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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, 2006
 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 Parkway
Malvern, Pennsylvania
    
    19355(Address of Principal Executive Offices)
    
    (Zip Code)Registrants Telephone Number, including Area Code
    
    (610) 648-1700Securities registered pursuant to Section 12(b) of the Act:NAME OF EACH EXCHANGETITLE OF EACH CLASS
    
    ON WHICH REGISTEREDCommon Shares of Beneficial Interest,$0.001 par value(Liberty Property Trust)
    
    New York Stock ExchangePreferred Share Purchase Rights,$0.0001 par value(Liberty Property Trust)
    
    New York Stock Exchange
   þ o
  o þ
  þ o
 o
  þ o o
  o þ




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##### 



INDEX
 PagePart IItem 1. Business
    
    
    4Item 1A. Risk Factors
    
    
    9Item 1B. Unresolved Staff Comments
    
    
    17Item 2. Properties
    
    
    17Item 3. Legal Proceedings
    
    
    19Item 4. Submission of Matters to a Vote of Security Holders
    
    
    19Part IIItem 5. Market for Registrants Common Equity, Related Shareholder Matters and
Issuer Purchases of Equity Securities
    
    
    19Item 6. Selected Financial Data
    
    
    20Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    21Item 7A. Quantitative and Qualitative Disclosures About Market Risk
    
    
    32Item 8. Financial Statements and Supplementary Data
    
    
    32Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    108Item 9A. Controls and Procedures
    
    
    108Item 9B. Other Information
    
    
    108Part IIIItem 10. Trustees, Executive Officers and Corporate Governance
    
    
    109Item 11. Executive Compensation
    
    
    109Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
    
    
    109Item 13. Certain Relationships and Related Transactions, and Trustee Independence
    
    
    109Item 14. Principal Accountant Fees and Services
    
    
    109Part IVItem 15. Exhibits and Financial Statement Schedules
    
    
    110Signatures for Liberty Property Trust
    
    
    118Signatures for Liberty Property Limited Partnership
    
    
    119Exhibit Index
    
    
    120Amended and Restated Schedule ANinth Supplemental IndentureStatement re: Computation of RatiosSubsidiariesConsent of Independent Registered Public Accounting FirmConsent of Independent Registered Public Accounting FirmCertifications of the Chief Executive OfficerCertifications of the Chief Financial OfficerCertifications of the Chief Executive OfficerCertifications of the Chief Financial OfficerCertifications of the Chief Executive OfficerCerifications of the Chief Financial OfficerCertifications of the Chief Executive OfficerCertifications of the Chief Financial Officer
  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
  Reportable Segments
    
    MarketsDelaware Valley
    
    Southeastern Pennsylvania; New JerseyMidwest
    
    Lehigh Valley, Pennsylvania; Michigan; Minnesota; Milwaukee; ChicagoMid-Atlantic
    
    Maryland; Piedmont Triad, NC; Greenville, SC; Richmond; Virginia BeachFlorida
    
    Jacksonville; Orlando; Boca Raton; Tampa; TexasUnited Kingdom
    
    County of Kent
 Business Objective and Strategies for Growth
  Products
  Markets
  Organizational Plan
  Internal Growth Strategies
  5




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Maintain High Occupancies
  Cost Controls
  Customer Service
  Energy Efficient Initiatives
     External Growth Strategies
  Development
   6




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Square Feet
    
    
    Percent Leased
    
    
    TotalScheduled In-Service Date
    
    Ind-Dist.
    
    
    Ind-Flex
    
    
    Office
    
    
    Total
    
    
    December 31, 2006
    
    
    Investment1st Quarter 2007
    
    
    
    
    
    
    79
    
    
    
    134
    
    
    
    213
    
    
    
    78.4
    %
    
    $
    25,2812nd Quarter 2007
    
    
    1,063
    
    
    
    34
    
    
    
    160
    
    
    
    1,257
    
    
    
    88.7
    %
    
    
    98,4173rd Quarter 2007
    
    
    552
    
    
    
    139
    
    
    
    230
    
    
    
    921
    
    
    
    79.8
    %
    
    
    89,0224th Quarter 2007
    
    
    968
    
    
    
    
    
    
    
    450
    
    
    
    1,418
    
    
    
    31.7
    %
    
    
    124,8041st Quarter 2008
    
    
    
    
    
    
    83
    
    
    
    74
    
    
    
    157
    
    
    
    
    
    
    
    19,9242nd Quarter 2008
    
    
    461
    
    
    
    208
    
    
    
    
    
    
    
    669
    
    
    
    7.5
    %
    
    
    44,6603rd Quarter 2008
    
    
    
    
    
    
    116
    
    
    
    251
    
    
    
    367
    
    
    
    
    
    
    
    54,183Total
    
    
    3,044
    
    
    
    659
    
    
    
    1,299
    
    
    
    5,002
    
    
    
    50.3
    %
    
    $
    456,291
 1 2
   Acquisitions/Dispositions
    7




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Joint Ventures
  Accounting for the Sale of Real Estate
   United Kingdom Operations
      8




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ITEM 1A. RISK FACTORS
  Risks Related to Our Business
 Unfavorable events affecting our existing tenants, or negative market conditions that may affect
our existing tenants, could have an adverse impact on our ability to attract new tenants, relet
space, collect rent or renew leases, and thus could have a negative effect on our cash flow from
operations and inhibit growth.
 
    
    lack of demand for space in the areas where our Properties are located
    
    inability to retain existing tenants and attract new tenants
    
    oversupply of or reduced demand for space and changes in market rental rates
    
    defaults by our tenants or their failure to pay rent on a timely basis
    
    the need to periodically renovate and repair our space
    
    physical damage to our Properties
    
    economic or physical decline of the areas where our Properties are located
    
    potential risk of functional obsolescence of our Properties over time
     We may not be able to compete successfully with other entities that operate in our industry.
   We may experience increased operating costs, which could adversely affect our operations.
  9




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##### Table of Contents



Our ability to achieve growth in operating income depends in part on our ability to develop
properties which may suffer under certain circumstances.
   
    
    construction and leasing of a property may not be completed on schedule, which could
result in increased expenses and construction costs, and would result in reduced
profitability for that property
    
    construction costs may exceed our original estimates due to increases in interest rates
and increased materials, labor or other costs, possibly making the property unprofitable
because we may not be able to increase rents to compensate for the increase in construction
costs
    
    some developments may fail to achieve expectations, possibly making them unprofitable
    
    we may be unable to obtain, or may face delays in obtaining, required zoning, land-use,
building, occupancy, and other governmental permits and authorizations, which could result
in increased costs and could require us to abandon our activities entirely with respect to
a project
    
    we may abandon development opportunities after we begin to explore them and as a result,
we may fail to recover costs already incurred. If we alter or discontinue our development
efforts, past and future costs of the investment may need to be expensed rather than
capitalized and we may determine the investment is impaired, resulting in a loss
    
    we may expend funds on and devote managements time to projects that we do not complete
    
    occupancy rates and rents at newly completed properties may fluctuate depending on a
number of factors, including market and economic conditions, and may result in lower than
projected rental rates with the result that our investment is not profitable
 Our Comcast Center project is subject to a number of risks related to its development, construction
and leasing.
 1 2
    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
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
    
    we may be unable to quickly and efficiently integrate new acquisitions, particularly
acquisitions of portfolios of properties, into our existing operations, and as a result,
our results of operations and financial condition could be adversely affected
  Many of our Properties are concentrated in our primary markets, and we therefore may suffer
economic harm as a result of adverse conditions in those markets.
  We may not be able to access financial markets to obtain capital on a timely basis, or on
acceptable terms.
  
    
    general economic conditions affecting these markets
    
    our own financial structure and performance
    
    the markets opinion of REITs in general
    
    the markets opinion of REITs that own properties like ours
 We may suffer adverse effects as a result of the terms of and covenants relating to our
indebtedness.
    Our degree of leverage could limit our ability to obtain additional financing or affect the market
price of our common stock.
  11




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Further issuances of equity securities may be dilutive to current shareholders.
  An increase in interest rates would increase our interest costs on variable rate debt and could
adversely impact our ability to refinance existing debt.
  Property ownership through joint ventures will limit our ability to act exclusively in our
interests.
  Risks Related to the Real Estate Industry
 Real estate investments are illiquid, and we may not be able to sell our Properties if and when we
determine it is appropriate to do so.
  We may experience economic harm if any damage to our Properties is not covered by insurance.
   Potential liability for environmental contamination could result in substantial costs.
  
    
    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
 12




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
    
    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
  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.
  13




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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.
    Risks associated with potential borrowings necessary to make distributions to qualify as a REIT.
  Certain officers of the Trust may not have the same interests as shareholders as to certain tax
laws.
  
    
    when certain of our Properties are sold
    
    when debt on those Properties is refinanced
    
    if we are involved in a tender offer or merger
  Certain aspects of our organization could have the effect of restricting or preventing a change of
control of our Company, which could have an adverse effect on the price of our shares.
 14




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Our charter contains an ownership limit on shares.
 We have a staggered board and certain restrictive nominating procedures. The Board of Trustees has
three classes of trustees
 We can issue preferred shares
 We have a poison pill
 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.
    15




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Transactions by the Trust or the Operating Partnership could adversely affect debt holders.
  16




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ITEM 1B. UNRESOLVED STAFF COMMENTS
  
 ITEM 2. PROPERTIES
    Type
    
    Net Rent (1)
    
    
    Square Feet
    
    
    % LeasedDelaware Valley
    
    Industrial
    
    -Distribution
    
    $
    6,756
    
    
    
    781
    
    
    
    100.0
    %-Flex
    
    
    29,130
    
    
    
    2,787
    
    
    
    96.9
    %Office
    
    
    
    
    116,619
    
    
    
    8,418
    
    
    
    92.4
    %Total
    
    
    
    
    152,505
    
    
    
    11,986
    
    
    
    94.0
    %Midwest
    
    Industrial
    
    -Distribution
    
    
    53,862
    
    
    
    13,462
    
    
    
    98.1
    %-Flex
    
    
    41,307
    
    
    
    5,293
    
    
    
    95.1
    %Office
    
    
    
    
    46,585
    
    
    
    4,050
    
    
    
    90.5
    %Total
    
    
    
    
    141,754
    
    
    
    22,805
    
    
    
    96.1
    %Mid-Atlantic
    
    Industrial
    
    -Distribution
    
    
    28,090
    
    
    
    7,590
    
    
    
    88.8
    %-Flex
    
    
    8,003
    
    
    
    992
    
    
    
    94.8
    %Office
    
    
    
    
    51,415
    
    
    
    4,380
    
    
    
    90.3
    %Total
    
    
    
    
    87,508
    
    
    
    12,962
    
    
    
    89.7
    %Florida
    
    Industrial
    
    -Distribution
    
    
    19,981
    
    
    
    4,390
    
    
    
    100.0
    %-Flex
    
    
    26,535
    
    
    
    3,484
    
    
    
    93.9
    %Office
    
    
    
    
    39,260
    
    
    
    3,498
    
    
    
    90.8
    %Total
    
    
    
    
    85,776
    
    
    
    11,372
    
    
    
    95.3
    %United Kingdom
    
    Industrial
    
    -Distribution
    
    
    
    
    
    
    
    
    
    
    -Flex
    
    
    
    
    
    
    
    
    
    
    Office
    
    
    
    
    987
    
    
    
    35
    
    
    
    97.0
    %Total
    
    
    
    
    987
    
    
    
    35
    
    
    
    97.0
    %Joint Ventures (2)
    
    Industrial
    
    -Distribution
    
    
    21,285
    
    
    
    5,638
    
    
    
    94.4
    %-Flex
    
    
    5,352
    
    
    
    170
    
    
    
    100.0
    %Office
    
    
    
    
    12,688
    
    
    
    364
    
    
    
    98.1
    %Total
    
    
    
    
    39,325
    
    
    
    6,172
    
    
    
    94.8
    %TOTAL
    
    Industrial
    
    -Distribution
    
    
    129,974
    
    
    
    31,861
    
    
    
    95.5
    %-Flex
    
    
    110,327
    
    
    
    12,726
    
    
    
    95.2
    %Office
    
    
    
    
    267,554
    
    
    
    20,745
    
    
    
    91.4
    %Total
    
    
    
    $
    507,855
    
    
    
    65,332
    
    
    
    94.2
    %
 
 (1)
    
    Net rent represents the contractual rent per square foot times the tenants square feet
leased at December 31, 2006 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 48 properties owned by unconsolidated joint ventures in which
the Company has an interest. 17




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Total Properties in Operation
 Wholly Owned Properties:
 Industrial-Distribution
    
    
    Industrial-Flex
    
    
    Office
    
    
    TotalSquare
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    AnnualYear
    
    Feet
    
    
    Net Rent (1)
    
    
    Feet
    
    
    Net Rent (1)
    
    
    Feet
    
    
    Net Rent (1)
    
    
    Feet
    
    
    Net Rent (1)2007
    
    
    3,079
    
    
    $
    13,729
    
    
    
    1,641
    
    
    $
    14,143
    
    
    
    1,934
    
    
    $
    25,702
    
    
    
    6,654
    
    
    $
    53,5742008
    
    
    3,915
    
    
    
    15,410
    
    
    
    2,351
    
    
    
    22,234
    
    
    
    2,529
    
    
    
    37,024
    
    
    
    8,795
    
    
    
    74,6682009
    
    
    4,051
    
    
    
    18,857
    
    
    
    2,238
    
    
    
    20,789
    
    
    
    2,968
    
    
    
    43,813
    
    
    
    9,257
    
    
    
    83,4592010
    
    
    2,654
    
    
    
    13,114
    
    
    
    1,615
    
    
    
    15,409
    
    
    
    2,607
    
    
    
    37,342
    
    
    
    6,876
    
    
    
    65,8652011
    
    
    3,271
    
    
    
    15,004
    
    
    
    1,220
    
    
    
    12,426
    
    
    
    2,481
    
    
    
    38,357
    
    
    
    6,972
    
    
    
    65,7872012
    
    
    2,762
    
    
    
    14,043
    
    
    
    1,025
    
    
    
    10,181
    
    
    
    1,352
    
    
    
    24,896
    
    
    
    5,139
    
    
    
    49,120Thereafter
    
    
    5,385
    
    
    
    30,787
    
    
    
    1,855
    
    
    
    21,065
    
    
    
    4,735
    
    
    
    79,125
    
    
    
    11,975
    
    
    
    130,977Total
    
    
    25,117
    
    
    $
    120,944
    
    
    
    11,945
    
    
    $
    116,247
    
    
    
    18,606
    
    
    $
    286,259
    
    
    
    55,668
    
    
    $
    523,450Total Square Feet
    
    
    26,223
    
    
    
    
    
    
    
    12,556
    
    
    
    
    
    
    
    20,381
    
    
    
    
    
    
    
    59,160Percent of Total Annual Net Rent
    
    
    
    
    
    
    23.1
    %
    
    
    
    
    
    
    22.2
    %
    
    
    
    
    
    
    54.7
    %
    
    
    
    
    
    
    100.0
    %
 Joint Venture Properties:
 Industrial-Distribution
    
    
    Industrial-Flex
    
    
    Office
    
    
    TotalSquare
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    AnnualYear
    
    Feet
    
    
    Net Rent (1)
    
    
    Feet
    
    
    Net Rent (1)
    
    
    Feet
    
    
    Net Rent (1)
    
    
    Feet
    
    
    Net Rent (1)2007
    
    
    833
    
    
    $
    3,230
    
    
    
    65
    
    
    $
    1,958
    
    
    
    29
    
    
    $
    1,018
    
    
    
    927
    
    
    $
    6,2062008
    
    
    920
    
    
    
    3,883
    
    
    
    9
    
    
    
    296
    
    
    
    31
    
    
    
    1,050
    
    
    
    960
    
    
    
    5,2292009
    
    
    751
    
    
    
    2,874
    
    
    
    11
    
    
    
    316
    
    
    
    61
    
    
    
    2,197
    
    
    
    823
    
    
    
    5,3872010
    
    
    57
    
    
    
    296
    
    
    
    20
    
    
    
    723
    
    
    
    65
    
    
    
    2,470
    
    
    
    142
    
    
    
    3,4892011
    
    
    362
    
    
    
    1,524
    
    
    
    10
    
    
    
    333
    
    
    
    86
    
    
    
    2,966
    
    
    
    458
    
    
    
    4,8232012
    
    
    94
    
    
    
    563
    
    
    
    
    
    
    
    
    
    
    
    85
    
    
    
    3,009
    
    
    
    179
    
    
    
    3,572Thereafter
    
    
    2,304
    
    
    
    11,372
    
    
    
    55
    
    
    
    1,800
    
    
    
    
    
    
    
    
    
    
    
    2,359
    
    
    
    13,172Total
    
    
    5,321
    
    
    $
    23,742
    
    
    
    170
    
    
    $
    5,426
    
    
    
    357
    
    
    $
    12,710
    
    
    
    5,848
    
    
    $
    41,878Total Square Feet
    
    
    5,638
    
    
    
    
    
    
    
    170
    
    
    
    
    
    
    
    364
    
    
    
    
    
    
    
    6,172Percent of Total Annual Net Rent
    
    
    
    
    
    
    56.7
    %
    
    
    
    
    
    
    13.0
    %
    
    
    
    
    
    
    30.3
    %
    
    
    
    
    
    
    100.0
    %
 
 (1)
    
    Annual net rent equals the contractual rent per square foot at the time of lease expiration
for those tenants in occupancy at December 31, 2006 times the tenants square feet leased at
December 31, 2006.  Percentage
    
    
    
    PercentageTop 10 Office Tenants
    
    of Net Rent
    
    Top 10 Industrial Tenants
    
    of Net RentThe Vanguard Group, Inc
    
    3.8%
    
    Kellogg USA, Inc.
    
    1.0%GlaxoSmithKline, LLC
    
    1.9%
    
    Wakefern Food Corporation
    
    1.0%General Motors Acceptance Corporation
    
    1.3%
    
    United States of America
    
    0.7%PHH Corporation
    
    1.2%
    
    Amazon.com, Inc.
    
    0.6%Sanofi-Aventis U.S., Inc.
    
    1.1%
    
    United Parcel Service, Inc.
    
    0.5%PNC Bank, National Association
    
    1.0%
    
    Centocor, Inc.
    
    0.5%Aetna Life Insurance Company
    
    1.0%
    
    LTD Commodities, Inc.
    
    0.5%Express Scripts
    
    0.9%
    
    Whirlpool Corporation
    
    0.5%Well Care Health Plan, Inc.
    
    0.9%
    
    Bosch Rexroth Corporation
    
    0.5%Sungard Data Systems, Inc.
    
    0.7%
    
    Dial Corporation
    
    0.4%13.8%
    
    
    
    6.2%
 18




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ITEM 3. LEGAL PROCEEDINGS
  
 ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
  
 PART II
 
 ITEM 5. MARKET FOR THE REGISTRANTS COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND RELATED ISSUER
PURCHASES OF EQUITY SECURITIES
  DividendsDeclared PerHigh
    
    Low
    
    Common Share2006Fourth Quarter
    
    $
    52.35
    
    
    $
    45.73
    
    
    $
    0.62Third Quarter
    
    
    48.23
    
    
    
    43.80
    
    
    
    0.62Second Quarter
    
    
    46.41
    
    
    
    41.32
    
    
    
    0.615First Quarter
    
    
    48.99
    
    
    
    43.20
    
    
    
    0.6152005Fourth Quarter
    
    $
    43.98
    
    
    $
    39.15
    
    
    $
    0.615Third Quarter
    
    
    45.80
    
    
    
    40.80
    
    
    
    0.615Second Quarter
    
    
    44.77
    
    
    
    38.19
    
    
    
    0.61First Quarter
    
    
    43.09
    
    
    
    38.77
    
    
    
    0.61
   19




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##### Table of Contents



ITEM 6. SELECTED FINANCIAL DATA
  Operating Data
    
    Year Ended December 31,In thousands, except per share data
    
    2006
    
    2005
    
    2004
    
    2003
    
    2002Total operating revenue
    
    $
    666,719
    
    
    $
    633,494
    
    
    $
    585,284
    
    
    $
    552,183
    
    
    $
    521,122Income from continuing operations
    
    $
    153,697
    
    
    $
    204,841
    
    
    $
    137,588
    
    
    $
    133,525
    
    
    $
    132,933Income available to common shareholders
    
    $
    266,574
    
    
    $
    249,351
    
    
    $
    161,443
    
    
    $
    163,610
    
    
    $
    150,237Basic:Income from continuing operations
    
    $
    1.72
    
    
    $
    2.36
    
    
    $
    1.63
    
    
    $
    1.70
    
    
    $
    1.62Income from discontinued operations
    
    $
    1.26
    
    
    $
    0.51
    
    
    $
    0.28
    
    
    $
    0.38
    
    
    $
    0.38Income per common share  basic
    
    $
    2.98
    
    
    $
    2.87
    
    
    $
    1.91
    
    
    $
    2.08
    
    
    $
    2.00Diluted:Income from continuing operations
    
    $
    1.70
    
    
    $
    2.32
    
    
    $
    1.60
    
    
    $
    1.67
    
    
    $
    1.59Income from discontinued operations
    
    $
    1.25
    
    
    $
    0.50
    
    
    $
    0.28
    
    
    $
    0.38
    
    
    $
    0.38Income per common share  diluted
    
    $
    2.95
    
    
    $
    2.82
    
    
    $
    1.88
    
    
    $
    2.05
    
    
    $
    1.97Distributions paid per common share
    
    $
    2.465
    
    
    $
    2.445
    
    
    $
    2.425
    
    
    $
    2.405
    
    
    $
    2.37Distributions paid per preferred share
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    1.82Weighted average number of shares outstanding  basic (1)
    
    
    89,313
    
    
    
    86,986
    
    
    
    84,534
    
    
    
    78,575
    
    
    
    75,041Weighted average number of shares outstanding  diluted (2)
    
    
    90,492
    
    
    
    88,376
    
    
    
    86,024
    
    
    
    79,868
    
    
    
    76,272
 Balance Sheet Data
    
    December 31,In thousands
    
    2006
    
    2005
    
    2004
    
    2003
    
    2002Net real estate
    
    $
    4,419,838
    
    
    $
    4,035,529
    
    
    $
    3,738,758
    
    
    $
    3,483,188
    
    
    $
    3,312,229Total assets
    
    
    4,910,911
    
    
    
    4,500,322
    
    
    
    4,163,997
    
    
    
    3,833,528
    
    
    
    3,625,099Total indebtedness
    
    
    2,387,938
    
    
    
    2,249,178
    
    
    
    2,133,171
    
    
    
    1,885,866
    
    
    
    1,866,187Shareholders equity
    
    
    1,871,604
    
    
    
    1,709,182
    
    
    
    1,596,259
    
    
    
    1,544,897
    
    
    
    1,354,431
 Other Data
    
 
    
    
    
    Year Ended December 31,Dollars in thousands
    

    
    
    
    2006
    
    2005
    
    2004
    
    2003
    
    2002Cash provided by operating activities
    
    
    
    
    
    $
    344,901
    
    
    $
    360,749
    
    
    $
    293,336
    
    
    $
    263,811
    
    
    $
    288,243Cash used in investing activities
    
    
    
    
    
    
    (355,270
    )
    
    
    (286,633
    )
    
    
    (373,975
    )
    
    
    (195,133
    )
    
    
    (165,604
    )Cash (used in) provided by financing activities
    
    
    
    
    
    
    (327
    )
    
    
    (39,470
    )
    
    
    89,618
    
    
    
    (58,111
    )
    
    
    (131,818
    )Funds from
operations available to common shareholders (3)
    
    
    
    
    
    
    294,801
    
    
    
    293,973
    
    
    
    291,144
    
    
    
    280,921
    
    
    
    260,750Total leaseable square footage of properties at end of
period (in thousands) (4)
    
    
    
    
    
    
    65,332
    
    
    
    64,371
    
    
    
    61,655
    
    
    
    57,149
    
    
    
    54,166Number of properties at end of period (4)
    
    
    
    
    
    
    720
    
    
    
    718
    
    
    
    723
    
    
    
    702
    
    
    
    680Percentage leased at end of period (4)
    
    
    
    
    
    
    94
    %
    
    
    92
    %
    
    
    92
    %
    
    
    92
    %
    
    
    91
    %
 
 (1)
    
    Basic weighted average number of shares includes only vested Common Shares outstanding during
the year.(2)
    
    Diluted weighted average number of shares outstanding includes the vested and unvested Common
Shares outstanding during the year as well as the dilutive effect of outstanding options.(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
31.(4)
    
    Leasing statistics include 48 properties equaling 6.2 million square feet owned by joint
ventures in which the Company has an ownership interest. The joint venture properties are
94.8% leased at December 31, 2006. 20




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##### Table of Contents



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




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##### Table of Contents



Forward-Looking Statements
  Critical Accounting Policies and Estimates
   Capitalized Costs
  22




---



##### Table of Contents



Revenue Recognition
  Allowance for Doubtful Accounts
  Impairment of Real Estate
  Intangibles
 Business Combinations
 Results of Operations
   23




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##### Table of Contents



Comparison of Year Ended December 31, 2006 to Year Ended December 31, 2005
 Overview
   Segments
   Year Ended December 31,
    
    
    Percentage2006
    
    
    2005
    
    
    Increase (Decrease)Delaware Valley SE Pennsylvania
    
    $
    129,272
    
    
    $
    131,506
    
    
    
    (1.7%
    )(1) Other
    
    
    26,012
    
    
    
    24,382
    
    
    
    6.7%
    (2)Midwest Lehigh Valley
    
    
    66,433
    
    
    
    57,558
    
    
    
    15.4%
    (3) Other
    
    
    73,485
    
    
    
    70,312
    
    
    
    4.5%Mid-Atlantic
    
    
    84,448
    
    
    
    73,180
    
    
    
    15.4%
    (4)Florida
    
    
    75,360
    
    
    
    64,673
    
    
    
    16.5%
    (4)United Kingdom
    
    
    1,002
    
    
    
    16,651
    
    
    
    (94.0%
    ) (5)Total property level operating income (6)
    
    $
    456,012
    
    
    $
    438,262
    
    
    
    4.1
    %
 
 (1)
    
    The decrease for the year ended December 31, 2006 versus the year ended December 31, 2005
is due to decreased termination fees accepted during 2006. This decrease was partially offset
by increased occupancy and an increase in average gross investment in operating real estate.(2)
    
    The increase for the year ended December 31, 2006 versus the year ended December 31, 2005 is
primarily due to an increase in average gross investment in operating real estate and
increased termination fees accepted during 2006.(3)
    
    The increase for the year ended December 31, 2006 versus the year ended December 31, 2005 is
primarily due to increased occupancy, an increase in average gross investment in operating
real estate, increased termination fees accepted, and a $2.0 million settlement of a tenant
bankruptcy received during 2006.(4)
    
    The increase for the year ended December 31, 2006 versus the year ended December 31, 2005 is
primarily due to increased occupancy and an increase in average gross investment in operating
real estate during 2006.(5)
    
    The decrease for the year ended December 31, 2006 versus the year ended December 31, 2005 is
primarily due to the sale of 15 operating properties to a joint venture in December 2005.(6)
    
    See a reconciliation of property level operating income to net income in the Same Store
comparison below. Same Store
   24




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##### Table of Contents



Year Ended December 31,2006
    
    
    2005Same Store:Rental revenue
    
    $
    409,066
    
    
    $
    402,794Operating expenses:Rental property expense
    
    
    126,076
    
    
    
    124,831Real estate taxes
    
    
    63,940
    
    
    
    61,720Operating expense recovery
    
    
    (182,795
    )
    
    
    (174,831
    )Unrecovered operating expenses
    
    
    7,221
    
    
    
    11,720Property level operating income
    
    
    401,845
    
    
    
    391,074Less straight line rent
    
    
    4,282
    
    
    
    6,700Cash basis property level operating income
    
    $
    397,563
    
    
    $
    384,374Reconciliation of non-GAAP financial measure:Property level operating income  Same Store
    
    $
    401,845
    
    
    $
    391,074Property level operating income  properties purchased or developed subsequent to January 1, 2005
    
    
    47,954
    
    
    
    30,543Termination fees
    
    
    6,213
    
    
    
    16,645General and administrative expense
    
    
    (45,991
    )
    
    
    (38,099
    )Depreciation and amortization expense
    
    
    (144,692
    )
    
    
    (135,846
    )Other income (expense)
    
    
    (109,993
    )
    
    
    (111,606
    )Gain on property dispositions
    
    
    17,628
    
    
    
    85,593Income taxes
    
    
    (288
    )
    
    
    (14,827
    )Minority interest
    
    
    (20,411
    )
    
    
    (21,176
    )Equity in earnings of unconsolidated joint ventures
    
    
    1,432
    
    
    
    2,540Discontinued operations, net of minority interest
    
    
    112,877
    
    
    
    44,510Net income
    
    $
    266,574
    
    
    $
    249,351
 General and Administrative
  Depreciation and Amortization
  Interest Expense
  25




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##### Table of Contents



Other
     Comparison of Year Ended December 31, 2005 to Year Ended December 31, 2004
 Overview
   Segments
   Year Ended December 31,
    
    
    Percentage2005
    
    
    2004
    
    
    Increase (Decrease)Delaware Valley SE Pennsylvania
    
    $
    131,506
    
    
    $
    125,712
    
    
    
    4.6% Other
    
    
    24,382
    
    
    
    21,632
    
    
    
    12.7%
    (1)Midwest Lehigh Valley
    
    
    57,558
    
    
    
    49,644
    
    
    
    15.9%
    (1) Other
    
    
    70,312
    
    
    
    65,483
    
    
    
    7.4%
    (2)Mid-Atlantic
    
    
    73,180
    
    
    
    72,680
    
    
    
    0.7%Florida
    
    
    64,673
    
    
    
    59,523
    
    
    
    8.7%
    (1)United Kingdom
    
    
    16,651
    
    
    
    16,566
    
    
    
    0.5%Total property level operating income (3)
    
    $
    438,262
    
    
    $
    411,240
    
    
    
    6.6%
 
 (1)
    
    The increase for the year ended December 31, 2005 versus the year ended December 31, 2004
is primarily due to an increase in average gross investment in operating real estate during
2005.(2)
    
    The increase for the year ended December 31, 2005 versus the year ended December 31, 2004 is
primarily due to increased occupancy and an increase in average gross investment in operating
real estate during 2005.(3)
    
    See a reconciliation of property level operating income to net income in the Same Store
comparison below. 26




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##### Table of Contents



Same Store
    Year Ended December 31,2005
    
    
    2004Prior Year Same Store:Rental revenue
    
    $
    411,465
    
    
    $
    416,292Operating expenses:Rental property expense
    
    
    130,713
    
    
    
    122,963Real estate taxes
    
    
    62,000
    
    
    
    60,826Operating expense recovery
    
    
    (178,953
    )
    
    
    (170,126
    )Unrecovered operating expenses
    
    
    13,760
    
    
    
    13,663Property level operating income
    
    
    397,705
    
    
    
    402,629Less straight line rent
    
    
    6,046
    
    
    
    9,986Cash basis property level operating income
    
    $
    391,659
    
    
    $
    392,643Reconciliation of non-GAAP financial measure:Property level operating income  prior year Same Store
    
    $
    397,705
    
    
    $
    402,629Property level operating income  properties purchased or developed subsequent to January 1, 2004
    
    
    23,912
    
    
    
    (2,266
    )Termination fees
    
    
    16,645
    
    
    
    10,877General and administrative expense
    
    
    (38,099
    )
    
    
    (33,724
    )Depreciation and amortization expense
    
    
    (135,846
    )
    
    
    (119,934
    )Other income (expense)
    
    
    (111,606
    )
    
    
    (100,761
    )Gain on property dispositions
    
    
    85,593
    
    
    
    496Income taxes
    
    
    (14,827
    )
    
    
    (1,820
    )Minority interest
    
    
    (21,176
    )
    
    
    (17,134
    )Equity in (loss) earnings of unconsolidated joint ventures
    
    
    2,540
    
    
    
    (775
    )Discontinued operations, net of minority interest
    
    
    44,510
    
    
    
    23,855Net income
    
    $
    249,351
    
    
    $
    161,443
 27




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##### Table of Contents



General and Administrative
  Depreciation and Amortization
  Interest Expense
  Other
     Liquidity and Capital Resources
    28




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##### 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)
    
    $
    3,200,328
    
    
    $
    264,685
    
    
    $
    788,184
    
    
    $
    741,153
    
    
    $
    1,406,306Capital lease obligations
    
    
    7,373
    
    
    
    1,684
    
    
    
    661
    
    
    
    362
    
    
    
    4,666Operating lease obligations
    
    
    13,102
    
    
    
    716
    
    
    
    929
    
    
    
    812
    
    
    
    10,645Share of
debt of unconsolidated joint ventures (1)
    
    
    101,602
    
    
    
    3,762
    
    
    
    34,515
    
    
    
    43,858
    
    
    
    19,467Property development commitments (2)
    
    
    412,987
    
    
    
    290,234
    
    
    
    122,753
    
    
    
    
    
    
    
    Share of property development
commitments of unconsolidated joint
ventures
    
    
    34,296
    
    
    
    24,517
    
    
    
    9,779
    
    
    
    
    
    
    
    Joint venture capital commitments
    
    
    1,012
    
    
    
    1,012
    
    
    
    
    
    
    
    
    
    
    
    Letter of credit
    
    
    1,583
    
    
    
    1,583
    
    
    
    
    
    
    
    
    
    
    
    Purchase obligations (3)
    
    
    132,430
    
    
    
    112,330
    
    
    
    20,100
    
    
    
    
    
    
    
    Master lease obligation (4)
    
    
    5,532
    
    
    
    5,532
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    3,910,245
    
    
    $
    706,055
    
    
    $
    976,921
    
    
    $
    786,185
    
    
    $
    1,441,084
 
 (1)
    
    Includes principal and interest payments. Interest payments assume current credit facility
borrowings and interest rates remain at the December 31, 2006 level until maturity.(2)
    
    The Comcast Center commitment is included at the current projected Total Investment of $495
million.(3)
    
    Purchase obligations include obligations to acquire property and land.(4)
    
    Includes Comcast Center net operating income support agreement and a master lease arrangement
in the United Kingdom. 29




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##### Table of Contents



General
         Off-Balance Sheet Arrangements
  Calculation of Funds from Operations
  30




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##### Table of Contents



Year Ended December 31,2006
    
    
    2005
    
    
    2004Reconciliation of net income to FFO  basicNet income
    
    $
    266,574
    
    
    $
    249,351
    
    
    $
    161,443Basic  income available to common shareholders
    
    
    266,574
    
    
    
    249,351
    
    
    
    161,443Basic  income available to common shareholders per weighted
average share
    
    $
    2.98
    
    
    $
    2.87
    
    
    $
    1.91Adjustments:Depreciation and amortization of unconsolidated joint ventures
    
    
    2,871
    
    
    
    1,316
    
    
    
    2,566Depreciation and amortization
    
    
    149,606
    
    
    
    147,669
    
    
    
    133,682Gain on property dispositions
    
    
    (136,036
    )
    
    
    (114,381
    )
    
    
    (13,502
    )Minority interest share in addback for depreciation and amortization and
gain on property dispositions
    
    
    (877
    )
    
    
    (1,363
    )
    
    
    (5,093
    )Funds from operations available to common shareholders  basic
    
    $
    282,138
    
    
    $
    282,592
    
    
    $
    279,096Basic Funds from operations available to common shareholders per
weighted average share
    
    $
    3.16
    
    
    $
    3.25
    
    
    $
    3.30Reconciliation of net income to FFO  diluted
Net income
    
    $
    266,574
    
    
    $
    249,351
    
    
    $
    161,443Diluted  income available to common shareholders
    
    
    266,574
    
    
    
    249,351
    
    
    
    161,443Diluted  income available to common shareholders per weighted
average share
    
    $
    2.95
    
    
    $
    2.82
    
    
    $
    1.88Adjustments:Depreciation and amortization of unconsolidated joint ventures
    
    
    2,871
    
    
    
    1,316
    
    
    
    2,566Depreciation and amortization
    
    
    149,606
    
    
    
    147,669
    
    
    
    133,682Gain on property dispositions
    
    
    (136,036
    )
    
    
    (114,381
    )
    
    
    (13,502
    )Minority interest less preferred share distributions
    
    
    11,786
    
    
    
    10,018
    
    
    
    6,955Funds from operations available to common shareholders  diluted
    
    $
    294,801
    
    
    $
    293,973
    
    
    $
    291,144Diluted Funds from operations available to common shareholders per
weighted average share
    
    $
    3.12
    
    
    $
    3.20
    
    
    $
    3.25Reconciliation of weighted average shares:Weighted average common shares  all basic calculations
    
    
    89,313
    
    
    
    86,986
    
    
    
    84,534Dilutive shares for long term compensation plans
    
    
    1,179
    
    
    
    1,390
    
    
    
    1,490Diluted shares for net income calculations
    
    
    90,492
    
    
    
    88,376
    
    
    
    86,024Weighted average common units
    
    
    3,895
    
    
    
    3,555
    
    
    
    3,676Diluted shares for Funds from operations calculations
    
    
    94,387
    
    
    
    91,931
    
    
    
    89,700
 Inflation
  31




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##### Table of Contents



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




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##### Table of Contents



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




---



##### Table of Contents



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




---



##### Table of Contents



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




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##### Table of Contents



CONSOLIDATED BALANCE SHEETS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
 December 31,2006
    
    
    2005ASSETSReal estate:Land and land improvements
    
    $
    678,075
    
    
    $
    620,355Buildings and improvements
    
    
    3,814,437
    
    
    
    3,664,036Less accumulated depreciation
    
    
    (806,309
    )
    
    
    (732,439
    )Operating real estate
    
    
    3,686,203
    
    
    
    3,551,952Development in progress
    
    
    538,303
    
    
    
    324,924Land held for development
    
    
    195,332
    
    
    
    158,653Net real estate
    
    
    4,419,838
    
    
    
    4,035,529Cash and cash equivalents
    
    
    53,737
    
    
    
    61,629Restricted cash
    
    
    55,671
    
    
    
    29,085Accounts receivable
    
    
    23,809
    
    
    
    14,761Deferred rent receivable
    
    
    71,894
    
    
    
    72,818Deferred financing and leasing costs, net
    
    
    129,745
    
    
    
    122,994Investments in unconsolidated joint ventures
    
    
    47,196
    
    
    
    33,522Assets held for sale
    
    
    40,715
    
    
    
    73,211Prepaid expenses and other assets
    
    
    68,306
    
    
    
    56,773Total assets
    
    $
    4,910,911
    
    
    $
    4,500,322LIABILITIESMortgage loans
    
    $
    185,978
    
    
    $
    238,728Unsecured notes
    
    
    1,955,000
    
    
    
    1,755,000Credit facility
    
    
    246,960
    
    
    
    255,450Accounts payable
    
    
    40,633
    
    
    
    32,919Accrued interest
    
    
    36,297
    
    
    
    34,892Dividends and distributions payable
    
    
    58,961
    
    
    
    56,490Other liabilities
    
    
    217,751
    
    
    
    164,528Total liabilities
    
    
    2,741,580
    
    
    
    2,538,007Minority interest
    
    
    297,727
    
    
    
    253,133SHAREHOLDERS EQUITYCommon shares of beneficial interest, $.001 par value, 187,987,000 shares authorized, 90,972,979
(includes 59,100 in treasury) and 88,415,764 (includes 59,100 in treasury) shares issued and outstanding
as of December 31, 2006 and 2005, respectively
    
    
    91
    
    
    
    88Additional paid-in capital
    
    
    1,906,403
    
    
    
    1,799,068Accumulated other comprehensive income
    
    
    20,323
    
    
    
    9,906Distributions in excess of net income
    
    
    (53,886
    )
    
    
    (98,553
    )Common shares held in treasury, at cost, 59,100 shares as of December 31, 2006 and 2005
    
    
    (1,327
    )
    
    
    (1,327
    )Total shareholders equity
    
    
    1,871,604
    
    
    
    1,709,182Total liabilities and shareholders equity
    
    $
    4,910,911
    
    
    $
    4,500,322
  36




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##### Table of Contents



CONSOLIDATED STATEMENTS OF OPERATIONS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
 Year Ended December 31,2006
    
    
    2005
    
    
    2004OPERATING REVENUERental
    
    $
    464,714
    
    
    $
    451,608
    
    
    $
    421,712Operating expense reimbursement
    
    
    202,005
    
    
    
    181,886
    
    
    
    163,572Total operating revenue
    
    
    666,719
    
    
    
    633,494
    
    
    
    585,284OPERATING EXPENSERental property
    
    
    139,055
    
    
    
    130,353
    
    
    
    115,143Real estate taxes
    
    
    71,652
    
    
    
    64,879
    
    
    
    58,901General and administrative
    
    
    45,991
    
    
    
    38,099
    
    
    
    33,724Depreciation and amortization
    
    
    144,692
    
    
    
    135,846
    
    
    
    119,934Total operating expenses
    
    
    401,390
    
    
    
    369,177
    
    
    
    327,702Operating income
    
    
    265,329
    
    
    
    264,317
    
    
    
    257,582OTHER INCOME (EXPENSE)Interest and other income
    
    
    9,591
    
    
    
    8,008
    
    
    
    6,266Interest expense
    
    
    (119,584
    )
    
    
    (119,614
    )
    
    
    (107,027
    )Total other income (expense)
    
    
    (109,993
    )
    
    
    (111,606
    )
    
    
    (100,761
    )Income before property dispositions, income taxes, minority interest and equity in earnings
(loss) of unconsolidated joint ventures
    
    
    155,336
    
    
    
    152,711
    
    
    
    156,821Gain on property dispositions
    
    
    17,628
    
    
    
    85,593
    
    
    
    496Income taxes
    
    
    (288
    )
    
    
    (14,827
    )
    
    
    (1,820
    )Minority interest
    
    
    (20,411
    )
    
    
    (21,176
    )
    
    
    (17,134
    )Equity in earnings (loss) of unconsolidated joint ventures
    
    
    1,432
    
    
    
    2,540
    
    
    
    (775
    )Income from continuing operations
    
    
    153,697
    
    
    
    204,841
    
    
    
    137,588Discontinued operations, net of minority interest (including net gain on property
dispositions of $112,620, $36,617, and $11,603 for the years ended December
31, 2006, 2005 and 2004, respectively)
    
    
    112,877
    
    
    
    44,510
    
    
    
    23,855Net income
    
    $
    266,574
    
    
    $
    249,351
    
    
    $
    161,443Earnings per shareBasic:Income from continuing operations
    
    $
    1.72
    
    
    $
    2.36
    
    
    $
    1.63Income from discontinued operations
    
    
    1.26
    
    
    
    0.51
    
    
    
    0.28Income per common share  basic
    
    $
    2.98
    
    
    $
    2.87
    
    
    $
    1.91Diluted:Income from continuing operations
    
    $
    1.70
    
    
    $
    2.32
    
    
    $
    1.60Income from discontinued operations
    
    
    1.25
    
    
    
    0.50
    
    
    
    0.28Income per common share  diluted
    
    $
    2.95
    
    
    $
    2.82
    
    
    $
    1.88Weighted average number of common shares outstanding
Basic
    
    
    89,313
    
    
    
    86,986
    
    
    
    84,534Diluted
    
    
    90,492
    
    
    
    88,376
    
    
    
    86,024
  37




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##### Table of Contents



CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY OF LIBERTY PROPERTY TRUST
(IN THOUSANDS)
 Common
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    CommonShares of
    
    
    Additional
    
    
    Accumulated
    
    
    Distributions
    
    
    Shares
    
    
    TotalBeneficial
    
    
    Paid-In
    
    
    Other
    
    
    in Excess of
    
    
    Held
    
    
    ShareholdersInterest
    
    
    Capital
    
    
    Comprehensive Income
    
    
    Net Income
    
    
    in Treasury
    
    
    EquityBalance at January 1, 2004
    
    $
    83
    
    
    $
    1,619,949
    
    
    $
    14,710
    
    
    $
    (88,518
    )
    
    $
    (1,327
    )
    
    $
    1,544,897Net proceeds from the issuance of
common shares
    
    
    3
    
    
    
    85,168
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    85,171Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    161,443
    
    
    
    
    
    
    
    161,443Distributions on common shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (206,443
    )
    
    
    
    
    
    
    (206,443
    )Noncash compensation
    
    
    
    
    
    
    2,388
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,388Minority interest reclassification
    
    
    
    
    
    
    (1,592
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,592
    )Foreign currency translation
adjustment
    
    
    
    
    
    
    
    
    
    
    10,395
    
    
    
    
    
    
    
    
    
    
    
    10,395Balance at December 31, 2004
    
    
    86
    
    
    
    1,705,913
    
    
    
    25,105
    
    
    
    (133,518
    )
    
    
    (1,327
    )
    
    
    1,596,259Net proceeds from the issuance of
common shares
    
    
    2
    
    
    
    86,460
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    86,462Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    249,351
    
    
    
    
    
    
    
    249,351Distributions on common shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (214,386
    )
    
    
    
    
    
    
    (214,386
    )Noncash compensation
    
    
    
    
    
    
    5,032
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,032Minority interest reclassification
    
    
    
    
    
    
    1,663
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,663Foreign currency translation adjustment
    
    
    
    
    
    
    
    
    
    
    (15,199
    )
    
    
    
    
    
    
    
    
    
    
    (15,199
    )Balance at December 31, 2005
    
    
    88
    
    
    
    1,799,068
    
    
    
    9,906
    
    
    
    (98,553
    )
    
    
    (1,327
    )
    
    
    1,709,182Net proceeds from the issuance of
common shares
    
    
    3
    
    
    
    87,040
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    87,043Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    266,574
    
    
    
    
    
    
    
    266,574Distributions on common shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (221,907
    )
    
    
    
    
    
    
    (221,907
    )Noncash compensation
    
    
    
    
    
    
    6,212
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,212Minority interest reclassification
    
    
    
    
    
    
    14,083
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,083Foreign currency translation
adjustment
    
    
    
    
    
    
    
    
    
    
    10,417
    
    
    
    
    
    
    
    
    
    
    
    10,417Balance at December 31, 2006
    
    $
    91
    
    
    $
    1,906,403
    
    
    $
    20,323
    
    
    $
    (53,886
    )
    
    $
    (1,327
    )
    
    $
    1,871,604
  38




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##### Table of Contents



CONSOLIDATED STATEMENTS OF CASH FLOWS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS)
 Year Ended December 31,2006
    
    
    2005
    
    
    2004OPERATING ACTIVITIESNet income
    
    $
    266,574
    
    
    $
    249,351
    
    
    $
    161,443Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    151,966
    
    
    
    150,722
    
    
    
    136,700Amortization of deferred financing costs
    
    
    4,244
    
    
    
    4,758
    
    
    
    4,315Equity in (earnings) loss of unconsolidated joint ventures
    
    
    (1,432
    )
    
    
    (2,540
    )
    
    
    775Distributions from unconsolidated joint ventures
    
    
    5,692
    
    
    
    4,651
    
    
    
    682Minority interest in net income
    
    
    25,469
    
    
    
    22,965
    
    
    
    18,167Gain on property dispositions
    
    
    (130,248
    )
    
    
    (122,210
    )
    
    
    (12,099
    )Noncash compensation
    
    
    6,212
    
    
    
    5,032
    
    
    
    2,388Changes in operating assets and liabilities:Restricted cash
    
    
    (21,692
    )
    
    
    3,849
    
    
    
    (19,334
    )Accounts receivable
    
    
    (6,879
    )
    
    
    1,804
    
    
    
    (8,449
    )Deferred rent receivable
    
    
    924
    
    
    
    (6,290
    )
    
    
    (8,513
    )Prepaid expenses and other assets
    
    
    (14,394
    )
    
    
    (12,488
    )
    
    
    (12,046
    )Accounts payable
    
    
    7,648
    
    
    
    8,894
    
    
    
    8,859Accrued interest
    
    
    1,405
    
    
    
    (102
    )
    
    
    2,166Other liabilities
    
    
    49,412
    
    
    
    52,353
    
    
    
    18,282Net cash provided by operating activities
    
    
    344,901
    
    
    
    360,749
    
    
    
    293,336INVESTING ACTIVITIESInvestment in properties
    
    
    (372,610
    )
    
    
    (324,340
    )
    
    
    (253,017
    )Investments in unconsolidated joint ventures
    
    
    (6,239
    )
    
    
    (13,790
    )
    
    
    (6,198
    )Net proceeds from disposition of properties/land
    
    
    492,548
    
    
    
    415,144
    
    
    
    54,140Investment in development in progress
    
    
    (359,959
    )
    
    
    (235,078
    )
    
    
    (105,208
    )Investment in land held for development
    
    
    (79,976
    )
    
    
    (91,436
    )
    
    
    (34,132
    )Increase in deferred leasing costs
    
    
    (29,034
    )
    
    
    (37,133
    )
    
    
    (29,560
    )Net cash used in investing activities
    
    
    (355,270
    )
    
    
    (286,633
    )
    
    
    (373,975
    )FINANCING ACTIVITIESNet proceeds from issuance of common shares
    
    
    87,043
    
    
    
    86,462
    
    
    
    85,171Net proceeds from issuance of preferred units
    
    
    26,305
    
    
    
    48,686
    
    
    
    Net proceeds from issuance of unsecured notes
    
    
    295,393
    
    
    
    296,424
    
    
    
    197,517Repayments of unsecured notes
    
    
    (100,000
    )
    
    
    
    
    
    
    (100,000
    )Proceeds from mortgage loans
    
    
    
    
    
    
    
    
    
    
    9,618Repayments of mortgage loans
    
    
    (56,406
    )
    
    
    (173,926
    )
    
    
    (23,592
    )Proceeds from credit facility
    
    
    725,025
    
    
    
    784,800
    
    
    
    477,800Repayments on credit facility
    
    
    (733,515
    )
    
    
    (841,350
    )
    
    
    (332,800
    )Increase in deferred financing costs
    
    
    (1,635
    )
    
    
    (3,465
    )
    
    
    (199
    )Distributions paid on common shares
    
    
    (219,873
    )
    
    
    (212,305
    )
    
    
    (204,339
    )Contributions from minority interests
    
    
    
    
    
    
    
    
    
    
    1,158Distributions to minority interests
    
    
    
    
    
    
    (3,937
    )
    
    
    Distributions paid on units
    
    
    (22,664
    )
    
    
    (20,859
    )
    
    
    (20,716
    )Net cash (used in) provided by financing activities
    
    
    (327
    )
    
    
    (39,470
    )
    
    
    89,618(Decrease) increase in cash and cash equivalents
    
    
    (10,696
    )
    
    
    34,646
    
    
    
    8,979Increase (decrease) in cash and cash equivalents related to foreign currency translation
    
    
    2,804
    
    
    
    (6,684
    )
    
    
    2,879Cash and cash equivalents at beginning of year
    
    
    61,629
    
    
    
    33,667
    
    
    
    21,809Cash and cash equivalents at end of year
    
    $
    53,737
    
    
    $
    61,629
    
    
    $
    33,667SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONSWrite-off of fully depreciated property and deferred costs
    
    $
    87,424
    
    
    $
    83,794
    
    
    $
    27,990Issuance of operating partnership common units
    
    
    30,000
    
    
    
    
    
    
    
    Acquisition of properties
    
    
    (3,066
    )
    
    
    (51,716
    )
    
    
    (11,305
    )Assumption of mortgage loans
    
    
    3,066
    
    
    
    51,716
    
    
    
    11,305
  39




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##### Table of Contents



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




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##### Table of Contents



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




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##### Table of Contents



Income per Common Share
  2006
    
    
    2005Weighted
    
    
    
    
    
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    
    
    
    
    
    AverageIncome
    
    
    Shares
    
    
    Per
    
    
    Income
    
    
    Shares
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    Share
    
    
    (Numerator)
    
    
    (Denominator)
    
    
    ShareBasic income from continuing operationsIncome from continuing operations
    
    $
    153,697
    
    
    
    89,313
    
    
    $
    1.72
    
    
    $
    204,841
    
    
    
    86,986
    
    
    $
    2.36Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,179
    
    
    
    
    
    
    
    
    
    
    
    1,390Diluted income from continuing operationsIncome from continuing operations
and assumed conversions
    
    
    153,697
    
    
    
    90,492
    
    
    $
    1.70
    
    
    
    204,841
    
    
    
    88,376
    
    
    $
    2.32Basic income from discontinued operationsDiscontinued operations net of minority interest
    
    
    112,877
    
    
    
    89,313
    
    
    $
    1.26
    
    
    
    44,510
    
    
    
    86,986
    
    
    $
    0.51Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,179
    
    
    
    
    
    
    
    
    
    
    
    1,390Diluted income from discontinued operationsDiscontinued operations net of minority interest
    
    
    112,877
    
    
    
    90,492
    
    
    $
    1.25
    
    
    
    44,510
    
    
    
    88,376
    
    
    $
    0.50Basic income per common shareNet income
    
    
    266,574
    
    
    
    89,313
    
    
    $
    2.98
    
    
    
    249,351
    
    
    
    86,986
    
    
    $
    2.87Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,179
    
    
    
    
    
    
    
    
    
    
    
    1,390Diluted income per common shareNet income and assumed conversions
    
    $
    266,574
    
    
    
    90,492
    
    
    $
    2.95
    
    
    $
    249,351
    
    
    
    88,376
    
    
    $
    2.82
 2004WeightedAverageIncome
    
    
    Shares
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    ShareBasic income from continuing operationsIncome from continuing operations
    
    $
    137,588
    
    
    
    84,534
    
    
    $
    1.63Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,490Diluted income from continuing operationsIncome from continuing operations
and assumed conversions
    
    
    137,588
    
    
    
    86,024
    
    
    $
    1.60Basic income from discontinued operationsDiscontinued operations net of minority interest
    
    
    23,855
    
    
    
    84,534
    
    
    $
    0.28Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,490Diluted income from discontinued operationsDiscontinued operations net of minority interest
    
    
    23,855
    
    
    
    86,024
    
    
    $
    0.28Basic income per common shareNet income
    
    
    161,443
    
    
    
    84,534
    
    
    $
    1.91Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,490Diluted income per common shareNet income and assumed conversions
    
    $
    161,443
    
    
    
    86,024
    
    
    $
    1.88
 Fair Value of Financial Instruments
  Income Taxes
  42




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##### Table of Contents



Share Based Compensation
 Share-Based Payment Accounting for Stock-Based Compensation" Accounting for Stock Issued to Employees"
    Foreign Currency Translation
  Recently Issued Accounting Standards
 SFAS No. 153
 Accounting for Non-monetary Transactions
 43




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##### Table of Contents



EITF Issue 04-5
 Determining Whether a General
Partner, or the General Partners as a Group, Controls a Limited Partnership or Similar Entity When
the Limited Partners Have Certain Rights
 SFAS No. 157
 Fair Value Measurements
 FIN 48
 Accounting for Uncertainty in Income
Taxes Accounting for Income Taxes
 3. REAL ESTATE
  Land
    
    
    BuildingsAnd Land
    
    
    And
    
    
    
    
    
    
    AccumulatedImprovements
    
    
    Improvements
    
    
    Total
    
    
    Depreciation2006Industrial properties
    
    $
    309,119
    
    
    $
    1,652,100
    
    
    $
    1,961,219
    
    
    $
    372,444Office properties
    
    
    368,956
    
    
    
    2,162,337
    
    
    
    2,531,293
    
    
    
    433,8652006 Total
    
    $
    678,075
    
    
    $
    3,814,437
    
    
    $
    4,492,512
    
    
    $
    806,3092005Industrial properties
    
    $
    305,207
    
    
    $
    1,657,992
    
    
    $
    1,963,199
    
    
    $
    336,721Office properties
    
    
    315,148
    
    
    
    2,006,044
    
    
    
    2,321,192
    
    
    
    395,7182005 Total
    
    $
    620,355
    
    
    $
    3,664,036
    
    
    $
    4,284,391
    
    
    $
    732,439
   44




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##### Table of Contents



2006 Sales
    
    Number of
    
    
    LeaseableSegment
    
    Buildings
    
    
    Square Feet
    
    
    Proceeds(in thousands)Delaware ValleySoutheastern Pennsylvania
    
    
    3
    
    
    
    1,146,940
    
    
    $
    101,700Other
    
    
    3
    
    
    
    155,056
    
    
    
    10,760MidwestLehigh Valley
    
    
    5
    
    
    
    716,758
    
    
    
    109,255Other
    
    
    16
    
    
    
    2,519,409
    
    
    
    134,375Mid-Atlantic
    
    
    16
    
    
    
    1,449,464
    
    
    
    139,300Florida
    
    
    3
    
    
    
    147,262
    
    
    
    7,474Total
    
    
    46
    
    
    
    6,134,889
    
    
    $
    502,864
 2005 Sales
    
    Number of
    
    
    LeaseableSegment
    
    Buildings
    
    
    Square Feet
    
    
    Proceeds(in thousands)Delaware ValleySoutheastern Pennsylvania
    
    
    2
    
    
    
    139,760
    
    
    $
    7,864Other
    
    
    3
    
    
    
    177,733
    
    
    
    12,333MidwestLehigh Valley
    
    
    2
    
    
    
    142,204
    
    
    
    8,676Other
    
    
    18
    
    
    
    400,262
    
    
    
    23,236Mid-Atlantic
    
    
    4
    
    
    
    727,732
    
    
    
    51,570Florida
    
    
    6
    
    
    
    726,632
    
    
    
    53,834United Kingdom
    
    
    16
    
    
    
    602,175
    
    
    
    263,343Total
    
    
    51
    
    
    
    2,916,498
    
    
    $
    420,856
 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
 Liberty Venture I, LP
   Kings Hill Unit Trust
   Liberty/Commerz 1701 JFK Boulevard, LP
  45




---



##### Table of Contents



Accounting for the Sale of Real Estate,
 Liberty Illinois, LP
    Other Joint Ventures
    Balance Sheets:
 December 31, 2006Liberty
    
    
    Liberty
    
    
    Kings HillVenture I, LP
    
    
    Illinois, LP
    
    
    Unit Trust
    
    
    Other
    
    
    TotalReal estate assets
    
    $
    116,324
    
    
    $
    119,787
    
    
    $
    228,120
    
    
    $
    
    
    
    $
    464,231Accumulated depreciation
    
    
    (10,183
    )
    
    
    (1,842
    )
    
    
    (4,213
    )
    
    
    
    
    
    
    (16,238
    )Real estate assets, net
    
    
    106,141
    
    
    
    117,945
    
    
    
    223,907
    
    
    
    
    
    
    
    447,993Development in progress
    
    
    
    
    
    
    28,420
    
    
    
    
    
    
    
    24,088
    
    
    
    52,508Land held for development
    
    
    2,733
    
    
    
    8,246
    
    
    
    
    
    
    
    31,078
    
    
    
    42,057Other assets
    
    
    13,723
    
    
    
    6,214
    
    
    
    20,838
    
    
    
    13,024
    
    
    
    53,799Total assets
    
    $
    122,597
    
    
    $
    160,825
    
    
    $
    244,745
    
    
    $
    68,190
    
    
    $
    596,357Debt
    
    $
    74,063
    
    
    $
    86,681
    
    
    $
    186,010
    
    
    $
    10,600
    
    
    $
    357,354Other liabilities
    
    
    1,182
    
    
    
    5,005
    
    
    
    49,584
    
    
    
    4,420
    
    
    
    60,191Equity
    
    
    47,352
    
    
    
    69,139
    
    
    
    9,151
    
    
    
    53,170
    
    
    
    178,812Total liabilities and equity
    
    $
    122,597
    
    
    $
    160,825
    
    
    $
    244,745
    
    
    $
    68,190
    
    
    $
    596,357Companys net investment in unconsolidated
joint ventures (1)
    
    $
    11,293
    
    
    $
    11,259
    
    
    $
    
    
    
    $
    24,644
    
    
    $
    47,196
 46




---



##### Table of Contents



Balance Sheets:
 December 31, 2005Liberty
    
    
    Liberty
    
    
    Kings HillVenture I, LP
    
    
    Illinois, LP
    
    
    Unit Trust
    
    
    Other
    
    
    TotalReal estate assets
    
    $
    121,092
    
    
    $
    
    
    
    $
    202,200
    
    
    $
    
    
    
    $
    323,292Accumulated depreciation
    
    
    (7,579
    )
    
    
    
    
    
    
    (284
    )
    
    
    
    
    
    
    (7,863
    )Real estate assets, net
    
    
    113,513
    
    
    
    
    
    
    
    201,916
    
    
    
    
    
    
    
    315,429Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Land held for development
    
    
    2,750
    
    
    
    
    
    
    
    
    
    
    
    37,812
    
    
    
    40,562Other assets
    
    
    14,922
    
    
    
    
    
    
    
    18,499
    
    
    
    9,980
    
    
    
    43,401Total assets
    
    $
    131,185
    
    
    $
    
    
    
    $
    220,415
    
    
    $
    47,792
    
    
    $
    399,392Debt
    
    $
    77,826
    
    
    $
    
    
    
    $
    163,448
    
    
    $
    
    
    
    $
    241,274Other liabilities
    
    
    2,284
    
    
    
    
    
    
    
    44,028
    
    
    
    678
    
    
    
    46,990Equity
    
    
    51,075
    
    
    
    
    
    
    
    12,939
    
    
    
    47,114
    
    
    
    111,128Total liabilities and equity
    
    $
    131,185
    
    
    $
    
    
    
    $
    220,415
    
    
    $
    47,792
    
    
    $
    399,392Companys net investment in
unconsolidated joint ventures
(1)
    
    $
    12,310
    
    
    $
    
    
    
    $
    
    
    
    $
    21,212
    
    
    $
    33,522
 
 (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 the deferral of
gains associated with the sales of properties to joint ventures in which the Company retains
an ownership interest. Deferred gains are amortized to equity in earnings (loss) of joint
ventures over the average estimated useful lives of the assets sold. Statements of Operations:
 Year Ended December 31, 2006Liberty
    
    
    Liberty
    
    
    Kings HillVenture I, LP
    
    
    Illinois, LP
    
    
    Unit Trust
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    18,395
    
    
    $
    7,471
    
    
    $
    18,183
    
    
    $
    
    
    
    $
    44,049Operating expense
    
    
    5,364
    
    
    
    1,833
    
    
    
    2,181
    
    
    
    171
    
    
    
    9,54913,031
    
    
    
    5,638
    
    
    
    16,002
    
    
    
    (171
    )
    
    
    34,500Interest
    
    
    (4,501
    )
    
    
    (2,527
    )
    
    
    (13,455
    )
    
    
    
    
    
    
    (20,483
    )Depreciation and amortization
    
    
    (4,544
    )
    
    
    (2,502
    )
    
    
    (6,267
    )
    
    
    
    
    
    
    (13,313
    )Other income/(expense)
    
    
    (127
    )
    
    
    5
    
    
    
    (604
    )
    
    
    392
    
    
    
    (334
    )Gain on sale
    
    
    2,644
    
    
    
    
    
    
    
    
    
    
    
    138
    
    
    
    2,782Net income (loss)
    
    $
    6,503
    
    
    $
    614
    
    
    $
    (4,324
    )
    
    $
    359
    
    
    $
    3,152Companys equity in earnings (loss) of unconsolidated
joint ventures
    
    $
    1,651
    
    
    $
    259
    
    
    $
    (657
    )
    
    $
    179
    
    
    $
    1,432
 Year Ended December 31, 2005Liberty
    
    
    Liberty
    
    
    Kings HillVenture I, LP
    
    
    Illinois, LP
    
    
    Unit Trust
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    18,592
    
    
    $
    
    
    
    $
    745
    
    
    $
    
    
    
    $
    19,337Operating expense
    
    
    5,859
    
    
    
    
    
    
    
    201
    
    
    
    32
    
    
    
    6,09212,733
    
    
    
    
    
    
    
    544
    
    
    
    (32
    )
    
    
    13,245Interest
    
    
    (4,569
    )
    
    
    
    
    
    
    (634
    )
    
    
    
    
    
    
    (5,203
    )Depreciation and amortization
    
    
    (4,933
    )
    
    
    
    
    
    
    (386
    )
    
    
    
    
    
    
    (5,319
    )Other income/(expense)
    
    
    (184
    )
    
    
    
    
    
    
    (33
    )
    
    
    3,066
    
    
    
    2,849Gain on sale
    
    
    7,555
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,555Net income (loss)
    
    $
    10,602
    
    
    $
    
    
    
    $
    (509
    )
    
    $
    3,034
    
    
    $
    13,127Companys equity in earnings (loss) of unconsolidated
joint ventures
    
    $
    2,650
    
    
    $
    
    
    
    $
    (110
    )
    
    $
    
    
    
    $
    2,540
 47




---



##### Table of Contents



Statements of Operations:
 Year Ended December 31, 2004Liberty
    
    
    Liberty
    
    
    Kings HillVenture I, LP
    
    
    Illinois, LP
    
    
    Unit Trust
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    18,746
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    18,746Operating expense
    
    
    6,736
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,73612,010
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,010Interest
    
    
    (4,426
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,426
    )Depreciation and amortization
    
    
    (10,683
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (10,683
    )Net loss
    
    $
    (3,099
    )
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    (3,099
    )Companys equity in loss of unconsolidated joint
ventures
    
    $
    (775
    )
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    (775
    )
 5. DEFERRED FINANCING AND LEASING COSTS
  December 31,2006
    
    
    2005Deferred leasing costs
    
    $
    150,179
    
    
    $
    154,886Deferred financing costs
    
    
    8,476
    
    
    
    23,266In-place lease value and related intangible asset
    
    
    71,496
    
    
    
    52,945230,151
    
    
    
    231,097Accumulated amortization
    
    
    (100,406
    )
    
    
    (108,103
    )Total
    
    $
    129,745
    
    
    $
    122,994
 6. INDEBTEDNESS
     Mortgage Loans, Unsecured Notes
   48




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##### Table of Contents



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%.
 Liberty/Commerz 1701 JFK Boulevard, LP Financing Arrangement
   WeightedMortgages
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    AveragePrincipal
    
    
    Principal
    
    
    Unsecured
    
    
    Credit
    
    
    
    
    
    
    InterestAmortization
    
    
    Maturities
    
    
    Notes
    
    
    Facility
    
    
    Total
    
    
    Rate2007
    
    $
    8,820
    
    
    $
    1,553
    
    
    $
    100,000
    
    
    $
    
    
    
    $
    110,373
    
    
    
    7.22
    %2008
    
    
    7,975
    
    
    
    39,753
    
    
    
    
    
    
    
    152,960
    (1)
    
    
    200,688
    
    
    
    6.15
    %2009
    
    
    5,699
    
    
    
    46,148
    
    
    
    270,000
    
    
    
    
    
    
    
    321,847
    
    
    
    7.77
    %2010
    
    
    4,877
    
    
    
    4,738
    
    
    
    200,000
    
    
    
    94,000
    
    
    
    303,615
    
    
    
    7.51
    %2011
    
    
    4,153
    
    
    
    10,730
    
    
    
    250,000
    
    
    
    
    
    
    
    264,883
    
    
    
    7.26
    %2012
    
    
    3,274
    
    
    
    32,911
    
    
    
    235,000
    
    
    
    
    
    
    
    271,185
    
    
    
    6.47
    %2013
    
    
    2,751
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,751
    
    
    
    6.00
    %2014
    
    
    2,894
    
    
    
    2,681
    
    
    
    200,000
    
    
    
    
    
    
    
    205,575
    
    
    
    5.65
    %2015
    
    
    3,033
    
    
    
    
    
    
    
    300,000
    
    
    
    
    
    
    
    303,033
    
    
    
    5.13
    %2016
    
    
    2,220
    
    
    
    
    
    
    
    300,000
    
    
    
    
    
    
    
    302,220
    
    
    
    5.50
    %2017 & thereafter
    
    
    1,768
    
    
    
    
    
    
    
    100,000
    
    
    
    
    
    
    
    101,768
    
    
    
    7.47
    %$
    47,464
    
    
    $
    138,514
    
    
    $
    1,955,000
    
    
    $
    246,960
    
    
    $
    2,387,938
    
    
    
    6.55
    %
 
 (1)
    
    Liberty/Commerz 1701 JFK Boulevard, LP financing arrangement  see above. 7. LEASING ACTIVITY
  2007
    
    $
    446,9972008
    
    
    399,5492009
    
    
    333,8412010
    
    
    269,3762011
    
    
    203,081Thereafter
    
    
    468,809TOTAL
    
    $
    2,121,653
 49




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##### Table of Contents



8. SHAREHOLDERS EQUITY
 Common Shares
   2006
    
    2005
    
    2004Return of capital
    
    
    
    
    
    
    
    
    
    
    8.0
    %Ordinary income
    
    
    66.6
    %
    
    
    62.8
    %
    
    
    87.3
    %Capital gains
    
    
    33.4
    %
    
    
    37.2
    %
    
    
    4.7
    %
  Treasury Shares
  Minority Interest
    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
    
    
    1/1/14 into Series B Cumulative Redeemable Preferred Shares of the Trust6/10/02
    
    
    Series D
    
    $
    23,650
    
    
    
    473
    
    
    $
    50
    
    
    
    7.625
    %
    
    
    6/10/07
    
    
    6/10/12 into Series D Cumulative Redeemable Preferred Shares of the Trust6/16/05
    
    
    Series E
    
    $
    20,000
    
    
    
    400
    
    
    $
    50
    
    
    
    7.00
    %
    
    
    6/16/10
    
    
    6/16/15 into Series E Cumulative Redeemable Preferred Shares of the Trust6/30/05
    
    
    Series F
    
    $
    44,000
    
    
    
    880
    
    
    $
    50
    
    
    
    6.65
    %
    
    
    6/30/10
    
    
    6/30/15 into Series F Cumulative Redeemable Preferred Shares of the Trust8/23/05
    
    
    Series F
    
    $
    6,000
    
    
    
    120
    
    
    $
    50
    
    
    
    6.65
    %
    
    
    6/30/10
    
    
    6/30/15 into Series F Cumulative RedeemablePreferred Shares of the Trust12/15/06
    
    
    Series G
    
    $
    27,000
    
    
    
    540
    
    
    $
    50
    
    
    
    6.70
    %
    
    
    12/12/11
    
    
    12/12/16 into Series G Cumulative Redeemable Preferred Shares of the Trust
 50




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##### Table of Contents



2006
    
    2005
    
    2004Distributions (in millions)
    
    $
    13.7
    
    
    $
    12.1
    
    
    $
    11.8Distribution per unit:Series B
    
    $
    1.86
    
    
    $
    1.86
    
    
    $
    2.16Series C
    
    
    
    
    
    $
    1.05
    
    
    $
    2.28Series D
    
    $
    3.81
    
    
    $
    3.81
    
    
    $
    3.81Series E
    
    $
    3.50
    
    
    $
    1.90
    
    
    
    Series F
    
    $
    3.33
    
    
    $
    1.61
    
    
    
    Series G
    
    $
    0.16
    
    
    
    
    
    
    
    
 Shareholder Rights Plan
  Dividend Reinvestment and Share Purchase Plan
  9. EMPLOYEE BENEFIT PLANS
  10. SHARE BASED COMPENSATION
 Options
   51




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##### Table of Contents



Year Ended December 31,2005
    
    
    2004Net income
    
    $
    249,351
    
    
    $
    161,443Add: Share-based compensation expense included in reported net income
    
    
    616
    
    
    
    349Deduct: Total share-based employee compensation expense determined under fair
value based methods for all awards
    
    
    (746
    )
    
    
    (1,199
    )Pro forma net income
    
    $
    249,221
    
    
    $
    160,593Net income per common share:Basic  as reported
    
    $
    2.87
    
    
    $
    1.91Basic  pro forma
    
    $
    2.87
    
    
    $
    1.90Diluted  as reported
    
    $
    2.82
    
    
    $
    1.88Diluted  pro forma
    
    $
    2.82
    
    
    $
    1.87
   Year Ended December 31,2006
    
    
    2005
    
    
    2004Risk-free interest rate
    
    
    4.8
    %
    
    
    4.4
    %
    
    
    4.0
    %Dividend yield
    
    
    5.8
    %
    
    
    5.9
    %
    
    
    6.2
    %Volatility factor
    
    
    0.188
    
    
    
    0.184
    
    
    
    0.172Weighted-average expected life
    
    7 years
    
    8 years
    
    8 years
  WeightedAverageOptions
    
    
    Exercise(000s)
    
    
    PriceOutstanding at January 1, 2006
    
    
    3,521
    
    
    $
    29.31Granted
    
    
    175
    
    
    
    46.94Exercised
    
    
    (1,123
    )
    
    
    26.17Forfeited
    
    
    (16
    )
    
    
    42.55Outstanding at December 31, 2006
    
    
    2,557
    
    
    $
    31.83Exercisable at December 31, 2006
    
    
    2,080
    
    
    $
    29.07
   52




---



##### Table of Contents



Long Term Incentive Shares (LTI)
    Weighted AvgShares
    
    
    Grant Date(000s)
    
    
    Fair valueNonvested at January 1, 2006
    
    
    253
    
    
    $
    39.10Granted
    
    
    78
    
    
    
    48.08Vested
    
    
    (50
    )
    
    
    37.12Forfeited
    
    
    (10
    )
    
    
    40.26Nonvested at December 31, 2006
    
    
    271
    
    
    $
    42.02
  Bonus Shares
  Profit Sharing Plan
   Employee Share Purchase Plan
  53




---



##### Table of Contents



11. COMMITMENTS AND CONTINGENCIES
      12. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
  Quarter EndedDec. 31,
    
    
    Sept. 30,
    
    
    June 30,
    
    
    Mar. 31,
    
    
    Dec. 31,
    
    
    Sept. 30,
    
    
    June 30,
    
    
    Mar. 31,2006
    
    
    2006
    
    
    2006
    
    
    2006
    
    
    2005
    
    
    2005
    
    
    2005
    
    
    2005Operating revenue
    
    $
    175,702
    
    
    $
    167,026
    
    
    $
    163,799
    
    
    $
    160,192
    
    
    $
    160,517
    
    
    $
    157,949
    
    
    $
    162,754
    
    
    $
    152,274Income from continuing
operations
    
    
    36,130
    
    
    
    35,032
    
    
    
    50,800
    
    
    
    31,735
    
    
    
    102,495
    
    
    
    31,779
    
    
    
    34,788
    
    
    
    35,779Discontinued operations
    
    
    24,684
    
    
    
    11,853
    
    
    
    17,649
    
    
    
    58,691
    
    
    
    4,821
    
    
    
    20,096
    
    
    
    9,769
    
    
    
    9,824Income available to common
shareholders
    
    
    60,814
    
    
    
    46,885
    
    
    
    68,449
    
    
    
    90,426
    
    
    
    107,316
    
    
    
    51,875
    
    
    
    44,557
    
    
    
    45,603Income per common share -
basic (1)
    
    $
    0.67
    
    
    $
    0.52
    
    
    $
    0.77
    
    
    $
    1.02
    
    
    $
    1.22
    
    
    $
    0.59
    
    
    $
    0.51
    
    
    $
    0.53Income per common share -
diluted (1)
    
    $
    0.67
    
    
    $
    0.52
    
    
    $
    0.76
    
    
    $
    1.01
    
    
    $
    1.20
    
    
    $
    0.58
    
    
    $
    0.51
    
    
    $
    0.52
 
 (1)
    
    The sum of quarterly financial data may vary from the annual data due to rounding. 13. SEGMENT INFORMATION
  Reportable Segments
    
    MarketsDelaware Valley
    
    Southeastern Pennsylvania; New JerseyMidwest
    
    Lehigh Valley, Pennsylvania; Michigan; Minnesota; Milwaukee; ChicagoMid-Atlantic
    
    Maryland; Piedmont Triad, NC; Greenville, SC; Richmond; Virginia BeachFlorida
    
    Jacksonville; Orlando; Boca Raton; Tampa; TexasUnited Kingdom
    
    County of Kent
 54




---



##### Table of Contents



YEAR ENDED DECEMBER 31, 2006
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalOperating revenue
    
    $
    187,817
    
    
    $
    38,730
    
    
    $
    85,180
    
    
    $
    116,324
    
    
    $
    122,014
    
    
    $
    112,788
    
    
    $
    3,866
    
    
    $
    666,719Rental property
expenses and real
estate taxes
    
    
    58,545
    
    
    
    12,718
    
    
    
    18,747
    
    
    
    42,839
    
    
    
    37,566
    
    
    
    37,428
    
    
    
    2,864
    
    
    
    210,707Property level
operating income
    
    $
    129,272
    
    
    $
    26,012
    
    
    $
    66,433
    
    
    $
    73,485
    
    
    $
    84,448
    
    
    $
    75,360
    
    
    $
    1,002
    
    
    
    456,012Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,591Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (119,584
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (45,991
    )Depreciation and amortization

    
    
    
    
    
    
    
    
    
    
    
    (144,692
    )Income before property
dispositions, income
taxes, minority interest
and equity in earnings
of unconsolidated joint
ventures
    
    
    
    
    
    
    
    
    
    
    
    155,336Gain on property dispositions
 
    
    
    
    
    
    
    
    
    
    
    17,628Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (288
    )Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (20,411
    )Equity in earnings of
unconsolidated joint
ventures
 
    
    
    
    
    
    
    
    
    
    
    1,432Discontinued
operations, net of
minority interest
 
    
    
    
    
    
    
    
    
    
    
    112,877Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    266,574
 YEAR ENDED DECEMBER 31, 2005
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalOperating revenue
    
    $
    187,212
    
    
    $
    37,521
    
    
    $
    77,219
    
    
    $
    110,190
    
    
    $
    104,794
    
    
    $
    96,229
    
    
    $
    20,329
    
    
    $
    633,494Rental property
expenses and real
estate taxes
    
    
    55,706
    
    
    
    13,139
    
    
    
    19,661
    
    
    
    39,878
    
    
    
    31,614
    
    
    
    31,556
    
    
    
    3,678
    
    
    
    195,232Property level
operating income
    
    $
    131,506
    
    
    $
    24,382
    
    
    $
    57,558
    
    
    $
    70,312
    
    
    $
    73,180
    
    
    $
    64,673
    
    
    $
    16,651
    
    
    
    438,262Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,008Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (119,614
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (38,099
    )Depreciation and amortization

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (135,846
    )Income before property
dispositions, income
taxes, minority interest
and equity in earnings
of unconsolidated
joint ventures

    
    
    
    
    
    
    
    
    
    
    
    152,711Gain on property
dispositions

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    85,593Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (14,827
    )Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (21,176
    )Equity in earnings of
unconsolidated
joint ventures

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,540Discontinued operations,
net of minority interest

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    44,510Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    249,351
 55




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##### Table of Contents



YEAR ENDED DECEMBER 31, 2004
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Mid-Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalOperating revenue
    
    $
    177,655
    
    
    $
    32,680
    
    
    $
    66,731
    
    
    $
    102,824
    
    
    $
    99,395
    
    
    $
    86,267
    
    
    $
    19,732
    
    
    $
    585,284Rental property
expenses and real
estate taxes
    
    
    51,943
    
    
    
    11,048
    
    
    
    17,087
    
    
    
    37,341
    
    
    
    26,715
    
    
    
    26,744
    
    
    
    3,166
    
    
    
    174,044Property level
operating income
    
    $
    125,712
    
    
    $
    21,632
    
    
    $
    49,644
    
    
    $
    65,483
    
    
    $
    72,680
    
    
    $
    59,523
    
    
    $
    16,566
    
    
    
    411,240Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,266Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (107,027
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (33,724
    )Depreciation and amortization

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (119,934
    )Income before property
dispositions, income taxes,
minority interest
and equity in loss of
unconsolidated joint ventures

    
    
    
    
    
    
    
    
    
    
    
    156,821Gain on property dispositions

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    496Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,820
    )Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (17,134
    )Equity in loss of
unconsolidated joint ventures

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (775
    )Discontinued operations,
net of minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    23,855Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    161,443
 Product Type Information
    
    Real Estate Related RevenuesYear Ended December 31,2006
    
    
    2005
    
    
    2004Industrial
    
    $
    284,551
    
    
    $
    268,958
    
    
    $
    247,379Office
    
    
    382,168
    
    
    
    364,536
    
    
    
    337,905Total operating revenue
    
    $
    666,719
    
    
    $
    633,494
    
    
    $
    585,284
 ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalJanuary 1, 2006
    
    $
    1,060,198
    
    
    $
    183,020
    
    
    $
    637,301
    
    
    $
    833,618
    
    
    $
    913,735
    
    
    $
    646,681
    
    
    $
    9,838
    
    
    $
    4,284,391Additions
    
    
    74,852
    
    
    
    36,807
    
    
    
    15,006
    
    
    
    37,853
    
    
    
    104,185
    
    
    
    275,474
    
    
    
    1,597
    
    
    
    545,774Dispositions
    
    
    (55,255
    )
    
    
    (4,422
    )
    
    
    (69,832
    )
    
    
    (91,464
    )
    
    
    (116,680
    )
    
    
    
    
    
    
    
    
    
    
    (337,653
    )December 31, 2006
    
    $
    1,079,795
    
    
    $
    215,405
    
    
    $
    582,475
    
    
    $
    780,007
    
    
    $
    901,240
    
    
    $
    922,155
    
    
    $
    11,435
    
    
    
    4,492,512Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (806,309
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    538,303Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    195,332Assets held for sale
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    40,715Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    450,358Total assets
at December 31, 2006
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    4,910,911
 56




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##### Table of Contents



ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalJanuary 1, 2005
    
    $
    1,020,714
    
    
    $
    190,116
    
    
    $
    558,590
    
    
    $
    746,207
    
    
    $
    828,809
    
    
    $
    651,123
    
    
    $
    169,304
    
    
    $
    4,164,863Additions
    
    
    44,071
    
    
    
    14,857
    
    
    
    84,698
    
    
    
    114,253
    
    
    
    115,341
    
    
    
    37,772
    
    
    
    10,832
    
    
    
    421,824Dispositions
    
    
    (4,587
    )
    
    
    (21,953
    )
    
    
    (5,987
    )
    
    
    (26,842
    )
    
    
    (30,415
    )
    
    
    (42,214
    )
    
    
    (170,298
    )
    
    
    (302,296
    )December 31, 2005
    
    $
    1,060,198
    
    
    $
    183,020
    
    
    $
    637,301
    
    
    $
    833,618
    
    
    $
    913,735
    
    
    $
    646,681
    
    
    $
    9,838
    
    
    
    4,284,391Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (732,439
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    324,924Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    158,653Assets held for sale
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    73,211Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    391,582Total assets
at December 31, 2005
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    4,500,322
 14. SFAS NO. 144, ACCOUNTING FOR THE IMPAIRMENT OR DISPOSAL OF LONG-LIVED
ASSETS
 Discontinued Operations
   Year Ended December 31,2006
    
    
    2005
    
    
    2004Revenues
    
    $
    28,399
    
    
    $
    60,202
    
    
    $
    70,580Operating expenses
    
    
    (11,170
    )
    
    
    (20,332
    )
    
    
    (23,244
    )Interest expense
    
    
    (4,662
    )
    
    
    (15,814
    )
    
    
    (17,470
    )Depreciation and amortization
    
    
    (7,252
    )
    
    
    (14,374
    )
    
    
    (16,581
    )Income before property dispositions and minority interest
    
    $
    5,315
    
    
    $
    9,682
    
    
    $
    13,285
  Allocation of Interest to Discontinued Operations
 Asset Impairment
  57




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##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsInitial Cost
    
    
    Capitalized
    
    
    Gross Amount Carried at End of Period
    
    
    
    
    Date ofSubsequent
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Accumulated
    
    Construction
    
    
    Depreciableto
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2006
    
    
    12/31/06
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES1501 Perryman Road
    
    Aberdeen, MD
    
    $
    
    
    
    $
    5,813,324
    
    
    $
    18,874,059
    
    
    $
    3,274,480
    
    
    $
    5,816,839
    
    
    $
    22,145,024
    
    
    $
    27,961,863
    
    
    $7,560
    
    
    2005
    
    
    40 yrs.2196 Avenue C
    
    Allentown, PA
    
    
    
    
    
    
    101,159
    
    
    
    
    
    
    
    1,347,970
    
    
    
    107,307
    
    
    
    1,341,822
    
    
    
    1,449,129
    
    
    750,775
    
    
    1980
    
    
    40 yrs.2202 Hanger Place
    
    Allentown, PA
    
    
    *
    
    
    
    137,439
    
    
    
    
    
    
    
    1,341,155
    
    
    
    138,127
    
    
    
    1,340,466
    
    
    
    1,478,594
    
    
    826,310
    
    
    1981
    
    
    40 yrs.7437 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    717,488
    
    
    
    5,022,413
    
    
    
    2,425,462
    
    
    
    726,651
    
    
    
    7,438,711
    
    
    
    8,165,362
    
    
    2,459,321
    
    
    1976
    
    
    40 yrs.7339 Industrial Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    1,187,776
    
    
    
    
    
    
    
    6,324,599
    
    
    
    1,197,447
    
    
    
    6,314,928
    
    
    
    7,512,376
    
    
    1,930,459
    
    
    1996
    
    
    40 yrs.400 Nestle Way
    
    Allentown, PA
    
    
    22,630,797
    
    
    
    8,065,500
    
    
    
    
    
    
    
    27,253,022
    
    
    
    8,184,096
    
    
    
    27,134,426
    
    
    
    35,318,522
    
    
    7,218,734
    
    
    1997
    
    
    40 yrs.7248 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,670,849
    
    
    
    13,307,408
    
    
    
    1,101,923
    
    
    
    2,670,673
    
    
    
    14,409,506
    
    
    
    17,080,179
    
    
    3,732,710
    
    
    1988
    
    
    40 yrs.700 Nestle Way
    
    Allentown, PA
    
    
    
    
    
    
    3,473,120
    
    
    
    
    
    
    
    18,116,440
    
    
    
    4,174,970
    
    
    
    17,414,590
    
    
    
    21,589,560
    
    
    4,014,467
    
    
    1998
    
    
    40 yrs.7562 Penn Drive
    
    Allentown, PA
    
    
    
    
    
    
    269,614
    
    
    
    844,069
    
    
    
    184,443
    
    
    
    269,614
    
    
    
    1,028,512
    
    
    
    1,298,126
    
    
    259,319
    
    
    1989
    
    
    40 yrs.7277 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    462,964
    
    
    
    1,449,009
    
    
    
    322,599
    
    
    
    463,123
    
    
    
    1,771,449
    
    
    
    2,234,572
    
    
    538,729
    
    
    1989
    
    
    40 yrs.7355 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    489,749
    
    
    
    1,658,091
    
    
    
    304,958
    
    
    
    489,749
    
    
    
    1,963,049
    
    
    
    2,452,798
    
    
    465,129
    
    
    1998
    
    
    40 yrs.794 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    1,147,541
    
    
    
    6,088,041
    
    
    
    1,125,815
    
    
    
    1,147,541
    
    
    
    7,213,857
    
    
    
    8,361,398
    
    
    1,802,850
    
    
    1985
    
    
    40 yrs.6923 Schantz Spring Road
    
    Allentown, PA
    
    
    *
    
    
    
    1,127,805
    
    
    
    3,309,132
    
    
    
    348,419
    
    
    
    1,127,805
    
    
    
    3,657,551
    
    
    
    4,785,355
    
    
    839,583
    
    
    1993
    
    
    40 yrs.7132 Daniels Drive
    
    Allentown, PA
    
    
    
    
    
    
    1,623,326
    
    
    
    3,464,626
    
    
    
    4,174,016
    
    
    
    1,695,610
    
    
    
    7,566,357
    
    
    
    9,261,967
    
    
    1,576,367
    
    
    1988
    
    
    40 yrs.8014 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    4,019,258
    
    
    
    
    
    
    
    9,446,162
    
    
    
    3,645,117
    
    
    
    9,820,303
    
    
    
    13,465,420
    
    
    2,218,246
    
    
    1999
    
    
    40 yrs.705 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,484,096
    
    
    
    
    
    
    
    14,878,034
    
    
    
    4,486,836
    
    
    
    14,875,294
    
    
    
    19,362,130
    
    
    2,387,484
    
    
    2001
    
    
    40 yrs.651 Boulder Drive
    
    Allentown, PA
    
    
    *
    
    
    
    4,308,646
    
    
    
    
    
    
    
    13,284,432
    
    
    
    4,308,646
    
    
    
    13,284,432
    
    
    
    17,593,078
    
    
    2,467,753
    
    
    2000
    
    
    40 yrs.8150 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,564,167
    
    
    
    
    
    
    
    8,906,845
    
    
    
    2,571,466
    
    
    
    8,899,547
    
    
    
    11,471,013
    
    
    1,421,039
    
    
    2002
    
    
    40 yrs.8250 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    1,025,667
    
    
    
    
    
    
    
    5,346,179
    
    
    
    1,035,854
    
    
    
    5,335,991
    
    
    
    6,371,846
    
    
    633,244
    
    
    2002
    
    
    40 yrs.650 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    5,208,248
    
    
    
    
    
    
    
    31,404,856
    
    
    
    9,961,788
    
    
    
    26,651,316
    
    
    
    36,613,104
    
    
    2,728,758
    
    
    2002
    
    
    40 yrs.7165 Ambassador Drive
    
    Allentown, PA
    
    
    *
    
    
    
    792,999
    
    
    
    
    
    
    
    4,533,868
    
    
    
    804,848
    
    
    
    4,522,019
    
    
    
    5,326,867
    
    
    586,086
    
    
    2002
    
    
    40 yrs.200 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,722,683
    
    
    
    18,922,645
    
    
    
    240,929
    
    
    
    4,722,683
    
    
    
    19,163,574
    
    
    
    23,886,258
    
    
    1,081,207
    
    
    2004
    
    
    40 yrs.250 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    3,623,328
    
    
    
    12,099,145
    
    
    
    1,144,216
    
    
    
    3,719,772
    
    
    
    13,146,917
    
    
    
    16,866,689
    
    
    690,330
    
    
    2004
    
    
    40 yrs.6560 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    458,281
    
    
    
    
    
    
    
    2,839,996
    
    
    
    458,945
    
    
    
    2,839,332
    
    
    
    3,298,277
    
    
    1,116,992
    
    
    1989
    
    
    40 yrs.6370 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    540,795
    
    
    
    
    
    
    
    3,608,143
    
    
    
    541,459
    
    
    
    3,607,479
    
    
    
    4,148,938
    
    
    1,356,701
    
    
    1990
    
    
    40 yrs.6390 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    707,203
    
    
    
    
    
    
    
    2,765,090
    
    
    
    707,867
    
    
    
    2,764,425
    
    
    
    3,472,293
    
    
    1,317,332
    
    
    1990
    
    
    40 yrs.6350 Hedgewood Drive
    
    Allentown, PA
    
    
    *
    
    
    
    360,027
    
    
    
    
    
    
    
    3,470,090
    
    
    
    560,691
    
    
    
    3,269,426
    
    
    
    3,830,117
    
    
    1,390,438
    
    
    1989
    
    
    40 yrs.6330 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    531,268
    
    
    
    
    
    
    
    4,910,864
    
    
    
    532,047
    
    
    
    4,910,085
    
    
    
    5,442,132
    
    
    2,333,532
    
    
    1988
    
    
    40 yrs.6580 Snowdrift Road
    
    Allentown, PA
    
    
    
    
    
    
    388,328
    
    
    
    
    
    
    
    3,284,907
    
    
    
    389,081
    
    
    
    3,284,155
    
    
    
    3,673,235
    
    
    1,459,264
    
    
    1988
    
    
    40 yrs.6540 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    422,042
    
    
    
    
    
    
    
    3,893,307
    
    
    
    422,730
    
    
    
    3,892,620
    
    
    
    4,315,349
    
    
    1,829,429
    
    
    1988
    
    
    40 yrs.974 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    143,500
    
    
    
    
    
    
    
    2,469,917
    
    
    
    144,248
    
    
    
    2,469,170
    
    
    
    2,613,417
    
    
    1,308,676
    
    
    1987
    
    
    40 yrs.964 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    138,816
    
    
    
    
    
    
    
    1,983,002
    
    
    
    139,480
    
    
    
    1,982,338
    
    
    
    2,121,818
    
    
    913,043
    
    
    1985
    
    
    40 yrs.764 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    141,069
    
    
    
    
    
    
    
    864,405
    
    
    
    141,746
    
    
    
    863,728
    
    
    
    1,005,474
    
    
    446,399
    
    
    1985
    
    
    40 yrs.3174 Airport Road
    
    Allentown, PA
    
    
    
    
    
    
    98,986
    
    
    
    
    
    
    
    1,157,004
    
    
    
    98,986
    
    
    
    1,157,004
    
    
    
    1,255,990
    
    
    727,271
    
    
    1979
    
    
    40 yrs.2201 Hanger Place
    
    Allentown, PA
    
    
    
    
    
    
    128,454
    
    
    
    
    
    
    
    1,906,472
    
    
    
    129,142
    
    
    
    1,905,783
    
    
    
    2,034,926
    
    
    1,121,868
    
    
    1987
    
    
    40 yrs.954 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    103,665
    
    
    
    
    
    
    
    1,110,937
    
    
    
    104,453
    
    
    
    1,110,149
    
    
    
    1,214,602
    
    
    586,982
    
    
    1981
    
    
    40 yrs.754 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    162,115
    
    
    
    1,731,885
    
    
    
    279,310
    
    
    
    163,735
    
    
    
    2,009,575
    
    
    
    2,173,310
    
    
    677,125
    
    
    1986
    
    
    40 yrs.744 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    159,771
    
    
    
    1,734,229
    
    
    
    266,454
    
    
    
    161,371
    
    
    
    1,999,083
    
    
    
    2,160,454
    
    
    663,735
    
    
    1986
    
    
    40 yrs.944 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    118,521
    
    
    
    1,435,479
    
    
    
    464,628
    
    
    
    119,711
    
    
    
    1,898,917
    
    
    
    2,018,628
    
    
    633,568
    
    
    1986
    
    
    40 yrs.6520 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    453,315
    
    
    
    
    
    
    
    1,787,903
    
    
    
    484,361
    
    
    
    1,756,857
    
    
    
    2,241,218
    
    
    593,896
    
    
    1996
    
    
    40 yrs.2041 Avenue C
    
    Allentown, PA
    
    
    
    
    
    
    213,599
    
    
    
    1,095,217
    
    
    
    83,135
    
    
    
    213,879
    
    
    
    1,178,072
    
    
    
    1,391,951
    
    
    353,869
    
    
    1990
    
    
    40 yrs.7144 Daniels Drive
    
    Allentown, PA
    
    
    
    
    
    
    2,390,217
    
    
    
    2,342,761
    
    
    
    3,721,684
    
    
    
    1,579,169
    
    
    
    6,875,493
    
    
    
    8,454,662
    
    
    1,849,083
    
    
    1975
    
    
    40 yrs.7620 Cetronia Road
    
    Allentown, PA
    
    
    
    
    
    
    1,091,806
    
    
    
    3,851,456
    
    
    
    356,371
    
    
    
    1,093,724
    
    
    
    4,205,910
    
    
    
    5,299,633
    
    
    1,364,080
    
    
    1990
    
    
    40 yrs.180,190 Cochrane Drive
    
    Annapolis, MD
    
    
    
    
    
    
    3,670,256
    
    
    
    
    
    
    
    22,322,825
    
    
    
    3,752,293
    
    
    
    22,240,788
    
    
    
    25,993,081
    
    
    8,676,942
    
    
    1988
    
    
    40 yrs.4606 Richlynn Drive
    
    Belcamp, MD
    
    
    
    
    
    
    299,600
    
    
    
    1,818,861
    
    
    
    712,787
    
    
    
    299,600
    
    
    
    2,531,649
    
    
    
    2,831,249
    
    
    470,711
    
    
    1985
    
    
    40 yrs.41199 Van Born Road
    
    Bellville, MI
    
    
    
    
    
    
    1,829,396
    
    
    
    6,765,015
    
    
    
    509,937
    
    
    
    1,829,396
    
    
    
    7,274,952
    
    
    
    9,104,347
    
    
    5,269
    
    
    2005
    
    
    40 yrs.41133 Van Born Road
    
    Bellville, MI
    
    
    
    
    
    
    1,829,560
    
    
    
    6,454,755
    
    
    
    463,975
    
    
    
    1,829,560
    
    
    
    6,918,730
    
    
    
    8,748,290
    
    
    5,877
    
    
    2005
    
    
    40 yrs.1655 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    214,431
    
    
    
    
    
    
    
    2,019,753
    
    
    
    215,095
    
    
    
    2,019,088
    
    
    
    2,234,184
    
    
    935,846
    
    
    1993
    
    
    40 yrs.1455 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    670,290
    
    
    
    
    
    
    
    3,743,118
    
    
    
    545,172
    
    
    
    3,868,235
    
    
    
    4,413,408
    
    
    1,742,880
    
    
    1997
    
    
    40 yrs.1640 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,538,675
    
    
    
    190,728
    
    
    
    2,706,947
    
    
    
    2,897,675
    
    
    1,142,900
    
    
    1996
    
    
    40 yrs.1650 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,215,932
    
    
    
    188,896
    
    
    
    2,386,036
    
    
    
    2,574,932
    
    
    942,344
    
    
    1997
    
    
    40 yrs.1660 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,278,206
    
    
    
    188,721
    
    
    
    2,448,485
    
    
    
    2,637,206
    
    
    737,276
    
    
    1998
    
    
    40 yrs.83 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    143,661
    
    
    
    888,128
    
    
    
    520,095
    
    
    
    212,744
    
    
    
    1,339,140
    
    
    
    1,551,884
    
    
    521,859
    
    
    1989
    
    
    40 yrs.85 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    236,708
    
    
    
    987,949
    
    
    
    169,265
    
    
    
    237,078
    
    
    
    1,156,844
    
    
    
    1,393,922
    
    
    312,464
    
    
    1989
    
    
    40 yrs.87 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    253,886
    
    
    
    1,062,881
    
    
    
    223,146
    
    
    
    253,886
    
    
    
    1,286,027
    
    
    
    1,539,913
    
    
    383,776
    
    
    1989
    
    
    40 yrs.89 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    320,000
    
    
    
    
    
    
    
    2,011,186
    
    
    
    367,706
    
    
    
    1,963,481
    
    
    
    2,331,186
    
    
    701,530
    
    
    1998
    
    
    40 yrs.1525 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    475,686
    
    
    
    
    
    
    
    7,721,312
    
    
    
    804,104
    
    
    
    7,392,894
    
    
    
    8,196,998
    
    
    1,900,307
    
    
    1999
    
    
    40 yrs.74 West Broad Street
    
    Bethlehem, PA
    
    
    
    
    
    
    1,096,127
    
    
    
    
    
    
    
    13,371,415
    
    
    
    1,099,079
    
    
    
    13,368,463
    
    
    
    14,467,542
    
    
    2,582,086
    
    
    2002
    
    
    40 yrs.1605 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    729,751
    
    
    
    
    
    
    
    11,065,717
    
    
    
    1,766,196
    
    
    
    10,029,272
    
    
    
    11,795,468
    
    
    1,779,914
    
    
    2000
    
    
    40 yrs.3400 High Point Boulevard
    
    Bethlehem, PA
    
    
    
    
    
    
    298,227
    
    
    
    
    
    
    
    3,053,506
    
    
    
    662,809
    
    
    
    2,688,924
    
    
    
    3,351,733
    
    
    367,073
    
    
    2002
    
    
    40 yrs.1495 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    434,640
    
    
    
    
    
    
    
    4,695,697
    
    
    
    435,303
    
    
    
    4,695,034
    
    
    
    5,130,337
    
    
    1,544,454
    
    
    1990
    
    
    40 yrs.1550 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    196,954
    
    
    
    
    
    
    
    3,827,587
    
    
    
    197,700
    
    
    
    3,826,842
    
    
    
    4,024,541
    
    
    1,470,951
    
    
    1988
    
    
    40 yrs.1560 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    240,069
    
    
    
    
    
    
    
    4,638,646
    
    
    
    240,732
    
    
    
    4,637,983
    
    
    
    4,878,715
    
    
    2,078,924
    
    
    1988
    
    
    40 yrs.




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsInitial Cost
    
    
    Capitalized
    
    
    Gross Amount Carried at End of Period
    
    
    
    
    Date ofSubsequent
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Accumulated
    
    Construction
    
    
    Depreciableto
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2006
    
    
    12/31/06
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES1510 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    312,209
    
    
    
    
    
    
    
    3,762,171
    
    
    
    312,873
    
    
    
    3,761,507
    
    
    
    4,074,380
    
    
    1,704,910
    
    
    1988
    
    
    40 yrs.1530 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    211,747
    
    
    
    
    
    
    
    3,008,631
    
    
    
    212,492
    
    
    
    3,007,886
    
    
    
    3,220,378
    
    
    1,256,732
    
    
    1988
    
    
    40 yrs.57 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    390,839
    
    
    
    2,701,161
    
    
    
    764,168
    
    
    
    395,459
    
    
    
    3,460,709
    
    
    
    3,856,168
    
    
    1,189,140
    
    
    1986
    
    
    40 yrs.1685 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    244,029
    
    
    
    
    
    
    
    2,283,047
    
    
    
    198,482
    
    
    
    2,328,594
    
    
    
    2,527,076
    
    
    838,903
    
    
    1996
    
    
    40 yrs.6601-6625 W. 78th Street
    
    Bloomington, MN
    
    
    
    
    
    
    2,263,060
    
    
    
    
    
    
    
    38,629,236
    
    
    
    2,310,246
    
    
    
    38,582,050
    
    
    
    40,892,296
    
    
    7,893,682
    
    
    1998
    
    
    40 yrs.4801 West 81st Street
    
    Bloomington, MN
    
    
    
    
    
    
    1,624,701
    
    
    
    2,494,368
    
    
    
    809,469
    
    
    
    1,624,701
    
    
    
    3,303,836
    
    
    
    4,928,537
    
    
    864,938
    
    
    1984
    
    
    40 yrs.8100 Cedar Avenue
    
    Bloomington, MN
    
    
    
    
    
    
    501,313
    
    
    
    3,675,416
    
    
    
    971,824
    
    
    
    501,313
    
    
    
    4,647,240
    
    
    
    5,148,553
    
    
    1,214,704
    
    
    1983
    
    
    40 yrs.6161 Green Valley Drive
    
    Bloomington, MN
    
    
    
    
    
    
    740,378
    
    
    
    3,311,602
    
    
    
    732,919
    
    
    
    741,194
    
    
    
    4,043,704
    
    
    
    4,784,898
    
    
    745,201
    
    
    1992
    
    
    40 yrs.10801 Nesbitt Avenue South
    
    Bloomington, MN
    
    
    
    
    
    
    784,577
    
    
    
    
    
    
    
    4,105,182
    
    
    
    786,382
    
    
    
    4,103,377
    
    
    
    4,889,759
    
    
    944,251
    
    
    2001
    
    
    40 yrs.5775 West Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,052,018
    
    
    
    3,849,649
    
    
    
    3,311,678
    
    
    
    2,060,644
    
    
    
    7,152,700
    
    
    
    9,213,345
    
    
    2,366,472
    
    
    2002
    
    
    40 yrs.5715 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    1,954,672
    
    
    
    1,264,758
    
    
    
    4,313,922
    
    
    
    5,578,680
    
    
    810,571
    
    
    2002
    
    
    40 yrs.5735 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    1,089,640
    
    
    
    1,264,758
    
    
    
    3,448,890
    
    
    
    4,713,648
    
    
    447,722
    
    
    2002
    
    
    40 yrs.1701 Clint Moore Boulevard
    
    Boca Raton, FL
    
    
    
    
    
    
    1,430,884
    
    
    
    3,043,553
    
    
    
    1,302,089
    
    
    
    1,430,937
    
    
    
    4,345,589
    
    
    
    5,776,526
    
    
    839,133
    
    
    1985
    
    
    40 yrs.951 Broken Sound Parkway
    
    Boca Raton, FL
    
    
    
    
    
    
    1,426,251
    
    
    
    6,098,952
    
    
    
    1,234,056
    
    
    
    1,426,251
    
    
    
    7,333,008
    
    
    
    8,759,259
    
    
    2,037,449
    
    
    1986
    
    
    40 yrs.777 Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    4,101,247
    
    
    
    16,077,347
    
    
    
    4,498,115
    
    
    
    4,501,247
    
    
    
    20,175,462
    
    
    
    24,676,709
    
    
    5,014,867
    
    
    1987
    
    
    40 yrs.1801 Clint Moore Road
    
    Boca Raton, FL
    
    
    
    
    
    
    1,065,068
    
    
    
    4,481,644
    
    
    
    640,426
    
    
    
    1,065,068
    
    
    
    5,122,070
    
    
    
    6,187,139
    
    
    1,249,779
    
    
    1986
    
    
    40 yrs.400 Boulder Drive
    
    Breinigsville, PA
    
    
    *
    
    
    
    
    
    
    
    
    
    
    
    13,376,989
    
    
    
    2,865,575
    
    
    
    10,511,414
    
    
    
    13,376,989
    
    
    629,760
    
    
    2003
    
    
    40 yrs.860 Nestle Way
    
    Breinigsville, PA
    
    
    
    
    
    
    8,118,881
    
    
    
    18,885,486
    
    
    
    1,403,042
    
    
    
    8,118,881
    
    
    
    20,288,528
    
    
    
    28,407,408
    
    
    671,096
    
    
    2004
    
    
    40 yrs.602 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    524,728
    
    
    
    2,240,478
    
    
    
    7,650
    
    
    
    524,728
    
    
    
    2,248,128
    
    
    
    2,772,856
    
    
    491,389
    
    
    1996
    
    
    40 yrs.245 Executive Drive
    
    Brookfield, WI
    
    
    
    
    
    
    577,067
    
    
    
    5,197,903
    
    
    
    3,816,157
    
    
    
    577,067
    
    
    
    9,014,060
    
    
    
    9,591,127
    
    
    1,549,221
    
    
    1984
    
    
    40 yrs.16620-16650 W Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    586,665
    
    
    
    4,289,907
    
    
    
    828,882
    
    
    
    586,665
    
    
    
    5,118,789
    
    
    
    5,705,454
    
    
    984,048
    
    
    1999
    
    
    40 yrs.15800 West Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    1,289,204
    
    
    
    8,128,035
    
    
    
    948,664
    
    
    
    1,306,811
    
    
    
    9,059,092
    
    
    
    10,365,903
    
    
    1,391,720
    
    
    1994
    
    
    40 yrs.20700 Swenson Drive
    
    Brookfield, WI
    
    
    12,858,381
    
    
    
    830,008
    
    
    
    12,276,445
    
    
    
    478,954
    
    
    
    830,999
    
    
    
    12,754,408
    
    
    
    13,585,406
    
    
    429,906
    
    
    2005
    
    
    40 yrs.20800 Swenson Drive
    
    Brookfield, WI
    
    
    
    
    
    
    1,023,466
    
    
    
    10,729,219
    
    
    
    418,157
    
    
    
    1,025,082
    
    
    
    11,145,759
    
    
    
    12,170,841
    
    
    474,180
    
    
    2005
    
    
    40 yrs.20935 Swenson Drive
    
    Brookfield, WI
    
    
    5,295,966
    
    
    
    571,389
    
    
    
    10,238,547
    
    
    
    658,028
    
    
    
    572,158
    
    
    
    10,895,806
    
    
    
    11,467,963
    
    
    391,207
    
    
    2005
    
    
    40 yrs.20975 Swenson Drive
    
    Brookfield, WI
    
    
    7,584,291
    
    
    
    675,422
    
    
    
    8,910,651
    
    
    
    602,016
    
    
    
    678,637
    
    
    
    9,509,452
    
    
    
    10,188,089
    
    
    398,554
    
    
    2005
    
    
    40 yrs.20825 Swenson Drive
    
    Brookfield, WI
    
    
    
    
    
    
    644,563
    
    
    
    3,640,734
    
    
    
    64,858
    
    
    
    646,518
    
    
    
    3,703,639
    
    
    
    4,350,156
    
    
    111,258
    
    
    2006
    
    
    40 yrs.1485 W. Commerce Avenue
    
    Carlisle, PA
    
    
    
    
    
    
    4,249,868
    
    
    
    13,886,039
    
    
    
    173,427
    
    
    
    4,253,027
    
    
    
    14,056,308
    
    
    
    18,309,335
    
    
    699,441
    
    
    2004
    
    
    40 yrs.3773 Corporate Parkway
    
    Center Valley, PA
    
    
    
    
    
    
    738,108
    
    
    
    
    
    
    
    7,605,349
    
    
    
    794,874
    
    
    
    7,548,583
    
    
    
    8,343,457
    
    
    1,666,953
    
    
    2001
    
    
    40 yrs.1309 Executive Boulevard
    
    Cheaspeake, VA
    
    
    
    
    
    
    926,125
    
    
    
    
    
    
    
    5,086,632
    
    
    
    955,374
    
    
    
    5,057,383
    
    
    
    6,012,757
    
    
    733,464
    
    
    2001
    
    
    40 yrs.7 Carnegie Plaza
    
    Cherry Hill, NJ
    
    
    *
    
    
    
    2,000,000
    
    
    
    3,493,983
    
    
    
    3,217,287
    
    
    
    2,005,475
    
    
    
    6,705,794
    
    
    
    8,711,270
    
    
    543,140
    
    
    2004
    
    
    40 yrs.1305 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    861,020
    
    
    
    
    
    
    
    4,878,062
    
    
    
    1,129,850
    
    
    
    4,609,232
    
    
    
    5,739,082
    
    
    691,749
    
    
    2002
    
    
    40 yrs.1313 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    1,180,036
    
    
    
    
    
    
    
    4,629,615
    
    
    
    1,708,050
    
    
    
    4,101,602
    
    
    
    5,809,652
    
    
    554,643
    
    
    2002
    
    
    40 yrs.500 Independence Parkway
    
    Chesapeake, VA
    
    
    3,588,914
    
    
    
    864,150
    
    
    
    4,427,285
    
    
    
    66,501
    
    
    
    866,609
    
    
    
    4,491,328
    
    
    
    5,357,937
    
    
    352,536
    
    
    2004
    
    
    40 yrs.700 Independence Parkway
    
    Chesapeake, VA
    
    
    6,903,981
    
    
    
    1,950,375
    
    
    
    8,273,910
    
    
    
    (614,501
    )
    
    
    1,951,135
    
    
    
    7,658,648
    
    
    
    9,609,783
    
    
    650,222
    
    
    2004
    
    
    40 yrs.501 Independence Parkway
    
    Chesapeake, VA
    
    
    4,967,909
    
    
    
    1,202,556
    
    
    
    5,975,538
    
    
    
    1,185,556
    
    
    
    1,292,273
    
    
    
    7,071,376
    
    
    
    8,363,650
    
    
    336,396
    
    
    2005
    
    
    40 yrs.505 Independence Parkway
    
    Chesapeake, VA
    
    
    5,793,893
    
    
    
    1,292,062
    
    
    
    6,456,515
    
    
    
    1,141,115
    
    
    
    1,292,254
    
    
    
    7,597,437
    
    
    
    8,889,691
    
    
    380,615
    
    
    2005
    
    
    40 yrs.510 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    2,012,149
    
    
    
    7,546,882
    
    
    
    394,344
    
    
    
    2,014,689
    
    
    
    7,938,686
    
    
    
    9,953,375
    
    
    422,930
    
    
    2005
    
    
    40 yrs.1301 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,113,029
    
    
    
    997,570
    
    
    
    5,115,459
    
    
    
    6,113,029
    
    
    108,314
    
    
    2005
    
    
    40 yrs.600 H P Way
    
    Chester, VA
    
    
    
    
    
    
    146,126
    
    
    
    
    
    
    
    6,429,625
    
    
    
    501,752
    
    
    
    6,073,999
    
    
    
    6,575,751
    
    
    1,193,352
    
    
    1997
    
    
    40 yrs.500 H P Way
    
    Chester, VA
    
    
    
    
    
    
    142,692
    
    
    
    
    
    
    
    5,563,992
    
    
    
    491,919
    
    
    
    5,214,765
    
    
    
    5,706,684
    
    
    1,090,627
    
    
    1997
    
    
    40 yrs.6230 Old Dobbin Lane
    
    Colombia, MD
    
    
    
    
    
    
    3,004,075
    
    
    
    
    
    
    
    7,729,322
    
    
    
    2,746,455
    
    
    
    7,986,942
    
    
    
    10,733,397
    
    
    161,577
    
    
    2004
    
    
    40 yrs.9101,9111,9115 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    758,951
    
    
    
    
    
    
    
    3,519,455
    
    
    
    765,952
    
    
    
    3,512,453
    
    
    
    4,278,406
    
    
    1,941,815
    
    
    1984
    
    
    40 yrs.9125,9135,9145 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    900,154
    
    
    
    
    
    
    
    5,815,495
    
    
    
    920,439
    
    
    
    5,795,210
    
    
    
    6,715,649
    
    
    3,426,185
    
    
    1983
    
    
    40 yrs.7178-80 Columbia Gateway
    
    Columbia, MD
    
    
    
    
    
    
    1,569,237
    
    
    
    4,786,887
    
    
    
    1,836,281
    
    
    
    1,571,105
    
    
    
    6,621,299
    
    
    
    8,192,405
    
    
    2,215,458
    
    
    1987
    
    
    40 yrs.9770 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    341,663
    
    
    
    3,033,309
    
    
    
    907,405
    
    
    
    341,663
    
    
    
    3,940,714
    
    
    
    4,282,377
    
    
    791,142
    
    
    1986
    
    
    40 yrs.9780 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    218,542
    
    
    
    1,940,636
    
    
    
    125,207
    
    
    
    218,542
    
    
    
    2,065,843
    
    
    
    2,284,384
    
    
    504,644
    
    
    1986
    
    
    40 yrs.9790 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    243,791
    
    
    
    2,164,094
    
    
    
    223,402
    
    
    
    243,791
    
    
    
    2,387,496
    
    
    
    2,631,287
    
    
    669,572
    
    
    1986
    
    
    40 yrs.9810 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    266,684
    
    
    
    2,366,901
    
    
    
    644,582
    
    
    
    266,684
    
    
    
    3,011,483
    
    
    
    3,278,167
    
    
    794,236
    
    
    1986
    
    
    40 yrs.9800 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    299,099
    
    
    
    2,654,069
    
    
    
    531,960
    
    
    
    299,099
    
    
    
    3,186,029
    
    
    
    3,485,129
    
    
    815,523
    
    
    1988
    
    
    40 yrs.9820 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    237,779
    
    
    
    2,110,835
    
    
    
    711,722
    
    
    
    237,779
    
    
    
    2,822,557
    
    
    
    3,060,336
    
    
    569,893
    
    
    1988
    
    
    40 yrs.9830 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    296,262
    
    
    
    2,628,933
    
    
    
    143,928
    
    
    
    296,262
    
    
    
    2,772,861
    
    
    
    3,069,124
    
    
    717,517
    
    
    1986
    
    
    40 yrs.9050 Red Branch Road
    
    Columbia, MD
    
    
    
    
    
    
    290,950
    
    
    
    2,577,153
    
    
    
    802,675
    
    
    
    290,950
    
    
    
    3,379,828
    
    
    
    3,670,778
    
    
    720,137
    
    
    1972
    
    
    40 yrs.8945-8975 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    2,428,795
    
    
    
    7,493,740
    
    
    
    873,148
    
    
    
    2,427,065
    
    
    
    8,368,619
    
    
    
    10,795,684
    
    
    1,959,626
    
    
    1986
    
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,590,872
    
    
    
    1,295,000
    
    
    
    3,253,978
    
    
    
    4,548,978
    
    
    602,208
    
    
    2002
    
    
    40 yrs.6200 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,736,325
    
    
    
    1,295,000
    
    
    
    3,399,431
    
    
    
    4,694,431
    
    
    532,591
    
    
    2002
    
    
    40 yrs.6210 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,724,707
    
    
    
    1,307,300
    
    
    
    3,375,513
    
    
    
    4,682,813
    
    
    622,557
    
    
    2002
    
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,780,749
    
    
    
    1,599,259
    
    
    
    3,139,595
    
    
    
    4,738,854
    
    
    349,799
    
    
    2000
    
    
    40 yrs.5950 Symphony Woods Road
    
    Columbia, MD
    
    
    
    
    
    
    1,462,762
    
    
    
    11,310,187
    
    
    
    1,368,440
    
    
    
    1,467,623
    
    
    
    12,673,767
    
    
    
    14,141,389
    
    
    1,845,734
    
    
    1986
    
    
    40 yrs.9755 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    3,917,094
    
    
    
    16,219,721
    
    
    
    110,510
    
    
    
    3,922,382
    
    
    
    16,324,943
    
    
    
    20,247,324
    
    
    
    
    
    2006
    
    
    40 yrs.5150 International Drive
    
    Cudahy, WI
    
    
    
    
    
    
    739,673
    
    
    
    5,108,025
    
    
    
    250,327
    
    
    
    741,858
    
    
    
    5,356,167
    
    
    
    6,098,024
    
    
    420,347
    
    
    2003
    
    
    40 yrs.1250 Hall Court
    
    Deer Park, TX
    
    
    3,063,690
    
    
    
    829,570
    
    
    
    4,778,327
    
    
    
    
    
    
    
    829,570
    
    
    
    4,778,327
    
    
    
    5,607,897
    
    
    8,813
    
    
    2006
    
    
    40 yrs.170 Parkway West
    
    Duncan, SC
    
    
    
    
    
    
    598,348
    
    
    
    3,643,756
    
    
    
    68,364
    
    
    
    598,918
    
    
    
    3,711,550
    
    
    
    4,310,468
    
    
    86,944
    
    
    2006
    
    
    40 yrs.




---



##### Table of Contents



LIBERTY
PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    Gross Amount Carried at End Period
    
    Accumulated
    
    Construction
    
    DepreciableInitial Cost
    
    to
    
    Land and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    Acquisition
    
    Improvements
    
    Improvements
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (Years)OPERATING PROPERTIES190 Parkway West
    
    Duncan, SC
    
    
    
    
    
    
    551,663
    
    
    
    3,463,858
    
    
    
    34,737
    
    
    
    552,211
    
    
    
    3,498,047
    
    
    
    4,050,258
    
    
    
    95,141
    
    
    2006
    
    40 yrs.265 Parkway East
    
    Duncan, SC
    
    
    
    
    
    
    901,444
    
    
    
    5,751,389
    
    
    
    18,391
    
    
    
    902,374
    
    
    
    5,768,850
    
    
    
    6,671,224
    
    
    
    174,266
    
    
    2006
    
    40 yrs.285 Parkway East
    
    Duncan, SC
    
    
    
    
    
    
    975,433
    
    
    
    6,149,465
    
    
    
    23,682
    
    
    
    976,393
    
    
    
    6,172,187
    
    
    
    7,148,580
    
    
    
    313,732
    
    
    2006
    
    40 yrs.3255 Neil Armstrong Boulevard
    
    Eagan, MN
    
    
    
    
    
    
    1,131,017
    
    
    
    
    
    
    
    3,393,423
    
    
    
    1,131,017
    
    
    
    3,393,423
    
    
    
    4,524,441
    
    
    
    677,048
    
    
    1998
    
    40 yrs.6321-6325 Bury Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    462,876
    
    
    
    4,151,790
    
    
    
    317,011
    
    
    
    462,876
    
    
    
    4,468,801
    
    
    
    4,931,677
    
    
    
    1,213,996
    
    
    1988
    
    40 yrs.7660-7716 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    568,706
    
    
    
    5,115,177
    
    
    
    2,817,841
    
    
    
    1,289,215
    
    
    
    7,212,509
    
    
    
    8,501,724
    
    
    
    2,440,957
    
    
    1988
    
    40 yrs.7400 Flying Cloud Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    195,982
    
    
    
    1,762,027
    
    
    
    157,281
    
    
    
    195,982
    
    
    
    1,919,309
    
    
    
    2,115,290
    
    
    
    441,713
    
    
    1987
    
    40 yrs.10301-10305 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    120,622
    
    
    
    1,085,226
    
    
    
    121,763
    
    
    
    118,300
    
    
    
    1,209,311
    
    
    
    1,327,611
    
    
    
    304,525
    
    
    1984
    
    40 yrs.10321 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    145,198
    
    
    
    1,305,700
    
    
    
    369,479
    
    
    
    142,399
    
    
    
    1,677,978
    
    
    
    1,820,377
    
    
    
    479,554
    
    
    1984
    
    40 yrs.10333 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    110,746
    
    
    
    995,868
    
    
    
    90,782
    
    
    
    108,610
    
    
    
    1,088,786
    
    
    
    1,197,396
    
    
    
    257,962
    
    
    1984
    
    40 yrs.10349-10357 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    275,903
    
    
    
    2,481,666
    
    
    
    584,392
    
    
    
    270,584
    
    
    
    3,071,377
    
    
    
    3,341,961
    
    
    
    737,188
    
    
    1985
    
    40 yrs.10365-10375 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    291,077
    
    
    
    2,618,194
    
    
    
    506,997
    
    
    
    285,464
    
    
    
    3,130,804
    
    
    
    3,416,267
    
    
    
    756,087
    
    
    1985
    
    40 yrs.10393-10394 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    269,618
    
    
    
    2,423,318
    
    
    
    775,855
    
    
    
    264,419
    
    
    
    3,204,372
    
    
    
    3,468,791
    
    
    
    761,414
    
    
    1985
    
    40 yrs.7078 Shady Oak Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    343,093
    
    
    
    3,085,795
    
    
    
    217,201
    
    
    
    336,481
    
    
    
    3,309,608
    
    
    
    3,646,089
    
    
    
    790,055
    
    
    1985
    
    40 yrs.10400 Viking Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,912,391
    
    
    
    
    
    
    
    22,843,159
    
    
    
    2,938,372
    
    
    
    22,817,178
    
    
    
    25,755,550
    
    
    
    5,724,688
    
    
    1999
    
    40 yrs.7695-7699 Anagram Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    760,525
    
    
    
    3,254,758
    
    
    
    605,146
    
    
    
    760,525
    
    
    
    3,859,903
    
    
    
    4,620,429
    
    
    
    843,591
    
    
    1997
    
    40 yrs.7800 Equitable Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,188,525
    
    
    
    3,788,762
    
    
    
    179,519
    
    
    
    2,188,525
    
    
    
    3,968,281
    
    
    
    6,156,806
    
    
    
    841,929
    
    
    1993
    
    40 yrs.7905 Fuller Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,229,862
    
    
    
    4,075,167
    
    
    
    33,365
    
    
    
    1,230,965
    
    
    
    4,107,430
    
    
    
    5,338,395
    
    
    
    833,068
    
    
    1994
    
    40 yrs.9023 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,956,273
    
    
    
    
    
    
    
    4,873,578
    
    
    
    1,956,273
    
    
    
    4,873,578
    
    
    
    6,829,851
    
    
    
    1,058,231
    
    
    1999
    
    40 yrs.8967 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,450,000
    
    
    
    
    
    
    
    3,575,107
    
    
    
    1,450,000
    
    
    
    3,575,107
    
    
    
    5,025,107
    
    
    
    717,864
    
    
    2000
    
    40 yrs.7777 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    993,101
    
    
    
    2,136,862
    
    
    
    1,191,303
    
    
    
    993,101
    
    
    
    3,328,165
    
    
    
    4,321,266
    
    
    
    542,633
    
    
    2000
    
    40 yrs.8937 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,325,829
    
    
    
    
    
    
    
    4,287,274
    
    
    
    1,739,966
    
    
    
    3,873,137
    
    
    
    5,613,103
    
    
    
    676,755
    
    
    2001
    
    40 yrs.7615 Smetana Lane
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,011,517
    
    
    
    
    
    
    
    8,665,025
    
    
    
    3,000,555
    
    
    
    6,675,988
    
    
    
    9,676,542
    
    
    
    1,378,155
    
    
    2001
    
    40 yrs.8995 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,087,594
    
    
    
    
    
    
    
    3,664,053
    
    
    
    2,055,296
    
    
    
    2,696,352
    
    
    
    4,751,648
    
    
    
    429,638
    
    
    2001
    
    40 yrs.8911 Columbine Road (B2)
    
    Eden Prairie, MN
    
    
    
    
    
    
    916,687
    
    
    
    
    
    
    
    3,608,469
    
    
    
    1,718,407
    
    
    
    2,806,748
    
    
    
    4,525,156
    
    
    
    377,488
    
    
    2000
    
    40 yrs.8855 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,400,925
    
    
    
    
    
    
    
    5,226,016
    
    
    
    1,599,757
    
    
    
    5,027,185
    
    
    
    6,626,941
    
    
    
    325,388
    
    
    2000
    
    40 yrs.27260 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    456,877
    
    
    
    4,091,196
    
    
    
    754,780
    
    
    
    456,877
    
    
    
    4,845,977
    
    
    
    5,302,854
    
    
    
    1,273,497
    
    
    1983
    
    40 yrs.27200 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    382,754
    
    
    
    3,425,227
    
    
    
    363,784
    
    
    
    382,754
    
    
    
    3,789,011
    
    
    
    4,171,765
    
    
    
    1,043,115
    
    
    1983
    
    40 yrs.27280 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    452,860
    
    
    
    4,055,512
    
    
    
    443,764
    
    
    
    452,860
    
    
    
    4,499,276
    
    
    
    4,952,136
    
    
    
    1,150,855
    
    
    1983
    
    40 yrs.27220 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    203,064
    
    
    
    1,802,592
    
    
    
    174,777
    
    
    
    203,064
    
    
    
    1,977,369
    
    
    
    2,180,433
    
    
    
    530,662
    
    
    1985
    
    40 yrs.27240 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    171,518
    
    
    
    1,518,192
    
    
    
    280,526
    
    
    
    171,518
    
    
    
    1,798,718
    
    
    
    1,970,236
    
    
    
    445,822
    
    
    1985
    
    40 yrs.27300 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    370,378
    
    
    
    3,311,366
    
    
    
    732,514
    
    
    
    370,378
    
    
    
    4,043,880
    
    
    
    4,414,259
    
    
    
    967,017
    
    
    1985
    
    40 yrs.26442-26450 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    237,687
    
    
    
    2,143,478
    
    
    
    152,517
    
    
    
    237,691
    
    
    
    2,295,991
    
    
    
    2,533,682
    
    
    
    534,548
    
    
    1988
    
    40 yrs.26500 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    311,093
    
    
    
    2,791,804
    
    
    
    433,388
    
    
    
    311,097
    
    
    
    3,225,188
    
    
    
    3,536,285
    
    
    
    737,282
    
    
    1986
    
    40 yrs.26650 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    173,166
    
    
    
    1,562,704
    
    
    
    143,228
    
    
    
    173,170
    
    
    
    1,705,928
    
    
    
    1,879,098
    
    
    
    378,883
    
    
    1988
    
    40 yrs.26700 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    253,338
    
    
    
    2,290,696
    
    
    
    104,078
    
    
    
    253,341
    
    
    
    2,394,770
    
    
    
    2,648,112
    
    
    
    542,406
    
    
    1986
    
    40 yrs.26750 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    292,717
    
    
    
    2,638,688
    
    
    
    250,110
    
    
    
    292,720
    
    
    
    2,888,795
    
    
    
    3,181,515
    
    
    
    750,106
    
    
    1988
    
    40 yrs.26800 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    175,489
    
    
    
    1,583,362
    
    
    
    243,691
    
    
    
    175,492
    
    
    
    1,827,050
    
    
    
    2,002,542
    
    
    
    500,064
    
    
    1986
    
    40 yrs.26842-26850 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    239,606
    
    
    
    2,160,470
    
    
    
    364,314
    
    
    
    239,609
    
    
    
    2,524,781
    
    
    
    2,764,390
    
    
    
    707,486
    
    
    1988
    
    40 yrs.26600 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    455,846
    
    
    
    
    
    
    
    2,921,972
    
    
    
    537,693
    
    
    
    2,840,125
    
    
    
    3,377,818
    
    
    
    819,672
    
    
    1999
    
    40 yrs.26550 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    368,083
    
    
    
    
    
    
    
    2,647,709
    
    
    
    535,179
    
    
    
    2,480,613
    
    
    
    3,015,792
    
    
    
    658,542
    
    
    2000
    
    40 yrs.7028 Snowdrift Road
    
    Fogelville, PA
    
    
    
    
    
    
    520,473
    
    
    
    959,279
    
    
    
    262,203
    
    
    
    524,390
    
    
    
    1,217,565
    
    
    
    1,741,954
    
    
    
    292,366
    
    
    1982
    
    40 yrs.420 Delaware Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    2,766,931
    
    
    
    
    
    
    
    8,814,580
    
    
    
    2,823,257
    
    
    
    8,758,255
    
    
    
    11,581,511
    
    
    
    49,754
    
    
    2005
    
    40 yrs.414 Commerce Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,267,194
    
    
    
    2,217,460
    
    
    
    177,437
    
    
    
    1,267,937
    
    
    
    2,394,153
    
    
    
    3,662,091
    
    
    
    63,339
    
    
    2004
    
    40 yrs.275 Commerce Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,775,894
    
    
    
    2,160,855
    
    
    
    1,870,359
    
    
    
    1,789,302
    
    
    
    4,017,806
    
    
    
    5,807,108
    
    
    
    
    
    
    2005
    
    40 yrs.1250 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,639,166
    
    
    
    1,928,574
    
    
    
    422,241
    
    
    
    1,650,703
    
    
    
    2,339,278
    
    
    
    3,989,980
    
    
    
    23,113
    
    
    2005
    
    40 yrs.1100 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    13,007,509
    
    
    
    11,480,744
    
    
    
    53,906
    
    
    
    13,035,013
    
    
    
    11,507,146
    
    
    
    24,542,159
    
    
    
    197,270
    
    
    2006
    
    40 yrs.106 Southchase Boulevard
    
    Fountain Inn, SC
    
    
    
    
    
    
    201,944
    
    
    
    
    
    
    
    5,133,389
    
    
    
    684,003
    
    
    
    4,651,330
    
    
    
    5,335,333
    
    
    
    125,941
    
    
    2005
    
    40 yrs.9601 Cosner Drive
    
    Fredericksburg, VA
    
    
    
    
    
    
    475,262
    
    
    
    3,917,234
    
    
    
    214,221
    
    
    
    475,262
    
    
    
    4,131,454
    
    
    
    4,606,716
    
    
    
    1,177,660
    
    
    1995
    
    40 yrs.200 W Cypress Creek Road
    
    Ft Lauderdale, FL
    
    
    
    
    
    
    3,414,989
    
    
    
    2,399,738
    
    
    
    9,866,832
    
    
    
    3,414,989
    
    
    
    12,266,571
    
    
    
    15,681,559
    
    
    
    452,897
    
    
    2003
    
    40 yrs.5410 - 5430 Northwest 33rd Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    603,776
    
    
    
    4,176,238
    
    
    
    1,101,013
    
    
    
    625,111
    
    
    
    5,255,916
    
    
    
    5,881,027
    
    
    
    1,288,523
    
    
    1985
    
    40 yrs.6500 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,099
    
    
    
    3,046,309
    
    
    
    438,216
    
    
    
    
    
    
    
    3,491,624
    
    
    
    3,491,624
    
    
    
    884,615
    
    
    1989
    
    40 yrs.6600 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,102
    
    
    
    3,047,462
    
    
    
    486,427
    
    
    
    
    
    
    
    3,540,992
    
    
    
    3,540,992
    
    
    
    912,641
    
    
    1989
    
    40 yrs.4880 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    743,898
    
    
    
    4,499,807
    
    
    
    2,746,479
    
    
    
    743,898
    
    
    
    7,246,286
    
    
    
    7,990,184
    
    
    
    1,217,434
    
    
    1995
    
    40 yrs.5000 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    770,214
    
    
    
    3,685,248
    
    
    
    185,433
    
    
    
    771,029
    
    
    
    3,869,867
    
    
    
    4,640,895
    
    
    
    1,080,246
    
    
    1990
    
    40 yrs.5500 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    443,485
    
    
    
    
    
    
    
    3,347,885
    
    
    
    483,263
    
    
    
    3,308,107
    
    
    
    3,791,370
    
    
    
    793,756
    
    
    1999
    
    40 yrs.4801 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,072,896
    
    
    
    
    
    
    
    10,197,775
    
    
    
    1,075,620
    
    
    
    10,195,051
    
    
    
    11,270,671
    
    
    
    2,394,924
    
    
    1998
    
    40 yrs.4198 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    670,292
    
    
    
    3,839,245
    
    
    
    981,346
    
    
    
    670,292
    
    
    
    4,820,591
    
    
    
    5,490,883
    
    
    
    1,290,221
    
    
    1984
    
    40 yrs.4510 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,010,024
    
    
    
    7,151,729
    
    
    
    1,751,122
    
    
    
    1,010,044
    
    
    
    8,902,831
    
    
    
    9,912,875
    
    
    
    2,447,991
    
    
    1990
    
    40 yrs.4121 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,083,006
    
    
    
    6,035,653
    
    
    
    519,164
    
    
    
    1,083,006
    
    
    
    6,554,817
    
    
    
    7,637,824
    
    
    
    436,918
    
    
    2004
    
    40 yrs.420 Park Avenue
    
    Greenville, SC
    
    
    *
    
    
    
    522,548
    
    
    
    2,730,261
    
    
    
    977,573
    
    
    
    522,548
    
    
    
    3,707,834
    
    
    
    4,230,382
    
    
    
    1,096,196
    
    
    1986
    
    40 yrs.One Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    780,881
    
    
    
    6,199,230
    
    
    
    6,430,871
    
    
    
    784,617
    
    
    
    12,626,365
    
    
    
    13,410,982
    
    
    
    2,240,553
    
    
    1982
    
    40 yrs.




---



##### Table of Contents



LIBERTY
PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    Gross Amount Carried at End Period
    
    Accumulated
    
    Construction
    
    DepreciableInitial Cost
    
    to
    
    Land and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    Acquisition
    
    Improvements
    
    Improvements
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (Years)OPERATING PROPERTIES15 Brendan Way
    
    Greenville, SC
    
    
    
    
    
    
    614,192
    
    
    
    3,012,019
    
    
    
    1,767,666
    
    
    
    614,192
    
    
    
    4,779,684
    
    
    
    5,393,876
    
    
    
    1,424,079
    
    
    1988
    
    40 yrs.4 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,555,776
    
    
    
    467,438
    
    
    
    3,088,339
    
    
    
    3,555,776
    
    
    
    587,548
    
    
    2002
    
    40 yrs.5 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,286,804
    
    
    
    467,438
    
    
    
    2,819,366
    
    
    
    3,286,804
    
    
    
    616,674
    
    
    2002
    
    40 yrs.200 Southchase Boulevard
    
    Greenville, SC
    
    
    
    
    
    
    512,911
    
    
    
    
    
    
    
    6,273,615
    
    
    
    515,542
    
    
    
    6,270,984
    
    
    
    6,786,525
    
    
    
    478,893
    
    
    2003
    
    40 yrs.6 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,061,966
    
    
    
    545,698
    
    
    
    2,516,268
    
    
    
    3,061,966
    
    
    
    195,504
    
    
    2003
    
    40 yrs.2 Independence Point
    
    Greenville, SC
    
    
    
    
    
    
    371,600
    
    
    
    
    
    
    
    3,168,228
    
    
    
    682,881
    
    
    
    2,856,946
    
    
    
    3,539,828
    
    
    
    30,935
    
    
    2005
    
    40 yrs.1 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    974,675
    
    
    
    5,579,869
    
    
    
    1,182,175
    
    
    
    974,675
    
    
    
    6,762,044
    
    
    
    7,736,719
    
    
    
    1,737,849
    
    
    1987
    
    40 yrs.22 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    1,097,368
    
    
    
    6,760,778
    
    
    
    856,086
    
    
    
    1,097,368
    
    
    
    7,616,864
    
    
    
    8,714,232
    
    
    
    2,061,113
    
    
    1990
    
    40 yrs.5 Manhattan Square
    
    Hampton, VA
    
    
    
    
    
    
    207,368
    
    
    
    
    
    
    
    1,663,695
    
    
    
    212,694
    
    
    
    1,658,368
    
    
    
    1,871,063
    
    
    
    428,848
    
    
    1999
    
    40 yrs.21 Enterprise Parkway
    
    Hampton, VA
    
    
    383,605
    
    
    
    263,668
    
    
    
    8,167,118
    
    
    
    511,240
    
    
    
    265,719
    
    
    
    8,676,307
    
    
    
    8,942,026
    
    
    
    1,386,213
    
    
    1999
    
    40 yrs.521 Butler Farm Road
    
    Hampton, VA
    
    
    
    
    
    
    750,769
    
    
    
    2,911,149
    
    
    
    260,815
    
    
    
    710,486
    
    
    
    3,212,247
    
    
    
    3,922,733
    
    
    
    264,018
    
    
    2003
    
    40 yrs.7317 Parkway Drive
    
    Hanover, MD
    
    
    
    
    
    
    1,104,359
    
    
    
    1,959,671
    
    
    
    79,319
    
    
    
    1,104,359
    
    
    
    2,038,990
    
    
    
    3,143,349
    
    
    
    453,669
    
    
    1983
    
    40 yrs.500 McCarthy Drive
    
    Harrisburg, PA
    
    
    
    
    
    
    5,194,872
    
    
    
    19,991,436
    
    
    
    4,120,570
    
    
    
    5,687,013
    
    
    
    23,619,865
    
    
    
    29,306,878
    
    
    
    1,197,404
    
    
    2005
    
    40 yrs.4170 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    143,699
    
    
    
    
    
    
    
    2,210,943
    
    
    
    373,502
    
    
    
    1,981,140
    
    
    
    2,354,642
    
    
    
    543,603
    
    
    1999
    
    40 yrs.4180 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    121,329
    
    
    
    
    
    
    
    1,836,257
    
    
    
    315,614
    
    
    
    1,641,972
    
    
    
    1,957,586
    
    
    
    506,298
    
    
    1999
    
    40 yrs.4050 Piedmont Parkway
    
    High Point , NC
    
    
    
    
    
    
    801,902
    
    
    
    
    
    
    
    19,610,267
    
    
    
    2,042,159
    
    
    
    18,370,011
    
    
    
    20,412,169
    
    
    
    3,868,705
    
    
    1998
    
    40 yrs.4523 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    234,564
    
    
    
    
    
    
    
    2,404,561
    
    
    
    235,698
    
    
    
    2,403,427
    
    
    
    2,639,125
    
    
    
    1,058,454
    
    
    1988
    
    40 yrs.4501 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    319,289
    
    
    
    
    
    
    
    2,630,880
    
    
    
    320,450
    
    
    
    2,629,719
    
    
    
    2,950,169
    
    
    
    1,156,811
    
    
    1989
    
    40 yrs.4500 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    230,622
    
    
    
    
    
    
    
    2,333,337
    
    
    
    231,692
    
    
    
    2,332,268
    
    
    
    2,563,959
    
    
    
    1,087,232
    
    
    1989
    
    40 yrs.2427 Penny Road
    
    High Point, NC
    
    
    
    
    
    
    1,165,664
    
    
    
    
    
    
    
    3,467,001
    
    
    
    655,240
    
    
    
    3,977,424
    
    
    
    4,632,665
    
    
    
    1,593,141
    
    
    1990
    
    40 yrs.4524 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    182,810
    
    
    
    
    
    
    
    2,364,005
    
    
    
    183,888
    
    
    
    2,362,926
    
    
    
    2,546,815
    
    
    
    1,039,384
    
    
    1989
    
    40 yrs.4328, 4336 Federal Drive
    
    High Point, NC
    
    
    4,545,898
    
    
    
    521,122
    
    
    
    
    
    
    
    7,238,387
    
    
    
    825,092
    
    
    
    6,934,416
    
    
    
    7,759,509
    
    
    
    3,316,305
    
    
    1995
    
    40 yrs.4344 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    484,001
    
    
    
    
    
    
    
    2,755,206
    
    
    
    173,623
    
    
    
    3,065,585
    
    
    
    3,239,208
    
    
    
    1,019,455
    
    
    1996
    
    40 yrs.4000 Piedmont Parkway
    
    High Point, NC
    
    
    
    
    
    
    592,885
    
    
    
    4,825,615
    
    
    
    807,718
    
    
    
    597,368
    
    
    
    5,628,850
    
    
    
    6,226,218
    
    
    
    1,733,031
    
    
    1989
    
    40 yrs.4380 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    282,996
    
    
    
    
    
    
    
    2,210,549
    
    
    
    283,368
    
    
    
    2,210,177
    
    
    
    2,493,545
    
    
    
    727,018
    
    
    1997
    
    40 yrs.4388 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    143,661
    
    
    
    
    
    
    
    1,225,791
    
    
    
    132,655
    
    
    
    1,236,797
    
    
    
    1,369,452
    
    
    
    430,335
    
    
    1997
    
    40 yrs.4160 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    285,882
    
    
    
    
    
    
    
    3,351,586
    
    
    
    545,627
    
    
    
    3,091,841
    
    
    
    3,637,468
    
    
    
    725,642
    
    
    1998
    
    40 yrs.4194 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    102,372
    
    
    
    
    
    
    
    2,598,532
    
    
    
    265,991
    
    
    
    2,434,913
    
    
    
    2,700,904
    
    
    
    647,095
    
    
    1999
    
    40 yrs.4196 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    66,731
    
    
    
    
    
    
    
    2,250,342
    
    
    
    173,889
    
    
    
    2,143,184
    
    
    
    2,317,073
    
    
    
    709,040
    
    
    1999
    
    40 yrs.4300 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    264,038
    
    
    
    
    
    
    
    2,090,460
    
    
    
    276,038
    
    
    
    2,078,460
    
    
    
    2,354,498
    
    
    
    367,817
    
    
    1998
    
    40 yrs.4135 Mendenall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    499,500
    
    
    
    
    
    
    
    3,052,846
    
    
    
    500,980
    
    
    
    3,051,365
    
    
    
    3,552,346
    
    
    
    563,934
    
    
    2000
    
    40 yrs.4183 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    122,203
    
    
    
    
    
    
    
    3,748,139
    
    
    
    526,266
    
    
    
    3,344,076
    
    
    
    3,870,342
    
    
    
    1,096,678
    
    
    2001
    
    40 yrs.4189 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    100,106
    
    
    
    
    
    
    
    3,430,702
    
    
    
    431,106
    
    
    
    3,099,702
    
    
    
    3,530,808
    
    
    
    723,686
    
    
    2001
    
    40 yrs.4020 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    94,232
    
    
    
    
    
    
    
    1,682,699
    
    
    
    378,101
    
    
    
    1,398,830
    
    
    
    1,776,931
    
    
    
    313,939
    
    
    2001
    
    40 yrs.1400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    172,320
    
    
    
    
    
    
    
    7,145,926
    
    
    
    984,672
    
    
    
    6,333,574
    
    
    
    7,318,246
    
    
    
    1,020,098
    
    
    2002
    
    40 yrs.4191 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    217,943
    
    
    
    
    
    
    
    3,119,682
    
    
    
    611,166
    
    
    
    2,726,459
    
    
    
    3,337,625
    
    
    
    422,224
    
    
    2002
    
    40 yrs.4015 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    510,000
    
    
    
    
    
    
    
    2,792,495
    
    
    
    511,869
    
    
    
    2,790,626
    
    
    
    3,302,495
    
    
    
    141,901
    
    
    2003
    
    40 yrs.4195 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    107,586
    
    
    
    
    
    
    
    3,349,592
    
    
    
    505,700
    
    
    
    2,951,478
    
    
    
    3,457,178
    
    
    
    120,322
    
    
    2004
    
    40 yrs.400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,860,213
    
    
    
    665,239
    
    
    
    1,194,974
    
    
    
    1,860,213
    
    
    
    14,800
    
    
    2004
    
    40 yrs.100 Witmer Road
    
    Horsham, PA
    
    
    5,804,315
    
    
    
    3,102,784
    
    
    
    
    
    
    
    11,902,626
    
    
    
    3,764,784
    
    
    
    11,240,627
    
    
    
    15,005,410
    
    
    
    2,877,003
    
    
    1996
    
    40 yrs.132 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    1,333,642
    
    
    
    
    
    
    
    4,219,965
    
    
    
    1,408,041
    
    
    
    4,145,566
    
    
    
    5,553,607
    
    
    
    1,331,664
    
    
    1998
    
    40 yrs.300 Welsh Road  Building 3
    
    Horsham, PA
    
    
    
    
    
    
    180,459
    
    
    
    1,441,473
    
    
    
    358,107
    
    
    
    180,459
    
    
    
    1,799,579
    
    
    
    1,980,038
    
    
    
    566,487
    
    
    1983
    
    40 yrs.300 Welsh Road  Building 4
    
    Horsham, PA
    
    
    
    
    
    
    282,493
    
    
    
    2,256,508
    
    
    
    1,347,544
    
    
    
    282,493
    
    
    
    3,604,051
    
    
    
    3,886,545
    
    
    
    1,094,113
    
    
    1983
    
    40 yrs.2 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,281,870
    
    
    
    7,767,374
    
    
    
    1,614,038
    
    
    
    1,265,363
    
    
    
    9,397,919
    
    
    
    10,663,282
    
    
    
    2,775,835
    
    
    1989
    
    40 yrs.5 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,065,951
    
    
    
    
    
    
    
    9,658,857
    
    
    
    1,939,712
    
    
    
    8,785,096
    
    
    
    10,724,809
    
    
    
    1,749,887
    
    
    2000
    
    40 yrs.200 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    638,513
    
    
    
    5,811,323
    
    
    
    1,627,733
    
    
    
    638,513
    
    
    
    7,439,056
    
    
    
    8,077,569
    
    
    
    2,202,723
    
    
    1990
    
    40 yrs.220 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,228
    
    
    
    1,201,778
    
    
    
    629,944
    
    
    
    6,935,006
    
    
    
    7,564,950
    
    
    
    2,143,096
    
    
    1990
    
    40 yrs.240 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,234
    
    
    
    1,578,115
    
    
    
    629,944
    
    
    
    7,311,349
    
    
    
    7,941,293
    
    
    
    2,295,152
    
    
    1990
    
    40 yrs.1 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,058,901
    
    
    
    5,343,606
    
    
    
    1,041,557
    
    
    
    1,058,901
    
    
    
    6,385,163
    
    
    
    7,444,064
    
    
    
    2,059,580
    
    
    1986
    
    40 yrs.181-187 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    360,549
    
    
    
    3,259,984
    
    
    
    506,596
    
    
    
    360,549
    
    
    
    3,766,580
    
    
    
    4,127,129
    
    
    
    1,094,203
    
    
    1982
    
    40 yrs.104 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    330,111
    
    
    
    2,981,669
    
    
    
    233,299
    
    
    
    330,111
    
    
    
    3,214,968
    
    
    
    3,545,079
    
    
    
    705,425
    
    
    1974
    
    40 yrs.123-135 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    292,360
    
    
    
    2,411,677
    
    
    
    871,555
    
    
    
    393,019
    
    
    
    3,182,573
    
    
    
    3,575,591
    
    
    
    970,834
    
    
    1975
    
    40 yrs.111-159 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    489,032
    
    
    
    4,126,151
    
    
    
    613,296
    
    
    
    489,032
    
    
    
    4,739,447
    
    
    
    5,228,479
    
    
    
    1,272,980
    
    
    1981
    
    40 yrs.161-175 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    294,673
    
    
    
    2,663,722
    
    
    
    987,299
    
    
    
    294,673
    
    
    
    3,651,020
    
    
    
    3,945,694
    
    
    
    856,934
    
    
    1976
    
    40 yrs.103-109 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    270,906
    
    
    
    2,448,500
    
    
    
    795,126
    
    
    
    270,906
    
    
    
    3,243,625
    
    
    
    3,514,531
    
    
    
    1,044,383
    
    
    1978
    
    40 yrs.261-283 Gibraltar Road
    
    Horsham, PA
    
    
    *
    
    
    
    464,871
    
    
    
    3,951,972
    
    
    
    141,841
    
    
    
    464,871
    
    
    
    4,093,813
    
    
    
    4,558,684
    
    
    
    942,660
    
    
    1978
    
    40 yrs.210-223 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    270,282
    
    
    
    2,441,276
    
    
    
    1,761,333
    
    
    
    270,282
    
    
    
    4,202,609
    
    
    
    4,472,891
    
    
    
    959,764
    
    
    1972
    
    40 yrs.231-237 Gibraltar Road
    
    Horsham, PA
    
    
    *
    
    
    
    436,952
    
    
    
    3,948,963
    
    
    
    699,674
    
    
    
    436,952
    
    
    
    4,648,636
    
    
    
    5,085,589
    
    
    
    1,155,695
    
    
    1981
    
    40 yrs.100 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    38,729
    
    
    
    349,811
    
    
    
    9,589
    
    
    
    38,729
    
    
    
    359,400
    
    
    
    398,129
    
    
    
    81,406
    
    
    1975
    
    40 yrs.101 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    651,990
    
    
    
    5,888,989
    
    
    
    1,376,885
    
    
    
    732,552
    
    
    
    7,185,312
    
    
    
    7,917,864
    
    
    
    1,741,900
    
    
    1977
    
    40 yrs.506 Prudential Road
    
    Horsham, PA
    
    
    
    
    
    
    208,140
    
    
    
    895,470
    
    
    
    652,633
    
    
    
    208,140
    
    
    
    1,548,102
    
    
    
    1,756,243
    
    
    
    357,080
    
    
    1973
    
    40 yrs.113-123 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    351,072
    
    
    
    3,171,001
    
    
    
    334,495
    
    
    
    451,731
    
    
    
    3,404,836
    
    
    
    3,856,568
    
    
    
    823,288
    
    
    1975
    
    40 yrs.101-111 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    350,561
    
    
    
    3,166,389
    
    
    
    640,212
    
    
    
    452,251
    
    
    
    3,704,911
    
    
    
    4,157,162
    
    
    
    892,449
    
    
    1975
    
    40 yrs.




---



##### Table of Contents



LIBERTY
PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    Gross Amount Carried at End Period
    
    Accumulated
    
    Construction
    
    DepreciableInitial Cost
    
    to
    
    Land and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    Acquisition
    
    Improvements
    
    Improvements
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (Years)OPERATING PROPERTIES120 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    533,142
    
    
    
    4,830,515
    
    
    
    973,788
    
    
    
    558,142
    
    
    
    5,779,303
    
    
    
    6,337,445
    
    
    
    1,392,610
    
    
    1980
    
    40 yrs.110 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    673,041
    
    
    
    5,776,369
    
    
    
    2,170,108
    
    
    
    673,041
    
    
    
    7,946,477
    
    
    
    8,619,518
    
    
    
    1,938,777
    
    
    1979
    
    40 yrs.100-107 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    239,528
    
    
    
    2,163,498
    
    
    
    659,861
    
    
    
    255,528
    
    
    
    2,807,359
    
    
    
    3,062,887
    
    
    
    844,384
    
    
    1982
    
    40 yrs.200-264 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    502,705
    
    
    
    4,540,597
    
    
    
    915,265
    
    
    
    502,705
    
    
    
    5,455,862
    
    
    
    5,958,567
    
    
    
    1,609,702
    
    
    1982
    
    40 yrs.300-309 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    369,475
    
    
    
    3,338,761
    
    
    
    1,710,844
    
    
    
    376,475
    
    
    
    5,042,605
    
    
    
    5,419,080
    
    
    
    1,681,475
    
    
    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
    
    
    
    2,059,164
    
    
    1981
    
    40 yrs.104 Witmer Road
    
    Horsham, PA
    
    
    *
    
    
    
    1,248,148
    
    
    
    
    
    
    
    1,133,479
    
    
    
    189,793
    
    
    
    2,191,834
    
    
    
    2,381,627
    
    
    
    735,818
    
    
    1975
    
    40 yrs.201 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    380,127
    
    
    
    3,433,433
    
    
    
    1,997,494
    
    
    
    380,802
    
    
    
    5,430,252
    
    
    
    5,811,054
    
    
    
    1,285,924
    
    
    1983
    
    40 yrs.719 Dresher Road
    
    Horsham, PA
    
    
    *
    
    
    
    493,426
    
    
    
    2,812,067
    
    
    
    205,125
    
    
    
    495,112
    
    
    
    3,015,506
    
    
    
    3,510,618
    
    
    
    669,434
    
    
    1987
    
    40 yrs.4 Walnut Grove
    
    Horsham, PA
    
    
    *
    
    
    
    2,515,115
    
    
    
    
    
    
    
    7,329,299
    
    
    
    2,515,115
    
    
    
    7,329,299
    
    
    
    9,844,415
    
    
    
    1,405,252
    
    
    1999
    
    40 yrs.300 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    696,061
    
    
    
    3,339,991
    
    
    
    547,772
    
    
    
    696,061
    
    
    
    3,887,762
    
    
    
    4,583,823
    
    
    
    866,821
    
    
    1985
    
    40 yrs.700 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    2,551,777
    
    
    
    3,020,638
    
    
    
    4,641,908
    
    
    
    2,565,140
    
    
    
    7,649,183
    
    
    
    10,214,323
    
    
    
    3,175,714
    
    
    1987
    
    40 yrs.680 Blair Mill Road
    
    Horsham, PA
    
    
    
    
    
    
    3,527,151
    
    
    
    
    
    
    
    12,039,009
    
    
    
    4,138,577
    
    
    
    11,427,583
    
    
    
    15,566,160
    
    
    
    2,583,511
    
    
    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
    
    
    
    474,800
    
    
    1985
    
    40 yrs.335 Commerce Drive
    
    Horsham, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,736,456
    
    
    
    182,400
    
    
    
    8,554,056
    
    
    
    8,736,456
    
    
    
    470,505
    
    
    2002
    
    40 yrs.255 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,086,356
    
    
    
    2,007,214
    
    
    
    496,797
    
    
    
    1,078,769
    
    
    
    2,511,597
    
    
    
    3,590,366
    
    
    
    206,020
    
    
    2003
    
    40 yrs.355 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    483,045
    
    
    
    898,798
    
    
    
    275,266
    
    
    
    479,200
    
    
    
    1,177,910
    
    
    
    1,657,110
    
    
    
    129,780
    
    
    2003
    
    40 yrs.455 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,351,011
    
    
    
    2,503,449
    
    
    
    1,668,600
    
    
    
    1,343,370
    
    
    
    4,179,690
    
    
    
    5,523,060
    
    
    
    548,149
    
    
    2003
    
    40 yrs.555 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    727,420
    
    
    
    1,353,650
    
    
    
    213,228
    
    
    
    723,016
    
    
    
    1,571,283
    
    
    
    2,294,299
    
    
    
    212,922
    
    
    2003
    
    40 yrs.747 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    1,607,238
    
    
    
    
    
    
    
    4,935,054
    
    
    
    1,607,977
    
    
    
    4,934,315
    
    
    
    6,542,292
    
    
    
    2,185,045
    
    
    1988
    
    40 yrs.507 Prudential Road
    
    Horsham, PA
    
    
    6,268,630
    
    
    
    644,900
    
    
    
    5,804,100
    
    
    
    8,784,448
    
    
    
    1,131,380
    
    
    
    14,102,068
    
    
    
    15,233,448
    
    
    
    3,726,697
    
    
    1988
    
    40 yrs.767 Electronic Drive
    
    Horsham, PA
    
    
    *
    
    
    
    1,229,685
    
    
    
    
    
    
    
    3,319,209
    
    
    
    1,241,970
    
    
    
    3,306,924
    
    
    
    4,548,893
    
    
    
    1,461,410
    
    
    1996
    
    40 yrs.16445 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    363,339
    
    
    
    2,509,186
    
    
    
    545,867
    
    
    
    363,339
    
    
    
    3,055,053
    
    
    
    3,418,392
    
    
    
    940,458
    
    
    1997
    
    40 yrs.16405 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    438,853
    
    
    
    3,030,396
    
    
    
    404,912
    
    
    
    438,853
    
    
    
    3,435,307
    
    
    
    3,874,160
    
    
    
    822,102
    
    
    1997
    
    40 yrs.16580 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    289,000
    
    
    
    3,559,857
    
    
    
    265,899
    
    
    
    289,000
    
    
    
    3,825,756
    
    
    
    4,114,756
    
    
    
    834,181
    
    
    1997
    
    40 yrs.1755 Trans Central Drive
    
    Houston, TX
    
    
    
    
    
    
    293,534
    
    
    
    3,036,269
    
    
    
    190,651
    
    
    
    306,147
    
    
    
    3,214,306
    
    
    
    3,520,453
    
    
    
    579,451
    
    
    1999
    
    40 yrs.16605 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    298,999
    
    
    
    
    
    
    
    3,770,315
    
    
    
    496,186
    
    
    
    3,573,128
    
    
    
    4,069,314
    
    
    
    790,837
    
    
    2002
    
    40 yrs.10739 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    797,931
    
    
    
    5,950,894
    
    
    
    242,625
    
    
    
    799,560
    
    
    
    6,191,890
    
    
    
    6,991,450
    
    
    
    803,207
    
    
    1999
    
    40 yrs.10735 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    1,110,988
    
    
    
    6,351,946
    
    
    
    1,657,286
    
    
    
    1,135,483
    
    
    
    7,984,738
    
    
    
    9,120,220
    
    
    
    712,611
    
    
    2000
    
    40 yrs.8801-19 & 8821-49 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    2,290,001
    
    
    
    15,297,141
    
    
    
    1,535,943
    
    
    
    2,290,002
    
    
    
    16,833,084
    
    
    
    19,123,085
    
    
    
    1,587,024
    
    
    2000
    
    40 yrs.16685 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,935,268
    
    
    
    414,691
    
    
    
    2,520,577
    
    
    
    2,935,268
    
    
    
    184,042
    
    
    2004
    
    40 yrs.8825-8839 N Sam Houston Pkwy
    
    Houston, TX
    
    
    
    
    
    
    638,453
    
    
    
    3,258,815
    
    
    
    567,574
    
    
    
    638,477
    
    
    
    3,826,364
    
    
    
    4,464,842
    
    
    
    194,007
    
    
    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
    
    
    
    227,912
    
    
    2004
    
    40 yrs.8802-8824 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    1,114,406
    
    
    
    6,364,767
    
    
    
    663,613
    
    
    
    1,114,433
    
    
    
    7,028,353
    
    
    
    8,142,786
    
    
    
    542,346
    
    
    2004
    
    40 yrs.16602 Central Green Boulevard
    
    Houston, TX
    
    
    
    
    
    
    284,403
    
    
    
    
    
    
    
    4,496,262
    
    
    
    503,779
    
    
    
    4,276,886
    
    
    
    4,780,665
    
    
    
    149,476
    
    
    2005
    
    40 yrs.20 Wright Avenue
    
    Hunt Valley, MD
    
    
    
    
    
    
    1,205,946
    
    
    
    
    
    
    
    9,669,027
    
    
    
    1,861,025
    
    
    
    9,013,948
    
    
    
    10,874,973
    
    
    
    1,351,645
    
    
    2001
    
    40 yrs.4 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    3,269,948
    
    
    
    13,551,370
    
    
    
    993,133
    
    
    
    3,269,948
    
    
    
    14,544,504
    
    
    
    17,814,451
    
    
    
    1,298,941
    
    
    2003
    
    40 yrs.6 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,077,949
    
    
    
    8,770,566
    
    
    
    1,109,669
    
    
    
    2,077,949
    
    
    
    9,880,235
    
    
    
    11,958,184
    
    
    
    976,602
    
    
    2003
    
    40 yrs.10 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,211,969
    
    
    
    7,816,042
    
    
    
    210,820
    
    
    
    2,211,969
    
    
    
    8,026,862
    
    
    
    10,238,831
    
    
    
    625,778
    
    
    2003
    
    40 yrs.307 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    3,538,319
    
    
    
    14,190,832
    
    
    
    11,315,040
    
    
    
    3,542,881
    
    
    
    25,501,310
    
    
    
    29,044,191
    
    
    
    735,562
    
    
    2004
    
    40 yrs.309 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    613,667
    
    
    
    2,458,204
    
    
    
    648,156
    
    
    
    615,096
    
    
    
    3,104,930
    
    
    
    3,720,026
    
    
    
    120,826
    
    
    2004
    
    40 yrs.311 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    313,365
    
    
    
    1,281,093
    
    
    
    69,591
    
    
    
    314,572
    
    
    
    1,349,478
    
    
    
    1,664,050
    
    
    
    35,808
    
    
    2004
    
    40 yrs.8775 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    906,804
    
    
    
    
    
    
    
    3,352,809
    
    
    
    913,013
    
    
    
    3,346,599
    
    
    
    4,259,613
    
    
    
    1,490,769
    
    
    1989
    
    40 yrs.6255 Lake Gray Boulevard
    
    Jacksonville, FL
    
    
    
    
    
    
    813,067
    
    
    
    
    
    
    
    3,960,328
    
    
    
    812,634
    
    
    
    3,960,761
    
    
    
    4,773,395
    
    
    
    2,061,279
    
    
    1987
    
    40 yrs.8665,8667,8669 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    966,552
    
    
    
    
    
    
    
    5,892,549
    
    
    
    974,959
    
    
    
    5,884,142
    
    
    
    6,859,101
    
    
    
    2,590,822
    
    
    1987
    
    40 yrs.7970 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    127,520
    
    
    
    
    
    
    
    1,369,921
    
    
    
    129,979
    
    
    
    1,367,462
    
    
    
    1,497,441
    
    
    
    1,018,453
    
    
    1978
    
    40 yrs.7077 Bonneval Road
    
    Jacksonville, FL
    
    
    
    
    
    
    768,000
    
    
    
    5,789,000
    
    
    
    3,066,996
    
    
    
    774,020
    
    
    
    8,849,976
    
    
    
    9,623,996
    
    
    
    3,280,922
    
    
    1988
    
    40 yrs.4190 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    821,000
    
    
    
    5,866,000
    
    
    
    3,229,138
    
    
    
    827,420
    
    
    
    9,088,718
    
    
    
    9,916,138
    
    
    
    3,843,929
    
    
    1986
    
    40 yrs.7020 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    398,257
    
    
    
    
    
    
    
    2,780,426
    
    
    
    749,811
    
    
    
    2,428,873
    
    
    
    3,178,683
    
    
    
    1,020,424
    
    
    1996
    
    40 yrs.7022 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    706,934
    
    
    
    
    
    
    
    3,593,671
    
    
    
    853,981
    
    
    
    3,446,624
    
    
    
    4,300,605
    
    
    
    1,319,301
    
    
    1996
    
    40 yrs.11777 Central Highway
    
    Jacksonville, FL
    
    
    
    
    
    
    92,207
    
    
    
    429,997
    
    
    
    1,275,050
    
    
    
    140,426
    
    
    
    1,656,828
    
    
    
    1,797,254
    
    
    
    1,012,104
    
    
    1985
    
    40 yrs.4345 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,791,159
    
    
    
    418,093
    
    
    
    8,373,065
    
    
    
    8,791,159
    
    
    
    2,354,624
    
    
    1998
    
    40 yrs.7016 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    597,181
    
    
    
    
    
    
    
    2,377,385
    
    
    
    602,633
    
    
    
    2,371,934
    
    
    
    2,974,566
    
    
    
    1,042,593
    
    
    1996
    
    40 yrs.7018 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    840,996
    
    
    
    
    
    
    
    4,643,140
    
    
    
    846,461
    
    
    
    4,637,675
    
    
    
    5,484,136
    
    
    
    1,887,918
    
    
    1997
    
    40 yrs.7014 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    574,198
    
    
    
    
    
    
    
    3,633,593
    
    
    
    780,486
    
    
    
    3,427,305
    
    
    
    4,207,791
    
    
    
    1,137,784
    
    
    1999
    
    40 yrs.6620 Southpoint Drive
    
    Jacksonville, FL
    
    
    
    
    
    
    614,602
    
    
    
    4,267,477
    
    
    
    984,847
    
    
    
    614,602
    
    
    
    5,252,323
    
    
    
    5,866,926
    
    
    
    1,528,012
    
    
    1984
    
    40 yrs.7980 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    330,726
    
    
    
    1,338,101
    
    
    
    32,776
    
    
    
    330,726
    
    
    
    1,370,877
    
    
    
    1,701,603
    
    
    
    333,506
    
    
    1978
    
    40 yrs.6600 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    998,432
    
    
    
    4,055,727
    
    
    
    851,752
    
    
    
    1,002,704
    
    
    
    4,903,207
    
    
    
    5,905,911
    
    
    
    1,442,391
    
    
    1986
    
    40 yrs.6700 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    620,719
    
    
    
    2,989,746
    
    
    
    750,311
    
    
    
    624,215
    
    
    
    3,736,561
    
    
    
    4,360,776
    
    
    
    1,326,619
    
    
    1987
    
    40 yrs.4801 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    554,993
    
    
    
    2,993,277
    
    
    
    1,312,090
    
    
    
    554,542
    
    
    
    4,305,817
    
    
    
    4,860,360
    
    
    
    1,335,378
    
    
    1990
    
    40 yrs.4801 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    370,017
    
    
    
    1,995,518
    
    
    
    348,996
    
    
    
    370,039
    
    
    
    2,344,492
    
    
    
    2,714,531
    
    
    
    575,497
    
    
    1990
    
    40 yrs.4810 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    369,694
    
    
    
    3,045,639
    
    
    
    370,039
    
    
    
    941,958
    
    
    
    3,987,251
    
    
    
    4,357,291
    
    
    
    884,986
    
    
    1990
    
    40 yrs.6602 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    388,519
    
    
    
    2,095,293
    
    
    
    297,873
    
    
    
    388,541
    
    
    
    2,393,144
    
    
    
    2,781,685
    
    
    
    624,753
    
    
    1993
    
    40 yrs.




---



##### Table of Contents



LIBERTY
PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    Gross Amount Carried at End Period
    
    Accumulated
    
    Construction
    
    DepreciableInitial Cost
    
    to
    
    Land and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    Acquisition
    
    Improvements
    
    Improvements
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (Years)OPERATING PROPERTIES6602 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    296,014
    
    
    
    1,596,347
    
    
    
    449,559
    
    
    
    296,032
    
    
    
    2,045,888
    
    
    
    2,341,920
    
    
    
    515,311
    
    
    1993
    
    40 yrs.6631 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    251,613
    
    
    
    1,356,849
    
    
    
    482,785
    
    
    
    251,627
    
    
    
    1,839,620
    
    
    
    2,091,247
    
    
    
    609,302
    
    
    1994
    
    40 yrs.6631 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    406,561
    
    
    
    2,195,070
    
    
    
    221,980
    
    
    
    407,043
    
    
    
    2,416,568
    
    
    
    2,823,611
    
    
    
    677,090
    
    
    1994
    
    40 yrs.4815 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    366,317
    
    
    
    1,975,393
    
    
    
    340,258
    
    
    
    366,339
    
    
    
    2,315,629
    
    
    
    2,681,968
    
    
    
    712,134
    
    
    1995
    
    40 yrs.4815 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    462,522
    
    
    
    2,494,397
    
    
    
    459,048
    
    
    
    462,549
    
    
    
    2,953,418
    
    
    
    3,415,967
    
    
    
    852,379
    
    
    1995
    
    40 yrs.4825 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    601,278
    
    
    
    3,242,491
    
    
    
    282,810
    
    
    
    601,401
    
    
    
    3,525,178
    
    
    
    4,126,579
    
    
    
    959,847
    
    
    1996
    
    40 yrs.4820 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    555,173
    
    
    
    2,693,130
    
    
    
    768,348
    
    
    
    555,213
    
    
    
    3,461,439
    
    
    
    4,016,651
    
    
    
    909,913
    
    
    1997
    
    40 yrs.6601 Executive Park Circle North
    
    Jacksonville, FL
    
    
    
    
    
    
    551,250
    
    
    
    3,128,361
    
    
    
    640
    
    
    
    551,250
    
    
    
    3,129,001
    
    
    
    3,680,251
    
    
    
    703,615
    
    
    1992
    
    40 yrs.4901 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    877,964
    
    
    
    2,360,742
    
    
    
    1,966,868
    
    
    
    877,964
    
    
    
    4,327,610
    
    
    
    5,205,574
    
    
    
    1,599,696
    
    
    1986
    
    40 yrs.4899 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,201
    
    
    
    
    
    
    
    8,179,240
    
    
    
    1,207,751
    
    
    
    8,270,690
    
    
    
    9,478,441
    
    
    
    1,787,670
    
    
    2000
    
    40 yrs.4905 Belfort Street
    
    Jacksonville, FL
    
    
    
    
    
    
    638,154
    
    
    
    
    
    
    
    3,461,206
    
    
    
    641,272
    
    
    
    3,458,088
    
    
    
    4,099,360
    
    
    
    880,635
    
    
    2000
    
    40 yrs.7251 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,567,820
    
    
    
    662,559
    
    
    
    2,905,261
    
    
    
    3,567,820
    
    
    
    747,221
    
    
    2000
    
    40 yrs.10245 Centurion Parkway North
    
    Jacksonville, FL
    
    
    
    
    
    
    852,644
    
    
    
    3,510,889
    
    
    
    968,204
    
    
    
    853,704
    
    
    
    4,478,033
    
    
    
    5,331,737
    
    
    
    1,002,121
    
    
    1996
    
    40 yrs.4887 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,202
    
    
    
    
    
    
    
    7,890,278
    
    
    
    1,665,915
    
    
    
    7,523,565
    
    
    
    9,189,480
    
    
    
    1,444,468
    
    
    2002
    
    40 yrs.7255 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    392,060
    
    
    
    
    
    
    
    2,982,347
    
    
    
    680,766
    
    
    
    2,693,641
    
    
    
    3,374,407
    
    
    
    481,925
    
    
    2002
    
    40 yrs.5201 Gate Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    3,836,532
    
    
    
    
    
    
    
    21,192,513
    
    
    
    4,269,346
    
    
    
    20,759,699
    
    
    
    25,029,045
    
    
    
    446,736
    
    
    2005
    
    40 yrs.3200 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    928,637
    
    
    
    
    
    
    
    7,053,358
    
    
    
    1,210,137
    
    
    
    6,771,857
    
    
    
    7,981,995
    
    
    
    2,424,253
    
    
    1996
    
    40 yrs.440 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    717,001
    
    
    
    4,816,121
    
    
    
    2,684,214
    
    
    
    717,001
    
    
    
    7,500,335
    
    
    
    8,217,336
    
    
    
    2,723,279
    
    
    1988
    
    40 yrs.460 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    705,317
    
    
    
    4,737,487
    
    
    
    3,799,506
    
    
    
    705,317
    
    
    
    8,536,993
    
    
    
    9,242,310
    
    
    
    1,888,272
    
    
    1988
    
    40 yrs.151 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    1,218,086
    
    
    
    6,937,866
    
    
    
    360,761
    
    
    
    1,186,972
    
    
    
    7,329,741
    
    
    
    8,516,713
    
    
    
    1,860,186
    
    
    1980
    
    40 yrs.3604 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    397,178
    
    
    
    
    
    
    
    1,628,512
    
    
    
    350,874
    
    
    
    1,674,816
    
    
    
    2,025,690
    
    
    
    688,143
    
    
    1998
    
    40 yrs.3606 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    789,409
    
    
    
    
    
    
    
    1,947,590
    
    
    
    815,855
    
    
    
    1,921,144
    
    
    
    2,736,999
    
    
    
    771,104
    
    
    1997
    
    40 yrs.650 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,911
    
    
    
    6,722,830
    
    
    
    9,647,843
    
    
    
    952,911                 1
    
    
    
    6,370,672
    
    
    
    17,323,583
    
    
    
    5,840,247
    
    
    1971
    
    40 yrs.680 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,361
    
    
    
    6,722,830
    
    
    
    8,367,206
    
    
    
    952,361                 1
    
    
    
    5,090,036
    
    
    
    16,042,397
    
    
    
    5,693,790
    
    
    1971
    
    40 yrs.3600 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    236,432
    
    
    
    1,856,252
    
    
    
    610,135
    
    
    
    236,432
    
    
    
    2,466,387
    
    
    
    2,702,818
    
    
    
    487,948
    
    
    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
    
    
    
    545,130
    
    
    1989
    
    40 yrs.2700 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    764,370
    
    
    
    
    
    
    
    3,682,257
    
    
    
    867,815
    
    
    
    3,578,812
    
    
    
    4,446,627
    
    
    
    1,125,765
    
    
    1998
    
    40 yrs.2900 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    679,440
    
    
    
    
    
    
    
    3,503,074
    
    
    
    774,096
    
    
    
    3,408,418
    
    
    
    4,182,514
    
    
    
    910,904
    
    
    1998
    
    40 yrs.2500 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    2,786,056
    
    
    
    592,886
    
    
    
    2,702,749
    
    
    
    3,295,636
    
    
    
    904,721
    
    
    1999
    
    40 yrs.2300 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    3,038,151
    
    
    
    574,152
    
    
    
    2,973,578
    
    
    
    3,547,731
    
    
    
    764,372
    
    
    1999
    
    40 yrs.2100 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,110,111
    
    
    
    
    
    
    
    9,382,851
    
    
    
    1,132,519
    
    
    
    9,360,443
    
    
    
    10,492,962
    
    
    
    2,601,425
    
    
    1999
    
    40 yrs.3400 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    776,496
    
    
    
    3,139,068
    
    
    
    976,974
    
    
    
    776,496
    
    
    
    4,116,042
    
    
    
    4,892,538
    
    
    
    1,110,392
    
    
    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
    
    
    
    4,096,749
    
    
    2002
    
    40 yrs.2520 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,020,000
    
    
    
    
    
    
    
    5,005,045
    
    
    
    978,402
    
    
    
    5,046,643
    
    
    
    6,025,045
    
    
    
    1,852,202
    
    
    1999
    
    40 yrs.2201 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,548,161
    
    
    
    2,413,514
    
    
    
    13,134,647
    
    
    
    15,548,161
    
    
    
    3,185,717
    
    
    2000
    
    40 yrs.2540 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,625,497
    
    
    
    274,341
    
    
    
    1,351,156
    
    
    
    1,625,497
    
    
    
    346,016
    
    
    2000
    
    40 yrs.2560 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,729,254
    
    
    
    649,792
    
    
    
    3,079,462
    
    
    
    3,729,254
    
    
    
    758,039
    
    
    2000
    
    40 yrs.170 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    547,800
    
    
    
    3,137,400
    
    
    
    3,783,307
    
    
    
    458,232
    
    
    
    7,010,275
    
    
    
    7,468,507
    
    
    
    2,965,120
    
    
    1980
    
    40 yrs.190 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    552,200
    
    
    
    3,162,600
    
    
    
    1,739,928
    
    
    
    461,909
    
    
    
    4,992,819
    
    
    
    5,454,728
    
    
    
    2,170,397
    
    
    1980
    
    40 yrs.3100 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    601,956
    
    
    
    
    
    
    
    2,068,047
    
    
    
    611,436
    
    
    
    2,058,568
    
    
    
    2,670,003
    
    
    
    750,766
    
    
    1995
    
    40 yrs.3500 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    1,204,839
    
    
    
    
    
    
    
    2,630,229
    
    
    
    1,223,875
    
    
    
    2,611,193
    
    
    
    3,835,068
    
    
    
    696,574
    
    
    1996
    
    40 yrs.3000 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    1,191,449
    
    
    
    
    
    
    
    2,309,358
    
    
    
    946,703
    
    
    
    2,554,103
    
    
    
    3,500,806
    
    
    
    559,994
    
    
    1997
    
    40 yrs.800 Town Center Drive
    
    Langhorne, PA
    
    
    
    
    
    
    1,617,150
    
    
    
    
    
    
    
    10,797,563
    
    
    
    1,619,288
    
    
    
    10,795,425
    
    
    
    12,414,713
    
    
    
    5,032,511
    
    
    1987
    
    40 yrs.11425 State Highway 225
    
    LaPorte, TX
    
    
    
    
    
    
    975,974
    
    
    
    3,409,036
    
    
    
    7,682
    
    
    
    977,519
    
    
    
    3,415,173
    
    
    
    4,392,692
    
    
    
    31,583
    
    
    2006
    
    40 yrs.11503 State Highway 225
    
    LaPorte, TX
    
    
    
    
    
    
    2,561,931
    
    
    
    9,779,023
    
    
    
    20,165
    
    
    
    2,565,988
    
    
    
    9,795,132
    
    
    
    12,361,120
    
    
    
    72,104
    
    
    2006
    
    40 yrs.7528 Walker Way
    
    Lehigh Valley, PA
    
    
    
    
    
    
    893,441
    
    
    
    
    
    
    
    5,514,510
    
    
    
    779,330
    
    
    
    5,628,622
    
    
    
    6,407,952
    
    
    
    157,996
    
    
    2004
    
    40 yrs.8301 Industrial Boulevard
    
    Lehigh, PA
    
    
    
    
    
    
    11,249,550
    
    
    
    
    
    
    
    44,122,702
    
    
    
    11,254,716
    
    
    
    44,117,536
    
    
    
    55,372,252
    
    
    
    1,310,158
    
    
    2005
    
    40 yrs.32853 Edward Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    138,121
    
    
    
    784,426
    
    
    
    (5,207
    )
    
    
    138,121
    
    
    
    779,219
    
    
    
    917,340
    
    
    
    210,450
    
    
    1973
    
    40 yrs.750 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    151,458
    
    
    
    741,185
    
    
    
    (80,456
    )
    
    
    151,458
    
    
    
    660,728
    
    
    
    812,187
    
    
    
    172,982
    
    
    1969
    
    40 yrs.900 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    157,729
    
    
    
    771,872
    
    
    
    (43,850
    )
    
    
    157,729
    
    
    
    728,022
    
    
    
    885,751
    
    
    
    223,686
    
    
    1972
    
    40 yrs.31700 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    373,202
    
    
    
    1,824,721
    
    
    
    (158,741
    )
    
    
    373,203
    
    
    
    1,665,979
    
    
    
    2,039,182
    
    
    
    382,957
    
    
    1988
    
    40 yrs.31771 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    150,944
    
    
    
    645,040
    
    
    
    (7,564
    )
    
    
    150,944
    
    
    
    637,475
    
    
    
    788,420
    
    
    
    203,445
    
    
    1982
    
    40 yrs.31791 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    105,606
    
    
    
    649,891
    
    
    
    (54,791
    )
    
    
    105,606
    
    
    
    595,100
    
    
    
    700,706
    
    
    
    143,185
    
    
    1983
    
    40 yrs.31811 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    207,599
    
    
    
    1,179,010
    
    
    
    (149,901
    )
    
    
    207,599
    
    
    
    1,029,110
    
    
    
    1,236,709
    
    
    
    254,186
    
    
    1983
    
    40 yrs.1201 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    302,567
    
    
    
    1,213,232
    
    
    
    (175,088
    )
    
    
    302,567
    
    
    
    1,038,144
    
    
    
    1,340,711
    
    
    
    266,116
    
    
    1980
    
    40 yrs.1901 Summit Tower Boulevard
    
    Maitland, FL
    
    
    
    
    
    
    6,078,791
    
    
    
    12,348,567
    
    
    
    1,625,469
    
    
    
    6,083,206
    
    
    
    13,969,622
    
    
    
    20,052,828
    
    
    
    2,792,232
    
    
    1998
    
    40 yrs.45-67 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    795,143
    
    
    
    
    
    
    
    3,352,726
    
    
    
    795,831
    
    
    
    3,352,038
    
    
    
    4,147,869
    
    
    
    2,136,395
    
    
    1974
    
    40 yrs.11,15 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    1,837,050
    
    
    
    
    
    
    
    15,005,064
    
    
    
    1,837,878
    
    
    
    15,004,237
    
    
    
    16,842,114
    
    
    
    9,920,837
    
    
    1986
    
    40 yrs.27-43 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    448,775
    
    
    
    
    
    
    
    2,545,542
    
    
    
    449,447
    
    
    
    2,544,870
    
    
    
    2,994,317
    
    
    
    1,549,853
    
    
    1977
    
    40 yrs.1 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    400,000
    
    
    
    3,600,000
    
    
    
    1,007,648
    
    
    
    406,421
    
    
    
    4,601,227
    
    
    
    5,007,648
    
    
    
    1,396,584
    
    
    1982
    
    40 yrs.200 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    495,893
    
    
    
    2,739,093
    
    
    
    558,159
    
    
    
    544,649
    
    
    
    3,248,496
    
    
    
    3,793,145
    
    
    
    1,920,292
    
    
    1989
    
    40 yrs.50 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    849,576
    
    
    
    
    
    
    
    13,043,717
    
    
    
    1,337,076
    
    
    
    12,556,217
    
    
    
    13,893,293
    
    
    
    4,337,326
    
    
    1997
    
    40 yrs.1 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    419,460
    
    
    
    3,792,570
    
    
    
    330,704
    
    
    
    419,460
    
    
    
    4,123,273
    
    
    
    4,542,734
    
    
    
    1,064,218
    
    
    1982
    
    40 yrs.




---



##### Table of Contents



LIBERTY
PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    Gross Amount Carried at End Period
    
    Accumulated
    
    Construction
    
    DepreciableInitial Cost
    
    to
    
    Land and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    Acquisition
    
    Improvements
    
    Improvements
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (Years)OPERATING PROPERTIES5 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    684,200
    
    
    
    6,181,661
    
    
    
    1,305,825
    
    
    
    684,200
    
    
    
    7,487,486
    
    
    
    8,171,686
    
    
    
    1,853,061
    
    
    1983
    
    40 yrs.1001 Cedar Hollow Road
    
    Malvern, PA
    
    
    
    
    
    
    1,436,814
    
    
    
    
    
    
    
    16,077,184
    
    
    
    1,676,470
    
    
    
    15,837,528
    
    
    
    17,513,998
    
    
    
    4,972,256
    
    
    1998
    
    40 yrs.3 Country View Road
    
    Malvern, PA
    
    
    *
    
    
    
    814,278
    
    
    
    
    
    
    
    5,142,433
    
    
    
    1,128,881
    
    
    
    4,827,830
    
    
    
    5,956,711
    
    
    
    984,217
    
    
    1998
    
    40 yrs.425 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    2,101,323
    
    
    
    321,473
    
    
    
    1,970,964
    
    
    
    2,292,437
    
    
    
    698,708
    
    
    1998
    
    40 yrs.375 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    1,958,524
    
    
    
    234,922
    
    
    
    1,914,715
    
    
    
    2,149,638
    
    
    
    703,554
    
    
    1998
    
    40 yrs.45 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    4,380,221
    
    
    
    
    
    
    
    15,314,868
    
    
    
    4,749,748
    
    
    
    14,945,341
    
    
    
    19,695,089
    
    
    
    4,425,097
    
    
    1999
    
    40 yrs.100 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,320,625
    
    
    
    
    
    
    
    7,019,034
    
    
    
    1,349,954
    
    
    
    6,989,705
    
    
    
    8,339,659
    
    
    
    2,255,284
    
    
    1998
    
    40 yrs.600 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,135,324
    
    
    
    2,050,555
    
    
    
    8,098,519
    
    
    
    10,149,074
    
    
    
    2,360,776
    
    
    1999
    
    40 yrs.700 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,096,150
    
    
    
    2,037,813
    
    
    
    8,072,087
    
    
    
    10,109,900
    
    
    
    2,337,776
    
    
    1999
    
    40 yrs.18 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    394,036
    
    
    
    3,976,221
    
    
    
    99,539
    
    
    
    397,293
    
    
    
    4,072,504
    
    
    
    4,469,796
    
    
    
    823,431
    
    
    1980
    
    40 yrs.11 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    496,297
    
    
    
    
    
    
    
    3,226,924
    
    
    
    708,331
    
    
    
    3,014,890
    
    
    
    3,723,221
    
    
    
    672,667
    
    
    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
    
    
    
    5,326,655
    
    
    1989
    
    40 yrs.2 West Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    5,405,041
    
    
    
    
    
    
    
    11,415,086
    
    
    
    5,405,042
    
    
    
    11,415,085
    
    
    
    16,820,127
    
    
    
    400,621
    
    
    2003
    
    40 yrs.10 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    823,540
    
    
    
    1,341,376
    
    
    
    256,839
    
    
    
    832,244
    
    
    
    1,589,510
    
    
    
    2,421,754
    
    
    
    135,101
    
    
    2003
    
    40 yrs.10, 20 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    724,058
    
    
    
    
    
    
    
    5,767,715
    
    
    
    724,846
    
    
    
    5,766,927
    
    
    
    6,491,773
    
    
    
    2,492,462
    
    
    1985
    
    40 yrs.420 Lapp Road
    
    Malvern, PA
    
    
    
    
    
    
    1,054,418
    
    
    
    
    
    
    
    6,995,922
    
    
    
    1,055,243
    
    
    
    6,995,097
    
    
    
    8,050,340
    
    
    
    3,081,121
    
    
    1989
    
    40 yrs.14 Lee Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    664,282
    
    
    
    
    
    
    
    5,855,867
    
    
    
    643,892
    
    
    
    5,876,257
    
    
    
    6,520,149
    
    
    
    2,676,923
    
    
    1988
    
    40 yrs.500 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    472,364
    
    
    
    
    
    
    
    3,276,521
    
    
    
    473,139
    
    
    
    3,275,746
    
    
    
    3,748,885
    
    
    
    1,665,286
    
    
    1988
    
    40 yrs.300-400 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    937,212
    
    
    
    
    
    
    
    5,616,170
    
    
    
    937,942
    
    
    
    5,615,440
    
    
    
    6,553,382
    
    
    
    2,587,331
    
    
    1988
    
    40 yrs.40 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    322,918
    
    
    
    
    
    
    
    3,224,458
    
    
    
    325,775
    
    
    
    3,221,601
    
    
    
    3,547,376
    
    
    
    1,327,967
    
    
    1987
    
    40 yrs.50 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    323,971
    
    
    
    
    
    
    
    2,694,447
    
    
    
    323,792
    
    
    
    2,694,627
    
    
    
    3,018,418
    
    
    
    1,147,301
    
    
    1987
    
    40 yrs.20 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    465,539
    
    
    
    
    
    
    
    5,726,197
    
    
    
    466,413
    
    
    
    5,725,323
    
    
    
    6,191,736
    
    
    
    2,874,409
    
    
    1987
    
    40 yrs.257-275 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    504,611
    
    
    
    
    
    
    
    5,186,454
    
    
    
    505,458
    
    
    
    5,185,606
    
    
    
    5,691,065
    
    
    
    2,963,952
    
    
    1983
    
    40 yrs.300 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    368,626
    
    
    
    
    
    
    
    1,344,816
    
    
    
    374,497
    
    
    
    1,338,945
    
    
    
    1,713,442
    
    
    
    706,537
    
    
    1985
    
    40 yrs.277-293 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    530,729
    
    
    
    
    
    
    
    2,330,242
    
    
    
    531,534
    
    
    
    2,329,436
    
    
    
    2,860,971
    
    
    
    1,322,006
    
    
    1984
    
    40 yrs.311 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    397,131
    
    
    
    
    
    
    
    2,724,819
    
    
    
    397,948
    
    
    
    2,724,002
    
    
    
    3,121,950
    
    
    
    1,423,585
    
    
    1984
    
    40 yrs.7 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    176,435
    
    
    
    
    
    
    
    5,036,553
    
    
    
    177,317
    
    
    
    5,035,671
    
    
    
    5,212,988
    
    
    
    2,814,524
    
    
    1985
    
    40 yrs.55 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    215,005
    
    
    
    
    
    
    
    4,281,663
    
    
    
    215,818
    
    
    
    4,280,850
    
    
    
    4,496,668
    
    
    
    1,915,746
    
    
    1983
    
    40 yrs.65 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    381,544
    
    
    
    
    
    
    
    7,597,364
    
    
    
    382,361
    
    
    
    7,596,548
    
    
    
    7,978,908
    
    
    
    3,914,905
    
    
    1983
    
    40 yrs.508 Lapp Road
    
    Malvern, PA
    
    
    
    
    
    
    331,392
    
    
    
    
    
    
    
    2,033,164
    
    
    
    332,216
    
    
    
    2,032,340
    
    
    
    2,364,556
    
    
    
    1,228,001
    
    
    1984
    
    40 yrs.10 Valley Stream Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    509,075
    
    
    
    
    
    
    
    3,089,935
    
    
    
    509,899
    
    
    
    3,089,111
    
    
    
    3,599,010
    
    
    
    1,714,026
    
    
    1984
    
    40 yrs.333 Phoenixville Pike
    
    Malvern, PA
    
    
    
    
    
    
    523,530
    
    
    
    
    
    
    
    2,917,373
    
    
    
    524,230
    
    
    
    2,916,673
    
    
    
    3,440,903
    
    
    
    1,580,984
    
    
    1985
    
    40 yrs.30 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    128,126
    
    
    
    
    
    
    
    85,634
    
    
    
    128,783
    
    
    
    384,977
    
    
    
    513,760
    
    
    
    315,346
    
    
    1975
    
    40 yrs.75 Great Valley Parkway
    
    Malvern, PA
    
    
    350,090
    
    
    
    143,074
    
    
    
    
    
    
    
    772,841
    
    
    
    143,811
    
    
    
    772,103
    
    
    
    915,915
    
    
    
    577,889
    
    
    1977
    
    40 yrs.77-123 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    887,664
    
    
    
    
    
    
    
    5,700,921
    
    
    
    888,359
    
    
    
    5,700,225
    
    
    
    6,588,585
    
    
    
    3,391,343
    
    
    1978
    
    40 yrs.256 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    161,098
    
    
    
    
    
    
    
    1,785,717
    
    
    
    161,949
    
    
    
    1,784,866
    
    
    
    1,946,815
    
    
    
    1,157,980
    
    
    1980
    
    40 yrs.205 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,368,259
    
    
    
    
    
    
    
    10,706,926
    
    
    
    1,369,003
    
    
    
    10,706,182
    
    
    
    12,075,185
    
    
    
    6,686,126
    
    
    1981
    
    40 yrs.12,14,16 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    130,689
    
    
    
    
    
    
    
    1,562,994
    
    
    
    128,767
    
    
    
    1,564,916
    
    
    
    1,693,683
    
    
    
    884,224
    
    
    1982
    
    40 yrs.155 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    625,147
    
    
    
    
    
    
    
    2,627,280
    
    
    
    626,068
    
    
    
    2,626,359
    
    
    
    3,252,427
    
    
    
    1,541,665
    
    
    1981
    
    40 yrs.510 Lapp Road
    
    Malvern, PA
    
    
    *
    
    
    
    356,950
    
    
    
    
    
    
    
    926,587
    
    
    
    357,751
    
    
    
    925,786
    
    
    
    1,283,537
    
    
    
    572,178
    
    
    1983
    
    40 yrs.60 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    865,424
    
    
    
    9,285,000
    
    
    
    4,971,296
    
    
    
    884,974
    
    
    
    14,236,746
    
    
    
    15,121,720
    
    
    
    6,358,326
    
    
    1989
    
    40 yrs.5 Country View Road
    
    Malvern, PA
    
    
    *
    
    
    
    785,168
    
    
    
    4,678,632
    
    
    
    1,178,927
    
    
    
    786,235
    
    
    
    5,856,492
    
    
    
    6,642,727
    
    
    
    1,953,040
    
    
    1985
    
    40 yrs.7550 Meridian Circle
    
    Maple Grove, MN
    
    
    
    
    
    
    513,250
    
    
    
    2,901,906
    
    
    
    222,006
    
    
    
    513,250
    
    
    
    3,123,911
    
    
    
    3,637,161
    
    
    
    721,019
    
    
    1989
    
    40 yrs.8 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    172,600
    
    
    
    1,704,436
    
    
    
    188,555
    
    
    
    172,945
    
    
    
    1,892,646
    
    
    
    2,065,591
    
    
    
    651,714
    
    
    1988
    
    40 yrs.10 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    147,000
    
    
    
    1,451,536
    
    
    
    527,956
    
    
    
    147,318
    
    
    
    1,979,174
    
    
    
    2,126,492
    
    
    
    962,254
    
    
    1988
    
    40 yrs.12 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    103,300
    
    
    
    1,021,036
    
    
    
    342,868
    
    
    
    103,618
    
    
    
    1,363,587
    
    
    
    1,467,205
    
    
    
    588,823
    
    
    1988
    
    40 yrs.14 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    93,100
    
    
    
    920,336
    
    
    
    431,684
    
    
    
    93,418
    
    
    
    1,351,703
    
    
    
    1,445,120
    
    
    
    576,452
    
    
    1988
    
    40 yrs.701A Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    264,387
    
    
    
    3,772,000
    
    
    
    3,501,001
    
    
    
    271,743
    
    
    
    7,265,645
    
    
    
    7,537,388
    
    
    
    3,312,275
    
    
    1987
    
    40 yrs.701C Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    84,949
    
    
    
    1,328,000
    
    
    
    422,106
    
    
    
    96,161
    
    
    
    1,738,894
    
    
    
    1,835,055
    
    
    
    672,972
    
    
    1987
    
    40 yrs.400 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    69,402
    
    
    
    
    
    
    
    3,671,296
    
    
    
    317,799
    
    
    
    3,422,899
    
    
    
    3,740,699
    
    
    
    910,493
    
    
    1999
    
    40 yrs.406 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    321,455
    
    
    
    1,539,871
    
    
    
    888,175
    
    
    
    327,554
    
    
    
    2,421,947
    
    
    
    2,749,501
    
    
    
    975,306
    
    
    1990
    
    40 yrs.301 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    1,469,444
    
    
    
    1,069,838
    
    
    
    6,249,607
    
    
    
    7,319,444
    
    
    
    2,078,211
    
    
    1988
    
    40 yrs.303 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    2,194,896
    
    
    
    1,069,838
    
    
    
    6,975,059
    
    
    
    8,044,896
    
    
    
    2,276,639
    
    
    1988
    
    40 yrs.901 Route 73
    
    Marlton, NJ
    
    
    
    
    
    
    334,411
    
    
    
    2,733,314
    
    
    
    894,989
    
    
    
    334,411
    
    
    
    3,628,303
    
    
    
    3,962,714
    
    
    
    1,045,261
    
    
    1985
    
    40 yrs.404 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    131,896
    
    
    
    
    
    
    
    1,653,262
    
    
    
    131,896
    
    
    
    1,653,262
    
    
    
    1,785,158
    
    
    
    657,060
    
    
    1997
    
    40 yrs.402 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    131,896
    
    
    
    
    
    
    
    1,736,907
    
    
    
    131,896
    
    
    
    1,736,907
    
    
    
    1,868,803
    
    
    
    682,815
    
    
    1997
    
    40 yrs.9 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    652,642
    
    
    
    1,765,065
    
    
    
    922,394
    
    
    
    654,779
    
    
    
    2,685,323
    
    
    
    3,340,101
    
    
    
    766,449
    
    
    1989
    
    40 yrs.75 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    419,731
    
    
    
    
    
    
    
    2,444,403
    
    
    
    430,909
    
    
    
    2,433,225
    
    
    
    2,864,134
    
    
    
    68,857
    
    
    2003
    
    40 yrs.65 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    557,174
    
    
    
    
    
    
    
    2,728,911
    
    
    
    506,318
    
    
    
    2,779,768
    
    
    
    3,286,086
    
    
    
    67,739
    
    
    2004
    
    40 yrs.8301 West Parkland Court
    
    Milwaukee, WI
    
    
    
    
    
    
    358,442
    
    
    
    3,233,707
    
    
    
    532,301
    
    
    
    358,442
    
    
    
    3,766,008
    
    
    
    4,124,449
    
    
    
    971,466
    
    
    1982
    
    40 yrs.7800 N. 113th Street
    
    Milwaukee, WI
    
    
    
    
    
    
    1,711,964
    
    
    
    6,847,857
    
    
    
    392,036
    
    
    
    1,711,964
    
    
    
    7,239,893
    
    
    
    8,951,858
    
    
    
    1,726,879
    
    
    1991
    
    40 yrs.11950 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    391,813
    
    
    
    2,340,118
    
    
    
    539,517
    
    
    
    394,938
    
    
    
    2,876,510
    
    
    
    3,271,448
    
    
    
    719,848
    
    
    1986
    
    40 yrs.11400 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    439,595
    
    
    
    2,357,904
    
    
    
    234,658
    
    
    
    443,101
    
    
    
    2,589,056
    
    
    
    3,032,157
    
    
    
    521,325
    
    
    1986
    
    40 yrs.




---



##### Table of Contents



LIBERTY
PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    Gross Amount Carried at End Period
    
    Accumulated
    
    Construction
    
    DepreciableInitial Cost
    
    to
    
    Land and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    Acquisition
    
    Improvements
    
    Improvements
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (Years)OPERATING PROPERTIES11425 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    382,256
    
    
    
    2,350,619
    
    
    
    957,723
    
    
    
    385,305
    
    
    
    3,305,293
    
    
    
    3,690,598
    
    
    
    982,930
    
    
    1987
    
    40 yrs.11301 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    614,477
    
    
    
    2,626,456
    
    
    
    101,328
    
    
    
    619,465
    
    
    
    2,722,797
    
    
    
    3,342,261
    
    
    
    542,487
    
    
    1987
    
    40 yrs.11900 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    347,853
    
    
    
    2,396,887
    
    
    
    1,057,251
    
    
    
    350,628
    
    
    
    3,451,364
    
    
    
    3,801,992
    
    
    
    910,149
    
    
    1987
    
    40 yrs.11414 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    234,443
    
    
    
    
    
    
    
    10,202,898
    
    
    
    491,531
    
    
    
    9,945,810
    
    
    
    10,437,341
    
    
    
    2,308,691
    
    
    2001
    
    40 yrs.11520 West Calumet Road
    
    Milwaukee, WI
    
    
    
    
    
    
    341,698
    
    
    
    1,527,548
    
    
    
    78,494
    
    
    
    341,698
    
    
    
    1,606,042
    
    
    
    1,947,740
    
    
    
    281,217
    
    
    1995
    
    40 yrs.12100 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    534,470
    
    
    
    3,239,389
    
    
    
    565,184
    
    
    
    532,370
    
    
    
    3,806,673
    
    
    
    4,339,043
    
    
    
    779,371
    
    
    1984
    
    40 yrs.10855 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    122,894
    
    
    
    
    
    
    
    3,045,358
    
    
    
    424,710
    
    
    
    2,743,541
    
    
    
    3,168,251
    
    
    
    447,822
    
    
    2002
    
    40 yrs.11100 West Liberty Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    1,800,000
    
    
    
    
    
    
    
    7,690,908
    
    
    
    1,801,024
    
    
    
    7,689,884
    
    
    
    9,490,908
    
    
    
    730,540
    
    
    2003
    
    40 yrs.11050 West Liberty Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,813,517
    
    
    
    914,760
    
    
    
    2,898,757
    
    
    
    3,813,517
    
    
    
    25,802
    
    
    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
    
    
    
    1,567,239
    
    
    1996
    
    40 yrs.4600 Nathan Lane
    
    Minneapolis, MN
    
    
    
    
    
    
    1,063,558
    
    
    
    
    
    
    
    6,683,083
    
    
    
    1,038,197
    
    
    
    6,708,444
    
    
    
    7,746,641
    
    
    
    1,363,486
    
    
    2002
    
    40 yrs.12501 & 12701 Whitewater Drive
    
    Minnegonka, MN
    
    
    
    
    
    
    2,175,209
    
    
    
    3,948,085
    
    
    
    7,249,452
    
    
    
    2,177,953
    
    
    
    11,194,793
    
    
    
    13,372,746
    
    
    
    788,290
    
    
    1986
    
    40 yrs.5600 & 5610 Rowland Road
    
    Minnetonka, MN
    
    
    
    
    
    
    828,650
    
    
    
    7,399,409
    
    
    
    1,595,422
    
    
    
    829,263
    
    
    
    8,994,217
    
    
    
    9,823,481
    
    
    
    2,892,234
    
    
    1988
    
    40 yrs.5400-5500 Feltl Road
    
    Minnetonka, MN
    
    
    
    
    
    
    883,895
    
    
    
    7,983,345
    
    
    
    2,275,102
    
    
    
    883,895
    
    
    
    10,258,447
    
    
    
    11,142,342
    
    
    
    2,480,922
    
    
    1985
    
    40 yrs.10300 Bren Road
    
    Minnetonka, MN
    
    
    
    
    
    
    344,614
    
    
    
    3,110,477
    
    
    
    894,944
    
    
    
    344,614
    
    
    
    4,005,421
    
    
    
    4,350,034
    
    
    
    857,897
    
    
    1981
    
    40 yrs.3400 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,153
    
    
    
    11,345,881
    
    
    
    1,214,422
    
    
    
    2,022,153
    
    
    
    12,560,302
    
    
    
    14,582,456
    
    
    
    3,135,197
    
    
    1990
    
    40 yrs.3450 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,152
    
    
    
    11,357,143
    
    
    
    2,078,093
    
    
    
    2,022,152
    
    
    
    13,435,235
    
    
    
    15,457,387
    
    
    
    3,478,905
    
    
    1990
    
    40 yrs.3350 SW 148th Avenue
    
    Miramar, FL
    
    
    
    
    
    
    2,960,511
    
    
    
    
    
    
    
    19,294,616
    
    
    
    2,980,689
    
    
    
    19,274,437
    
    
    
    22,255,127
    
    
    
    4,341,655
    
    
    2000
    
    40 yrs.300 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,330,090
    
    
    
    1,098,904
    
    
    
    6,231,186
    
    
    
    7,330,090
    
    
    
    420,257
    
    
    2004
    
    40 yrs.302 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    1,512,120
    
    
    
    
    
    
    
    2,801,598
    
    
    
    539,060
    
    
    
    3,774,658
    
    
    
    4,313,718
    
    
    
    88,186
    
    
    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
    
    
    
    879,074
    
    
    2003
    
    40 yrs.350 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    2,960,159
    
    
    
    1,449,611
    
    
    
    3,535,489
    
    
    
    2,966,686
    
    
    
    4,978,573
    
    
    
    7,945,259
    
    
    
    9,251
    
    
    2006
    
    40 yrs.4001 Leadenhall Road
    
    Mt. Laurel,  NJ
    
    
    
    
    
    
    3,207,885
    
    
    
    391,167
    
    
    
    18,844,592
    
    
    
    2,784,694
    
    
    
    19,658,950
    
    
    
    22,443,644
    
    
    
    2,744,761
    
    
    2002
    
    40 yrs.3000 Atrium Way
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    500,000
    
    
    
    4,500,000
    
    
    
    4,498,462
    
    
    
    512,018
    
    
    
    8,986,445
    
    
    
    9,498,462
    
    
    
    3,980,005
    
    
    1987
    
    40 yrs.11000, 15000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,585
    
    
    
    4,394,900
    
    
    
    254,820
    
    
    
    311,950
    
    
    
    4,648,355
    
    
    
    4,960,305
    
    
    
    1,942,493
    
    
    1985
    
    40 yrs.12000, 14000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    361,800
    
    
    
    3,285,817
    
    
    
    783,587
    
    
    
    362,855
    
    
    
    4,068,349
    
    
    
    4,431,204
    
    
    
    1,426,020
    
    
    1985
    
    40 yrs.16000, 18000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    289,700
    
    
    
    2,512,683
    
    
    
    573,915
    
    
    
    290,545
    
    
    
    3,085,753
    
    
    
    3,376,298
    
    
    
    1,126,581
    
    
    1985
    
    40 yrs.1300 Route 73 North
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    449,400
    
    
    
    3,074,850
    
    
    
    1,704,275
    
    
    
    450,558
    
    
    
    4,777,967
    
    
    
    5,228,525
    
    
    
    1,530,369
    
    
    1988
    
    40 yrs.6000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,151
    
    
    
    2,022,683
    
    
    
    925,491
    
    
    
    234,151
    
    
    
    2,948,174
    
    
    
    3,182,325
    
    
    
    811,584
    
    
    1985
    
    40 yrs.7000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    260,014
    
    
    
    2,236,684
    
    
    
    427,949
    
    
    
    260,014
    
    
    
    2,664,633
    
    
    
    2,924,647
    
    
    
    746,489
    
    
    1984
    
    40 yrs.8000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,814
    
    
    
    1,995,098
    
    
    
    317,849
    
    
    
    234,814
    
    
    
    2,312,947
    
    
    
    2,547,761
    
    
    
    604,374
    
    
    1983
    
    40 yrs.9000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    286,587
    
    
    
    2,474,820
    
    
    
    595,749
    
    
    
    286,587
    
    
    
    3,070,569
    
    
    
    3,357,156
    
    
    
    1,010,672
    
    
    1983
    
    40 yrs.1000 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    288,577
    
    
    
    2,546,537
    
    
    
    1,450,255
    
    
    
    288,577
    
    
    
    3,996,792
    
    
    
    4,285,369
    
    
    
    1,422,723
    
    
    1986
    
    40 yrs.1025 Briggs Road
    
    Mt. Laurel, NJ
    
    
    773,515
    
    
    
    430,990
    
    
    
    3,714,828
    
    
    
    1,320,195
    
    
    
    430,990
    
    
    
    5,035,023
    
    
    
    5,466,013
    
    
    
    1,496,665
    
    
    1987
    
    40 yrs.1020 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    494,334
    
    
    
    
    
    
    
    3,162,455
    
    
    
    569,184
    
    
    
    3,087,606
    
    
    
    3,656,789
    
    
    
    825,078
    
    
    1999
    
    40 yrs.2000 Crawford Place
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,831
    
    
    
    2,797,744
    
    
    
    2,814,041
    
    
    
    310,831
    
    
    
    5,611,785
    
    
    
    5,922,616
    
    
    
    2,067,243
    
    
    1986
    
    40 yrs.5000 Dearborn Court
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    1,057,763
    
    
    
    4,191,827
    
    
    
    531,794
    
    
    
    1,057,763
    
    
    
    4,723,621
    
    
    
    5,781,384
    
    
    
    1,129,274
    
    
    1988
    
    40 yrs.1001 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    701,705
    
    
    
    3,505,652
    
    
    
    2,115,996
    
    
    
    701,705
    
    
    
    5,621,649
    
    
    
    6,323,354
    
    
    
    1,805,100
    
    
    1986
    
    40 yrs.1015 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    356,987
    
    
    
    
    
    
    
    3,666,093
    
    
    
    470,659
    
    
    
    3,552,421
    
    
    
    4,023,080
    
    
    
    792,151
    
    
    2000
    
    40 yrs.17000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    144,515
    
    
    
    
    
    
    
    3,010,679
    
    
    
    144,515
    
    
    
    3,010,679
    
    
    
    3,155,194
    
    
    
    691,482
    
    
    2001
    
    40 yrs.9401-9443 Science Center Drive
    
    New Hope, MN
    
    
    
    
    
    
    431,295
    
    
    
    3,888,684
    
    
    
    480,123
    
    
    
    510,064
    
    
    
    4,290,038
    
    
    
    4,800,102
    
    
    
    1,115,258
    
    
    1989
    
    40 yrs.6 Terry Drive
    
    Newtown, PA
    
    
    
    
    
    
    622,029
    
    
    
    2,228,851
    
    
    
    828,769
    
    
    
    622,205
    
    
    
    3,057,443
    
    
    
    3,679,648
    
    
    
    824,454
    
    
    1981
    
    40 yrs.550-590 Hale Avenue
    
    Oakdale, MN
    
    
    
    
    
    
    765,535
    
    
    
    3,488,754
    
    
    
    510,819
    
    
    
    766,390
    
    
    
    3,998,718
    
    
    
    4,765,107
    
    
    
    847,827
    
    
    1996
    
    40 yrs.1879 Lamont Avenue
    
    Odenton, MD
    
    
    
    
    
    
    1,976,000
    
    
    
    8,099,579
    
    
    
    3,032,136
    
    
    
    2,011,030
    
    
    
    11,096,685
    
    
    
    13,107,715
    
    
    
    524,714
    
    
    2004
    
    40 yrs.350 Winmeyer Avenue
    
    Odenton, MD
    
    
    
    
    
    
    1,778,400
    
    
    
    7,289,165
    
    
    
    1,924,628
    
    
    
    1,809,927
    
    
    
    9,182,266
    
    
    
    10,992,193
    
    
    
    388,054
    
    
    2004
    
    40 yrs.9600 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    252,850
    
    
    
    1,297,923
    
    
    
    62,116
    
    
    
    252,850
    
    
    
    1,360,039
    
    
    
    1,612,889
    
    
    
    336,709
    
    
    1989
    
    40 yrs.9700 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    405,362
    
    
    
    1,146,546
    
    
    
    350,999
    
    
    
    405,362
    
    
    
    1,497,545
    
    
    
    1,902,907
    
    
    
    387,847
    
    
    1989
    
    40 yrs.1902 Cypress Lake Drive
    
    Orlando, FL
    
    
    
    
    
    
    523,512
    
    
    
    3,191,790
    
    
    
    880,341
    
    
    
    538,512
    
    
    
    4,057,131
    
    
    
    4,595,643
    
    
    
    1,116,154
    
    
    1989
    
    40 yrs.9550 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    574,831
    
    
    
    
    
    
    
    2,330,526
    
    
    
    587,319
    
    
    
    2,318,038
    
    
    
    2,905,357
    
    
    
    594,480
    
    
    1999
    
    40 yrs.10511 & 10611 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    517,554
    
    
    
    2,568,186
    
    
    
    405,635
    
    
    
    522,991
    
    
    
    2,968,384
    
    
    
    3,491,375
    
    
    
    848,378
    
    
    1985
    
    40 yrs.1400-1440 Central Florida Parkway
    
    Orlando, FL
    
    
    
    
    
    
    518,043
    
    
    
    2,561,938
    
    
    
    337,852
    
    
    
    518,043
    
    
    
    2,899,790
    
    
    
    3,417,833
    
    
    
    713,673
    
    
    1962
    
    40 yrs.2216 Directors Row
    
    Orlando, FL
    
    
    
    
    
    
    453,918
    
    
    
    2,572,202
    
    
    
    27,479
    
    
    
    453,918
    
    
    
    2,599,681
    
    
    
    3,053,599
    
    
    
    555,992
    
    
    1998
    
    40 yrs.3701-3727 Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    767,929
    
    
    
    2,096,504
    
    
    
    430,124
    
    
    
    767,929
    
    
    
    2,526,628
    
    
    
    3,294,557
    
    
    
    549,972
    
    
    1985
    
    40 yrs.2400 South Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    385,964
    
    
    
    
    
    
    
    2,461,057
    
    
    
    642,427
    
    
    
    2,204,594
    
    
    
    2,847,021
    
    
    
    355,814
    
    
    2001
    
    40 yrs.6501 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    5,560,142
    
    
    
    925,671
    
    
    
    5,538,172
    
    
    
    6,463,843
    
    
    
    746,789
    
    
    2001
    
    40 yrs.2416 Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    535,964
    
    
    
    
    
    
    
    3,166,980
    
    
    
    704,800
    
    
    
    2,998,143
    
    
    
    3,702,944
    
    
    
    741,196
    
    
    2002
    
    40 yrs.10771 Palm Bay Drive
    
    Orlando, FL
    
    
    
    
    
    
    664,605
    
    
    
    
    
    
    
    2,362,814
    
    
    
    685,383
    
    
    
    2,342,035
    
    
    
    3,027,419
    
    
    
    299,543
    
    
    2001
    
    40 yrs.10003 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    680,312
    
    
    
    2,120,754
    
    
    
    1,498,831
    
    
    
    680,312
    
    
    
    3,619,585
    
    
    
    4,299,897
    
    
    
    366,260
    
    
    2003
    
    40 yrs.1090 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    878,320
    
    
    
    2,558,833
    
    
    
    1,872,262
    
    
    
    878,320
    
    
    
    4,431,096
    
    
    
    5,309,415
    
    
    
    310,566
    
    
    2003
    
    40 yrs.2202 Taft-Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,630,654
    
    
    
    1,283,713
    
    
    
    5,346,941
    
    
    
    6,630,654
    
    
    
    565,267
    
    
    2004
    
    40 yrs.South Center Land-Phase II
    
    Orlando, FL
    
    
    
    
    
    
    838,853
    
    
    
    
    
    
    
    4,047,910
    
    
    
    767,953
    
    
    
    4,118,811
    
    
    
    4,886,763
    
    
    
    36,846
    
    
    2006
    
    40 yrs.7315 Kingspointe Parkway
    
    Orlando, FL
    
    
    
    
    
    
    1,931,697
    
    
    
    6,388,203
    
    
    
    2,479,134
    
    
    
    1,932,004
    
    
    
    8,867,030
    
    
    
    10,799,034
    
    
    
    589,186
    
    
    2004
    
    40 yrs.2351 Investors Row
    
    Orlando, FL
    
    
    
    
    
    
    2,261,924
    
    
    
    7,496,249
    
    
    
    124,169
    
    
    
    2,263,211
    
    
    
    7,619,131
    
    
    
    9,882,342
    
    
    
    376,159
    
    
    2004
    
    40 yrs.




---



##### Table of Contents



LIBERTY
PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    Gross Amount Carried at End Period
    
    Accumulated
    
    Construction
    
    DepreciableInitial Cost
    
    to
    
    Land and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    Acquisition
    
    Improvements
    
    Improvements
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (Years)OPERATING PROPERTIES2256 Taft-Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    467,296
    
    
    
    
    
    
    
    2,462,307
    
    
    
    825,673
    
    
    
    2,103,930
    
    
    
    2,929,603
    
    
    
    104,125
    
    
    2005
    
    40 yrs.1950 Summit Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    2,573,700
    
    
    
    17,478,646
    
    
    
    531,233
    
    
    
    2,583,667
    
    
    
    17,999,912
    
    
    
    20,583,579
    
    
    
    791,297
    
    
    2005
    
    40 yrs.1958 Summit Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    2,573,961
    
    
    
    11,206,937
    
    
    
    8,761,919
    
    
    
    2,583,216
    
    
    
    19,959,601
    
    
    
    22,542,817
    
    
    
    892,725
    
    
    2005
    
    40 yrs.6200 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    1,423,584
    
    
    
    6,399,510
    
    
    
    84,494
    
    
    
    1,435,301
    
    
    
    6,472,287
    
    
    
    7,907,588
    
    
    
    67,921
    
    
    2006
    
    40 yrs.7022 TPC Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,443,510
    
    
    
    6,845,559
    
    
    
    357,904
    
    
    
    1,457,286
    
    
    
    7,189,688
    
    
    
    8,646,973
    
    
    
    
    
    
    2006
    
    40 yrs.7100 TPC Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,431,489
    
    
    
    7,948,341
    
    
    
    203,122
    
    
    
    1,445,807
    
    
    
    8,137,144
    
    
    
    9,582,951
    
    
    
    
    
    
    2006
    
    40 yrs.7101 TPC Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,553,537
    
    
    
    5,301,499
    
    
    
    225,850
    
    
    
    1,570,863
    
    
    
    5,510,023
    
    
    
    7,080,886
    
    
    
    
    
    
    2006
    
    40 yrs.N26 W23445 Paul Road
    
    Pewaukee, WI
    
    
    
    
    
    
    561,904
    
    
    
    1,928,064
    
    
    
    113,241
    
    
    
    561,904
    
    
    
    2,041,305
    
    
    
    2,603,209
    
    
    
    357,110
    
    
    1985
    
    40 yrs.8801 Tinicum Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    2,474,031
    
    
    
    
    
    
    
    43,598,952
    
    
    
    125,087
    
    
    
    45,947,896
    
    
    
    46,072,983
    
    
    
    12,300,012
    
    
    1997
    
    40 yrs.3 Franklin Plaza
    
    Philadelphia, PA
    
    
    
    
    
    
    2,483,144
    
    
    
    
    
    
    
    32,150,134
    
    
    
    2,514,519
    
    
    
    32,118,759
    
    
    
    34,633,278
    
    
    
    6,127,052
    
    
    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
    
    
    
    573,955
    
    
    2003
    
    40 yrs.1 Crescent Drive
    
    Philadelphia, PA
    
    
    
    
    
    
    567,280
    
    
    
    
    
    
    
    12,752,342
    
    
    
    347,892
    
    
    
    12,971,730
    
    
    
    13,319,622
    
    
    
    57,493
    
    
    2004
    
    40 yrs.9801 80th Avenue
    
    Pleasant Prairie, WI
    
    
    
    
    
    
    1,692,077
    
    
    
    7,934,794
    
    
    
    62,495
    
    
    
    1,689,726
    
    
    
    7,999,640
    
    
    
    9,689,366
    
    
    
    1,617,933
    
    
    1994
    
    40 yrs.2250 Hickory Road
    
    Plymouth Meeting, PA
    
    
    
    
    
    
    1,015,851
    
    
    
    9,175,555
    
    
    
    2,338,832
    
    
    
    1,032,507
    
    
    
    11,497,732
    
    
    
    12,530,239
    
    
    
    2,838,418
    
    
    1985
    
    40 yrs.2905 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    516,920
    
    
    
    4,646,342
    
    
    
    1,702,547
    
    
    
    516,920
    
    
    
    6,348,890
    
    
    
    6,865,809
    
    
    
    1,853,696
    
    
    1983
    
    40 yrs.2800 Campus Drive
    
    Plymouth, MN
    
    
    
    
    
    
    395,366
    
    
    
    3,554,512
    
    
    
    1,008,452
    
    
    
    395,366
    
    
    
    4,562,964
    
    
    
    4,958,330
    
    
    
    1,357,056
    
    
    1985
    
    40 yrs.2955 Xenium Lane
    
    Plymouth, MN
    
    
    
    
    
    
    151,238
    
    
    
    1,370,140
    
    
    
    401,075
    
    
    
    151,238
    
    
    
    1,771,215
    
    
    
    1,922,453
    
    
    
    605,963
    
    
    1985
    
    40 yrs.2920 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    392,026
    
    
    
    3,433,678
    
    
    
    655,417
    
    
    
    384,235
    
    
    
    4,096,886
    
    
    
    4,481,121
    
    
    
    1,151,892
    
    
    1997
    
    40 yrs.14630-14650 28th Avenue North
    
    Plymouth, MN
    
    
    
    
    
    
    198,205
    
    
    
    1,793,422
    
    
    
    644,591
    
    
    
    198,205
    
    
    
    2,438,013
    
    
    
    2,636,218
    
    
    
    669,648
    
    
    1978
    
    40 yrs.2800 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    1,934,438
    
    
    
    10,952,503
    
    
    
    484,440
    
    
    
    1,934,438
    
    
    
    11,436,943
    
    
    
    13,371,380
    
    
    
    2,695,022
    
    
    1995
    
    40 yrs.9600 54th Avenue
    
    Plymouth, MN
    
    
    
    
    
    
    332,317
    
    
    
    3,077,820
    
    
    
    1,075,534
    
    
    
    332,317
    
    
    
    4,153,354
    
    
    
    4,485,671
    
    
    
    931,060
    
    
    1998
    
    40 yrs.1500 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    972,232
    
    
    
    3,892,085
    
    
    
    245,724
    
    
    
    972,232
    
    
    
    4,137,810
    
    
    
    5,110,041
    
    
    
    987,730
    
    
    1957
    
    40 yrs.1651 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    126,108
    
    
    
    203,247
    
    
    
    937,202
    
    
    
    1,140,449
    
    
    
    283,351
    
    
    1990
    
    40 yrs.1601 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    403,403
    
    
    
    203,247
    
    
    
    1,214,496
    
    
    
    1,417,743
    
    
    
    301,897
    
    
    1990
    
    40 yrs.1501 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    40,396
    
    
    
    203,247
    
    
    
    851,489
    
    
    
    1,054,737
    
    
    
    204,419
    
    
    1990
    
    40 yrs.1400 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    1,157,049
    
    
    
    4,620,956
    
    
    
    308,055
    
    
    
    1,157,049
    
    
    
    4,929,010
    
    
    
    6,086,060
    
    
    
    1,155,658
    
    
    1986
    
    40 yrs.1405 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    392,138
    
    
    
    1,565,787
    
    
    
    126,972
    
    
    
    392,138
    
    
    
    1,692,759
    
    
    
    2,084,897
    
    
    
    403,837
    
    
    1985
    
    40 yrs.595 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    359,933
    
    
    
    1,437,116
    
    
    
    95,541
    
    
    
    359,933
    
    
    
    1,532,657
    
    
    
    1,892,590
    
    
    
    356,011
    
    
    1984
    
    40 yrs.601 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    164,413
    
    
    
    655,933
    
    
    
    151,781
    
    
    
    164,413
    
    
    
    807,714
    
    
    
    972,127
    
    
    
    184,683
    
    
    1984
    
    40 yrs.605 SW 16th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    310,778
    
    
    
    1,238,324
    
    
    
    307,582
    
    
    
    310,178
    
    
    
    1,546,507
    
    
    
    1,856,684
    
    
    
    319,660
    
    
    1965
    
    40 yrs.4300 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    2,007,717
    
    
    
    14,927,608
    
    
    
    555,417
    
    
    
    2,009,136
    
    
    
    15,481,606
    
    
    
    17,490,742
    
    
    
    4,505,494
    
    
    1985
    
    40 yrs.301 Hill Carter Parkway
    
    Richmond, VA
    
    
    
    
    
    
    659,456
    
    
    
    4,836,010
    
    
    
    625
    
    
    
    659,456
    
    
    
    4,836,635
    
    
    
    5,496,091
    
    
    
    1,430,892
    
    
    1989
    
    40 yrs.4001 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    29,443
    
    
    
    215,914
    
    
    
    305,691
    
    
    
    29,443
    
    
    
    521,605
    
    
    
    551,048
    
    
    
    122,714
    
    
    1935
    
    40 yrs.5600-5626 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    489,941
    
    
    
    3,592,900
    
    
    
    389,883
    
    
    
    489,941
    
    
    
    3,982,783
    
    
    
    4,472,724
    
    
    
    1,217,321
    
    
    1989
    
    40 yrs.5650-5674 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    644,384
    
    
    
    4,025,480
    
    
    
    235,079
    
    
    
    644,384
    
    
    
    4,260,559
    
    
    
    4,904,943
    
    
    
    1,393,734
    
    
    1990
    
    40 yrs.5700 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    408,729
    
    
    
    2,697,348
    
    
    
    803,670
    
    
    
    408,729
    
    
    
    3,501,018
    
    
    
    3,909,747
    
    
    
    984,143
    
    
    1990
    
    40 yrs.4101-4127 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    310,854
    
    
    
    2,279,597
    
    
    
    567,636
    
    
    
    310,854
    
    
    
    2,847,233
    
    
    
    3,158,087
    
    
    
    768,190
    
    
    1973
    
    40 yrs.4201-4261 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    693,203
    
    
    
    5,083,493
    
    
    
    1,305,385
    
    
    
    693,203
    
    
    
    6,388,878
    
    
    
    7,082,081
    
    
    
    1,911,966
    
    
    1975
    
    40 yrs.4263-4299 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    256,203
    
    
    
    2,549,649
    
    
    
    1,647,276
    
    
    
    256,203
    
    
    
    4,196,925
    
    
    
    4,453,128
    
    
    
    1,163,759
    
    
    1976
    
    40 yrs.4301-4335 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    223,696
    
    
    
    1,640,435
    
    
    
    1,920,216
    
    
    
    223,696
    
    
    
    3,560,651
    
    
    
    3,784,347
    
    
    
    546,076
    
    
    1978
    
    40 yrs.4337-4379 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    325,303
    
    
    
    2,385,557
    
    
    
    880,278
    
    
    
    325,303
    
    
    
    3,265,835
    
    
    
    3,591,138
    
    
    
    1,282,851
    
    
    1979
    
    40 yrs.4501-4549 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    486,166
    
    
    
    3,565,211
    
    
    
    471,129
    
    
    
    486,166
    
    
    
    4,036,340
    
    
    
    4,522,506
    
    
    
    1,177,796
    
    
    1981
    
    40 yrs.4551-4593 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    474,360
    
    
    
    3,478,646
    
    
    
    272,695
    
    
    
    474,360
    
    
    
    3,751,341
    
    
    
    4,225,701
    
    
    
    1,087,264
    
    
    1982
    
    40 yrs.4601-4643 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    652,455
    
    
    
    4,784,675
    
    
    
    507,154
    
    
    
    652,455
    
    
    
    5,291,829
    
    
    
    5,944,284
    
    
    
    1,738,991
    
    
    1985
    
    40 yrs.4645-4683 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    404,616
    
    
    
    2,967,187
    
    
    
    1,079,890
    
    
    
    404,616
    
    
    
    4,047,077
    
    
    
    4,451,693
    
    
    
    1,760,935
    
    
    1985
    
    40 yrs.4447-4491 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    454,056
    
    
    
    2,729,742
    
    
    
    293,897
    
    
    
    454,056
    
    
    
    3,023,639
    
    
    
    3,477,695
    
    
    
    958,366
    
    
    1987
    
    40 yrs.4401-4445 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    615,038
    
    
    
    4,510,272
    
    
    
    397,983
    
    
    
    615,038
    
    
    
    4,908,255
    
    
    
    5,523,293
    
    
    
    1,459,049
    
    
    1988
    
    40 yrs.2300 East Parham Road
    
    Richmond, VA
    
    
    
    
    
    
    221,947
    
    
    
    1,011,088
    
    
    
    2,443
    
    
    
    221,947
    
    
    
    1,013,531
    
    
    
    1,235,478
    
    
    
    325,610
    
    
    1988
    
    40 yrs.5601-5659 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    705,660
    
    
    
    
    
    
    
    4,718,370
    
    
    
    720,100
    
    
    
    4,703,930
    
    
    
    5,424,030
    
    
    
    1,653,017
    
    
    1996
    
    40 yrs.5900 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    676,661
    
    
    
    
    
    
    
    4,818,232
    
    
    
    687,898
    
    
    
    4,806,995
    
    
    
    5,494,893
    
    
    
    1,265,045
    
    
    1997
    
    40 yrs.4717-4729 Eubank Road
    
    Richmond, VA
    
    
    *
    
    
    
    449,447
    
    
    
    3,294,697
    
    
    
    546,131
    
    
    
    452,263
    
    
    
    3,838,011
    
    
    
    4,290,274
    
    
    
    1,127,629
    
    
    1978
    
    40 yrs.4263F-N. Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    91,476
    
    
    
    
    
    
    
    1,643,294
    
    
    
    91,599
    
    
    
    1,643,171
    
    
    
    1,734,770
    
    
    
    446,236
    
    
    1975
    
    40 yrs.510 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    261,961
    
    
    
    2,110,874
    
    
    
    316,688
    
    
    
    262,210
    
    
    
    2,427,312
    
    
    
    2,689,523
    
    
    
    800,917
    
    
    1989
    
    40 yrs.520 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    486,118
    
    
    
    4,083,582
    
    
    
    336,701
    
    
    
    486,598
    
    
    
    4,419,803
    
    
    
    4,906,401
    
    
    
    1,203,497
    
    
    1989
    
    40 yrs.5701-5799 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    694,644
    
    
    
    
    
    
    
    5,651,198
    
    
    
    700,503
    
    
    
    5,645,340
    
    
    
    6,345,842
    
    
    
    1,630,865
    
    
    1998
    
    40 yrs.530 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    266,883
    
    
    
    
    
    
    
    3,068,901
    
    
    
    334,772
    
    
    
    3,001,012
    
    
    
    3,335,784
    
    
    
    1,026,669
    
    
    1999
    
    40 yrs.3829-3855 Gaskins Road
    
    Richmond, VA
    
    
    
    
    
    
    364,165
    
    
    
    3,264,114
    
    
    
    39,764
    
    
    
    364,165
    
    
    
    3,303,879
    
    
    
    3,668,044
    
    
    
    728,169
    
    
    1988
    
    40 yrs.10800 Nuckols Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    1,432,462
    
    
    
    
    
    
    
    14,420,839
    
    
    
    1,794,162
    
    
    
    14,059,139
    
    
    
    15,853,301
    
    
    
    2,428,731
    
    
    2000
    
    40 yrs.100 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,140,648
    
    
    
    101,824
    
    
    
    8,408,649
    
    
    
    1,456,084
    
    
    
    8,195,037
    
    
    
    9,651,121
    
    
    
    1,230,590
    
    
    2001
    
    40 yrs.200 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,623,612
    
    
    
    
    
    
    
    5,900,380
    
    
    
    1,072,797
    
    
    
    6,451,195
    
    
    
    7,523,992
    
    
    
    923,936
    
    
    2002
    
    40 yrs.1001 Boulders Parkway
    
    Richmond, VA
    
    
    
    
    
    
    2,073,739
    
    
    
    5,634,796
    
    
    
    892,592
    
    
    
    2,079,643
    
    
    
    6,521,484
    
    
    
    8,601,127
    
    
    
    257,425
    
    
    2005
    
    40 yrs.7400 Beaufont Springs Drive
    
    Richmond, VA
    
    
    
    
    
    
    808,581
    
    
    
    7,273,850
    
    
    
    837,566
    
    
    
    810,743
    
    
    
    8,109,253
    
    
    
    8,919,996
    
    
    
    304,103
    
    
    2005
    
    40 yrs.1100 Boulders Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,276,936
    
    
    
    12,052,192
    
    
    
    709,835
    
    
    
    1,280,662
    
    
    
    12,758,301
    
    
    
    14,038,963
    
    
    
    181,763
    
    
    2005
    
    40 yrs.




---



##### Table of Contents



LIBERTY
PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    Gross Amount Carried at End Period
    
    Accumulated
    
    Construction
    
    DepreciableInitial Cost
    
    to
    
    Land and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    Acquisition
    
    Improvements
    
    Improvements
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (Years)OPERATING PROPERTIES12 S. Third Street
    
    Richmond, VA
    
    
    
    
    
    
    40,539
    
    
    
    184,682
    
    
    
    14,061
    
    
    
    40,539
    
    
    
    198,743
    
    
    
    239,282
    
    
    
    57,182
    
    
    1900
    
    40 yrs.2020 US Highway 301 South
    
    Riverview, FL
    
    
    
    
    
    
    1,233,639
    
    
    
    13,608,485
    
    
    
    1,144
    
    
    
    1,233,800
    
    
    
    13,609,469
    
    
    
    14,843,268
    
    
    
    158,254
    
    
    2006
    
    40 yrs.6532 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    354,903
    
    
    
    
    
    
    
    3,740,561
    
    
    
    399,988
    
    
    
    3,695,477
    
    
    
    4,095,464
    
    
    
    996,239
    
    
    1997
    
    40 yrs.6530 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    305,821
    
    
    
    
    
    
    
    4,458,256
    
    
    
    335,061
    
    
    
    4,429,015
    
    
    
    4,764,076
    
    
    
    903,045
    
    
    1999
    
    40 yrs.6509 Franz Warner Parkway
    
    Rock Creek, NC
    
    
    
    
    
    
    360,494
    
    
    
    
    
    
    
    2,829,679
    
    
    
    372,494
    
    
    
    2,817,679
    
    
    
    3,190,173
    
    
    
    506,475
    
    
    2001
    
    40 yrs.38100 Ecorse Road
    
    Romulus, MI
    
    
    
    
    
    
    955,063
    
    
    
    
    
    
    
    8,900,259
    
    
    
    853,063
    
    
    
    9,002,259
    
    
    
    9,855,322
    
    
    
    1,360,828
    
    
    2000
    
    40 yrs.38000 Ecourse Road
    
    Romulus, MI
    
    
    
    
    
    
    807,660
    
    
    
    
    
    
    
    12,732,352
    
    
    
    1,053,337
    
    
    
    12,486,675
    
    
    
    13,540,012
    
    
    
    2,529,890
    
    
    2001
    
    40 yrs.6505 Cogswell Road
    
    Romulus, MI
    
    
    
    
    
    
    594,523
    
    
    
    
    
    
    
    17,282,074
    
    
    
    4,195,047
    
    
    
    13,681,551
    
    
    
    17,876,598
    
    
    
    2,078
    
    
    2005
    
    40 yrs.38100 Ecorse Road Expansion
    
    Romulus, MI
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,538,262
    
    
    
    
    
    
    
    1,538,262
    
    
    
    1,538,262
    
    
    
    28,999
    
    
    2005
    
    40 yrs.8501 East Raintree Drive
    
    Scottsdale, AZ
    
    
    
    
    
    
    4,076,412
    
    
    
    
    
    
    
    27,576,974
    
    
    
    4,115,137
    
    
    
    27,538,249
    
    
    
    31,653,386
    
    
    
    459,720
    
    
    2005
    
    40 yrs.26911-26957 Northwestern Highway
    
    Southfield, MI
    
    
    
    
    
    
    7,799,515
    
    
    
    66,268,817
    
    
    
    8,771,128
    
    
    
    7,799,515
    
    
    
    75,039,945
    
    
    
    82,839,460
    
    
    
    18,643,965
    
    
    1985
    
    40 yrs.6950 Harbor View Blvd
    
    Suffolk, VA
    
    
    
    
    
    
    929,844
    
    
    
    
    
    
    
    6,197,285
    
    
    
    794,848
    
    
    
    6,332,282
    
    
    
    7,127,129
    
    
    
    96,284
    
    
    2004
    
    40 yrs.13650 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    558,223
    
    
    
    2,171,930
    
    
    
    99,234
    
    
    
    558,251
    
    
    
    2,271,136
    
    
    
    2,829,387
    
    
    
    624,170
    
    
    1991
    
    40 yrs.13630 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    659,797
    
    
    
    2,596,275
    
    
    
    772,671
    
    
    
    659,825
    
    
    
    3,368,917
    
    
    
    4,028,742
    
    
    
    883,443
    
    
    1991
    
    40 yrs.1301 International Parkway
    
    Sunrise, FL
    
    
    
    
    
    
    5,100,162
    
    
    
    24,219,956
    
    
    
    1,264,535
    
    
    
    5,100,791
    
    
    
    25,483,861
    
    
    
    30,584,653
    
    
    
    
    
    
    2006
    
    40 yrs.5501-5519 Pioneer Park Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    162,000
    
    
    
    1,613,000
    
    
    
    637,115
    
    
    
    262,416
    
    
    
    2,149,700
    
    
    
    2,412,115
    
    
    
    605,615
    
    
    1981
    
    40 yrs.5690-5694 Crenshaw Street
    
    Tampa, FL
    
    
    
    
    
    
    181,923
    
    
    
    1,812,496
    
    
    
    217,470
    
    
    
    181,923
    
    
    
    2,029,967
    
    
    
    2,211,890
    
    
    
    598,290
    
    
    1979
    
    40 yrs.3102,3104,3110 Cherry Palm Drive
    
    Tampa, FL
    
    
    
    
    
    
    503,767
    
    
    
    2,787,585
    
    
    
    1,948,416
    
    
    
    982,207
    
    
    
    4,257,561
    
    
    
    5,239,768
    
    
    
    1,234,238
    
    
    1986
    
    40 yrs.8401-8408 Benjamin Road
    
    Tampa, FL
    
    
    
    
    
    
    789,651
    
    
    
    4,454,648
    
    
    
    1,974,397
    
    
    
    769,789
    
    
    
    6,448,907
    
    
    
    7,218,696
    
    
    
    2,203,217
    
    
    1986
    
    40 yrs.3501 Riga Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    617,289
    
    
    
    3,048,379
    
    
    
    454,271
    
    
    
    617,289
    
    
    
    3,502,650
    
    
    
    4,119,939
    
    
    
    1,026,027
    
    
    1987
    
    40 yrs.111 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    359,540
    
    
    
    1,461,850
    
    
    
    934,298
    
    
    
    359,540
    
    
    
    2,396,148
    
    
    
    2,755,688
    
    
    
    729,735
    
    
    1990
    
    40 yrs.7930, 8010-20 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    1,408,478
    
    
    
    5,247,246
    
    
    
    911,481
    
    
    
    1,408,478
    
    
    
    6,158,727
    
    
    
    7,567,205
    
    
    
    1,671,637
    
    
    1990
    
    40 yrs.7920 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    1,382,648
    
    
    
    2,445,444
    
    
    
    (276,436
    )
    
    
    1,082,648
    
    
    
    2,469,008
    
    
    
    3,551,656
    
    
    
    607,836
    
    
    1997
    
    40 yrs.8154-8198 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    399,088
    
    
    
    2,868,834
    
    
    
    441,572
    
    
    
    399,088
    
    
    
    3,310,406
    
    
    
    3,709,494
    
    
    
    967,807
    
    
    1988
    
    40 yrs.8112-42 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    513,263
    
    
    
    3,230,239
    
    
    
    662,940
    
    
    
    513,263
    
    
    
    3,893,180
    
    
    
    4,406,442
    
    
    
    889,518
    
    
    1995
    
    40 yrs.8212 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    820,882
    
    
    
    2,322,720
    
    
    
    14,210
    
    
    
    820,882
    
    
    
    2,336,931
    
    
    
    3,157,813
    
    
    
    563,816
    
    
    1996
    
    40 yrs.131 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    511,463
    
    
    
    
    
    
    
    4,455,291
    
    
    
    559,527
    
    
    
    4,407,227
    
    
    
    4,966,754
    
    
    
    1,699,463
    
    
    1985
    
    40 yrs.7724 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    235,893
    
    
    
    
    
    
    
    2,285,235
    
    
    
    235,894
    
    
    
    2,285,234
    
    
    
    2,521,128
    
    
    
    611,383
    
    
    1998
    
    40 yrs.7802-50 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,711,761
    
    
    
    506,949
    
    
    
    2,562,177
    
    
    
    3,069,125
    
    
    
    1,019,925
    
    
    1999
    
    40 yrs.7852-98 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,708,532
    
    
    
    506,949
    
    
    
    2,558,947
    
    
    
    3,065,896
    
    
    
    965,711
    
    
    1999
    
    40 yrs.8921 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    224,369
    
    
    
    1,063,882
    
    
    
    965,576
    
    
    
    254,493
    
    
    
    1,999,334
    
    
    
    2,253,827
    
    
    
    446,634
    
    
    1998
    
    40 yrs.5250 Eagle Trail Drive
    
    Tampa, FL
    
    
    
    
    
    
    952,860
    
    
    
    
    
    
    
    3,581,057
    
    
    
    952,860
    
    
    
    3,581,057
    
    
    
    4,533,916
    
    
    
    739,406
    
    
    1998
    
    40 yrs.7725 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    553,335
    
    
    
    
    
    
    
    3,351,584
    
    
    
    771,501
    
    
    
    3,133,418
    
    
    
    3,904,919
    
    
    
    637,170
    
    
    1999
    
    40 yrs.8001 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    350,406
    
    
    
    
    
    
    
    2,488,771
    
    
    
    438,061
    
    
    
    2,401,117
    
    
    
    2,839,178
    
    
    
    517,144
    
    
    1999
    
    40 yrs.4630 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    943,169
    
    
    
    
    
    
    
    12,592,708
    
    
    
    1,560,099
    
    
    
    11,975,778
    
    
    
    13,535,877
    
    
    
    2,279,782
    
    
    2000
    
    40 yrs.701-725 South US Hwy 301
    
    Tampa, FL
    
    
    
    
    
    
    419,683
    
    
    
    
    
    
    
    3,817,508
    
    
    
    661,680
    
    
    
    3,575,511
    
    
    
    4,237,191
    
    
    
    1,130,146
    
    
    2000
    
    40 yrs.4502 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,005,900
    
    
    
    1,071,535
    
    
    
    2,934,365
    
    
    
    4,005,900
    
    
    
    528,300
    
    
    1999
    
    40 yrs.9001-9015 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    209,841
    
    
    
    
    
    
    
    1,575,906
    
    
    
    364,514
    
    
    
    1,421,234
    
    
    
    1,785,748
    
    
    
    334,370
    
    
    2000
    
    40 yrs.4508 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    498,598
    
    
    
    
    
    
    
    3,057,752
    
    
    
    556,887
    
    
    
    2,999,463
    
    
    
    3,556,350
    
    
    
    573,747
    
    
    2000
    
    40 yrs.7622 Bald Cypress Place
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,305,584
    
    
    
    300,000
    
    
    
    1,005,584
    
    
    
    1,305,584
    
    
    
    171,340
    
    
    2000
    
    40 yrs.901-933 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    500,391
    
    
    
    
    
    
    
    4,032,028
    
    
    
    840,314
    
    
    
    3,692,105
    
    
    
    4,532,419
    
    
    
    978,648
    
    
    2001
    
    40 yrs.4503 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,454,328
    
    
    
    619,913
    
    
    
    2,834,415
    
    
    
    3,454,328
    
    
    
    414,660
    
    
    2002
    
    40 yrs.4505 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,110,391
    
    
    
    716,594
    
    
    
    2,393,797
    
    
    
    3,110,391
    
    
    
    528,279
    
    
    2002
    
    40 yrs.4511 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,840,466
    
    
    
    686,594
    
    
    
    2,153,872
    
    
    
    2,840,466
    
    
    
    386,162
    
    
    2002
    
    40 yrs.7621 Bald Cypress Place (Bldg N)
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,482,613
    
    
    
    447,498
    
    
    
    1,035,115
    
    
    
    1,482,613
    
    
    
    121,194
    
    
    2001
    
    40 yrs.4520 Seedling Circle
    
    Tampa, FL
    
    
    
    
    
    
    854,797
    
    
    
    42,131
    
    
    
    2,721,233
    
    
    
    854,797
    
    
    
    2,763,364
    
    
    
    3,618,161
    
    
    
    185,881
    
    
    2003
    
    40 yrs.501 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    898,884
    
    
    
    
    
    
    
    3,499,853
    
    
    
    900,508
    
    
    
    3,498,229
    
    
    
    4,398,737
    
    
    
    261,909
    
    
    2004
    
    40 yrs.9002-9036 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    492,320
    
    
    
    
    
    
    
    3,964,055
    
    
    
    899,284
    
    
    
    3,557,092
    
    
    
    4,456,375
    
    
    
    343,327
    
    
    2004
    
    40 yrs.8900-34 Brittany Was
    
    Tampa, FL
    
    
    
    
    
    
    537,194
    
    
    
    
    
    
    
    4,248,195
    
    
    
    978,019
    
    
    
    3,807,371
    
    
    
    4,785,389
    
    
    
    14,913
    
    
    2005
    
    40 yrs.200-34 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    330,097
    
    
    
    
    
    
    
    3,623,009
    
    
    
    933,362
    
    
    
    3,019,744
    
    
    
    3,953,106
    
    
    
    90,303
    
    
    2005
    
    40 yrs.8725 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    3,171,906
    
    
    
    19,126,156
    
    
    
    (3,957
    )
    
    
    3,167,787
    
    
    
    19,126,318
    
    
    
    22,294,105
    
    
    
    162,502
    
    
    2006
    
    40 yrs.8735 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    3,170,247
    
    
    
    18,749,873
    
    
    
    (18,416
    )
    
    
    3,166,130
    
    
    
    18,735,573
    
    
    
    21,901,703
    
    
    
    160,241
    
    
    2006
    
    40 yrs.8705 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    4,309,467
    
    
    
    23,688,189
    
    
    
    21,765
    
    
    
    4,303,870
    
    
    
    23,715,550
    
    
    
    28,019,421
    
    
    
    299,401
    
    
    2006
    
    40 yrs.8715 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    3,348,258
    
    
    
    18,325,427
    
    
    
    (4,177
    )
    
    
    3,343,910
    
    
    
    18,325,599
    
    
    
    21,669,509
    
    
    
    133,957
    
    
    2006
    
    40 yrs.8745 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    2,053,105
    
    
    
    11,158,441
    
    
    
    11,901
    
    
    
    2,050,439
    
    
    
    11,173,008
    
    
    
    13,223,447
    
    
    
    95,859
    
    
    2006
    
    40 yrs.7851-7861 Woodland Center Blvd
    
    Tampa, FL
    
    
    
    
    
    
    549,043
    
    
    
    2,242,204
    
    
    
    95,559
    
    
    
    548,905
    
    
    
    2,337,901
    
    
    
    2,886,806
    
    
    
    17,050
    
    
    2006
    
    40 yrs.1650 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    763,067
    
    
    
    7,201,677
    
    
    
    1,328,964
    
    
    
    763,067
    
    
    
    8,530,641
    
    
    
    9,293,708
    
    
    
    1,885,343
    
    
    1985
    
    40 yrs.1775 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    331,422
    
    
    
    2,788,073
    
    
    
    648,020
    
    
    
    331,422
    
    
    
    3,436,093
    
    
    
    3,767,515
    
    
    
    789,861
    
    
    1985
    
    40 yrs.1875 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    329,863
    
    
    
    2,774,006
    
    
    
    378,366
    
    
    
    329,863
    
    
    
    3,152,372
    
    
    
    3,482,235
    
    
    
    747,631
    
    
    1986
    
    40 yrs.1850 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    781,054
    
    
    
    7,364,300
    
    
    
    2,083,387
    
    
    
    781,054
    
    
    
    9,447,687
    
    
    
    10,228,741
    
    
    
    2,340,733
    
    
    1986
    
    40 yrs.1965 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    419,090
    
    
    
    3,578,928
    
    
    
    346,058
    
    
    
    419,090
    
    
    
    3,924,986
    
    
    
    4,344,077
    
    
    
    1,054,465
    
    
    1987
    
    40 yrs.1960 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    419,146
    
    
    
    3,579,166
    
    
    
    635,418
    
    
    
    419,146
    
    
    
    4,214,584
    
    
    
    4,633,730
    
    
    
    1,115,137
    
    
    1987
    
    40 yrs.1101 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    98,144
    
    
    
    887,935
    
    
    
    326,837
    
    
    
    98,148
    
    
    
    1,214,768
    
    
    
    1,312,916
    
    
    
    450,766
    
    
    1974
    
    40 yrs.




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    Gross Amount Carried at End Period
    
    Accumulated
    
    Construction
    
    DepreciableInitial Cost
    
    to
    
    Land and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    Acquisition
    
    Improvements
    
    Improvements
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (Years)OPERATING PROPERTIES1151 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    164,483
    
    
    
    1,486,220
    
    
    
    438,250
    
    
    
    164,486
    
    
    
    1,924,467
    
    
    
    2,088,953
    
    
    
    529,177
    
    
    1974
    
    40 yrs.1300 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,090
    
    
    
    1,212,752
    
    
    
    498,931
    
    
    
    134,094
    
    
    
    1,711,679
    
    
    
    1,845,773
    
    
    
    632,783
    
    
    1979
    
    40 yrs.1350 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    111,776
    
    
    
    1,011,497
    
    
    
    168,477
    
    
    
    111,779
    
    
    
    1,179,971
    
    
    
    1,291,750
    
    
    
    298,176
    
    
    1979
    
    40 yrs.1376-1400 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,292
    
    
    
    1,213,626
    
    
    
    313,374
    
    
    
    134,296
    
    
    
    1,526,996
    
    
    
    1,661,292
    
    
    
    384,503
    
    
    1979
    
    40 yrs.1352-1374 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    153,275
    
    
    
    1,385,098
    
    
    
    336,226
    
    
    
    153,279
    
    
    
    1,721,321
    
    
    
    1,874,599
    
    
    
    463,034
    
    
    1979
    
    40 yrs.1324-1346 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,090
    
    
    
    1,212,214
    
    
    
    161,394
    
    
    
    134,094
    
    
    
    1,373,604
    
    
    
    1,507,698
    
    
    
    313,707
    
    
    1979
    
    40 yrs.1301-1307 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    111,776
    
    
    
    1,011,121
    
    
    
    183,667
    
    
    
    111,779
    
    
    
    1,194,785
    
    
    
    1,306,564
    
    
    
    284,538
    
    
    1978
    
    40 yrs.1409 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    142,370
    
    
    
    1,286,048
    
    
    
    430,773
    
    
    
    142,374
    
    
    
    1,716,818
    
    
    
    1,859,191
    
    
    
    479,131
    
    
    1978
    
    40 yrs.1334 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    124,296
    
    
    
    1,122,802
    
    
    
    54,070
    
    
    
    124,300
    
    
    
    1,176,868
    
    
    
    1,301,168
    
    
    
    275,534
    
    
    1983
    
    40 yrs.1290 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    85,321
    
    
    
    771,621
    
    
    
    223,628
    
    
    
    85,325
    
    
    
    995,245
    
    
    
    1,080,570
    
    
    
    231,123
    
    
    1984
    
    40 yrs.1070 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    68,560
    
    
    
    620,595
    
    
    
    106,856
    
    
    
    68,563
    
    
    
    727,447
    
    
    
    796,011
    
    
    
    189,305
    
    
    1982
    
    40 yrs.950 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    252,429
    
    
    
    2,265,259
    
    
    
    181,631
    
    
    
    252,433
    
    
    
    2,446,886
    
    
    
    2,699,319
    
    
    
    596,700
    
    
    1982
    
    40 yrs.894 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    181,749
    
    
    
    1,632,243
    
    
    
    763,375
    
    
    
    181,753
    
    
    
    2,395,615
    
    
    
    2,577,367
    
    
    
    698,188
    
    
    1986
    
    40 yrs.1311-1331 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    125,407
    
    
    
    1,132,810
    
    
    
    204,037
    
    
    
    125,410
    
    
    
    1,336,843
    
    
    
    1,462,254
    
    
    
    421,557
    
    
    1986
    
    40 yrs.2354 Bellingham Street
    
    Troy, MI
    
    
    
    
    
    
    87,340
    
    
    
    789,817
    
    
    
    19,928
    
    
    
    87,344
    
    
    
    809,741
    
    
    
    897,085
    
    
    
    191,097
    
    
    1990
    
    40 yrs.2360 Bellingham Street
    
    Troy, MI
    
    
    
    
    
    
    87,340
    
    
    
    789,817
    
    
    
    58,250
    
    
    
    87,344
    
    
    
    848,063
    
    
    
    935,407
    
    
    
    194,192
    
    
    1985
    
    40 yrs.1600-1630 East Big Beaver Road
    
    Troy, MI
    
    
    
    
    
    
    1,454,406
    
    
    
    2,952,884
    
    
    
    53,694
    
    
    
    1,458,737
    
    
    
    3,002,247
    
    
    
    4,460,984
    
    
    
    537,518
    
    
    1982
    
    40 yrs.2600 Bellingham Drive
    
    Troy, MI
    
    
    
    
    
    
    1,796,869
    
    
    
    
    
    
    
    4,095,318
    
    
    
    1,938,746
    
    
    
    3,953,441
    
    
    
    5,892,187
    
    
    
    1,107,377
    
    
    2002
    
    40 yrs.2710 Bellingham Drive
    
    Troy, MI
    
    
    
    
    
    
    1,796,869
    
    
    
    
    
    
    
    4,721,835
    
    
    
    1,938,746
    
    
    
    4,579,958
    
    
    
    6,518,704
    
    
    
    1,253,476
    
    
    2002
    
    40 yrs.3432 Holland Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    173,527
    
    
    
    790,515
    
    
    
    2,462
    
    
    
    173,527
    
    
    
    792,977
    
    
    
    966,504
    
    
    
    234,111
    
    
    1989
    
    40 yrs.2809 South Lynnhaven Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    953,590
    
    
    
    6,142,742
    
    
    
    1,100,609
    
    
    
    953,590
    
    
    
    7,243,352
    
    
    
    8,196,941
    
    
    
    1,822,981
    
    
    1987
    
    40 yrs.200 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    
    
    
    1,116,693
    
    
    
    6,770,480
    
    
    
    1,126,390
    
    
    
    1,116,693
    
    
    
    7,896,870
    
    
    
    9,013,562
    
    
    
    2,005,654
    
    
    1988
    
    40 yrs.208 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    
    
    
    965,177
    
    
    
    6,728,717
    
    
    
    1,129,993
    
    
    
    965,177
    
    
    
    7,858,710
    
    
    
    8,823,888
    
    
    
    2,052,497
    
    
    1989
    
    40 yrs.484 Viking Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    891,753
    
    
    
    3,607,890
    
    
    
    553,685
    
    
    
    891,753
    
    
    
    4,161,575
    
    
    
    5,053,327
    
    
    
    1,028,787
    
    
    1987
    
    40 yrs.629 Phoenix Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    371,694
    
    
    
    2,108,097
    
    
    
    243,169
    
    
    
    371,694
    
    
    
    2,351,266
    
    
    
    2,722,960
    
    
    
    559,043
    
    
    1996
    
    40 yrs.5700 Cleveland Street
    
    Virginia Beach, VA
    
    
    
    
    
    
    700,112
    
    
    
    9,592,721
    
    
    
    1,917,901
    
    
    
    700,564
    
    
    
    11,510,169
    
    
    
    12,210,734
    
    
    
    3,008,461
    
    
    1989
    
    40 yrs.1457 Miller Store Road
    
    Virginia Beach, VA
    
    
    1,587,598
    
    
    
    473,689
    
    
    
    2,663,045
    
    
    
    603,352
    
    
    
    474,746
    
    
    
    3,265,341
    
    
    
    3,740,086
    
    
    
    285,752
    
    
    2003
    
    40 yrs.11020 West Plank Court
    
    Wauwatosa, WI
    
    
    
    
    
    
    464,246
    
    
    
    3,230,511
    
    
    
    (519,943
    )
    
    
    464,246
    
    
    
    2,710,568
    
    
    
    3,174,814
    
    
    
    533,083
    
    
    1985
    
    40 yrs.825 Duportail Road
    
    Wayne, PA
    
    
    
    
    
    
    5,536,619
    
    
    
    16,179,213
    
    
    
    1,061,808
    
    
    
    5,539,281
    
    
    
    17,238,360
    
    
    
    22,777,641
    
    
    
    2,848,284
    
    
    1979
    
    40 yrs.1500 Liberty Ridge
    
    Wayne, PA
    
    
    
    
    
    
    8,287,555
    
    
    
    
    
    
    
    31,280,987
    
    
    
    11,636,499
    
    
    
    27,932,043
    
    
    
    39,568,542
    
    
    
    4,177,639
    
    
    2002
    
    40 yrs.1200 Liberty Ridge Drive
    
    Wayne, PA
    
    
    
    
    
    
    6,215,667
    
    
    
    
    
    
    
    8,829,577
    
    
    
    5,223,660
    
    
    
    9,821,584
    
    
    
    15,045,244
    
    
    
    2,393,281
    
    
    2001
    
    40 yrs.11300-90 West Theodore Trecker Way
    
    West Allis, WI
    
    
    *
    
    
    
    500,565
    
    
    
    1,591,678
    
    
    
    630,627
    
    
    
    505,972
    
    
    
    2,216,897
    
    
    
    2,722,870
    
    
    
    48,651
    
    
    2005
    
    40 yrs.11548 West Theodore Trecker Way
    
    West Allis, WI
    
    
    *
    
    
    
    660,068
    
    
    
    4,640,578
    
    
    
    44,656
    
    
    
    663,766
    
    
    
    4,681,537
    
    
    
    5,345,302
    
    
    
    181,960
    
    
    2005
    
    40 yrs.11420 West Theodore Trecker Way
    
    West Allis, WI
    
    
    
    
    
    
    348,146
    
    
    
    2,057,483
    
    
    
    27,202
    
    
    
    350,008
    
    
    
    2,082,824
    
    
    
    2,432,831
    
    
    
    80,727
    
    
    2005
    
    40 yrs.400-500 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    845,846
    
    
    
    6,809,025
    
    
    
    453,832
    
    
    
    845,846
    
    
    
    7,262,857
    
    
    
    8,108,703
    
    
    
    1,742,042
    
    
    1988
    
    40 yrs.600 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    664,899
    
    
    
    5,352,410
    
    
    
    842,826
    
    
    
    664,899
    
    
    
    6,195,236
    
    
    
    6,860,135
    
    
    
    1,575,945
    
    
    1988
    
    40 yrs.905 Airport Road
    
    West Chester, PA
    
    
    
    
    
    
    1,715,000
    
    
    
    5,185,000
    
    
    
    1,429,527
    
    
    
    1,735,012
    
    
    
    6,594,515
    
    
    
    8,329,527
    
    
    
    2,301,424
    
    
    1988
    
    40 yrs.Liberty Square Retail Blocks
    
    West Malling, UK
    
    
    
    
    
    
    559,590
    
    
    
    5,113,902
    
    
    
    5,761,846
    
    
    
    1,408,957
    
    
    
    10,026,381
    
    
    
    11,435,338
    
    
    
    346,459
    
    
    2006
    
    40 yrs.3612 La Grange Parkway
    
    Williamsburg, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,687,985
    
    
    
    887,234
    
    
    
    4,800,752
    
    
    
    5,687,985
    
    
    
    284,122
    
    
    2003
    
    40 yrs.7805 Hudson Road
    
    Woodbury, MN
    
    
    
    
    
    
    1,279,834
    
    
    
    
    
    
    
    10,337,053
    
    
    
    1,385,739
    
    
    
    10,231,149
    
    
    
    11,616,887
    
    
    
    1,940,761
    
    
    2002
    
    40 yrs.Subtotal Operating Real Estate
    
    
    
    $
    92,401,473
    
    
    $
    618,631,316
    
    
    $
    1,812,183,416
    
    
    $
    2,061,697,505
    
    
    $
    678,074,971
    
    
    $
    3,814,437,267
    
    
    $
    4,492,512,238
    
    
    $
    806,308,940




---



##### Table of Contents



LIBERTY
PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalizedSubsequent
    
    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
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (years)DEVELOPMENT PROPERTIES8400 Industrial Boulevard
    
    Allentown, PA
    
    $
    
    
    
    $
    6,883,389
    
    
    $
    
    
    
    $
    25,444,359
    
    
    $
    
    
    
    $
    32,327,747
    
    
    $
    32,327,747
    
    
    $
    
    
    
    2005
    
    N/A3500 High Point Boulevard
    
    Bethlehem, PA
    
    
    
    
    
    
    289,529
    
    
    
    
    
    
    
    2,143,128
    
    
    
    
    
    
    
    2,432,657
    
    
    
    2,432,657
    
    
    
    
    
    
    2006
    
    N/A3450 High Point Boulevard
    
    Bethlehem, PA
    
    
    
    
    
    
    303,197
    
    
    
    
    
    
    
    1,897,360
    
    
    
    
    
    
    
    2,200,557
    
    
    
    2,200,557
    
    
    
    
    
    
    2006
    
    N/A5705 Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,113,223
    
    
    
    
    
    
    
    1,409,514
    
    
    
    
    
    
    
    3,522,737
    
    
    
    3,522,737
    
    
    
    
    
    
    2001
    
    N/A8201 Industrial Boulevard
    
    Breinigsville, PA
    
    
    
    
    
    
    2,138,635
    
    
    
    
    
    
    
    887,619
    
    
    
    
    
    
    
    3,026,254
    
    
    
    3,026,254
    
    
    
    
    
    
    2006
    
    N/A6220 Old Dobbin Lane
    
    Columbis, MD
    
    
    
    
    
    
    3,865,848
    
    
    
    
    
    
    
    3,117,313
    
    
    
    
    
    
    
    6,983,161
    
    
    
    6,983,161
    
    
    
    
    
    
    2006
    
    N/A7625 Smetana Lane
    
    Eden Prairie, MN
    
    
    
    
    
    
    4,500,641
    
    
    
    
    
    
    
    1,416,645
    
    
    
    
    
    
    
    5,917,287
    
    
    
    5,917,287
    
    
    
    
    
    
    2006
    
    N/A7351 Coca Cola Drive
    
    Elkridge, MD
    
    
    
    
    
    
    1,897,044
    
    
    
    
    
    
    
    4,722,406
    
    
    
    
    
    
    
    6,619,450
    
    
    
    6,619,450
    
    
    
    
    
    
    2006
    
    N/A1100 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    22,612,437
    
    
    
    
    
    
    
    18,251,084
    
    
    
    
    
    
    
    40,863,521
    
    
    
    40,863,521
    
    
    
    
    
    
    2006
    
    N/A7 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    932,484
    
    
    
    
    
    
    
    4,353,296
    
    
    
    
    
    
    
    5,285,780
    
    
    
    5,285,780
    
    
    
    
    
    
    2006
    
    N/A45 Brookfield Oaks Drive
    
    Greenville, SC
    
    
    
    
    
    
    818,114
    
    
    
    
    
    
    
    3,151,403
    
    
    
    
    
    
    
    3,969,517
    
    
    
    3,969,517
    
    
    
    
    
    
    2006
    
    N/A116 Pleasant Ridge Road
    
    Greenville, SC
    
    
    
    
    
    
    1,547,811
    
    
    
    
    
    
    
    2,740,234
    
    
    
    
    
    
    
    4,288,045
    
    
    
    4,288,045
    
    
    
    
    
    
    2006
    
    N/A1317 Executive Boulevard
    
    Hampton, VA
    
    
    
    
    
    
    1,650,423
    
    
    
    
    
    
    
    5,221,412
    
    
    
    
    
    
    
    6,871,836
    
    
    
    6,871,836
    
    
    
    
    
    
    2006
    
    N/A600 Industrial Drive
    
    Harrisburg, PA
    
    
    
    
    
    
    7,743,800
    
    
    
    
    
    
    
    24,665,626
    
    
    
    
    
    
    
    32,409,426
    
    
    
    32,409,426
    
    
    
    
    
    
    2005
    
    N/A1498 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    94,274
    
    
    
    
    
    
    
    5,688,012
    
    
    
    
    
    
    
    5,782,285
    
    
    
    5,782,285
    
    
    
    
    
    
    2005
    
    N/A4475 Premier Drive
    
    High Point, NC
    
    
    
    
    
    
    748,693
    
    
    
    
    
    
    
    3,600,826
    
    
    
    
    
    
    
    4,349,519
    
    
    
    4,349,519
    
    
    
    
    
    
    2006
    
    N/A7 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    2,631,696
    
    
    
    
    
    
    
    9,130,339
    
    
    
    
    
    
    
    11,762,035
    
    
    
    11,762,035
    
    
    
    
    
    
    2006
    
    N/A1646 Rankin Road
    
    Houston, TX
    
    
    
    
    
    
    329,961
    
    
    
    
    
    
    
    4,049,825
    
    
    
    
    
    
    
    4,379,785
    
    
    
    4,379,785
    
    
    
    
    
    
    2005
    
    N/A330 Fellowship Road
    
    Mount Laurel, NJ
    
    
    
    
    
    
    3,730,570
    
    
    
    
    
    
    
    3,786,447
    
    
    
    
    
    
    
    7,517,017
    
    
    
    7,517,017
    
    
    
    
    
    
    2006
    
    N/A6923 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    2,132,401
    
    
    
    
    
    
    
    3,036,102
    
    
    
    3,036,102
    
    
    
    
    
    
    2006
    
    N/A851 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    267,313
    
    
    
    
    
    
    
    305,523
    
    
    
    
    
    
    
    572,836
    
    
    
    572,836
    
    
    
    
    
    
    2006
    
    N/A950 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    356,418
    
    
    
    
    
    
    
    269,750
    
    
    
    
    
    
    
    626,167
    
    
    
    626,167
    
    
    
    
    
    
    2006
    
    N/A1000 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    333,873
    
    
    
    
    
    
    
    269,171
    
    
    
    
    
    
    
    603,044
    
    
    
    603,044
    
    
    
    
    
    
    2006
    
    N/A17th & JFK Tower
    
    Philadelphia, PA
    
    
    
    
    
    
    22,430,038
    
    
    
    
    
    
    
    236,315,665
    
    
    
    
    
    
    
    258,745,703
    
    
    
    258,745,703
    
    
    
    
    
    
    2005
    
    N/A3900 Westerre Parkway
    
    Richmond, VA
    
    
    
    
    
    
    392,184
    
    
    
    
    
    
    
    10,177,825
    
    
    
    
    
    
    
    10,570,009
    
    
    
    10,570,009
    
    
    
    
    
    
    2005
    
    N/ARenaissance Blvd & Hwy 20
    
    Sturtevant, WI
    
    
    
    
    
    
    2,484,450
    
    
    
    
    
    
    
    8,512,026
    
    
    
    
    
    
    
    10,996,476
    
    
    
    10,996,476
    
    
    
    
    
    
    2006
    
    N/ABridgeway III Land
    
    Suffolk, VA
    
    
    
    
    
    
    904,052
    
    
    
    
    
    
    
    6,717,091
    
    
    
    
    
    
    
    7,621,143
    
    
    
    7,621,143
    
    
    
    
    
    
    2006
    
    N/A910-926 Chad Lane
    
    Tampa, FL
    
    
    
    
    
    
    201,771
    
    
    
    
    
    
    
    1,986,093
    
    
    
    
    
    
    
    2,187,864
    
    
    
    2,187,864
    
    
    
    
    
    
    2006
    
    N/A150-182 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    403,541
    
    
    
    
    
    
    
    3,211,780
    
    
    
    
    
    
    
    3,615,322
    
    
    
    3,615,322
    
    
    
    
    
    
    2006
    
    N/A3701 Corporate Parkway
    
    Upper Saucon, PA
    
    
    
    
    
    
    1,078,674
    
    
    
    
    
    
    
    8,445,567
    
    
    
    
    
    
    
    9,524,241
    
    
    
    9,524,241
    
    
    
    
    
    
    2005
    
    N/A42 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    19,876,271
    
    
    
    
    
    
    
    19,876,271
    
    
    
    19,876,271
    
    
    
    
    
    
    2005
    
    N/A1 Kings Hill Aveune
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,746,898
    
    
    
    
    
    
    
    5,746,898
    
    
    
    5,746,898
    
    
    
    
    
    
    2006
    
    N/A777 Township Line Road
    
    Yardley, PA
    
    
    
    
    
    
    3,436,013
    
    
    
    
    
    
    
    10,636,157
    
    
    
    
    
    
    
    14,072,170
    
    
    
    14,072,170
    
    
    
    
    
    
    2005
    
    N/ASubtotal Development in
Progress
    
    
    
    $
    
    
    
    $
    98,023,798
    
    
    $
    
    
    
    $
    440,279,067
    
    
    $
    
    
    
    $
    538,302,864
    
    
    $
    538,302,864
    
    
    $
    




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalizedSubsequent
    
    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
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (years)LAND HELD FOR DEVELOPMENTPerryman Road Land
    
    Aberdeen, MD
    
    $
    
    
    
    $
    12,046,811
    
    
    $
    
    
    
    $
    91,099
    
    
    $
    12,137,910
    
    
    $
    
    
    
    $
    12,137,910
    
    
    $
    
    
    
    2005
    
    N/ALVCC Phase 2 Land
    
    Bethlehem, PA
    
    
    
    
    
    
    3,148,780
    
    
    
    
    
    
    
    1,117,583
    
    
    
    4,266,363
    
    
    
    
    
    
    
    4,266,363
    
    
    
    
    
    
    1998
    
    N/ALehigh Valley Corporate Center Land
    
    Bethlehem, PA
    
    
    
    
    
    
    265,842
    
    
    
    
    
    
    
    
    
    
    
    265,842
    
    
    
    
    
    
    
    265,842
    
    
    
    
    
    
    1987
    
    N/ABoca Colannade Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    3,649,792
    
    
    
    
    
    
    
    1,103,719
    
    
    
    4,753,511
    
    
    
    
    
    
    
    4,753,511
    
    
    
    
    
    
    1998
    
    N/A95 Kriner Road
    
    Chambersburg, PA
    
    
    
    
    
    
    8,662,788
    
    
    
    
    
    
    
    7,761,134
    
    
    
    16,423,922
    
    
    
    
    
    
    
    16,423,922
    
    
    
    
    
    
    2006
    
    N/ABattlefield Corp Ctr, Parcel 14
    
    Chesapeake, VA
    
    
    
    
    
    
    1,532,779
    
    
    
    
    
    
    
    6,634
    
    
    
    1,539,413
    
    
    
    
    
    
    
    1,539,413
    
    
    
    
    
    
    2006
    
    N/ARivers Bend Land
    
    Chesterfield, VA
    
    
    
    
    
    
    1,695,415
    
    
    
    
    
    
    
    3,060,359
    
    
    
    4,755,773
    
    
    
    
    
    
    
    4,755,773
    
    
    
    
    
    
    1995
    
    N/A501 Hewlett Packard Way
    
    Chesterfield, VA
    
    
    
    
    
    
    165,042
    
    
    
    
    
    
    
    484,965
    
    
    
    650,007
    
    
    
    
    
    
    
    650,007
    
    
    
    
    
    
    1996
    
    N/APleasant Ridge Road Land
    
    Greensboro, NC
    
    
    
    
    
    
    828,289
    
    
    
    
    
    
    
    
    
    
    
    828,289
    
    
    
    
    
    
    
    828,289
    
    
    
    
    
    
    2006
    
    N/ASouthchase Business Park Land
    
    Greenville, SC
    
    
    
    
    
    
    1,369,712
    
    
    
    
    
    
    
    688,157
    
    
    
    2,057,869
    
    
    
    
    
    
    
    2,057,869
    
    
    
    
    
    
    1998
    
    N/AHunters Green Land
    
    Hagerstown, MD
    
    
    
    
    
    
    8,942,141
    
    
    
    
    
    
    
    246,486
    
    
    
    9,188,627
    
    
    
    
    
    
    
    9,188,627
    
    
    
    
    
    
    2006
    
    N/ALakefront Plaza II Land
    
    Hampton, VA
    
    
    157,601
    
    
    
    132,785
    
    
    
    
    
    
    
    92,936
    
    
    
    225,721
    
    
    
    
    
    
    
    225,721
    
    
    
    
    
    
    2001
    
    N/APatapsco Valley Business Center
    
    Hanover, MD
    
    
    
    
    
    
    2,402,322
    
    
    
    
    
    
    
    1,118,795
    
    
    
    3,521,117
    
    
    
    
    
    
    
    3,521,117
    
    
    
    
    
    
    2004
    
    N/AMendenhall Land
    
    High Point, NC
    
    
    
    
    
    
    1,910,135
    
    
    
    
    
    
    
    5,028,104
    
    
    
    6,938,239
    
    
    
    
    
    
    
    6,938,239
    
    
    
    
    
    
    1995
    
    N/APiedmond Centre Land
    
    High Point, NC
    
    
    
    
    
    
    866,380
    
    
    
    
    
    
    
    526,614
    
    
    
    1,392,994
    
    
    
    
    
    
    
    1,392,994
    
    
    
    
    
    
    2006
    
    N/AHorsham Business Center Land
    
    Horsham, PA
    
    
    
    
    
    
    80,800
    
    
    
    
    
    
    
    455
    
    
    
    81,255
    
    
    
    
    
    
    
    81,255
    
    
    
    
    
    
    2005
    
    N/ACommonwealth Corporate Center Land
    
    Horsham, PA
    
    
    
    
    
    
    3,047,683
    
    
    
    
    
    
    
    19,263
    
    
    
    3,066,946
    
    
    
    
    
    
    
    3,066,946
    
    
    
    
    
    
    2005
    
    N/ACentral Green Land
    
    Houston, TX
    
    
    
    
    
    
    481,229
    
    
    
    
    
    
    
    10,440
    
    
    
    491,669
    
    
    
    
    
    
    
    491,669
    
    
    
    
    
    
    2001
    
    N/AFallbrrok Drive Land
    
    Houston, TX
    
    
    
    
    
    
    1,990,270
    
    
    
    
    
    
    
    15,915
    
    
    
    2,006,186
    
    
    
    
    
    
    
    2,006,186
    
    
    
    
    
    
    2006
    
    N/AWindfern Drive Land
    
    Houston, TX
    
    
    
    
    
    
    1,222,065
    
    
    
    
    
    
    
    4,317
    
    
    
    1,226,382
    
    
    
    
    
    
    
    1,226,382
    
    
    
    
    
    
    2006
    
    N/ANoxell Land
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,166,068
    
    
    
    
    
    
    
    830,242
    
    
    
    2,996,310
    
    
    
    
    
    
    
    2,996,310
    
    
    
    
    
    
    2001
    
    N/ALiberty Business Park Land
    
    Jacksonville, FL
    
    
    
    
    
    
    448,097
    
    
    
    
    
    
    
    90,019
    
    
    
    538,116
    
    
    
    
    
    
    
    538,116
    
    
    
    
    
    
    1995
    
    N/A7024 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    468,643
    
    
    
    
    
    
    
    356,309
    
    
    
    824,952
    
    
    
    
    
    
    
    824,952
    
    
    
    
    
    
    1995
    
    N/ABelfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    468,643
    
    
    
    
    
    
    
    109,850
    
    
    
    578,493
    
    
    
    
    
    
    
    578,493
    
    
    
    
    
    
    1998
    
    N/AButler Plaza Land
    
    Jacksonville, FL
    
    
    
    
    
    
    1,303,792
    
    
    
    
    
    
    
    1,706,463
    
    
    
    3,010,255
    
    
    
    
    
    
    
    3,010,255
    
    
    
    
    
    
    1998
    
    N/ASalisbury Road Land
    
    Jacksonville, FL
    
    
    
    
    
    
    880,828
    
    
    
    
    
    
    
    699,651
    
    
    
    1,580,479
    
    
    
    
    
    
    
    1,580,479
    
    
    
    
    
    
    2000
    
    N/ASkinner Land Parcel B
    
    Jacksonville, FL
    
    
    
    
    
    
    2,306,191
    
    
    
    
    
    
    
    1,102,674
    
    
    
    3,408,865
    
    
    
    
    
    
    
    3,408,865
    
    
    
    
    
    
    2005
    
    N/AKent County, UK
    
    Kent County, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,698,943
    
    
    
    7,698,943
    
    
    
    
    
    
    
    7,698,943
    
    
    
    
    
    
    2006
    
    N/ABoulders Business Center Land
    
    Lehigh, PA
    
    
    
    
    
    
    15,243,107
    
    
    
    
    
    
    
    2,660,386
    
    
    
    17,903,493
    
    
    
    
    
    
    
    17,903,493
    
    
    
    
    
    
    2004
    
    N/AMill Run Land
    
    Lehigh, PA
    
    
    
    
    
    
    2,882,221
    
    
    
    
    
    
    
    49,691
    
    
    
    2,931,911
    
    
    
    
    
    
    
    2,931,911
    
    
    
    
    
    
    2005
    
    N/ACommodore Business Park
    
    Logan, NJ
    
    
    
    
    
    
    1,458,019
    
    
    
    
    
    
    
    
    
    
    
    1,458,019
    
    
    
    
    
    
    
    1,458,019
    
    
    
    
    
    
    1995
    
    N/AQuarry Ridge Land
    
    Malvern, PA
    
    
    
    
    
    
    8,398,708
    
    
    
    
    
    
    
    1,894,356
    
    
    
    10,293,063
    
    
    
    
    
    
    
    10,293,063
    
    
    
    
    
    
    2001
    
    N/APark Place South Land
    
    Milwaukee, WI
    
    
    
    
    
    
    2,362,904
    
    
    
    
    
    
    
    1,384,531
    
    
    
    3,747,435
    
    
    
    
    
    
    
    3,747,435
    
    
    
    
    
    
    1999
    
    N/AMonarch Towne Center Land
    
    Mirarar, FL
    
    
    
    
    
    
    12,327,714
    
    
    
    
    
    
    
    
    
    
    
    12,327,714
    
    
    
    
    
    
    
    12,327,714
    
    
    
    
    
    
    2006
    
    N/ASouth 27th Street Land
    
    Oak Creek, WI
    
    
    
    
    
    
    1,594,760
    
    
    
    
    
    
    
    97,911
    
    
    
    1,692,671
    
    
    
    
    
    
    
    1,692,671
    
    
    
    
    
    
    2006
    
    N/AMaitland Summit Park Land
    
    Orlando, FL
    
    
    
    
    
    
    4,388,905
    
    
    
    
    
    
    
    33,427
    
    
    
    4,422,332
    
    
    
    
    
    
    
    4,422,332
    
    
    
    
    
    
    2005
    
    N/ABeachline Industrial Park Land
    
    Orlando, FL
    
    
    
    
    
    
    1,103,606
    
    
    
    
    
    
    
    215,454
    
    
    
    1,319,061
    
    
    
    
    
    
    
    1,319,061
    
    
    
    
    
    
    2006
    
    N/AJFK & Arch Parking Lots/Land (West)
    
    Philadelphia, PA
    
    
    
    
    
    
    4,700,222
    
    
    
    
    
    
    
    2,941,184
    
    
    
    7,641,406
    
    
    
    
    
    
    
    7,641,406
    
    
    
    
    
    
    2000
    
    N/A4775 League Island Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    396,833
    
    
    
    
    
    
    
    900,027
    
    
    
    1,296,860
    
    
    
    
    
    
    
    1,296,860
    
    
    
    
    
    
    2006
    
    N/AEastport VII
    
    Richmond, VA
    
    
    
    
    
    
    787,091
    
    
    
    
    
    
    
    844,001
    
    
    
    1,631,092
    
    
    
    
    
    
    
    1,631,092
    
    
    
    
    
    
    1997
    
    N/AEastport VIII
    
    Richmond, VA
    
    
    
    
    
    
    379,836
    
    
    
    
    
    
    
    6,187
    
    
    
    386,023
    
    
    
    
    
    
    
    386,023
    
    
    
    
    
    
    1997
    
    N/AEastport IX
    
    Richmond, VA
    
    
    
    
    
    
    209,856
    
    
    
    
    
    
    
    5,096
    
    
    
    214,952
    
    
    
    
    
    
    
    214,952
    
    
    
    
    
    
    1997
    
    N/AWesterre Land
    
    Richmond, VA
    
    
    
    
    
    
    738,090
    
    
    
    
    
    
    
    902,239
    
    
    
    1,640,329
    
    
    
    
    
    
    
    1,640,329
    
    
    
    
    
    
    2003
    
    N/ARomulus Land
    
    Romulus, MI
    
    
    
    
    
    
    788,338
    
    
    
    
    
    
    
    733,216
    
    
    
    1,521,554
    
    
    
    
    
    
    
    1,521,554
    
    
    
    
    
    
    1998
    
    N/AWoodlands Center Land
    
    Sandston, VA
    
    
    
    
    
    
    928,555
    
    
    
    
    
    
    
    290,438
    
    
    
    1,218,993
    
    
    
    
    
    
    
    1,218,993
    
    
    
    
    
    
    1996
    
    N/ANorthsight Land (LPLP)
    
    Scottsdale, AZ
    
    
    
    
    
    
    7,247,107
    
    
    
    
    
    
    
    1,130,879
    
    
    
    8,377,985
    
    
    
    
    
    
    
    8,377,985
    
    
    
    
    
    
    2005
    
    N/ABridgeway II Land
    
    Suffolk, VA
    
    
    
    
    
    
    678,039
    
    
    
    
    
    
    
    1,703,485
    
    
    
    2,381,525
    
    
    
    
    
    
    
    2,381,525
    
    
    
    
    
    
    2005
    
    N/ASuffolk Land
    
    Suffolk, VA
    
    
    
    
    
    
    2,713,494
    
    
    
    
    
    
    
    79,375
    
    
    
    2,792,869
    
    
    
    
    
    
    
    2,792,869
    
    
    
    
    
    
    2006
    
    N/A6119 W. Linebaugh Avenue
    
    Tampa, FL
    
    
    
    
    
    
    175,886
    
    
    
    
    
    
    
    22,320
    
    
    
    198,205
    
    
    
    
    
    
    
    198,205
    
    
    
    
    
    
    2000
    
    N/ATampa Triangle Land
    
    Tampa, FL
    
    
    
    
    
    
    10,448,263
    
    
    
    
    
    
    
    28,881
    
    
    
    10,477,143
    
    
    
    
    
    
    
    10,477,143
    
    
    
    
    
    
    2006
    
    N/A4631 Woodland Corporate Blvd Land
    
    Tampa, FL
    
    
    
    
    
    
    1,752,917
    
    
    
    
    
    
    
    152,856
    
    
    
    1,905,773
    
    
    
    
    
    
    
    1,905,773
    
    
    
    
    
    
    2006
    
    N/ABig Beaver Airport Land
    
    Troy, MI
    
    
    
    
    
    
    3,176,411
    
    
    
    
    
    
    
    (2,079,253
    )
    
    
    1,097,158
    
    
    
    
    
    
    
    1,097,158
    
    
    
    
    
    
    1999
    
    N/ASubtotal Land Held for Development
    
    
    
    $
    157,601
    
    
    $
    147,364,204
    
    
    $
    
    
    
    $
    47,967,813
    
    
    $
    195,332,017
    
    
    $
    
    
    
    $
    195,332,017
    
    
    $
    Total All Properties
    
    
    
    $
    92,559,074
    
    
    $
    864,019,318
    
    
    $
    1,812,183,416
    
    
    $
    2,549,944,384
    
    
    $
    873,406,988
    
    
    $
    4,352,740,132
    
    
    $
    5,226,147,119
    
    
    $
    806,308,940
 
 *
    
    Denotes property is collateralized under mortgages with American General, USG Annuity
and Life, Metropolitan Life and LaSalle Bank totaling $93.4 million. This amount is not included in the total above.




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##### Table of Contents



SCHEDULE III
 LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
(In thousands)
  Year Ended December 31,2006
    
    
    2005
    
    
    2004REAL ESTATE:Balance at beginning of year
    
    $
    4,767,968
    
    
    $
    4,417,084
    
    
    $
    4,055,515Additions
    
    
    826,213
    
    
    
    656,317
    
    
    
    409,720Disposition of property
    
    
    (368,034
    )
    
    
    (305,433
    )
    
    
    (48,151
    )Balance at end of year
    
    $
    5,226,147
    
    
    $
    4,767,968
    
    
    $
    4,417,084ACCUMULATED DEPRECIATION:Balance at beginning of year
    
    $
    732,439
    
    
    $
    678,326
    
    
    $
    572,327Depreciation expense
    
    
    124,853
    
    
    
    123,278
    
    
    
    114,199Disposition of property
    
    
    (50,983
    )
    
    
    (69,165
    )
    
    
    (8,200
    )Balance at end of year
    
    $
    806,309
    
    
    $
    732,439
    
    
    $
    678,326
 71




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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
    72




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##### Table of Contents



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




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##### Table of Contents



Report of Independent Registered Public Accounting Firm
 The Partners of Liberty Property Limited Partnership:
      
 74




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##### Table of Contents



CONSOLIDATED BALANCE SHEETS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
 December 31,2006
    
    
    2005ASSETSReal estate:Land and land improvements
    
    $
    678,075
    
    
    $
    620,355Buildings and improvements
    
    
    3,814,437
    
    
    
    3,664,036Less accumulated depreciation
    
    
    (806,309
    )
    
    
    (732,439
    )Operating real estate
    
    
    3,686,203
    
    
    
    3,551,952Development in progress
    
    
    538,303
    
    
    
    324,924Land held for development
    
    
    195,332
    
    
    
    158,653Net real estate
    
    
    4,419,838
    
    
    
    4,035,529Cash and cash equivalents
    
    
    53,737
    
    
    
    61,629Restricted cash
    
    
    55,671
    
    
    
    29,085Accounts receivable
    
    
    23,809
    
    
    
    14,761Deferred rent receivable
    
    
    71,894
    
    
    
    72,818Deferred financing and leasing costs, net
    
    
    129,745
    
    
    
    122,994Investments in unconsolidated joint ventures
    
    
    47,196
    
    
    
    33,522Assets held for sale
    
    
    40,715
    
    
    
    73,211Prepaid expenses and other assets
    
    
    68,306
    
    
    
    56,773Total assets
    
    $
    4,910,911
    
    
    $
    4,500,322LIABILITIESMortgage loans
    
    $
    185,978
    
    
    $
    238,728Unsecured notes
    
    
    1,955,000
    
    
    
    1,755,000Credit facility
    
    
    246,960
    
    
    
    255,450Accounts payable
    
    
    40,633
    
    
    
    32,919Accrued interest
    
    
    36,297
    
    
    
    34,892Distributions payable
    
    
    58,961
    
    
    
    56,490Other liabilities
    
    
    217,751
    
    
    
    164,528Total liabilities
    
    
    2,741,580
    
    
    
    2,538,007Minority interest
    
    
    419
    
    
    
    407OWNERS EQUITYGeneral partners equity  common units
    
    
    1,871,604
    
    
    
    1,709,182Limited partners equity  preferred units
    
    
    210,960
    
    
    
    184,657 common units
    
    
    86,348
    
    
    
    68,069Total owners equity
    
    
    2,168,912
    
    
    
    1,961,908Total liabilities and owners equity
    
    $
    4,910,911
    
    
    $
    4,500,322
  75




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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 31,2006
    
    
    2005
    
    
    2004OPERATING REVENUERental
    
    $
    464,714
    
    
    $
    451,608
    
    
    $
    421,712Operating expense reimbursement
    
    
    202,005
    
    
    
    181,886
    
    
    
    163,572Total operating revenue
    
    
    666,719
    
    
    
    633,494
    
    
    
    585,284OPERATING EXPENSESRental property
    
    
    139,055
    
    
    
    130,353
    
    
    
    115,143Real estate taxes
    
    
    71,652
    
    
    
    64,879
    
    
    
    58,901General and administrative
    
    
    45,991
    
    
    
    38,099
    
    
    
    33,724Depreciation and amortization
    
    
    144,692
    
    
    
    135,846
    
    
    
    119,934Total operating expenses
    
    
    401,390
    
    
    
    369,177
    
    
    
    327,702Operating income
    
    
    265,329
    
    
    
    264,317
    
    
    
    257,582OTHER INCOME (EXPENSE)Interest and other income
    
    
    9,591
    
    
    
    8,008
    
    
    
    6,266Interest expense
    
    
    (119,584
    )
    
    
    (119,614
    )
    
    
    (107,027
    )Total other income(expense)
    
    
    (109,993
    )
    
    
    (111,606
    )
    
    
    (100,761
    )Income before property dispositions, income taxes, minority interest and equity in earnings
(loss) of unconsolidated joint ventures
    
    
    155,336
    
    
    
    152,711
    
    
    
    156,821Gain on property dispositions
    
    
    17,628
    
    
    
    85,593
    
    
    
    496Income taxes
    
    
    (288
    )
    
    
    (14,827
    )
    
    
    (1,820
    )Minority interest
    
    
    7
    
    
    
    (357
    )
    
    
    632Equity in earnings (loss) of unconsolidated joint ventures
    
    
    1,432
    
    
    
    2,540
    
    
    
    (775
    )Income from continuing operations
    
    
    174,115
    
    
    
    225,660
    
    
    
    155,354Discontinued operations (including net gain on property dispositions of $112,620,
$36,617 and $11,603 for the years ended December 31, 2006, 2005 and 2004, respectively)
    
    
    117,935
    
    
    
    46,299
    
    
    
    24,888Net income
    
    
    292,050
    
    
    
    271,959
    
    
    
    180,242Preferred unit distributions
    
    
    13,691
    
    
    
    12,095
    
    
    
    11,844Excess of preferred unit redemption over carrying amount
    
    
    
    
    
    
    500
    
    
    
    Income available to common unitholders
    
    $
    278,359
    
    
    $
    259,364
    
    
    $
    168,398Earnings per common unitBasic:Income from continuing operations
    
    $
    1.72
    
    
    $
    2.36
    
    
    $
    1.63Income from discontinued operations
    
    
    1.26
    
    
    
    0.51
    
    
    
    0.28Income per common unit  basic
    
    $
    2.98
    
    
    $
    2.87
    
    
    $
    1.91Diluted:Income from continuing operations
    
    $
    1.70
    
    
    $
    2.32
    
    
    $
    1.60Income from discontinued operations
    
    
    1.25
    
    
    
    0.50
    
    
    
    0.28Income per common unit  diluted
    
    $
    2.95
    
    
    $
    2.82
    
    
    $
    1.88Weighted average number of common units outstandingBasic
    
    
    93,208
    
    
    
    90,540
    
    
    
    88,210Diluted
    
    
    94,387
    
    
    
    91,931
    
    
    
    89,700
  76




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##### Table of Contents



CONSOLIDATED STATEMENTS OF OWNERS EQUITY OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
 General
    
    
    Limited
    
    
    TotalPartners
    
    
    Partners
    
    
    OwnersEquity
    
    
    Equity
    
    
    EquityBalance at January 1, 2004
    
    $
    1,544,897
    
    
    $
    204,212
    
    
    $
    1,749,109Contributions from partners
    
    
    85,967
    
    
    
    1,593
    
    
    
    87,560Distributions to partners
    
    
    (206,443
    )
    
    
    (20,718
    )
    
    
    (227,161
    )Issuance of operating partnership units
    
    
    
    
    
    
    
    
    
    
    Foreign currency translation adjustment
    
    
    10,395
    
    
    
    
    
    
    
    10,395Net income
    
    
    161,443
    
    
    
    18,799
    
    
    
    180,242Balance at December 31, 2004
    
    
    1,596,259
    
    
    
    203,886
    
    
    
    1,800,145Contributions from partners
    
    
    93,157
    
    
    
    (1,664
    )
    
    
    91,493Distributions to partners
    
    
    (214,386
    )
    
    
    (21,290
    )
    
    
    (235,676
    )Issuance of operating partnership units
    
    
    
    
    
    
    49,186
    
    
    
    49,186Foreign currency translation adjustment
    
    
    (15,199
    )
    
    
    
    
    
    
    (15,199
    )Net income
    
    
    249,351
    
    
    
    22,608
    
    
    
    271,959Balance at December 31, 2005
    
    
    1,709,182
    
    
    
    252,726
    
    
    
    1,961,908Contributions from partners
    
    
    107,338
    
    
    
    (14,067
    )
    
    
    93,271Distributions to partners
    
    
    (221,907
    )
    
    
    (23,129
    )
    
    
    (245,036
    )Issuance of operating partnership units
    
    
    
    
    
    
    56,302
    
    
    
    56,302Foreign currency translation adjustment
    
    
    10,417
    
    
    
    
    
    
    
    10,417Net income
    
    
    266,574
    
    
    
    25,476
    
    
    
    292,050Balance at December 31, 2006
    
    $
    1,871,604
    
    
    $
    297,308
    
    
    $
    2,168,912
  77




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##### Table of Contents



CONSOLIDATED STATEMENTS OF CASH FLOWS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
 Year Ended December 31,2006
    
    
    2005
    
    
    2004OPERATING ACTIVITIESNet income
    
    $
    292,050
    
    
    $
    271,959
    
    
    $
    180,242Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    151,966
    
    
    
    150,722
    
    
    
    136,700Amortization of deferred financing costs
    
    
    4,244
    
    
    
    4,758
    
    
    
    4,315Equity in (earnings) loss of unconsolidated joint ventures
    
    
    (1,432
    )
    
    
    (2,540
    )
    
    
    775Distributions from unconsolidated joint ventures
    
    
    5,692
    
    
    
    4,651
    
    
    
    682Minority interest in net income
    
    
    (7
    )
    
    
    357
    
    
    
    (632
    )Gain on property dispositions
    
    
    (130,248
    )
    
    
    (122,210
    )
    
    
    (12,099
    )Noncash compensation
    
    
    6,212
    
    
    
    5,032
    
    
    
    2,388Changes in operating assets and liabilities:Restricted cash
    
    
    (21,692
    )
    
    
    3,849
    
    
    
    (19,334
    )Accounts receivable
    
    
    (6,879
    )
    
    
    1,804
    
    
    
    (8,449
    )Deferred rent receivable
    
    
    924
    
    
    
    (6,290
    )
    
    
    (8,513
    )Prepaid expenses and other assets
    
    
    (14,394
    )
    
    
    (12,488
    )
    
    
    (12,046
    )Accounts payable
    
    
    7,648
    
    
    
    8,894
    
    
    
    8,859Accrued interest
    
    
    1,405
    
    
    
    (102
    )
    
    
    2,166Other liabilities
    
    
    49,412
    
    
    
    52,353
    
    
    
    18,282Net cash provided by operating activities
    
    
    344,901
    
    
    
    360,749
    
    
    
    293,336INVESTING ACTIVITIESInvestment in properties
    
    
    (372,610
    )
    
    
    (324,340
    )
    
    
    (253,017
    )Investments in unconsolidated joint ventures
    
    
    (6,239
    )
    
    
    (13,790
    )
    
    
    (6,198
    )Net proceeds from disposition of properties/land
    
    
    492,548
    
    
    
    415,144
    
    
    
    54,140Investment in development in progress
    
    
    (359,959
    )
    
    
    (235,078
    )
    
    
    (105,208
    )Increase in land held for development
    
    
    (79,976
    )
    
    
    (91,436
    )
    
    
    (34,132
    )Increase in deferred leasing costs
    
    
    (29,034
    )
    
    
    (37,133
    )
    
    
    (29,560
    )Net cash used in investing activities
    
    
    (355,270
    )
    
    
    (286,633
    )
    
    
    (373,975
    )FINANCING ACTIVITIESNet proceeds from issuance of unsecured notes
    
    
    295,393
    
    
    
    296,424
    
    
    
    197,517Repayment of unsecured notes
    
    
    (100,000
    )
    
    
    
    
    
    
    (100,000
    )Proceeds from mortgage loans
    
    
    
    
    
    
    
    
    
    
    9,618Repayments of mortgage loans
    
    
    (56,406
    )
    
    
    (173,926
    )
    
    
    (23,592
    )Proceeds from credit facility
    
    
    725,025
    
    
    
    784,800
    
    
    
    477,800Repayments on credit facility
    
    
    (733,515
    )
    
    
    (841,350
    )
    
    
    (332,800
    )Increase in deferred financing costs
    
    
    (1,635
    )
    
    
    (3,465
    )
    
    
    (199
    )Capital contributions
    
    
    113,348
    
    
    
    135,148
    
    
    
    86,329Distributions to partners
    
    
    (242,537
    )
    
    
    (237,101
    )
    
    
    (225,055
    )Net cash (used in) provided by financing activities
    
    
    (327
    )
    
    
    (39,470
    )
    
    
    89,618(Decrease) increase in cash and cash equivalents
    
    
    (10,696
    )
    
    
    34,646
    
    
    
    8,979Increase (decrease) in cash and cash equivalents related to foreign currency translation
    
    
    2,804
    
    
    
    (6,684
    )
    
    
    2,879Cash and cash equivalents at beginning of year
    
    
    61,629
    
    
    
    33,667
    
    
    
    21,809Cash and cash equivalents at end of year
    
    $
    53,737
    
    
    $
    61,629
    
    
    $
    33,667SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONSWrite-off of fully depreciated property and deferred costs
    
    $
    87,424
    
    
    $
    83,794
    
    
    $
    27,990Issuance of operating partnership common units
    
    
    30,000
    
    
    
    
    
    
    
    Acquisition of properties
    
    
    (3,066
    )
    
    
    (51,716
    )
    
    
    (11,305
    )Assumption of mortgage loans
    
    
    3,066
    
    
    
    51,716
    
    
    
    11,305
  78




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##### Table of Contents



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
 1. ORGANIZATION
  2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Use of Estimates
  Principles of Consolidation
  Reclassifications
  Real Estate and Depreciation
  Building and Improvements
    
    40 years (blended)Equipment
    
    5  10 yearsTenant improvements
    
    Term of the related lease
  Business Combinations,
   79




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##### Table of Contents



Investments in Unconsolidated Joint Ventures
  Cash and Cash Equivalents
  Restricted Cash
  Accounts Receivable
   Deferred Rent Receivable
  Revenues
   a)
    
    the termination agreement is executed,b)
    
    the termination fee is determinable,c)
    
    all landlord services, pursuant to the terminated lease, have been rendered, andd)
    
    collectibility of the termination fee is assured.
 Deferred Financing and Leasing Costs
  Costs Incurred for Preferred Unit Issuance
  80




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##### Table of Contents



Income per Common Unit
  2006
    
    
    2005Weighted
    
    
    
    
    
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    
    
    
    
    
    AverageIncome
    
    
    Units
    
    
    Per
    
    
    Income
    
    
    Units
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    Unit
    
    
    (Numerator)
    
    
    (Denominator)
    
    
    UnitIncome from continuing operations
    
    $
    174,115
    
    
    
    
    
    
    
    
    
    
    $
    225,660Less: Preferred unit distributions
    
    
    (13,691
    )
    
    
    
    
    
    
    
    
    
    
    (12,095
    )Excess of preferred unit redemption over carrying
amount
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (500
    )Basic income from continuing operationsIncome from continuing operations available to
common unitholders
    
    
    160,424
    
    
    
    93,208
    
    
    $
    1.72
    
    
    
    213,065
    
    
    
    90,540
    
    
    $
    2.36Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,179
    
    
    
    
    
    
    
    
    
    
    
    1,391Diluted income from continuing operationsIncome from continuing operations available
to common unitholders and assumed conversions
    
    
    160,424
    
    
    
    94,387
    
    
    $
    1.70
    
    
    
    213,065
    
    
    
    91,931
    
    
    $
    2.32Basic income from discontinued operationsDiscontinued operations
    
    
    117,935
    
    
    
    93,208
    
    
    $
    1.26
    
    
    
    46,299
    
    
    
    90,540
    
    
    $
    0.51Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,179
    
    
    
    
    
    
    
    
    
    
    
    1,391Diluted income from discontinued operationsDiscontinued operations
    
    
    117,935
    
    
    
    94,387
    
    
    $
    1.25
    
    
    
    46,299
    
    
    
    91,931
    
    
    $
    0.50Basic income per common unitIncome available to common unitholders
    
    
    278,359
    
    
    
    93,208
    
    
    $
    2.98
    
    
    
    259,364
    
    
    
    90,540
    
    
    $
    2.87Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,179
    
    
    
    
    
    
    
    
    
    
    
    1,391Diluted income per common unitIncome available to common unitholders and assumed
conversions
    
    $
    278,359
    
    
    
    94,387
    
    
    $
    2.95
    
    
    $
    259,364
    
    
    
    91,931
    
    
    $
    2.82
 2004WeightedAverageIncome
    
    
    Units
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    UnitIncome from continuing operations
    
    $
    155,354Less: Preferred unit distributions
    
    
    (11,844
    )Basic income from continuing operationsIncome from continuing operations available to
common unitholders
    
    
    143,510
    
    
    
    88,210
    
    
    $
    1.63Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,490Diluted income from continuing operationsIncome from continuing operations available to
common unitholders and assumed conversions
    
    
    143,510
    
    
    
    89,700
    
    
    $
    1.60Basic income from discontinued operationsDiscontinued operations
    
    
    24,888
    
    
    
    88,210
    
    
    $
    0.28Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,490Diluted income from discontinued operationsDiscontinued operations
    
    
    24,888
    
    
    
    89,700
    
    
    $
    0.28Basic income per common unitIncome available to common unitholders
    
    
    168,398
    
    
    
    88,210
    
    
    $
    1.91Dilutive unit for long-term compensation plans
    
    
    
    
    
    
    1,490Diluted income per common unitIncome available to common unitholders and assumed
conversions
    
    $
    168,398
    
    
    
    89,700
    
    
    $
    1.88
 Fair Value of Financial Instruments
  81




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##### Table of Contents



Income Taxes
   Foreign Currency Translation
  Recently Issued Accounting Standards
 SFAS No. 153
 Accounting for Non-monetary Transactions
 EITF Issue 04-5
 Determining Whether a General
Partner, or the General Partners as a Group, Controls a Limited Partnership or Similar Entity When
the Limited Partners Have Certain Rights
 SFAS No. 157
 Fair Value Measurements
 FIN 48
 Accounting for Uncertainty in Income
Taxes Accounting for Income Taxes
 82




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##### Table of Contents



3. REAL ESTATE
  Land
    
    
    BuildingsAnd Land
    
    
    And
    
    
    
    
    
    
    AccumulatedImprovements
    
    
    Improvements
    
    
    Total
    
    
    Depreciation2006Industrial properties
    
    $
    309,119
    
    
    $
    1,652,100
    
    
    $
    1,961,219
    
    
    $
    372,444Office properties
    
    
    368,956
    
    
    
    2,162,337
    
    
    
    2,531,293
    
    
    
    433,8652006 Total
    
    $
    678,075
    
    
    $
    3,814,437
    
    
    $
    4,492,512
    
    
    $
    806,3092005Industrial properties
    
    $
    305,207
    
    
    $
    1,657,992
    
    
    $
    1,963,199
    
    
    $
    336,721Office properties
    
    
    315,148
    
    
    
    2,006,044
    
    
    
    2,321,192
    
    
    
    395,7182005 Total
    
    $
    620,355
    
    
    $
    3,664,036
    
    
    $
    4,284,391
    
    
    $
    732,439
    2006SalesNumber of
    
    
    LeaseableSegment
    
    Buildings
    
    
    Square Feet
    
    
    Proceeds(in thousands)Delaware ValleySoutheastern Pennsylvania
    
    
    3
    
    
    
    1,146,940
    
    
    $
    101,700Other
    
    
    3
    
    
    
    155,056
    
    
    
    10,760MidwestLehigh Valley
    
    
    5
    
    
    
    716,758
    
    
    
    109,255Other
    
    
    16
    
    
    
    2,519,409
    
    
    
    134,375Mid-Atlantic
    
    
    16
    
    
    
    1,449,464
    
    
    
    139,300Florida
    
    
    3
    
    
    
    147,262
    
    
    
    7,474Total
    
    
    46
    
    
    
    6,134,889
    
    
    $
    502,864
 2005SalesNumber of
    
    
    LeaseableSegment
    
    Buildings
    
    
    Square Feet
    
    
    Proceeds(in thousands)Delaware ValleySoutheastern Pennsylvania
    
    
    2
    
    
    
    139,760
    
    
    $
    7,864Other
    
    
    3
    
    
    
    177,733
    
    
    
    12,333MidwestLehigh Valley
    
    
    2
    
    
    
    142,204
    
    
    
    8,676Other
    
    
    18
    
    
    
    400,262
    
    
    
    23,236Mid-Atlantic
    
    
    4
    
    
    
    727,732
    
    
    
    51,570Florida
    
    
    6
    
    
    
    726,632
    
    
    
    53,834United Kingdom
    
    
    16
    
    
    
    602,175
    
    
    
    263,343Total
    
    
    51
    
    
    
    2,916,498
    
    
    $
    420,856
 83




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##### Table of Contents



4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
 Liberty Venture I, LP
   Kings Hill Unit Trust
   Liberty/Commerz 1701 JFK Boulevard, LP
  Accounting for the Sale of Real Estate,
 Liberty Illinois, LP
    Other Joint Ventures
   84




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##### Table of Contents



Balance Sheets:
 December 31, 2006Liberty
    
    
    Liberty
    
    
    Kings HillVenture I, LP
    
    
    Illinois, LP
    
    
    Unit Trust
    
    
    Other
    
    
    TotalReal estate assets
    
    $
    116,324
    
    
    $
    119,787
    
    
    $
    228,120
    
    
    $
    
    
    
    $
    464,231Accumulated depreciation
    
    
    (10,183
    )
    
    
    (1,842
    )
    
    
    (4,213
    )
    
    
    
    
    
    
    (16,238
    )Real estate assets, net
    
    
    106,141
    
    
    
    117,945
    
    
    
    223,907
    
    
    
    
    
    
    
    447,993Development in progress
    
    
    
    
    
    
    28,420
    
    
    
    
    
    
    
    24,088
    
    
    
    52,508Land held for development
    
    
    2,733
    
    
    
    8,246
    
    
    
    
    
    
    
    31,078
    
    
    
    42,057Other assets
    
    
    13,723
    
    
    
    6,214
    
    
    
    20,838
    
    
    
    13,024
    
    
    
    53,799Total assets
    
    $
    122,597
    
    
    $
    160,825
    
    
    $
    244,745
    
    
    $
    68,190
    
    
    $
    596,357Debt
    
    $
    74,063
    
    
    $
    86,681
    
    
    $
    186,010
    
    
    $
    10,600
    
    
    $
    357,354Other liabilities
    
    
    1,182
    
    
    
    5,005
    
    
    
    49,584
    
    
    
    4,420
    
    
    
    60,191Equity
    
    
    47,352
    
    
    
    69,139
    
    
    
    9,151
    
    
    
    53,170
    
    
    
    178,812Total liabilities and equity
    
    $
    122,597
    
    
    $
    160,825
    
    
    $
    244,745
    
    
    $
    68,190
    
    
    $
    596,357Companys net investment in unconsolidated
joint ventures (1)
    
    $
    11,293
    
    
    $
    11,259
    
    
    $
    
    
    
    $
    24,644
    
    
    $
    47,196
 December 31, 2005Liberty
    
    
    Liberty
    
    
    Kings HillVenture I, LP
    
    
    Illinois, LP
    
    
    Unit Trust
    
    
    Other
    
    
    TotalReal estate assets
    
    $
    121,092
    
    
    $
    
    
    
    $
    202,200
    
    
    $
    
    
    
    $
    323,292Accumulated depreciation
    
    
    (7,579
    )
    
    
    
    
    
    
    (284
    )
    
    
    
    
    
    
    (7,863
    )Real estate assets, net
    
    
    113,513
    
    
    
    
    
    
    
    201,916
    
    
    
    
    
    
    
    315,429Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Land held for development
    
    
    2,750
    
    
    
    
    
    
    
    
    
    
    
    37,812
    
    
    
    40,562Other assets
    
    
    14,922
    
    
    
    
    
    
    
    18,499
    
    
    
    9,980
    
    
    
    43,401Total assets
    
    $
    131,185
    
    
    $
    
    
    
    $
    220,415
    
    
    $
    47,792
    
    
    $
    399,392Debt
    
    $
    77,826
    
    
    $
    
    
    
    $
    163,448
    
    
    $
    
    
    
    $
    241,274Other liabilities
    
    
    2,284
    
    
    
    
    
    
    
    44,028
    
    
    
    678
    
    
    
    46,990Equity
    
    
    51,075
    
    
    
    
    
    
    
    12,939
    
    
    
    47,114
    
    
    
    111,128Total liabilities and equity
    
    $
    131,185
    
    
    $
    
    
    
    $
    220,415
    
    
    $
    47,792
    
    
    $
    399,392Companys net investment in
unconsolidated joint ventures
(1)
    
    $
    12,310
    
    
    $
    
    
    
    $
    
    
    
    $
    21,212
    
    
    $
    33,522
 
 (1)
    
    Differences between the Companys net investment is unconsolidated joint ventures and its
underlying equity in the net assets of the venture is primarily a result of the deferral of
gains associated with the sales of properties to joint ventures in which the Company retains
an ownership interest. Deferred gains are amortized to equity in earnings (loss) of joint
ventures over the average estimated useful lives of the assets sold. 85




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##### Table of Contents



Statements of Operations:
 Year Ended December 31, 2006Liberty
    
    
    Liberty
    
    
    Kings HillVenture I, LP
    
    
    Illinois, LP
    
    
    Unit Trust
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    18,395
    
    
    $
    7,471
    
    
    $
    18,183
    
    
    $
    
    
    
    $
    44,049Operating expense
    
    
    5,364
    
    
    
    1,833
    
    
    
    2,181
    
    
    
    171
    
    
    
    9,54913,031
    
    
    
    5,638
    
    
    
    16,002
    
    
    
    (171
    )
    
    
    34,500Interest
    
    
    (4,501
    )
    
    
    (2,527
    )
    
    
    (13,455
    )
    
    
    
    
    
    
    (20,483
    )Depreciation and amortization
    
    
    (4,544
    )
    
    
    (2,502
    )
    
    
    (6,267
    )
    
    
    
    
    
    
    (13,313
    )Other
income/(expense)
    
    
    (127
    )
    
    
    5
    
    
    
    (604
    )
    
    
    392
    
    
    
    (334
    )Gain on sale
    
    
    2,644
    
    
    
    
    
    
    
    
    
    
    
    138
    
    
    
    2,782Net income (loss)
    
    $
    6,503
    
    
    $
    614
    
    
    $
    (4,324
    )
    
    $
    359
    
    
    $
    3,152Companys equity in earnings
(loss) of unconsolidated
joint ventures
    
    $
    1,651
    
    
    $
    259
    
    
    $
    (657
    )
    
    $
    179
    
    
    $
    1,432
 Year Ended December 31, 2005Liberty
    
    
    Liberty
    
    
    Kings HillVenture I, LP
    
    
    Illinois, LP
    
    
    Unit Trust
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    18,592
    
    
    $
    
    
    
    $
    745
    
    
    $
    
    
    
    $
    19,337Operating expense
    
    
    5,859
    
    
    
    
    
    
    
    201
    
    
    
    32
    
    
    
    6,09212,733
    
    
    
    
    
    
    
    544
    
    
    
    (32
    )
    
    
    13,245Interest
    
    
    (4,569
    )
    
    
    
    
    
    
    (634
    )
    
    
    
    
    
    
    (5,203
    )Depreciation and amortization
    
    
    (4,933
    )
    
    
    
    
    
    
    (386
    )
    
    
    
    
    
    
    (5,319
    )Other
income/(expense)
    
    
    (184
    )
    
    
    
    
    
    
    (33
    )
    
    
    3,066
    
    
    
    2,849Gain on sale
    
    
    7,555
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,555Net income (loss)
    
    $
    10,602
    
    
    $
    
    
    
    $
    (509
    )
    
    $
    3,034
    
    
    $
    13,127Companys equity in earnings
(loss) of unconsolidated
joint ventures
    
    $
    2,650
    
    
    $
    
    
    
    $
    (110
    )
    
    $
    
    
    
    $
    2,540
 Year Ended December 31, 2004Liberty
    
    
    Liberty
    
    
    Kings HillVenture I, LP
    
    
    Illinois, LP
    
    
    Unit Trust
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    18,746
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    18,746Operating expense
    
    
    6,736
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,73612,010
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,010Interest
    
    
    (4,426
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,426
    )Depreciation and amortization
    
    
    (10,683
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (10,683
    )Net loss
    
    $
    (3,099
    )
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    (3,099
    )Companys equity in loss of
unconsolidated joint
ventures
    
    $
    (775
    )
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    (775
    )
 86




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5. DEFERRED FINANCING AND LEASING COSTS
  December 31,2006
    
    
    2005Deferred leasing costs
    
    $
    150,179
    
    
    $
    154,886Deferred financing costs
    
    
    8,476
    
    
    
    23,266In-place lease value and related intangible asset
    
    
    71,496
    
    
    
    52,945230,151
    
    
    
    231,097Accumulated amortization
    
    
    (100,406
    )
    
    
    (108,103
    )Total
    
    $
    129,745
    
    
    $
    122,994
 6. INDEBTEDNESS
     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%.
 87




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##### Table of Contents



Liberty/Commerz 1701 JFK Boulevard, LP Financing Arrangement
   WeightedMortgages
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    AveragePrincipal
    
    
    Principal
    
    
    Unsecured
    
    
    Credit
    
    
    
    
    
    
    InterestAmortization
    
    
    Maturities
    
    
    Notes
    
    
    Facility
    
    
    Total
    
    
    Rate2007
    
    $
    8,820
    
    
    $
    1,553
    
    
    $
    100,000
    
    
    $
    
    
    
    $
    110,373
    
    
    
    7.22
    %2008
    
    
    7,975
    
    
    
    39,753
    
    
    
    
    
    
    
    152,960
    (1)
    
    
    200,688
    
    
    
    6.15
    %2009
    
    
    5,699
    
    
    
    46,148
    
    
    
    270,000
    
    
    
    
    
    
    
    321,847
    
    
    
    7.77
    %2010
    
    
    4,877
    
    
    
    4,738
    
    
    
    200,000
    
    
    
    94,000
    
    
    
    303,615
    
    
    
    7.51
    %2011
    
    
    4,153
    
    
    
    10,730
    
    
    
    250,000
    
    
    
    
    
    
    
    264,883
    
    
    
    7.26
    %2012
    
    
    3,274
    
    
    
    32,911
    
    
    
    235,000
    
    
    
    
    
    
    
    271,185
    
    
    
    6.47
    %2013
    
    
    2,751
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,751
    
    
    
    6.00
    %2014
    
    
    2,894
    
    
    
    2,681
    
    
    
    200,000
    
    
    
    
    
    
    
    205,575
    
    
    
    5.65
    %2015
    
    
    3,033
    
    
    
    
    
    
    
    300,000
    
    
    
    
    
    
    
    303,033
    
    
    
    5.13
    %2016
    
    
    2,220
    
    
    
    
    
    
    
    300,000
    
    
    
    
    
    
    
    302,220
    
    
    
    5.50
    %2017 & thereafter
    
    
    1,768
    
    
    
    
    
    
    
    100,000
    
    
    
    
    
    
    
    101,768
    
    
    
    7.47
    %$
    47,464
    
    
    $
    138,514
    
    
    $
    1,955,000
    
    
    $
    246,960
    
    
    $
    2,387,938
    
    
    
    6.55
    %
 
 (1)
    
    Liberty/Commerz 1701 JFK Boulevard, LP financing arrangement  see above. 7. LEASING ACTIVITY
  2007
    
    $
    446,9972008
    
    
    399,5492009
    
    
    333,8412010
    
    
    269,3762011
    
    
    203,081Thereafter
    
    
    468,809TOTAL
    
    $
    2,121,653
  8. OWNERS EQUITY
 Common Units
  88




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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
    
    1/1/14 into Series B
Cumulative Redeemable
Preferred Shares of the
Trust6/10/02
    
    Series D
    
    $
    23,650
    
    
    
    473
    
    
    $
    50
    
    
    
    7.625
    %
    
    6/10/07
    
    6/10/12 into Series D
Cumulative 
Redeemable
Preferred Shares of the
Trust6/16/05
    
    Series E
    
    $
    20,000
    
    
    
    400
    
    
    $
    50
    
    
    
    7.00
    %
    
    6/16/10
    
    6/16/15 into Series E
Cumulative
 Redeemable
Preferred Shares of the
Trust6/30/05
    
    Series F
    
    $
    44,000
    
    
    
    880
    
    
    $
    50
    
    
    
    6.65
    %
    
    6/30/10
    
    6/30/15 into Series F
Cumulative 
Redeemable
Preferred Shares of the
Trust8/23/05
    
    Series F
    
    $
    6,000
    
    
    
    120
    
    
    $
    50
    
    
    
    6.65
    %
    
    6/30/10
    
    6/30/15 into Series F
Cumulative
 Redeemable
Preferred Shares of the
Trust12/15/06
    
    Series G
    
    $
    27,000
    
    
    
    540
    
    
    $
    50
    
    
    
    6.70
    %
    
    12/12/11
    
    12/12/16 into Series G
Cumulative 
Redeemable
Preferred Shares of the
Trust
    2006
    
    2005
    
    2004Distributions (in millions)
    
    $
    13.7
    
    
    $
    12.1
    
    
    $
    11.8Distribution per unit:Series B
    
    $
    1.86
    
    
    $
    1.86
    
    
    $
    2.16Series C
    
    
    
    
    
    $
    1.05
    
    
    $
    2.28Series D
    
    $
    3.81
    
    
    $
    3.81
    
    
    $
    3.81Series E
    
    $
    3.50
    
    
    $
    1.90
    
    
    
    Series F
    
    $
    3.33
    
    
    $
    1.61
    
    
    
    Series G
    
    $
    0.16
    
    
    
    
    
    
    
    
 Minority Interest
  9. COMMITMENTS AND CONTINGENCIES
      89




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##### 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. 31,2006
    
    
    2006
    
    
    2006
    
    
    2006
    
    
    2005
    
    
    2005
    
    
    2005
    
    
    2005Operating revenue
    
    $
    175,702
    
    
    $
    167,026
    
    
    $
    163,799
    
    
    $
    160,192
    
    
    $
    160,517
    
    
    $
    157,949
    
    
    $
    162,754
    
    
    $
    152,274Income from continuing
operations
    
    
    41,283
    
    
    
    40,069
    
    
    
    56,549
    
    
    
    36,214
    
    
    
    109,977
    
    
    
    36,403
    
    
    
    39,365
    
    
    
    39,915Discontinued operations
    
    
    25,821
    
    
    
    12,405
    
    
    
    18,514
    
    
    
    61,195
    
    
    
    5,015
    
    
    
    20,903
    
    
    
    10,164
    
    
    
    10,217Income available to common
unitholders
    
    
    63,616
    
    
    
    49,073
    
    
    
    71,662
    
    
    
    94,008
    
    
    
    111,589
    
    
    
    53,953
    
    
    
    46,366
    
    
    
    47,456Income per common unit 
basic (1)
    
    $
    0.67
    
    
    $
    0.52
    
    
    $
    0.77
    
    
    $
    1.02
    
    
    $
    1.22
    
    
    $
    0.59
    
    
    $
    0.51
    
    
    $
    0.53Income per common unit 
diluted (1)
    
    $
    0.67
    
    
    $
    0.52
    
    
    $
    0.76
    
    
    $
    1.01
    
    
    $
    1.20
    
    
    $
    0.58
    
    
    $
    0.51
    
    
    $
    0.52
 
 (1)
    
    The sum of quarterly financial data may vary from the annual data due to rounding. 11. SEGMENT INFORMATION
  Reportable Segments
    
    MarketsDelaware Valley
    
    Southeastern Pennsylvania; New JerseyMidwest
    
    Lehigh Valley, Pennsylvania; Michigan; Minnesota; Milwaukee; ChicagoMid-Atlantic
    
    Maryland; Piedmont Triad, NC; Greenville, SC; Richmond; Virginia BeachFlorida
    
    Jacksonville; Orlando; Boca Raton; Tampa; TexasUnited Kingdom
    
    County of Kent
  90




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##### Table of Contents



YEAR ENDED DECEMBER 31, 2006
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalOperating revenue
    
    $
    187,817
    
    
    $
    38,730
    
    
    $
    85,180
    
    
    $
    116,324
    
    
    $
    122,014
    
    
    $
    112,788
    
    
    $
    3,866
    
    
    $
    666,719Rental property
expenses and real
estate taxes
    
    
    58,545
    
    
    
    12,718
    
    
    
    18,747
    
    
    
    42,839
    
    
    
    37,566
    
    
    
    37,428
    
    
    
    2,864
    
    
    
    210,707Property level
operating income
    
    $
    129,272
    
    
    $
    26,012
    
    
    $
    66,433
    
    
    $
    73,485
    
    
    $
    84,448
    
    
    $
    75,360
    
    
    $
    1,002
    
    
    
    456,012Interest and other income
    
    
    9,591Interest expense
    
    
    (119,584
    )General and administrative
    
    
    (45,991
    )Depreciation and amortization
    
    
    (144,692
    )Income before property dispositions, income taxes, minority interest
and equity in earnings of unconsolidated joint ventures
    
    
    155,336Gain on property dispositions
    
    
    17,628Income taxes
    
    
    (288
    )Minority interest
    
    
    7Equity in earnings of unconsolidated joint ventures
    
    
    1,432Discontinued operations
    
    
    117,935Preferred unit distributions
    
    
    (13,691
    )Income available to common unitholders
    
    $
    278,359
 YEAR ENDED DECEMBER 31, 2005
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalOperating revenue
    
    $
    187,212
    
    
    $
    37,521
    
    
    $
    77,219
    
    
    $
    110,190
    
    
    $
    104,794
    
    
    $
    96,229
    
    
    $
    20,329
    
    
    $
    633,494Rental property
expenses and real
estate taxes
    
    
    55,706
    
    
    
    13,139
    
    
    
    19,661
    
    
    
    39,878
    
    
    
    31,614
    
    
    
    31,556
    
    
    
    3,678
    
    
    
    195,232Property level
operating income
    
    $
    131,506
    
    
    $
    24,382
    
    
    $
    57,558
    
    
    $
    70,312
    
    
    $
    73,180
    
    
    $
    64,673
    
    
    $
    16,651
    
    
    
    438,262Interest and other income
    
    
    8,008Interest expense
    
    
    (119,614
    )General and administrative
    
    
    (38,099
    )Depreciation and amortization
    
    
    (135,846
    )Income before property dispositions, income taxes, minority interest
and equity in earnings of unconsolidated joint ventures
    
    
    152,711Gain on property dispositions
    
    
    85,593Income taxes
    
    
    (14,827
    )Minority interest
    
    
    (357
    )Equity in earnings of unconsolidated joint ventures
    
    
    2,540Discontinued operations
    
    
    46,299Preferred unit distributions
    
    
    (12,095
    )Excess of preferred unit redemption over carrying amount
    
    
    (500
    )Income available to common unitholders
    
    $
    259,364
 91




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##### Table of Contents



YEAR ENDED DECEMBER 31, 2004
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalOperating revenue
    
    $
    177,655
    
    
    $
    32,680
    
    
    $
    66,731
    
    
    $
    102,824
    
    
    $
    99,395
    
    
    $
    86,267
    
    
    $
    19,732
    
    
    $
    585,284Rental property
expenses and real
estate taxes
    
    
    51,943
    
    
    
    11,048
    
    
    
    17,087
    
    
    
    37,341
    
    
    
    26,715
    
    
    
    26,744
    
    
    
    3,166
    
    
    
    174,044Property level
operating income
    
    $
    125,712
    
    
    $
    21,632
    
    
    $
    49,644
    
    
    $
    65,483
    
    
    $
    72,680
    
    
    $
    59,523
    
    
    $
    16,566
    
    
    
    411,240Interest and other income
    
    
    6,266Interest expense
    
    
    (107,027
    )General and administrative
    
    
    (33,724
    )Depreciation and amortization
    
    
    (119,934
    )Income before property dispositions, income taxes, minority interest
and equity in loss of unconsolidated joint ventures
    
    
    156,821Gain on property dispositions
    
    
    496Income taxes
    
    
    (1,820
    )Minority interest
    
    
    632Equity in loss of unconsolidated joint ventures
    
    
    (775
    )Discontinued operations
    
    
    24,888Preferred share distributions
    
    
    (11,844
    )Income available to common unitholders
    
    $
    168,398
 Product Type Information
    
    Real Estate Related RevenuesYear Ended December 31,2006
    
    
    2005
    
    
    2004Industrial
    
    $
    284,551
    
    
    $
    268,958
    
    
    $
    247,379Office
    
    
    382,168
    
    
    
    364,536
    
    
    
    337,905Total operating revenue
    
    $
    666,719
    
    
    $
    633,494
    
    
    $
    585,284
 ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalJanuary 1, 2006
    
    $
    1,060,198
    
    
    $
    183,020
    
    
    $
    637,301
    
    
    $
    833,618
    
    
    $
    913,735
    
    
    $
    646,681
    
    
    $
    9,838
    
    
    $
    4,284,391Additions
    
    
    74,852
    
    
    
    36,807
    
    
    
    15,006
    
    
    
    37,853
    
    
    
    104,185
    
    
    
    275,474
    
    
    
    1,597
    
    
    
    545,774Dispositions
    
    
    (55,255
    )
    
    
    (4,422
    )
    
    
    (69,832
    )
    
    
    (91,464
    )
    
    
    (116,680
    )
    
    
    
    
    
    
    
    
    
    
    (337,653
    )December 31, 2006
    
    $
    1,079,795
    
    
    $
    215,405
    
    
    $
    582,475
    
    
    $
    780,007
    
    
    $
    901,240
    
    
    $
    922,155
    
    
    $
    11,435
    
    
    
    4,492,512Accumulated
depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (806,309
    )Development
in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    538,303Land held
for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    195,332Assets held
for sale
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    40,715Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    450,358Total assets at
December 31, 2006
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    4,910,911
 92




---



##### Table of Contents



ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
 Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalJanuary 1, 2005
    
    $
    1,020,714
    
    
    $
    190,116
    
    
    $
    558,590
    
    
    $
    746,207
    
    
    $
    828,809
    
    
    $
    651,123
    
    
    $
    169,304
    
    
    $
    4,164,863Additions
    
    
    44,071
    
    
    
    14,857
    
    
    
    84,698
    
    
    
    114,253
    
    
    
    115,341
    
    
    
    37,772
    
    
    
    10,832
    
    
    
    421,824Dispositions
    
    
    (4,587
    )
    
    
    (21,953
    )
    
    
    (5,987
    )
    
    
    (26,842
    )
    
    
    (30,415
    )
    
    
    (42,214
    )
    
    
    (170,298
    )
    
    
    (302,296
    )December 31, 2006
    
    $
    1,060,198
    
    
    $
    183,020
    
    
    $
    637,301
    
    
    $
    833,618
    
    
    $
    913,735
    
    
    $
    646,681
    
    
    $
    9,838
    
    
    
    4,284,391Accumulated
depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (732,439
    )Development
in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    324,924Land held
for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    158,653Assets held
for sale
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    73,211Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    391,582Total assets at
December 31, 2005
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    4,500,322
 12. SFAS NO. 144 ACCOUNTING FOR THE IMPAIRMENT OR DISPOSAL OF LONG-LIVED ASSETS
 Discontinued Operations
   Year Ended December 31,2006
    
    
    2005
    
    
    2004Revenues
    
    $
    28,399
    
    
    $
    60,202
    
    
    $
    70,580Operating expenses
    
    
    (11,170
    )
    
    
    (20,332
    )
    
    
    (23,244
    )Interest expense
    
    
    (4,662
    )
    
    
    (15,814
    )
    
    
    (17,470
    )Depreciation and amortization
    
    
    (7,252
    )
    
    
    (14,374
    )
    
    
    (16,581
    )Income before property dispositions and minority interest
    
    $
    5,315
    
    
    $
    9,682
    
    
    $
    13,285
  Allocation of Interest to Discontinued Operations
 Asset Impairment
  93




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsInitial Cost
    
    
    Capitalized
    
    
    Gross Amount Carried at End of Period
    
    
    
    
    Date ofSubsequent
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Accumulated
    
    Construction
    
    
    Depreciableto
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2006
    
    
    12/31/06
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES1501 Perryman Road
    
    Aberdeen, MD
    
    $
    
    
    
    $
    5,813,324
    
    
    $
    18,874,059
    
    
    $
    3,274,480
    
    
    $
    5,816,839
    
    
    $
    22,145,024
    
    
    $
    27,961,863
    
    
    $7,560
    
    
    2005
    
    
    40 yrs.2196 Avenue C
    
    Allentown, PA
    
    
    
    
    
    
    101,159
    
    
    
    
    
    
    
    1,347,970
    
    
    
    107,307
    
    
    
    1,341,822
    
    
    
    1,449,129
    
    
    750,775
    
    
    1980
    
    
    40 yrs.2202 Hanger Place
    
    Allentown, PA
    
    
    *
    
    
    
    137,439
    
    
    
    
    
    
    
    1,341,155
    
    
    
    138,127
    
    
    
    1,340,466
    
    
    
    1,478,594
    
    
    826,310
    
    
    1981
    
    
    40 yrs.7437 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    717,488
    
    
    
    5,022,413
    
    
    
    2,425,462
    
    
    
    726,651
    
    
    
    7,438,711
    
    
    
    8,165,362
    
    
    2,459,321
    
    
    1976
    
    
    40 yrs.7339 Industrial Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    1,187,776
    
    
    
    
    
    
    
    6,324,599
    
    
    
    1,197,447
    
    
    
    6,314,928
    
    
    
    7,512,376
    
    
    1,930,459
    
    
    1996
    
    
    40 yrs.400 Nestle Way
    
    Allentown, PA
    
    
    22,630,797
    
    
    
    8,065,500
    
    
    
    
    
    
    
    27,253,022
    
    
    
    8,184,096
    
    
    
    27,134,426
    
    
    
    35,318,522
    
    
    7,218,734
    
    
    1997
    
    
    40 yrs.7248 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,670,849
    
    
    
    13,307,408
    
    
    
    1,101,923
    
    
    
    2,670,673
    
    
    
    14,409,506
    
    
    
    17,080,179
    
    
    3,732,710
    
    
    1988
    
    
    40 yrs.700 Nestle Way
    
    Allentown, PA
    
    
    
    
    
    
    3,473,120
    
    
    
    
    
    
    
    18,116,440
    
    
    
    4,174,970
    
    
    
    17,414,590
    
    
    
    21,589,560
    
    
    4,014,467
    
    
    1998
    
    
    40 yrs.7562 Penn Drive
    
    Allentown, PA
    
    
    
    
    
    
    269,614
    
    
    
    844,069
    
    
    
    184,443
    
    
    
    269,614
    
    
    
    1,028,512
    
    
    
    1,298,126
    
    
    259,319
    
    
    1989
    
    
    40 yrs.7277 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    462,964
    
    
    
    1,449,009
    
    
    
    322,599
    
    
    
    463,123
    
    
    
    1,771,449
    
    
    
    2,234,572
    
    
    538,729
    
    
    1989
    
    
    40 yrs.7355 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    489,749
    
    
    
    1,658,091
    
    
    
    304,958
    
    
    
    489,749
    
    
    
    1,963,049
    
    
    
    2,452,798
    
    
    465,129
    
    
    1998
    
    
    40 yrs.794 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    1,147,541
    
    
    
    6,088,041
    
    
    
    1,125,815
    
    
    
    1,147,541
    
    
    
    7,213,857
    
    
    
    8,361,398
    
    
    1,802,850
    
    
    1985
    
    
    40 yrs.6923 Schantz Spring Road
    
    Allentown, PA
    
    
    *
    
    
    
    1,127,805
    
    
    
    3,309,132
    
    
    
    348,419
    
    
    
    1,127,805
    
    
    
    3,657,551
    
    
    
    4,785,355
    
    
    839,583
    
    
    1993
    
    
    40 yrs.7132 Daniels Drive
    
    Allentown, PA
    
    
    
    
    
    
    1,623,326
    
    
    
    3,464,626
    
    
    
    4,174,016
    
    
    
    1,695,610
    
    
    
    7,566,357
    
    
    
    9,261,967
    
    
    1,576,367
    
    
    1988
    
    
    40 yrs.8014 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    4,019,258
    
    
    
    
    
    
    
    9,446,162
    
    
    
    3,645,117
    
    
    
    9,820,303
    
    
    
    13,465,420
    
    
    2,218,246
    
    
    1999
    
    
    40 yrs.705 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,484,096
    
    
    
    
    
    
    
    14,878,034
    
    
    
    4,486,836
    
    
    
    14,875,294
    
    
    
    19,362,130
    
    
    2,387,484
    
    
    2001
    
    
    40 yrs.651 Boulder Drive
    
    Allentown, PA
    
    
    *
    
    
    
    4,308,646
    
    
    
    
    
    
    
    13,284,432
    
    
    
    4,308,646
    
    
    
    13,284,432
    
    
    
    17,593,078
    
    
    2,467,753
    
    
    2000
    
    
    40 yrs.8150 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,564,167
    
    
    
    
    
    
    
    8,906,845
    
    
    
    2,571,466
    
    
    
    8,899,547
    
    
    
    11,471,013
    
    
    1,421,039
    
    
    2002
    
    
    40 yrs.8250 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    1,025,667
    
    
    
    
    
    
    
    5,346,179
    
    
    
    1,035,854
    
    
    
    5,335,991
    
    
    
    6,371,846
    
    
    633,244
    
    
    2002
    
    
    40 yrs.650 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    5,208,248
    
    
    
    
    
    
    
    31,404,856
    
    
    
    9,961,788
    
    
    
    26,651,316
    
    
    
    36,613,104
    
    
    2,728,758
    
    
    2002
    
    
    40 yrs.7165 Ambassador Drive
    
    Allentown, PA
    
    
    *
    
    
    
    792,999
    
    
    
    
    
    
    
    4,533,868
    
    
    
    804,848
    
    
    
    4,522,019
    
    
    
    5,326,867
    
    
    586,086
    
    
    2002
    
    
    40 yrs.200 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,722,683
    
    
    
    18,922,645
    
    
    
    240,929
    
    
    
    4,722,683
    
    
    
    19,163,574
    
    
    
    23,886,258
    
    
    1,081,207
    
    
    2004
    
    
    40 yrs.250 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    3,623,328
    
    
    
    12,099,145
    
    
    
    1,144,216
    
    
    
    3,719,772
    
    
    
    13,146,917
    
    
    
    16,866,689
    
    
    690,330
    
    
    2004
    
    
    40 yrs.6560 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    458,281
    
    
    
    
    
    
    
    2,839,996
    
    
    
    458,945
    
    
    
    2,839,332
    
    
    
    3,298,277
    
    
    1,116,992
    
    
    1989
    
    
    40 yrs.6370 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    540,795
    
    
    
    
    
    
    
    3,608,143
    
    
    
    541,459
    
    
    
    3,607,479
    
    
    
    4,148,938
    
    
    1,356,701
    
    
    1990
    
    
    40 yrs.6390 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    707,203
    
    
    
    
    
    
    
    2,765,090
    
    
    
    707,867
    
    
    
    2,764,425
    
    
    
    3,472,293
    
    
    1,317,332
    
    
    1990
    
    
    40 yrs.6350 Hedgewood Drive
    
    Allentown, PA
    
    
    *
    
    
    
    360,027
    
    
    
    
    
    
    
    3,470,090
    
    
    
    560,691
    
    
    
    3,269,426
    
    
    
    3,830,117
    
    
    1,390,438
    
    
    1989
    
    
    40 yrs.6330 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    531,268
    
    
    
    
    
    
    
    4,910,864
    
    
    
    532,047
    
    
    
    4,910,085
    
    
    
    5,442,132
    
    
    2,333,532
    
    
    1988
    
    
    40 yrs.6580 Snowdrift Road
    
    Allentown, PA
    
    
    
    
    
    
    388,328
    
    
    
    
    
    
    
    3,284,907
    
    
    
    389,081
    
    
    
    3,284,155
    
    
    
    3,673,235
    
    
    1,459,264
    
    
    1988
    
    
    40 yrs.6540 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    422,042
    
    
    
    
    
    
    
    3,893,307
    
    
    
    422,730
    
    
    
    3,892,620
    
    
    
    4,315,349
    
    
    1,829,429
    
    
    1988
    
    
    40 yrs.974 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    143,500
    
    
    
    
    
    
    
    2,469,917
    
    
    
    144,248
    
    
    
    2,469,170
    
    
    
    2,613,417
    
    
    1,308,676
    
    
    1987
    
    
    40 yrs.964 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    138,816
    
    
    
    
    
    
    
    1,983,002
    
    
    
    139,480
    
    
    
    1,982,338
    
    
    
    2,121,818
    
    
    913,043
    
    
    1985
    
    
    40 yrs.764 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    141,069
    
    
    
    
    
    
    
    864,405
    
    
    
    141,746
    
    
    
    863,728
    
    
    
    1,005,474
    
    
    446,399
    
    
    1985
    
    
    40 yrs.3174 Airport Road
    
    Allentown, PA
    
    
    
    
    
    
    98,986
    
    
    
    
    
    
    
    1,157,004
    
    
    
    98,986
    
    
    
    1,157,004
    
    
    
    1,255,990
    
    
    727,271
    
    
    1979
    
    
    40 yrs.2201 Hanger Place
    
    Allentown, PA
    
    
    
    
    
    
    128,454
    
    
    
    
    
    
    
    1,906,472
    
    
    
    129,142
    
    
    
    1,905,783
    
    
    
    2,034,926
    
    
    1,121,868
    
    
    1987
    
    
    40 yrs.954 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    103,665
    
    
    
    
    
    
    
    1,110,937
    
    
    
    104,453
    
    
    
    1,110,149
    
    
    
    1,214,602
    
    
    586,982
    
    
    1981
    
    
    40 yrs.754 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    162,115
    
    
    
    1,731,885
    
    
    
    279,310
    
    
    
    163,735
    
    
    
    2,009,575
    
    
    
    2,173,310
    
    
    677,125
    
    
    1986
    
    
    40 yrs.744 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    159,771
    
    
    
    1,734,229
    
    
    
    266,454
    
    
    
    161,371
    
    
    
    1,999,083
    
    
    
    2,160,454
    
    
    663,735
    
    
    1986
    
    
    40 yrs.944 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    118,521
    
    
    
    1,435,479
    
    
    
    464,628
    
    
    
    119,711
    
    
    
    1,898,917
    
    
    
    2,018,628
    
    
    633,568
    
    
    1986
    
    
    40 yrs.6520 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    453,315
    
    
    
    
    
    
    
    1,787,903
    
    
    
    484,361
    
    
    
    1,756,857
    
    
    
    2,241,218
    
    
    593,896
    
    
    1996
    
    
    40 yrs.2041 Avenue C
    
    Allentown, PA
    
    
    
    
    
    
    213,599
    
    
    
    1,095,217
    
    
    
    83,135
    
    
    
    213,879
    
    
    
    1,178,072
    
    
    
    1,391,951
    
    
    353,869
    
    
    1990
    
    
    40 yrs.7144 Daniels Drive
    
    Allentown, PA
    
    
    
    
    
    
    2,390,217
    
    
    
    2,342,761
    
    
    
    3,721,684
    
    
    
    1,579,169
    
    
    
    6,875,493
    
    
    
    8,454,662
    
    
    1,849,083
    
    
    1975
    
    
    40 yrs.7620 Cetronia Road
    
    Allentown, PA
    
    
    
    
    
    
    1,091,806
    
    
    
    3,851,456
    
    
    
    356,371
    
    
    
    1,093,724
    
    
    
    4,205,910
    
    
    
    5,299,633
    
    
    1,364,080
    
    
    1990
    
    
    40 yrs.180,190 Cochrane Drive
    
    Annapolis, MD
    
    
    
    
    
    
    3,670,256
    
    
    
    
    
    
    
    22,322,825
    
    
    
    3,752,293
    
    
    
    22,240,788
    
    
    
    25,993,081
    
    
    8,676,942
    
    
    1988
    
    
    40 yrs.4606 Richlynn Drive
    
    Belcamp, MD
    
    
    
    
    
    
    299,600
    
    
    
    1,818,861
    
    
    
    712,787
    
    
    
    299,600
    
    
    
    2,531,649
    
    
    
    2,831,249
    
    
    470,711
    
    
    1985
    
    
    40 yrs.41199 Van Born Road
    
    Bellville, MI
    
    
    
    
    
    
    1,829,396
    
    
    
    6,765,015
    
    
    
    509,937
    
    
    
    1,829,396
    
    
    
    7,274,952
    
    
    
    9,104,347
    
    
    5,269
    
    
    2005
    
    
    40 yrs.41133 Van Born Road
    
    Bellville, MI
    
    
    
    
    
    
    1,829,560
    
    
    
    6,454,755
    
    
    
    463,975
    
    
    
    1,829,560
    
    
    
    6,918,730
    
    
    
    8,748,290
    
    
    5,877
    
    
    2005
    
    
    40 yrs.1655 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    214,431
    
    
    
    
    
    
    
    2,019,753
    
    
    
    215,095
    
    
    
    2,019,088
    
    
    
    2,234,184
    
    
    935,846
    
    
    1993
    
    
    40 yrs.1455 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    670,290
    
    
    
    
    
    
    
    3,743,118
    
    
    
    545,172
    
    
    
    3,868,235
    
    
    
    4,413,408
    
    
    1,742,880
    
    
    1997
    
    
    40 yrs.1640 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,538,675
    
    
    
    190,728
    
    
    
    2,706,947
    
    
    
    2,897,675
    
    
    1,142,900
    
    
    1996
    
    
    40 yrs.1650 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,215,932
    
    
    
    188,896
    
    
    
    2,386,036
    
    
    
    2,574,932
    
    
    942,344
    
    
    1997
    
    
    40 yrs.1660 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,278,206
    
    
    
    188,721
    
    
    
    2,448,485
    
    
    
    2,637,206
    
    
    737,276
    
    
    1998
    
    
    40 yrs.83 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    143,661
    
    
    
    888,128
    
    
    
    520,095
    
    
    
    212,744
    
    
    
    1,339,140
    
    
    
    1,551,884
    
    
    521,859
    
    
    1989
    
    
    40 yrs.85 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    236,708
    
    
    
    987,949
    
    
    
    169,265
    
    
    
    237,078
    
    
    
    1,156,844
    
    
    
    1,393,922
    
    
    312,464
    
    
    1989
    
    
    40 yrs.87 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    253,886
    
    
    
    1,062,881
    
    
    
    223,146
    
    
    
    253,886
    
    
    
    1,286,027
    
    
    
    1,539,913
    
    
    383,776
    
    
    1989
    
    
    40 yrs.89 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    320,000
    
    
    
    
    
    
    
    2,011,186
    
    
    
    367,706
    
    
    
    1,963,481
    
    
    
    2,331,186
    
    
    701,530
    
    
    1998
    
    
    40 yrs.1525 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    475,686
    
    
    
    
    
    
    
    7,721,312
    
    
    
    804,104
    
    
    
    7,392,894
    
    
    
    8,196,998
    
    
    1,900,307
    
    
    1999
    
    
    40 yrs.74 West Broad Street
    
    Bethlehem, PA
    
    
    
    
    
    
    1,096,127
    
    
    
    
    
    
    
    13,371,415
    
    
    
    1,099,079
    
    
    
    13,368,463
    
    
    
    14,467,542
    
    
    2,582,086
    
    
    2002
    
    
    40 yrs.1605 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    729,751
    
    
    
    
    
    
    
    11,065,717
    
    
    
    1,766,196
    
    
    
    10,029,272
    
    
    
    11,795,468
    
    
    1,779,914
    
    
    2000
    
    
    40 yrs.3400 High Point Boulevard
    
    Bethlehem, PA
    
    
    
    
    
    
    298,227
    
    
    
    
    
    
    
    3,053,506
    
    
    
    662,809
    
    
    
    2,688,924
    
    
    
    3,351,733
    
    
    367,073
    
    
    2002
    
    
    40 yrs.1495 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    434,640
    
    
    
    
    
    
    
    4,695,697
    
    
    
    435,303
    
    
    
    4,695,034
    
    
    
    5,130,337
    
    
    1,544,454
    
    
    1990
    
    
    40 yrs.1550 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    196,954
    
    
    
    
    
    
    
    3,827,587
    
    
    
    197,700
    
    
    
    3,826,842
    
    
    
    4,024,541
    
    
    1,470,951
    
    
    1988
    
    
    40 yrs.1560 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    240,069
    
    
    
    
    
    
    
    4,638,646
    
    
    
    240,732
    
    
    
    4,637,983
    
    
    
    4,878,715
    
    
    2,078,924
    
    
    1988
    
    
    40 yrs.
 94




---



##### Table of Contents



LIBERTY
PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsInitial Cost
    
    
    Capitalized
    
    
    Gross Amount Carried at End of Period
    
    
    
    
    Date ofSubsequent
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Accumulated
    
    Construction
    
    
    Depreciableto
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    or
    
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2006
    
    
    12/31/06
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES1510 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    312,209
    
    
    
    
    
    
    
    3,762,171
    
    
    
    312,873
    
    
    
    3,761,507
    
    
    
    4,074,380
    
    
    1,704,910
    
    
    1988
    
    
    40 yrs.1530 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    211,747
    
    
    
    
    
    
    
    3,008,631
    
    
    
    212,492
    
    
    
    3,007,886
    
    
    
    3,220,378
    
    
    1,256,732
    
    
    1988
    
    
    40 yrs.57 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    390,839
    
    
    
    2,701,161
    
    
    
    764,168
    
    
    
    395,459
    
    
    
    3,460,709
    
    
    
    3,856,168
    
    
    1,189,140
    
    
    1986
    
    
    40 yrs.1685 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    244,029
    
    
    
    
    
    
    
    2,283,047
    
    
    
    198,482
    
    
    
    2,328,594
    
    
    
    2,527,076
    
    
    838,903
    
    
    1996
    
    
    40 yrs.6601-6625 W. 78th Street
    
    Bloomington, MN
    
    
    
    
    
    
    2,263,060
    
    
    
    
    
    
    
    38,629,236
    
    
    
    2,310,246
    
    
    
    38,582,050
    
    
    
    40,892,296
    
    
    7,893,682
    
    
    1998
    
    
    40 yrs.4801 West 81st Street
    
    Bloomington, MN
    
    
    
    
    
    
    1,624,701
    
    
    
    2,494,368
    
    
    
    809,469
    
    
    
    1,624,701
    
    
    
    3,303,836
    
    
    
    4,928,537
    
    
    864,938
    
    
    1984
    
    
    40 yrs.8100 Cedar Avenue
    
    Bloomington, MN
    
    
    
    
    
    
    501,313
    
    
    
    3,675,416
    
    
    
    971,824
    
    
    
    501,313
    
    
    
    4,647,240
    
    
    
    5,148,553
    
    
    1,214,704
    
    
    1983
    
    
    40 yrs.6161 Green Valley Drive
    
    Bloomington, MN
    
    
    
    
    
    
    740,378
    
    
    
    3,311,602
    
    
    
    732,919
    
    
    
    741,194
    
    
    
    4,043,704
    
    
    
    4,784,898
    
    
    745,201
    
    
    1992
    
    
    40 yrs.10801 Nesbitt Avenue South
    
    Bloomington, MN
    
    
    
    
    
    
    784,577
    
    
    
    
    
    
    
    4,105,182
    
    
    
    786,382
    
    
    
    4,103,377
    
    
    
    4,889,759
    
    
    944,251
    
    
    2001
    
    
    40 yrs.5775 West Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,052,018
    
    
    
    3,849,649
    
    
    
    3,311,678
    
    
    
    2,060,644
    
    
    
    7,152,700
    
    
    
    9,213,345
    
    
    2,366,472
    
    
    2002
    
    
    40 yrs.5715 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    1,954,672
    
    
    
    1,264,758
    
    
    
    4,313,922
    
    
    
    5,578,680
    
    
    810,571
    
    
    2002
    
    
    40 yrs.5735 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    1,089,640
    
    
    
    1,264,758
    
    
    
    3,448,890
    
    
    
    4,713,648
    
    
    447,722
    
    
    2002
    
    
    40 yrs.1701 Clint Moore Boulevard
    
    Boca Raton, FL
    
    
    
    
    
    
    1,430,884
    
    
    
    3,043,553
    
    
    
    1,302,089
    
    
    
    1,430,937
    
    
    
    4,345,589
    
    
    
    5,776,526
    
    
    839,133
    
    
    1985
    
    
    40 yrs.951 Broken Sound Parkway
    
    Boca Raton, FL
    
    
    
    
    
    
    1,426,251
    
    
    
    6,098,952
    
    
    
    1,234,056
    
    
    
    1,426,251
    
    
    
    7,333,008
    
    
    
    8,759,259
    
    
    2,037,449
    
    
    1986
    
    
    40 yrs.777 Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    4,101,247
    
    
    
    16,077,347
    
    
    
    4,498,115
    
    
    
    4,501,247
    
    
    
    20,175,462
    
    
    
    24,676,709
    
    
    5,014,867
    
    
    1987
    
    
    40 yrs.1801 Clint Moore Road
    
    Boca Raton, FL
    
    
    
    
    
    
    1,065,068
    
    
    
    4,481,644
    
    
    
    640,426
    
    
    
    1,065,068
    
    
    
    5,122,070
    
    
    
    6,187,139
    
    
    1,249,779
    
    
    1986
    
    
    40 yrs.400 Boulder Drive
    
    Breinigsville, PA
    
    
    *
    
    
    
    
    
    
    
    
    
    
    
    13,376,989
    
    
    
    2,865,575
    
    
    
    10,511,414
    
    
    
    13,376,989
    
    
    629,760
    
    
    2003
    
    
    40 yrs.860 Nestle Way
    
    Breinigsville, PA
    
    
    
    
    
    
    8,118,881
    
    
    
    18,885,486
    
    
    
    1,403,042
    
    
    
    8,118,881
    
    
    
    20,288,528
    
    
    
    28,407,408
    
    
    671,096
    
    
    2004
    
    
    40 yrs.602 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    524,728
    
    
    
    2,240,478
    
    
    
    7,650
    
    
    
    524,728
    
    
    
    2,248,128
    
    
    
    2,772,856
    
    
    491,389
    
    
    1996
    
    
    40 yrs.245 Executive Drive
    
    Brookfield, WI
    
    
    
    
    
    
    577,067
    
    
    
    5,197,903
    
    
    
    3,816,157
    
    
    
    577,067
    
    
    
    9,014,060
    
    
    
    9,591,127
    
    
    1,549,221
    
    
    1984
    
    
    40 yrs.16620-16650 W Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    586,665
    
    
    
    4,289,907
    
    
    
    828,882
    
    
    
    586,665
    
    
    
    5,118,789
    
    
    
    5,705,454
    
    
    984,048
    
    
    1999
    
    
    40 yrs.15800 West Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    1,289,204
    
    
    
    8,128,035
    
    
    
    948,664
    
    
    
    1,306,811
    
    
    
    9,059,092
    
    
    
    10,365,903
    
    
    1,391,720
    
    
    1994
    
    
    40 yrs.20700 Swenson Drive
    
    Brookfield, WI
    
    
    12,858,381
    
    
    
    830,008
    
    
    
    12,276,445
    
    
    
    478,954
    
    
    
    830,999
    
    
    
    12,754,408
    
    
    
    13,585,406
    
    
    429,906
    
    
    2005
    
    
    40 yrs.20800 Swenson Drive
    
    Brookfield, WI
    
    
    
    
    
    
    1,023,466
    
    
    
    10,729,219
    
    
    
    418,157
    
    
    
    1,025,082
    
    
    
    11,145,759
    
    
    
    12,170,841
    
    
    474,180
    
    
    2005
    
    
    40 yrs.20935 Swenson Drive
    
    Brookfield, WI
    
    
    5,295,966
    
    
    
    571,389
    
    
    
    10,238,547
    
    
    
    658,028
    
    
    
    572,158
    
    
    
    10,895,806
    
    
    
    11,467,963
    
    
    391,207
    
    
    2005
    
    
    40 yrs.20975 Swenson Drive
    
    Brookfield, WI
    
    
    7,584,291
    
    
    
    675,422
    
    
    
    8,910,651
    
    
    
    602,016
    
    
    
    678,637
    
    
    
    9,509,452
    
    
    
    10,188,089
    
    
    398,554
    
    
    2005
    
    
    40 yrs.20825 Swenson Drive
    
    Brookfield, WI
    
    
    
    
    
    
    644,563
    
    
    
    3,640,734
    
    
    
    64,858
    
    
    
    646,518
    
    
    
    3,703,639
    
    
    
    4,350,156
    
    
    111,258
    
    
    2006
    
    
    40 yrs.1485 W. Commerce Avenue
    
    Carlisle, PA
    
    
    
    
    
    
    4,249,868
    
    
    
    13,886,039
    
    
    
    173,427
    
    
    
    4,253,027
    
    
    
    14,056,308
    
    
    
    18,309,335
    
    
    699,441
    
    
    2004
    
    
    40 yrs.3773 Corporate Parkway
    
    Center Valley, PA
    
    
    
    
    
    
    738,108
    
    
    
    
    
    
    
    7,605,349
    
    
    
    794,874
    
    
    
    7,548,583
    
    
    
    8,343,457
    
    
    1,666,953
    
    
    2001
    
    
    40 yrs.1309 Executive Boulevard
    
    Cheaspeake, VA
    
    
    
    
    
    
    926,125
    
    
    
    
    
    
    
    5,086,632
    
    
    
    955,374
    
    
    
    5,057,383
    
    
    
    6,012,757
    
    
    733,464
    
    
    2001
    
    
    40 yrs.7 Carnegie Plaza
    
    Cherry Hill, NJ
    
    
    *
    
    
    
    2,000,000
    
    
    
    3,493,983
    
    
    
    3,217,287
    
    
    
    2,005,475
    
    
    
    6,705,794
    
    
    
    8,711,270
    
    
    543,140
    
    
    2004
    
    
    40 yrs.1305 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    861,020
    
    
    
    
    
    
    
    4,878,062
    
    
    
    1,129,850
    
    
    
    4,609,232
    
    
    
    5,739,082
    
    
    691,749
    
    
    2002
    
    
    40 yrs.1313 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    1,180,036
    
    
    
    
    
    
    
    4,629,615
    
    
    
    1,708,050
    
    
    
    4,101,602
    
    
    
    5,809,652
    
    
    554,643
    
    
    2002
    
    
    40 yrs.500 Independence Parkway
    
    Chesapeake, VA
    
    
    3,588,914
    
    
    
    864,150
    
    
    
    4,427,285
    
    
    
    66,501
    
    
    
    866,609
    
    
    
    4,491,328
    
    
    
    5,357,937
    
    
    352,536
    
    
    2004
    
    
    40 yrs.700 Independence Parkway
    
    Chesapeake, VA
    
    
    6,903,981
    
    
    
    1,950,375
    
    
    
    8,273,910
    
    
    
    (614,501
    )
    
    
    1,951,135
    
    
    
    7,658,648
    
    
    
    9,609,783
    
    
    650,222
    
    
    2004
    
    
    40 yrs.501 Independence Parkway
    
    Chesapeake, VA
    
    
    4,967,909
    
    
    
    1,202,556
    
    
    
    5,975,538
    
    
    
    1,185,556
    
    
    
    1,292,273
    
    
    
    7,071,376
    
    
    
    8,363,650
    
    
    336,396
    
    
    2005
    
    
    40 yrs.505 Independence Parkway
    
    Chesapeake, VA
    
    
    5,793,893
    
    
    
    1,292,062
    
    
    
    6,456,515
    
    
    
    1,141,115
    
    
    
    1,292,254
    
    
    
    7,597,437
    
    
    
    8,889,691
    
    
    380,615
    
    
    2005
    
    
    40 yrs.510 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    2,012,149
    
    
    
    7,546,882
    
    
    
    394,344
    
    
    
    2,014,689
    
    
    
    7,938,686
    
    
    
    9,953,375
    
    
    422,930
    
    
    2005
    
    
    40 yrs.1301 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,113,029
    
    
    
    997,570
    
    
    
    5,115,459
    
    
    
    6,113,029
    
    
    108,314
    
    
    2005
    
    
    40 yrs.600 H P Way
    
    Chester, VA
    
    
    
    
    
    
    146,126
    
    
    
    
    
    
    
    6,429,625
    
    
    
    501,752
    
    
    
    6,073,999
    
    
    
    6,575,751
    
    
    1,193,352
    
    
    1997
    
    
    40 yrs.500 H P Way
    
    Chester, VA
    
    
    
    
    
    
    142,692
    
    
    
    
    
    
    
    5,563,992
    
    
    
    491,919
    
    
    
    5,214,765
    
    
    
    5,706,684
    
    
    1,090,627
    
    
    1997
    
    
    40 yrs.6230 Old Dobbin Lane
    
    Colombia, MD
    
    
    
    
    
    
    3,004,075
    
    
    
    
    
    
    
    7,729,322
    
    
    
    2,746,455
    
    
    
    7,986,942
    
    
    
    10,733,397
    
    
    161,577
    
    
    2004
    
    
    40 yrs.9101,9111,9115 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    758,951
    
    
    
    
    
    
    
    3,519,455
    
    
    
    765,952
    
    
    
    3,512,453
    
    
    
    4,278,406
    
    
    1,941,815
    
    
    1984
    
    
    40 yrs.9125,9135,9145 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    900,154
    
    
    
    
    
    
    
    5,815,495
    
    
    
    920,439
    
    
    
    5,795,210
    
    
    
    6,715,649
    
    
    3,426,185
    
    
    1983
    
    
    40 yrs.7178-80 Columbia Gateway
    
    Columbia, MD
    
    
    
    
    
    
    1,569,237
    
    
    
    4,786,887
    
    
    
    1,836,281
    
    
    
    1,571,105
    
    
    
    6,621,299
    
    
    
    8,192,405
    
    
    2,215,458
    
    
    1987
    
    
    40 yrs.9770 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    341,663
    
    
    
    3,033,309
    
    
    
    907,405
    
    
    
    341,663
    
    
    
    3,940,714
    
    
    
    4,282,377
    
    
    791,142
    
    
    1986
    
    
    40 yrs.9780 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    218,542
    
    
    
    1,940,636
    
    
    
    125,207
    
    
    
    218,542
    
    
    
    2,065,843
    
    
    
    2,284,384
    
    
    504,644
    
    
    1986
    
    
    40 yrs.9790 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    243,791
    
    
    
    2,164,094
    
    
    
    223,402
    
    
    
    243,791
    
    
    
    2,387,496
    
    
    
    2,631,287
    
    
    669,572
    
    
    1986
    
    
    40 yrs.9810 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    266,684
    
    
    
    2,366,901
    
    
    
    644,582
    
    
    
    266,684
    
    
    
    3,011,483
    
    
    
    3,278,167
    
    
    794,236
    
    
    1986
    
    
    40 yrs.9800 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    299,099
    
    
    
    2,654,069
    
    
    
    531,960
    
    
    
    299,099
    
    
    
    3,186,029
    
    
    
    3,485,129
    
    
    815,523
    
    
    1988
    
    
    40 yrs.9820 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    237,779
    
    
    
    2,110,835
    
    
    
    711,722
    
    
    
    237,779
    
    
    
    2,822,557
    
    
    
    3,060,336
    
    
    569,893
    
    
    1988
    
    
    40 yrs.9830 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    296,262
    
    
    
    2,628,933
    
    
    
    143,928
    
    
    
    296,262
    
    
    
    2,772,861
    
    
    
    3,069,124
    
    
    717,517
    
    
    1986
    
    
    40 yrs.9050 Red Branch Road
    
    Columbia, MD
    
    
    
    
    
    
    290,950
    
    
    
    2,577,153
    
    
    
    802,675
    
    
    
    290,950
    
    
    
    3,379,828
    
    
    
    3,670,778
    
    
    720,137
    
    
    1972
    
    
    40 yrs.8945-8975 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    2,428,795
    
    
    
    7,493,740
    
    
    
    873,148
    
    
    
    2,427,065
    
    
    
    8,368,619
    
    
    
    10,795,684
    
    
    1,959,626
    
    
    1986
    
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,590,872
    
    
    
    1,295,000
    
    
    
    3,253,978
    
    
    
    4,548,978
    
    
    602,208
    
    
    2002
    
    
    40 yrs.6200 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,736,325
    
    
    
    1,295,000
    
    
    
    3,399,431
    
    
    
    4,694,431
    
    
    532,591
    
    
    2002
    
    
    40 yrs.6210 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,724,707
    
    
    
    1,307,300
    
    
    
    3,375,513
    
    
    
    4,682,813
    
    
    622,557
    
    
    2002
    
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,780,749
    
    
    
    1,599,259
    
    
    
    3,139,595
    
    
    
    4,738,854
    
    
    349,799
    
    
    2000
    
    
    40 yrs.5950 Symphony Woods Road
    
    Columbia, MD
    
    
    
    
    
    
    1,462,762
    
    
    
    11,310,187
    
    
    
    1,368,440
    
    
    
    1,467,623
    
    
    
    12,673,767
    
    
    
    14,141,389
    
    
    1,845,734
    
    
    1986
    
    
    40 yrs.9755 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    3,917,094
    
    
    
    16,219,721
    
    
    
    110,510
    
    
    
    3,922,382
    
    
    
    16,324,943
    
    
    
    20,247,324
    
    
    
    
    
    2006
    
    
    40 yrs.5150 International Drive
    
    Cudahy, WI
    
    
    
    
    
    
    739,673
    
    
    
    5,108,025
    
    
    
    250,327
    
    
    
    741,858
    
    
    
    5,356,167
    
    
    
    6,098,024
    
    
    420,347
    
    
    2003
    
    
    40 yrs.1250 Hall Court
    
    Deer Park, TX
    
    
    3,063,690
    
    
    
    829,570
    
    
    
    4,778,327
    
    
    
    
    
    
    
    829,570
    
    
    
    4,778,327
    
    
    
    5,607,897
    
    
    8,813
    
    
    2006
    
    
    40 yrs.170 Parkway West
    
    Duncan, SC
    
    
    
    
    
    
    598,348
    
    
    
    3,643,756
    
    
    
    68,364
    
    
    
    598,918
    
    
    
    3,711,550
    
    
    
    4,310,468
    
    
    86,944
    
    
    2006
    
    
    40 yrs.
 95




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    Gross Amount Carried at End Period
    
    Accumulated
    
    Construction
    
    DepreciableInitial Cost
    
    to
    
    Land and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    Acquisition
    
    Improvements
    
    Improvements
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (Years)OPERATING PROPERTIES190 Parkway West
    
    Duncan, SC
    
    
    
    
    
    
    551,663
    
    
    
    3,463,858
    
    
    
    34,737
    
    
    
    552,211
    
    
    
    3,498,047
    
    
    
    4,050,258
    
    
    
    95,141
    
    
    2006
    
    40 yrs.265 Parkway East
    
    Duncan, SC
    
    
    
    
    
    
    901,444
    
    
    
    5,751,389
    
    
    
    18,391
    
    
    
    902,374
    
    
    
    5,768,850
    
    
    
    6,671,224
    
    
    
    174,266
    
    
    2006
    
    40 yrs.285 Parkway East
    
    Duncan, SC
    
    
    
    
    
    
    975,433
    
    
    
    6,149,465
    
    
    
    23,682
    
    
    
    976,393
    
    
    
    6,172,187
    
    
    
    7,148,580
    
    
    
    313,732
    
    
    2006
    
    40 yrs.3255 Neil Armstrong Boulevard
    
    Eagan, MN
    
    
    
    
    
    
    1,131,017
    
    
    
    
    
    
    
    3,393,423
    
    
    
    1,131,017
    
    
    
    3,393,423
    
    
    
    4,524,441
    
    
    
    677,048
    
    
    1998
    
    40 yrs.6321-6325 Bury Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    462,876
    
    
    
    4,151,790
    
    
    
    317,011
    
    
    
    462,876
    
    
    
    4,468,801
    
    
    
    4,931,677
    
    
    
    1,213,996
    
    
    1988
    
    40 yrs.7660-7716 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    568,706
    
    
    
    5,115,177
    
    
    
    2,817,841
    
    
    
    1,289,215
    
    
    
    7,212,509
    
    
    
    8,501,724
    
    
    
    2,440,957
    
    
    1988
    
    40 yrs.7400 Flying Cloud Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    195,982
    
    
    
    1,762,027
    
    
    
    157,281
    
    
    
    195,982
    
    
    
    1,919,309
    
    
    
    2,115,290
    
    
    
    441,713
    
    
    1987
    
    40 yrs.10301-10305 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    120,622
    
    
    
    1,085,226
    
    
    
    121,763
    
    
    
    118,300
    
    
    
    1,209,311
    
    
    
    1,327,611
    
    
    
    304,525
    
    
    1984
    
    40 yrs.10321 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    145,198
    
    
    
    1,305,700
    
    
    
    369,479
    
    
    
    142,399
    
    
    
    1,677,978
    
    
    
    1,820,377
    
    
    
    479,554
    
    
    1984
    
    40 yrs.10333 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    110,746
    
    
    
    995,868
    
    
    
    90,782
    
    
    
    108,610
    
    
    
    1,088,786
    
    
    
    1,197,396
    
    
    
    257,962
    
    
    1984
    
    40 yrs.10349-10357 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    275,903
    
    
    
    2,481,666
    
    
    
    584,392
    
    
    
    270,584
    
    
    
    3,071,377
    
    
    
    3,341,961
    
    
    
    737,188
    
    
    1985
    
    40 yrs.10365-10375 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    291,077
    
    
    
    2,618,194
    
    
    
    506,997
    
    
    
    285,464
    
    
    
    3,130,804
    
    
    
    3,416,267
    
    
    
    756,087
    
    
    1985
    
    40 yrs.10393-10394 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    269,618
    
    
    
    2,423,318
    
    
    
    775,855
    
    
    
    264,419
    
    
    
    3,204,372
    
    
    
    3,468,791
    
    
    
    761,414
    
    
    1985
    
    40 yrs.7078 Shady Oak Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    343,093
    
    
    
    3,085,795
    
    
    
    217,201
    
    
    
    336,481
    
    
    
    3,309,608
    
    
    
    3,646,089
    
    
    
    790,055
    
    
    1985
    
    40 yrs.10400 Viking Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,912,391
    
    
    
    
    
    
    
    22,843,159
    
    
    
    2,938,372
    
    
    
    22,817,178
    
    
    
    25,755,550
    
    
    
    5,724,688
    
    
    1999
    
    40 yrs.7695-7699 Anagram Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    760,525
    
    
    
    3,254,758
    
    
    
    605,146
    
    
    
    760,525
    
    
    
    3,859,903
    
    
    
    4,620,429
    
    
    
    843,591
    
    
    1997
    
    40 yrs.7800 Equitable Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,188,525
    
    
    
    3,788,762
    
    
    
    179,519
    
    
    
    2,188,525
    
    
    
    3,968,281
    
    
    
    6,156,806
    
    
    
    841,929
    
    
    1993
    
    40 yrs.7905 Fuller Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,229,862
    
    
    
    4,075,167
    
    
    
    33,365
    
    
    
    1,230,965
    
    
    
    4,107,430
    
    
    
    5,338,395
    
    
    
    833,068
    
    
    1994
    
    40 yrs.9023 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,956,273
    
    
    
    
    
    
    
    4,873,578
    
    
    
    1,956,273
    
    
    
    4,873,578
    
    
    
    6,829,851
    
    
    
    1,058,231
    
    
    1999
    
    40 yrs.8967 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,450,000
    
    
    
    
    
    
    
    3,575,107
    
    
    
    1,450,000
    
    
    
    3,575,107
    
    
    
    5,025,107
    
    
    
    717,864
    
    
    2000
    
    40 yrs.7777 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    993,101
    
    
    
    2,136,862
    
    
    
    1,191,303
    
    
    
    993,101
    
    
    
    3,328,165
    
    
    
    4,321,266
    
    
    
    542,633
    
    
    2000
    
    40 yrs.8937 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,325,829
    
    
    
    
    
    
    
    4,287,274
    
    
    
    1,739,966
    
    
    
    3,873,137
    
    
    
    5,613,103
    
    
    
    676,755
    
    
    2001
    
    40 yrs.7615 Smetana Lane
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,011,517
    
    
    
    
    
    
    
    8,665,025
    
    
    
    3,000,555
    
    
    
    6,675,988
    
    
    
    9,676,542
    
    
    
    1,378,155
    
    
    2001
    
    40 yrs.8995 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,087,594
    
    
    
    
    
    
    
    3,664,053
    
    
    
    2,055,296
    
    
    
    2,696,352
    
    
    
    4,751,648
    
    
    
    429,638
    
    
    2001
    
    40 yrs.8911 Columbine Road (B2)
    
    Eden Prairie, MN
    
    
    
    
    
    
    916,687
    
    
    
    
    
    
    
    3,608,469
    
    
    
    1,718,407
    
    
    
    2,806,748
    
    
    
    4,525,156
    
    
    
    377,488
    
    
    2000
    
    40 yrs.8855 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,400,925
    
    
    
    
    
    
    
    5,226,016
    
    
    
    1,599,757
    
    
    
    5,027,185
    
    
    
    6,626,941
    
    
    
    325,388
    
    
    2000
    
    40 yrs.27260 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    456,877
    
    
    
    4,091,196
    
    
    
    754,780
    
    
    
    456,877
    
    
    
    4,845,977
    
    
    
    5,302,854
    
    
    
    1,273,497
    
    
    1983
    
    40 yrs.27200 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    382,754
    
    
    
    3,425,227
    
    
    
    363,784
    
    
    
    382,754
    
    
    
    3,789,011
    
    
    
    4,171,765
    
    
    
    1,043,115
    
    
    1983
    
    40 yrs.27280 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    452,860
    
    
    
    4,055,512
    
    
    
    443,764
    
    
    
    452,860
    
    
    
    4,499,276
    
    
    
    4,952,136
    
    
    
    1,150,855
    
    
    1983
    
    40 yrs.27220 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    203,064
    
    
    
    1,802,592
    
    
    
    174,777
    
    
    
    203,064
    
    
    
    1,977,369
    
    
    
    2,180,433
    
    
    
    530,662
    
    
    1985
    
    40 yrs.27240 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    171,518
    
    
    
    1,518,192
    
    
    
    280,526
    
    
    
    171,518
    
    
    
    1,798,718
    
    
    
    1,970,236
    
    
    
    445,822
    
    
    1985
    
    40 yrs.27300 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    370,378
    
    
    
    3,311,366
    
    
    
    732,514
    
    
    
    370,378
    
    
    
    4,043,880
    
    
    
    4,414,259
    
    
    
    967,017
    
    
    1985
    
    40 yrs.26442-26450 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    237,687
    
    
    
    2,143,478
    
    
    
    152,517
    
    
    
    237,691
    
    
    
    2,295,991
    
    
    
    2,533,682
    
    
    
    534,548
    
    
    1988
    
    40 yrs.26500 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    311,093
    
    
    
    2,791,804
    
    
    
    433,388
    
    
    
    311,097
    
    
    
    3,225,188
    
    
    
    3,536,285
    
    
    
    737,282
    
    
    1986
    
    40 yrs.26650 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    173,166
    
    
    
    1,562,704
    
    
    
    143,228
    
    
    
    173,170
    
    
    
    1,705,928
    
    
    
    1,879,098
    
    
    
    378,883
    
    
    1988
    
    40 yrs.26700 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    253,338
    
    
    
    2,290,696
    
    
    
    104,078
    
    
    
    253,341
    
    
    
    2,394,770
    
    
    
    2,648,112
    
    
    
    542,406
    
    
    1986
    
    40 yrs.26750 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    292,717
    
    
    
    2,638,688
    
    
    
    250,110
    
    
    
    292,720
    
    
    
    2,888,795
    
    
    
    3,181,515
    
    
    
    750,106
    
    
    1988
    
    40 yrs.26800 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    175,489
    
    
    
    1,583,362
    
    
    
    243,691
    
    
    
    175,492
    
    
    
    1,827,050
    
    
    
    2,002,542
    
    
    
    500,064
    
    
    1986
    
    40 yrs.26842-26850 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    239,606
    
    
    
    2,160,470
    
    
    
    364,314
    
    
    
    239,609
    
    
    
    2,524,781
    
    
    
    2,764,390
    
    
    
    707,486
    
    
    1988
    
    40 yrs.26600 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    455,846
    
    
    
    
    
    
    
    2,921,972
    
    
    
    537,693
    
    
    
    2,840,125
    
    
    
    3,377,818
    
    
    
    819,672
    
    
    1999
    
    40 yrs.26550 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    368,083
    
    
    
    
    
    
    
    2,647,709
    
    
    
    535,179
    
    
    
    2,480,613
    
    
    
    3,015,792
    
    
    
    658,542
    
    
    2000
    
    40 yrs.7028 Snowdrift Road
    
    Fogelville, PA
    
    
    
    
    
    
    520,473
    
    
    
    959,279
    
    
    
    262,203
    
    
    
    524,390
    
    
    
    1,217,565
    
    
    
    1,741,954
    
    
    
    292,366
    
    
    1982
    
    40 yrs.420 Delaware Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    2,766,931
    
    
    
    
    
    
    
    8,814,580
    
    
    
    2,823,257
    
    
    
    8,758,255
    
    
    
    11,581,511
    
    
    
    49,754
    
    
    2005
    
    40 yrs.414 Commerce Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,267,194
    
    
    
    2,217,460
    
    
    
    177,437
    
    
    
    1,267,937
    
    
    
    2,394,153
    
    
    
    3,662,091
    
    
    
    63,339
    
    
    2004
    
    40 yrs.275 Commerce Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,775,894
    
    
    
    2,160,855
    
    
    
    1,870,359
    
    
    
    1,789,302
    
    
    
    4,017,806
    
    
    
    5,807,108
    
    
    
    
    
    
    2005
    
    40 yrs.1250 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,639,166
    
    
    
    1,928,574
    
    
    
    422,241
    
    
    
    1,650,703
    
    
    
    2,339,278
    
    
    
    3,989,980
    
    
    
    23,113
    
    
    2005
    
    40 yrs.1100 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    13,007,509
    
    
    
    11,480,744
    
    
    
    53,906
    
    
    
    13,035,013
    
    
    
    11,507,146
    
    
    
    24,542,159
    
    
    
    197,270
    
    
    2006
    
    40 yrs.106 Southchase Boulevard
    
    Fountain Inn, SC
    
    
    
    
    
    
    201,944
    
    
    
    
    
    
    
    5,133,389
    
    
    
    684,003
    
    
    
    4,651,330
    
    
    
    5,335,333
    
    
    
    125,941
    
    
    2005
    
    40 yrs.9601 Cosner Drive
    
    Fredericksburg, VA
    
    
    
    
    
    
    475,262
    
    
    
    3,917,234
    
    
    
    214,221
    
    
    
    475,262
    
    
    
    4,131,454
    
    
    
    4,606,716
    
    
    
    1,177,660
    
    
    1995
    
    40 yrs.200 W Cypress Creek Road
    
    Ft Lauderdale, FL
    
    
    
    
    
    
    3,414,989
    
    
    
    2,399,738
    
    
    
    9,866,832
    
    
    
    3,414,989
    
    
    
    12,266,571
    
    
    
    15,681,559
    
    
    
    452,897
    
    
    2003
    
    40 yrs.5410 - 5430 Northwest 33rd Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    603,776
    
    
    
    4,176,238
    
    
    
    1,101,013
    
    
    
    625,111
    
    
    
    5,255,916
    
    
    
    5,881,027
    
    
    
    1,288,523
    
    
    1985
    
    40 yrs.6500 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,099
    
    
    
    3,046,309
    
    
    
    438,216
    
    
    
    
    
    
    
    3,491,624
    
    
    
    3,491,624
    
    
    
    884,615
    
    
    1989
    
    40 yrs.6600 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,102
    
    
    
    3,047,462
    
    
    
    486,427
    
    
    
    
    
    
    
    3,540,992
    
    
    
    3,540,992
    
    
    
    912,641
    
    
    1989
    
    40 yrs.4880 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    743,898
    
    
    
    4,499,807
    
    
    
    2,746,479
    
    
    
    743,898
    
    
    
    7,246,286
    
    
    
    7,990,184
    
    
    
    1,217,434
    
    
    1995
    
    40 yrs.5000 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    770,214
    
    
    
    3,685,248
    
    
    
    185,433
    
    
    
    771,029
    
    
    
    3,869,867
    
    
    
    4,640,895
    
    
    
    1,080,246
    
    
    1990
    
    40 yrs.5500 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    443,485
    
    
    
    
    
    
    
    3,347,885
    
    
    
    483,263
    
    
    
    3,308,107
    
    
    
    3,791,370
    
    
    
    793,756
    
    
    1999
    
    40 yrs.4801 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,072,896
    
    
    
    
    
    
    
    10,197,775
    
    
    
    1,075,620
    
    
    
    10,195,051
    
    
    
    11,270,671
    
    
    
    2,394,924
    
    
    1998
    
    40 yrs.4198 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    670,292
    
    
    
    3,839,245
    
    
    
    981,346
    
    
    
    670,292
    
    
    
    4,820,591
    
    
    
    5,490,883
    
    
    
    1,290,221
    
    
    1984
    
    40 yrs.4510 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,010,024
    
    
    
    7,151,729
    
    
    
    1,751,122
    
    
    
    1,010,044
    
    
    
    8,902,831
    
    
    
    9,912,875
    
    
    
    2,447,991
    
    
    1990
    
    40 yrs.4121 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,083,006
    
    
    
    6,035,653
    
    
    
    519,164
    
    
    
    1,083,006
    
    
    
    6,554,817
    
    
    
    7,637,824
    
    
    
    436,918
    
    
    2004
    
    40 yrs.420 Park Avenue
    
    Greenville, SC
    
    
    *
    
    
    
    522,548
    
    
    
    2,730,261
    
    
    
    977,573
    
    
    
    522,548
    
    
    
    3,707,834
    
    
    
    4,230,382
    
    
    
    1,096,196
    
    
    1986
    
    40 yrs.One Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    780,881
    
    
    
    6,199,230
    
    
    
    6,430,871
    
    
    
    784,617
    
    
    
    12,626,365
    
    
    
    13,410,982
    
    
    
    2,240,553
    
    
    1982
    
    40 yrs.
 96




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    Gross Amount Carried at End Period
    
    Accumulated
    
    Construction
    
    DepreciableInitial Cost
    
    to
    
    Land and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    Acquisition
    
    Improvements
    
    Improvements
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (Years)OPERATING PROPERTIES15 Brendan Way
    
    Greenville, SC
    
    
    
    
    
    
    614,192
    
    
    
    3,012,019
    
    
    
    1,767,666
    
    
    
    614,192
    
    
    
    4,779,684
    
    
    
    5,393,876
    
    
    
    1,424,079
    
    
    1988
    
    40 yrs.4 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,555,776
    
    
    
    467,438
    
    
    
    3,088,339
    
    
    
    3,555,776
    
    
    
    587,548
    
    
    2002
    
    40 yrs.5 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,286,804
    
    
    
    467,438
    
    
    
    2,819,366
    
    
    
    3,286,804
    
    
    
    616,674
    
    
    2002
    
    40 yrs.200 Southchase Boulevard
    
    Greenville, SC
    
    
    
    
    
    
    512,911
    
    
    
    
    
    
    
    6,273,615
    
    
    
    515,542
    
    
    
    6,270,984
    
    
    
    6,786,525
    
    
    
    478,893
    
    
    2003
    
    40 yrs.6 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,061,966
    
    
    
    545,698
    
    
    
    2,516,268
    
    
    
    3,061,966
    
    
    
    195,504
    
    
    2003
    
    40 yrs.2 Independence Point
    
    Greenville, SC
    
    
    
    
    
    
    371,600
    
    
    
    
    
    
    
    3,168,228
    
    
    
    682,881
    
    
    
    2,856,946
    
    
    
    3,539,828
    
    
    
    30,935
    
    
    2005
    
    40 yrs.1 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    974,675
    
    
    
    5,579,869
    
    
    
    1,182,175
    
    
    
    974,675
    
    
    
    6,762,044
    
    
    
    7,736,719
    
    
    
    1,737,849
    
    
    1987
    
    40 yrs.22 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    1,097,368
    
    
    
    6,760,778
    
    
    
    856,086
    
    
    
    1,097,368
    
    
    
    7,616,864
    
    
    
    8,714,232
    
    
    
    2,061,113
    
    
    1990
    
    40 yrs.5 Manhattan Square
    
    Hampton, VA
    
    
    
    
    
    
    207,368
    
    
    
    
    
    
    
    1,663,695
    
    
    
    212,694
    
    
    
    1,658,368
    
    
    
    1,871,063
    
    
    
    428,848
    
    
    1999
    
    40 yrs.21 Enterprise Parkway
    
    Hampton, VA
    
    
    383,605
    
    
    
    263,668
    
    
    
    8,167,118
    
    
    
    511,240
    
    
    
    265,719
    
    
    
    8,676,307
    
    
    
    8,942,026
    
    
    
    1,386,213
    
    
    1999
    
    40 yrs.521 Butler Farm Road
    
    Hampton, VA
    
    
    
    
    
    
    750,769
    
    
    
    2,911,149
    
    
    
    260,815
    
    
    
    710,486
    
    
    
    3,212,247
    
    
    
    3,922,733
    
    
    
    264,018
    
    
    2003
    
    40 yrs.7317 Parkway Drive
    
    Hanover, MD
    
    
    
    
    
    
    1,104,359
    
    
    
    1,959,671
    
    
    
    79,319
    
    
    
    1,104,359
    
    
    
    2,038,990
    
    
    
    3,143,349
    
    
    
    453,669
    
    
    1983
    
    40 yrs.500 McCarthy Drive
    
    Harrisburg, PA
    
    
    
    
    
    
    5,194,872
    
    
    
    19,991,436
    
    
    
    4,120,570
    
    
    
    5,687,013
    
    
    
    23,619,865
    
    
    
    29,306,878
    
    
    
    1,197,404
    
    
    2005
    
    40 yrs.4170 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    143,699
    
    
    
    
    
    
    
    2,210,943
    
    
    
    373,502
    
    
    
    1,981,140
    
    
    
    2,354,642
    
    
    
    543,603
    
    
    1999
    
    40 yrs.4180 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    121,329
    
    
    
    
    
    
    
    1,836,257
    
    
    
    315,614
    
    
    
    1,641,972
    
    
    
    1,957,586
    
    
    
    506,298
    
    
    1999
    
    40 yrs.4050 Piedmont Parkway
    
    High Point , NC
    
    
    
    
    
    
    801,902
    
    
    
    
    
    
    
    19,610,267
    
    
    
    2,042,159
    
    
    
    18,370,011
    
    
    
    20,412,169
    
    
    
    3,868,705
    
    
    1998
    
    40 yrs.4523 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    234,564
    
    
    
    
    
    
    
    2,404,561
    
    
    
    235,698
    
    
    
    2,403,427
    
    
    
    2,639,125
    
    
    
    1,058,454
    
    
    1988
    
    40 yrs.4501 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    319,289
    
    
    
    
    
    
    
    2,630,880
    
    
    
    320,450
    
    
    
    2,629,719
    
    
    
    2,950,169
    
    
    
    1,156,811
    
    
    1989
    
    40 yrs.4500 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    230,622
    
    
    
    
    
    
    
    2,333,337
    
    
    
    231,692
    
    
    
    2,332,268
    
    
    
    2,563,959
    
    
    
    1,087,232
    
    
    1989
    
    40 yrs.2427 Penny Road
    
    High Point, NC
    
    
    
    
    
    
    1,165,664
    
    
    
    
    
    
    
    3,467,001
    
    
    
    655,240
    
    
    
    3,977,424
    
    
    
    4,632,665
    
    
    
    1,593,141
    
    
    1990
    
    40 yrs.4524 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    182,810
    
    
    
    
    
    
    
    2,364,005
    
    
    
    183,888
    
    
    
    2,362,926
    
    
    
    2,546,815
    
    
    
    1,039,384
    
    
    1989
    
    40 yrs.4328, 4336 Federal Drive
    
    High Point, NC
    
    
    4,545,898
    
    
    
    521,122
    
    
    
    
    
    
    
    7,238,387
    
    
    
    825,092
    
    
    
    6,934,416
    
    
    
    7,759,509
    
    
    
    3,316,305
    
    
    1995
    
    40 yrs.4344 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    484,001
    
    
    
    
    
    
    
    2,755,206
    
    
    
    173,623
    
    
    
    3,065,585
    
    
    
    3,239,208
    
    
    
    1,019,455
    
    
    1996
    
    40 yrs.4000 Piedmont Parkway
    
    High Point, NC
    
    
    
    
    
    
    592,885
    
    
    
    4,825,615
    
    
    
    807,718
    
    
    
    597,368
    
    
    
    5,628,850
    
    
    
    6,226,218
    
    
    
    1,733,031
    
    
    1989
    
    40 yrs.4380 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    282,996
    
    
    
    
    
    
    
    2,210,549
    
    
    
    283,368
    
    
    
    2,210,177
    
    
    
    2,493,545
    
    
    
    727,018
    
    
    1997
    
    40 yrs.4388 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    143,661
    
    
    
    
    
    
    
    1,225,791
    
    
    
    132,655
    
    
    
    1,236,797
    
    
    
    1,369,452
    
    
    
    430,335
    
    
    1997
    
    40 yrs.4160 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    285,882
    
    
    
    
    
    
    
    3,351,586
    
    
    
    545,627
    
    
    
    3,091,841
    
    
    
    3,637,468
    
    
    
    725,642
    
    
    1998
    
    40 yrs.4194 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    102,372
    
    
    
    
    
    
    
    2,598,532
    
    
    
    265,991
    
    
    
    2,434,913
    
    
    
    2,700,904
    
    
    
    647,095
    
    
    1999
    
    40 yrs.4196 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    66,731
    
    
    
    
    
    
    
    2,250,342
    
    
    
    173,889
    
    
    
    2,143,184
    
    
    
    2,317,073
    
    
    
    709,040
    
    
    1999
    
    40 yrs.4300 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    264,038
    
    
    
    
    
    
    
    2,090,460
    
    
    
    276,038
    
    
    
    2,078,460
    
    
    
    2,354,498
    
    
    
    367,817
    
    
    1998
    
    40 yrs.4135 Mendenall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    499,500
    
    
    
    
    
    
    
    3,052,846
    
    
    
    500,980
    
    
    
    3,051,365
    
    
    
    3,552,346
    
    
    
    563,934
    
    
    2000
    
    40 yrs.4183 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    122,203
    
    
    
    
    
    
    
    3,748,139
    
    
    
    526,266
    
    
    
    3,344,076
    
    
    
    3,870,342
    
    
    
    1,096,678
    
    
    2001
    
    40 yrs.4189 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    100,106
    
    
    
    
    
    
    
    3,430,702
    
    
    
    431,106
    
    
    
    3,099,702
    
    
    
    3,530,808
    
    
    
    723,686
    
    
    2001
    
    40 yrs.4020 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    94,232
    
    
    
    
    
    
    
    1,682,699
    
    
    
    378,101
    
    
    
    1,398,830
    
    
    
    1,776,931
    
    
    
    313,939
    
    
    2001
    
    40 yrs.1400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    172,320
    
    
    
    
    
    
    
    7,145,926
    
    
    
    984,672
    
    
    
    6,333,574
    
    
    
    7,318,246
    
    
    
    1,020,098
    
    
    2002
    
    40 yrs.4191 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    217,943
    
    
    
    
    
    
    
    3,119,682
    
    
    
    611,166
    
    
    
    2,726,459
    
    
    
    3,337,625
    
    
    
    422,224
    
    
    2002
    
    40 yrs.4015 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    510,000
    
    
    
    
    
    
    
    2,792,495
    
    
    
    511,869
    
    
    
    2,790,626
    
    
    
    3,302,495
    
    
    
    141,901
    
    
    2003
    
    40 yrs.4195 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    107,586
    
    
    
    
    
    
    
    3,349,592
    
    
    
    505,700
    
    
    
    2,951,478
    
    
    
    3,457,178
    
    
    
    120,322
    
    
    2004
    
    40 yrs.400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,860,213
    
    
    
    665,239
    
    
    
    1,194,974
    
    
    
    1,860,213
    
    
    
    14,800
    
    
    2004
    
    40 yrs.100 Witmer Road
    
    Horsham, PA
    
    
    5,804,315
    
    
    
    3,102,784
    
    
    
    
    
    
    
    11,902,626
    
    
    
    3,764,784
    
    
    
    11,240,627
    
    
    
    15,005,410
    
    
    
    2,877,003
    
    
    1996
    
    40 yrs.132 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    1,333,642
    
    
    
    
    
    
    
    4,219,965
    
    
    
    1,408,041
    
    
    
    4,145,566
    
    
    
    5,553,607
    
    
    
    1,331,664
    
    
    1998
    
    40 yrs.300 Welsh Road  Building 3
    
    Horsham, PA
    
    
    
    
    
    
    180,459
    
    
    
    1,441,473
    
    
    
    358,107
    
    
    
    180,459
    
    
    
    1,799,579
    
    
    
    1,980,038
    
    
    
    566,487
    
    
    1983
    
    40 yrs.300 Welsh Road  Building 4
    
    Horsham, PA
    
    
    
    
    
    
    282,493
    
    
    
    2,256,508
    
    
    
    1,347,544
    
    
    
    282,493
    
    
    
    3,604,051
    
    
    
    3,886,545
    
    
    
    1,094,113
    
    
    1983
    
    40 yrs.2 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,281,870
    
    
    
    7,767,374
    
    
    
    1,614,038
    
    
    
    1,265,363
    
    
    
    9,397,919
    
    
    
    10,663,282
    
    
    
    2,775,835
    
    
    1989
    
    40 yrs.5 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,065,951
    
    
    
    
    
    
    
    9,658,857
    
    
    
    1,939,712
    
    
    
    8,785,096
    
    
    
    10,724,809
    
    
    
    1,749,887
    
    
    2000
    
    40 yrs.200 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    638,513
    
    
    
    5,811,323
    
    
    
    1,627,733
    
    
    
    638,513
    
    
    
    7,439,056
    
    
    
    8,077,569
    
    
    
    2,202,723
    
    
    1990
    
    40 yrs.220 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,228
    
    
    
    1,201,778
    
    
    
    629,944
    
    
    
    6,935,006
    
    
    
    7,564,950
    
    
    
    2,143,096
    
    
    1990
    
    40 yrs.240 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,234
    
    
    
    1,578,115
    
    
    
    629,944
    
    
    
    7,311,349
    
    
    
    7,941,293
    
    
    
    2,295,152
    
    
    1990
    
    40 yrs.1 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,058,901
    
    
    
    5,343,606
    
    
    
    1,041,557
    
    
    
    1,058,901
    
    
    
    6,385,163
    
    
    
    7,444,064
    
    
    
    2,059,580
    
    
    1986
    
    40 yrs.181-187 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    360,549
    
    
    
    3,259,984
    
    
    
    506,596
    
    
    
    360,549
    
    
    
    3,766,580
    
    
    
    4,127,129
    
    
    
    1,094,203
    
    
    1982
    
    40 yrs.104 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    330,111
    
    
    
    2,981,669
    
    
    
    233,299
    
    
    
    330,111
    
    
    
    3,214,968
    
    
    
    3,545,079
    
    
    
    705,425
    
    
    1974
    
    40 yrs.123-135 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    292,360
    
    
    
    2,411,677
    
    
    
    871,555
    
    
    
    393,019
    
    
    
    3,182,573
    
    
    
    3,575,591
    
    
    
    970,834
    
    
    1975
    
    40 yrs.111-159 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    489,032
    
    
    
    4,126,151
    
    
    
    613,296
    
    
    
    489,032
    
    
    
    4,739,447
    
    
    
    5,228,479
    
    
    
    1,272,980
    
    
    1981
    
    40 yrs.161-175 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    294,673
    
    
    
    2,663,722
    
    
    
    987,299
    
    
    
    294,673
    
    
    
    3,651,020
    
    
    
    3,945,694
    
    
    
    856,934
    
    
    1976
    
    40 yrs.103-109 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    270,906
    
    
    
    2,448,500
    
    
    
    795,126
    
    
    
    270,906
    
    
    
    3,243,625
    
    
    
    3,514,531
    
    
    
    1,044,383
    
    
    1978
    
    40 yrs.261-283 Gibraltar Road
    
    Horsham, PA
    
    
    *
    
    
    
    464,871
    
    
    
    3,951,972
    
    
    
    141,841
    
    
    
    464,871
    
    
    
    4,093,813
    
    
    
    4,558,684
    
    
    
    942,660
    
    
    1978
    
    40 yrs.210-223 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    270,282
    
    
    
    2,441,276
    
    
    
    1,761,333
    
    
    
    270,282
    
    
    
    4,202,609
    
    
    
    4,472,891
    
    
    
    959,764
    
    
    1972
    
    40 yrs.231-237 Gibraltar Road
    
    Horsham, PA
    
    
    *
    
    
    
    436,952
    
    
    
    3,948,963
    
    
    
    699,674
    
    
    
    436,952
    
    
    
    4,648,636
    
    
    
    5,085,589
    
    
    
    1,155,695
    
    
    1981
    
    40 yrs.100 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    38,729
    
    
    
    349,811
    
    
    
    9,589
    
    
    
    38,729
    
    
    
    359,400
    
    
    
    398,129
    
    
    
    81,406
    
    
    1975
    
    40 yrs.101 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    651,990
    
    
    
    5,888,989
    
    
    
    1,376,885
    
    
    
    732,552
    
    
    
    7,185,312
    
    
    
    7,917,864
    
    
    
    1,741,900
    
    
    1977
    
    40 yrs.506 Prudential Road
    
    Horsham, PA
    
    
    
    
    
    
    208,140
    
    
    
    895,470
    
    
    
    652,633
    
    
    
    208,140
    
    
    
    1,548,102
    
    
    
    1,756,243
    
    
    
    357,080
    
    
    1973
    
    40 yrs.113-123 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    351,072
    
    
    
    3,171,001
    
    
    
    334,495
    
    
    
    451,731
    
    
    
    3,404,836
    
    
    
    3,856,568
    
    
    
    823,288
    
    
    1975
    
    40 yrs.101-111 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    350,561
    
    
    
    3,166,389
    
    
    
    640,212
    
    
    
    452,251
    
    
    
    3,704,911
    
    
    
    4,157,162
    
    
    
    892,449
    
    
    1975
    
    40 yrs.
 97




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    Gross Amount Carried at End Period
    
    Accumulated
    
    Construction
    
    DepreciableInitial Cost
    
    to
    
    Land and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    Acquisition
    
    Improvements
    
    Improvements
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (Years)OPERATING PROPERTIES120 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    533,142
    
    
    
    4,830,515
    
    
    
    973,788
    
    
    
    558,142
    
    
    
    5,779,303
    
    
    
    6,337,445
    
    
    
    1,392,610
    
    
    1980
    
    40 yrs.110 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    673,041
    
    
    
    5,776,369
    
    
    
    2,170,108
    
    
    
    673,041
    
    
    
    7,946,477
    
    
    
    8,619,518
    
    
    
    1,938,777
    
    
    1979
    
    40 yrs.100-107 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    239,528
    
    
    
    2,163,498
    
    
    
    659,861
    
    
    
    255,528
    
    
    
    2,807,359
    
    
    
    3,062,887
    
    
    
    844,384
    
    
    1982
    
    40 yrs.200-264 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    502,705
    
    
    
    4,540,597
    
    
    
    915,265
    
    
    
    502,705
    
    
    
    5,455,862
    
    
    
    5,958,567
    
    
    
    1,609,702
    
    
    1982
    
    40 yrs.300-309 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    369,475
    
    
    
    3,338,761
    
    
    
    1,710,844
    
    
    
    376,475
    
    
    
    5,042,605
    
    
    
    5,419,080
    
    
    
    1,681,475
    
    
    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
    
    
    
    2,059,164
    
    
    1981
    
    40 yrs.104 Witmer Road
    
    Horsham, PA
    
    
    *
    
    
    
    1,248,148
    
    
    
    
    
    
    
    1,133,479
    
    
    
    189,793
    
    
    
    2,191,834
    
    
    
    2,381,627
    
    
    
    735,818
    
    
    1975
    
    40 yrs.201 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    380,127
    
    
    
    3,433,433
    
    
    
    1,997,494
    
    
    
    380,802
    
    
    
    5,430,252
    
    
    
    5,811,054
    
    
    
    1,285,924
    
    
    1983
    
    40 yrs.719 Dresher Road
    
    Horsham, PA
    
    
    *
    
    
    
    493,426
    
    
    
    2,812,067
    
    
    
    205,125
    
    
    
    495,112
    
    
    
    3,015,506
    
    
    
    3,510,618
    
    
    
    669,434
    
    
    1987
    
    40 yrs.4 Walnut Grove
    
    Horsham, PA
    
    
    *
    
    
    
    2,515,115
    
    
    
    
    
    
    
    7,329,299
    
    
    
    2,515,115
    
    
    
    7,329,299
    
    
    
    9,844,415
    
    
    
    1,405,252
    
    
    1999
    
    40 yrs.300 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    696,061
    
    
    
    3,339,991
    
    
    
    547,772
    
    
    
    696,061
    
    
    
    3,887,762
    
    
    
    4,583,823
    
    
    
    866,821
    
    
    1985
    
    40 yrs.700 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    2,551,777
    
    
    
    3,020,638
    
    
    
    4,641,908
    
    
    
    2,565,140
    
    
    
    7,649,183
    
    
    
    10,214,323
    
    
    
    3,175,714
    
    
    1987
    
    40 yrs.680 Blair Mill Road
    
    Horsham, PA
    
    
    
    
    
    
    3,527,151
    
    
    
    
    
    
    
    12,039,009
    
    
    
    4,138,577
    
    
    
    11,427,583
    
    
    
    15,566,160
    
    
    
    2,583,511
    
    
    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
    
    
    
    474,800
    
    
    1985
    
    40 yrs.335 Commerce Drive
    
    Horsham, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,736,456
    
    
    
    182,400
    
    
    
    8,554,056
    
    
    
    8,736,456
    
    
    
    470,505
    
    
    2002
    
    40 yrs.255 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,086,356
    
    
    
    2,007,214
    
    
    
    496,797
    
    
    
    1,078,769
    
    
    
    2,511,597
    
    
    
    3,590,366
    
    
    
    206,020
    
    
    2003
    
    40 yrs.355 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    483,045
    
    
    
    898,798
    
    
    
    275,266
    
    
    
    479,200
    
    
    
    1,177,910
    
    
    
    1,657,110
    
    
    
    129,780
    
    
    2003
    
    40 yrs.455 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,351,011
    
    
    
    2,503,449
    
    
    
    1,668,600
    
    
    
    1,343,370
    
    
    
    4,179,690
    
    
    
    5,523,060
    
    
    
    548,149
    
    
    2003
    
    40 yrs.555 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    727,420
    
    
    
    1,353,650
    
    
    
    213,228
    
    
    
    723,016
    
    
    
    1,571,283
    
    
    
    2,294,299
    
    
    
    212,922
    
    
    2003
    
    40 yrs.747 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    1,607,238
    
    
    
    
    
    
    
    4,935,054
    
    
    
    1,607,977
    
    
    
    4,934,315
    
    
    
    6,542,292
    
    
    
    2,185,045
    
    
    1988
    
    40 yrs.507 Prudential Road
    
    Horsham, PA
    
    
    6,268,630
    
    
    
    644,900
    
    
    
    5,804,100
    
    
    
    8,784,448
    
    
    
    1,131,380
    
    
    
    14,102,068
    
    
    
    15,233,448
    
    
    
    3,726,697
    
    
    1988
    
    40 yrs.767 Electronic Drive
    
    Horsham, PA
    
    
    *
    
    
    
    1,229,685
    
    
    
    
    
    
    
    3,319,209
    
    
    
    1,241,970
    
    
    
    3,306,924
    
    
    
    4,548,893
    
    
    
    1,461,410
    
    
    1996
    
    40 yrs.16445 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    363,339
    
    
    
    2,509,186
    
    
    
    545,867
    
    
    
    363,339
    
    
    
    3,055,053
    
    
    
    3,418,392
    
    
    
    940,458
    
    
    1997
    
    40 yrs.16405 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    438,853
    
    
    
    3,030,396
    
    
    
    404,912
    
    
    
    438,853
    
    
    
    3,435,307
    
    
    
    3,874,160
    
    
    
    822,102
    
    
    1997
    
    40 yrs.16580 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    289,000
    
    
    
    3,559,857
    
    
    
    265,899
    
    
    
    289,000
    
    
    
    3,825,756
    
    
    
    4,114,756
    
    
    
    834,181
    
    
    1997
    
    40 yrs.1755 Trans Central Drive
    
    Houston, TX
    
    
    
    
    
    
    293,534
    
    
    
    3,036,269
    
    
    
    190,651
    
    
    
    306,147
    
    
    
    3,214,306
    
    
    
    3,520,453
    
    
    
    579,451
    
    
    1999
    
    40 yrs.16605 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    298,999
    
    
    
    
    
    
    
    3,770,315
    
    
    
    496,186
    
    
    
    3,573,128
    
    
    
    4,069,314
    
    
    
    790,837
    
    
    2002
    
    40 yrs.10739 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    797,931
    
    
    
    5,950,894
    
    
    
    242,625
    
    
    
    799,560
    
    
    
    6,191,890
    
    
    
    6,991,450
    
    
    
    803,207
    
    
    1999
    
    40 yrs.10735 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    1,110,988
    
    
    
    6,351,946
    
    
    
    1,657,286
    
    
    
    1,135,483
    
    
    
    7,984,738
    
    
    
    9,120,220
    
    
    
    712,611
    
    
    2000
    
    40 yrs.8801-19 & 8821-49 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    2,290,001
    
    
    
    15,297,141
    
    
    
    1,535,943
    
    
    
    2,290,002
    
    
    
    16,833,084
    
    
    
    19,123,085
    
    
    
    1,587,024
    
    
    2000
    
    40 yrs.16685 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,935,268
    
    
    
    414,691
    
    
    
    2,520,577
    
    
    
    2,935,268
    
    
    
    184,042
    
    
    2004
    
    40 yrs.8825-8839 N Sam Houston Pkwy
    
    Houston, TX
    
    
    
    
    
    
    638,453
    
    
    
    3,258,815
    
    
    
    567,574
    
    
    
    638,477
    
    
    
    3,826,364
    
    
    
    4,464,842
    
    
    
    194,007
    
    
    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
    
    
    
    227,912
    
    
    2004
    
    40 yrs.8802-8824 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    1,114,406
    
    
    
    6,364,767
    
    
    
    663,613
    
    
    
    1,114,433
    
    
    
    7,028,353
    
    
    
    8,142,786
    
    
    
    542,346
    
    
    2004
    
    40 yrs.16602 Central Green Boulevard
    
    Houston, TX
    
    
    
    
    
    
    284,403
    
    
    
    
    
    
    
    4,496,262
    
    
    
    503,779
    
    
    
    4,276,886
    
    
    
    4,780,665
    
    
    
    149,476
    
    
    2005
    
    40 yrs.20 Wright Avenue
    
    Hunt Valley, MD
    
    
    
    
    
    
    1,205,946
    
    
    
    
    
    
    
    9,669,027
    
    
    
    1,861,025
    
    
    
    9,013,948
    
    
    
    10,874,973
    
    
    
    1,351,645
    
    
    2001
    
    40 yrs.4 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    3,269,948
    
    
    
    13,551,370
    
    
    
    993,133
    
    
    
    3,269,948
    
    
    
    14,544,504
    
    
    
    17,814,451
    
    
    
    1,298,941
    
    
    2003
    
    40 yrs.6 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,077,949
    
    
    
    8,770,566
    
    
    
    1,109,669
    
    
    
    2,077,949
    
    
    
    9,880,235
    
    
    
    11,958,184
    
    
    
    976,602
    
    
    2003
    
    40 yrs.10 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,211,969
    
    
    
    7,816,042
    
    
    
    210,820
    
    
    
    2,211,969
    
    
    
    8,026,862
    
    
    
    10,238,831
    
    
    
    625,778
    
    
    2003
    
    40 yrs.307 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    3,538,319
    
    
    
    14,190,832
    
    
    
    11,315,040
    
    
    
    3,542,881
    
    
    
    25,501,310
    
    
    
    29,044,191
    
    
    
    735,562
    
    
    2004
    
    40 yrs.309 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    613,667
    
    
    
    2,458,204
    
    
    
    648,156
    
    
    
    615,096
    
    
    
    3,104,930
    
    
    
    3,720,026
    
    
    
    120,826
    
    
    2004
    
    40 yrs.311 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    313,365
    
    
    
    1,281,093
    
    
    
    69,591
    
    
    
    314,572
    
    
    
    1,349,478
    
    
    
    1,664,050
    
    
    
    35,808
    
    
    2004
    
    40 yrs.8775 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    906,804
    
    
    
    
    
    
    
    3,352,809
    
    
    
    913,013
    
    
    
    3,346,599
    
    
    
    4,259,613
    
    
    
    1,490,769
    
    
    1989
    
    40 yrs.6255 Lake Gray Boulevard
    
    Jacksonville, FL
    
    
    
    
    
    
    813,067
    
    
    
    
    
    
    
    3,960,328
    
    
    
    812,634
    
    
    
    3,960,761
    
    
    
    4,773,395
    
    
    
    2,061,279
    
    
    1987
    
    40 yrs.8665,8667,8669 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    966,552
    
    
    
    
    
    
    
    5,892,549
    
    
    
    974,959
    
    
    
    5,884,142
    
    
    
    6,859,101
    
    
    
    2,590,822
    
    
    1987
    
    40 yrs.7970 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    127,520
    
    
    
    
    
    
    
    1,369,921
    
    
    
    129,979
    
    
    
    1,367,462
    
    
    
    1,497,441
    
    
    
    1,018,453
    
    
    1978
    
    40 yrs.7077 Bonneval Road
    
    Jacksonville, FL
    
    
    
    
    
    
    768,000
    
    
    
    5,789,000
    
    
    
    3,066,996
    
    
    
    774,020
    
    
    
    8,849,976
    
    
    
    9,623,996
    
    
    
    3,280,922
    
    
    1988
    
    40 yrs.4190 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    821,000
    
    
    
    5,866,000
    
    
    
    3,229,138
    
    
    
    827,420
    
    
    
    9,088,718
    
    
    
    9,916,138
    
    
    
    3,843,929
    
    
    1986
    
    40 yrs.7020 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    398,257
    
    
    
    
    
    
    
    2,780,426
    
    
    
    749,811
    
    
    
    2,428,873
    
    
    
    3,178,683
    
    
    
    1,020,424
    
    
    1996
    
    40 yrs.7022 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    706,934
    
    
    
    
    
    
    
    3,593,671
    
    
    
    853,981
    
    
    
    3,446,624
    
    
    
    4,300,605
    
    
    
    1,319,301
    
    
    1996
    
    40 yrs.11777 Central Highway
    
    Jacksonville, FL
    
    
    
    
    
    
    92,207
    
    
    
    429,997
    
    
    
    1,275,050
    
    
    
    140,426
    
    
    
    1,656,828
    
    
    
    1,797,254
    
    
    
    1,012,104
    
    
    1985
    
    40 yrs.4345 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,791,159
    
    
    
    418,093
    
    
    
    8,373,065
    
    
    
    8,791,159
    
    
    
    2,354,624
    
    
    1998
    
    40 yrs.7016 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    597,181
    
    
    
    
    
    
    
    2,377,385
    
    
    
    602,633
    
    
    
    2,371,934
    
    
    
    2,974,566
    
    
    
    1,042,593
    
    
    1996
    
    40 yrs.7018 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    840,996
    
    
    
    
    
    
    
    4,643,140
    
    
    
    846,461
    
    
    
    4,637,675
    
    
    
    5,484,136
    
    
    
    1,887,918
    
    
    1997
    
    40 yrs.7014 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    574,198
    
    
    
    
    
    
    
    3,633,593
    
    
    
    780,486
    
    
    
    3,427,305
    
    
    
    4,207,791
    
    
    
    1,137,784
    
    
    1999
    
    40 yrs.6620 Southpoint Drive
    
    Jacksonville, FL
    
    
    
    
    
    
    614,602
    
    
    
    4,267,477
    
    
    
    984,847
    
    
    
    614,602
    
    
    
    5,252,323
    
    
    
    5,866,926
    
    
    
    1,528,012
    
    
    1984
    
    40 yrs.7980 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    330,726
    
    
    
    1,338,101
    
    
    
    32,776
    
    
    
    330,726
    
    
    
    1,370,877
    
    
    
    1,701,603
    
    
    
    333,506
    
    
    1978
    
    40 yrs.6600 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    998,432
    
    
    
    4,055,727
    
    
    
    851,752
    
    
    
    1,002,704
    
    
    
    4,903,207
    
    
    
    5,905,911
    
    
    
    1,442,391
    
    
    1986
    
    40 yrs.6700 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    620,719
    
    
    
    2,989,746
    
    
    
    750,311
    
    
    
    624,215
    
    
    
    3,736,561
    
    
    
    4,360,776
    
    
    
    1,326,619
    
    
    1987
    
    40 yrs.4801 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    554,993
    
    
    
    2,993,277
    
    
    
    1,312,090
    
    
    
    554,542
    
    
    
    4,305,817
    
    
    
    4,860,360
    
    
    
    1,335,378
    
    
    1990
    
    40 yrs.4801 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    370,017
    
    
    
    1,995,518
    
    
    
    348,996
    
    
    
    370,039
    
    
    
    2,344,492
    
    
    
    2,714,531
    
    
    
    575,497
    
    
    1990
    
    40 yrs.4810 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    369,694
    
    
    
    3,045,639
    
    
    
    370,039
    
    
    
    941,958
    
    
    
    3,987,251
    
    
    
    4,357,291
    
    
    
    884,986
    
    
    1990
    
    40 yrs.6602 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    388,519
    
    
    
    2,095,293
    
    
    
    297,873
    
    
    
    388,541
    
    
    
    2,393,144
    
    
    
    2,781,685
    
    
    
    624,753
    
    
    1993
    
    40 yrs.
 98




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    Gross Amount Carried at End Period
    
    Accumulated
    
    Construction
    
    DepreciableInitial Cost
    
    to
    
    Land and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    Acquisition
    
    Improvements
    
    Improvements
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (Years)OPERATING PROPERTIES6602 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    296,014
    
    
    
    1,596,347
    
    
    
    449,559
    
    
    
    296,032
    
    
    
    2,045,888
    
    
    
    2,341,920
    
    
    
    515,311
    
    
    1993
    
    40 yrs.6631 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    251,613
    
    
    
    1,356,849
    
    
    
    482,785
    
    
    
    251,627
    
    
    
    1,839,620
    
    
    
    2,091,247
    
    
    
    609,302
    
    
    1994
    
    40 yrs.6631 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    406,561
    
    
    
    2,195,070
    
    
    
    221,980
    
    
    
    407,043
    
    
    
    2,416,568
    
    
    
    2,823,611
    
    
    
    677,090
    
    
    1994
    
    40 yrs.4815 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    366,317
    
    
    
    1,975,393
    
    
    
    340,258
    
    
    
    366,339
    
    
    
    2,315,629
    
    
    
    2,681,968
    
    
    
    712,134
    
    
    1995
    
    40 yrs.4815 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    462,522
    
    
    
    2,494,397
    
    
    
    459,048
    
    
    
    462,549
    
    
    
    2,953,418
    
    
    
    3,415,967
    
    
    
    852,379
    
    
    1995
    
    40 yrs.4825 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    601,278
    
    
    
    3,242,491
    
    
    
    282,810
    
    
    
    601,401
    
    
    
    3,525,178
    
    
    
    4,126,579
    
    
    
    959,847
    
    
    1996
    
    40 yrs.4820 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    555,173
    
    
    
    2,693,130
    
    
    
    768,348
    
    
    
    555,213
    
    
    
    3,461,439
    
    
    
    4,016,651
    
    
    
    909,913
    
    
    1997
    
    40 yrs.6601 Executive Park Circle North
    
    Jacksonville, FL
    
    
    
    
    
    
    551,250
    
    
    
    3,128,361
    
    
    
    640
    
    
    
    551,250
    
    
    
    3,129,001
    
    
    
    3,680,251
    
    
    
    703,615
    
    
    1992
    
    40 yrs.4901 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    877,964
    
    
    
    2,360,742
    
    
    
    1,966,868
    
    
    
    877,964
    
    
    
    4,327,610
    
    
    
    5,205,574
    
    
    
    1,599,696
    
    
    1986
    
    40 yrs.4899 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,201
    
    
    
    
    
    
    
    8,179,240
    
    
    
    1,207,751
    
    
    
    8,270,690
    
    
    
    9,478,441
    
    
    
    1,787,670
    
    
    2000
    
    40 yrs.4905 Belfort Street
    
    Jacksonville, FL
    
    
    
    
    
    
    638,154
    
    
    
    
    
    
    
    3,461,206
    
    
    
    641,272
    
    
    
    3,458,088
    
    
    
    4,099,360
    
    
    
    880,635
    
    
    2000
    
    40 yrs.7251 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,567,820
    
    
    
    662,559
    
    
    
    2,905,261
    
    
    
    3,567,820
    
    
    
    747,221
    
    
    2000
    
    40 yrs.10245 Centurion Parkway North
    
    Jacksonville, FL
    
    
    
    
    
    
    852,644
    
    
    
    3,510,889
    
    
    
    968,204
    
    
    
    853,704
    
    
    
    4,478,033
    
    
    
    5,331,737
    
    
    
    1,002,121
    
    
    1996
    
    40 yrs.4887 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,202
    
    
    
    
    
    
    
    7,890,278
    
    
    
    1,665,915
    
    
    
    7,523,565
    
    
    
    9,189,480
    
    
    
    1,444,468
    
    
    2002
    
    40 yrs.7255 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    392,060
    
    
    
    
    
    
    
    2,982,347
    
    
    
    680,766
    
    
    
    2,693,641
    
    
    
    3,374,407
    
    
    
    481,925
    
    
    2002
    
    40 yrs.5201 Gate Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    3,836,532
    
    
    
    
    
    
    
    21,192,513
    
    
    
    4,269,346
    
    
    
    20,759,699
    
    
    
    25,029,045
    
    
    
    446,736
    
    
    2005
    
    40 yrs.3200 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    928,637
    
    
    
    
    
    
    
    7,053,358
    
    
    
    1,210,137
    
    
    
    6,771,857
    
    
    
    7,981,995
    
    
    
    2,424,253
    
    
    1996
    
    40 yrs.440 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    717,001
    
    
    
    4,816,121
    
    
    
    2,684,214
    
    
    
    717,001
    
    
    
    7,500,335
    
    
    
    8,217,336
    
    
    
    2,723,279
    
    
    1988
    
    40 yrs.460 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    705,317
    
    
    
    4,737,487
    
    
    
    3,799,506
    
    
    
    705,317
    
    
    
    8,536,993
    
    
    
    9,242,310
    
    
    
    1,888,272
    
    
    1988
    
    40 yrs.151 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    1,218,086
    
    
    
    6,937,866
    
    
    
    360,761
    
    
    
    1,186,972
    
    
    
    7,329,741
    
    
    
    8,516,713
    
    
    
    1,860,186
    
    
    1980
    
    40 yrs.3604 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    397,178
    
    
    
    
    
    
    
    1,628,512
    
    
    
    350,874
    
    
    
    1,674,816
    
    
    
    2,025,690
    
    
    
    688,143
    
    
    1998
    
    40 yrs.3606 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    789,409
    
    
    
    
    
    
    
    1,947,590
    
    
    
    815,855
    
    
    
    1,921,144
    
    
    
    2,736,999
    
    
    
    771,104
    
    
    1997
    
    40 yrs.650 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,911
    
    
    
    6,722,830
    
    
    
    9,647,843
    
    
    
    952,911                 1
    
    
    
    6,370,672
    
    
    
    17,323,583
    
    
    
    5,840,247
    
    
    1971
    
    40 yrs.680 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,361
    
    
    
    6,722,830
    
    
    
    8,367,206
    
    
    
    952,361                 1
    
    
    
    5,090,036
    
    
    
    16,042,397
    
    
    
    5,693,790
    
    
    1971
    
    40 yrs.3600 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    236,432
    
    
    
    1,856,252
    
    
    
    610,135
    
    
    
    236,432
    
    
    
    2,466,387
    
    
    
    2,702,818
    
    
    
    487,948
    
    
    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
    
    
    
    545,130
    
    
    1989
    
    40 yrs.2700 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    764,370
    
    
    
    
    
    
    
    3,682,257
    
    
    
    867,815
    
    
    
    3,578,812
    
    
    
    4,446,627
    
    
    
    1,125,765
    
    
    1998
    
    40 yrs.2900 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    679,440
    
    
    
    
    
    
    
    3,503,074
    
    
    
    774,096
    
    
    
    3,408,418
    
    
    
    4,182,514
    
    
    
    910,904
    
    
    1998
    
    40 yrs.2500 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    2,786,056
    
    
    
    592,886
    
    
    
    2,702,749
    
    
    
    3,295,636
    
    
    
    904,721
    
    
    1999
    
    40 yrs.2300 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    3,038,151
    
    
    
    574,152
    
    
    
    2,973,578
    
    
    
    3,547,731
    
    
    
    764,372
    
    
    1999
    
    40 yrs.2100 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,110,111
    
    
    
    
    
    
    
    9,382,851
    
    
    
    1,132,519
    
    
    
    9,360,443
    
    
    
    10,492,962
    
    
    
    2,601,425
    
    
    1999
    
    40 yrs.3400 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    776,496
    
    
    
    3,139,068
    
    
    
    976,974
    
    
    
    776,496
    
    
    
    4,116,042
    
    
    
    4,892,538
    
    
    
    1,110,392
    
    
    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
    
    
    
    4,096,749
    
    
    2002
    
    40 yrs.2520 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,020,000
    
    
    
    
    
    
    
    5,005,045
    
    
    
    978,402
    
    
    
    5,046,643
    
    
    
    6,025,045
    
    
    
    1,852,202
    
    
    1999
    
    40 yrs.2201 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,548,161
    
    
    
    2,413,514
    
    
    
    13,134,647
    
    
    
    15,548,161
    
    
    
    3,185,717
    
    
    2000
    
    40 yrs.2540 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,625,497
    
    
    
    274,341
    
    
    
    1,351,156
    
    
    
    1,625,497
    
    
    
    346,016
    
    
    2000
    
    40 yrs.2560 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,729,254
    
    
    
    649,792
    
    
    
    3,079,462
    
    
    
    3,729,254
    
    
    
    758,039
    
    
    2000
    
    40 yrs.170 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    547,800
    
    
    
    3,137,400
    
    
    
    3,783,307
    
    
    
    458,232
    
    
    
    7,010,275
    
    
    
    7,468,507
    
    
    
    2,965,120
    
    
    1980
    
    40 yrs.190 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    552,200
    
    
    
    3,162,600
    
    
    
    1,739,928
    
    
    
    461,909
    
    
    
    4,992,819
    
    
    
    5,454,728
    
    
    
    2,170,397
    
    
    1980
    
    40 yrs.3100 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    601,956
    
    
    
    
    
    
    
    2,068,047
    
    
    
    611,436
    
    
    
    2,058,568
    
    
    
    2,670,003
    
    
    
    750,766
    
    
    1995
    
    40 yrs.3500 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    1,204,839
    
    
    
    
    
    
    
    2,630,229
    
    
    
    1,223,875
    
    
    
    2,611,193
    
    
    
    3,835,068
    
    
    
    696,574
    
    
    1996
    
    40 yrs.3000 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    1,191,449
    
    
    
    
    
    
    
    2,309,358
    
    
    
    946,703
    
    
    
    2,554,103
    
    
    
    3,500,806
    
    
    
    559,994
    
    
    1997
    
    40 yrs.800 Town Center Drive
    
    Langhorne, PA
    
    
    
    
    
    
    1,617,150
    
    
    
    
    
    
    
    10,797,563
    
    
    
    1,619,288
    
    
    
    10,795,425
    
    
    
    12,414,713
    
    
    
    5,032,511
    
    
    1987
    
    40 yrs.11425 State Highway 225
    
    LaPorte, TX
    
    
    
    
    
    
    975,974
    
    
    
    3,409,036
    
    
    
    7,682
    
    
    
    977,519
    
    
    
    3,415,173
    
    
    
    4,392,692
    
    
    
    31,583
    
    
    2006
    
    40 yrs.11503 State Highway 225
    
    LaPorte, TX
    
    
    
    
    
    
    2,561,931
    
    
    
    9,779,023
    
    
    
    20,165
    
    
    
    2,565,988
    
    
    
    9,795,132
    
    
    
    12,361,120
    
    
    
    72,104
    
    
    2006
    
    40 yrs.7528 Walker Way
    
    Lehigh Valley, PA
    
    
    
    
    
    
    893,441
    
    
    
    
    
    
    
    5,514,510
    
    
    
    779,330
    
    
    
    5,628,622
    
    
    
    6,407,952
    
    
    
    157,996
    
    
    2004
    
    40 yrs.8301 Industrial Boulevard
    
    Lehigh, PA
    
    
    
    
    
    
    11,249,550
    
    
    
    
    
    
    
    44,122,702
    
    
    
    11,254,716
    
    
    
    44,117,536
    
    
    
    55,372,252
    
    
    
    1,310,158
    
    
    2005
    
    40 yrs.32853 Edward Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    138,121
    
    
    
    784,426
    
    
    
    (5,207
    )
    
    
    138,121
    
    
    
    779,219
    
    
    
    917,340
    
    
    
    210,450
    
    
    1973
    
    40 yrs.750 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    151,458
    
    
    
    741,185
    
    
    
    (80,456
    )
    
    
    151,458
    
    
    
    660,728
    
    
    
    812,187
    
    
    
    172,982
    
    
    1969
    
    40 yrs.900 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    157,729
    
    
    
    771,872
    
    
    
    (43,850
    )
    
    
    157,729
    
    
    
    728,022
    
    
    
    885,751
    
    
    
    223,686
    
    
    1972
    
    40 yrs.31700 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    373,202
    
    
    
    1,824,721
    
    
    
    (158,741
    )
    
    
    373,203
    
    
    
    1,665,979
    
    
    
    2,039,182
    
    
    
    382,957
    
    
    1988
    
    40 yrs.31771 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    150,944
    
    
    
    645,040
    
    
    
    (7,564
    )
    
    
    150,944
    
    
    
    637,475
    
    
    
    788,420
    
    
    
    203,445
    
    
    1982
    
    40 yrs.31791 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    105,606
    
    
    
    649,891
    
    
    
    (54,791
    )
    
    
    105,606
    
    
    
    595,100
    
    
    
    700,706
    
    
    
    143,185
    
    
    1983
    
    40 yrs.31811 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    207,599
    
    
    
    1,179,010
    
    
    
    (149,901
    )
    
    
    207,599
    
    
    
    1,029,110
    
    
    
    1,236,709
    
    
    
    254,186
    
    
    1983
    
    40 yrs.1201 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    302,567
    
    
    
    1,213,232
    
    
    
    (175,088
    )
    
    
    302,567
    
    
    
    1,038,144
    
    
    
    1,340,711
    
    
    
    266,116
    
    
    1980
    
    40 yrs.1901 Summit Tower Boulevard
    
    Maitland, FL
    
    
    
    
    
    
    6,078,791
    
    
    
    12,348,567
    
    
    
    1,625,469
    
    
    
    6,083,206
    
    
    
    13,969,622
    
    
    
    20,052,828
    
    
    
    2,792,232
    
    
    1998
    
    40 yrs.45-67 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    795,143
    
    
    
    
    
    
    
    3,352,726
    
    
    
    795,831
    
    
    
    3,352,038
    
    
    
    4,147,869
    
    
    
    2,136,395
    
    
    1974
    
    40 yrs.11,15 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    1,837,050
    
    
    
    
    
    
    
    15,005,064
    
    
    
    1,837,878
    
    
    
    15,004,237
    
    
    
    16,842,114
    
    
    
    9,920,837
    
    
    1986
    
    40 yrs.27-43 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    448,775
    
    
    
    
    
    
    
    2,545,542
    
    
    
    449,447
    
    
    
    2,544,870
    
    
    
    2,994,317
    
    
    
    1,549,853
    
    
    1977
    
    40 yrs.1 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    400,000
    
    
    
    3,600,000
    
    
    
    1,007,648
    
    
    
    406,421
    
    
    
    4,601,227
    
    
    
    5,007,648
    
    
    
    1,396,584
    
    
    1982
    
    40 yrs.200 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    495,893
    
    
    
    2,739,093
    
    
    
    558,159
    
    
    
    544,649
    
    
    
    3,248,496
    
    
    
    3,793,145
    
    
    
    1,920,292
    
    
    1989
    
    40 yrs.50 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    849,576
    
    
    
    
    
    
    
    13,043,717
    
    
    
    1,337,076
    
    
    
    12,556,217
    
    
    
    13,893,293
    
    
    
    4,337,326
    
    
    1997
    
    40 yrs.1 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    419,460
    
    
    
    3,792,570
    
    
    
    330,704
    
    
    
    419,460
    
    
    
    4,123,273
    
    
    
    4,542,734
    
    
    
    1,064,218
    
    
    1982
    
    40 yrs.
 99




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    Gross Amount Carried at End Period
    
    Accumulated
    
    Construction
    
    DepreciableInitial Cost
    
    to
    
    Land and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    Acquisition
    
    Improvements
    
    Improvements
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (Years)OPERATING PROPERTIES5 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    684,200
    
    
    
    6,181,661
    
    
    
    1,305,825
    
    
    
    684,200
    
    
    
    7,487,486
    
    
    
    8,171,686
    
    
    
    1,853,061
    
    
    1983
    
    40 yrs.1001 Cedar Hollow Road
    
    Malvern, PA
    
    
    
    
    
    
    1,436,814
    
    
    
    
    
    
    
    16,077,184
    
    
    
    1,676,470
    
    
    
    15,837,528
    
    
    
    17,513,998
    
    
    
    4,972,256
    
    
    1998
    
    40 yrs.3 Country View Road
    
    Malvern, PA
    
    
    *
    
    
    
    814,278
    
    
    
    
    
    
    
    5,142,433
    
    
    
    1,128,881
    
    
    
    4,827,830
    
    
    
    5,956,711
    
    
    
    984,217
    
    
    1998
    
    40 yrs.425 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    2,101,323
    
    
    
    321,473
    
    
    
    1,970,964
    
    
    
    2,292,437
    
    
    
    698,708
    
    
    1998
    
    40 yrs.375 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    1,958,524
    
    
    
    234,922
    
    
    
    1,914,715
    
    
    
    2,149,638
    
    
    
    703,554
    
    
    1998
    
    40 yrs.45 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    4,380,221
    
    
    
    
    
    
    
    15,314,868
    
    
    
    4,749,748
    
    
    
    14,945,341
    
    
    
    19,695,089
    
    
    
    4,425,097
    
    
    1999
    
    40 yrs.100 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,320,625
    
    
    
    
    
    
    
    7,019,034
    
    
    
    1,349,954
    
    
    
    6,989,705
    
    
    
    8,339,659
    
    
    
    2,255,284
    
    
    1998
    
    40 yrs.600 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,135,324
    
    
    
    2,050,555
    
    
    
    8,098,519
    
    
    
    10,149,074
    
    
    
    2,360,776
    
    
    1999
    
    40 yrs.700 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,096,150
    
    
    
    2,037,813
    
    
    
    8,072,087
    
    
    
    10,109,900
    
    
    
    2,337,776
    
    
    1999
    
    40 yrs.18 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    394,036
    
    
    
    3,976,221
    
    
    
    99,539
    
    
    
    397,293
    
    
    
    4,072,504
    
    
    
    4,469,796
    
    
    
    823,431
    
    
    1980
    
    40 yrs.11 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    496,297
    
    
    
    
    
    
    
    3,226,924
    
    
    
    708,331
    
    
    
    3,014,890
    
    
    
    3,723,221
    
    
    
    672,667
    
    
    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
    
    
    
    5,326,655
    
    
    1989
    
    40 yrs.2 West Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    5,405,041
    
    
    
    
    
    
    
    11,415,086
    
    
    
    5,405,042
    
    
    
    11,415,085
    
    
    
    16,820,127
    
    
    
    400,621
    
    
    2003
    
    40 yrs.10 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    823,540
    
    
    
    1,341,376
    
    
    
    256,839
    
    
    
    832,244
    
    
    
    1,589,510
    
    
    
    2,421,754
    
    
    
    135,101
    
    
    2003
    
    40 yrs.10, 20 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    724,058
    
    
    
    
    
    
    
    5,767,715
    
    
    
    724,846
    
    
    
    5,766,927
    
    
    
    6,491,773
    
    
    
    2,492,462
    
    
    1985
    
    40 yrs.420 Lapp Road
    
    Malvern, PA
    
    
    
    
    
    
    1,054,418
    
    
    
    
    
    
    
    6,995,922
    
    
    
    1,055,243
    
    
    
    6,995,097
    
    
    
    8,050,340
    
    
    
    3,081,121
    
    
    1989
    
    40 yrs.14 Lee Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    664,282
    
    
    
    
    
    
    
    5,855,867
    
    
    
    643,892
    
    
    
    5,876,257
    
    
    
    6,520,149
    
    
    
    2,676,923
    
    
    1988
    
    40 yrs.500 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    472,364
    
    
    
    
    
    
    
    3,276,521
    
    
    
    473,139
    
    
    
    3,275,746
    
    
    
    3,748,885
    
    
    
    1,665,286
    
    
    1988
    
    40 yrs.300-400 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    937,212
    
    
    
    
    
    
    
    5,616,170
    
    
    
    937,942
    
    
    
    5,615,440
    
    
    
    6,553,382
    
    
    
    2,587,331
    
    
    1988
    
    40 yrs.40 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    322,918
    
    
    
    
    
    
    
    3,224,458
    
    
    
    325,775
    
    
    
    3,221,601
    
    
    
    3,547,376
    
    
    
    1,327,967
    
    
    1987
    
    40 yrs.50 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    323,971
    
    
    
    
    
    
    
    2,694,447
    
    
    
    323,792
    
    
    
    2,694,627
    
    
    
    3,018,418
    
    
    
    1,147,301
    
    
    1987
    
    40 yrs.20 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    465,539
    
    
    
    
    
    
    
    5,726,197
    
    
    
    466,413
    
    
    
    5,725,323
    
    
    
    6,191,736
    
    
    
    2,874,409
    
    
    1987
    
    40 yrs.257-275 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    504,611
    
    
    
    
    
    
    
    5,186,454
    
    
    
    505,458
    
    
    
    5,185,606
    
    
    
    5,691,065
    
    
    
    2,963,952
    
    
    1983
    
    40 yrs.300 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    368,626
    
    
    
    
    
    
    
    1,344,816
    
    
    
    374,497
    
    
    
    1,338,945
    
    
    
    1,713,442
    
    
    
    706,537
    
    
    1985
    
    40 yrs.277-293 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    530,729
    
    
    
    
    
    
    
    2,330,242
    
    
    
    531,534
    
    
    
    2,329,436
    
    
    
    2,860,971
    
    
    
    1,322,006
    
    
    1984
    
    40 yrs.311 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    397,131
    
    
    
    
    
    
    
    2,724,819
    
    
    
    397,948
    
    
    
    2,724,002
    
    
    
    3,121,950
    
    
    
    1,423,585
    
    
    1984
    
    40 yrs.7 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    176,435
    
    
    
    
    
    
    
    5,036,553
    
    
    
    177,317
    
    
    
    5,035,671
    
    
    
    5,212,988
    
    
    
    2,814,524
    
    
    1985
    
    40 yrs.55 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    215,005
    
    
    
    
    
    
    
    4,281,663
    
    
    
    215,818
    
    
    
    4,280,850
    
    
    
    4,496,668
    
    
    
    1,915,746
    
    
    1983
    
    40 yrs.65 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    381,544
    
    
    
    
    
    
    
    7,597,364
    
    
    
    382,361
    
    
    
    7,596,548
    
    
    
    7,978,908
    
    
    
    3,914,905
    
    
    1983
    
    40 yrs.508 Lapp Road
    
    Malvern, PA
    
    
    
    
    
    
    331,392
    
    
    
    
    
    
    
    2,033,164
    
    
    
    332,216
    
    
    
    2,032,340
    
    
    
    2,364,556
    
    
    
    1,228,001
    
    
    1984
    
    40 yrs.10 Valley Stream Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    509,075
    
    
    
    
    
    
    
    3,089,935
    
    
    
    509,899
    
    
    
    3,089,111
    
    
    
    3,599,010
    
    
    
    1,714,026
    
    
    1984
    
    40 yrs.333 Phoenixville Pike
    
    Malvern, PA
    
    
    
    
    
    
    523,530
    
    
    
    
    
    
    
    2,917,373
    
    
    
    524,230
    
    
    
    2,916,673
    
    
    
    3,440,903
    
    
    
    1,580,984
    
    
    1985
    
    40 yrs.30 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    128,126
    
    
    
    
    
    
    
    85,634
    
    
    
    128,783
    
    
    
    384,977
    
    
    
    513,760
    
    
    
    315,346
    
    
    1975
    
    40 yrs.75 Great Valley Parkway
    
    Malvern, PA
    
    
    350,090
    
    
    
    143,074
    
    
    
    
    
    
    
    772,841
    
    
    
    143,811
    
    
    
    772,103
    
    
    
    915,915
    
    
    
    577,889
    
    
    1977
    
    40 yrs.77-123 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    887,664
    
    
    
    
    
    
    
    5,700,921
    
    
    
    888,359
    
    
    
    5,700,225
    
    
    
    6,588,585
    
    
    
    3,391,343
    
    
    1978
    
    40 yrs.256 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    161,098
    
    
    
    
    
    
    
    1,785,717
    
    
    
    161,949
    
    
    
    1,784,866
    
    
    
    1,946,815
    
    
    
    1,157,980
    
    
    1980
    
    40 yrs.205 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,368,259
    
    
    
    
    
    
    
    10,706,926
    
    
    
    1,369,003
    
    
    
    10,706,182
    
    
    
    12,075,185
    
    
    
    6,686,126
    
    
    1981
    
    40 yrs.12,14,16 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    130,689
    
    
    
    
    
    
    
    1,562,994
    
    
    
    128,767
    
    
    
    1,564,916
    
    
    
    1,693,683
    
    
    
    884,224
    
    
    1982
    
    40 yrs.155 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    625,147
    
    
    
    
    
    
    
    2,627,280
    
    
    
    626,068
    
    
    
    2,626,359
    
    
    
    3,252,427
    
    
    
    1,541,665
    
    
    1981
    
    40 yrs.510 Lapp Road
    
    Malvern, PA
    
    
    *
    
    
    
    356,950
    
    
    
    
    
    
    
    926,587
    
    
    
    357,751
    
    
    
    925,786
    
    
    
    1,283,537
    
    
    
    572,178
    
    
    1983
    
    40 yrs.60 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    865,424
    
    
    
    9,285,000
    
    
    
    4,971,296
    
    
    
    884,974
    
    
    
    14,236,746
    
    
    
    15,121,720
    
    
    
    6,358,326
    
    
    1989
    
    40 yrs.5 Country View Road
    
    Malvern, PA
    
    
    *
    
    
    
    785,168
    
    
    
    4,678,632
    
    
    
    1,178,927
    
    
    
    786,235
    
    
    
    5,856,492
    
    
    
    6,642,727
    
    
    
    1,953,040
    
    
    1985
    
    40 yrs.7550 Meridian Circle
    
    Maple Grove, MN
    
    
    
    
    
    
    513,250
    
    
    
    2,901,906
    
    
    
    222,006
    
    
    
    513,250
    
    
    
    3,123,911
    
    
    
    3,637,161
    
    
    
    721,019
    
    
    1989
    
    40 yrs.8 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    172,600
    
    
    
    1,704,436
    
    
    
    188,555
    
    
    
    172,945
    
    
    
    1,892,646
    
    
    
    2,065,591
    
    
    
    651,714
    
    
    1988
    
    40 yrs.10 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    147,000
    
    
    
    1,451,536
    
    
    
    527,956
    
    
    
    147,318
    
    
    
    1,979,174
    
    
    
    2,126,492
    
    
    
    962,254
    
    
    1988
    
    40 yrs.12 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    103,300
    
    
    
    1,021,036
    
    
    
    342,868
    
    
    
    103,618
    
    
    
    1,363,587
    
    
    
    1,467,205
    
    
    
    588,823
    
    
    1988
    
    40 yrs.14 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    93,100
    
    
    
    920,336
    
    
    
    431,684
    
    
    
    93,418
    
    
    
    1,351,703
    
    
    
    1,445,120
    
    
    
    576,452
    
    
    1988
    
    40 yrs.701A Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    264,387
    
    
    
    3,772,000
    
    
    
    3,501,001
    
    
    
    271,743
    
    
    
    7,265,645
    
    
    
    7,537,388
    
    
    
    3,312,275
    
    
    1987
    
    40 yrs.701C Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    84,949
    
    
    
    1,328,000
    
    
    
    422,106
    
    
    
    96,161
    
    
    
    1,738,894
    
    
    
    1,835,055
    
    
    
    672,972
    
    
    1987
    
    40 yrs.400 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    69,402
    
    
    
    
    
    
    
    3,671,296
    
    
    
    317,799
    
    
    
    3,422,899
    
    
    
    3,740,699
    
    
    
    910,493
    
    
    1999
    
    40 yrs.406 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    321,455
    
    
    
    1,539,871
    
    
    
    888,175
    
    
    
    327,554
    
    
    
    2,421,947
    
    
    
    2,749,501
    
    
    
    975,306
    
    
    1990
    
    40 yrs.301 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    1,469,444
    
    
    
    1,069,838
    
    
    
    6,249,607
    
    
    
    7,319,444
    
    
    
    2,078,211
    
    
    1988
    
    40 yrs.303 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    2,194,896
    
    
    
    1,069,838
    
    
    
    6,975,059
    
    
    
    8,044,896
    
    
    
    2,276,639
    
    
    1988
    
    40 yrs.901 Route 73
    
    Marlton, NJ
    
    
    
    
    
    
    334,411
    
    
    
    2,733,314
    
    
    
    894,989
    
    
    
    334,411
    
    
    
    3,628,303
    
    
    
    3,962,714
    
    
    
    1,045,261
    
    
    1985
    
    40 yrs.404 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    131,896
    
    
    
    
    
    
    
    1,653,262
    
    
    
    131,896
    
    
    
    1,653,262
    
    
    
    1,785,158
    
    
    
    657,060
    
    
    1997
    
    40 yrs.402 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    131,896
    
    
    
    
    
    
    
    1,736,907
    
    
    
    131,896
    
    
    
    1,736,907
    
    
    
    1,868,803
    
    
    
    682,815
    
    
    1997
    
    40 yrs.9 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    652,642
    
    
    
    1,765,065
    
    
    
    922,394
    
    
    
    654,779
    
    
    
    2,685,323
    
    
    
    3,340,101
    
    
    
    766,449
    
    
    1989
    
    40 yrs.75 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    419,731
    
    
    
    
    
    
    
    2,444,403
    
    
    
    430,909
    
    
    
    2,433,225
    
    
    
    2,864,134
    
    
    
    68,857
    
    
    2003
    
    40 yrs.65 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    557,174
    
    
    
    
    
    
    
    2,728,911
    
    
    
    506,318
    
    
    
    2,779,768
    
    
    
    3,286,086
    
    
    
    67,739
    
    
    2004
    
    40 yrs.8301 West Parkland Court
    
    Milwaukee, WI
    
    
    
    
    
    
    358,442
    
    
    
    3,233,707
    
    
    
    532,301
    
    
    
    358,442
    
    
    
    3,766,008
    
    
    
    4,124,449
    
    
    
    971,466
    
    
    1982
    
    40 yrs.7800 N. 113th Street
    
    Milwaukee, WI
    
    
    
    
    
    
    1,711,964
    
    
    
    6,847,857
    
    
    
    392,036
    
    
    
    1,711,964
    
    
    
    7,239,893
    
    
    
    8,951,858
    
    
    
    1,726,879
    
    
    1991
    
    40 yrs.11950 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    391,813
    
    
    
    2,340,118
    
    
    
    539,517
    
    
    
    394,938
    
    
    
    2,876,510
    
    
    
    3,271,448
    
    
    
    719,848
    
    
    1986
    
    40 yrs.11400 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    439,595
    
    
    
    2,357,904
    
    
    
    234,658
    
    
    
    443,101
    
    
    
    2,589,056
    
    
    
    3,032,157
    
    
    
    521,325
    
    
    1986
    
    40 yrs.
 100




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    Gross Amount Carried at End Period
    
    Accumulated
    
    Construction
    
    DepreciableInitial Cost
    
    to
    
    Land and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    Acquisition
    
    Improvements
    
    Improvements
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (Years)OPERATING PROPERTIES11425 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    382,256
    
    
    
    2,350,619
    
    
    
    957,723
    
    
    
    385,305
    
    
    
    3,305,293
    
    
    
    3,690,598
    
    
    
    982,930
    
    
    1987
    
    40 yrs.11301 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    614,477
    
    
    
    2,626,456
    
    
    
    101,328
    
    
    
    619,465
    
    
    
    2,722,797
    
    
    
    3,342,261
    
    
    
    542,487
    
    
    1987
    
    40 yrs.11900 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    347,853
    
    
    
    2,396,887
    
    
    
    1,057,251
    
    
    
    350,628
    
    
    
    3,451,364
    
    
    
    3,801,992
    
    
    
    910,149
    
    
    1987
    
    40 yrs.11414 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    234,443
    
    
    
    
    
    
    
    10,202,898
    
    
    
    491,531
    
    
    
    9,945,810
    
    
    
    10,437,341
    
    
    
    2,308,691
    
    
    2001
    
    40 yrs.11520 West Calumet Road
    
    Milwaukee, WI
    
    
    
    
    
    
    341,698
    
    
    
    1,527,548
    
    
    
    78,494
    
    
    
    341,698
    
    
    
    1,606,042
    
    
    
    1,947,740
    
    
    
    281,217
    
    
    1995
    
    40 yrs.12100 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    534,470
    
    
    
    3,239,389
    
    
    
    565,184
    
    
    
    532,370
    
    
    
    3,806,673
    
    
    
    4,339,043
    
    
    
    779,371
    
    
    1984
    
    40 yrs.10855 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    122,894
    
    
    
    
    
    
    
    3,045,358
    
    
    
    424,710
    
    
    
    2,743,541
    
    
    
    3,168,251
    
    
    
    447,822
    
    
    2002
    
    40 yrs.11100 West Liberty Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    1,800,000
    
    
    
    
    
    
    
    7,690,908
    
    
    
    1,801,024
    
    
    
    7,689,884
    
    
    
    9,490,908
    
    
    
    730,540
    
    
    2003
    
    40 yrs.11050 West Liberty Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,813,517
    
    
    
    914,760
    
    
    
    2,898,757
    
    
    
    3,813,517
    
    
    
    25,802
    
    
    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
    
    
    
    1,567,239
    
    
    1996
    
    40 yrs.4600 Nathan Lane
    
    Minneapolis, MN
    
    
    
    
    
    
    1,063,558
    
    
    
    
    
    
    
    6,683,083
    
    
    
    1,038,197
    
    
    
    6,708,444
    
    
    
    7,746,641
    
    
    
    1,363,486
    
    
    2002
    
    40 yrs.12501 & 12701 Whitewater Drive
    
    Minnegonka, MN
    
    
    
    
    
    
    2,175,209
    
    
    
    3,948,085
    
    
    
    7,249,452
    
    
    
    2,177,953
    
    
    
    11,194,793
    
    
    
    13,372,746
    
    
    
    788,290
    
    
    1986
    
    40 yrs.5600 & 5610 Rowland Road
    
    Minnetonka, MN
    
    
    
    
    
    
    828,650
    
    
    
    7,399,409
    
    
    
    1,595,422
    
    
    
    829,263
    
    
    
    8,994,217
    
    
    
    9,823,481
    
    
    
    2,892,234
    
    
    1988
    
    40 yrs.5400-5500 Feltl Road
    
    Minnetonka, MN
    
    
    
    
    
    
    883,895
    
    
    
    7,983,345
    
    
    
    2,275,102
    
    
    
    883,895
    
    
    
    10,258,447
    
    
    
    11,142,342
    
    
    
    2,480,922
    
    
    1985
    
    40 yrs.10300 Bren Road
    
    Minnetonka, MN
    
    
    
    
    
    
    344,614
    
    
    
    3,110,477
    
    
    
    894,944
    
    
    
    344,614
    
    
    
    4,005,421
    
    
    
    4,350,034
    
    
    
    857,897
    
    
    1981
    
    40 yrs.3400 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,153
    
    
    
    11,345,881
    
    
    
    1,214,422
    
    
    
    2,022,153
    
    
    
    12,560,302
    
    
    
    14,582,456
    
    
    
    3,135,197
    
    
    1990
    
    40 yrs.3450 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,152
    
    
    
    11,357,143
    
    
    
    2,078,093
    
    
    
    2,022,152
    
    
    
    13,435,235
    
    
    
    15,457,387
    
    
    
    3,478,905
    
    
    1990
    
    40 yrs.3350 SW 148th Avenue
    
    Miramar, FL
    
    
    
    
    
    
    2,960,511
    
    
    
    
    
    
    
    19,294,616
    
    
    
    2,980,689
    
    
    
    19,274,437
    
    
    
    22,255,127
    
    
    
    4,341,655
    
    
    2000
    
    40 yrs.300 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,330,090
    
    
    
    1,098,904
    
    
    
    6,231,186
    
    
    
    7,330,090
    
    
    
    420,257
    
    
    2004
    
    40 yrs.302 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    1,512,120
    
    
    
    
    
    
    
    2,801,598
    
    
    
    539,060
    
    
    
    3,774,658
    
    
    
    4,313,718
    
    
    
    88,186
    
    
    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
    
    
    
    879,074
    
    
    2003
    
    40 yrs.350 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    2,960,159
    
    
    
    1,449,611
    
    
    
    3,535,489
    
    
    
    2,966,686
    
    
    
    4,978,573
    
    
    
    7,945,259
    
    
    
    9,251
    
    
    2006
    
    40 yrs.4001 Leadenhall Road
    
    Mt. Laurel,  NJ
    
    
    
    
    
    
    3,207,885
    
    
    
    391,167
    
    
    
    18,844,592
    
    
    
    2,784,694
    
    
    
    19,658,950
    
    
    
    22,443,644
    
    
    
    2,744,761
    
    
    2002
    
    40 yrs.3000 Atrium Way
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    500,000
    
    
    
    4,500,000
    
    
    
    4,498,462
    
    
    
    512,018
    
    
    
    8,986,445
    
    
    
    9,498,462
    
    
    
    3,980,005
    
    
    1987
    
    40 yrs.11000, 15000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,585
    
    
    
    4,394,900
    
    
    
    254,820
    
    
    
    311,950
    
    
    
    4,648,355
    
    
    
    4,960,305
    
    
    
    1,942,493
    
    
    1985
    
    40 yrs.12000, 14000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    361,800
    
    
    
    3,285,817
    
    
    
    783,587
    
    
    
    362,855
    
    
    
    4,068,349
    
    
    
    4,431,204
    
    
    
    1,426,020
    
    
    1985
    
    40 yrs.16000, 18000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    289,700
    
    
    
    2,512,683
    
    
    
    573,915
    
    
    
    290,545
    
    
    
    3,085,753
    
    
    
    3,376,298
    
    
    
    1,126,581
    
    
    1985
    
    40 yrs.1300 Route 73 North
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    449,400
    
    
    
    3,074,850
    
    
    
    1,704,275
    
    
    
    450,558
    
    
    
    4,777,967
    
    
    
    5,228,525
    
    
    
    1,530,369
    
    
    1988
    
    40 yrs.6000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,151
    
    
    
    2,022,683
    
    
    
    925,491
    
    
    
    234,151
    
    
    
    2,948,174
    
    
    
    3,182,325
    
    
    
    811,584
    
    
    1985
    
    40 yrs.7000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    260,014
    
    
    
    2,236,684
    
    
    
    427,949
    
    
    
    260,014
    
    
    
    2,664,633
    
    
    
    2,924,647
    
    
    
    746,489
    
    
    1984
    
    40 yrs.8000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,814
    
    
    
    1,995,098
    
    
    
    317,849
    
    
    
    234,814
    
    
    
    2,312,947
    
    
    
    2,547,761
    
    
    
    604,374
    
    
    1983
    
    40 yrs.9000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    286,587
    
    
    
    2,474,820
    
    
    
    595,749
    
    
    
    286,587
    
    
    
    3,070,569
    
    
    
    3,357,156
    
    
    
    1,010,672
    
    
    1983
    
    40 yrs.1000 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    288,577
    
    
    
    2,546,537
    
    
    
    1,450,255
    
    
    
    288,577
    
    
    
    3,996,792
    
    
    
    4,285,369
    
    
    
    1,422,723
    
    
    1986
    
    40 yrs.1025 Briggs Road
    
    Mt. Laurel, NJ
    
    
    773,515
    
    
    
    430,990
    
    
    
    3,714,828
    
    
    
    1,320,195
    
    
    
    430,990
    
    
    
    5,035,023
    
    
    
    5,466,013
    
    
    
    1,496,665
    
    
    1987
    
    40 yrs.1020 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    494,334
    
    
    
    
    
    
    
    3,162,455
    
    
    
    569,184
    
    
    
    3,087,606
    
    
    
    3,656,789
    
    
    
    825,078
    
    
    1999
    
    40 yrs.2000 Crawford Place
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,831
    
    
    
    2,797,744
    
    
    
    2,814,041
    
    
    
    310,831
    
    
    
    5,611,785
    
    
    
    5,922,616
    
    
    
    2,067,243
    
    
    1986
    
    40 yrs.5000 Dearborn Court
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    1,057,763
    
    
    
    4,191,827
    
    
    
    531,794
    
    
    
    1,057,763
    
    
    
    4,723,621
    
    
    
    5,781,384
    
    
    
    1,129,274
    
    
    1988
    
    40 yrs.1001 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    701,705
    
    
    
    3,505,652
    
    
    
    2,115,996
    
    
    
    701,705
    
    
    
    5,621,649
    
    
    
    6,323,354
    
    
    
    1,805,100
    
    
    1986
    
    40 yrs.1015 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    356,987
    
    
    
    
    
    
    
    3,666,093
    
    
    
    470,659
    
    
    
    3,552,421
    
    
    
    4,023,080
    
    
    
    792,151
    
    
    2000
    
    40 yrs.17000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    144,515
    
    
    
    
    
    
    
    3,010,679
    
    
    
    144,515
    
    
    
    3,010,679
    
    
    
    3,155,194
    
    
    
    691,482
    
    
    2001
    
    40 yrs.9401-9443 Science Center Drive
    
    New Hope, MN
    
    
    
    
    
    
    431,295
    
    
    
    3,888,684
    
    
    
    480,123
    
    
    
    510,064
    
    
    
    4,290,038
    
    
    
    4,800,102
    
    
    
    1,115,258
    
    
    1989
    
    40 yrs.6 Terry Drive
    
    Newtown, PA
    
    
    
    
    
    
    622,029
    
    
    
    2,228,851
    
    
    
    828,769
    
    
    
    622,205
    
    
    
    3,057,443
    
    
    
    3,679,648
    
    
    
    824,454
    
    
    1981
    
    40 yrs.550-590 Hale Avenue
    
    Oakdale, MN
    
    
    
    
    
    
    765,535
    
    
    
    3,488,754
    
    
    
    510,819
    
    
    
    766,390
    
    
    
    3,998,718
    
    
    
    4,765,107
    
    
    
    847,827
    
    
    1996
    
    40 yrs.1879 Lamont Avenue
    
    Odenton, MD
    
    
    
    
    
    
    1,976,000
    
    
    
    8,099,579
    
    
    
    3,032,136
    
    
    
    2,011,030
    
    
    
    11,096,685
    
    
    
    13,107,715
    
    
    
    524,714
    
    
    2004
    
    40 yrs.350 Winmeyer Avenue
    
    Odenton, MD
    
    
    
    
    
    
    1,778,400
    
    
    
    7,289,165
    
    
    
    1,924,628
    
    
    
    1,809,927
    
    
    
    9,182,266
    
    
    
    10,992,193
    
    
    
    388,054
    
    
    2004
    
    40 yrs.9600 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    252,850
    
    
    
    1,297,923
    
    
    
    62,116
    
    
    
    252,850
    
    
    
    1,360,039
    
    
    
    1,612,889
    
    
    
    336,709
    
    
    1989
    
    40 yrs.9700 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    405,362
    
    
    
    1,146,546
    
    
    
    350,999
    
    
    
    405,362
    
    
    
    1,497,545
    
    
    
    1,902,907
    
    
    
    387,847
    
    
    1989
    
    40 yrs.1902 Cypress Lake Drive
    
    Orlando, FL
    
    
    
    
    
    
    523,512
    
    
    
    3,191,790
    
    
    
    880,341
    
    
    
    538,512
    
    
    
    4,057,131
    
    
    
    4,595,643
    
    
    
    1,116,154
    
    
    1989
    
    40 yrs.9550 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    574,831
    
    
    
    
    
    
    
    2,330,526
    
    
    
    587,319
    
    
    
    2,318,038
    
    
    
    2,905,357
    
    
    
    594,480
    
    
    1999
    
    40 yrs.10511 & 10611 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    517,554
    
    
    
    2,568,186
    
    
    
    405,635
    
    
    
    522,991
    
    
    
    2,968,384
    
    
    
    3,491,375
    
    
    
    848,378
    
    
    1985
    
    40 yrs.1400-1440 Central Florida Parkway
    
    Orlando, FL
    
    
    
    
    
    
    518,043
    
    
    
    2,561,938
    
    
    
    337,852
    
    
    
    518,043
    
    
    
    2,899,790
    
    
    
    3,417,833
    
    
    
    713,673
    
    
    1962
    
    40 yrs.2216 Directors Row
    
    Orlando, FL
    
    
    
    
    
    
    453,918
    
    
    
    2,572,202
    
    
    
    27,479
    
    
    
    453,918
    
    
    
    2,599,681
    
    
    
    3,053,599
    
    
    
    555,992
    
    
    1998
    
    40 yrs.3701-3727 Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    767,929
    
    
    
    2,096,504
    
    
    
    430,124
    
    
    
    767,929
    
    
    
    2,526,628
    
    
    
    3,294,557
    
    
    
    549,972
    
    
    1985
    
    40 yrs.2400 South Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    385,964
    
    
    
    
    
    
    
    2,461,057
    
    
    
    642,427
    
    
    
    2,204,594
    
    
    
    2,847,021
    
    
    
    355,814
    
    
    2001
    
    40 yrs.6501 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    5,560,142
    
    
    
    925,671
    
    
    
    5,538,172
    
    
    
    6,463,843
    
    
    
    746,789
    
    
    2001
    
    40 yrs.2416 Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    535,964
    
    
    
    
    
    
    
    3,166,980
    
    
    
    704,800
    
    
    
    2,998,143
    
    
    
    3,702,944
    
    
    
    741,196
    
    
    2002
    
    40 yrs.10771 Palm Bay Drive
    
    Orlando, FL
    
    
    
    
    
    
    664,605
    
    
    
    
    
    
    
    2,362,814
    
    
    
    685,383
    
    
    
    2,342,035
    
    
    
    3,027,419
    
    
    
    299,543
    
    
    2001
    
    40 yrs.10003 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    680,312
    
    
    
    2,120,754
    
    
    
    1,498,831
    
    
    
    680,312
    
    
    
    3,619,585
    
    
    
    4,299,897
    
    
    
    366,260
    
    
    2003
    
    40 yrs.1090 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    878,320
    
    
    
    2,558,833
    
    
    
    1,872,262
    
    
    
    878,320
    
    
    
    4,431,096
    
    
    
    5,309,415
    
    
    
    310,566
    
    
    2003
    
    40 yrs.2202 Taft-Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,630,654
    
    
    
    1,283,713
    
    
    
    5,346,941
    
    
    
    6,630,654
    
    
    
    565,267
    
    
    2004
    
    40 yrs.South Center Land-Phase II
    
    Orlando, FL
    
    
    
    
    
    
    838,853
    
    
    
    
    
    
    
    4,047,910
    
    
    
    767,953
    
    
    
    4,118,811
    
    
    
    4,886,763
    
    
    
    36,846
    
    
    2006
    
    40 yrs.7315 Kingspointe Parkway
    
    Orlando, FL
    
    
    
    
    
    
    1,931,697
    
    
    
    6,388,203
    
    
    
    2,479,134
    
    
    
    1,932,004
    
    
    
    8,867,030
    
    
    
    10,799,034
    
    
    
    589,186
    
    
    2004
    
    40 yrs.2351 Investors Row
    
    Orlando, FL
    
    
    
    
    
    
    2,261,924
    
    
    
    7,496,249
    
    
    
    124,169
    
    
    
    2,263,211
    
    
    
    7,619,131
    
    
    
    9,882,342
    
    
    
    376,159
    
    
    2004
    
    40 yrs.
 101




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    Gross Amount Carried at End Period
    
    Accumulated
    
    Construction
    
    DepreciableInitial Cost
    
    to
    
    Land and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    Acquisition
    
    Improvements
    
    Improvements
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (Years)OPERATING PROPERTIES2256 Taft-Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    467,296
    
    
    
    
    
    
    
    2,462,307
    
    
    
    825,673
    
    
    
    2,103,930
    
    
    
    2,929,603
    
    
    
    104,125
    
    
    2005
    
    40 yrs.1950 Summit Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    2,573,700
    
    
    
    17,478,646
    
    
    
    531,233
    
    
    
    2,583,667
    
    
    
    17,999,912
    
    
    
    20,583,579
    
    
    
    791,297
    
    
    2005
    
    40 yrs.1958 Summit Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    2,573,961
    
    
    
    11,206,937
    
    
    
    8,761,919
    
    
    
    2,583,216
    
    
    
    19,959,601
    
    
    
    22,542,817
    
    
    
    892,725
    
    
    2005
    
    40 yrs.6200 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    1,423,584
    
    
    
    6,399,510
    
    
    
    84,494
    
    
    
    1,435,301
    
    
    
    6,472,287
    
    
    
    7,907,588
    
    
    
    67,921
    
    
    2006
    
    40 yrs.7022 TPC Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,443,510
    
    
    
    6,845,559
    
    
    
    357,904
    
    
    
    1,457,286
    
    
    
    7,189,688
    
    
    
    8,646,973
    
    
    
    
    
    
    2006
    
    40 yrs.7100 TPC Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,431,489
    
    
    
    7,948,341
    
    
    
    203,122
    
    
    
    1,445,807
    
    
    
    8,137,144
    
    
    
    9,582,951
    
    
    
    
    
    
    2006
    
    40 yrs.7101 TPC Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,553,537
    
    
    
    5,301,499
    
    
    
    225,850
    
    
    
    1,570,863
    
    
    
    5,510,023
    
    
    
    7,080,886
    
    
    
    
    
    
    2006
    
    40 yrs.N26 W23445 Paul Road
    
    Pewaukee, WI
    
    
    
    
    
    
    561,904
    
    
    
    1,928,064
    
    
    
    113,241
    
    
    
    561,904
    
    
    
    2,041,305
    
    
    
    2,603,209
    
    
    
    357,110
    
    
    1985
    
    40 yrs.8801 Tinicum Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    2,474,031
    
    
    
    
    
    
    
    43,598,952
    
    
    
    125,087
    
    
    
    45,947,896
    
    
    
    46,072,983
    
    
    
    12,300,012
    
    
    1997
    
    40 yrs.3 Franklin Plaza
    
    Philadelphia, PA
    
    
    
    
    
    
    2,483,144
    
    
    
    
    
    
    
    32,150,134
    
    
    
    2,514,519
    
    
    
    32,118,759
    
    
    
    34,633,278
    
    
    
    6,127,052
    
    
    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
    
    
    
    573,955
    
    
    2003
    
    40 yrs.1 Crescent Drive
    
    Philadelphia, PA
    
    
    
    
    
    
    567,280
    
    
    
    
    
    
    
    12,752,342
    
    
    
    347,892
    
    
    
    12,971,730
    
    
    
    13,319,622
    
    
    
    57,493
    
    
    2004
    
    40 yrs.9801 80th Avenue
    
    Pleasant Prairie, WI
    
    
    
    
    
    
    1,692,077
    
    
    
    7,934,794
    
    
    
    62,495
    
    
    
    1,689,726
    
    
    
    7,999,640
    
    
    
    9,689,366
    
    
    
    1,617,933
    
    
    1994
    
    40 yrs.2250 Hickory Road
    
    Plymouth Meeting, PA
    
    
    
    
    
    
    1,015,851
    
    
    
    9,175,555
    
    
    
    2,338,832
    
    
    
    1,032,507
    
    
    
    11,497,732
    
    
    
    12,530,239
    
    
    
    2,838,418
    
    
    1985
    
    40 yrs.2905 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    516,920
    
    
    
    4,646,342
    
    
    
    1,702,547
    
    
    
    516,920
    
    
    
    6,348,890
    
    
    
    6,865,809
    
    
    
    1,853,696
    
    
    1983
    
    40 yrs.2800 Campus Drive
    
    Plymouth, MN
    
    
    
    
    
    
    395,366
    
    
    
    3,554,512
    
    
    
    1,008,452
    
    
    
    395,366
    
    
    
    4,562,964
    
    
    
    4,958,330
    
    
    
    1,357,056
    
    
    1985
    
    40 yrs.2955 Xenium Lane
    
    Plymouth, MN
    
    
    
    
    
    
    151,238
    
    
    
    1,370,140
    
    
    
    401,075
    
    
    
    151,238
    
    
    
    1,771,215
    
    
    
    1,922,453
    
    
    
    605,963
    
    
    1985
    
    40 yrs.2920 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    392,026
    
    
    
    3,433,678
    
    
    
    655,417
    
    
    
    384,235
    
    
    
    4,096,886
    
    
    
    4,481,121
    
    
    
    1,151,892
    
    
    1997
    
    40 yrs.14630-14650 28th Avenue North
    
    Plymouth, MN
    
    
    
    
    
    
    198,205
    
    
    
    1,793,422
    
    
    
    644,591
    
    
    
    198,205
    
    
    
    2,438,013
    
    
    
    2,636,218
    
    
    
    669,648
    
    
    1978
    
    40 yrs.2800 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    1,934,438
    
    
    
    10,952,503
    
    
    
    484,440
    
    
    
    1,934,438
    
    
    
    11,436,943
    
    
    
    13,371,380
    
    
    
    2,695,022
    
    
    1995
    
    40 yrs.9600 54th Avenue
    
    Plymouth, MN
    
    
    
    
    
    
    332,317
    
    
    
    3,077,820
    
    
    
    1,075,534
    
    
    
    332,317
    
    
    
    4,153,354
    
    
    
    4,485,671
    
    
    
    931,060
    
    
    1998
    
    40 yrs.1500 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    972,232
    
    
    
    3,892,085
    
    
    
    245,724
    
    
    
    972,232
    
    
    
    4,137,810
    
    
    
    5,110,041
    
    
    
    987,730
    
    
    1957
    
    40 yrs.1651 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    126,108
    
    
    
    203,247
    
    
    
    937,202
    
    
    
    1,140,449
    
    
    
    283,351
    
    
    1990
    
    40 yrs.1601 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    403,403
    
    
    
    203,247
    
    
    
    1,214,496
    
    
    
    1,417,743
    
    
    
    301,897
    
    
    1990
    
    40 yrs.1501 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    40,396
    
    
    
    203,247
    
    
    
    851,489
    
    
    
    1,054,737
    
    
    
    204,419
    
    
    1990
    
    40 yrs.1400 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    1,157,049
    
    
    
    4,620,956
    
    
    
    308,055
    
    
    
    1,157,049
    
    
    
    4,929,010
    
    
    
    6,086,060
    
    
    
    1,155,658
    
    
    1986
    
    40 yrs.1405 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    392,138
    
    
    
    1,565,787
    
    
    
    126,972
    
    
    
    392,138
    
    
    
    1,692,759
    
    
    
    2,084,897
    
    
    
    403,837
    
    
    1985
    
    40 yrs.595 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    359,933
    
    
    
    1,437,116
    
    
    
    95,541
    
    
    
    359,933
    
    
    
    1,532,657
    
    
    
    1,892,590
    
    
    
    356,011
    
    
    1984
    
    40 yrs.601 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    164,413
    
    
    
    655,933
    
    
    
    151,781
    
    
    
    164,413
    
    
    
    807,714
    
    
    
    972,127
    
    
    
    184,683
    
    
    1984
    
    40 yrs.605 SW 16th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    310,778
    
    
    
    1,238,324
    
    
    
    307,582
    
    
    
    310,178
    
    
    
    1,546,507
    
    
    
    1,856,684
    
    
    
    319,660
    
    
    1965
    
    40 yrs.4300 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    2,007,717
    
    
    
    14,927,608
    
    
    
    555,417
    
    
    
    2,009,136
    
    
    
    15,481,606
    
    
    
    17,490,742
    
    
    
    4,505,494
    
    
    1985
    
    40 yrs.301 Hill Carter Parkway
    
    Richmond, VA
    
    
    
    
    
    
    659,456
    
    
    
    4,836,010
    
    
    
    625
    
    
    
    659,456
    
    
    
    4,836,635
    
    
    
    5,496,091
    
    
    
    1,430,892
    
    
    1989
    
    40 yrs.4001 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    29,443
    
    
    
    215,914
    
    
    
    305,691
    
    
    
    29,443
    
    
    
    521,605
    
    
    
    551,048
    
    
    
    122,714
    
    
    1935
    
    40 yrs.5600-5626 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    489,941
    
    
    
    3,592,900
    
    
    
    389,883
    
    
    
    489,941
    
    
    
    3,982,783
    
    
    
    4,472,724
    
    
    
    1,217,321
    
    
    1989
    
    40 yrs.5650-5674 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    644,384
    
    
    
    4,025,480
    
    
    
    235,079
    
    
    
    644,384
    
    
    
    4,260,559
    
    
    
    4,904,943
    
    
    
    1,393,734
    
    
    1990
    
    40 yrs.5700 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    408,729
    
    
    
    2,697,348
    
    
    
    803,670
    
    
    
    408,729
    
    
    
    3,501,018
    
    
    
    3,909,747
    
    
    
    984,143
    
    
    1990
    
    40 yrs.4101-4127 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    310,854
    
    
    
    2,279,597
    
    
    
    567,636
    
    
    
    310,854
    
    
    
    2,847,233
    
    
    
    3,158,087
    
    
    
    768,190
    
    
    1973
    
    40 yrs.4201-4261 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    693,203
    
    
    
    5,083,493
    
    
    
    1,305,385
    
    
    
    693,203
    
    
    
    6,388,878
    
    
    
    7,082,081
    
    
    
    1,911,966
    
    
    1975
    
    40 yrs.4263-4299 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    256,203
    
    
    
    2,549,649
    
    
    
    1,647,276
    
    
    
    256,203
    
    
    
    4,196,925
    
    
    
    4,453,128
    
    
    
    1,163,759
    
    
    1976
    
    40 yrs.4301-4335 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    223,696
    
    
    
    1,640,435
    
    
    
    1,920,216
    
    
    
    223,696
    
    
    
    3,560,651
    
    
    
    3,784,347
    
    
    
    546,076
    
    
    1978
    
    40 yrs.4337-4379 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    325,303
    
    
    
    2,385,557
    
    
    
    880,278
    
    
    
    325,303
    
    
    
    3,265,835
    
    
    
    3,591,138
    
    
    
    1,282,851
    
    
    1979
    
    40 yrs.4501-4549 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    486,166
    
    
    
    3,565,211
    
    
    
    471,129
    
    
    
    486,166
    
    
    
    4,036,340
    
    
    
    4,522,506
    
    
    
    1,177,796
    
    
    1981
    
    40 yrs.4551-4593 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    474,360
    
    
    
    3,478,646
    
    
    
    272,695
    
    
    
    474,360
    
    
    
    3,751,341
    
    
    
    4,225,701
    
    
    
    1,087,264
    
    
    1982
    
    40 yrs.4601-4643 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    652,455
    
    
    
    4,784,675
    
    
    
    507,154
    
    
    
    652,455
    
    
    
    5,291,829
    
    
    
    5,944,284
    
    
    
    1,738,991
    
    
    1985
    
    40 yrs.4645-4683 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    404,616
    
    
    
    2,967,187
    
    
    
    1,079,890
    
    
    
    404,616
    
    
    
    4,047,077
    
    
    
    4,451,693
    
    
    
    1,760,935
    
    
    1985
    
    40 yrs.4447-4491 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    454,056
    
    
    
    2,729,742
    
    
    
    293,897
    
    
    
    454,056
    
    
    
    3,023,639
    
    
    
    3,477,695
    
    
    
    958,366
    
    
    1987
    
    40 yrs.4401-4445 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    615,038
    
    
    
    4,510,272
    
    
    
    397,983
    
    
    
    615,038
    
    
    
    4,908,255
    
    
    
    5,523,293
    
    
    
    1,459,049
    
    
    1988
    
    40 yrs.2300 East Parham Road
    
    Richmond, VA
    
    
    
    
    
    
    221,947
    
    
    
    1,011,088
    
    
    
    2,443
    
    
    
    221,947
    
    
    
    1,013,531
    
    
    
    1,235,478
    
    
    
    325,610
    
    
    1988
    
    40 yrs.5601-5659 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    705,660
    
    
    
    
    
    
    
    4,718,370
    
    
    
    720,100
    
    
    
    4,703,930
    
    
    
    5,424,030
    
    
    
    1,653,017
    
    
    1996
    
    40 yrs.5900 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    676,661
    
    
    
    
    
    
    
    4,818,232
    
    
    
    687,898
    
    
    
    4,806,995
    
    
    
    5,494,893
    
    
    
    1,265,045
    
    
    1997
    
    40 yrs.4717-4729 Eubank Road
    
    Richmond, VA
    
    
    *
    
    
    
    449,447
    
    
    
    3,294,697
    
    
    
    546,131
    
    
    
    452,263
    
    
    
    3,838,011
    
    
    
    4,290,274
    
    
    
    1,127,629
    
    
    1978
    
    40 yrs.4263F-N. Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    91,476
    
    
    
    
    
    
    
    1,643,294
    
    
    
    91,599
    
    
    
    1,643,171
    
    
    
    1,734,770
    
    
    
    446,236
    
    
    1975
    
    40 yrs.510 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    261,961
    
    
    
    2,110,874
    
    
    
    316,688
    
    
    
    262,210
    
    
    
    2,427,312
    
    
    
    2,689,523
    
    
    
    800,917
    
    
    1989
    
    40 yrs.520 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    486,118
    
    
    
    4,083,582
    
    
    
    336,701
    
    
    
    486,598
    
    
    
    4,419,803
    
    
    
    4,906,401
    
    
    
    1,203,497
    
    
    1989
    
    40 yrs.5701-5799 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    694,644
    
    
    
    
    
    
    
    5,651,198
    
    
    
    700,503
    
    
    
    5,645,340
    
    
    
    6,345,842
    
    
    
    1,630,865
    
    
    1998
    
    40 yrs.530 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    266,883
    
    
    
    
    
    
    
    3,068,901
    
    
    
    334,772
    
    
    
    3,001,012
    
    
    
    3,335,784
    
    
    
    1,026,669
    
    
    1999
    
    40 yrs.3829-3855 Gaskins Road
    
    Richmond, VA
    
    
    
    
    
    
    364,165
    
    
    
    3,264,114
    
    
    
    39,764
    
    
    
    364,165
    
    
    
    3,303,879
    
    
    
    3,668,044
    
    
    
    728,169
    
    
    1988
    
    40 yrs.10800 Nuckols Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    1,432,462
    
    
    
    
    
    
    
    14,420,839
    
    
    
    1,794,162
    
    
    
    14,059,139
    
    
    
    15,853,301
    
    
    
    2,428,731
    
    
    2000
    
    40 yrs.100 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,140,648
    
    
    
    101,824
    
    
    
    8,408,649
    
    
    
    1,456,084
    
    
    
    8,195,037
    
    
    
    9,651,121
    
    
    
    1,230,590
    
    
    2001
    
    40 yrs.200 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,623,612
    
    
    
    
    
    
    
    5,900,380
    
    
    
    1,072,797
    
    
    
    6,451,195
    
    
    
    7,523,992
    
    
    
    923,936
    
    
    2002
    
    40 yrs.1001 Boulders Parkway
    
    Richmond, VA
    
    
    
    
    
    
    2,073,739
    
    
    
    5,634,796
    
    
    
    892,592
    
    
    
    2,079,643
    
    
    
    6,521,484
    
    
    
    8,601,127
    
    
    
    257,425
    
    
    2005
    
    40 yrs.7400 Beaufont Springs Drive
    
    Richmond, VA
    
    
    
    
    
    
    808,581
    
    
    
    7,273,850
    
    
    
    837,566
    
    
    
    810,743
    
    
    
    8,109,253
    
    
    
    8,919,996
    
    
    
    304,103
    
    
    2005
    
    40 yrs.1100 Boulders Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,276,936
    
    
    
    12,052,192
    
    
    
    709,835
    
    
    
    1,280,662
    
    
    
    12,758,301
    
    
    
    14,038,963
    
    
    
    181,763
    
    
    2005
    
    40 yrs.
 102




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    Gross Amount Carried at End Period
    
    Accumulated
    
    Construction
    
    DepreciableInitial Cost
    
    to
    
    Land and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    Acquisition
    
    Improvements
    
    Improvements
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (Years)OPERATING PROPERTIES12 S. Third Street
    
    Richmond, VA
    
    
    
    
    
    
    40,539
    
    
    
    184,682
    
    
    
    14,061
    
    
    
    40,539
    
    
    
    198,743
    
    
    
    239,282
    
    
    
    57,182
    
    
    1900
    
    40 yrs.2020 US Highway 301 South
    
    Riverview, FL
    
    
    
    
    
    
    1,233,639
    
    
    
    13,608,485
    
    
    
    1,144
    
    
    
    1,233,800
    
    
    
    13,609,469
    
    
    
    14,843,268
    
    
    
    158,254
    
    
    2006
    
    40 yrs.6532 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    354,903
    
    
    
    
    
    
    
    3,740,561
    
    
    
    399,988
    
    
    
    3,695,477
    
    
    
    4,095,464
    
    
    
    996,239
    
    
    1997
    
    40 yrs.6530 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    305,821
    
    
    
    
    
    
    
    4,458,256
    
    
    
    335,061
    
    
    
    4,429,015
    
    
    
    4,764,076
    
    
    
    903,045
    
    
    1999
    
    40 yrs.6509 Franz Warner Parkway
    
    Rock Creek, NC
    
    
    
    
    
    
    360,494
    
    
    
    
    
    
    
    2,829,679
    
    
    
    372,494
    
    
    
    2,817,679
    
    
    
    3,190,173
    
    
    
    506,475
    
    
    2001
    
    40 yrs.38100 Ecorse Road
    
    Romulus, MI
    
    
    
    
    
    
    955,063
    
    
    
    
    
    
    
    8,900,259
    
    
    
    853,063
    
    
    
    9,002,259
    
    
    
    9,855,322
    
    
    
    1,360,828
    
    
    2000
    
    40 yrs.38000 Ecourse Road
    
    Romulus, MI
    
    
    
    
    
    
    807,660
    
    
    
    
    
    
    
    12,732,352
    
    
    
    1,053,337
    
    
    
    12,486,675
    
    
    
    13,540,012
    
    
    
    2,529,890
    
    
    2001
    
    40 yrs.6505 Cogswell Road
    
    Romulus, MI
    
    
    
    
    
    
    594,523
    
    
    
    
    
    
    
    17,282,074
    
    
    
    4,195,047
    
    
    
    13,681,551
    
    
    
    17,876,598
    
    
    
    2,078
    
    
    2005
    
    40 yrs.38100 Ecorse Road Expansion
    
    Romulus, MI
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,538,262
    
    
    
    
    
    
    
    1,538,262
    
    
    
    1,538,262
    
    
    
    28,999
    
    
    2005
    
    40 yrs.8501 East Raintree Drive
    
    Scottsdale, AZ
    
    
    
    
    
    
    4,076,412
    
    
    
    
    
    
    
    27,576,974
    
    
    
    4,115,137
    
    
    
    27,538,249
    
    
    
    31,653,386
    
    
    
    459,720
    
    
    2005
    
    40 yrs.26911-26957 Northwestern Highway
    
    Southfield, MI
    
    
    
    
    
    
    7,799,515
    
    
    
    66,268,817
    
    
    
    8,771,128
    
    
    
    7,799,515
    
    
    
    75,039,945
    
    
    
    82,839,460
    
    
    
    18,643,965
    
    
    1985
    
    40 yrs.6950 Harbor View Blvd
    
    Suffolk, VA
    
    
    
    
    
    
    929,844
    
    
    
    
    
    
    
    6,197,285
    
    
    
    794,848
    
    
    
    6,332,282
    
    
    
    7,127,129
    
    
    
    96,284
    
    
    2004
    
    40 yrs.13650 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    558,223
    
    
    
    2,171,930
    
    
    
    99,234
    
    
    
    558,251
    
    
    
    2,271,136
    
    
    
    2,829,387
    
    
    
    624,170
    
    
    1991
    
    40 yrs.13630 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    659,797
    
    
    
    2,596,275
    
    
    
    772,671
    
    
    
    659,825
    
    
    
    3,368,917
    
    
    
    4,028,742
    
    
    
    883,443
    
    
    1991
    
    40 yrs.1301 International Parkway
    
    Sunrise, FL
    
    
    
    
    
    
    5,100,162
    
    
    
    24,219,956
    
    
    
    1,264,535
    
    
    
    5,100,791
    
    
    
    25,483,861
    
    
    
    30,584,653
    
    
    
    
    
    
    2006
    
    40 yrs.5501-5519 Pioneer Park Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    162,000
    
    
    
    1,613,000
    
    
    
    637,115
    
    
    
    262,416
    
    
    
    2,149,700
    
    
    
    2,412,115
    
    
    
    605,615
    
    
    1981
    
    40 yrs.5690-5694 Crenshaw Street
    
    Tampa, FL
    
    
    
    
    
    
    181,923
    
    
    
    1,812,496
    
    
    
    217,470
    
    
    
    181,923
    
    
    
    2,029,967
    
    
    
    2,211,890
    
    
    
    598,290
    
    
    1979
    
    40 yrs.3102,3104,3110 Cherry Palm Drive
    
    Tampa, FL
    
    
    
    
    
    
    503,767
    
    
    
    2,787,585
    
    
    
    1,948,416
    
    
    
    982,207
    
    
    
    4,257,561
    
    
    
    5,239,768
    
    
    
    1,234,238
    
    
    1986
    
    40 yrs.8401-8408 Benjamin Road
    
    Tampa, FL
    
    
    
    
    
    
    789,651
    
    
    
    4,454,648
    
    
    
    1,974,397
    
    
    
    769,789
    
    
    
    6,448,907
    
    
    
    7,218,696
    
    
    
    2,203,217
    
    
    1986
    
    40 yrs.3501 Riga Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    617,289
    
    
    
    3,048,379
    
    
    
    454,271
    
    
    
    617,289
    
    
    
    3,502,650
    
    
    
    4,119,939
    
    
    
    1,026,027
    
    
    1987
    
    40 yrs.111 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    359,540
    
    
    
    1,461,850
    
    
    
    934,298
    
    
    
    359,540
    
    
    
    2,396,148
    
    
    
    2,755,688
    
    
    
    729,735
    
    
    1990
    
    40 yrs.7930, 8010-20 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    1,408,478
    
    
    
    5,247,246
    
    
    
    911,481
    
    
    
    1,408,478
    
    
    
    6,158,727
    
    
    
    7,567,205
    
    
    
    1,671,637
    
    
    1990
    
    40 yrs.7920 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    1,382,648
    
    
    
    2,445,444
    
    
    
    (276,436
    )
    
    
    1,082,648
    
    
    
    2,469,008
    
    
    
    3,551,656
    
    
    
    607,836
    
    
    1997
    
    40 yrs.8154-8198 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    399,088
    
    
    
    2,868,834
    
    
    
    441,572
    
    
    
    399,088
    
    
    
    3,310,406
    
    
    
    3,709,494
    
    
    
    967,807
    
    
    1988
    
    40 yrs.8112-42 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    513,263
    
    
    
    3,230,239
    
    
    
    662,940
    
    
    
    513,263
    
    
    
    3,893,180
    
    
    
    4,406,442
    
    
    
    889,518
    
    
    1995
    
    40 yrs.8212 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    820,882
    
    
    
    2,322,720
    
    
    
    14,210
    
    
    
    820,882
    
    
    
    2,336,931
    
    
    
    3,157,813
    
    
    
    563,816
    
    
    1996
    
    40 yrs.131 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    511,463
    
    
    
    
    
    
    
    4,455,291
    
    
    
    559,527
    
    
    
    4,407,227
    
    
    
    4,966,754
    
    
    
    1,699,463
    
    
    1985
    
    40 yrs.7724 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    235,893
    
    
    
    
    
    
    
    2,285,235
    
    
    
    235,894
    
    
    
    2,285,234
    
    
    
    2,521,128
    
    
    
    611,383
    
    
    1998
    
    40 yrs.7802-50 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,711,761
    
    
    
    506,949
    
    
    
    2,562,177
    
    
    
    3,069,125
    
    
    
    1,019,925
    
    
    1999
    
    40 yrs.7852-98 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,708,532
    
    
    
    506,949
    
    
    
    2,558,947
    
    
    
    3,065,896
    
    
    
    965,711
    
    
    1999
    
    40 yrs.8921 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    224,369
    
    
    
    1,063,882
    
    
    
    965,576
    
    
    
    254,493
    
    
    
    1,999,334
    
    
    
    2,253,827
    
    
    
    446,634
    
    
    1998
    
    40 yrs.5250 Eagle Trail Drive
    
    Tampa, FL
    
    
    
    
    
    
    952,860
    
    
    
    
    
    
    
    3,581,057
    
    
    
    952,860
    
    
    
    3,581,057
    
    
    
    4,533,916
    
    
    
    739,406
    
    
    1998
    
    40 yrs.7725 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    553,335
    
    
    
    
    
    
    
    3,351,584
    
    
    
    771,501
    
    
    
    3,133,418
    
    
    
    3,904,919
    
    
    
    637,170
    
    
    1999
    
    40 yrs.8001 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    350,406
    
    
    
    
    
    
    
    2,488,771
    
    
    
    438,061
    
    
    
    2,401,117
    
    
    
    2,839,178
    
    
    
    517,144
    
    
    1999
    
    40 yrs.4630 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    943,169
    
    
    
    
    
    
    
    12,592,708
    
    
    
    1,560,099
    
    
    
    11,975,778
    
    
    
    13,535,877
    
    
    
    2,279,782
    
    
    2000
    
    40 yrs.701-725 South US Hwy 301
    
    Tampa, FL
    
    
    
    
    
    
    419,683
    
    
    
    
    
    
    
    3,817,508
    
    
    
    661,680
    
    
    
    3,575,511
    
    
    
    4,237,191
    
    
    
    1,130,146
    
    
    2000
    
    40 yrs.4502 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,005,900
    
    
    
    1,071,535
    
    
    
    2,934,365
    
    
    
    4,005,900
    
    
    
    528,300
    
    
    1999
    
    40 yrs.9001-9015 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    209,841
    
    
    
    
    
    
    
    1,575,906
    
    
    
    364,514
    
    
    
    1,421,234
    
    
    
    1,785,748
    
    
    
    334,370
    
    
    2000
    
    40 yrs.4508 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    498,598
    
    
    
    
    
    
    
    3,057,752
    
    
    
    556,887
    
    
    
    2,999,463
    
    
    
    3,556,350
    
    
    
    573,747
    
    
    2000
    
    40 yrs.7622 Bald Cypress Place
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,305,584
    
    
    
    300,000
    
    
    
    1,005,584
    
    
    
    1,305,584
    
    
    
    171,340
    
    
    2000
    
    40 yrs.901-933 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    500,391
    
    
    
    
    
    
    
    4,032,028
    
    
    
    840,314
    
    
    
    3,692,105
    
    
    
    4,532,419
    
    
    
    978,648
    
    
    2001
    
    40 yrs.4503 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,454,328
    
    
    
    619,913
    
    
    
    2,834,415
    
    
    
    3,454,328
    
    
    
    414,660
    
    
    2002
    
    40 yrs.4505 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,110,391
    
    
    
    716,594
    
    
    
    2,393,797
    
    
    
    3,110,391
    
    
    
    528,279
    
    
    2002
    
    40 yrs.4511 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,840,466
    
    
    
    686,594
    
    
    
    2,153,872
    
    
    
    2,840,466
    
    
    
    386,162
    
    
    2002
    
    40 yrs.7621 Bald Cypress Place (Bldg N)
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,482,613
    
    
    
    447,498
    
    
    
    1,035,115
    
    
    
    1,482,613
    
    
    
    121,194
    
    
    2001
    
    40 yrs.4520 Seedling Circle
    
    Tampa, FL
    
    
    
    
    
    
    854,797
    
    
    
    42,131
    
    
    
    2,721,233
    
    
    
    854,797
    
    
    
    2,763,364
    
    
    
    3,618,161
    
    
    
    185,881
    
    
    2003
    
    40 yrs.501 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    898,884
    
    
    
    
    
    
    
    3,499,853
    
    
    
    900,508
    
    
    
    3,498,229
    
    
    
    4,398,737
    
    
    
    261,909
    
    
    2004
    
    40 yrs.9002-9036 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    492,320
    
    
    
    
    
    
    
    3,964,055
    
    
    
    899,284
    
    
    
    3,557,092
    
    
    
    4,456,375
    
    
    
    343,327
    
    
    2004
    
    40 yrs.8900-34 Brittany Was
    
    Tampa, FL
    
    
    
    
    
    
    537,194
    
    
    
    
    
    
    
    4,248,195
    
    
    
    978,019
    
    
    
    3,807,371
    
    
    
    4,785,389
    
    
    
    14,913
    
    
    2005
    
    40 yrs.200-34 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    330,097
    
    
    
    
    
    
    
    3,623,009
    
    
    
    933,362
    
    
    
    3,019,744
    
    
    
    3,953,106
    
    
    
    90,303
    
    
    2005
    
    40 yrs.8725 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    3,171,906
    
    
    
    19,126,156
    
    
    
    (3,957
    )
    
    
    3,167,787
    
    
    
    19,126,318
    
    
    
    22,294,105
    
    
    
    162,502
    
    
    2006
    
    40 yrs.8735 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    3,170,247
    
    
    
    18,749,873
    
    
    
    (18,416
    )
    
    
    3,166,130
    
    
    
    18,735,573
    
    
    
    21,901,703
    
    
    
    160,241
    
    
    2006
    
    40 yrs.8705 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    4,309,467
    
    
    
    23,688,189
    
    
    
    21,765
    
    
    
    4,303,870
    
    
    
    23,715,550
    
    
    
    28,019,421
    
    
    
    299,401
    
    
    2006
    
    40 yrs.8715 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    3,348,258
    
    
    
    18,325,427
    
    
    
    (4,177
    )
    
    
    3,343,910
    
    
    
    18,325,599
    
    
    
    21,669,509
    
    
    
    133,957
    
    
    2006
    
    40 yrs.8745 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    2,053,105
    
    
    
    11,158,441
    
    
    
    11,901
    
    
    
    2,050,439
    
    
    
    11,173,008
    
    
    
    13,223,447
    
    
    
    95,859
    
    
    2006
    
    40 yrs.7851-7861 Woodland Center Blvd
    
    Tampa, FL
    
    
    
    
    
    
    549,043
    
    
    
    2,242,204
    
    
    
    95,559
    
    
    
    548,905
    
    
    
    2,337,901
    
    
    
    2,886,806
    
    
    
    17,050
    
    
    2006
    
    40 yrs.1650 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    763,067
    
    
    
    7,201,677
    
    
    
    1,328,964
    
    
    
    763,067
    
    
    
    8,530,641
    
    
    
    9,293,708
    
    
    
    1,885,343
    
    
    1985
    
    40 yrs.1775 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    331,422
    
    
    
    2,788,073
    
    
    
    648,020
    
    
    
    331,422
    
    
    
    3,436,093
    
    
    
    3,767,515
    
    
    
    789,861
    
    
    1985
    
    40 yrs.1875 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    329,863
    
    
    
    2,774,006
    
    
    
    378,366
    
    
    
    329,863
    
    
    
    3,152,372
    
    
    
    3,482,235
    
    
    
    747,631
    
    
    1986
    
    40 yrs.1850 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    781,054
    
    
    
    7,364,300
    
    
    
    2,083,387
    
    
    
    781,054
    
    
    
    9,447,687
    
    
    
    10,228,741
    
    
    
    2,340,733
    
    
    1986
    
    40 yrs.1965 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    419,090
    
    
    
    3,578,928
    
    
    
    346,058
    
    
    
    419,090
    
    
    
    3,924,986
    
    
    
    4,344,077
    
    
    
    1,054,465
    
    
    1987
    
    40 yrs.1960 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    419,146
    
    
    
    3,579,166
    
    
    
    635,418
    
    
    
    419,146
    
    
    
    4,214,584
    
    
    
    4,633,730
    
    
    
    1,115,137
    
    
    1987
    
    40 yrs.1101 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    98,144
    
    
    
    887,935
    
    
    
    326,837
    
    
    
    98,148
    
    
    
    1,214,768
    
    
    
    1,312,916
    
    
    
    450,766
    
    
    1974
    
    40 yrs.
 103




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    Gross Amount Carried at End Period
    
    Accumulated
    
    Construction
    
    DepreciableInitial Cost
    
    to
    
    Land and
    
    Building and
    
    Total
    
    Depreciation
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    Land
    
    Building
    
    Acquisition
    
    Improvements
    
    Improvements
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (Years)OPERATING PROPERTIES1151 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    164,483
    
    
    
    1,486,220
    
    
    
    438,250
    
    
    
    164,486
    
    
    
    1,924,467
    
    
    
    2,088,953
    
    
    
    529,177
    
    
    1974
    
    40 yrs.1300 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,090
    
    
    
    1,212,752
    
    
    
    498,931
    
    
    
    134,094
    
    
    
    1,711,679
    
    
    
    1,845,773
    
    
    
    632,783
    
    
    1979
    
    40 yrs.1350 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    111,776
    
    
    
    1,011,497
    
    
    
    168,477
    
    
    
    111,779
    
    
    
    1,179,971
    
    
    
    1,291,750
    
    
    
    298,176
    
    
    1979
    
    40 yrs.1376-1400 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,292
    
    
    
    1,213,626
    
    
    
    313,374
    
    
    
    134,296
    
    
    
    1,526,996
    
    
    
    1,661,292
    
    
    
    384,503
    
    
    1979
    
    40 yrs.1352-1374 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    153,275
    
    
    
    1,385,098
    
    
    
    336,226
    
    
    
    153,279
    
    
    
    1,721,321
    
    
    
    1,874,599
    
    
    
    463,034
    
    
    1979
    
    40 yrs.1324-1346 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,090
    
    
    
    1,212,214
    
    
    
    161,394
    
    
    
    134,094
    
    
    
    1,373,604
    
    
    
    1,507,698
    
    
    
    313,707
    
    
    1979
    
    40 yrs.1301-1307 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    111,776
    
    
    
    1,011,121
    
    
    
    183,667
    
    
    
    111,779
    
    
    
    1,194,785
    
    
    
    1,306,564
    
    
    
    284,538
    
    
    1978
    
    40 yrs.1409 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    142,370
    
    
    
    1,286,048
    
    
    
    430,773
    
    
    
    142,374
    
    
    
    1,716,818
    
    
    
    1,859,191
    
    
    
    479,131
    
    
    1978
    
    40 yrs.1334 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    124,296
    
    
    
    1,122,802
    
    
    
    54,070
    
    
    
    124,300
    
    
    
    1,176,868
    
    
    
    1,301,168
    
    
    
    275,534
    
    
    1983
    
    40 yrs.1290 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    85,321
    
    
    
    771,621
    
    
    
    223,628
    
    
    
    85,325
    
    
    
    995,245
    
    
    
    1,080,570
    
    
    
    231,123
    
    
    1984
    
    40 yrs.1070 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    68,560
    
    
    
    620,595
    
    
    
    106,856
    
    
    
    68,563
    
    
    
    727,447
    
    
    
    796,011
    
    
    
    189,305
    
    
    1982
    
    40 yrs.950 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    252,429
    
    
    
    2,265,259
    
    
    
    181,631
    
    
    
    252,433
    
    
    
    2,446,886
    
    
    
    2,699,319
    
    
    
    596,700
    
    
    1982
    
    40 yrs.894 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    181,749
    
    
    
    1,632,243
    
    
    
    763,375
    
    
    
    181,753
    
    
    
    2,395,615
    
    
    
    2,577,367
    
    
    
    698,188
    
    
    1986
    
    40 yrs.1311-1331 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    125,407
    
    
    
    1,132,810
    
    
    
    204,037
    
    
    
    125,410
    
    
    
    1,336,843
    
    
    
    1,462,254
    
    
    
    421,557
    
    
    1986
    
    40 yrs.2354 Bellingham Street
    
    Troy, MI
    
    
    
    
    
    
    87,340
    
    
    
    789,817
    
    
    
    19,928
    
    
    
    87,344
    
    
    
    809,741
    
    
    
    897,085
    
    
    
    191,097
    
    
    1990
    
    40 yrs.2360 Bellingham Street
    
    Troy, MI
    
    
    
    
    
    
    87,340
    
    
    
    789,817
    
    
    
    58,250
    
    
    
    87,344
    
    
    
    848,063
    
    
    
    935,407
    
    
    
    194,192
    
    
    1985
    
    40 yrs.1600-1630 East Big Beaver Road
    
    Troy, MI
    
    
    
    
    
    
    1,454,406
    
    
    
    2,952,884
    
    
    
    53,694
    
    
    
    1,458,737
    
    
    
    3,002,247
    
    
    
    4,460,984
    
    
    
    537,518
    
    
    1982
    
    40 yrs.2600 Bellingham Drive
    
    Troy, MI
    
    
    
    
    
    
    1,796,869
    
    
    
    
    
    
    
    4,095,318
    
    
    
    1,938,746
    
    
    
    3,953,441
    
    
    
    5,892,187
    
    
    
    1,107,377
    
    
    2002
    
    40 yrs.2710 Bellingham Drive
    
    Troy, MI
    
    
    
    
    
    
    1,796,869
    
    
    
    
    
    
    
    4,721,835
    
    
    
    1,938,746
    
    
    
    4,579,958
    
    
    
    6,518,704
    
    
    
    1,253,476
    
    
    2002
    
    40 yrs.3432 Holland Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    173,527
    
    
    
    790,515
    
    
    
    2,462
    
    
    
    173,527
    
    
    
    792,977
    
    
    
    966,504
    
    
    
    234,111
    
    
    1989
    
    40 yrs.2809 South Lynnhaven Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    953,590
    
    
    
    6,142,742
    
    
    
    1,100,609
    
    
    
    953,590
    
    
    
    7,243,352
    
    
    
    8,196,941
    
    
    
    1,822,981
    
    
    1987
    
    40 yrs.200 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    
    
    
    1,116,693
    
    
    
    6,770,480
    
    
    
    1,126,390
    
    
    
    1,116,693
    
    
    
    7,896,870
    
    
    
    9,013,562
    
    
    
    2,005,654
    
    
    1988
    
    40 yrs.208 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    
    
    
    965,177
    
    
    
    6,728,717
    
    
    
    1,129,993
    
    
    
    965,177
    
    
    
    7,858,710
    
    
    
    8,823,888
    
    
    
    2,052,497
    
    
    1989
    
    40 yrs.484 Viking Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    891,753
    
    
    
    3,607,890
    
    
    
    553,685
    
    
    
    891,753
    
    
    
    4,161,575
    
    
    
    5,053,327
    
    
    
    1,028,787
    
    
    1987
    
    40 yrs.629 Phoenix Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    371,694
    
    
    
    2,108,097
    
    
    
    243,169
    
    
    
    371,694
    
    
    
    2,351,266
    
    
    
    2,722,960
    
    
    
    559,043
    
    
    1996
    
    40 yrs.5700 Cleveland Street
    
    Virginia Beach, VA
    
    
    
    
    
    
    700,112
    
    
    
    9,592,721
    
    
    
    1,917,901
    
    
    
    700,564
    
    
    
    11,510,169
    
    
    
    12,210,734
    
    
    
    3,008,461
    
    
    1989
    
    40 yrs.1457 Miller Store Road
    
    Virginia Beach, VA
    
    
    1,587,598
    
    
    
    473,689
    
    
    
    2,663,045
    
    
    
    603,352
    
    
    
    474,746
    
    
    
    3,265,341
    
    
    
    3,740,086
    
    
    
    285,752
    
    
    2003
    
    40 yrs.11020 West Plank Court
    
    Wauwatosa, WI
    
    
    
    
    
    
    464,246
    
    
    
    3,230,511
    
    
    
    (519,943
    )
    
    
    464,246
    
    
    
    2,710,568
    
    
    
    3,174,814
    
    
    
    533,083
    
    
    1985
    
    40 yrs.825 Duportail Road
    
    Wayne, PA
    
    
    
    
    
    
    5,536,619
    
    
    
    16,179,213
    
    
    
    1,061,808
    
    
    
    5,539,281
    
    
    
    17,238,360
    
    
    
    22,777,641
    
    
    
    2,848,284
    
    
    1979
    
    40 yrs.1500 Liberty Ridge
    
    Wayne, PA
    
    
    
    
    
    
    8,287,555
    
    
    
    
    
    
    
    31,280,987
    
    
    
    11,636,499
    
    
    
    27,932,043
    
    
    
    39,568,542
    
    
    
    4,177,639
    
    
    2002
    
    40 yrs.1200 Liberty Ridge Drive
    
    Wayne, PA
    
    
    
    
    
    
    6,215,667
    
    
    
    
    
    
    
    8,829,577
    
    
    
    5,223,660
    
    
    
    9,821,584
    
    
    
    15,045,244
    
    
    
    2,393,281
    
    
    2001
    
    40 yrs.11300-90 West Theodore Trecker Way
    
    West Allis, WI
    
    
    *
    
    
    
    500,565
    
    
    
    1,591,678
    
    
    
    630,627
    
    
    
    505,972
    
    
    
    2,216,897
    
    
    
    2,722,870
    
    
    
    48,651
    
    
    2005
    
    40 yrs.11548 West Theodore Trecker Way
    
    West Allis, WI
    
    
    *
    
    
    
    660,068
    
    
    
    4,640,578
    
    
    
    44,656
    
    
    
    663,766
    
    
    
    4,681,537
    
    
    
    5,345,302
    
    
    
    181,960
    
    
    2005
    
    40 yrs.11420 West Theodore Trecker Way
    
    West Allis, WI
    
    
    
    
    
    
    348,146
    
    
    
    2,057,483
    
    
    
    27,202
    
    
    
    350,008
    
    
    
    2,082,824
    
    
    
    2,432,831
    
    
    
    80,727
    
    
    2005
    
    40 yrs.400-500 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    845,846
    
    
    
    6,809,025
    
    
    
    453,832
    
    
    
    845,846
    
    
    
    7,262,857
    
    
    
    8,108,703
    
    
    
    1,742,042
    
    
    1988
    
    40 yrs.600 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    664,899
    
    
    
    5,352,410
    
    
    
    842,826
    
    
    
    664,899
    
    
    
    6,195,236
    
    
    
    6,860,135
    
    
    
    1,575,945
    
    
    1988
    
    40 yrs.905 Airport Road
    
    West Chester, PA
    
    
    
    
    
    
    1,715,000
    
    
    
    5,185,000
    
    
    
    1,429,527
    
    
    
    1,735,012
    
    
    
    6,594,515
    
    
    
    8,329,527
    
    
    
    2,301,424
    
    
    1988
    
    40 yrs.Liberty Square Retail Blocks
    
    West Malling, UK
    
    
    
    
    
    
    559,590
    
    
    
    5,113,902
    
    
    
    5,761,846
    
    
    
    1,408,957
    
    
    
    10,026,381
    
    
    
    11,435,338
    
    
    
    346,459
    
    
    2006
    
    40 yrs.3612 La Grange Parkway
    
    Williamsburg, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,687,985
    
    
    
    887,234
    
    
    
    4,800,752
    
    
    
    5,687,985
    
    
    
    284,122
    
    
    2003
    
    40 yrs.7805 Hudson Road
    
    Woodbury, MN
    
    
    
    
    
    
    1,279,834
    
    
    
    
    
    
    
    10,337,053
    
    
    
    1,385,739
    
    
    
    10,231,149
    
    
    
    11,616,887
    
    
    
    1,940,761
    
    
    2002
    
    40 yrs.Subtotal Operating Real Estate
    
    
    
    $
    92,401,473
    
    
    $
    618,631,316
    
    
    $
    1,812,183,416
    
    
    $
    2,061,697,505
    
    
    $
    678,074,971
    
    
    $
    3,814,437,267
    
    
    $
    4,492,512,238
    
    
    $
    806,308,940
 104




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 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
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (years)DEVELOPMENT PROPERTIES8400 Industrial Boulevard
    
    Allentown, PA
    
    $
    
    
    
    $
    6,883,389
    
    
    $
    
    
    
    $
    25,444,359
    
    
    $
    
    
    
    $
    32,327,747
    
    
    $
    32,327,747
    
    
    $
    
    
    
    2005
    
    N/A3500 High Point Boulevard
    
    Bethlehem, PA
    
    
    
    
    
    
    289,529
    
    
    
    
    
    
    
    2,143,128
    
    
    
    
    
    
    
    2,432,657
    
    
    
    2,432,657
    
    
    
    
    
    
    2006
    
    N/A3450 High Point Boulevard
    
    Bethlehem, PA
    
    
    
    
    
    
    303,197
    
    
    
    
    
    
    
    1,897,360
    
    
    
    
    
    
    
    2,200,557
    
    
    
    2,200,557
    
    
    
    
    
    
    2006
    
    N/A5705 Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,113,223
    
    
    
    
    
    
    
    1,409,514
    
    
    
    
    
    
    
    3,522,737
    
    
    
    3,522,737
    
    
    
    
    
    
    2001
    
    N/A8201 Industrial Boulevard
    
    Breinigsville, PA
    
    
    
    
    
    
    2,138,635
    
    
    
    
    
    
    
    887,619
    
    
    
    
    
    
    
    3,026,254
    
    
    
    3,026,254
    
    
    
    
    
    
    2006
    
    N/A6220 Old Dobbin Lane
    
    Columbis, MD
    
    
    
    
    
    
    3,865,848
    
    
    
    
    
    
    
    3,117,313
    
    
    
    
    
    
    
    6,983,161
    
    
    
    6,983,161
    
    
    
    
    
    
    2006
    
    N/A7625 Smetana Lane
    
    Eden Prairie, MN
    
    
    
    
    
    
    4,500,641
    
    
    
    
    
    
    
    1,416,645
    
    
    
    
    
    
    
    5,917,287
    
    
    
    5,917,287
    
    
    
    
    
    
    2006
    
    N/A7351 Coca Cola Drive
    
    Elkridge, MD
    
    
    
    
    
    
    1,897,044
    
    
    
    
    
    
    
    4,722,406
    
    
    
    
    
    
    
    6,619,450
    
    
    
    6,619,450
    
    
    
    
    
    
    2006
    
    N/A1100 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    22,612,437
    
    
    
    
    
    
    
    18,251,084
    
    
    
    
    
    
    
    40,863,521
    
    
    
    40,863,521
    
    
    
    
    
    
    2006
    
    N/A7 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    932,484
    
    
    
    
    
    
    
    4,353,296
    
    
    
    
    
    
    
    5,285,780
    
    
    
    5,285,780
    
    
    
    
    
    
    2006
    
    N/A45 Brookfield Oaks Drive
    
    Greenville, SC
    
    
    
    
    
    
    818,114
    
    
    
    
    
    
    
    3,151,403
    
    
    
    
    
    
    
    3,969,517
    
    
    
    3,969,517
    
    
    
    
    
    
    2006
    
    N/A116 Pleasant Ridge Road
    
    Greenville, SC
    
    
    
    
    
    
    1,547,811
    
    
    
    
    
    
    
    2,740,234
    
    
    
    
    
    
    
    4,288,045
    
    
    
    4,288,045
    
    
    
    
    
    
    2006
    
    N/A1317 Executive Boulevard
    
    Hampton, VA
    
    
    
    
    
    
    1,650,423
    
    
    
    
    
    
    
    5,221,412
    
    
    
    
    
    
    
    6,871,836
    
    
    
    6,871,836
    
    
    
    
    
    
    2006
    
    N/A600 Industrial Drive
    
    Harrisburg, PA
    
    
    
    
    
    
    7,743,800
    
    
    
    
    
    
    
    24,665,626
    
    
    
    
    
    
    
    32,409,426
    
    
    
    32,409,426
    
    
    
    
    
    
    2005
    
    N/A1498 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    94,274
    
    
    
    
    
    
    
    5,688,012
    
    
    
    
    
    
    
    5,782,285
    
    
    
    5,782,285
    
    
    
    
    
    
    2005
    
    N/A4475 Premier Drive
    
    High Point, NC
    
    
    
    
    
    
    748,693
    
    
    
    
    
    
    
    3,600,826
    
    
    
    
    
    
    
    4,349,519
    
    
    
    4,349,519
    
    
    
    
    
    
    2006
    
    N/A7 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    2,631,696
    
    
    
    
    
    
    
    9,130,339
    
    
    
    
    
    
    
    11,762,035
    
    
    
    11,762,035
    
    
    
    
    
    
    2006
    
    N/A1646 Rankin Road
    
    Houston, TX
    
    
    
    
    
    
    329,961
    
    
    
    
    
    
    
    4,049,825
    
    
    
    
    
    
    
    4,379,785
    
    
    
    4,379,785
    
    
    
    
    
    
    2005
    
    N/A330 Fellowship Road
    
    Mount Laurel, NJ
    
    
    
    
    
    
    3,730,570
    
    
    
    
    
    
    
    3,786,447
    
    
    
    
    
    
    
    7,517,017
    
    
    
    7,517,017
    
    
    
    
    
    
    2006
    
    N/A6923 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    2,132,401
    
    
    
    
    
    
    
    3,036,102
    
    
    
    3,036,102
    
    
    
    
    
    
    2006
    
    N/A851 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    267,313
    
    
    
    
    
    
    
    305,523
    
    
    
    
    
    
    
    572,836
    
    
    
    572,836
    
    
    
    
    
    
    2006
    
    N/A950 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    356,418
    
    
    
    
    
    
    
    269,750
    
    
    
    
    
    
    
    626,167
    
    
    
    626,167
    
    
    
    
    
    
    2006
    
    N/A1000 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    333,873
    
    
    
    
    
    
    
    269,171
    
    
    
    
    
    
    
    603,044
    
    
    
    603,044
    
    
    
    
    
    
    2006
    
    N/A17th & JFK Tower
    
    Philadelphia, PA
    
    
    
    
    
    
    22,430,038
    
    
    
    
    
    
    
    236,315,665
    
    
    
    
    
    
    
    258,745,703
    
    
    
    258,745,703
    
    
    
    
    
    
    2005
    
    N/A3900 Westerre Parkway
    
    Richmond, VA
    
    
    
    
    
    
    392,184
    
    
    
    
    
    
    
    10,177,825
    
    
    
    
    
    
    
    10,570,009
    
    
    
    10,570,009
    
    
    
    
    
    
    2005
    
    N/ARenaissance Blvd & Hwy 20
    
    Sturtevant, WI
    
    
    
    
    
    
    2,484,450
    
    
    
    
    
    
    
    8,512,026
    
    
    
    
    
    
    
    10,996,476
    
    
    
    10,996,476
    
    
    
    
    
    
    2006
    
    N/ABridgeway III Land
    
    Suffolk, VA
    
    
    
    
    
    
    904,052
    
    
    
    
    
    
    
    6,717,091
    
    
    
    
    
    
    
    7,621,143
    
    
    
    7,621,143
    
    
    
    
    
    
    2006
    
    N/A910-926 Chad Lane
    
    Tampa, FL
    
    
    
    
    
    
    201,771
    
    
    
    
    
    
    
    1,986,093
    
    
    
    
    
    
    
    2,187,864
    
    
    
    2,187,864
    
    
    
    
    
    
    2006
    
    N/A150-182 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    403,541
    
    
    
    
    
    
    
    3,211,780
    
    
    
    
    
    
    
    3,615,322
    
    
    
    3,615,322
    
    
    
    
    
    
    2006
    
    N/A3701 Corporate Parkway
    
    Upper Saucon, PA
    
    
    
    
    
    
    1,078,674
    
    
    
    
    
    
    
    8,445,567
    
    
    
    
    
    
    
    9,524,241
    
    
    
    9,524,241
    
    
    
    
    
    
    2005
    
    N/A42 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    19,876,271
    
    
    
    
    
    
    
    19,876,271
    
    
    
    19,876,271
    
    
    
    
    
    
    2005
    
    N/A1 Kings Hill Aveune
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,746,898
    
    
    
    
    
    
    
    5,746,898
    
    
    
    5,746,898
    
    
    
    
    
    
    2006
    
    N/A777 Township Line Road
    
    Yardley, PA
    
    
    
    
    
    
    3,436,013
    
    
    
    
    
    
    
    10,636,157
    
    
    
    
    
    
    
    14,072,170
    
    
    
    14,072,170
    
    
    
    
    
    
    2005
    
    N/ASubtotal Development in
Progress
    
    
    
    $
    
    
    
    $
    98,023,798
    
    
    $
    
    
    
    $
    440,279,067
    
    
    $
    
    
    
    $
    538,302,864
    
    
    $
    538,302,864
    
    
    $
    
 105




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2006
 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
    
    12/31/2006
    
    12/31/06
    
    Acquisition
    
    (years)LAND HELD FOR DEVELOPMENTPerryman Road Land
    
    Aberdeen, MD
    
    $
    
    
    
    $
    12,046,811
    
    
    $
    
    
    
    $
    91,099
    
    
    $
    12,137,910
    
    
    $
    
    
    
    $
    12,137,910
    
    
    $
    
    
    
    2005
    
    N/ALVCC Phase 2 Land
    
    Bethlehem, PA
    
    
    
    
    
    
    3,148,780
    
    
    
    
    
    
    
    1,117,583
    
    
    
    4,266,363
    
    
    
    
    
    
    
    4,266,363
    
    
    
    
    
    
    1998
    
    N/ALehigh Valley Corporate Center Land
    
    Bethlehem, PA
    
    
    
    
    
    
    265,842
    
    
    
    
    
    
    
    
    
    
    
    265,842
    
    
    
    
    
    
    
    265,842
    
    
    
    
    
    
    1987
    
    N/ABoca Colannade Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    3,649,792
    
    
    
    
    
    
    
    1,103,719
    
    
    
    4,753,511
    
    
    
    
    
    
    
    4,753,511
    
    
    
    
    
    
    1998
    
    N/A95 Kriner Road
    
    Chambersburg, PA
    
    
    
    
    
    
    8,662,788
    
    
    
    
    
    
    
    7,761,134
    
    
    
    16,423,922
    
    
    
    
    
    
    
    16,423,922
    
    
    
    
    
    
    2006
    
    N/ABattlefield Corp Ctr, Parcel 14
    
    Chesapeake, VA
    
    
    
    
    
    
    1,532,779
    
    
    
    
    
    
    
    6,634
    
    
    
    1,539,413
    
    
    
    
    
    
    
    1,539,413
    
    
    
    
    
    
    2006
    
    N/ARivers Bend Land
    
    Chesterfield, VA
    
    
    
    
    
    
    1,695,415
    
    
    
    
    
    
    
    3,060,359
    
    
    
    4,755,773
    
    
    
    
    
    
    
    4,755,773
    
    
    
    
    
    
    1995
    
    N/A501 Hewlett Packard Way
    
    Chesterfield, VA
    
    
    
    
    
    
    165,042
    
    
    
    
    
    
    
    484,965
    
    
    
    650,007
    
    
    
    
    
    
    
    650,007
    
    
    
    
    
    
    1996
    
    N/APleasant Ridge Road Land
    
    Greensboro, NC
    
    
    
    
    
    
    828,289
    
    
    
    
    
    
    
    
    
    
    
    828,289
    
    
    
    
    
    
    
    828,289
    
    
    
    
    
    
    2006
    
    N/ASouthchase Business Park Land
    
    Greenville, SC
    
    
    
    
    
    
    1,369,712
    
    
    
    
    
    
    
    688,157
    
    
    
    2,057,869
    
    
    
    
    
    
    
    2,057,869
    
    
    
    
    
    
    1998
    
    N/AHunters Green Land
    
    Hagerstown, MD
    
    
    
    
    
    
    8,942,141
    
    
    
    
    
    
    
    246,486
    
    
    
    9,188,627
    
    
    
    
    
    
    
    9,188,627
    
    
    
    
    
    
    2006
    
    N/ALakefront Plaza II Land
    
    Hampton, VA
    
    
    157,601
    
    
    
    132,785
    
    
    
    
    
    
    
    92,936
    
    
    
    225,721
    
    
    
    
    
    
    
    225,721
    
    
    
    
    
    
    2001
    
    N/APatapsco Valley Business Center
    
    Hanover, MD
    
    
    
    
    
    
    2,402,322
    
    
    
    
    
    
    
    1,118,795
    
    
    
    3,521,117
    
    
    
    
    
    
    
    3,521,117
    
    
    
    
    
    
    2004
    
    N/AMendenhall Land
    
    High Point, NC
    
    
    
    
    
    
    1,910,135
    
    
    
    
    
    
    
    5,028,104
    
    
    
    6,938,239
    
    
    
    
    
    
    
    6,938,239
    
    
    
    
    
    
    1995
    
    N/APiedmond Centre Land
    
    High Point, NC
    
    
    
    
    
    
    866,380
    
    
    
    
    
    
    
    526,614
    
    
    
    1,392,994
    
    
    
    
    
    
    
    1,392,994
    
    
    
    
    
    
    2006
    
    N/AHorsham Business Center Land
    
    Horsham, PA
    
    
    
    
    
    
    80,800
    
    
    
    
    
    
    
    455
    
    
    
    81,255
    
    
    
    
    
    
    
    81,255
    
    
    
    
    
    
    2005
    
    N/ACommonwealth Corporate Center Land
    
    Horsham, PA
    
    
    
    
    
    
    3,047,683
    
    
    
    
    
    
    
    19,263
    
    
    
    3,066,946
    
    
    
    
    
    
    
    3,066,946
    
    
    
    
    
    
    2005
    
    N/ACentral Green Land
    
    Houston, TX
    
    
    
    
    
    
    481,229
    
    
    
    
    
    
    
    10,440
    
    
    
    491,669
    
    
    
    
    
    
    
    491,669
    
    
    
    
    
    
    2001
    
    N/AFallbrrok Drive Land
    
    Houston, TX
    
    
    
    
    
    
    1,990,270
    
    
    
    
    
    
    
    15,915
    
    
    
    2,006,186
    
    
    
    
    
    
    
    2,006,186
    
    
    
    
    
    
    2006
    
    N/AWindfern Drive Land
    
    Houston, TX
    
    
    
    
    
    
    1,222,065
    
    
    
    
    
    
    
    4,317
    
    
    
    1,226,382
    
    
    
    
    
    
    
    1,226,382
    
    
    
    
    
    
    2006
    
    N/ANoxell Land
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,166,068
    
    
    
    
    
    
    
    830,242
    
    
    
    2,996,310
    
    
    
    
    
    
    
    2,996,310
    
    
    
    
    
    
    2001
    
    N/ALiberty Business Park Land
    
    Jacksonville, FL
    
    
    
    
    
    
    448,097
    
    
    
    
    
    
    
    90,019
    
    
    
    538,116
    
    
    
    
    
    
    
    538,116
    
    
    
    
    
    
    1995
    
    N/A7024 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    468,643
    
    
    
    
    
    
    
    356,309
    
    
    
    824,952
    
    
    
    
    
    
    
    824,952
    
    
    
    
    
    
    1995
    
    N/ABelfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    468,643
    
    
    
    
    
    
    
    109,850
    
    
    
    578,493
    
    
    
    
    
    
    
    578,493
    
    
    
    
    
    
    1998
    
    N/AButler Plaza Land
    
    Jacksonville, FL
    
    
    
    
    
    
    1,303,792
    
    
    
    
    
    
    
    1,706,463
    
    
    
    3,010,255
    
    
    
    
    
    
    
    3,010,255
    
    
    
    
    
    
    1998
    
    N/ASalisbury Road Land
    
    Jacksonville, FL
    
    
    
    
    
    
    880,828
    
    
    
    
    
    
    
    699,651
    
    
    
    1,580,479
    
    
    
    
    
    
    
    1,580,479
    
    
    
    
    
    
    2000
    
    N/ASkinner Land Parcel B
    
    Jacksonville, FL
    
    
    
    
    
    
    2,306,191
    
    
    
    
    
    
    
    1,102,674
    
    
    
    3,408,865
    
    
    
    
    
    
    
    3,408,865
    
    
    
    
    
    
    2005
    
    N/AKent County, UK
    
    Kent County, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,698,943
    
    
    
    7,698,943
    
    
    
    
    
    
    
    7,698,943
    
    
    
    
    
    
    2006
    
    N/ABoulders Business Center Land
    
    Lehigh, PA
    
    
    
    
    
    
    15,243,107
    
    
    
    
    
    
    
    2,660,386
    
    
    
    17,903,493
    
    
    
    
    
    
    
    17,903,493
    
    
    
    
    
    
    2004
    
    N/AMill Run Land
    
    Lehigh, PA
    
    
    
    
    
    
    2,882,221
    
    
    
    
    
    
    
    49,691
    
    
    
    2,931,911
    
    
    
    
    
    
    
    2,931,911
    
    
    
    
    
    
    2005
    
    N/ACommodore Business Park
    
    Logan, NJ
    
    
    
    
    
    
    1,458,019
    
    
    
    
    
    
    
    
    
    
    
    1,458,019
    
    
    
    
    
    
    
    1,458,019
    
    
    
    
    
    
    1995
    
    N/AQuarry Ridge Land
    
    Malvern, PA
    
    
    
    
    
    
    8,398,708
    
    
    
    
    
    
    
    1,894,356
    
    
    
    10,293,063
    
    
    
    
    
    
    
    10,293,063
    
    
    
    
    
    
    2001
    
    N/APark Place South Land
    
    Milwaukee, WI
    
    
    
    
    
    
    2,362,904
    
    
    
    
    
    
    
    1,384,531
    
    
    
    3,747,435
    
    
    
    
    
    
    
    3,747,435
    
    
    
    
    
    
    1999
    
    N/AMonarch Towne Center Land
    
    Mirarar, FL
    
    
    
    
    
    
    12,327,714
    
    
    
    
    
    
    
    
    
    
    
    12,327,714
    
    
    
    
    
    
    
    12,327,714
    
    
    
    
    
    
    2006
    
    N/ASouth 27th Street Land
    
    Oak Creek, WI
    
    
    
    
    
    
    1,594,760
    
    
    
    
    
    
    
    97,911
    
    
    
    1,692,671
    
    
    
    
    
    
    
    1,692,671
    
    
    
    
    
    
    2006
    
    N/AMaitland Summit Park Land
    
    Orlando, FL
    
    
    
    
    
    
    4,388,905
    
    
    
    
    
    
    
    33,427
    
    
    
    4,422,332
    
    
    
    
    
    
    
    4,422,332
    
    
    
    
    
    
    2005
    
    N/ABeachline Industrial Park Land
    
    Orlando, FL
    
    
    
    
    
    
    1,103,606
    
    
    
    
    
    
    
    215,454
    
    
    
    1,319,061
    
    
    
    
    
    
    
    1,319,061
    
    
    
    
    
    
    2006
    
    N/AJFK & Arch Parking Lots/Land (West)
    
    Philadelphia, PA
    
    
    
    
    
    
    4,700,222
    
    
    
    
    
    
    
    2,941,184
    
    
    
    7,641,406
    
    
    
    
    
    
    
    7,641,406
    
    
    
    
    
    
    2000
    
    N/A4775 League Island Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    396,833
    
    
    
    
    
    
    
    900,027
    
    
    
    1,296,860
    
    
    
    
    
    
    
    1,296,860
    
    
    
    
    
    
    2006
    
    N/AEastport VII
    
    Richmond, VA
    
    
    
    
    
    
    787,091
    
    
    
    
    
    
    
    844,001
    
    
    
    1,631,092
    
    
    
    
    
    
    
    1,631,092
    
    
    
    
    
    
    1997
    
    N/AEastport VIII
    
    Richmond, VA
    
    
    
    
    
    
    379,836
    
    
    
    
    
    
    
    6,187
    
    
    
    386,023
    
    
    
    
    
    
    
    386,023
    
    
    
    
    
    
    1997
    
    N/AEastport IX
    
    Richmond, VA
    
    
    
    
    
    
    209,856
    
    
    
    
    
    
    
    5,096
    
    
    
    214,952
    
    
    
    
    
    
    
    214,952
    
    
    
    
    
    
    1997
    
    N/AWesterre Land
    
    Richmond, VA
    
    
    
    
    
    
    738,090
    
    
    
    
    
    
    
    902,239
    
    
    
    1,640,329
    
    
    
    
    
    
    
    1,640,329
    
    
    
    
    
    
    2003
    
    N/ARomulus Land
    
    Romulus, MI
    
    
    
    
    
    
    788,338
    
    
    
    
    
    
    
    733,216
    
    
    
    1,521,554
    
    
    
    
    
    
    
    1,521,554
    
    
    
    
    
    
    1998
    
    N/AWoodlands Center Land
    
    Sandston, VA
    
    
    
    
    
    
    928,555
    
    
    
    
    
    
    
    290,438
    
    
    
    1,218,993
    
    
    
    
    
    
    
    1,218,993
    
    
    
    
    
    
    1996
    
    N/ANorthsight Land (LPLP)
    
    Scottsdale, AZ
    
    
    
    
    
    
    7,247,107
    
    
    
    
    
    
    
    1,130,879
    
    
    
    8,377,985
    
    
    
    
    
    
    
    8,377,985
    
    
    
    
    
    
    2005
    
    N/ABridgeway II Land
    
    Suffolk, VA
    
    
    
    
    
    
    678,039
    
    
    
    
    
    
    
    1,703,485
    
    
    
    2,381,525
    
    
    
    
    
    
    
    2,381,525
    
    
    
    
    
    
    2005
    
    N/ASuffolk Land
    
    Suffolk, VA
    
    
    
    
    
    
    2,713,494
    
    
    
    
    
    
    
    79,375
    
    
    
    2,792,869
    
    
    
    
    
    
    
    2,792,869
    
    
    
    
    
    
    2006
    
    N/A6119 W. Linebaugh Avenue
    
    Tampa, FL
    
    
    
    
    
    
    175,886
    
    
    
    
    
    
    
    22,320
    
    
    
    198,205
    
    
    
    
    
    
    
    198,205
    
    
    
    
    
    
    2000
    
    N/ATampa Triangle Land
    
    Tampa, FL
    
    
    
    
    
    
    10,448,263
    
    
    
    
    
    
    
    28,881
    
    
    
    10,477,143
    
    
    
    
    
    
    
    10,477,143
    
    
    
    
    
    
    2006
    
    N/A4631 Woodland Corporate Blvd Land
    
    Tampa, FL
    
    
    
    
    
    
    1,752,917
    
    
    
    
    
    
    
    152,856
    
    
    
    1,905,773
    
    
    
    
    
    
    
    1,905,773
    
    
    
    
    
    
    2006
    
    N/ABig Beaver Airport Land
    
    Troy, MI
    
    
    
    
    
    
    3,176,411
    
    
    
    
    
    
    
    (2,079,253
    )
    
    
    1,097,158
    
    
    
    
    
    
    
    1,097,158
    
    
    
    
    
    
    1999
    
    N/ASubtotal Land Held for Development
    
    
    
    $
    157,601
    
    
    $
    147,364,204
    
    
    $
    
    
    
    $
    47,967,813
    
    
    $
    195,332,017
    
    
    $
    
    
    
    $
    195,332,017
    
    
    $
    Total All Properties
    
    
    
    $
    92,559,074
    
    
    $
    864,019,318
    
    
    $
    1,812,183,416
    
    
    $
    2,549,944,384
    
    
    $
    873,406,988
    
    
    $
    4,352,740,132
    
    
    $
    5,226,147,119
    
    
    $
    806,308,940
 
 *
    
    Denotes property is collateralized under mortgages with American General, USG Annuity
and Life, Metropolitan Life and LaSalle Bank totaling $93.4 million. This amount is not included in the total above. 106




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##### Table of Contents



SCHEDULE III
 LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
(In thousands)
  Year Ended December 31,2006
    
    
    2005
    
    
    2004REAL ESTATE:Balance at beginning of year
    
    $
    4,767,968
    
    
    $
    4,417,084
    
    
    $
    4,055,515Additions
    
    
    826,213
    
    
    
    656,317
    
    
    
    409,720Disposition of property
    
    
    (368,034
    )
    
    
    (305,433
    )
    
    
    (48,151
    )Balance at end of year
    
    $
    5,226,147
    
    
    $
    4,767,968
    
    
    $
    4,417,084ACCUMULATED DEPRECIATION:Balance at beginning of year
    
    $
    732,439
    
    
    $
    678,326
    
    
    $
    572,327Depreciation expense
    
    
    124,853
    
    
    
    123,278
    
    
    
    114,199Disposition of property
    
    
    (50,983
    )
    
    
    (69,165
    )
    
    
    (8,200
    )Balance at end of year
    
    $
    806,309
    
    
    $
    732,439
    
    
    $
    678,326
 107




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##### Table of Contents



ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
  
 ITEM 9A. CONTROLS AND PROCEDURES
 Evaluation of Disclosure Controls and Procedures
  Managements Annual Reports on Internal Control Over Financial Reporting
  Attestation Reports of the Registered Public Accounting Firm
  Changes in Internal Controls
  
 ITEM 9B. OTHER INFORMATION
  108




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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
  109




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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:
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3. EXHIBITS
  Exhibit No.
    
    Description3.1.1
    
    Amended and Restated Declaration of Trust of the Trust (Incorporated by reference to Exhibit 3.1.1 filed with
the Registrants Current Report on Form 8-K filed with the Commission on June 25, 1997 (the June 1997 Form
8-K)).3.1.2
    
    Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust Establishing and Fixing
the Rights and Preferences of a Series of Preferred Shares of Beneficial Interest (Incorporated by reference
to Exhibit 1 filed with the Trusts Registration Statement on Form 8-A filed with the Commission on August 8,
1997 (the August 1997 Form 8-A)).3.1.3
    
    Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust Relating to Designation,
Preferences, and Rights of Series A Junior Participating Preferred Shares of the Trust. (Incorporated by
reference to Exhibit 3.1.3 filed with the Registrants Annual Report on Form 10-K for the fiscal year ended
December 3l, 1997).3.1.4
    
    Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust relating to the 9.25%
Series B Cumulative Redeemable Preferred Shares of Beneficial Interest (Incorporated by reference to Exhibit
3.1.2 filed with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 1999
(the Second Quarter 1999 Form 10-Q)).3.1.5
    
    Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust relating to the 9.125%
Series C Cumulative Redeemable Preferred Shares of Beneficial Interest. (Incorporated by reference to Exhibit
3.1.1 filed with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2000
(the First Quarter 2000 Form 10-Q)).3.1.6
    
    Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust relating to the 7.625%
Series D Cumulative Redeemable Preferred Shares of Beneficial Interest. (Incorporated by reference to Exhibit
3.1.1 filed with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2002
(the Second Quarter 2002 Form 10-Q)).3.1.7
    
    Articles of Amendment to Amended and Restated Declaration of Trust of the Trust, filed with the State
Department of Assessments and Taxation of Maryland on June 21, 2004. (Incorporated by reference to Exhibit
3.1 with Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2004 (the Second
Quarter 2004 Form 10-Q)).3.1.8
    
    Restatement of Amended Restated Declaration of Trust of the Trust, filed with the State Department of
Assessments and Taxation of Maryland on June 21, 2004. (Incorporated by reference to Exhibit 3.2 to the
Second Quarter 2004 Form 10-Q).3.1.9
    
    Articles Supplementary, as filed with the State Department of Assessments and Taxation of Maryland on
September 1, 2004 (Incorporated by reference to Exhibit 3(i) to the Current Report on Form 8-K of the
Registrants, filed with the Commission on September 2, 2004 (the September 2, 2004 Form 8-K))3.1.10
    
    Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust relating to the 7.00%
Series E Cumulative Redeemable Preferred Shares of Beneficial Interest. (Incorporated by reference to Exhibit
3(i) to the Current Report on Form 8-K of the Registrants, filed with the Securities and Exchange Commission
on June 17, 2005 (the June 17, 2005 Form 8-K)).3.1.11
    
    Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust relating to the 6.65%
Series F Cumulative Redeemable Preferred Shares of Beneficial Interest. (Incorporated by reference to Exhibit
3(i) to the Current Report on Form 8-K of the Registrants, filed with the Securities and Exchange Commission
on June 30, 2005 (the June 30, 2005 Form 8-K)).
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Exhibit No.
    
    Description3.1.12
    
    Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust relating to the 6.65%
Series F Cumulative Redeemable Preferred Shares of Beneficial Interest. (Incorporated by reference to Exhibit
3(i) to the Current Report on Form 8-K of the Registrants, filed with the Securities and Exchange Commission
on August 24, 2005.)3.1.13
    
    Articles Supplementary to the amended and Restated Declaration of Trust of the Trust relating to the 6.70%
Series G Cumulative Redeemable Preferred Shares of Beneficial Interest. (Incorporated by reference to Exhibit 3(i)
to the Current Report on Form 8-K of the Registrants, filed with the Securities and Exchange Commission on
December 18, 2006 (the December 18, 2006 Form 8-K)).3.1.14
    
    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)).3.1.15
    
    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).3.1.16
    
    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).3.1.17
    
    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).3.1.18
    
    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).3.1.19
    
    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).3.1.20
    
    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).3.1.21
    
    Amendment No. 1 to the Sixth Amendment to the Second Amended and Restated Agreement of Limited Partnership of
Liberty Property Limited Partnership. (Incorporated by reference to Exhibit 10 to the Current Report on Form
8-K of the Registrants, filed with the Securities and Exchange Commission on August 24, 2005.)3.1.22
    
    Amendment No. 2 to the Sixth Amendment to the Second Amended and Restated Agreement of Limited Partnership of
Liberty Property Limited Partnership. (Incorporated by reference to Exhibit 10 to the Current Report on Form
8-K of the Registrants, filed with the Securities and Exchange Commission on December 23, 2005.)3.1.23
    
    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).3.1.24*
    
    Amended and Restated Schedule A to the Second Restated and Amended Agreement of Limited Partnership of the
Operating Partnership.
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Exhibit No.
    
    Description3.1.25
    
    Liberty Property Trust First Amended and Restated By-Laws of the Trust, as Amended on April 5, 2006
(Incorporated by reference to Exhibit 3.1 filed with the Commission on April 10, 2006) to the Registrants
Current Report on Form 8-K.4.1
    
    Rights Agreement, dated as of December 17, 1997, by and between the Trust and the Rights Agent (Incorporated
by reference to Exhibit 1 filed with the Trusts Registration Statement on Form 8-A filed with the Commission
on December 23, 1997).4.1.1
    
    Amendment, dated April 27, 2006, to the First Amended and Restated Rights Agreement, dated as of September
14, 2004 (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Registrant filed
with the Commission on May 1, 2006).4.2
    
    Indenture (the First Indenture), dated as of August 14, 1997, between the Operating Partnership, as
Obligor, and The First National Bank of Chicago (First Chicago), as Trustee (Incorporated by reference to
Exhibit 10.1 filed with the Third Quarter 1997 Form 10-Q).4.3
    
    First Supplemental Indenture, dated as of August 14, 1997, between the Operating Partnership, as Issuer, and
First Chicago, as Trustee, supplementing the First Indenture and relating to $100,000,000 principal amount of
the 7.10% Senior Notes due 2004 and $100,000,000 principal amount of the 7.25% Senior Notes due 2007 of the
Operating Partnership (Incorporated by reference to Exhibit 10.2 filed with the Third Quarter 1997 Form 10-Q).4.4
    
    Senior Indenture (the Second Indenture), dated as of October 24, 1997, between the Operating Partnership,
as Obligor, and First Chicago, as Trustee (Incorporated by reference to Exhibit 10.3 filed with the Third
Quarter 1997 Form 10-Q).4.5
    
    First Supplemental Indenture, dated as of October 24, 1997, between the Operating Partnership, as Issuer, and
First Chicago, as Trustee, supplementing the Second Indenture and relating to the Fixed Rate and Floating
Rate Medium-Term Notes due Nine Months or More from Date of Issue of the Operating Partnership (Incorporated
by reference to Exhibit 10.4 filed with the Third Quarter 1997 Form 10-Q).4.6
    
    Second Supplemental Indenture, dated as of January 12, 1998, between the Operating Partnership, as Issuer,
and First Chicago, as Trustee, supplementing the Second Indenture, and relating to the Fixed Rate and
Floating Rate Medium-Term Notes due Nine Months or more from Date of Issue of the Operating Partnership
(Incorporated by reference to Exhibit 4.1 filed with the Registrants Quarterly Report on Form 10-Q for the
fiscal quarter ended March 31, 1998 (the First Quarter 1998 Form 10-Q)).4.7
    
    Third Supplemental Indenture, dated as of April 20, 1999, between the Operating Partnership, as Issuer, and
the First National Bank of Chicago, as Trustee, supplementing the Second Indenture and relating to the
$250,000,000 principal amount of 7.75% Senior Notes, due 2009 of the Operating Partnership (Incorporated by
reference to Exhibit 4 filed with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 1999 (the First Quarter 1999 Form 10-Q)).4.8
    
    Fourth Supplemental Indenture, dated as of July 26, 2000, between the Operating Partnership, as Issuer, and
Bank One Trust Company, N.A., as Trustee, supplementing the Senior Indenture, dated as of October 24, 1997,
between the Operating Partnership, as Obligor, and Bank One Trust Company, N.A. (as successor to the First
National Bank of Chicago), as Trustee, and relating to $200,000,000 principal amount of 8.5% Senior Notes due
2010 of the Operating Partnership. (Incorporated by reference to Exhibit 4 to the Second Quarter 2000 Form
10-Q).4.9
    
    Fifth Supplemental Indenture, dated as of March 14, 2001, between the Operating Partnership, as Issuer, and
Bank One Trust Company, N.A., as Trustee, supplementing the Senior Indenture, dated as of October 24, 1997,
between the Operating Partnership, as Obligor, and Bank One Trust Company, N.A. (as successor to the First
National Bank of Chicago), as Trustee, and relating to $250,000,000 principal amount of 7.25% Senior Notes
due 2011 of the Operating Partnership. (Incorporated by reference to Exhibit 4.10 filed with the Registrants
Annual Report on Form 10-K for the fiscal year ended December 31, 2000).
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Exhibit No.
    
    Description4.10
    
    Sixth Supplemental Indenture, dated as of August 22, 2002, between Liberty Property Limited Partnership, as
Issuer, and Bank One Trust Company, N.A., as Trustee, supplementing the Senior Indenture, dated as of October
24, 1997, between Liberty Property Limited Partnership, as Obligor, and Bank One Trust Company, N.A. (as
successor to the First National Bank of Chicago), as Trustee, and relating to $150,000,000 principal amount
of 6.375% Senior Notes due 2012 of Liberty Property Limited Partnership. (Incorporated by reference to
Exhibit 3.1.1 filed with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended
September 30, 2002 (the Third Quarter 2002 Form 10-Q)).4.11
    
    Seventh Supplemental Indenture, dated as of August 10, 2004, between Liberty Property Limited Partnership, as
Issuer, and Bank One Trust Company, N.A., as Trustee, supplementing the Senior Indenture, dated as of October
24, 1997, between Liberty Property Limited Partnership, as Obligor, and Bank One Trust Company, National
Association. (as successor to the First National Bank of Chicago), as Trustee, and relating to $200,000,000
principal amount of 5.65% Senior Notes due 2012 of Liberty Property Limited Partnership. (Incorporated by
reference to Exhibit 4.1.2 filed with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter
ended September 30, 2004 (the Third Quarter 2004 Form 10-Q)).4.12
    
    Eighth Supplemental Indenture, dated as of March 1, 2005, between Liberty Property Limited Partnership, as
Issuer, and Bank One Trust Company, as Trustee, supplementing the Senior Indenture, dated as of October 24,
1997, between Liberty Property Limited Partnership, as Obligor, and Bank One Trust Company, National
Association (as successor to the First National Bank of Chicago), as Trustee, and relating to $300,000,000
principal amount of 5.125% Senior Notes due 2015 of Liberty Property Limited Partnership. (Incorporated by
reference to Exhibit 4.2 filed with the Registrants Current Report on Form 8-K/A filed with the Commission
on March 1, 2005 (the March 2005 Form 8-K)).4.13*
    
    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.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)).4.17
    
    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 18, 2006
(Incorporated by reference to the Registrants Definitive Proxy Statement for the Annual Meeting of
Shareholders held on May 18, 2006, filed with the Securities and Exchange Commission on April 18, 2006).10.2
    
    Contribution Agreement (Incorporated by reference to Exhibit 10.5 filed with the Form S-11).
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Exhibit No.
    
    Description10.3
    
    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 filed
with Registrants Annual Report on Form 10-K for the year ended December 31, 2001).10.10
    
    Liberty Property Trust  Employee Stock Purchase Plan. (Incorporated by reference to Exhibit 10.14 filed
with the Registrants Annual Report on Form 10-K for the year ended December 31, 2000).10.11
    
    Description of Compensation of Non-Employee Trustees. (Incorporated by reference to Exhibit 10.1 to the
Current Report on Form 8-K of the Registrants filed with the Commission on February 23, 2005.)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)).10.13
    
    Form of Option Grant under the Liberty Property Trust Amended and Restated Share Incentive Plan.
(Incorporated by reference to Exhibit 10.2 to the February 24, 2005 8-K).10.14
    
    Certain Elements of the Liberty Property Trust Executive Compensation Program. (Incorporated by reference to
Exhibit 10.1 to the filed with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 2006).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)).
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Exhibit No.
    
    Description10.16
    
    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).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.)
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Exhibit No.
    
    Description32.4*
    
    Certifications of the Chief Financial Officer of Liberty Property Trust, in its capacity as the general
partner of Liberty Property Limited Partnership, required by Rule 13a-14(b) under the Securities Exchange Act
of 1934, as amended. (This exhibit shall not be deemed filed for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this
exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933,
as amended, or the Securities Exchange Act of 1934, as amended.)
 
 *
    
    Filed herewith 117




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SIGNATURES
  LIBERTY PROPERTY TRUSTDate: February 28, 2007
    
    By:
    
    /s/ WILLIAM P. HANKOWSKYWILLIAM P. HANKOWSKYCHAIRMAN, PRESIDENT ANDCHIEF EXECUTIVE OFFICER
  /s/ WILLIAM P. HANKOWSKY
    
    Chairman of the Board of Trustees, President and
Chief Executive Officer (Principal Executive
Officer
    
    February 28, 2007William P. Hankowsky/s/ GEORGE J. ALBURGER, JR.
    
    Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
    
    February 28, 2007George J. Alburger, Jr./s/ M. LEANNE LACHMAN
    
    Trustee
    
    February 28, 2007M. Leanne Lachman/s/ FREDERICK F. BUCHHOLZ
    
    Trustee
    
    February 28, 2007Frederick F. Buchholz/s/ J. ANTHONY HAYDEN
    
    Trustee
    
    February 28, 2007J. Anthony Hayden/s/ DAVID L. LINGERFELT
    
    Trustee
    
    February 28, 2007David L. Lingerfelt/s/ JOHN A. MILLER, CLU
    
    Trustee
    
    February 28, 2007John A. Miller, CLU/s/ STEPHEN B. SIEGEL
    
    Trustee
    
    February 28, 2007Stephen B. Siegel/s/ THOMAS C. DELOACH, JR.
    
    Trustee
    
    February 28, 2007Thomas C. DeLoach, Jr./s/ DANIEL P. GARTON
    
    Trustee
    
    February 28, 2007Daniel P. Garton/s/ JOSE A. MEJIA
    
    Trustee
    
    February 28, 2007Jose A. Mejia
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SIGNATURES
  LIBERTY PROPERTY LIMITED PARTNERSHIPBY: Liberty Property Trust
General PartnerDate: February 28, 2007
    
    By:
    
    /s/ WILLIAM P. HANKOWSKYWILLIAM P. HANKOWSKYCHAIRMAN, PRESIDENT ANDCHIEF EXECUTIVE OFFICER
  /s/ WILLIAM P. HANKOWSKY
    
    Chairman of the Board of Trustees, President and
Chief Executive Officer (Trustee of the General
Partner)
    
    February 28, 2007William P. Hankowsky/s/ GEORGE J. ALBURGER, JR.
    
    Executive Vice President and Chief Financial Officer
(Trustee of the General Partner)
    
    February 28, 2007George J. Alburger, Jr./s/ M. LEANNE LACHMAN
    
    Trustee of the General Partner
    
    February 28, 2007M. Leanne Lachman/s/ FREDERICK F. BUCHHOLZ
    
    Trustee of the General Partner
    
    February 28, 2007Frederick F. Buchholz/s/ J. ANTHONY HAYDEN
    
    Trustee of the General Partner
    
    February 28, 2007J. Anthony Hayden/s/ DAVID L. LINGERFELT
    
    Trustee of the General Partner
    
    February 28, 2007David L. Lingerfelt/s/ JOHN A. MILLER, CLU
    
    Trustee of the General Partner
    
    February 28, 2007John A. Miller, CLU/s/ STEPHEN B. SIEGEL
    
    Trustee of the General Partner
    
    February 28, 2007Stephen B. Siegel/s/ THOMAS C. DELOACH, JR.
    
    Trustee of the General Partner
    
    February 28, 2007Thomas C. DeLoach, Jr./s/ DANIEL P. GARTON
    
    Trustee of the General Partner
    
    February 28, 2007Daniel P. Garton/s/ JOSE A. MEJIA
    
    Trustee of the General Partner
    
    February 28, 2007Jose A. Mejia
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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.4.13
    
    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.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.)
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##### Table of Contents



Exhibit No.
    
    Description32.4
    
    Certifications of the Chief Financial Officer of Liberty Property Trust, in its capacity as the general partner of Liberty Property
Limited Partnership, required by Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be
deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability
of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act
of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
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