    
    
    
    11,118,790
    
    
    
    111,001
    
    
    2006
    
    40 yrs.6230 Old Dobbin Lane
    
    Colombia, MD
    
    
    
    
    
    
    3,004,075
    
    
    
    
    
    
    
    7,926,845
    
    
    
    2,746,455
    
    
    
    8,184,465
    
    
    
    10,930,920
    
    
    
    1,220,442
    
    
    2004
    
    40 yrs.9101,9111,9115 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    758,951
    
    
    
    
    
    
    
    4,775,935
    
    
    
    765,952
    
    
    
    4,768,933
    
    
    
    5,534,886
    
    
    
    2,520,185
    
    
    1984
    
    40 yrs.9125,9135,9145 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    900,154
    
    
    
    
    
    
    
    6,544,198
    
    
    
    920,439
    
    
    
    6,523,913
    
    
    
    7,444,352
    
    
    
    4,134,716
    
    
    1983
    
    40 yrs.7178-80 Columbia Gateway
    
    Columbia, MD
    
    
    
    
    
    
    1,569,237
    
    
    
    4,786,887
    
    
    
    2,222,793
    
    
    
    1,571,105
    
    
    
    7,007,812
    
    
    
    8,578,917
    
    
    
    3,367,771
    
    
    1987
    
    40 yrs.9770 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    341,663
    
    
    
    3,033,309
    
    
    
    1,335,308
    
    
    
    341,663
    
    
    
    4,368,617
    
    
    
    4,710,280
    
    
    
    1,505,696
    
    
    1986
    
    40 yrs.9780 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    218,542
    
    
    
    1,940,636
    
    
    
    425,260
    
    
    
    218,542
    
    
    
    2,365,896
    
    
    
    2,584,438
    
    
    
    757,810
    
    
    1986
    
    40 yrs.9790 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    243,791
    
    
    
    2,164,094
    
    
    
    332,248
    
    
    
    243,791
    
    
    
    2,496,342
    
    
    
    2,740,132
    
    
    
    906,547
    
    
    1986
    
    40 yrs.9810 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    266,684
    
    
    
    2,366,901
    
    
    
    1,069,980
    
    
    
    266,684
    
    
    
    3,436,881
    
    
    
    3,703,565
    
    
    
    1,175,589
    
    
    1986
    
    40 yrs.9800 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    299,099
    
    
    
    2,654,069
    
    
    
    535,532
    
    
    
    299,099
    
    
    
    3,189,601
    
    
    
    3,488,700
    
    
    
    1,102,330
    
    
    1988
    
    40 yrs.9820 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    237,779
    
    
    
    2,110,835
    
    
    
    789,527
    
    
    
    237,779
    
    
    
    2,900,362
    
    
    
    3,138,141
    
    
    
    1,017,589
    
    
    1988
    
    40 yrs.9830 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    296,262
    
    
    
    2,628,933
    
    
    
    644,838
    
    
    
    296,262
    
    
    
    3,273,771
    
    
    
    3,570,033
    
    
    
    1,024,134
    
    
    1986
    
    40 yrs.8945-8975 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    2,428,795
    
    
    
    7,493,740
    
    
    
    1,892,483
    
    
    
    2,427,065
    
    
    
    9,387,953
    
    
    
    11,815,018
    
    
    
    2,939,518
    
    
    1986
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,788,070
    
    
    
    1,295,000
    
    
    
    3,451,175
    
    
    
    4,746,175
    
    
    
    948,964
    
    
    2002
    
    40 yrs.6200 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,746,375
    
    
    
    1,295,000
    
    
    
    3,409,480
    
    
    
    4,704,480
    
    
    
    842,908
    
    
    2002
    
    40 yrs.6210 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,931,442
    
    
    
    1,307,300
    
    
    
    3,582,247
    
    
    
    4,889,547
    
    
    
    988,688
    
    
    2002
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    4,256,633
    
    
    
    1,599,259
    
    
    
    3,615,480
    
    
    
    5,214,738
    
    
    
    700,113
    
    
    2000
    
    40 yrs.9755 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    3,917,094
    
    
    
    16,219,721
    
    
    
    1,458,302
    
    
    
    3,922,382
    
    
    
    17,672,735
    
    
    
    21,595,117
    
    
    
    2,957,545
    
    
    2006
    
    40 yrs.6220 Old Dobbin Lane
    
    Columbis, MD
    
    
    
    
    
    
    3,865,848
    
    
    
    
    
    
    
    7,741,067
    
    
    
    3,166,951
    
    
    
    8,439,964
    
    
    
    11,606,915
    
    
    
    605,197
    
    
    2006
    
    40 yrs.1250 Hall Court
    
    Deer Park, TX
    
    
    2,936,922
    
    
    
    829,570
    
    
    
    4,778,327
    
    
    
    47,398
    
    
    
    831,611
    
    
    
    4,823,685
    
    
    
    5,655,296
    
    
    
    405,300
    
    
    2006
    
    40 yrs.170 Parkway West
    
    Duncan, SC
    
    
    
    
    
    
    598,348
    
    
    
    3,643,756
    
    
    
    126,879
    
    
    
    598,918
    
    
    
    3,770,065
    
    
    
    4,368,983
    
    
    
    438,211
    
    
    2006
    
    40 yrs.190 Parkway West
    
    Duncan, SC
    
    
    
    
    
    
    551,663
    
    
    
    3,463,858
    
    
    
    135,431
    
    
    
    552,211
    
    
    
    3,598,741
    
    
    
    4,150,952
    
    
    
    448,138
    
    
    2006
    
    40 yrs.265 Parkway East
    
    Duncan, SC
    
    
    
    
    
    
    901,444
    
    
    
    5,751,389
    
    
    
    18,391
    
    
    
    902,374
    
    
    
    5,768,850
    
    
    
    6,671,224
    
    
    
    770,932
    
    
    2006
    
    40 yrs.285 Parkway East
    
    Duncan, SC
    
    
    
    
    
    
    975,433
    
    
    
    6,149,465
    
    
    
    34,259
    
    
    
    976,393
    
    
    
    6,182,764
    
    
    
    7,159,157
    
    
    
    871,435
    
    
    2006
    
    40 yrs.3255 Neil Armstrong Boulevard
    
    Eagan, MN
    
    
    
    
    
    
    1,131,017
    
    
    
    
    
    
    
    3,366,266
    
    
    
    1,103,860
    
    
    
    3,393,423
    
    
    
    4,497,283
    
    
    
    933,699
    
    
    1998
    
    40 yrs.6321-6325 Bury Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    462,876
    
    
    
    4,151,790
    
    
    
    930,856
    
    
    
    462,876
    
    
    
    5,082,646
    
    
    
    5,545,522
    
    
    
    1,617,278
    
    
    1988
    
    40 yrs.7660-7716 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    568,706
    
    
    
    5,115,177
    
    
    
    3,303,240
    
    
    
    1,289,215
    
    
    
    7,697,908
    
    
    
    8,987,123
    
    
    
    3,292,622
    
    
    1988
    
    40 yrs.7400 Flying Cloud Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    195,982
    
    
    
    1,762,027
    
    
    
    1,062,477
    
    
    
    767,703
    
    
    
    2,252,783
    
    
    
    3,020,486
    
    
    
    606,970
    
    
    1987
    
    40 yrs.10301-10305 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    120,622
    
    
    
    1,085,226
    
    
    
    380,382
    
    
    
    118,300
    
    
    
    1,467,930
    
    
    
    1,586,230
    
    
    
    439,102
    
    
    1984
    
    40 yrs.10321 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    145,198
    
    
    
    1,305,700
    
    
    
    379,731
    
    
    
    142,399
    
    
    
    1,688,230
    
    
    
    1,830,628
    
    
    
    719,514
    
    
    1984
    
    40 yrs.10333 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    110,746
    
    
    
    995,868
    
    
    
    128,275
    
    
    
    108,610
    
    
    
    1,126,279
    
    
    
    1,234,889
    
    
    
    387,242
    
    
    1984
    
    40 yrs.10349-10357 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    275,903
    
    
    
    2,481,666
    
    
    
    449,591
    
    
    
    270,584
    
    
    
    2,936,576
    
    
    
    3,207,160
    
    
    
    1,022,110
    
    
    1985
    
    40 yrs.10365-10375 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    291,077
    
    
    
    2,618,194
    
    
    
    364,782
    
    
    
    285,464
    
    
    
    2,988,589
    
    
    
    3,274,053
    
    
    
    1,046,895
    
    
    1985
    
    40 yrs.10393-10394 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    269,618
    
    
    
    2,423,318
    
    
    
    794,424
    
    
    
    264,419
    
    
    
    3,222,941
    
    
    
    3,487,360
    
    
    
    1,075,402
    
    
    1985
    
    40 yrs.7078 Shady Oak Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    343,093
    
    
    
    3,085,795
    
    
    
    1,616,449
    
    
    
    336,481
    
    
    
    4,708,856
    
    
    
    5,045,337
    
    
    
    1,824,139
    
    
    1985
    
    40 yrs.10400 Viking Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,912,391
    
    
    
    
    
    
    
    23,586,267
    
    
    
    2,938,372
    
    
    
    23,560,286
    
    
    
    26,498,658
    
    
    
    8,105,637
    
    
    1999
    
    40 yrs.7625 Smetana Lane
    
    Eden Prairie, MN
    
    
    
    
    
    
    4,500,641
    
    
    
    
    
    
    
    2,987,320
    
    
    
    1,916,609
    
    
    
    5,571,353
    
    
    
    7,487,962
    
    
    
    514,302
    
    
    2006
    
    40 yrs.7695-7699 Anagram Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    760,525
    
    
    
    3,254,758
    
    
    
    625,146
    
    
    
    760,525
    
    
    
    3,879,903
    
    
    
    4,640,429
    
    
    
    1,332,387
    
    
    1997
    
    40 yrs.7800 Equitable Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,188,525
    
    
    
    3,788,762
    
    
    
    243,378
    
    
    
    2,188,525
    
    
    
    4,032,139
    
    
    
    6,220,664
    
    
    
    1,264,551
    
    
    1993
    
    40 yrs.7905 Fuller Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,229,862
    
    
    
    4,075,167
    
    
    
    2,051,136
    
    
    
    1,230,965
    
    
    
    6,125,200
    
    
    
    7,356,165
    
    
    
    1,695,683
    
    
    1994
    
    40 yrs.9023 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,956,273
    
    
    
    
    
    
    
    4,873,578
    
    
    
    1,956,273
    
    
    
    4,873,578
    
    
    
    6,829,851
    
    
    
    1,496,859
    
    
    1999
    
    40 yrs.8967 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,450,000
    
    
    
    
    
    
    
    3,575,107
    
    
    
    1,450,000
    
    
    
    3,575,107
    
    
    
    5,025,107
    
    
    
    1,021,055
    
    
    2000
    
    40 yrs.7777 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    993,101
    
    
    
    2,136,862
    
    
    
    1,176,757
    
    
    
    993,101
    
    
    
    3,313,619
    
    
    
    4,306,720
    
    
    
    931,410
    
    
    2000
    
    40 yrs.8937 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,325,829
    
    
    
    
    
    
    
    4,287,274
    
    
    
    1,739,966
    
    
    
    3,873,137
    
    
    
    5,613,103
    
    
    
    971,715
    
    
    2001
    
    40 yrs.7615 Smetana Lane
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,011,517
    
    
    
    
    
    
    
    8,665,025
    
    
    
    3,000,555
    
    
    
    6,675,988
    
    
    
    9,676,542
    
    
    
    1,941,114
    
    
    2001
    
    40 yrs.8995 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,087,594
    
    
    
    
    
    
    
    3,664,053
    
    
    
    2,055,296
    
    
    
    2,696,352
    
    
    
    4,751,648
    
    
    
    678,387
    
    
    2001
    
    40 yrs.8911 Columbine Road (B2)
    
    Eden Prairie, MN
    
    
    
    
    
    
    916,687
    
    
    
    
    
    
    
    3,634,580
    
    
    
    1,718,407
    
    
    
    2,832,859
    
    
    
    4,551,267
    
    
    
    613,925
    
    
    2000
    
    40 yrs.8855 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,400,925
    
    
    
    
    
    
    
    5,226,016
    
    
    
    1,599,757
    
    
    
    5,027,185
    
    
    
    6,626,941
    
    
    
    709,335
    
    
    2000
    
    40 yrs.7075 Flying Cloud Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    10,232,831
    
    
    
    10,855,851
    
    
    
    53,337
    
    
    
    10,243,977
    
    
    
    10,898,042
    
    
    
    21,142,019
    
    
    
    773,205
    
    
    2007
    
    40 yrs.7351 Coca Cola Drive
    
    Elkridge, MD
    
    
    
    
    
    
    1,897,044
    
    
    
    
    
    
    
    7,054,722
    
    
    
    3,023,417
    
    
    
    5,928,349
    
    
    
    8,951,766
    
    
    
    440,333
    
    
    2006
    
    40 yrs.
  115




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)180 Sheree Boulevard
    
    Exton, PA
    
    
    5,039,159
    
    
    
    2,647,861
    
    
    
    11,334,403
    
    
    
    2,299,569
    
    
    
    2,649,426
    
    
    
    13,632,407
    
    
    
    16,281,833
    
    
    
    1,695,864
    
    
    2007
    
    40 yrs.7028 Snowdrift Road
    
    Fogelville, PA
    
    
    
    
    
    
    520,473
    
    
    
    959,279
    
    
    
    292,813
    
    
    
    524,390
    
    
    
    1,248,175
    
    
    
    1,772,565
    
    
    
    408,740
    
    
    1982
    
    40 yrs.420 Delaware Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    2,766,931
    
    
    
    
    
    
    
    8,290,952
    
    
    
    2,826,994
    
    
    
    8,230,889
    
    
    
    11,057,884
    
    
    
    813,116
    
    
    2005
    
    40 yrs.414 Commerce Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,267,194
    
    
    
    2,217,460
    
    
    
    325,875
    
    
    
    1,267,937
    
    
    
    2,542,591
    
    
    
    3,810,529
    
    
    
    321,768
    
    
    2004
    
    40 yrs.275 Commerce Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,775,894
    
    
    
    2,160,855
    
    
    
    7,428,042
    
    
    
    1,790,041
    
    
    
    9,574,750
    
    
    
    11,364,791
    
    
    
    490,833
    
    
    2005
    
    40 yrs.1250 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,639,166
    
    
    
    1,928,574
    
    
    
    468,379
    
    
    
    1,650,703
    
    
    
    2,385,416
    
    
    
    4,036,119
    
    
    
    306,886
    
    
    2005
    
    40 yrs.1100 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    22,612,437
    
    
    
    
    
    
    
    55,809,125
    
    
    
    23,339,943
    
    
    
    55,081,619
    
    
    
    78,421,562
    
    
    
    2,161,520
    
    
    2006
    
    40 yrs.1100 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    13,007,509
    
    
    
    11,480,744
    
    
    
    65,283
    
    
    
    13,035,013
    
    
    
    11,518,523
    
    
    
    24,553,536
    
    
    
    2,967,041
    
    
    2006
    
    40 yrs.106 Southchase Boulevard
    
    Fountain Inn, SC
    
    
    
    
    
    
    201,944
    
    
    
    
    
    
    
    5,133,389
    
    
    
    684,003
    
    
    
    4,651,330
    
    
    
    5,335,333
    
    
    
    474,871
    
    
    2005
    
    40 yrs.9601 Cosner Drive
    
    Fredericksburg, VA
    
    
    
    
    
    
    475,262
    
    
    
    3,917,234
    
    
    
    214,221
    
    
    
    475,262
    
    
    
    4,131,454
    
    
    
    4,606,716
    
    
    
    1,502,466
    
    
    1995
    
    40 yrs.200 W Cypress Creek Road
    
    Ft Lauderdale, FL
    
    
    
    
    
    
    3,414,989
    
    
    
    2,399,738
    
    
    
    10,558,425
    
    
    
    3,414,989
    
    
    
    12,958,163
    
    
    
    16,373,152
    
    
    
    2,740,091
    
    
    2003
    
    40 yrs.5410 - 5430 Northwest 33rd Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    603,776
    
    
    
    4,176,238
    
    
    
    1,292,009
    
    
    
    625,111
    
    
    
    5,446,912
    
    
    
    6,072,023
    
    
    
    1,853,206
    
    
    1985
    
    40 yrs.6500 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,099
    
    
    
    3,046,309
    
    
    
    460,723
    
    
    
    
    
    
    
    3,514,130
    
    
    
    3,514,130
    
    
    
    1,265,024
    
    
    1989
    
    40 yrs.6600 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,102
    
    
    
    3,047,462
    
    
    
    790,582
    
    
    
    
    
    
    
    3,845,146
    
    
    
    3,845,146
    
    
    
    1,261,376
    
    
    1989
    
    40 yrs.4880 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    743,898
    
    
    
    4,499,807
    
    
    
    3,058,575
    
    
    
    743,898
    
    
    
    7,558,382
    
    
    
    8,302,280
    
    
    
    2,177,079
    
    
    1995
    
    40 yrs.5000 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    770,214
    
    
    
    3,685,248
    
    
    
    315,963
    
    
    
    771,029
    
    
    
    4,000,396
    
    
    
    4,771,425
    
    
    
    1,437,068
    
    
    1990
    
    40 yrs.5500 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    443,485
    
    
    
    
    
    
    
    3,546,671
    
    
    
    483,263
    
    
    
    3,506,893
    
    
    
    3,990,156
    
    
    
    1,507,055
    
    
    1999
    
    40 yrs.4801 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,072,896
    
    
    
    
    
    
    
    10,384,753
    
    
    
    1,075,620
    
    
    
    10,382,029
    
    
    
    11,457,649
    
    
    
    3,732,026
    
    
    1998
    
    40 yrs.4198 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    670,292
    
    
    
    3,839,245
    
    
    
    1,387,745
    
    
    
    670,292
    
    
    
    5,226,990
    
    
    
    5,897,282
    
    
    
    1,816,101
    
    
    1984
    
    40 yrs.4510 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,010,024
    
    
    
    7,151,729
    
    
    
    2,030,095
    
    
    
    1,010,044
    
    
    
    9,181,804
    
    
    
    10,191,848
    
    
    
    3,379,930
    
    
    1990
    
    40 yrs.4121 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,083,006
    
    
    
    6,035,653
    
    
    
    974,853
    
    
    
    1,083,006
    
    
    
    7,010,507
    
    
    
    8,093,513
    
    
    
    1,219,324
    
    
    2004
    
    40 yrs.200 Southchase Boulevard
    
    Greenville, SC
    
    
    
    
    
    
    512,911
    
    
    
    
    
    
    
    6,273,615
    
    
    
    515,542
    
    
    
    6,270,984
    
    
    
    6,786,525
    
    
    
    948,767
    
    
    2003
    
    40 yrs.45 Brookfield Oaks Drive
    
    Greenville, SC
    
    
    
    
    
    
    818,114
    
    
    
    
    
    
    
    3,548,088
    
    
    
    825,529
    
    
    
    3,540,673
    
    
    
    4,366,202
    
    
    
    206,081
    
    
    2006
    
    40 yrs.116 Pleasant Ridge Road
    
    Greenville, SC
    
    
    
    
    
    
    1,547,811
    
    
    
    
    
    
    
    13,304,806
    
    
    
    3,712,683
    
    
    
    11,139,934
    
    
    
    14,852,617
    
    
    
    414,238
    
    
    2006
    
    40 yrs.7 Research Drive
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    17,091,882
    
    
    
    4,405
    
    
    
    
    
    
    
    17,096,287
    
    
    
    17,096,287
    
    
    
    1,236,986
    
    
    2007
    
    40 yrs.1487 South Highway 101
    
    Greer, SC
    
    
    
    
    
    
    464,237
    
    
    
    
    
    
    
    5,173,211
    
    
    
    1,301,738
    
    
    
    4,335,710
    
    
    
    5,637,447
    
    
    
    121,276
    
    
    2007
    
    40 yrs.11841 Newgate Boulevard
    
    Hagerstown, MD
    
    
    *
    
    
    
    3,356,207
    
    
    
    
    
    
    
    30,313,897
    
    
    
    9,741,685
    
    
    
    23,928,419
    
    
    
    33,670,104
    
    
    
    196,321
    
    
    2008
    
    40 yrs.1 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    974,675
    
    
    
    5,579,869
    
    
    
    1,455,957
    
    
    
    974,675
    
    
    
    7,035,826
    
    
    
    8,010,501
    
    
    
    2,519,411
    
    
    1987
    
    40 yrs.22 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    1,097,368
    
    
    
    6,760,778
    
    
    
    1,350,708
    
    
    
    1,097,368
    
    
    
    8,111,486
    
    
    
    9,208,854
    
    
    
    2,687,716
    
    
    1990
    
    40 yrs.5 Manhattan Square
    
    Hampton, VA
    
    
    
    
    
    
    207,368
    
    
    
    
    
    
    
    1,663,695
    
    
    
    212,694
    
    
    
    1,658,368
    
    
    
    1,871,063
    
    
    
    579,741
    
    
    1999
    
    40 yrs.1317 Executive Boulevard
    
    Hampton, VA
    
    
    
    
    
    
    1,650,423
    
    
    
    
    
    
    
    7,816,239
    
    
    
    1,128,829
    
    
    
    8,337,834
    
    
    
    9,466,663
    
    
    
    770,441
    
    
    2006
    
    40 yrs.21 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    263,668
    
    
    
    8,167,118
    
    
    
    449,586
    
    
    
    265,719
    
    
    
    8,614,653
    
    
    
    8,880,372
    
    
    
    2,061,870
    
    
    1999
    
    40 yrs.521 Butler Farm Road
    
    Hampton, VA
    
    
    
    
    
    
    750,769
    
    
    
    2,911,149
    
    
    
    259,460
    
    
    
    710,486
    
    
    
    3,210,892
    
    
    
    3,921,378
    
    
    
    570,931
    
    
    2003
    
    40 yrs.7317 Parkway Drive
    
    Hanover, MD
    
    
    
    
    
    
    1,104,359
    
    
    
    1,959,671
    
    
    
    96,894
    
    
    
    1,104,359
    
    
    
    2,056,565
    
    
    
    3,160,924
    
    
    
    620,218
    
    
    1983
    
    40 yrs.7361 Coca Cola Drive
    
    Hanover, MD
    
    
    
    
    
    
    2,245,187
    
    
    
    
    
    
    
    9,441,500
    
    
    
    3,822,710
    
    
    
    7,863,977
    
    
    
    11,686,687
    
    
    
    134,941
    
    
    2004
    
    40 yrs.600 Industrial Drive
    
    Harrisburg, PA
    
    
    *
    
    
    
    7,743,800
    
    
    
    
    
    
    
    28,472,202
    
    
    
    9,368,557
    
    
    
    26,847,444
    
    
    
    36,216,001
    
    
    
    2,552,297
    
    
    2005
    
    40 yrs.500 McCarthy Drive
    
    Harrisburg, PA
    
    
    *
    
    
    
    5,194,872
    
    
    
    19,991,436
    
    
    
    4,234,765
    
    
    
    5,687,013
    
    
    
    23,734,060
    
    
    
    29,421,073
    
    
    
    3,921,491
    
    
    2005
    
    40 yrs.4170 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    143,699
    
    
    
    
    
    
    
    2,210,943
    
    
    
    373,502
    
    
    
    1,981,140
    
    
    
    2,354,642
    
    
    
    711,419
    
    
    1999
    
    40 yrs.4180 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    121,329
    
    
    
    
    
    
    
    1,835,505
    
    
    
    315,614
    
    
    
    1,641,220
    
    
    
    1,956,834
    
    
    
    621,236
    
    
    1999
    
    40 yrs.4050 Piedmont Parkway
    
    High Point , NC
    
    
    
    
    
    
    801,902
    
    
    
    
    
    
    
    20,713,945
    
    
    
    2,042,159
    
    
    
    19,473,688
    
    
    
    21,515,847
    
    
    
    6,178,788
    
    
    1998
    
    40 yrs.4523 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    234,564
    
    
    
    
    
    
    
    3,122,737
    
    
    
    235,698
    
    
    
    3,121,604
    
    
    
    3,357,301
    
    
    
    1,414,355
    
    
    1988
    
    40 yrs.4501 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    319,289
    
    
    
    
    
    
    
    2,686,364
    
    
    
    320,450
    
    
    
    2,685,203
    
    
    
    3,005,653
    
    
    
    1,386,394
    
    
    1989
    
    40 yrs.4500 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    230,622
    
    
    
    
    
    
    
    2,355,911
    
    
    
    231,692
    
    
    
    2,354,841
    
    
    
    2,586,533
    
    
    
    1,254,192
    
    
    1989
    
    40 yrs.2427 Penny Road
    
    High Point, NC
    
    
    
    
    
    
    1,165,664
    
    
    
    
    
    
    
    3,476,301
    
    
    
    655,240
    
    
    
    3,986,724
    
    
    
    4,641,965
    
    
    
    1,891,247
    
    
    1990
    
    40 yrs.4524 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    182,810
    
    
    
    
    
    
    
    2,445,555
    
    
    
    183,888
    
    
    
    2,444,476
    
    
    
    2,628,365
    
    
    
    1,270,718
    
    
    1989
    
    40 yrs.4328, 4336 Federal Drive
    
    High Point, NC
    
    
    3,658,438
    
    
    
    521,122
    
    
    
    
    
    
    
    7,325,519
    
    
    
    825,092
    
    
    
    7,021,548
    
    
    
    7,846,641
    
    
    
    4,189,175
    
    
    1995
    
    40 yrs.4344 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    484,001
    
    
    
    
    
    
    
    2,790,986
    
    
    
    173,623
    
    
    
    3,101,365
    
    
    
    3,274,988
    
    
    
    1,314,647
    
    
    1996
    
    40 yrs.4000 Piedmont Parkway
    
    High Point, NC
    
    
    
    
    
    
    592,885
    
    
    
    4,825,615
    
    
    
    969,656
    
    
    
    597,368
    
    
    
    5,790,788
    
    
    
    6,388,156
    
    
    
    2,324,634
    
    
    1989
    
    40 yrs.4380 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    282,996
    
    
    
    
    
    
    
    2,214,882
    
    
    
    283,368
    
    
    
    2,214,510
    
    
    
    2,497,878
    
    
    
    921,865
    
    
    1997
    
    40 yrs.4388 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    143,661
    
    
    
    
    
    
    
    1,210,692
    
    
    
    132,655
    
    
    
    1,221,699
    
    
    
    1,354,353
    
    
    
    518,446
    
    
    1997
    
    40 yrs.4160 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    285,882
    
    
    
    
    
    
    
    3,361,383
    
    
    
    545,627
    
    
    
    3,101,638
    
    
    
    3,647,265
    
    
    
    1,133,220
    
    
    1998
    
    40 yrs.4194 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    102,372
    
    
    
    
    
    
    
    2,610,977
    
    
    
    265,991
    
    
    
    2,447,358
    
    
    
    2,713,349
    
    
    
    918,202
    
    
    1999
    
    40 yrs.4196 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    66,731
    
    
    
    
    
    
    
    2,505,844
    
    
    
    173,889
    
    
    
    2,398,686
    
    
    
    2,572,575
    
    
    
    1,000,575
    
    
    1999
    
    40 yrs.4300 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    264,038
    
    
    
    
    
    
    
    2,168,281
    
    
    
    276,038
    
    
    
    2,156,281
    
    
    
    2,432,318
    
    
    
    537,397
    
    
    1998
    
    40 yrs.4135 Mendenall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    499,500
    
    
    
    
    
    
    
    3,498,674
    
    
    
    500,980
    
    
    
    3,497,193
    
    
    
    3,998,174
    
    
    
    1,032,962
    
    
    2000
    
    40 yrs.1498 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    94,274
    
    
    
    
    
    
    
    5,905,625
    
    
    
    791,880
    
    
    
    5,208,019
    
    
    
    5,999,899
    
    
    
    361,496
    
    
    2005
    
    40 yrs.4183 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    122,203
    
    
    
    
    
    
    
    3,982,978
    
    
    
    526,266
    
    
    
    3,578,915
    
    
    
    4,105,181
    
    
    
    1,575,427
    
    
    2001
    
    40 yrs.4189 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    100,106
    
    
    
    
    
    
    
    3,430,006
    
    
    
    431,106
    
    
    
    3,099,006
    
    
    
    3,530,112
    
    
    
    966,013
    
    
    2001
    
    40 yrs.4020 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    94,232
    
    
    
    
    
    
    
    1,682,549
    
    
    
    378,101
    
    
    
    1,398,680
    
    
    
    1,776,781
    
    
    
    409,736
    
    
    2001
    
    40 yrs.1400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    172,320
    
    
    
    
    
    
    
    7,251,365
    
    
    
    984,672
    
    
    
    6,439,013
    
    
    
    7,423,685
    
    
    
    1,628,906
    
    
    2002
    
    40 yrs.4191 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    217,943
    
    
    
    
    
    
    
    3,114,814
    
    
    
    611,166
    
    
    
    2,721,590
    
    
    
    3,332,756
    
    
    
    661,029
    
    
    2002
    
    40 yrs.4015 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    510,000
    
    
    
    
    
    
    
    2,787,760
    
    
    
    511,869
    
    
    
    2,785,890
    
    
    
    3,297,759
    
    
    
    370,527
    
    
    2003
    
    40 yrs.4195 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    107,586
    
    
    
    
    
    
    
    3,394,903
    
    
    
    505,700
    
    
    
    2,996,790
    
    
    
    3,502,490
    
    
    
    401,761
    
    
    2004
    
    40 yrs.400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,909,540
    
    
    
    665,239
    
    
    
    1,244,301
    
    
    
    1,909,540
    
    
    
    113,838
    
    
    2004
    
    40 yrs.4475 Premier Drive
    
    High Point, NC
    
    
    
    
    
    
    748,693
    
    
    
    
    
    
    
    6,775,441
    
    
    
    1,525,421
    
    
    
    5,998,713
    
    
    
    7,524,134
    
    
    
    224,143
    
    
    2006
    
    40 yrs.100 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    3,102,784
    
    
    
    
    
    
    
    20,117,703
    
    
    
    3,764,784
    
    
    
    19,455,704
    
    
    
    23,220,487
    
    
    
    4,115,212
    
    
    1996
    
    40 yrs.132 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    1,333,642
    
    
    
    
    
    
    
    4,692,880
    
    
    
    1,408,041
    
    
    
    4,618,480
    
    
    
    6,026,521
    
    
    
    1,870,853
    
    
    1998
    
    40 yrs.300 Welsh Road - Building 3
    
    Horsham, PA
    
    
    
    
    
    
    180,459
    
    
    
    1,441,473
    
    
    
    375,923
    
    
    
    180,459
    
    
    
    1,817,396
    
    
    
    1,997,855
    
    
    
    709,249
    
    
    1983
    
    40 yrs.300 Welsh Road - Building 4
    
    Horsham, PA
    
    
    
    
    
    
    282,493
    
    
    
    2,256,508
    
    
    
    2,017,673
    
    
    
    282,493
    
    
    
    4,274,180
    
    
    
    4,556,674
    
    
    
    1,477,035
    
    
    1983
    
    40 yrs.2 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,281,870
    
    
    
    7,767,374
    
    
    
    1,961,590
    
    
    
    1,265,363
    
    
    
    9,745,470
    
    
    
    11,010,834
    
    
    
    3,753,210
    
    
    1989
    
    40 yrs.5 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,065,951
    
    
    
    
    
    
    
    10,193,519
    
    
    
    1,939,712
    
    
    
    9,319,758
    
    
    
    11,259,470
    
    
    
    2,570,870
    
    
    2000
    
    40 yrs.200 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    638,513
    
    
    
    5,811,323
    
    
    
    1,946,390
    
    
    
    638,513
    
    
    
    7,757,713
    
    
    
    8,396,226
    
    
    
    3,101,363
    
    
    1990
    
    40 yrs.220 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,228
    
    
    
    1,455,917
    
    
    
    629,944
    
    
    
    7,189,145
    
    
    
    7,819,089
    
    
    
    2,833,488
    
    
    1990
    
    40 yrs.240 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,234
    
    
    
    1,916,405
    
    
    
    629,944
    
    
    
    7,649,639
    
    
    
    8,279,583
    
    
    
    3,173,063
    
    
    1990
    
    40 yrs.
  116




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)1 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,058,901
    
    
    
    5,343,606
    
    
    
    1,041,557
    
    
    
    1,058,901
    
    
    
    6,385,163
    
    
    
    7,444,064
    
    
    
    2,488,780
    
    
    1986
    
    40 yrs.181-187 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    360,549
    
    
    
    3,259,984
    
    
    
    787,154
    
    
    
    360,549
    
    
    
    4,047,138
    
    
    
    4,407,687
    
    
    
    1,439,135
    
    
    1982
    
    40 yrs.104 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    330,111
    
    
    
    2,981,669
    
    
    
    594,916
    
    
    
    330,111
    
    
    
    3,576,586
    
    
    
    3,906,696
    
    
    
    1,088,841
    
    
    1974
    
    40 yrs.123-135 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    292,360
    
    
    
    2,411,677
    
    
    
    2,398,815
    
    
    
    393,019
    
    
    
    4,709,833
    
    
    
    5,102,852
    
    
    
    1,353,048
    
    
    1975
    
    40 yrs.111-159 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    489,032
    
    
    
    4,126,151
    
    
    
    1,369,615
    
    
    
    489,032
    
    
    
    5,495,766
    
    
    
    5,984,798
    
    
    
    1,933,325
    
    
    1981
    
    40 yrs.161-175 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    294,673
    
    
    
    2,663,722
    
    
    
    987,299
    
    
    
    294,673
    
    
    
    3,651,020
    
    
    
    3,945,694
    
    
    
    1,227,806
    
    
    1976
    
    40 yrs.103-109 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    270,906
    
    
    
    2,448,500
    
    
    
    824,142
    
    
    
    270,906
    
    
    
    3,272,641
    
    
    
    3,543,547
    
    
    
    1,363,221
    
    
    1978
    
    40 yrs.261-283 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    464,871
    
    
    
    3,951,972
    
    
    
    1,804,841
    
    
    
    464,871
    
    
    
    5,756,812
    
    
    
    6,221,683
    
    
    
    1,457,282
    
    
    1978
    
    40 yrs.210-223 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    270,282
    
    
    
    2,441,276
    
    
    
    1,935,505
    
    
    
    270,282
    
    
    
    4,376,781
    
    
    
    4,647,063
    
    
    
    1,454,128
    
    
    1972
    
    40 yrs.231-237 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    436,952
    
    
    
    3,948,963
    
    
    
    1,147,911
    
    
    
    436,952
    
    
    
    5,096,874
    
    
    
    5,533,826
    
    
    
    1,709,544
    
    
    1981
    
    40 yrs.100 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    38,729
    
    
    
    349,811
    
    
    
    9,589
    
    
    
    38,729
    
    
    
    359,400
    
    
    
    398,129
    
    
    
    108,399
    
    
    1975
    
    40 yrs.101 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    651,990
    
    
    
    5,888,989
    
    
    
    1,561,785
    
    
    
    732,552
    
    
    
    7,370,212
    
    
    
    8,102,764
    
    
    
    2,550,394
    
    
    1977
    
    40 yrs.506 Prudential Road
    
    Horsham, PA
    
    
    
    
    
    
    208,140
    
    
    
    895,470
    
    
    
    894,621
    
    
    
    208,140
    
    
    
    1,790,091
    
    
    
    1,998,231
    
    
    
    496,271
    
    
    1973
    
    40 yrs.113-123 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    351,072
    
    
    
    3,171,001
    
    
    
    808,823
    
    
    
    451,731
    
    
    
    3,879,164
    
    
    
    4,330,896
    
    
    
    1,131,114
    
    
    1975
    
    40 yrs.101-111 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    350,561
    
    
    
    3,166,389
    
    
    
    1,135,637
    
    
    
    452,251
    
    
    
    4,200,336
    
    
    
    4,652,587
    
    
    
    1,401,775
    
    
    1975
    
    40 yrs.120 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    533,142
    
    
    
    4,830,515
    
    
    
    2,423,031
    
    
    
    558,142
    
    
    
    7,228,546
    
    
    
    7,786,688
    
    
    
    2,194,203
    
    
    1980
    
    40 yrs.110 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    673,041
    
    
    
    5,776,369
    
    
    
    2,608,934
    
    
    
    673,041
    
    
    
    8,385,303
    
    
    
    9,058,344
    
    
    
    2,845,532
    
    
    1979
    
    40 yrs.100-107 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    239,528
    
    
    
    2,163,498
    
    
    
    712,712
    
    
    
    255,528
    
    
    
    2,860,210
    
    
    
    3,115,738
    
    
    
    1,042,640
    
    
    1982
    
    40 yrs.200-264 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    502,705
    
    
    
    4,540,597
    
    
    
    2,418,467
    
    
    
    502,705
    
    
    
    6,959,064
    
    
    
    7,461,769
    
    
    
    1,999,639
    
    
    1982
    
    40 yrs.300-309 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    369,475
    
    
    
    3,338,761
    
    
    
    1,872,188
    
    
    
    376,475
    
    
    
    5,203,948
    
    
    
    5,580,424
    
    
    
    2,151,857
    
    
    1982
    
    40 yrs.400-445 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    543,628
    
    
    
    4,910,226
    
    
    
    2,760,384
    
    
    
    583,628
    
    
    
    7,630,610
    
    
    
    8,214,238
    
    
    
    2,685,264
    
    
    1981
    
    40 yrs.104 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    1,248,148
    
    
    
    
    
    
    
    1,133,749
    
    
    
    189,793
    
    
    
    2,192,104
    
    
    
    2,381,897
    
    
    
    1,009,111
    
    
    1975
    
    40 yrs.201 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    380,127
    
    
    
    3,433,433
    
    
    
    2,058,038
    
    
    
    380,802
    
    
    
    5,490,796
    
    
    
    5,871,598
    
    
    
    1,787,473
    
    
    1983
    
    40 yrs.719 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    493,426
    
    
    
    2,812,067
    
    
    
    251,335
    
    
    
    495,112
    
    
    
    3,061,716
    
    
    
    3,556,828
    
    
    
    939,815
    
    
    1987
    
    40 yrs.4 Walnut Grove
    
    Horsham, PA
    
    
    
    
    
    
    2,515,115
    
    
    
    
    
    
    
    10,812,179
    
    
    
    2,515,115
    
    
    
    10,812,179
    
    
    
    13,327,294
    
    
    
    2,400,131
    
    
    1999
    
    40 yrs.300 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    696,061
    
    
    
    3,339,991
    
    
    
    570,429
    
    
    
    696,061
    
    
    
    3,910,420
    
    
    
    4,606,480
    
    
    
    1,239,300
    
    
    1985
    
    40 yrs.700 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    2,551,777
    
    
    
    3,020,638
    
    
    
    4,696,950
    
    
    
    2,565,140
    
    
    
    7,704,225
    
    
    
    10,269,365
    
    
    
    4,060,756
    
    
    1987
    
    40 yrs.680 Blair Mill Road
    
    Horsham, PA
    
    
    
    
    
    
    3,527,151
    
    
    
    
    
    
    
    18,677,374
    
    
    
    4,138,577
    
    
    
    18,065,948
    
    
    
    22,204,525
    
    
    
    3,757,078
    
    
    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
    
    
    
    756,703
    
    
    1985
    
    40 yrs.335 Commerce Drive
    
    Horsham, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,752,074
    
    
    
    182,400
    
    
    
    8,569,674
    
    
    
    8,752,074
    
    
    
    1,361,879
    
    
    2002
    
    40 yrs.255 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,154,289
    
    
    
    2,007,214
    
    
    
    606,764
    
    
    
    1,140,597
    
    
    
    2,627,669
    
    
    
    3,768,266
    
    
    
    487,540
    
    
    2003
    
    40 yrs.355 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    483,045
    
    
    
    898,798
    
    
    
    435,914
    
    
    
    471,171
    
    
    
    1,346,586
    
    
    
    1,817,757
    
    
    
    328,082
    
    
    2003
    
    40 yrs.455 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,351,011
    
    
    
    2,503,449
    
    
    
    1,927,940
    
    
    
    1,322,317
    
    
    
    4,460,083
    
    
    
    5,782,400
    
    
    
    1,309,097
    
    
    2003
    
    40 yrs.555 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    727,420
    
    
    
    1,353,650
    
    
    
    481,187
    
    
    
    709,967
    
    
    
    1,852,291
    
    
    
    2,562,258
    
    
    
    383,140
    
    
    2003
    
    40 yrs.7 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    2,631,696
    
    
    
    
    
    
    
    18,587,720
    
    
    
    2,631,956
    
    
    
    18,587,460
    
    
    
    21,219,416
    
    
    
    1,100,184
    
    
    2006
    
    40 yrs.747 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    1,607,238
    
    
    
    
    
    
    
    5,309,144
    
    
    
    1,607,977
    
    
    
    5,308,405
    
    
    
    6,916,382
    
    
    
    2,907,306
    
    
    1988
    
    40 yrs.507 Prudential Road
    
    Horsham, PA
    
    
    
    
    
    
    644,900
    
    
    
    5,804,100
    
    
    
    8,818,780
    
    
    
    1,131,380
    
    
    
    14,136,400
    
    
    
    15,267,780
    
    
    
    5,036,818
    
    
    1988
    
    40 yrs.767 Electronic Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,229,685
    
    
    
    
    
    
    
    3,430,171
    
    
    
    1,241,970
    
    
    
    3,417,886
    
    
    
    4,659,856
    
    
    
    1,857,945
    
    
    1996
    
    40 yrs.16445 Air Center Boulevard
    
    Houston, TX
    
    
    *
    
    
    
    363,339
    
    
    
    2,509,186
    
    
    
    683,016
    
    
    
    363,339
    
    
    
    3,192,202
    
    
    
    3,555,541
    
    
    
    1,303,915
    
    
    1997
    
    40 yrs.16405 Air Center Boulevard
    
    Houston, TX
    
    
    *
    
    
    
    438,853
    
    
    
    3,030,396
    
    
    
    438,371
    
    
    
    438,853
    
    
    
    3,468,766
    
    
    
    3,907,619
    
    
    
    1,167,865
    
    
    1997
    
    40 yrs.16580 Air Center Boulevard
    
    Houston, TX
    
    
    *
    
    
    
    289,000
    
    
    
    3,559,857
    
    
    
    393,346
    
    
    
    289,000
    
    
    
    3,953,204
    
    
    
    4,242,204
    
    
    
    1,157,287
    
    
    1997
    
    40 yrs.1755 Trans Central Drive
    
    Houston, TX
    
    
    *
    
    
    
    293,534
    
    
    
    3,036,269
    
    
    
    201,651
    
    
    
    306,147
    
    
    
    3,225,306
    
    
    
    3,531,453
    
    
    
    836,323
    
    
    1999
    
    40 yrs.16680 Central Green Boulevard
    
    Houston, TX
    
    
    *
    
    
    
    311,952
    
    
    
    
    
    
    
    3,938,479
    
    
    
    492,869
    
    
    
    3,757,561
    
    
    
    4,250,431
    
    
    
    207,229
    
    
    2001
    
    40 yrs.16605 Air Center Boulevard
    
    Houston, TX
    
    
    *
    
    
    
    298,999
    
    
    
    
    
    
    
    3,770,315
    
    
    
    496,186
    
    
    
    3,573,128
    
    
    
    4,069,314
    
    
    
    1,061,169
    
    
    2002
    
    40 yrs.10739 West Little York Road
    
    Houston, TX
    
    
    *
    
    
    
    797,931
    
    
    
    5,950,894
    
    
    
    323,654
    
    
    
    799,560
    
    
    
    6,272,919
    
    
    
    7,072,479
    
    
    
    1,323,723
    
    
    1999
    
    40 yrs.10735 West Little York Road
    
    Houston, TX
    
    
    *
    
    
    
    1,110,988
    
    
    
    6,351,946
    
    
    
    1,726,247
    
    
    
    1,135,483
    
    
    
    8,053,699
    
    
    
    9,189,181
    
    
    
    1,378,273
    
    
    2000
    
    40 yrs.8801-19 & 8821-49 Fallbrook Drive
    
    Houston, TX
    
    
    *
    
    
    
    2,290,001
    
    
    
    15,297,141
    
    
    
    1,590,836
    
    
    
    2,290,002
    
    
    
    16,887,976
    
    
    
    19,177,978
    
    
    
    2,877,924
    
    
    2000
    
    40 yrs.16685 Air Center Boulevard
    
    Houston, TX
    
    
    *
    
    
    
    
    
    
    
    
    
    
    
    2,966,702
    
    
    
    414,691
    
    
    
    2,552,011
    
    
    
    2,966,702
    
    
    
    429,005
    
    
    2004
    
    40 yrs.8825-8839 N Sam Houston Pkwy
    
    Houston, TX
    
    
    *
    
    
    
    638,453
    
    
    
    3,258,815
    
    
    
    582,362
    
    
    
    638,477
    
    
    
    3,841,152
    
    
    
    4,479,629
    
    
    
    699,465
    
    
    2004
    
    40 yrs.8850-8872 Fallbrook Drive
    
    Houston, TX
    
    
    *
    
    
    
    504,317
    
    
    
    2,878,351
    
    
    
    1,014,679
    
    
    
    504,341
    
    
    
    3,893,006
    
    
    
    4,397,347
    
    
    
    730,415
    
    
    2004
    
    40 yrs.8802-8824 Fallbrook Drive
    
    Houston, TX
    
    
    *
    
    
    
    2,774,995
    
    
    
    6,364,767
    
    
    
    1,142,324
    
    
    
    2,775,021
    
    
    
    7,507,064
    
    
    
    10,282,085
    
    
    
    1,230,012
    
    
    2004
    
    40 yrs.16602 Central Green Boulevard
    
    Houston, TX
    
    
    *
    
    
    
    284,403
    
    
    
    
    
    
    
    4,495,522
    
    
    
    503,779
    
    
    
    4,276,146
    
    
    
    4,779,925
    
    
    
    460,256
    
    
    2005
    
    40 yrs.1646 Rankin Road
    
    Houston, TX
    
    
    *
    
    
    
    329,961
    
    
    
    
    
    
    
    4,895,132
    
    
    
    592,234
    
    
    
    4,632,859
    
    
    
    5,225,093
    
    
    
    585,133
    
    
    2005
    
    40 yrs.8301 Fallbrook Drive
    
    Houston, TX
    
    
    *
    
    
    
    4,515,862
    
    
    
    
    
    
    
    23,926,947
    
    
    
    5,877,884
    
    
    
    22,564,925
    
    
    
    28,442,809
    
    
    
    977,364
    
    
    2006
    
    40 yrs.5200 N. Sam Houston Parkway
    
    Houston, TX
    
    
    *
    
    
    
    1,519,458
    
    
    
    7,135,548
    
    
    
    3,481,858
    
    
    
    1,520,074
    
    
    
    10,616,789
    
    
    
    12,136,864
    
    
    
    696,249
    
    
    2007
    
    40 yrs.5250 N. Sam Houston Parkway
    
    Houston, TX
    
    
    *
    
    
    
    2,173,287
    
    
    
    8,868,256
    
    
    
    2,128,750
    
    
    
    2,173,942
    
    
    
    10,996,351
    
    
    
    13,170,293
    
    
    
    651,494
    
    
    2007
    
    40 yrs.11201 Greens Crossing Boulevard
    
    Houston, TX
    
    
    *
    
    
    
    1,006,194
    
    
    
    5,412,584
    
    
    
    2,705,249
    
    
    
    1,008,542
    
    
    
    8,115,484
    
    
    
    9,124,026
    
    
    
    567,219
    
    
    2007
    
    40 yrs.850 Greens Parkway
    
    Houston, TX
    
    
    *
    
    
    
    2,893,405
    
    
    
    11,593,197
    
    
    
    2,680,294
    
    
    
    2,899,861
    
    
    
    14,267,034
    
    
    
    17,166,895
    
    
    
    731,389
    
    
    2007
    
    40 yrs.860 Greens Parkway
    
    Houston, TX
    
    
    *
    
    
    
    1,399,365
    
    
    
    6,344,650
    
    
    
    1,524,550
    
    
    
    1,374,012
    
    
    
    7,894,553
    
    
    
    9,268,565
    
    
    
    418,052
    
    
    2007
    
    40 yrs.20 Wright Avenue
    
    Hunt Valley, MD
    
    
    
    
    
    
    1,205,946
    
    
    
    
    
    
    
    9,655,473
    
    
    
    1,861,025
    
    
    
    9,000,393
    
    
    
    10,861,418
    
    
    
    2,380,099
    
    
    2001
    
    40 yrs.4 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    3,269,948
    
    
    
    13,551,370
    
    
    
    1,883,314
    
    
    
    3,269,948
    
    
    
    15,434,685
    
    
    
    18,704,632
    
    
    
    2,663,009
    
    
    2003
    
    40 yrs.6 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,077,949
    
    
    
    8,770,566
    
    
    
    1,225,169
    
    
    
    2,077,949
    
    
    
    9,995,736
    
    
    
    12,073,685
    
    
    
    1,993,397
    
    
    2003
    
    40 yrs.10 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,211,969
    
    
    
    7,816,042
    
    
    
    1,280,519
    
    
    
    2,211,969
    
    
    
    9,096,561
    
    
    
    11,308,530
    
    
    
    1,285,453
    
    
    2003
    
    40 yrs.307 International Circle
    
    Hunt Valley, MD
    
    
    *
    
    
    
    3,538,319
    
    
    
    14,190,832
    
    
    
    13,368,168
    
    
    
    3,542,881
    
    
    
    27,554,438
    
    
    
    31,097,319
    
    
    
    3,743,213
    
    
    2004
    
    40 yrs.309 International Circle
    
    Hunt Valley, MD
    
    
    *
    
    
    
    613,667
    
    
    
    2,458,204
    
    
    
    679,691
    
    
    
    615,096
    
    
    
    3,136,465
    
    
    
    3,751,561
    
    
    
    402,044
    
    
    2004
    
    40 yrs.311 International Circle
    
    Hunt Valley, MD
    
    
    *
    
    
    
    313,365
    
    
    
    1,281,093
    
    
    
    76,921
    
    
    
    314,572
    
    
    
    1,356,807
    
    
    
    1,671,380
    
    
    
    145,187
    
    
    2004
    
    40 yrs.8775 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    906,804
    
    
    
    
    
    
    
    10,034,270
    
    
    
    913,013
    
    
    
    10,028,061
    
    
    
    10,941,074
    
    
    
    2,909,435
    
    
    1989
    
    40 yrs.8665,8667,8669 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    966,552
    
    
    
    
    
    
    
    6,075,311
    
    
    
    974,959
    
    
    
    6,066,904
    
    
    
    7,041,863
    
    
    
    3,294,103
    
    
    1987
    
    40 yrs.7077 Bonneval Road
    
    Jacksonville, FL
    
    
    
    
    
    
    768,000
    
    
    
    5,789,000
    
    
    
    3,567,137
    
    
    
    774,020
    
    
    
    9,350,117
    
    
    
    10,124,137
    
    
    
    4,638,843
    
    
    1988
    
    40 yrs.4190 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    821,000
    
    
    
    5,866,000
    
    
    
    3,680,061
    
    
    
    827,420
    
    
    
    9,539,641
    
    
    
    10,367,061
    
    
    
    4,765,479
    
    
    1986
    
    40 yrs.7020 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    398,257
    
    
    
    
    
    
    
    2,777,554
    
    
    
    749,811
    
    
    
    2,426,001
    
    
    
    3,175,811
    
    
    
    1,214,889
    
    
    1996
    
    40 yrs.7022 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    706,934
    
    
    
    
    
    
    
    3,572,340
    
    
    
    853,981
    
    
    
    3,425,294
    
    
    
    4,279,274
    
    
    
    1,605,490
    
    
    1996
    
    40 yrs.11777 Central Highway
    
    Jacksonville, FL
    
    
    
    
    
    
    92,207
    
    
    
    429,997
    
    
    
    1,275,050
    
    
    
    140,426
    
    
    
    1,656,828
    
    
    
    1,797,254
    
    
    
    1,156,658
    
    
    1985
    
    40 yrs.4345 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,791,159
    
    
    
    418,093
    
    
    
    8,373,065
    
    
    
    8,791,159
    
    
    
    2,969,981
    
    
    1998
    
    40 yrs.
  117




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)7016 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    597,181
    
    
    
    
    
    
    
    2,373,250
    
    
    
    602,633
    
    
    
    2,367,799
    
    
    
    2,970,431
    
    
    
    1,189,647
    
    
    1996
    
    40 yrs.7018 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    840,996
    
    
    
    
    
    
    
    4,696,827
    
    
    
    846,461
    
    
    
    4,691,362
    
    
    
    5,537,823
    
    
    
    2,333,168
    
    
    1997
    
    40 yrs.7014 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    574,198
    
    
    
    
    
    
    
    3,602,358
    
    
    
    780,486
    
    
    
    3,396,071
    
    
    
    4,176,556
    
    
    
    1,476,284
    
    
    1999
    
    40 yrs.6600 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    998,432
    
    
    
    4,055,727
    
    
    
    1,153,152
    
    
    
    1,002,704
    
    
    
    5,204,607
    
    
    
    6,207,311
    
    
    
    1,915,020
    
    
    1986
    
    40 yrs.6700 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    620,719
    
    
    
    2,989,746
    
    
    
    791,829
    
    
    
    624,215
    
    
    
    3,778,080
    
    
    
    4,402,294
    
    
    
    1,661,369
    
    
    1987
    
    40 yrs.4801 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    554,993
    
    
    
    2,993,277
    
    
    
    1,358,664
    
    
    
    554,542
    
    
    
    4,352,392
    
    
    
    4,906,935
    
    
    
    1,825,339
    
    
    1990
    
    40 yrs.4801 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    370,017
    
    
    
    1,995,518
    
    
    
    367,780
    
    
    
    370,039
    
    
    
    2,363,276
    
    
    
    2,733,315
    
    
    
    839,828
    
    
    1990
    
    40 yrs.4810 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    369,694
    
    
    
    3,045,639
    
    
    
    1,007,513
    
    
    
    370,039
    
    
    
    4,052,807
    
    
    
    4,422,846
    
    
    
    1,456,749
    
    
    1990
    
    40 yrs.6602 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    388,519
    
    
    
    2,095,293
    
    
    
    299,475
    
    
    
    388,541
    
    
    
    2,394,745
    
    
    
    2,783,287
    
    
    
    873,392
    
    
    1993
    
    40 yrs.6602 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    296,014
    
    
    
    1,596,347
    
    
    
    487,719
    
    
    
    296,032
    
    
    
    2,084,049
    
    
    
    2,380,080
    
    
    
    707,731
    
    
    1993
    
    40 yrs.6631 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    251,613
    
    
    
    1,356,849
    
    
    
    525,120
    
    
    
    251,627
    
    
    
    1,881,955
    
    
    
    2,133,582
    
    
    
    875,382
    
    
    1994
    
    40 yrs.6631 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    406,561
    
    
    
    2,195,070
    
    
    
    274,915
    
    
    
    407,043
    
    
    
    2,469,503
    
    
    
    2,876,546
    
    
    
    884,847
    
    
    1994
    
    40 yrs.4815 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    366,317
    
    
    
    1,975,393
    
    
    
    409,677
    
    
    
    366,339
    
    
    
    2,385,048
    
    
    
    2,751,387
    
    
    
    957,180
    
    
    1995
    
    40 yrs.4815 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    462,522
    
    
    
    2,494,397
    
    
    
    517,998
    
    
    
    462,549
    
    
    
    3,012,368
    
    
    
    3,474,917
    
    
    
    1,129,349
    
    
    1995
    
    40 yrs.4825 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    601,278
    
    
    
    3,242,491
    
    
    
    293,842
    
    
    
    601,401
    
    
    
    3,536,210
    
    
    
    4,137,611
    
    
    
    1,251,803
    
    
    1996
    
    40 yrs.4820 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    555,173
    
    
    
    2,693,130
    
    
    
    820,156
    
    
    
    555,213
    
    
    
    3,513,246
    
    
    
    4,068,459
    
    
    
    1,205,275
    
    
    1997
    
    40 yrs.6601 Executive Park Circle North
    
    Jacksonville, FL
    
    
    
    
    
    
    551,250
    
    
    
    3,128,361
    
    
    
    141,559
    
    
    
    551,250
    
    
    
    3,269,920
    
    
    
    3,821,170
    
    
    
    971,950
    
    
    1992
    
    40 yrs.4901 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    877,964
    
    
    
    2,360,742
    
    
    
    2,855,528
    
    
    
    877,964
    
    
    
    5,216,270
    
    
    
    6,094,234
    
    
    
    2,318,349
    
    
    1986
    
    40 yrs.4875 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    2,089,347
    
    
    
    
    
    
    
    13,024,417
    
    
    
    2,287,152
    
    
    
    12,826,612
    
    
    
    15,113,764
    
    
    
    458,489
    
    
    1998
    
    40 yrs.4899 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,201
    
    
    
    
    
    
    
    8,309,407
    
    
    
    1,168,062
    
    
    
    8,440,546
    
    
    
    9,608,608
    
    
    
    2,594,666
    
    
    2000
    
    40 yrs.4905 Belfort Street
    
    Jacksonville, FL
    
    
    
    
    
    
    638,154
    
    
    
    
    
    
    
    3,591,758
    
    
    
    641,272
    
    
    
    3,588,640
    
    
    
    4,229,912
    
    
    
    1,171,589
    
    
    2000
    
    40 yrs.7251 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,692,889
    
    
    
    662,559
    
    
    
    3,030,330
    
    
    
    3,692,889
    
    
    
    951,180
    
    
    2000
    
    40 yrs.10245 Centurion Parkway North
    
    Jacksonville, FL
    
    
    
    
    
    
    852,644
    
    
    
    3,510,889
    
    
    
    1,033,033
    
    
    
    853,704
    
    
    
    4,542,862
    
    
    
    5,396,566
    
    
    
    1,409,981
    
    
    1996
    
    40 yrs.4887 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,202
    
    
    
    
    
    
    
    8,574,178
    
    
    
    1,665,915
    
    
    
    8,207,465
    
    
    
    9,873,380
    
    
    
    2,286,512
    
    
    2002
    
    40 yrs.7255 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    392,060
    
    
    
    
    
    
    
    2,975,836
    
    
    
    680,766
    
    
    
    2,687,129
    
    
    
    3,367,896
    
    
    
    860,736
    
    
    2002
    
    40 yrs.5201 Gate Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    3,836,532
    
    
    
    
    
    
    
    21,433,694
    
    
    
    4,269,346
    
    
    
    21,000,880
    
    
    
    25,270,226
    
    
    
    2,819,774
    
    
    2005
    
    40 yrs.3200 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    928,637
    
    
    
    
    
    
    
    7,128,297
    
    
    
    1,210,137
    
    
    
    6,846,797
    
    
    
    8,056,934
    
    
    
    3,078,888
    
    
    1996
    
    40 yrs.440 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    717,001
    
    
    
    4,816,121
    
    
    
    3,277,517
    
    
    
    717,001
    
    
    
    8,093,638
    
    
    
    8,810,639
    
    
    
    3,465,059
    
    
    1988
    
    40 yrs.460 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    705,317
    
    
    
    4,737,487
    
    
    
    4,352,234
    
    
    
    705,317
    
    
    
    9,089,721
    
    
    
    9,795,038
    
    
    
    2,834,850
    
    
    1988
    
    40 yrs.151 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    1,218,086
    
    
    
    6,937,866
    
    
    
    7,249,070
    
    
    
    1,187,900
    
    
    
    14,217,122
    
    
    
    15,405,022
    
    
    
    698,402
    
    
    1980
    
    40 yrs.3604 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    397,178
    
    
    
    
    
    
    
    1,681,788
    
    
    
    350,874
    
    
    
    1,728,092
    
    
    
    2,078,966
    
    
    
    782,634
    
    
    1998
    
    40 yrs.3606 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    789,409
    
    
    
    
    
    
    
    2,123,681
    
    
    
    815,855
    
    
    
    2,097,235
    
    
    
    2,913,090
    
    
    
    918,405
    
    
    1997
    
    40 yrs.650 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,911
    
    
    
    6,722,830
    
    
    
    9,576,831
    
    
    
    952,911
    
    
    
    16,299,660
    
    
    
    17,252,571
    
    
    
    7,525,322
    
    
    1971
    
    40 yrs.680 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,361
    
    
    
    6,722,830
    
    
    
    8,410,333
    
    
    
    952,361
    
    
    
    15,133,163
    
    
    
    16,085,524
    
    
    
    6,945,099
    
    
    1971
    
    40 yrs.3600 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    236,432
    
    
    
    1,856,252
    
    
    
    784,645
    
    
    
    236,432
    
    
    
    2,640,897
    
    
    
    2,877,328
    
    
    
    896,665
    
    
    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
    
    
    
    743,156
    
    
    1989
    
    40 yrs.2700 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    764,370
    
    
    
    
    
    
    
    4,242,712
    
    
    
    867,815
    
    
    
    4,139,267
    
    
    
    5,007,082
    
    
    
    1,547,359
    
    
    1998
    
    40 yrs.2900 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    679,440
    
    
    
    
    
    
    
    3,503,074
    
    
    
    774,096
    
    
    
    3,408,418
    
    
    
    4,182,514
    
    
    
    1,189,870
    
    
    1998
    
    40 yrs.2500 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    2,866,474
    
    
    
    592,886
    
    
    
    2,783,167
    
    
    
    3,376,054
    
    
    
    1,185,302
    
    
    1999
    
    40 yrs.2300 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    3,042,297
    
    
    
    574,152
    
    
    
    2,977,725
    
    
    
    3,551,877
    
    
    
    1,055,823
    
    
    1999
    
    40 yrs.2100 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,110,111
    
    
    
    
    
    
    
    9,339,057
    
    
    
    1,132,519
    
    
    
    9,316,649
    
    
    
    10,449,169
    
    
    
    3,220,016
    
    
    1999
    
    40 yrs.3400 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    776,496
    
    
    
    3,139,068
    
    
    
    1,276,655
    
    
    
    776,496
    
    
    
    4,415,723
    
    
    
    5,192,219
    
    
    
    1,461,489
    
    
    1995
    
    40 yrs.2301 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,645,246
    
    
    
    
    
    
    
    30,063,879
    
    
    
    4,581,649
    
    
    
    27,127,475
    
    
    
    31,709,124
    
    
    
    6,992,308
    
    
    2002
    
    40 yrs.2520 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,020,000
    
    
    
    
    
    
    
    5,642,845
    
    
    
    978,402
    
    
    
    5,684,443
    
    
    
    6,662,845
    
    
    
    2,310,526
    
    
    1999
    
    40 yrs.2201 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    18,897,792
    
    
    
    2,413,514
    
    
    
    16,484,278
    
    
    
    18,897,792
    
    
    
    4,481,326
    
    
    2000
    
    40 yrs.2560 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,729,254
    
    
    
    649,792
    
    
    
    3,079,462
    
    
    
    3,729,254
    
    
    
    1,058,801
    
    
    2000
    
    40 yrs.170 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    547,800
    
    
    
    3,137,400
    
    
    
    3,987,694
    
    
    
    458,232
    
    
    
    7,214,662
    
    
    
    7,672,894
    
    
    
    3,838,961
    
    
    1980
    
    40 yrs.190 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    552,200
    
    
    
    3,162,600
    
    
    
    1,647,906
    
    
    
    461,909
    
    
    
    4,900,797
    
    
    
    5,362,706
    
    
    
    2,574,166
    
    
    1980
    
    40 yrs.3100 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    601,956
    
    
    
    
    
    
    
    2,068,047
    
    
    
    611,436
    
    
    
    2,058,568
    
    
    
    2,670,003
    
    
    
    888,193
    
    
    1995
    
    40 yrs.3500 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    1,204,839
    
    
    
    
    
    
    
    2,830,229
    
    
    
    1,223,875
    
    
    
    2,811,193
    
    
    
    4,035,068
    
    
    
    894,706
    
    
    1996
    
    40 yrs.3000 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    1,191,449
    
    
    
    
    
    
    
    2,309,358
    
    
    
    946,703
    
    
    
    2,554,103
    
    
    
    3,500,806
    
    
    
    752,190
    
    
    1997
    
    40 yrs.11425 State Highway 225
    
    LaPorte, TX
    
    
    *
    
    
    
    975,974
    
    
    
    3,409,036
    
    
    
    8,956
    
    
    
    977,542
    
    
    
    3,416,424
    
    
    
    4,393,966
    
    
    
    377,496
    
    
    2006
    
    40 yrs.11503 State Highway 225
    
    LaPorte, TX
    
    
    *
    
    
    
    2,561,931
    
    
    
    9,779,023
    
    
    
    58,113
    
    
    
    2,566,047
    
    
    
    9,833,020
    
    
    
    12,399,067
    
    
    
    892,645
    
    
    2006
    
    40 yrs.7528 Walker Way
    
    Lehigh Valley, PA
    
    
    
    
    
    
    893,441
    
    
    
    
    
    
    
    5,510,455
    
    
    
    779,330
    
    
    
    5,624,567
    
    
    
    6,403,897
    
    
    
    793,173
    
    
    2004
    
    40 yrs.8500 Willard Drive
    
    Lehigh, PA
    
    
    *
    
    
    
    6,398,815
    
    
    
    
    
    
    
    21,793,887
    
    
    
    7,627,526
    
    
    
    20,565,176
    
    
    
    28,192,702
    
    
    
    798,189
    
    
    2004
    
    40 yrs.8301 Industrial Boulevard
    
    Lehigh, PA
    
    
    *
    
    
    
    11,249,550
    
    
    
    
    
    
    
    44,324,333
    
    
    
    11,254,716
    
    
    
    44,319,167
    
    
    
    55,573,883
    
    
    
    4,658,718
    
    
    2005
    
    40 yrs.31700 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    373,202
    
    
    
    1,824,721
    
    
    
    (649,436
    )
    
    
    373,203
    
    
    
    1,175,284
    
    
    
    1,548,487
    
    
    
    554,044
    
    
    1988
    
    40 yrs.1201 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    302,567
    
    
    
    1,213,232
    
    
    
    (157,899
    )
    
    
    302,567
    
    
    
    1,055,333
    
    
    
    1,357,900
    
    
    
    368,889
    
    
    1980
    
    40 yrs.1901 Summit Tower Boulevard
    
    Maitland, FL
    
    
    
    
    
    
    6,078,791
    
    
    
    12,348,567
    
    
    
    2,096,608
    
    
    
    6,083,206
    
    
    
    14,440,761
    
    
    
    20,523,967
    
    
    
    4,237,197
    
    
    1998
    
    40 yrs.45-67 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    795,143
    
    
    
    
    
    
    
    4,199,957
    
    
    
    795,831
    
    
    
    4,199,269
    
    
    
    4,995,100
    
    
    
    2,526,279
    
    
    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
    
    
    
    10,652,315
    
    
    1986
    
    40 yrs.27-43 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    448,775
    
    
    
    
    
    
    
    2,545,542
    
    
    
    449,447
    
    
    
    2,544,870
    
    
    
    2,994,317
    
    
    
    1,751,421
    
    
    1977
    
    40 yrs.1 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    400,000
    
    
    
    3,600,000
    
    
    
    1,004,647
    
    
    
    406,421
    
    
    
    4,598,226
    
    
    
    5,004,647
    
    
    
    2,016,903
    
    
    1982
    
    40 yrs.200 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    495,893
    
    
    
    2,739,093
    
    
    
    649,407
    
    
    
    588,384
    
    
    
    3,296,009
    
    
    
    3,884,393
    
    
    
    2,224,454
    
    
    1989
    
    40 yrs.50 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    849,576
    
    
    
    
    
    
    
    13,051,932
    
    
    
    1,337,076
    
    
    
    12,564,432
    
    
    
    13,901,508
    
    
    
    5,518,067
    
    
    1997
    
    40 yrs.1 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    419,460
    
    
    
    3,792,570
    
    
    
    387,643
    
    
    
    419,460
    
    
    
    4,180,212
    
    
    
    4,599,673
    
    
    
    1,380,874
    
    
    1982
    
    40 yrs.5 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    684,200
    
    
    
    6,181,661
    
    
    
    1,790,158
    
    
    
    684,200
    
    
    
    7,971,819
    
    
    
    8,656,019
    
    
    
    2,635,603
    
    
    1983
    
    40 yrs.1001 Cedar Hollow Road
    
    Malvern, PA
    
    
    
    
    
    
    1,436,814
    
    
    
    
    
    
    
    16,081,159
    
    
    
    1,676,470
    
    
    
    15,841,503
    
    
    
    17,517,973
    
    
    
    6,378,790
    
    
    1998
    
    40 yrs.3 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    814,278
    
    
    
    
    
    
    
    4,946,433
    
    
    
    1,128,881
    
    
    
    4,631,830
    
    
    
    5,760,711
    
    
    
    1,348,720
    
    
    1998
    
    40 yrs.425 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    2,112,927
    
    
    
    321,473
    
    
    
    1,982,568
    
    
    
    2,304,041
    
    
    
    975,001
    
    
    1998
    
    40 yrs.375 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    2,018,620
    
    
    
    234,922
    
    
    
    1,974,811
    
    
    
    2,209,734
    
    
    
    861,726
    
    
    1998
    
    40 yrs.45 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    4,380,221
    
    
    
    
    
    
    
    15,316,168
    
    
    
    4,749,748
    
    
    
    14,946,641
    
    
    
    19,696,389
    
    
    
    6,029,564
    
    
    1999
    
    40 yrs.100 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,320,625
    
    
    
    
    
    
    
    6,709,379
    
    
    
    1,451,139
    
    
    
    6,578,865
    
    
    
    8,030,004
    
    
    
    2,835,554
    
    
    1998
    
    40 yrs.600 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,255,848
    
    
    
    2,171,080
    
    
    
    8,098,519
    
    
    
    10,269,598
    
    
    
    3,284,977
    
    
    1999
    
    40 yrs.
  118




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)700 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,216,674
    
    
    
    2,158,337
    
    
    
    8,072,087
    
    
    
    10,230,424
    
    
    
    3,257,665
    
    
    1999
    
    40 yrs.18 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    394,036
    
    
    
    3,976,221
    
    
    
    99,539
    
    
    
    397,293
    
    
    
    4,072,504
    
    
    
    4,469,796
    
    
    
    1,130,011
    
    
    1980
    
    40 yrs.11 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    496,297
    
    
    
    
    
    
    
    3,226,924
    
    
    
    708,331
    
    
    
    3,014,890
    
    
    
    3,723,221
    
    
    
    878,827
    
    
    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
    
    
    
    6,618,672
    
    
    1989
    
    40 yrs.2 West Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    5,405,041
    
    
    
    
    
    
    
    11,635,939
    
    
    
    5,405,042
    
    
    
    11,635,938
    
    
    
    17,040,980
    
    
    
    1,634,494
    
    
    2003
    
    40 yrs.10 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    823,540
    
    
    
    1,341,376
    
    
    
    314,007
    
    
    
    832,244
    
    
    
    1,646,678
    
    
    
    2,478,922
    
    
    
    310,042
    
    
    2003
    
    40 yrs.10, 20 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    724,058
    
    
    
    
    
    
    
    5,760,414
    
    
    
    724,846
    
    
    
    5,759,626
    
    
    
    6,484,472
    
    
    
    2,977,810
    
    
    1985
    
    40 yrs.420 Lapp Road
    
    Malvern, PA
    
    
    
    
    
    
    1,054,418
    
    
    
    
    
    
    
    7,344,363
    
    
    
    1,055,243
    
    
    
    7,343,538
    
    
    
    8,398,781
    
    
    
    3,826,144
    
    
    1989
    
    40 yrs.14 Lee Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    664,282
    
    
    
    
    
    
    
    6,022,257
    
    
    
    643,892
    
    
    
    6,042,647
    
    
    
    6,686,539
    
    
    
    3,324,222
    
    
    1988
    
    40 yrs.500 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    472,364
    
    
    
    
    
    
    
    3,323,124
    
    
    
    519,742
    
    
    
    3,275,746
    
    
    
    3,795,488
    
    
    
    1,874,387
    
    
    1988
    
    40 yrs.300-400 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    937,212
    
    
    
    
    
    
    
    5,742,350
    
    
    
    1,012,843
    
    
    
    5,666,719
    
    
    
    6,679,562
    
    
    
    3,163,440
    
    
    1988
    
    40 yrs.40 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    322,918
    
    
    
    
    
    
    
    3,188,934
    
    
    
    325,775
    
    
    
    3,186,076
    
    
    
    3,511,852
    
    
    
    1,831,167
    
    
    1987
    
    40 yrs.50 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    323,971
    
    
    
    
    
    
    
    3,160,049
    
    
    
    323,792
    
    
    
    3,160,228
    
    
    
    3,484,020
    
    
    
    1,605,754
    
    
    1987
    
    40 yrs.20 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    465,539
    
    
    
    
    
    
    
    5,707,476
    
    
    
    466,413
    
    
    
    5,706,602
    
    
    
    6,173,015
    
    
    
    3,536,207
    
    
    1987
    
    40 yrs.257-275 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    504,611
    
    
    
    
    
    
    
    5,316,828
    
    
    
    505,458
    
    
    
    5,315,981
    
    
    
    5,821,439
    
    
    
    3,490,013
    
    
    1983
    
    40 yrs.300 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    368,626
    
    
    
    
    
    
    
    1,345,599
    
    
    
    374,497
    
    
    
    1,339,728
    
    
    
    1,714,225
    
    
    
    801,016
    
    
    1985
    
    40 yrs.277-293 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    530,729
    
    
    
    
    
    
    
    2,705,538
    
    
    
    531,534
    
    
    
    2,704,733
    
    
    
    3,236,267
    
    
    
    1,616,903
    
    
    1984
    
    40 yrs.311 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    397,131
    
    
    
    
    
    
    
    2,911,205
    
    
    
    397,948
    
    
    
    2,910,388
    
    
    
    3,308,336
    
    
    
    1,701,491
    
    
    1984
    
    40 yrs.7 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    176,435
    
    
    
    
    
    
    
    5,165,883
    
    
    
    177,317
    
    
    
    5,165,002
    
    
    
    5,342,318
    
    
    
    3,316,078
    
    
    1985
    
    40 yrs.55 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    215,005
    
    
    
    
    
    
    
    4,393,160
    
    
    
    215,818
    
    
    
    4,392,348
    
    
    
    4,608,165
    
    
    
    2,499,992
    
    
    1983
    
    40 yrs.65 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    381,544
    
    
    
    
    
    
    
    7,203,727
    
    
    
    382,361
    
    
    
    7,202,910
    
    
    
    7,585,271
    
    
    
    4,639,975
    
    
    1983
    
    40 yrs.508 Lapp Road
    
    Malvern, PA
    
    
    
    
    
    
    331,392
    
    
    
    
    
    
    
    2,036,104
    
    
    
    332,216
    
    
    
    2,035,280
    
    
    
    2,367,496
    
    
    
    1,385,015
    
    
    1984
    
    40 yrs.10 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    509,075
    
    
    
    
    
    
    
    3,142,498
    
    
    
    509,899
    
    
    
    3,141,674
    
    
    
    3,651,573
    
    
    
    1,955,051
    
    
    1984
    
    40 yrs.333 Phoenixville Pike
    
    Malvern, PA
    
    
    
    
    
    
    523,530
    
    
    
    
    
    
    
    3,725,062
    
    
    
    524,230
    
    
    
    3,724,362
    
    
    
    4,248,592
    
    
    
    1,837,667
    
    
    1985
    
    40 yrs.30 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    128,126
    
    
    
    
    
    
    
    385,634
    
    
    
    128,783
    
    
    
    384,977
    
    
    
    513,760
    
    
    
    338,175
    
    
    1975
    
    40 yrs.75 Great Valley Parkway
    
    Malvern, PA
    
    
    183,574
    
    
    
    143,074
    
    
    
    
    
    
    
    888,076
    
    
    
    143,811
    
    
    
    887,338
    
    
    
    1,031,150
    
    
    
    675,263
    
    
    1977
    
    40 yrs.77-123 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    887,664
    
    
    
    
    
    
    
    6,012,716
    
    
    
    888,359
    
    
    
    6,012,021
    
    
    
    6,900,380
    
    
    
    4,025,390
    
    
    1978
    
    40 yrs.205 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,368,259
    
    
    
    
    
    
    
    11,239,206
    
    
    
    1,369,003
    
    
    
    11,238,462
    
    
    
    12,607,465
    
    
    
    7,641,055
    
    
    1981
    
    40 yrs.12,14,16 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    130,689
    
    
    
    
    
    
    
    1,560,924
    
    
    
    128,767
    
    
    
    1,562,846
    
    
    
    1,691,613
    
    
    
    1,056,108
    
    
    1982
    
    40 yrs.155 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    625,147
    
    
    
    
    
    
    
    2,627,280
    
    
    
    626,068
    
    
    
    2,626,359
    
    
    
    3,252,427
    
    
    
    1,748,600
    
    
    1981
    
    40 yrs.510 Lapp Road
    
    Malvern, PA
    
    
    
    
    
    
    356,950
    
    
    
    
    
    
    
    926,587
    
    
    
    357,751
    
    
    
    925,786
    
    
    
    1,283,537
    
    
    
    637,559
    
    
    1983
    
    40 yrs.60 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    865,424
    
    
    
    9,285,000
    
    
    
    5,058,435
    
    
    
    884,974
    
    
    
    14,323,885
    
    
    
    15,208,859
    
    
    
    7,930,300
    
    
    1989
    
    40 yrs.5 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    785,168
    
    
    
    4,678,632
    
    
    
    1,056,753
    
    
    
    786,235
    
    
    
    5,734,318
    
    
    
    6,520,553
    
    
    
    2,424,679
    
    
    1985
    
    40 yrs.7550 Meridian Circle
    
    Maple Grove, MN
    
    
    
    
    
    
    513,250
    
    
    
    2,901,906
    
    
    
    546,956
    
    
    
    513,250
    
    
    
    3,448,862
    
    
    
    3,962,112
    
    
    
    1,042,222
    
    
    1989
    
    40 yrs.701A Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    264,387
    
    
    
    3,772,000
    
    
    
    4,173,767
    
    
    
    271,743
    
    
    
    7,938,411
    
    
    
    8,210,154
    
    
    
    4,179,780
    
    
    1987
    
    40 yrs.701C Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    84,949
    
    
    
    1,328,000
    
    
    
    941,834
    
    
    
    96,161
    
    
    
    2,258,622
    
    
    
    2,354,783
    
    
    
    863,263
    
    
    1987
    
    40 yrs.400 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    69,402
    
    
    
    
    
    
    
    3,782,573
    
    
    
    317,799
    
    
    
    3,534,176
    
    
    
    3,851,975
    
    
    
    1,284,245
    
    
    1999
    
    40 yrs.406 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    321,455
    
    
    
    1,539,871
    
    
    
    1,303,270
    
    
    
    327,554
    
    
    
    2,837,042
    
    
    
    3,164,596
    
    
    
    1,336,940
    
    
    1990
    
    40 yrs.301 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    1,780,269
    
    
    
    1,069,838
    
    
    
    6,560,431
    
    
    
    7,630,269
    
    
    
    2,766,097
    
    
    1988
    
    40 yrs.303 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    3,065,675
    
    
    
    1,069,838
    
    
    
    7,845,838
    
    
    
    8,915,675
    
    
    
    3,514,502
    
    
    1988
    
    40 yrs.901 Route 73
    
    Marlton, NJ
    
    
    
    
    
    
    334,411
    
    
    
    2,733,314
    
    
    
    946,618
    
    
    
    334,411
    
    
    
    3,679,932
    
    
    
    4,014,343
    
    
    
    1,416,756
    
    
    1985
    
    40 yrs.75 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    419,731
    
    
    
    
    
    
    
    2,510,660
    
    
    
    430,909
    
    
    
    2,499,482
    
    
    
    2,930,392
    
    
    
    434,124
    
    
    2003
    
    40 yrs.65 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    557,174
    
    
    
    
    
    
    
    2,905,475
    
    
    
    506,318
    
    
    
    2,956,332
    
    
    
    3,462,650
    
    
    
    373,054
    
    
    2004
    
    40 yrs.7800 N. 113th Street
    
    Milwaukee, WI
    
    
    
    
    
    
    1,711,964
    
    
    
    6,847,857
    
    
    
    600,888
    
    
    
    1,711,964
    
    
    
    7,448,745
    
    
    
    9,160,709
    
    
    
    2,328,304
    
    
    1991
    
    40 yrs.11950 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    391,813
    
    
    
    2,340,118
    
    
    
    595,440
    
    
    
    394,938
    
    
    
    2,932,434
    
    
    
    3,327,371
    
    
    
    1,051,342
    
    
    1986
    
    40 yrs.11400 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    439,595
    
    
    
    2,357,904
    
    
    
    348,421
    
    
    
    443,101
    
    
    
    2,702,819
    
    
    
    3,145,919
    
    
    
    773,558
    
    
    1986
    
    40 yrs.11425 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    382,256
    
    
    
    2,350,619
    
    
    
    979,214
    
    
    
    385,305
    
    
    
    3,326,784
    
    
    
    3,712,089
    
    
    
    1,431,200
    
    
    1987
    
    40 yrs.11301 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    614,477
    
    
    
    2,626,456
    
    
    
    123,888
    
    
    
    619,465
    
    
    
    2,745,357
    
    
    
    3,364,821
    
    
    
    748,549
    
    
    1987
    
    40 yrs.11900 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    347,853
    
    
    
    2,396,887
    
    
    
    1,884,459
    
    
    
    350,628
    
    
    
    4,278,572
    
    
    
    4,629,199
    
    
    
    1,525,087
    
    
    1987
    
    40 yrs.11414 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    234,443
    
    
    
    
    
    
    
    10,713,613
    
    
    
    491,531
    
    
    
    10,456,526
    
    
    
    10,948,057
    
    
    
    3,477,102
    
    
    2001
    
    40 yrs.11520 West Calumet Road
    
    Milwaukee, WI
    
    
    
    
    
    
    341,698
    
    
    
    1,527,548
    
    
    
    78,494
    
    
    
    341,698
    
    
    
    1,606,042
    
    
    
    1,947,740
    
    
    
    417,634
    
    
    1995
    
    40 yrs.12100 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    534,470
    
    
    
    3,239,389
    
    
    
    572,084
    
    
    
    532,370
    
    
    
    3,813,573
    
    
    
    4,345,943
    
    
    
    1,274,986
    
    
    1984
    
    40 yrs.11100 West Liberty Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    1,800,000
    
    
    
    
    
    
    
    7,542,950
    
    
    
    1,801,024
    
    
    
    7,541,926
    
    
    
    9,342,950
    
    
    
    1,630,363
    
    
    2003
    
    40 yrs.11050 West Liberty Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,816,745
    
    
    
    914,760
    
    
    
    2,901,985
    
    
    
    3,816,745
    
    
    
    248,548
    
    
    2005
    
    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
    
    
    
    2,262,534
    
    
    1996
    
    40 yrs.4600 Nathan Lane
    
    Minneapolis, MN
    
    
    
    
    
    
    1,063,558
    
    
    
    
    
    
    
    6,683,083
    
    
    
    1,038,197
    
    
    
    6,708,444
    
    
    
    7,746,641
    
    
    
    2,547,169
    
    
    2002
    
    40 yrs.4700 Nathan Lane N  Expansion
    
    Minneapolis, MN
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,944,766
    
    
    
    
    
    
    
    12,944,766
    
    
    
    12,944,766
    
    
    
    34,909
    
    
    2008
    
    40 yrs.12501 & 12701 Whitewater Drive
    
    Minnegonka, MN
    
    
    
    
    
    
    2,175,209
    
    
    
    3,948,085
    
    
    
    7,485,094
    
    
    
    2,177,953
    
    
    
    11,430,435
    
    
    
    13,608,388
    
    
    
    1,898,424
    
    
    1986
    
    40 yrs.5600 & 5610 Rowland Road
    
    Minnetonka, MN
    
    
    
    
    
    
    828,650
    
    
    
    7,399,409
    
    
    
    2,196,059
    
    
    
    829,263
    
    
    
    9,594,854
    
    
    
    10,424,117
    
    
    
    3,766,702
    
    
    1988
    
    40 yrs.5400-5500 Feltl Road
    
    Minnetonka, MN
    
    
    
    
    
    
    883,895
    
    
    
    7,983,345
    
    
    
    2,285,978
    
    
    
    883,895
    
    
    
    10,269,323
    
    
    
    11,153,218
    
    
    
    3,604,910
    
    
    1985
    
    40 yrs.3400 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,153
    
    
    
    11,345,881
    
    
    
    1,674,282
    
    
    
    2,022,153
    
    
    
    13,020,162
    
    
    
    15,042,316
    
    
    
    4,222,510
    
    
    1990
    
    40 yrs.3450 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,152
    
    
    
    11,357,143
    
    
    
    2,688,791
    
    
    
    2,022,152
    
    
    
    14,045,934
    
    
    
    16,068,086
    
    
    
    4,862,162
    
    
    1990
    
    40 yrs.3350 SW 148th Avenue
    
    Miramar, FL
    
    
    
    
    
    
    2,960,511
    
    
    
    
    
    
    
    20,110,108
    
    
    
    2,980,689
    
    
    
    20,089,929
    
    
    
    23,070,619
    
    
    
    6,752,891
    
    
    2000
    
    40 yrs.3100 SW 145th Avenue
    
    Miramar, FL
    
    
    
    
    
    
    6,204,407
    
    
    
    
    
    
    
    15,426,913
    
    
    
    6,265,000
    
    
    
    15,366,320
    
    
    
    21,631,320
    
    
    
    102,255
    
    
    2007
    
    40 yrs.324 Park Knoll Drive
    
    Morrisville, NC
    
    
    *
    
    
    
    1,449,092
    
    
    
    4,424,932
    
    
    
    329,062
    
    
    
    1,449,450
    
    
    
    4,753,636
    
    
    
    6,203,086
    
    
    
    391,881
    
    
    2007
    
    40 yrs.619 Distribution Drive
    
    Morrisville, NC
    
    
    *
    
    
    
    1,031,430
    
    
    
    5,655,167
    
    
    
    397,507
    
    
    
    1,031,685
    
    
    
    6,052,419
    
    
    
    7,084,104
    
    
    
    467,841
    
    
    2007
    
    40 yrs.627 Distribution Drive
    
    Morrisville, NC
    
    
    *
    
    
    
    1,061,370
    
    
    
    5,152,110
    
    
    
    239,352
    
    
    
    1,061,632
    
    
    
    5,391,200
    
    
    
    6,452,832
    
    
    
    416,302
    
    
    2007
    
    40 yrs.701 Distribution Drive
    
    Morrisville, NC
    
    
    *
    
    
    
    1,300,889
    
    
    
    5,313,226
    
    
    
    217,183
    
    
    
    1,301,211
    
    
    
    5,530,088
    
    
    
    6,831,298
    
    
    
    418,018
    
    
    2007
    
    40 yrs.330 Fellowship Road
    
    Mount Laurel, NJ
    
    
    
    
    
    
    3,730,570
    
    
    
    
    
    
    
    16,547,531
    
    
    
    3,758,270
    
    
    
    16,519,832
    
    
    
    20,278,101
    
    
    
    592,707
    
    
    2006
    
    40 yrs.300 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,350,519
    
    
    
    1,098,904
    
    
    
    6,251,616
    
    
    
    7,350,519
    
    
    
    1,048,038
    
    
    2004
    
    40 yrs.302 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    1,512,120
    
    
    
    
    
    
    
    2,933,420
    
    
    
    539,060
    
    
    
    3,906,480
    
    
    
    4,445,540
    
    
    
    512,893
    
    
    2001
    
    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
    
    
    
    2,157,858
    
    
    2003
    
    40 yrs.350 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    2,960,159
    
    
    
    1,449,611
    
    
    
    4,586,406
    
    
    
    2,970,687
    
    
    
    6,025,489
    
    
    
    8,996,176
    
    
    
    607,547
    
    
    2006
    
    40 yrs.3000 Atrium Way
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    500,000
    
    
    
    4,500,000
    
    
    
    5,277,156
    
    
    
    512,018
    
    
    
    9,765,138
    
    
    
    10,277,156
    
    
    
    4,781,541
    
    
    1987
    
    40 yrs.
  119




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)11000, 15000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,585
    
    
    
    4,394,900
    
    
    
    1,244,385
    
    
    
    311,950
    
    
    
    5,637,920
    
    
    
    5,949,870
    
    
    
    2,639,001
    
    
    1985
    
    40 yrs.12000, 14000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    361,800
    
    
    
    3,285,817
    
    
    
    1,026,601
    
    
    
    362,855
    
    
    
    4,311,362
    
    
    
    4,674,218
    
    
    
    1,911,583
    
    
    1985
    
    40 yrs.16000, 18000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    289,700
    
    
    
    2,512,683
    
    
    
    1,334,707
    
    
    
    290,545
    
    
    
    3,846,545
    
    
    
    4,137,090
    
    
    
    1,535,623
    
    
    1985
    
    40 yrs.1300 Route 73 North
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    449,400
    
    
    
    3,074,850
    
    
    
    2,372,243
    
    
    
    450,558
    
    
    
    5,445,935
    
    
    
    5,896,493
    
    
    
    2,208,055
    
    
    1988
    
    40 yrs.6000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,151
    
    
    
    2,022,683
    
    
    
    914,135
    
    
    
    234,151
    
    
    
    2,936,818
    
    
    
    3,170,969
    
    
    
    1,247,404
    
    
    1985
    
    40 yrs.8000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,814
    
    
    
    1,995,098
    
    
    
    530,452
    
    
    
    234,814
    
    
    
    2,525,550
    
    
    
    2,760,364
    
    
    
    786,791
    
    
    1983
    
    40 yrs.9000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    286,587
    
    
    
    2,474,820
    
    
    
    1,252,945
    
    
    
    286,587
    
    
    
    3,727,765
    
    
    
    4,014,352
    
    
    
    1,365,052
    
    
    1983
    
    40 yrs.1000 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    288,577
    
    
    
    2,546,537
    
    
    
    1,526,570
    
    
    
    288,577
    
    
    
    4,073,106
    
    
    
    4,361,684
    
    
    
    1,902,450
    
    
    1986
    
    40 yrs.1025 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    430,990
    
    
    
    3,714,828
    
    
    
    1,255,822
    
    
    
    430,990
    
    
    
    4,970,650
    
    
    
    5,401,640
    
    
    
    1,959,916
    
    
    1987
    
    40 yrs.1020 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    494,334
    
    
    
    
    
    
    
    3,167,284
    
    
    
    569,184
    
    
    
    3,092,435
    
    
    
    3,661,618
    
    
    
    1,120,929
    
    
    1999
    
    40 yrs.2000 Crawford Place
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,831
    
    
    
    2,797,744
    
    
    
    2,922,589
    
    
    
    310,831
    
    
    
    5,720,333
    
    
    
    6,031,164
    
    
    
    2,767,570
    
    
    1986
    
    40 yrs.5000 Dearborn Court
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    1,057,763
    
    
    
    4,191,827
    
    
    
    1,670,366
    
    
    
    1,057,763
    
    
    
    5,862,194
    
    
    
    6,919,956
    
    
    
    1,888,600
    
    
    1988
    
    40 yrs.1001 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    701,705
    
    
    
    3,505,652
    
    
    
    2,474,270
    
    
    
    701,705
    
    
    
    5,979,922
    
    
    
    6,681,628
    
    
    
    2,675,653
    
    
    1986
    
    40 yrs.1015 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    356,987
    
    
    
    
    
    
    
    3,673,872
    
    
    
    470,659
    
    
    
    3,560,200
    
    
    
    4,030,859
    
    
    
    1,216,636
    
    
    2000
    
    40 yrs.17000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    144,515
    
    
    
    
    
    
    
    3,458,166
    
    
    
    144,515
    
    
    
    3,458,166
    
    
    
    3,602,681
    
    
    
    1,111,054
    
    
    2001
    
    40 yrs.6 Terry Drive
    
    Newtown, PA
    
    
    
    
    
    
    622,029
    
    
    
    2,228,851
    
    
    
    1,030,179
    
    
    
    622,205
    
    
    
    3,258,853
    
    
    
    3,881,058
    
    
    
    1,306,838
    
    
    1981
    
    40 yrs.27th Street
    
    Oak Creek, WI
    
    
    
    
    
    
    348,280
    
    
    
    
    
    
    
    4,290,480
    
    
    
    696,690
    
    
    
    3,942,070
    
    
    
    4,638,760
    
    
    
    48,139
    
    
    2007
    
    40 yrs.Corporate Preserve Drive
    
    Oak Creek, WI
    
    
    
    
    
    
    516,016
    
    
    
    
    
    
    
    3,935,631
    
    
    
    654,271
    
    
    
    3,797,376
    
    
    
    4,451,647
    
    
    
    46,477
    
    
    2007
    
    40 yrs.550-590 Hale Avenue
    
    Oakdale, MN
    
    
    
    
    
    
    765,535
    
    
    
    3,488,754
    
    
    
    623,102
    
    
    
    766,390
    
    
    
    4,111,000
    
    
    
    4,877,390
    
    
    
    1,261,323
    
    
    1996
    
    40 yrs.1879 Lamont Avenue
    
    Odenton, MD
    
    
    *
    
    
    
    1,976,000
    
    
    
    8,099,579
    
    
    
    2,469,160
    
    
    
    2,011,030
    
    
    
    10,533,709
    
    
    
    12,544,739
    
    
    
    1,440,507
    
    
    2004
    
    40 yrs.350 Winmeyer Avenue
    
    Odenton, MD
    
    
    *
    
    
    
    1,778,400
    
    
    
    7,289,165
    
    
    
    1,867,935
    
    
    
    1,809,927
    
    
    
    9,125,573
    
    
    
    10,935,500
    
    
    
    1,211,671
    
    
    2004
    
    40 yrs.9600 Satellite Boulevard
    
    Orlando, FL
    
    
    *
    
    
    
    252,850
    
    
    
    1,297,923
    
    
    
    62,116
    
    
    
    252,850
    
    
    
    1,360,039
    
    
    
    1,612,889
    
    
    
    443,433
    
    
    1989
    
    40 yrs.9700 Satellite Boulevard
    
    Orlando, FL
    
    
    *
    
    
    
    405,362
    
    
    
    1,146,546
    
    
    
    350,999
    
    
    
    405,362
    
    
    
    1,497,545
    
    
    
    1,902,907
    
    
    
    515,113
    
    
    1989
    
    40 yrs.1902 Cypress Lake Drive
    
    Orlando, FL
    
    
    *
    
    
    
    523,512
    
    
    
    3,191,790
    
    
    
    1,010,913
    
    
    
    538,512
    
    
    
    4,187,703
    
    
    
    4,726,215
    
    
    
    1,461,540
    
    
    1989
    
    40 yrs.9550 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    574,831
    
    
    
    
    
    
    
    2,408,974
    
    
    
    587,319
    
    
    
    2,396,486
    
    
    
    2,983,805
    
    
    
    785,602
    
    
    1999
    
    40 yrs.10511 & 10611 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    517,554
    
    
    
    2,568,186
    
    
    
    517,132
    
    
    
    522,991
    
    
    
    3,079,881
    
    
    
    3,602,872
    
    
    
    1,099,581
    
    
    1985
    
    40 yrs.1400-1440 Central Florida Parkway
    
    Orlando, FL
    
    
    *
    
    
    
    518,043
    
    
    
    2,561,938
    
    
    
    862,155
    
    
    
    518,043
    
    
    
    3,424,093
    
    
    
    3,942,136
    
    
    
    1,129,366
    
    
    1962
    
    40 yrs.2216 Directors Row
    
    Orlando, FL
    
    
    
    
    
    
    453,918
    
    
    
    2,572,202
    
    
    
    127,019
    
    
    
    453,918
    
    
    
    2,699,221
    
    
    
    3,153,139
    
    
    
    751,320
    
    
    1998
    
    40 yrs.2400 South Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    385,964
    
    
    
    
    
    
    
    2,409,852
    
    
    
    642,427
    
    
    
    2,153,389
    
    
    
    2,795,816
    
    
    
    567,875
    
    
    2001
    
    40 yrs.6923 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    3,790,427
    
    
    
    830,953
    
    
    
    3,863,175
    
    
    
    4,694,128
    
    
    
    349,074
    
    
    2006
    
    40 yrs.6501 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    5,660,761
    
    
    
    925,671
    
    
    
    5,638,790
    
    
    
    6,564,462
    
    
    
    1,164,127
    
    
    2001
    
    40 yrs.2416 Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    535,964
    
    
    
    
    
    
    
    3,175,219
    
    
    
    704,800
    
    
    
    3,006,382
    
    
    
    3,711,182
    
    
    
    1,033,173
    
    
    2002
    
    40 yrs.10771 Palm Bay Drive
    
    Orlando, FL
    
    
    *
    
    
    
    664,605
    
    
    
    
    
    
    
    2,362,814
    
    
    
    685,383
    
    
    
    2,342,035
    
    
    
    3,027,419
    
    
    
    475,231
    
    
    2001
    
    40 yrs.10003 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    680,312
    
    
    
    2,120,754
    
    
    
    1,242,546
    
    
    
    680,312
    
    
    
    3,363,300
    
    
    
    4,043,612
    
    
    
    754,032
    
    
    2003
    
    40 yrs.1090 Gills Drive
    
    Orlando, FL
    
    
    *
    
    
    
    878,320
    
    
    
    2,558,833
    
    
    
    1,371,034
    
    
    
    878,320
    
    
    
    3,929,867
    
    
    
    4,808,187
    
    
    
    632,945
    
    
    2003
    
    40 yrs.2202 Taft-Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,631,110
    
    
    
    1,283,713
    
    
    
    5,347,397
    
    
    
    6,631,110
    
    
    
    1,326,244
    
    
    2004
    
    40 yrs.South Center Land-Phase II
    
    Orlando, FL
    
    
    
    
    
    
    838,853
    
    
    
    
    
    
    
    4,084,539
    
    
    
    767,953
    
    
    
    4,155,440
    
    
    
    4,923,392
    
    
    
    429,594
    
    
    2006
    
    40 yrs.7315 Kingspointe Parkway
    
    Orlando, FL
    
    
    *
    
    
    
    1,931,697
    
    
    
    6,388,203
    
    
    
    2,135,046
    
    
    
    1,932,004
    
    
    
    8,522,943
    
    
    
    10,454,946
    
    
    
    1,613,819
    
    
    2004
    
    40 yrs.2351 Investors Row
    
    Orlando, FL
    
    
    *
    
    
    
    2,261,924
    
    
    
    7,496,249
    
    
    
    411,516
    
    
    
    2,263,211
    
    
    
    7,906,478
    
    
    
    10,169,689
    
    
    
    1,000,901
    
    
    2004
    
    40 yrs.2256 Taft-Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    467,296
    
    
    
    
    
    
    
    2,494,666
    
    
    
    825,673
    
    
    
    2,136,290
    
    
    
    2,961,963
    
    
    
    305,135
    
    
    2005
    
    40 yrs.1950 Summit Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    2,573,700
    
    
    
    17,478,646
    
    
    
    1,365,023
    
    
    
    2,583,667
    
    
    
    18,833,702
    
    
    
    21,417,369
    
    
    
    2,373,789
    
    
    2005
    
    40 yrs.1958 Summit Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    2,573,961
    
    
    
    11,206,937
    
    
    
    8,841,420
    
    
    
    2,583,216
    
    
    
    20,039,102
    
    
    
    22,622,318
    
    
    
    2,584,385
    
    
    2005
    
    40 yrs.6200 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    1,423,584
    
    
    
    6,399,510
    
    
    
    65,322
    
    
    
    1,435,301
    
    
    
    6,453,115
    
    
    
    7,888,416
    
    
    
    765,838
    
    
    2006
    
    40 yrs.7022 TPC Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,443,510
    
    
    
    6,845,559
    
    
    
    560,522
    
    
    
    1,457,286
    
    
    
    7,392,306
    
    
    
    8,849,592
    
    
    
    841,748
    
    
    2006
    
    40 yrs.7100 TPC Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,431,489
    
    
    
    7,948,341
    
    
    
    472,409
    
    
    
    1,445,807
    
    
    
    8,406,432
    
    
    
    9,852,239
    
    
    
    851,913
    
    
    2006
    
    40 yrs.7101 TPC Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,553,537
    
    
    
    5,301,499
    
    
    
    859,475
    
    
    
    1,570,863
    
    
    
    6,143,648
    
    
    
    7,714,511
    
    
    
    610,819
    
    
    2006
    
    40 yrs.851 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    332,992
    
    
    
    
    
    
    
    2,645,422
    
    
    
    373,500
    
    
    
    2,604,914
    
    
    
    2,978,414
    
    
    
    102,303
    
    
    2006
    
    40 yrs.950 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    443,989
    
    
    
    
    
    
    
    2,650,065
    
    
    
    464,800
    
    
    
    2,629,255
    
    
    
    3,094,055
    
    
    
    95,209
    
    
    2006
    
    40 yrs.1000 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    415,906
    
    
    
    
    
    
    
    2,713,451
    
    
    
    435,400
    
    
    
    2,693,957
    
    
    
    3,129,357
    
    
    
    115,315
    
    
    2006
    
    40 yrs.8801 Tinicum Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    2,474,031
    
    
    
    
    
    
    
    43,598,952
    
    
    
    125,087
    
    
    
    45,947,896
    
    
    
    46,072,983
    
    
    
    16,727,545
    
    
    1997
    
    40 yrs.3 Franklin Plaza
    
    Philadelphia, PA
    
    
    
    
    
    
    2,483,144
    
    
    
    
    
    
    
    32,150,134
    
    
    
    2,514,519
    
    
    
    32,118,759
    
    
    
    34,633,278
    
    
    
    8,645,955
    
    
    1999
    
    40 yrs.4751 League Island Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    992,965
    
    
    
    331,924
    
    
    
    6,753,197
    
    
    
    1,022,081
    
    
    
    7,056,006
    
    
    
    8,078,087
    
    
    
    1,197,497
    
    
    2003
    
    40 yrs.1 Crescent Drive
    
    Philadelphia, PA
    
    
    
    
    
    
    567,280
    
    
    
    
    
    
    
    14,677,869
    
    
    
    347,892
    
    
    
    14,897,257
    
    
    
    15,245,149
    
    
    
    1,401,391
    
    
    2004
    
    40 yrs.4775 League Island Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    891,892
    
    
    
    
    
    
    
    5,757,514
    
    
    
    366,982
    
    
    
    6,282,425
    
    
    
    6,649,406
    
    
    
    343,670
    
    
    2006
    
    40 yrs.4300 South 26th Street
    
    Philadelphia, PA
    
    
    
    
    
    
    402,673
    
    
    
    
    
    
    
    35,597,396
    
    
    
    412,454
    
    
    
    35,587,615
    
    
    
    36,000,069
    
    
    
    250,499
    
    
    2008
    
    40 yrs.4410 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    
    
    
    
    4,758,484
    
    
    
    10,559,563
    
    
    
    5,587,577
    
    
    
    4,765,172
    
    
    
    16,140,451
    
    
    
    20,905,624
    
    
    
    796,915
    
    
    2007
    
    40 yrs.4750 S. 44th Place
    
    Phoenix, AZ
    
    
    
    
    
    
    3,756,307
    
    
    
    8,336,400
    
    
    
    3,625,155
    
    
    
    3,761,587
    
    
    
    11,956,275
    
    
    
    15,717,862
    
    
    
    551,205
    
    
    2007
    
    40 yrs.4435 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    
    
    
    
    1,910,584
    
    
    
    1,954,020
    
    
    
    2,166,648
    
    
    
    1,911,045
    
    
    
    4,120,208
    
    
    
    6,031,253
    
    
    
    309,862
    
    
    2007
    
    40 yrs.4207 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    
    
    
    
    1,409,908
    
    
    
    4,680,808
    
    
    
    1,096,836
    
    
    
    1,410,248
    
    
    
    5,777,305
    
    
    
    7,187,552
    
    
    
    655,667
    
    
    2007
    
    40 yrs.4217 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    
    
    
    
    7,922,480
    
    
    
    10,045,599
    
    
    
    2,743,402
    
    
    
    6,690,321
    
    
    
    14,021,160
    
    
    
    20,711,481
    
    
    
    1,032,405
    
    
    2007
    
    40 yrs.4425 E. Cotton Center Boulvard
    
    Phoenix, AZ
    
    
    *
    
    
    
    7,318,457
    
    
    
    24,549,401
    
    
    
    28,556
    
    
    
    7,318,457
    
    
    
    24,577,957
    
    
    
    31,896,413
    
    
    
    2,033,420
    
    
    2007
    
    40 yrs.4415 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    *
    
    
    
    1,749,957
    
    
    
    3,767,213
    
    
    
    7,595
    
    
    
    1,749,957
    
    
    
    3,774,808
    
    
    
    5,524,765
    
    
    
    426,738
    
    
    2007
    
    40 yrs.4405 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    *
    
    
    
    2,646,318
    
    
    
    9,697,439
    
    
    
    103,051
    
    
    
    2,646,318
    
    
    
    9,800,490
    
    
    
    12,446,808
    
    
    
    741,776
    
    
    2007
    
    40 yrs.4313 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    *
    
    
    
    3,895,539
    
    
    
    16,724,283
    
    
    
    1,400,711
    
    
    
    3,895,539
    
    
    
    18,124,995
    
    
    
    22,020,533
    
    
    
    1,565,576
    
    
    2007
    
    40 yrs.4303 E. Cotton Center Boulvard
    
    Phoenix, AZ
    
    
    *
    
    
    
    2,619,964
    
    
    
    9,675,711
    
    
    
    11,076
    
    
    
    2,619,964
    
    
    
    9,686,787
    
    
    
    12,306,751
    
    
    
    814,561
    
    
    2007
    
    40 yrs.4610 South 44th Street
    
    Phoenix, AZ
    
    
    
    
    
    
    6,539,310
    
    
    
    
    
    
    
    5,704,330
    
    
    
    6,827,288
    
    
    
    5,416,351
    
    
    
    12,243,639
    
    
    
    56,986
    
    
    2007
    
    40 yrs.4550 South 44th Street
    
    Phoenix, AZ
    
    
    
    
    
    
    5,380,972
    
    
    
    
    
    
    
    4,233,556
    
    
    
    5,617,939
    
    
    
    3,996,590
    
    
    
    9,614,529
    
    
    
    46,491
    
    
    2007
    
    40 yrs.9801 80th Avenue
    
    Pleasant Prairie, WI
    
    
    
    
    
    
    1,692,077
    
    
    
    7,934,794
    
    
    
    250,974
    
    
    
    1,689,726
    
    
    
    8,188,119
    
    
    
    9,877,845
    
    
    
    2,255,399
    
    
    1994
    
    40 yrs.2250 Hickory Road
    
    Plymouth Meeting, PA
    
    
    
    
    
    
    1,015,851
    
    
    
    9,175,555
    
    
    
    3,113,293
    
    
    
    1,032,507
    
    
    
    12,272,192
    
    
    
    13,304,699
    
    
    
    4,202,704
    
    
    1985
    
    40 yrs.2905 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    516,920
    
    
    
    4,646,342
    
    
    
    1,995,401
    
    
    
    516,920
    
    
    
    6,641,743
    
    
    
    7,158,663
    
    
    
    2,797,012
    
    
    1983
    
    40 yrs.2800 Campus Drive
    
    Plymouth, MN
    
    
    
    
    
    
    395,366
    
    
    
    3,554,512
    
    
    
    1,166,443
    
    
    
    395,366
    
    
    
    4,720,955
    
    
    
    5,116,321
    
    
    
    1,856,676
    
    
    1985
    
    40 yrs.2955 Xenium Lane
    
    Plymouth, MN
    
    
    
    
    
    
    151,238
    
    
    
    1,370,140
    
    
    
    508,272
    
    
    
    151,238
    
    
    
    1,878,412
    
    
    
    2,029,650
    
    
    
    805,046
    
    
    1985
    
    40 yrs.2920 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    392,026
    
    
    
    3,433,678
    
    
    
    708,249
    
    
    
    384,235
    
    
    
    4,149,718
    
    
    
    4,533,953
    
    
    
    1,436,468
    
    
    1997
    
    40 yrs.14630-14650 28th Avenue North
    
    Plymouth, MN
    
    
    
    
    
    
    198,205
    
    
    
    1,793,422
    
    
    
    782,928
    
    
    
    198,205
    
    
    
    2,576,350
    
    
    
    2,774,555
    
    
    
    991,926
    
    
    1978
    
    40 yrs.
  120




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)9600 54th Avenue
    
    Plymouth, MN
    
    
    
    
    
    
    332,317
    
    
    
    3,077,820
    
    
    
    1,020,792
    
    
    
    332,317
    
    
    
    4,098,612
    
    
    
    4,430,929
    
    
    
    1,667,000
    
    
    1998
    
    40 yrs.1500 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    972,232
    
    
    
    3,892,085
    
    
    
    465,078
    
    
    
    972,232
    
    
    
    4,357,163
    
    
    
    5,329,395
    
    
    
    1,366,685
    
    
    1957
    
    40 yrs.1651 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    129,136
    
    
    
    203,247
    
    
    
    940,230
    
    
    
    1,143,477
    
    
    
    361,523
    
    
    1990
    
    40 yrs.1601 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    402,780
    
    
    
    203,247
    
    
    
    1,213,873
    
    
    
    1,417,120
    
    
    
    490,850
    
    
    1990
    
    40 yrs.1501 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    402,183
    
    
    
    203,247
    
    
    
    1,213,276
    
    
    
    1,416,523
    
    
    
    268,889
    
    
    1990
    
    40 yrs.1400 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    1,157,049
    
    
    
    4,620,956
    
    
    
    422,912
    
    
    
    1,157,049
    
    
    
    5,043,868
    
    
    
    6,200,917
    
    
    
    1,582,490
    
    
    1986
    
    40 yrs.1405 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    392,138
    
    
    
    1,565,787
    
    
    
    198,906
    
    
    
    392,138
    
    
    
    1,764,694
    
    
    
    2,156,832
    
    
    
    582,973
    
    
    1985
    
    40 yrs.595 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    359,933
    
    
    
    1,437,116
    
    
    
    442,709
    
    
    
    359,933
    
    
    
    1,879,825
    
    
    
    2,239,758
    
    
    
    524,379
    
    
    1984
    
    40 yrs.601 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    164,413
    
    
    
    655,933
    
    
    
    173,030
    
    
    
    164,413
    
    
    
    828,963
    
    
    
    993,375
    
    
    
    304,796
    
    
    1984
    
    40 yrs.605 SW 16th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    310,778
    
    
    
    1,238,324
    
    
    
    257,273
    
    
    
    310,178
    
    
    
    1,496,197
    
    
    
    1,806,375
    
    
    
    499,137
    
    
    1965
    
    40 yrs.301 Hill Carter Parkway
    
    Richmond, VA
    
    
    
    
    
    
    659,456
    
    
    
    4,836,010
    
    
    
    185,894
    
    
    
    659,456
    
    
    
    5,021,904
    
    
    
    5,681,360
    
    
    
    1,803,441
    
    
    1989
    
    40 yrs.5600-5626 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    489,941
    
    
    
    3,592,900
    
    
    
    335,923
    
    
    
    489,941
    
    
    
    3,928,823
    
    
    
    4,418,764
    
    
    
    1,546,138
    
    
    1989
    
    40 yrs.5650-5674 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    644,384
    
    
    
    4,025,480
    
    
    
    248,946
    
    
    
    644,384
    
    
    
    4,274,426
    
    
    
    4,918,810
    
    
    
    1,731,605
    
    
    1990
    
    40 yrs.5700 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    408,729
    
    
    
    2,697,348
    
    
    
    820,296
    
    
    
    408,729
    
    
    
    3,517,644
    
    
    
    3,926,373
    
    
    
    1,420,090
    
    
    1990
    
    40 yrs.4101-4127 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    310,854
    
    
    
    2,279,597
    
    
    
    878,915
    
    
    
    310,854
    
    
    
    3,158,512
    
    
    
    3,469,366
    
    
    
    1,072,790
    
    
    1973
    
    40 yrs.4201-4261 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    693,203
    
    
    
    5,083,493
    
    
    
    1,740,857
    
    
    
    693,203
    
    
    
    6,824,350
    
    
    
    7,517,553
    
    
    
    2,502,871
    
    
    1975
    
    40 yrs.4263-4299 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    256,203
    
    
    
    2,549,649
    
    
    
    2,130,737
    
    
    
    256,203
    
    
    
    4,680,386
    
    
    
    4,936,589
    
    
    
    1,628,219
    
    
    1976
    
    40 yrs.4301-4335 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    223,696
    
    
    
    1,640,435
    
    
    
    2,688,102
    
    
    
    223,696
    
    
    
    4,328,537
    
    
    
    4,552,233
    
    
    
    1,138,083
    
    
    1978
    
    40 yrs.4337-4379 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    325,303
    
    
    
    2,385,557
    
    
    
    1,682,650
    
    
    
    325,303
    
    
    
    4,068,207
    
    
    
    4,393,510
    
    
    
    1,705,697
    
    
    1979
    
    40 yrs.4501-4549 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    486,166
    
    
    
    3,565,211
    
    
    
    493,767
    
    
    
    486,166
    
    
    
    4,058,978
    
    
    
    4,545,144
    
    
    
    1,505,148
    
    
    1981
    
    40 yrs.4551-4593 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    474,360
    
    
    
    3,478,646
    
    
    
    835,568
    
    
    
    474,360
    
    
    
    4,314,214
    
    
    
    4,788,574
    
    
    
    1,526,168
    
    
    1982
    
    40 yrs.4601-4643 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    652,455
    
    
    
    4,784,675
    
    
    
    622,565
    
    
    
    652,455
    
    
    
    5,407,240
    
    
    
    6,059,695
    
    
    
    2,233,976
    
    
    1985
    
    40 yrs.4645-4683 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    404,616
    
    
    
    2,967,187
    
    
    
    1,252,655
    
    
    
    404,616
    
    
    
    4,219,842
    
    
    
    4,624,458
    
    
    
    2,036,874
    
    
    1985
    
    40 yrs.4447-4491 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    454,056
    
    
    
    2,729,742
    
    
    
    503,034
    
    
    
    454,056
    
    
    
    3,232,776
    
    
    
    3,686,832
    
    
    
    1,232,056
    
    
    1987
    
    40 yrs.4401-4445 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    615,038
    
    
    
    4,510,272
    
    
    
    476,720
    
    
    
    615,038
    
    
    
    4,986,992
    
    
    
    5,602,030
    
    
    
    1,859,918
    
    
    1988
    
    40 yrs.2300 East Parham Road
    
    Richmond, VA
    
    
    
    
    
    
    221,947
    
    
    
    1,011,088
    
    
    
    2,443
    
    
    
    221,947
    
    
    
    1,013,531
    
    
    
    1,235,478
    
    
    
    427,900
    
    
    1988
    
    40 yrs.5601-5659 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    705,660
    
    
    
    
    
    
    
    4,904,209
    
    
    
    720,100
    
    
    
    4,889,769
    
    
    
    5,609,870
    
    
    
    2,070,111
    
    
    1996
    
    40 yrs.5900 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    676,661
    
    
    
    
    
    
    
    4,822,772
    
    
    
    687,898
    
    
    
    4,811,535
    
    
    
    5,499,433
    
    
    
    1,662,704
    
    
    1997
    
    40 yrs.4717-4729 Eubank Road
    
    Richmond, VA
    
    
    
    
    
    
    449,447
    
    
    
    3,294,697
    
    
    
    756,131
    
    
    
    452,263
    
    
    
    4,048,011
    
    
    
    4,500,274
    
    
    
    1,772,055
    
    
    1978
    
    40 yrs.4263F-N. Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    91,476
    
    
    
    
    
    
    
    1,656,984
    
    
    
    91,599
    
    
    
    1,656,861
    
    
    
    1,748,460
    
    
    
    576,593
    
    
    1975
    
    40 yrs.510 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    261,961
    
    
    
    2,110,874
    
    
    
    608,236
    
    
    
    262,210
    
    
    
    2,718,861
    
    
    
    2,981,071
    
    
    
    1,025,493
    
    
    1989
    
    40 yrs.520 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    486,118
    
    
    
    4,083,582
    
    
    
    397,629
    
    
    
    486,598
    
    
    
    4,480,731
    
    
    
    4,967,329
    
    
    
    1,596,479
    
    
    1989
    
    40 yrs.5701-5799 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    694,644
    
    
    
    
    
    
    
    5,851,949
    
    
    
    700,503
    
    
    
    5,846,090
    
    
    
    6,546,593
    
    
    
    2,115,132
    
    
    1998
    
    40 yrs.530 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    266,883
    
    
    
    
    
    
    
    3,129,801
    
    
    
    334,772
    
    
    
    3,061,912
    
    
    
    3,396,684
    
    
    
    1,376,494
    
    
    1999
    
    40 yrs.6000 Eastport Blvd
    
    Richmond, VA
    
    
    
    
    
    
    872,901
    
    
    
    
    
    
    
    7,486,258
    
    
    
    901,666
    
    
    
    7,457,493
    
    
    
    8,359,159
    
    
    
    322,546
    
    
    1997
    
    40 yrs.3829-3855 Gaskins Road
    
    Richmond, VA
    
    
    
    
    
    
    364,165
    
    
    
    3,264,114
    
    
    
    39,764
    
    
    
    364,165
    
    
    
    3,303,879
    
    
    
    3,668,044
    
    
    
    979,890
    
    
    1988
    
    40 yrs.10800 Nuckols Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    1,432,462
    
    
    
    
    
    
    
    14,420,839
    
    
    
    1,794,162
    
    
    
    14,059,139
    
    
    
    15,853,301
    
    
    
    3,483,362
    
    
    2000
    
    40 yrs.100 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,140,648
    
    
    
    101,824
    
    
    
    10,062,785
    
    
    
    1,456,084
    
    
    
    9,849,173
    
    
    
    11,305,257
    
    
    
    1,988,948
    
    
    2001
    
    40 yrs.200 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,623,612
    
    
    
    
    
    
    
    6,035,700
    
    
    
    1,072,797
    
    
    
    6,586,515
    
    
    
    7,659,312
    
    
    
    1,594,917
    
    
    2002
    
    40 yrs.3901 Westerre Parkway
    
    Richmond, VA
    
    
    
    
    
    
    634,231
    
    
    
    
    
    
    
    11,848,089
    
    
    
    1,508,459
    
    
    
    10,973,862
    
    
    
    12,482,320
    
    
    
    182,397
    
    
    2003
    
    40 yrs.3900 Westerre Parkway
    
    Richmond, VA
    
    
    
    
    
    
    392,184
    
    
    
    
    
    
    
    11,786,392
    
    
    
    1,100,000
    
    
    
    11,078,576
    
    
    
    12,178,576
    
    
    
    1,188,362
    
    
    2005
    
    40 yrs.1001 Boulders Parkway
    
    Richmond, VA
    
    
    
    
    
    
    2,073,739
    
    
    
    5,634,796
    
    
    
    1,613,952
    
    
    
    2,079,643
    
    
    
    7,242,844
    
    
    
    9,322,487
    
    
    
    1,053,088
    
    
    2005
    
    40 yrs.7400 Beaufont Springs Drive
    
    Richmond, VA
    
    
    
    
    
    
    808,581
    
    
    
    7,273,850
    
    
    
    1,171,471
    
    
    
    810,743
    
    
    
    8,443,158
    
    
    
    9,253,901
    
    
    
    1,147,415
    
    
    2005
    
    40 yrs.1100 Boulders Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,276,936
    
    
    
    12,052,192
    
    
    
    1,527,052
    
    
    
    1,280,662
    
    
    
    13,575,518
    
    
    
    14,856,181
    
    
    
    1,611,392
    
    
    2005
    
    40 yrs.540 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    742,300
    
    
    
    
    
    
    
    5,447,660
    
    
    
    1,066,839
    
    
    
    5,123,121
    
    
    
    6,189,960
    
    
    
    71,537
    
    
    2007
    
    40 yrs.2020 US Highway 301 South
    
    Riverview, FL
    
    
    
    
    
    
    1,233,639
    
    
    
    13,608,485
    
    
    
    109,898
    
    
    
    1,233,800
    
    
    
    13,718,223
    
    
    
    14,952,022
    
    
    
    1,316,539
    
    
    2006
    
    40 yrs.6532 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    354,903
    
    
    
    
    
    
    
    4,169,001
    
    
    
    399,988
    
    
    
    4,123,916
    
    
    
    4,523,904
    
    
    
    1,285,673
    
    
    1997
    
    40 yrs.6530 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    305,821
    
    
    
    
    
    
    
    4,805,262
    
    
    
    335,061
    
    
    
    4,776,022
    
    
    
    5,111,083
    
    
    
    1,277,812
    
    
    1999
    
    40 yrs.8501 East Raintree Drive
    
    Scottsdale, AZ
    
    
    
    
    
    
    4,076,412
    
    
    
    
    
    
    
    27,621,159
    
    
    
    4,115,137
    
    
    
    27,582,434
    
    
    
    31,697,571
    
    
    
    3,278,438
    
    
    2005
    
    40 yrs.Renaissance Blvd & Hwy 20
    
    Sturtevant, WI
    
    
    
    
    
    
    2,484,450
    
    
    
    
    
    
    
    21,894,843
    
    
    
    2,487,293
    
    
    
    21,891,999
    
    
    
    24,379,292
    
    
    
    1,518,200
    
    
    2006
    
    40 yrs.6950 Harbor View Blvd
    
    Suffolk, VA
    
    
    
    
    
    
    929,844
    
    
    
    
    
    
    
    6,209,197
    
    
    
    794,848
    
    
    
    6,344,194
    
    
    
    7,139,041
    
    
    
    750,153
    
    
    2004
    
    40 yrs.6900 Harbor View Boulevard
    
    Suffolk, VA
    
    
    
    
    
    
    904,052
    
    
    
    
    
    
    
    8,372,404
    
    
    
    807,006
    
    
    
    8,469,451
    
    
    
    9,276,456
    
    
    
    559,808
    
    
    2006
    
    40 yrs.13650 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    558,223
    
    
    
    2,171,930
    
    
    
    57,522
    
    
    
    558,251
    
    
    
    2,229,424
    
    
    
    2,787,675
    
    
    
    741,928
    
    
    1991
    
    40 yrs.13630 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    659,797
    
    
    
    2,596,275
    
    
    
    773,154
    
    
    
    659,825
    
    
    
    3,369,400
    
    
    
    4,029,226
    
    
    
    1,403,936
    
    
    1991
    
    40 yrs.1301 International Parkway
    
    Sunrise, FL
    
    
    
    
    
    
    5,100,162
    
    
    
    24,219,956
    
    
    
    7,763,083
    
    
    
    5,100,791
    
    
    
    31,982,409
    
    
    
    37,083,200
    
    
    
    2,392,517
    
    
    2006
    
    40 yrs.13621 NW 12th Street
    
    Sunrise, FL
    
    
    
    
    
    
    5,570,820
    
    
    
    9,454,900
    
    
    
    1,506,186
    
    
    
    5,570,820
    
    
    
    10,961,086
    
    
    
    16,531,906
    
    
    
    1,389,397
    
    
    2008
    
    40 yrs.5501-5519 Pioneer Park Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    162,000
    
    
    
    1,613,000
    
    
    
    1,010,318
    
    
    
    262,416
    
    
    
    2,522,902
    
    
    
    2,785,318
    
    
    
    866,780
    
    
    1981
    
    40 yrs.5690-5694 Crenshaw Street
    
    Tampa, FL
    
    
    
    
    
    
    181,923
    
    
    
    1,812,496
    
    
    
    256,771
    
    
    
    181,923
    
    
    
    2,069,268
    
    
    
    2,251,191
    
    
    
    748,165
    
    
    1979
    
    40 yrs.3102,3104,3110 Cherry Palm Drive
    
    Tampa, FL
    
    
    
    
    
    
    503,767
    
    
    
    2,787,585
    
    
    
    1,689,682
    
    
    
    503,767
    
    
    
    4,477,267
    
    
    
    4,981,034
    
    
    
    2,021,569
    
    
    1986
    
    40 yrs.8401-8408 Benjamin Road
    
    Tampa, FL
    
    
    
    
    
    
    789,651
    
    
    
    4,454,648
    
    
    
    2,545,846
    
    
    
    769,789
    
    
    
    7,020,356
    
    
    
    7,790,145
    
    
    
    3,007,157
    
    
    1986
    
    40 yrs.111 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    359,540
    
    
    
    1,461,850
    
    
    
    660,118
    
    
    
    359,540
    
    
    
    2,121,968
    
    
    
    2,481,508
    
    
    
    903,625
    
    
    1990
    
    40 yrs.7930, 8010-20 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    1,408,478
    
    
    
    5,247,246
    
    
    
    1,250,781
    
    
    
    1,408,478
    
    
    
    6,498,027
    
    
    
    7,906,505
    
    
    
    2,318,928
    
    
    1990
    
    40 yrs.7920 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    1,082,648
    
    
    
    2,445,444
    
    
    
    23,564
    
    
    
    1,082,648
    
    
    
    2,469,008
    
    
    
    3,551,656
    
    
    
    783,286
    
    
    1997
    
    40 yrs.8154-8198 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    399,088
    
    
    
    2,868,834
    
    
    
    514,344
    
    
    
    399,088
    
    
    
    3,383,177
    
    
    
    3,782,266
    
    
    
    1,294,160
    
    
    1988
    
    40 yrs.8112-42 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    513,263
    
    
    
    3,230,239
    
    
    
    658,168
    
    
    
    513,263
    
    
    
    3,888,408
    
    
    
    4,401,670
    
    
    
    1,276,041
    
    
    1995
    
    40 yrs.8212 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    820,882
    
    
    
    2,322,720
    
    
    
    14,210
    
    
    
    820,882
    
    
    
    2,336,931
    
    
    
    3,157,813
    
    
    
    739,066
    
    
    1996
    
    40 yrs.131 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    511,463
    
    
    
    
    
    
    
    4,455,291
    
    
    
    559,527
    
    
    
    4,407,227
    
    
    
    4,966,754
    
    
    
    2,248,230
    
    
    1985
    
    40 yrs.7724 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    235,893
    
    
    
    
    
    
    
    2,344,228
    
    
    
    235,894
    
    
    
    2,344,227
    
    
    
    2,580,121
    
    
    
    879,707
    
    
    1998
    
    40 yrs.7802-50 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,820,324
    
    
    
    506,949
    
    
    
    2,670,740
    
    
    
    3,177,688
    
    
    
    1,253,438
    
    
    1999
    
    40 yrs.7852-98 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,835,448
    
    
    
    506,949
    
    
    
    2,685,864
    
    
    
    3,192,812
    
    
    
    1,239,791
    
    
    1999
    
    40 yrs.8921 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    224,369
    
    
    
    1,063,882
    
    
    
    972,276
    
    
    
    254,493
    
    
    
    2,006,034
    
    
    
    2,260,527
    
    
    
    623,628
    
    
    1998
    
    40 yrs.5250 Eagle Trail Drive
    
    Tampa, FL
    
    
    
    
    
    
    952,860
    
    
    
    
    
    
    
    3,671,277
    
    
    
    952,860
    
    
    
    3,671,277
    
    
    
    4,624,137
    
    
    
    1,128,640
    
    
    1998
    
    40 yrs.7725 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    553,335
    
    
    
    
    
    
    
    3,337,965
    
    
    
    771,501
    
    
    
    3,119,798
    
    
    
    3,891,300
    
    
    
    815,715
    
    
    1999
    
    40 yrs.8001 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    350,406
    
    
    
    
    
    
    
    2,483,850
    
    
    
    438,061
    
    
    
    2,396,196
    
    
    
    2,834,256
    
    
    
    798,804
    
    
    1999
    
    40 yrs.
  121




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)4630 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    943,169
    
    
    
    
    
    
    
    12,806,438
    
    
    
    1,560,099
    
    
    
    12,189,508
    
    
    
    13,749,607
    
    
    
    3,139,434
    
    
    2000
    
    40 yrs.701-725 South US Hwy 301
    
    Tampa, FL
    
    
    
    
    
    
    419,683
    
    
    
    
    
    
    
    3,840,421
    
    
    
    661,680
    
    
    
    3,598,424
    
    
    
    4,260,104
    
    
    
    1,477,773
    
    
    2000
    
    40 yrs.4502 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,966,722
    
    
    
    1,071,535
    
    
    
    3,895,187
    
    
    
    4,966,722
    
    
    
    778,257
    
    
    1999
    
    40 yrs.9001-9015 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    209,841
    
    
    
    
    
    
    
    1,877,914
    
    
    
    364,514
    
    
    
    1,723,242
    
    
    
    2,087,756
    
    
    
    508,409
    
    
    2000
    
    40 yrs.4508 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    498,598
    
    
    
    
    
    
    
    3,258,452
    
    
    
    556,887
    
    
    
    3,200,163
    
    
    
    3,757,050
    
    
    
    857,291
    
    
    2000
    
    40 yrs.7622 Bald Cypress Place
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,305,584
    
    
    
    300,000
    
    
    
    1,005,584
    
    
    
    1,305,584
    
    
    
    251,906
    
    
    2000
    
    40 yrs.901-933 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    500,391
    
    
    
    
    
    
    
    4,041,019
    
    
    
    840,314
    
    
    
    3,701,097
    
    
    
    4,541,411
    
    
    
    1,299,162
    
    
    2001
    
    40 yrs.4503 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,519,280
    
    
    
    619,913
    
    
    
    2,899,367
    
    
    
    3,519,280
    
    
    
    664,756
    
    
    2002
    
    40 yrs.4505 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,361,805
    
    
    
    716,594
    
    
    
    2,645,211
    
    
    
    3,361,805
    
    
    
    916,534
    
    
    2002
    
    40 yrs.4511 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,840,466
    
    
    
    686,594
    
    
    
    2,153,872
    
    
    
    2,840,466
    
    
    
    581,398
    
    
    2002
    
    40 yrs.7621 Bald Cypress Place (Bldg N)
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,482,613
    
    
    
    447,498
    
    
    
    1,035,115
    
    
    
    1,482,613
    
    
    
    215,590
    
    
    2001
    
    40 yrs.4520 Seedling Circle
    
    Tampa, FL
    
    
    
    
    
    
    854,797
    
    
    
    42,131
    
    
    
    2,721,233
    
    
    
    854,797
    
    
    
    2,763,364
    
    
    
    3,618,161
    
    
    
    393,181
    
    
    2003
    
    40 yrs.501 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    898,884
    
    
    
    
    
    
    
    3,498,107
    
    
    
    900,508
    
    
    
    3,496,483
    
    
    
    4,396,991
    
    
    
    770,694
    
    
    2004
    
    40 yrs.9002-9036 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    492,320
    
    
    
    
    
    
    
    4,101,564
    
    
    
    899,284
    
    
    
    3,694,600
    
    
    
    4,593,884
    
    
    
    1,031,820
    
    
    2004
    
    40 yrs.8900-34 Brittany Was
    
    Tampa, FL
    
    
    
    
    
    
    537,194
    
    
    
    
    
    
    
    4,268,278
    
    
    
    978,019
    
    
    
    3,827,454
    
    
    
    4,805,472
    
    
    
    914,892
    
    
    2005
    
    40 yrs.200-34 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    330,097
    
    
    
    
    
    
    
    3,670,597
    
    
    
    933,362
    
    
    
    3,067,332
    
    
    
    4,000,694
    
    
    
    619,636
    
    
    2005
    
    40 yrs.910-926 Chad Lane
    
    Tampa, FL
    
    
    
    
    
    
    201,771
    
    
    
    
    
    
    
    3,214,583
    
    
    
    628,237
    
    
    
    2,788,117
    
    
    
    3,416,354
    
    
    
    409,542
    
    
    2006
    
    40 yrs.150-182 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    403,541
    
    
    
    
    
    
    
    5,545,710
    
    
    
    1,181,609
    
    
    
    4,767,643
    
    
    
    5,949,251
    
    
    
    904,127
    
    
    2006
    
    40 yrs.8725 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    3,167,787
    
    
    
    19,126,318
    
    
    
    129,785
    
    
    
    3,167,958
    
    
    
    19,255,933
    
    
    
    22,423,890
    
    
    
    2,543,652
    
    
    2006
    
    40 yrs.8735 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    3,166,130
    
    
    
    18,735,573
    
    
    
    1,046,247
    
    
    
    3,166,300
    
    
    
    19,781,650
    
    
    
    22,947,951
    
    
    
    2,599,511
    
    
    2006
    
    40 yrs.8705 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    4,303,870
    
    
    
    23,688,409
    
    
    
    728,531
    
    
    
    4,304,102
    
    
    
    24,416,708
    
    
    
    28,720,810
    
    
    
    3,728,450
    
    
    2006
    
    40 yrs.8715 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    3,343,910
    
    
    
    18,325,599
    
    
    
    249,567
    
    
    
    3,344,090
    
    
    
    18,574,986
    
    
    
    21,919,076
    
    
    
    2,112,058
    
    
    2006
    
    40 yrs.8745 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    2,050,439
    
    
    
    11,173,008
    
    
    
    418,415
    
    
    
    2,050,548
    
    
    
    11,591,314
    
    
    
    13,641,862
    
    
    
    1,480,855
    
    
    2006
    
    40 yrs.4631 Woodland Corporate Blvd
    
    Tampa, FL
    
    
    
    
    
    
    1,453,367
    
    
    
    
    
    
    
    13,298,956
    
    
    
    1,908,792
    
    
    
    12,843,530
    
    
    
    14,752,323
    
    
    
    329,310
    
    
    2006
    
    40 yrs.7851-7861 Woodland Center Blvd
    
    Tampa, FL
    
    
    
    
    
    
    548,905
    
    
    
    2,241,627
    
    
    
    144,326
    
    
    
    548,905
    
    
    
    2,385,953
    
    
    
    2,934,858
    
    
    
    253,078
    
    
    2006
    
    40 yrs.9306-24 East Broadway Avenue
    
    Tampa, FL
    
    
    
    
    
    
    450,440
    
    
    
    
    
    
    
    3,303,369
    
    
    
    486,004
    
    
    
    3,267,805
    
    
    
    3,753,809
    
    
    
    135,961
    
    
    2007
    
    40 yrs.8313 West Pierce Street
    
    Tolleson, AZ
    
    
    
    
    
    
    2,295,090
    
    
    
    9,079,811
    
    
    
    3,075,248
    
    
    
    2,295,090
    
    
    
    12,155,059
    
    
    
    14,450,150
    
    
    
    793,993
    
    
    2007
    
    40 yrs.3701 Corporate Parkway
    
    Upper Saucon, PA
    
    
    
    
    
    
    1,078,674
    
    
    
    
    
    
    
    10,685,588
    
    
    
    901,968
    
    
    
    10,862,294
    
    
    
    11,764,262
    
    
    
    1,054,794
    
    
    2005
    
    40 yrs.2809 South Lynnhaven Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    953,590
    
    
    
    6,142,742
    
    
    
    1,502,624
    
    
    
    953,590
    
    
    
    7,645,366
    
    
    
    8,598,956
    
    
    
    2,534,815
    
    
    1987
    
    40 yrs.200 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    
    
    
    1,116,693
    
    
    
    6,770,480
    
    
    
    1,543,539
    
    
    
    1,116,693
    
    
    
    8,314,019
    
    
    
    9,430,712
    
    
    
    2,798,538
    
    
    1988
    
    40 yrs.208 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    
    
    
    965,177
    
    
    
    6,728,717
    
    
    
    1,507,936
    
    
    
    965,177
    
    
    
    8,236,653
    
    
    
    9,201,830
    
    
    
    2,853,671
    
    
    1989
    
    40 yrs.484 Viking Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    891,753
    
    
    
    3,607,890
    
    
    
    709,459
    
    
    
    891,753
    
    
    
    4,317,349
    
    
    
    5,209,101
    
    
    
    1,422,791
    
    
    1987
    
    40 yrs.629 Phoenix Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    371,694
    
    
    
    2,108,097
    
    
    
    305,932
    
    
    
    371,694
    
    
    
    2,414,029
    
    
    
    2,785,723
    
    
    
    826,635
    
    
    1996
    
    40 yrs.5700 Cleveland Street
    
    Virginia Beach, VA
    
    
    
    
    
    
    700,112
    
    
    
    9,592,721
    
    
    
    2,232,972
    
    
    
    700,564
    
    
    
    11,825,241
    
    
    
    12,525,805
    
    
    
    4,189,385
    
    
    1989
    
    40 yrs.1457 Miller Store Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    473,689
    
    
    
    2,663,045
    
    
    
    824,754
    
    
    
    474,746
    
    
    
    3,486,743
    
    
    
    3,961,488
    
    
    
    781,667
    
    
    2003
    
    40 yrs.11020 West Plank Court
    
    Wauwatosa, WI
    
    
    
    
    
    
    464,246
    
    
    
    2,681,255
    
    
    
    122,541
    
    
    
    464,246
    
    
    
    2,803,796
    
    
    
    3,268,042
    
    
    
    757,608
    
    
    1985
    
    40 yrs.825 Duportail Road
    
    Wayne, PA
    
    
    
    
    
    
    5,536,619
    
    
    
    16,179,213
    
    
    
    4,495,234
    
    
    
    5,539,281
    
    
    
    20,671,785
    
    
    
    26,211,066
    
    
    
    4,607,661
    
    
    1979
    
    40 yrs.1500 Liberty Ridge
    
    Wayne, PA
    
    
    
    
    
    
    8,287,555
    
    
    
    
    
    
    
    31,726,499
    
    
    
    11,636,499
    
    
    
    28,377,555
    
    
    
    40,014,054
    
    
    
    7,289,598
    
    
    2002
    
    40 yrs.1200 Liberty Ridge Drive
    
    Wayne, PA
    
    
    
    
    
    
    6,215,667
    
    
    
    
    
    
    
    8,788,935
    
    
    
    5,223,660
    
    
    
    9,780,941
    
    
    
    15,004,601
    
    
    
    3,423,161
    
    
    2001
    
    40 yrs.11300-90 West Theodore Trecker Way
    
    West Allis, WI
    
    
    
    
    
    
    500,565
    
    
    
    1,591,678
    
    
    
    648,475
    
    
    
    505,972
    
    
    
    2,234,745
    
    
    
    2,740,718
    
    
    
    379,319
    
    
    2005
    
    40 yrs.11548 West Theodore Trecker Way
    
    West Allis, WI
    
    
    
    
    
    
    660,068
    
    
    
    4,640,578
    
    
    
    87,815
    
    
    
    663,766
    
    
    
    4,724,696
    
    
    
    5,388,462
    
    
    
    538,292
    
    
    2005
    
    40 yrs.11420 West Theodore Trecker Way
    
    West Allis, WI
    
    
    
    
    
    
    348,146
    
    
    
    2,057,483
    
    
    
    104,569
    
    
    
    350,008
    
    
    
    2,160,190
    
    
    
    2,510,198
    
    
    
    244,432
    
    
    2005
    
    40 yrs.400-500 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    845,846
    
    
    
    6,809,025
    
    
    
    613,213
    
    
    
    845,846
    
    
    
    7,422,238
    
    
    
    8,268,084
    
    
    
    2,281,278
    
    
    1988
    
    40 yrs.600 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    664,899
    
    
    
    5,352,410
    
    
    
    869,926
    
    
    
    664,899
    
    
    
    6,222,336
    
    
    
    6,887,235
    
    
    
    2,096,894
    
    
    1988
    
    40 yrs.42 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    18,481,816
    
    
    
    4,390,722
    
    
    
    14,091,094
    
    
    
    18,481,816
    
    
    
    959,157
    
    
    2005
    
    40 yrs.Liberty Square Retail Blocks
    
    West Malling, UK
    
    
    
    
    
    
    559,590
    
    
    
    5,113,902
    
    
    
    3,777,484
    
    
    
    1,163,073
    
    
    
    8,287,903
    
    
    
    9,450,976
    
    
    
    941,450
    
    
    2006
    
    40 yrs.1 Kings Hill Aveune
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,518,282
    
    
    
    4,044,407
    
    
    
    10,473,876
    
    
    
    14,518,282
    
    
    
    809,712
    
    
    2006
    
    40 yrs.Liberty Square
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    50,399
    
    
    
    
    
    
    
    50,399
    
    
    
    50,399
    
    
    
    (177
    )
    
    2006
    
    40 yrs.Liberty Property Trust UK
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0
    
    
    
    0
    
    
    
    
    
    
    
    0
    
    
    
    
    
    
    2006
    
    40 yrs.3612 La Grange Parkway
    
    Williamsburg, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,722,994
    
    
    
    887,234
    
    
    
    4,835,761
    
    
    
    5,722,994
    
    
    
    654,585
    
    
    2003
    
    40 yrs.7805 Hudson Road
    
    Woodbury, MN
    
    
    
    
    
    
    1,279,834
    
    
    
    
    
    
    
    10,283,324
    
    
    
    1,385,739
    
    
    
    10,177,420
    
    
    
    11,563,158
    
    
    
    3,236,361
    
    
    2002
    
    40 yrs.Subtotal Operating Real Estate
    
    
    
    $
    61,534,331
    
    
    $
    766,325,397
    
    
    $
    1,745,242,823
    
    
    $
    2,749,244,547
    
    
    $
    850,559,356
    
    
    $
    4,410,253,412
    
    
    $
    5,260,812,768
    
    
    $
    1,093,945,545
  122




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)DEVELOPMENT PROPERTIES180 South Warner Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,312,848
    
    
    
    
    
    
    
    8,312,848
    
    
    
    8,312,848
    
    
    
    
    
    
    2009
    
    N/A201 Summit Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    4,435,921
    
    
    
    
    
    
    
    34,090,113
    
    
    
    
    
    
    
    38,526,034
    
    
    
    38,526,034
    
    
    
    
    
    
    2008
    
    N/A3 Crescent Drive
    
    Philadelphia, PA
    
    
    
    
    
    
    214,726
    
    
    
    
    
    
    
    19,660,622
    
    
    
    
    
    
    
    19,875,348
    
    
    
    19,875,348
    
    
    
    
    
    
    2008
    
    N/ASubtotal Development in Progress
    
    
    
    $
    
    
    
    $
    4,650,646
    
    
    $
    
    
    
    $
    62,063,583
    
    
    $
    
    
    
    $
    66,714,230
    
    
    $
    66,714,230
    
    
    $
    
  123




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
 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
    
    
    12/31/2009
    
    
    12/31/09
    
    
    Acquisition
    
    (years)Perryman Road Land
    
    Aberdeen, MD
    
    
    
    
    
    
    12,052,635
    
    
    
    
    
    
    
    277,800
    
    
    
    12,330,435
    
    
    
    
    
    
    
    12,330,435
    
    
    
    
    
    
    2005
    
    N/A2 Womack Drive Land
    
    Annapolis, MD
    
    
    
    
    
    
    5,796,667
    
    
    
    
    
    
    
    12,516
    
    
    
    5,809,183
    
    
    
    
    
    
    
    5,809,183
    
    
    
    
    
    
    2007
    
    N/ABoca Colannade Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    2,039,735
    
    
    
    
    
    
    
    566,124
    
    
    
    2,605,859
    
    
    
    
    
    
    
    2,605,859
    
    
    
    
    
    
    1998
    
    N/AFlying Cloud Drive Land
    
    Eden Pairie, MN
    
    
    
    
    
    
    2,051,631
    
    
    
    
    
    
    
    23,215
    
    
    
    2,074,846
    
    
    
    
    
    
    
    2,074,846
    
    
    
    
    
    
    2007
    
    N/ACamelback 303 Business Center Land
    
    Goodyear, AZ
    
    
    
    
    
    
    16,857,556
    
    
    
    
    
    
    
    3,563,560
    
    
    
    20,421,116
    
    
    
    
    
    
    
    20,421,116
    
    
    
    
    
    
    2007
    
    N/APleasant Ridge Road Land
    
    Greensboro, NC
    
    
    
    
    
    
    564,535
    
    
    
    
    
    
    
    2,896,157
    
    
    
    3,460,692
    
    
    
    
    
    
    
    3,460,692
    
    
    
    
    
    
    2006
    
    N/ASouthchase Business Park Land
    
    Greenville, SC
    
    
    
    
    
    
    1,308,325
    
    
    
    
    
    
    
    709,134
    
    
    
    2,017,459
    
    
    
    
    
    
    
    2,017,459
    
    
    
    
    
    
    1998
    
    N/ACaliber Ridge Ind. Park Land
    
    Greer, SC
    
    
    
    
    
    
    2,297,492
    
    
    
    
    
    
    
    3,562,592
    
    
    
    5,860,084
    
    
    
    
    
    
    
    5,860,084
    
    
    
    
    
    
    2007
    
    N/AHunters Green Land
    
    Hagerstown, MD
    
    
    
    
    
    
    5,489,586
    
    
    
    
    
    
    
    8,349,958
    
    
    
    13,839,544
    
    
    
    
    
    
    
    13,839,544
    
    
    
    
    
    
    2006
    
    N/ALakefront Plaza II Land
    
    Hampton, VA
    
    
    229,953
    
    
    
    138,101
    
    
    
    
    
    
    
    100,882
    
    
    
    238,983
    
    
    
    
    
    
    
    238,983
    
    
    
    
    
    
    2001
    
    N/ARidge Road Land
    
    Hanover, MD
    
    
    
    
    
    
    3,371,183
    
    
    
    
    
    
    
    452,209
    
    
    
    3,823,392
    
    
    
    
    
    
    
    3,823,392
    
    
    
    
    
    
    2008
    
    N/AMendenhall Land
    
    High Point, NC
    
    
    
    
    
    
    1,757,675
    
    
    
    
    
    
    
    1,647,250
    
    
    
    3,404,925
    
    
    
    
    
    
    
    3,404,925
    
    
    
    
    
    
    1995
    
    N/APiedmond Centre Land
    
    High Point, NC
    
    
    
    
    
    
    913,276
    
    
    
    
    
    
    
    908,071
    
    
    
    1,821,347
    
    
    
    
    
    
    
    1,821,347
    
    
    
    
    
    
    2006
    
    N/ACommonwealth Corporate Center Land
    
    Horsham, PA
    
    
    
    
    
    
    3,043,938
    
    
    
    
    
    
    
    25,160
    
    
    
    3,069,098
    
    
    
    
    
    
    
    3,069,098
    
    
    
    
    
    
    2005
    
    N/ABeltway 8 @Bammel Bus Park Land
    
    Houston, TX
    
    
    
    
    
    
    1,072,634
    
    
    
    
    
    
    
    13,656
    
    
    
    1,086,290
    
    
    
    
    
    
    
    1,086,290
    
    
    
    
    
    
    2007
    
    N/ACentral Green Land - Tract 5
    
    Houston, TX
    
    
    
    
    
    
    4,169,183
    
    
    
    
    
    
    
    583,728
    
    
    
    4,752,911
    
    
    
    
    
    
    
    4,752,911
    
    
    
    
    
    
    2007
    
    N/AGreens Crossing Land
    
    Houston, TX
    
    
    
    
    
    
    2,476,892
    
    
    
    
    
    
    
    14,369
    
    
    
    2,491,261
    
    
    
    
    
    
    
    2,491,261
    
    
    
    
    
    
    2007
    
    N/ARankin Road Land
    
    Houston, TX
    
    
    
    
    
    
    5,756,865
    
    
    
    
    
    
    
    102,762
    
    
    
    5,859,627
    
    
    
    
    
    
    
    5,859,627
    
    
    
    
    
    
    2007
    
    N/AHollister Beltway 8 Land
    
    Houston, TX
    
    
    
    
    
    
    6,282,232
    
    
    
    
    
    
    
    174,962
    
    
    
    6,457,193
    
    
    
    
    
    
    
    6,457,193
    
    
    
    
    
    
    2008
    
    N/ANoxell Land
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,040,690
    
    
    
    
    
    
    
    1,173
    
    
    
    2,041,863
    
    
    
    
    
    
    
    2,041,863
    
    
    
    
    
    
    2001
    
    N/ALiberty Business Park Land
    
    Jacksonville, FL
    
    
    
    
    
    
    456,269
    
    
    
    
    
    
    
    82,545
    
    
    
    538,814
    
    
    
    
    
    
    
    538,814
    
    
    
    
    
    
    1995
    
    N/A7024 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    751,448
    
    
    
    
    
    
    
    73,504
    
    
    
    824,952
    
    
    
    
    
    
    
    824,952
    
    
    
    
    
    
    1995
    
    N/ABelfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    492,908
    
    
    
    
    
    
    
    87,504
    
    
    
    580,412
    
    
    
    
    
    
    
    580,412
    
    
    
    
    
    
    1998
    
    N/ASalisbury Road Land
    
    Jacksonville, FL
    
    
    
    
    
    
    1,402,337
    
    
    
    
    
    
    
    205,780
    
    
    
    1,608,117
    
    
    
    
    
    
    
    1,608,117
    
    
    
    
    
    
    2000
    
    N/ASkinner Land Parcel B
    
    Jacksonville, FL
    
    
    
    
    
    
    2,295,790
    
    
    
    
    
    
    
    1,230,716
    
    
    
    3,526,506
    
    
    
    
    
    
    
    3,526,506
    
    
    
    
    
    
    2005
    
    N/AImeson Road Land
    
    Jacksonville, FL
    
    
    
    
    
    
    4,153,948
    
    
    
    
    
    
    
    363,592
    
    
    
    4,517,540
    
    
    
    
    
    
    
    4,517,540
    
    
    
    
    
    
    2008
    
    N/AKent County, UK
    
    Kent County, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,158,901
    
    
    
    14,158,901
    
    
    
    
    
    
    
    14,158,901Commodore Business Park
    
    Logan, NJ
    
    
    
    
    
    
    792,118
    
    
    
    
    
    
    
    723,124
    
    
    
    1,515,242
    
    
    
    
    
    
    
    1,515,242
    
    
    
    
    
    
    1995
    
    N/AQuarry Ridge Land
    
    Malvern, PA
    
    
    
    
    
    
    4,774,994
    
    
    
    
    
    
    
    4,961,007
    
    
    
    9,736,001
    
    
    
    
    
    
    
    9,736,001
    
    
    
    
    
    
    2001
    
    N/APark Place South Land
    
    Milwaukee, WI
    
    
    
    
    
    
    1,290,032
    
    
    
    
    
    
    
    2,230,261
    
    
    
    3,520,293
    
    
    
    
    
    
    
    3,520,293
    
    
    
    
    
    
    1999
    
    N/AMonarch Towne Center Land
    
    Mirarar, FL
    
    
    
    
    
    
    6,085,337
    
    
    
    
    
    
    
    413,926
    
    
    
    6,499,264
    
    
    
    
    
    
    
    6,499,264
    
    
    
    
    
    
    2006
    
    N/ASouth 27th Street Land
    
    Oak Creek, WI
    
    
    
    
    
    
    2,169,232
    
    
    
    
    
    
    
    2,811,893
    
    
    
    4,981,125
    
    
    
    
    
    
    
    4,981,125
    
    
    
    
    
    
    2006
    
    N/ABeachline Industrial Park Land
    
    Orlando, FL
    
    
    
    
    
    
    365,230
    
    
    
    
    
    
    
    
    
    
    
    365,230
    
    
    
    
    
    
    
    365,230
    
    
    
    
    
    
    2006
    
    N/A26th Street North Land
    
    Philadelphia, PA
    
    
    
    
    
    
    235,168
    
    
    
    
    
    
    
    1,840,467
    
    
    
    2,075,635
    
    
    
    
    
    
    
    2,075,635
    
    
    
    
    
    
    2009
    
    N/ACotton Center Land
    
    Phoenix, AZ
    
    
    
    
    
    
    1,359,134
    
    
    
    
    
    
    
    18,970,703
    
    
    
    20,329,837
    
    
    
    
    
    
    
    20,329,837
    
    
    
    
    
    
    2007
    
    N/AEastport VIII
    
    Richmond, VA
    
    
    
    
    
    
    382,698
    
    
    
    
    
    
    
    3,325
    
    
    
    386,023
    
    
    
    
    
    
    
    386,023
    
    
    
    
    
    
    1997
    
    N/AEastport IX
    
    Richmond, VA
    
    
    
    
    
    
    211,627
    
    
    
    
    
    
    
    3,325
    
    
    
    214,952
    
    
    
    
    
    
    
    214,952
    
    
    
    
    
    
    1997
    
    N/AWoodlands Center Land
    
    Sandston, VA
    
    
    
    
    
    
    148,314
    
    
    
    
    
    
    
    21,717
    
    
    
    170,031
    
    
    
    
    
    
    
    170,031
    
    
    
    
    
    
    1996
    
    N/ANorthsight Land (LPLP)
    
    Scottsdale, AZ
    
    
    
    
    
    
    6,176,464
    
    
    
    
    
    
    
    2,204,597
    
    
    
    8,381,061
    
    
    
    
    
    
    
    8,381,061
    
    
    
    
    
    
    2005
    
    N/AOld Scotland Road Land
    
    Shippensburg, PA
    
    
    
    
    
    
    8,322,686
    
    
    
    
    
    
    
    2,934,248
    
    
    
    11,256,935
    
    
    
    
    
    
    
    11,256,935
    
    
    
    
    
    
    2007
    
    N/ABridgeway II Land
    
    Suffolk, VA
    
    
    
    
    
    
    603,391
    
    
    
    
    
    
    
    2,025,374
    
    
    
    2,628,766
    
    
    
    
    
    
    
    2,628,766
    
    
    
    
    
    
    2005
    
    N/ASuffolk Land
    
    Suffolk, VA
    
    
    
    
    
    
    2,715,714
    
    
    
    
    
    
    
    675,954
    
    
    
    3,391,668
    
    
    
    
    
    
    
    3,391,668
    
    
    
    
    
    
    2006
    
    N/A6119 W. Linebaugh Avenue
    
    Tampa, FL
    
    
    
    
    
    
    180,136
    
    
    
    
    
    
    
    30,500
    
    
    
    210,635
    
    
    
    
    
    
    
    210,635
    
    
    
    
    
    
    2000
    
    N/ATampa Triangle Land
    
    Tampa, FL
    
    
    
    
    
    
    10,358,826
    
    
    
    
    
    
    
    1,174,753
    
    
    
    11,533,579
    
    
    
    
    
    
    
    11,533,579
    
    
    
    
    
    
    2006
    
    N/ARenaissance Park Land
    
    Tampa, FL
    
    
    
    
    
    
    1,995,375
    
    
    
    
    
    
    
    219,098
    
    
    
    2,214,473
    
    
    
    
    
    
    
    2,214,473
    
    
    
    
    
    
    2007
    
    N/ASubtotal Land Held for Development
    
    
    
    $
    229,953
    
    
    $
    137,200,008
    
    
    $
    
    
    
    $
    81,432,094
    
    
    $
    218,632,101
    
    
    $
    
    
    
    $
    218,632,101
    
    
    $
    Total All Properties
    
    
    
    $
    61,764,284
    
    
    $
    908,176,051
    
    
    $
    1,745,242,823
    
    
    $
    2,892,740,224
    
    
    $
    1,069,191,456
    
    
    $
    4,476,967,642
    
    
    $
    5,546,159,098
    
    
    $
    1,093,945,545
 *
    
    Denotes property is collateralized under mortgages with USG Annuity and Life, Metropolitan
Life, LaSalle Bank, Allianz, John Hancock, Jackson National, Mutual of Omaha, and Capmark
totaling $412.3 million.  124




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##### Table of Contents



SCHEDULE III
 LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
(In thousands)
  Year Ended December 31,2009
    
    
    2008
    
    
    2007REAL ESTATE:Balance at beginning of year
    
    $
    5,448,138
    
    
    $
    5,686,713
    
    
    $
    5,025,944Additions
    
    
    163,005
    
    
    
    328,673
    
    
    
    935,962Disposition of property
    
    
    (64,983
    )
    
    
    (567,248
    )
    
    
    (275,193
    )Balance at end of year
    
    $
    5,546,160
    
    
    $
    5,448,138
    
    
    $
    5,686,713ACCUMULATED DEPRECIATION:Balance at beginning of year
    
    $
    963,043
    
    
    $
    841,647
    
    
    $
    767,679Depreciation expense
    
    
    144,694
    
    
    
    138,878
    
    
    
    124,899Disposition of property
    
    
    (13,791
    )
    
    
    (17,482
    )
    
    
    (50,931
    )Balance at end of year
    
    $
    1,093,946
    
    
    $
    963,043
    
    
    $
    841,647
  125




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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 Control Over Financial Reporting
  
 ITEM 9B. OTHER INFORMATION
   126




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##### Table of Contents



PART III
 
 ITEM 10. TRUSTEES, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
  
 ITEM 11. EXECUTIVE COMPENSATION
  
 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENTAND RELATED SHAREHOLDER
MATTERS
  Securities Authorized for Issuance Under Equity Compensation Plans
  
 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND TRUSTEE INDEPENDENCE
  
 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
   127




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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:
      128




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##### Table of Contents



3. EXHIBITS
  EXHIBIT NO.
    
    DESCRIPTION2.1
    
    
    Agreement and Plan Merger, dated as of July 23, 2007, by and among Liberty Property Trust,
Liberty Property Limited Partnership, Liberty Acquisition LLC, Republic Property Trust and
Republic Property Limited Partnership. (Incorporated by reference to Exhibit 2.1 to the
Current Report on Form 8-K of the Registrants, filed with the Securities and Exchange
Commission on July 24, 2007).3.1.1
    
    
    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
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).3.1.3
    
    
    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)).3.1.4
    
    
    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)).3.1.5
    
    
    Articles of Amendment to the 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)).3.1.6
    
    
    Restatement of the 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).3.1.7
    
    
    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)).3.1.8
    
    
    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 Commission on June 17, 2005 (the June 17, 2005 Form 8-K)).3.1.9
    
    
    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 Commission on June 30, 2005 (the June 30, 2005 Form 8-K)).3.1.10
    
    
    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 Commission on August 24, 2005).
  129




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EXHIBIT NO.
    
    DESCRIPTION3.1.11
    
    
    Articles Supplementary to the amended and Restated Declaration of Trust of the Trust
relating to the 6.70% Series G Cumulative Redeemable 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 Commission on December 18, 2006 (the December 18, 2006
Form 8-K)).3.1.12
    
    
    Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust
relating to the 7.40% Series H Cumulative Redeemable Preferred Partnership Interests
(Incorporated by reference to Exhibit 3(i) to the Current Report on Form 8-K of the
Registrants, filed with the Commission on August 23, 2007 (the August 23, 2007 Form 8-K)).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).3.1.16
    
    
    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 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 Commission
on December 23, 2005).3.1.22
    
    
    Seventh Amendment to the Second Amended and Restated Agreement of Limited Partnership of
Liberty Property Limited Partnership (Incorporated by reference to Exhibit 10 to the
December 18, 2006 Form 8-K).3.1.23
    
    
    Eighth Amendment to the Second Amendment and Restated Agreement of Limited Partnership of
Liberty Property Limited Partnership (Incorporated by reference to Exhibit 10 to the August
23, 2007 Form 8-K).3.1.24
    *
    
    Amended and Restated Schedule A to the Second Restated and Amended Agreement of Limited
Partnership of the Operating Partnership.
  130




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EXHIBIT NO.
    
    DESCRIPTION3.1.25
    
    
    Liberty Property Trust First Amended and Restated By-Laws of the Trust, as Amended on
December 6, 2007 (Incorporated by reference to Exhibit 3.1 filed with the Current Report on
Form 8-K filed with the Commission on December 12, 2007).4.1
    
    
    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).4.2
    
    
    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).4.3
    
    
    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).4.4
    
    
    First Supplemental Indenture, dated as of October 24, 1997, between the Operating
Partnership, as Issuer, and First Chicago, as Trustee, supplementing the Second Indenture
and relating to the Fixed Rate and Floating Rate Medium-Term Notes due Nine Months or More
from Date of Issue of the Operating Partnership (Incorporated by reference to Exhibit 10.4
filed with the Third Quarter 1997 Form 10-Q).4.5
    
    
    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)).4.6
    
    
    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)).4.7
    
    
    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).4.8
    
    
    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).
  131




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##### Table of Contents



EXHIBIT NO.
    
    DESCRIPTION4.9
    
    
    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)).4.10
    
    
    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)).4.11
    
    
    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)).4.12
    
    
    Ninth Supplemental Indenture, dated as of December 18, 2006, between Liberty Property
Limited Partnership, as Issuer, and The Bank of New York Trust Company, N.A., as Trustee,
supplementing the Senior Indenture, dated as of October 24, 1997, between Liberty Property
Limited Partnership, as Obligor, and The Bank of New York Trust Company, N.A., (as successor
to J.P. Morgan Trust Company, National Association and the First National Bank of Chicago),
as Trustee, and relating to $300,000,000 principal amount of 5.50% Senior Notes due 2016 of
Liberty Property Limited Partnership (Incorporated by reference to Exhibit 4.13 to the
Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2006).4.13
    
    
    Tenth Supplemental Indenture, dated as of September 25, 2007, between Liberty Property
Limited Partnership, as Issuer, and The Bank of New York Trust Company, N.A., as Trustee,
supplementing the Senior Indenture, dated as of October 24, 1997, between Liberty Property
Limited Partnership, as Obligor, and The Bank of New York Trust Company, N.A., (as successor
to J.P. Morgan Trust Company, National Association and the First National Bank of Chicago),
as Trustee, and relating to $300,000,000 principal amount of 6.625% Senior Notes due 2017 of
Liberty Property Limited Partnership (Incorporated by reference to Exhibit 4.1 to the
Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2007).4.14
    
    
    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).4.15
    
    
    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).4.16
    
    
    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)).
  132




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EXHIBIT NO.
    
    DESCRIPTION4.17
    
    
    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 as amended effective
May 21, 2009 (Incorporated by reference to Appendix A to the Registrants Definitive Proxy
Statement for the Annual Meeting of Shareholders held on May 21, 2009, filed with the
Commission on April 17, 2009).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
(Incorporated by reference to Exhibit 10.8 filed with Registrants Annual Report on
Form 10-K for the year ended December 31, 2006).10.9
    @
    
    Liberty Property Trust  Amended Management Severance Plan (Incorporated by reference to
Exhibit 10.9 to the Registrants Annual Report on Form 10-K for the fiscal year ended
December 31, 2008).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
    @
    
    Liberty Property Trust 2008 Long-Term Incentive Plan (Incorporated by reference to Exhibit
10.1 filed with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 2008 (the First Quarter 2008 Form 10-Q)).10.12
    @
    
    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)).
  133




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EXHIBIT NO.
    
    DESCRIPTION10.13
    @
    
    Form of Option Grant Agreement under the Liberty Property Trust Amended and Restated Share
Incentive Plan (Incorporated by reference to Exhibit 10.2 filed with the First Quarter 2008
Form 10-Q).10.14
    @
    
    Form of 2009 Long Term Incentive Plan Target Unit Award Agreement (Incorporated by reference
to Exhibit 10.2 filed with the Registrants Quarterly Report on Form 10-Q for the fiscal
quarter ended June 30, 2009).10.15
    
    
    Amended and Restated Limited Partnership of Liberty/Commerz 1701 JFK Boulevard Limited
Partnership, dated as of April 11, 2006, by and among Liberty Property Philadelphia
Corporation IV East, as general partner, and the Operating Partnership and 1701 JFK
Boulevard Philadelphia, L.P. as limited partners (Incorporated by reference to Exhibit 10.3
filed with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended
June 30, 2006 (the Second Quarter 2006 Form 10-Q)).10.16
    
    
    NOI Support Agreement, dated as of April 11, 2006, by Liberty Property Limited Partnership
in favor of Liberty/Commerz 1701 JFK Boulevard, L.P. and 1701 JFK Boulevard Philadelphia,
L.P. (Incorporated by reference to Exhibit 10.4 filed with the Registrants Second Quarter
2006 Form 10-Q).10.17
    
    
    Completion and Payment Agreement and Guaranty, dated as of April 11, 2006, by the Operating
Partnership for the benefit of 1701 JFK Boulevard Philadelphia, L.P. and Liberty/Commerz
1701 JFK Boulevard L.P. (Incorporated by reference to Exhibit 10.5 filed with the
Registrants Second Quarter 2006 Form 10-Q).10.18
    +
    
    Agreement of Limited Partnership of Liberty Washington, L.P. by and between Liberty
Washington Venture, LLC and New York State Common Retirement Fund dated as of October 4,
2007 (Incorporated by reference to Exhibit 10.18 filed with the Registrants Annual Report
on Form 10-K for the fiscal year ended December 31, 2007).10.19
    +
    
    Contribution Agreement among New York State Common Retirement Fund and Liberty Property
Limited Partnership and Liberty Washington, L.P. dated October 4, 2007 (Incorporated by
reference to Exhibit 10.19 filed with the Registrants Annual Report on Form 10-K for the
fiscal year ended December 31, 2007).10.20
    
    
    Equity Distribution Agreement, dated December 18, 2008, by and among Liberty Property Trust,
Liberty Property Limited Partnership and Citigroup Global Markets Inc. (Incorporated by
reference to Exhibit 1.1 filed with the Registrants Current Report on Form 8-K filed with
the Commission on December 18, 2008).12
    *
    
    Statement re: Computation of Ratios.21
    *
    
    Subsidiaries.23.1
    *
    
    Consent of Ernst & Young LLP relating to the Trust.23.2
    *
    
    Consent of Ernst & Young LLP relating to 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.
  134




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EXHIBIT NO.
    
    DESCRIPTION31.4*
    
    
    Certifications of the Chief Financial Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a)
under the Securities Exchange Act of 1934.32.1*
    
    
    Certifications of the Chief Executive Officer of Liberty Property Trust required under Rule
13a-14(b) of the Securities Exchange Act of 1934, as amended. (This exhibit shall not be
deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liability of that section. Further, this exhibit shall
not be deemed to be incorporated by reference into any filing under the Securities Act of
1933, as amended, or the Securities Exchange Act of 1934, as amended.)32.2*
    
    
    Certifications of the Chief Financial Officer of Liberty Property Trust required by Rule
13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be
deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liability of that section. Further, this exhibit shall
not be deemed to be incorporated by reference into any filing under the Securities Act of
1933, as amended, or the Securities Exchange Act of 1934, as amended.)32.3*
    
    
    Certifications of the Chief Executive Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b)
under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed
filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liability of that section. Further, this exhibit shall not be
deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended.)32.4*
    
    
    Certifications of the Chief Financial Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b)
under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed
filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liability of that section. Further, this exhibit shall not be
deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended.)
 
 *
    
    Filed herewith+
    
    Confidential treatment has been granted by the Securities and Exchange
Commission with respect to portions of this exhibit pursuant to
Rule 24b-2 under the Securities Exchange Act of 1934, as amended.@
    
    Compensatory plan or arrangement.  135




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SIGNATURES
  LIBERTY PROPERTY TRUSTDate: February 26, 2010
    By:
    /s/ WILLIAM P. HANKOWSKYWILLIAM P. HANKOWSKYCHAIRMAN, PRESIDENT AND
CHIEF EXECUTIVE OFFICER  /s/ WILLIAM P. HANKOWSKY

William P. Hankowsky
    
    Chairman of the Board of Trustees, President and
Chief Executive Officer (Principal Executive
Officer
    
    February 26, 2010/s/ GEORGE J. ALBURGER, JR.

George J. Alburger, Jr.
    
    Executive Vice President and Chief 
Financial Officer
(Principal Financial and Accounting Officer)
    
    February 26, 2010/s/ M. LEANNE LACHMAN

M. Leanne Lachman
    
    Trustee
    
    February 26, 2010/s/ FREDERICK F. BUCHHOLZ

Frederick F. Buchholz
    
    Trustee
    
    February 26, 2010/s/ J. ANTHONY HAYDEN

J. Anthony Hayden
    
    Trustee
    
    February 26, 2010/s/ DAVID L. LINGERFELT

David L. Lingerfelt
    
    Trustee
    
    February 26, 2010/s/ STEPHEN B. SIEGEL

Stephen B. Siegel
    
    Trustee
    
    February 26, 2010/s/ THOMAS C. DELOACH, JR.

Thomas C. DeLoach, Jr.
    
    Trustee
    
    February 26, 2010/s/ DANIEL P. GARTON

Daniel P. Garton
    
    Trustee
    
    February 26, 2010/s/ STEPHEN D. STEINOUR

Stephen D. Steinour
    
    Trustee
    
    February 26, 2010
  136




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##### Table of Contents



SIGNATURES
  LIBERTY PROPERTY LIMITED PARTNERSHIP
BY: Liberty Property Trust
General PartnerDate: February 26, 2010
    By:
    /s/ WILLIAM P. HANKOWSKYWILLIAM P. HANKOWSKYCHAIRMAN, PRESIDENT AND
CHIEF EXECUTIVE OFFICER  /s/ WILLIAM P. HANKOWSKY

William P. Hankowsky
    
    Chairman of the Board of Trustees, President and
Chief Executive Officer (Trustee of the General
Partner)
    
    February 26, 2010/s/ GEORGE J. ALBURGER, JR.

George J. Alburger, Jr.
    
    Executive Vice President and Chief 
Financial Officer

(Trustee of the General Partner)
    
    February 26, 2010/s/ M. LEANNE LACHMAN

M. Leanne Lachman
    
    Trustee of the General Partner
    
    February 26, 2010/s/ FREDERICK F. BUCHHOLZ

Frederick F. Buchholz
    
    Trustee of the General Partner
    
    February 26, 2010/s/ J. ANTHONY HAYDEN

J. Anthony Hayden
    
    Trustee of the General Partner
    
    February 26, 2010/s/ DAVID L. LINGERFELT

David L. Lingerfelt
    
    Trustee of the General Partner
    
    February 26, 2010/s/ STEPHEN B. SIEGEL

Stephen B. Siegel
    
    Trustee of the General Partner
    
    February 26, 2010/s/ THOMAS C. DELOACH, JR.

Thomas C. DeLoach, Jr.
    
    Trustee of the General Partner
    
    February 26, 2010/s/ DANIEL P. GARTON

Daniel P. Garton
    
    Trustee of the General Partner
    
    February 26, 2010/s/ STEPHEN D. STEINOUR

Stephen D. Steinour
    
    Trustee of the General Partner
    
    February 26, 2010
  137




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##### Table of Contents



EXHIBIT INDEX
 Exhibit No.
    
    Description3.1.24
    
    
    Amended and Restated Schedule A to the Second Restated and Amended Agreement of Limited
Partnership of the Operating Partnership.12
    
    
    Statement re: Computation of Ratios.21
    
    
    Subsidiaries.23.1
    
    
    Consent of Ernst & Young LLP relating to the Trust.23.2
    
    
    Consent of Ernst & Young LLP relating to the Operating Partnership.31.1
    
    
    Certifications of the Chief Executive Officer of Liberty Property Trust required by Rule
13a-14(a) under the Securities Exchange Act of 1934.31.2
    
    
    Certifications of the Chief Financial Officer of Liberty Property Trust required by Rule
13a-14(a) under the Securities Exchange Act of 1934.31.3
    
    
    Certifications of the Chief Executive Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a) under
the Securities Exchange Act of 1934.31.4
    
    
    Certifications of the Chief Financial Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a) under
the Securities Exchange Act of 1934.32.1
    
    
    Certifications of the Chief Executive Officer of Liberty Property Trust required under Rule
13a-14(b) of the Securities Exchange Act of 1934, as amended. (This exhibit shall not be
deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
or otherwise subject to the liability of that section. Further, this exhibit shall not be
deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended.)32.2
    
    
    Certifications of the Chief Financial Officer of Liberty Property Trust required by Rule
13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be
deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
or otherwise subject to the liability of that section. Further, this exhibit shall not be
deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended.)32.3
    
    
    Certifications of the Chief Executive Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b) under
the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed filed
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liability of that section. Further, this exhibit shall not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933, as amended, or the
Securities Exchange Act of 1934, as amended.)32.4
    
    
    Certifications of the Chief Financial Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b) under
the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed filed
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liability of that section. Further, this exhibit shall not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933, as amended, or the
Securities Exchange Act of 1934, as amended.
  138